Ray Bradburys Fahrenheit 451 Essay Example

Ray Bradburys Fahrenheit 451 Paper Roughly 55 countries in our world today are oppressed or without rights, such as freedom of press, freedom of speech, and equality. Several of these rights are taken away in Ray Bradbury’s book Fahrenheit 451. In this book the citizens voted that books should be banned, so the government took action and banned them. Replacing firemans jobs with saving people and putting out fires to starting them so all books would be rid of. Guy Montag one of these fireman loves his job, but on a particular job, he changes, when the arrive they find hundreds of books. When the owner of these books is asked to leave, she won’t and dies with her books. This horrifies and intrigues Guy, we begins to wonder why she did this. He meets Faber, a former english teacher before the books were banned, he finds his answer. With Faber, Guy makes many plans on how they should bring books back. But all fail in the end as a man hunt is sent out for Guy, and he is forced to leave the city. In Fahrenhei t 451, Ray Bradbury uses dystopian characteristics to demonstrate how an overabundance of technology results in a breaking down of society. The use of the distracted citizens characteristic of dystopian books was used by Ray Bradbury through the setting of an abundance of television. Televisions are very important to this characteristic in that they provide us so much information and are such an easy way to get distracted. They are also a very easy form of technology to control. In the book this is shown by Christ is one of the ‘family’ now. I often wonder if God recognizes his own son the way weve dressed him up, or is it dressed him down? Hes a regular peppermint stick now, all sugar-crystal and saccharine when he isnt making veiled references to certain commercial products that every worshipper absolutely needs (Bradbury 77). In the quote Bradbury explains how with televisions people can take anything from society and remaster it so that no one truly reco We will write a custom essay sample on Ray Bradburys Fahrenheit 451 specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Ray Bradburys Fahrenheit 451 specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Ray Bradburys Fahrenheit 451 specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

Hypothetical Case Study Childhood Sexual Abuse Social Work Essays

Hypothetical Case Study Childhood Sexual Abuse Social Work Essays Hypothetical Case Study Childhood Sexual Abuse Social Work Essay Hypothetical Case Study Childhood Sexual Abuse Social Work Essay and offender-focused perspectives.. Finkelhor explains four stipulations that must be involved for sexual maltreatment to take topographic point, factors connected to the maltreaters force to sexually mistreat ; factors bring oning the maltreater to get the better of internal obstructions ; factors bring oning the maltreater to get the better of external inhibitors and factors bring oning to get the better of the kid s opposition Modalities of intervention In intervention modes, whereby the chief end in sexual maltreatment intervention is to cover with the impacts of sexual maltreatment, and diminish the hazards of future sexual maltreatment. Treatment Issues for the Victim that will hold to be attended to be are ; Trust whereby ; there are lay waste toing effects on kids s relationship, particularly being able to swear o people. In household sexual maltreatment, the consequence is worse as in the instance of Melissa because her stepfather, who should be her defender, feats and violates the bounds of acceptable values. A non- offending parent like Melissa s female parent who could non believe her ab initio accelerates this harm. The healer is required to set up fortunes where the kid has positive engagement with sure grownups in order to rectify the kid s ability to swear. Emotional Reactions to Sexual Abuse whereby the kid experiencing being victimized in that she feels as if she is responsible and starts experiencing guilty, holding a disorganised sense of ego and low self-pride because of being involved in sexual maltreatment. The healer is required to assist the kid understand and accept that she was non responsible and besides make her feel good once more about herself. Protection from future victimization Protection from Future Victimization whereby the abused kid demands taught hereafter protection schemes. The kid should be taught to state no and state a trusty individual may be utile. Treatment Issues for the Mother Treatment Issues for the Mother peculiarly in instances affecting the female parents in interfamilial as in Asher s instance. Just like the victim Melissa her female parent will necessitate to undergo intervention in several countries such as countries connected to Sexual Abuse It is difficult for female parents of victims, to grok why a adult may travel sexual with a kid. This is an issue that the clinician should turn to with the female parent. The healer can offer professional account into the causes of maltreatment particular to the instance. Another issue to be addressed believing the kid s revelation of the sexual maltreatment. The healer can explicate makes her believe that the kid is stating the truth or conclude that kids do non do false allegations on such affairs. Finally the healer will assist the female parent comprehend her responsibility in the maltreatment, if she had 1. She is non to fault but in some manner may hold played a portion to drawn-out maltreatment as in the instance of Melissa and Asher for non believing her ab initio Bettering the mother-child relationship is besides really of import because it is an of import measure in helping the female parent to be protective of her kid in future. In the instance of intrafamilial maltreatment like Melissa s instance, the female parent should make up ones mind if she wants to cut off her relationship with the maltreater or salve her relationship. Personal issues such as past injury as holding been sexually abused herself which is the instance of Melissa. Such an experience has assorted impacts in on the female parent s ability to cover with her kid s maltreatment. The female parent may be non being in a place to get by because she has non dealt with her ain sexual maltreatment. Hence her maltreatment has to be addressed as in the instance of Asher. She may non surmise hazardous state of affairs rapidly and her determinations of spouses, playing portion in traveling in with a adult male who goes sexual with kids. Hence in decision, childhood sexual maltreatment is a really sensitive issue that has to be dealt with to avoid future devastation of the kids s lives Mention Finkelhor, D. ( 1986 ) . The Effects of Sexual Abuse, in D. Finkelhor et al. , Eds. Sourcebook on Child Sexual Abuse Newbury Park, CA: Sage.

Moral Values Assignment Example | Topics and Well Written Essays - 250 words

Moral Values - Assignment Example I tried to convince him of the seriousness of the issue but all in vain. The more I persuaded him the more he became indifferent to me; and further explained that his choice would not cause any negative impact on the organization. I knew that his act was against the moral perception of the organization and it would spoil the reputation of the firm. The logical reasoning suggested me that he had his right to make his choices on his life. Furthermore, if I tried to discourage him it would also break our friendship. On the other hand, if I did not report the matter to the management, as an employee I would also be violating my moral responsibility. I analyzed all possible alternatives that can deal with the issue for I needed his friendship as well as the organization’s status. Finally I told him that I would inform the management if he did not abstain from the unethical relation. Lori smiled and said that I could do that because he did not bother the consequences. Therefore in h is presence I rang to our manager and informed him the situation that we both had been facing. I left the decision to his reasoning and said that Lori has his own reasons but (only) if it is a moral violation he could take some actions against him. Lori was given a punishment transfer and that put an end to his affair. The real value of my decision came to light later as Lori told me that he was grateful to me because I saved his personal integrity and future with my good decision. If I had taken any other move I would have lost my friend for ever; and if I did not report his mistake, I would have cheated my

Adaptive Change in Law Enforcement Supervision Essay

Adaptive Change in Law Enforcement Supervision - Essay Example Adaptive change involves altering attitudes, behaviors, or long-standing values in order to be responsive to changing conditions within the organization. This theory runs under the assumption that there will be resistance to change, and this makes adaptive responses more challenging, since adapting will require changing mindsets and sometimes even principles to ensure an effective change plan and implementation. Heifetz’ principles of adaptive change are highly relevant in the contemporary police organization, requiring multiple competencies of supervision in order to create a cohesive and flexible policing organization. The supervisor, according to Heifetz, must be able to recognize when individual or organizational values will be a risk to a change and determine when the specific challenge will require adaption to determine a problem resolution. According to Stephens (2005, p.53), policing has historically maintained a system of values and attitudes that represent a â€Å"s low-to-change subculture†. In the modern police organization, it is becoming a common practice to be more interactive with local citizens and local government as part of cooperative, community-minded policing activities.

Thesis Proposal business plan for a Sneaker Store

Business plan for a Sneaker Store - Thesis Proposal Example The business would be insured through proper risk assessment. The initial cost f start-u would be met through local development agency, bank loan and personal contribution. The businesses provide goods and services that meet the demands of the customers. The current business plan for The Sneaker Store would primarily focus on the sale and marketing of Chinese shoes which have huge market demand due to their relative low cost and meeting latest trend. The sneaker store would cater to the footwear demand for men, women and children and would have rugged and casual footwear for young men and boys, trendy shoes for women and exciting collection of footwear for children and small kids. The store would have pleasant ambience where customers can comfortably try shoes. Located at a prime location in Washington district, the store’s main attraction would be its show window which would be tastefully decorated with mannequins resembling Bollywood beauties and macho men. Sjostrand and Tyrstrup (2001) assert that leadership is about managing creatively. Thus, The Sneaker Store would constantly strive to evolve innovative mechanisms of marketing footwear for different demographic segment. The vision statement, mission and value system of the business highlight the scope and the ambitious plan for its future expansion. Become the best service provider in the field of footwear and deliver services in the hi-tech ambience that is designed to relax customers and heighten his experience of buying footwear that meets their demands including cost and style. The Sneaker Store would be an equal opportunity store that would give preferences to the people with disability and employees from marginalized population. Exemplary customer services and striving to meet the demands and customer satisfaction of people cutting across race, color, culture and nationality

War and Change in World Politics

War and Change in World Politics Ahmed AlAbdullatif A hegemon refers to the undisputedly strongest state in the international system. Hegemony has five main dimensions namely economic, political, military, institutional and ideological. The theory of hegemonic stability mostly approached from either neorealist or neoliberal direction. The theory of hegemonic stability is critical because it captures the tendency of the leading powers in the world using force to assert their dominance. Similarly, the world super powers also use their positions to create ideas, alliances, and institutions which allow for free participation of other states in a relatively open free participation. In his study, Gilpin argues that the fundamental nature of international relations is yet to change over the millennia. His study is based on history, sociological and economic studies which indicate various forces which have influenced the world order. According to Gilpin, the current economic unevenness is as a result of the differential growth of power in the international system (Gilpin 186). Any shift in the balance of either economic or military power leads to a subsequent weakening of the foundations of the already existing systems. The waning of these systems is primarily caused by those gaining power because they value the increasing benefits and the decreasing costs of changing the system (Gilpin 188). Continued alteration of the system through political, territorial, technological and economic hegemony leads to increased marginal costs of continuing change beyond the marginal benefits. The cost of maintaining the international status quo among the dominant powers has incre ased resulting in major discrepancies between the power they possess and their commitment (Gilpin 187). According to Gilpin, the hegemonic stability between the dominant powers and the rising powers is attained through alteration of the existing laws in the international system (Gilpin 187). Rising powers will always attempt to change the rules governing the international system, the national distribution of territory and the division of the spheres of influence. On the other hand, the dominant powers usually counter the challenge from the rising powers by exercising their hegemonic powers such as proposing changes in their policies in an attempt to restore equilibrium in the systems (Gilpin 187). Gilpins argument suggests that in case the dominant power fails to restore the order through changes in the policies meant to restore the previously existing equilibrium, the disequilibrium is usually resolved by war. Before resulting to war as the final means of restoring the desired equilibrium, the challenged powers have two main alternatives in terms of the actions they can take. The most preferred solution to the disequilibrium created by the rising power is an increase in the resources that are meant in maintaining their positions and commitment in the international system (Gilpin 188). Secondly, the dominant or the aggrieved power can also attempt to reduce its existing commitments as well as the associated costs but ensure that the reduction dies not in any way jeopardize their positions in the international system. These are two policies that should be analyzed separately and be followed in exclusion of the other. In generating new resources meant to meet the cost of dominance and also forestall decline, various methods such as an increase in domestic taxation are used (Gilpin 188). Another tool which is commonly used is through an exacting tribute from other states. These two courses act ions usually provoke resistance and rebellion because an increased taxes result in decreased productive investment as well as low living standards. The solution to this can be government employment of more indirect methods of resource generation in a bid to meet a fiscal crisis. Inflationary policies and the manipulation of terms of trade with other countries are common in such case. In hegemonic stability theory, it is important to consider the role played by the hegemon in generating order and cooperation. Neoliberal hegemon has a responsibility to rescue the financial system through opening global trade by sheer economic size as well as encouraging institutionalized cooperation in order to create a sustainable and open economy. According to Gilpin, the hegemons usually force the weaker states to join cooperative regimes in order to reduce uncertainty, decrease transaction costs and build consistency in terms of economic expectations. Cooperative hegemons usually try as much as possible to identify with the interests of its allies and adjust its bargaining position accordingly. Basically, as per Gilpins argument, the cost or the benefit calculation in foreign policy determination is based on a states objective to change the international system using methods that will give them an edge over others by putting their interests first (Gilpin 50). However, as much as a state would like to boosts its national interests over others, a cost is involved. For instance, a state must have adequate resources to meet this cost and also be in a position to pay them. However, if a state does not have adequate resources to meet these costs, it attempts to change the system. The system remains relatively stable if it is unchanged and also if individual states are profiting from it regardless of the obvious inequalities (Gilpin 51). Based on this outcome, political realists fail to argue that the objective of every state is to maximize its power within the international system. However, an opportunity cost to a society is compulsory in the acquisition of power. Consequently, if a given state is in the quest to acquire power, other desired goods are lost in the process. This has been advantageous in improving stability in the international system because most states forgo apparent opportunities to increase their influence as the costs are too high. Although change of the international system is mostly associated with the rising powers who feel disadvantaged by the hegemons, the net gains or the benefits the accrue from a change of system can determine whether the change comes from the rising power or the hegemon. The powerful countries can engage in a change of the international system in order to increase their future benefits. On the contrary, the rising powers can pursue a change of the system to decrease threatened losses. In addition, long-term benefits are an important consideration before making the changes because they are more beneficial compared to the short term gains. Also, the losers of the change also dread the fact that the long-term costs of the development will outweigh the short term benefits. Lastly, Gilpin asserts that once equilibrium has been reached between the costs and the benefits of change, the economic costs of maintaining the status quo tends to rise faster compared to the economic capacity needed t o support the status quo (Gilpin 156). Gilpins argument on the contribution of hegemony in war and order differs with that of Bulls. According to Bull, the international system is only referred to as stable if the changes made are gradual and peaceful. In addition, if an order has to be achieved, states have to follow various well-laid patterns which consequently provide stability to the system and at the same time create goals that are common for all the involved actors and reduce uncertainty. Also, Gilpins argument focuses on the lack of attainment of an equilibrium between the hegemons and the rising powers as the major cause of war. On the other hand, Bull argues that the practice of the laid out patterns institutionalizes the international society. Also, according to Bull, there is a difference between anarchy and order. Anarchical situations in the international order is mainly as a result of lack of higher authority of law making (Bull 135). However, the existence of anarchy in the international system is not neces sary an indicator of lack of order. On the other hand, the existence of order in the international system is not an indicator of the existence of hierarchy. According to Bull, there are five main institutions in the international society which are key to facilitating order. They include diplomacy, international law, the balance of power, war and the Great power managerial system. According to this classification, the Great Powers play a managerial role in the international society. Also, since their interests are system-wide, any incident in the system affects their interests. Therefore, it is critical for the hegemons to establish the order by managing their relations with one another as well as managing the relations between the small states within their sphere of influence (Bull 213). Hegemons, therefore, maintain good relations with one another by ensuring that they recognize the spheres of influence of each other and desist from interfering. The conventional approach to hegemony shows that the concept has been used to an indicator of power disequilibrium in the international system. According to Morgenthau, the primary factors on which hegemon lies include natural resources, military capacity and the level of preparedness, the economic capacity, morale and unity, technological innovation, quality of diplomacy and government. Morgenthaus argument allows the study of hegemony and how it contributes to war and order through a multidisciplinary approach. This implies that hegemony can either be viewed as an agential or as a structural phenomenon. Although the two scholars have a different approach on how hegemonic stability theory impact on war and order, Gilpins argument synthesizes various aspects of Bulls and Morgenthaus argument Work Cited Bull, Hedley. The Anarchical Society: A Study of Order in World Politics. Basingstoke: Palgrave Macmillan, 2012. Gilpin, Robert. War and change in world politics. New Jersey: Princeton University Press, 1985. Morgenthau, Hans J. Politics among nations; the struggle for power and peace. New York: Knopf, 1967. Print.

McTeague or Animalism Essay -- essays research papers

McTeague, or Animalism - Unpublished   Ã‚  Ã‚  Ã‚  Ã‚  The last decade of the twentieth century in America saw a rise in programs for human’s â€Å"self betterment.† A popular form of betterment is that of the inner animal. Interest in Native American animal mysticism, vision quests, and totem animals have increased dramatically in the past few years. No forms of media have been spared; Calvin Klein’s supermodels come on during sitcom commercials to tell viewers they need to be a beast, or to get in touch with their animal within. In the last decade of the nineteenth century, however, animalism was viewed not as a method of self-improvement but as the reprehensible side of humanity that lingered beneath the surface, waiting for an opportune time to come out and play. In Frank Norris’ novel McTeague, humans are no better than the beasts they claim to control. They cage and torment defenseless creatures, but cage and torment themselves far, far, worse. McTeague, Trina, Zerkow, and Marcus are animals in thin human’s clothing, walking the forests of McTeague, waiting for the opportunity to shed their skin and tear each other apart, while the real animals of the world continue leading lives far superior to their human counterparts.   Ã‚  Ã‚  Ã‚  Ã‚  McTeague, the title character of the work, is the king of beasts in San Francisco. A charlatan dentist who constantly mumbles and growls when speaking, he makes his living by causing great pain to his fellow human beings. The woman he falls in love with, Trina Sieppe, is a patient in his chair. McTeague’s love is spawned from the agony of false orthodontics. Although etherized, Trina experiences the hurt of McTeague’s drills. As he works his macabre work on the beautiful girl, McTeague begins to see her as more and more attractive. The pain is a sexual catalyst for McTeague; like an animal on the hunt, he becomes aroused by the suffering he causes Trina. The instinct to take advantage of the defenseless girl becomes overpowering, and he eventually gives in to his raging, bestial nature and plants a dog-like smooch on her lips. From this love forged in sex, the downfall of McTeague and Trina is cast.   Ã‚  Ã‚  Ã‚  Ã‚  McTeague resembles the beast inside more and more as his marriage progresses. At first, sexually dominating Trina satiates him. Like a drug, however, a greater dosage is ne... ...bsp;  Ã‚  Ã‚  Ã‚  The final stab at humans is the way the animals in the story act. The two dogs in the alley are constantly fighting each other with barks. They are confined to cages, so for a long time they never have the opportunity to come to blows. Cages can only hold a creature for a finite amount of time, however, and eventually an opportunity arises where the two animals finally meet. Instead of tearing each other to shreds, they sniff each other and seem quite satisfied with the other. The fact that the dogs can succeed where the humans failed goes a long way in explaining the other character’s actions.   Ã‚  Ã‚  Ã‚  Ã‚  The four principle characters of McTeague fall short where two â€Å"simple-minded† canines win. According to Norris, humans are less than animals; they are slow-witted beasts barely able to come to grips with their own nature. Instead of pretending they are so high and mighty, Norris forces people to realize that their humanity causes them to fall beneath the animals. The very things humans pride themselves on are their downfall, and the animals are laughing, laughing as humans hunt and kill themselves closer and closer to extinction.

Vietnam Research Paper

Why is the Vietnam War so significant in American history? How did it really affect America? The Vietnam War was the prolonged struggle between nationalist forces trying to unify Vietnam under a communist government, and the United States attempting to prevent the spread of communism. There are many lessons learned throughout this war that America, hopefully, will never undergo again. There are a series of events that led up to this full-scale war. First, the U. S. tried to prevent Vietnam from becoming a communist nation, so they sent the French military aid to help rule against this. Soon enough, France wanted to withdraw their troops out of Vietnam; the Geneva Conference was a meeting between many nations deciding how France could peacefully pull out troops. A bit later, there was supposed to be a General democratic election held, but America refused to agree to the election, afraid that the communists would win. In 1965, the U. S. sent ground troops to help South Vietnam, sparking tensions between the U. S. and North Vietnam. From 1965 to 1969, America was involved in a limited war in Vietnam, meaning weak efforts to attack North Vietnam. U. S. orces became easily frustrated because war in the jungle was found difficult. Vietnam would attack in ambushes, set up booby traps, and escape through underground tunnels. To prove even more difficult, Northern Vietnam troops and the Viet Cong surprised South Vietnam and U. S. troops. On January 30, 1968 they attacked hundreds of South Vietnamese cities and towns, known as the Tet Offensive. Without a doubt, it showed that the enemy was stronger and better prepared. While the public’s support for the war was way gone, there was new hope with Richard Nixon, the new president of America. Soon after taking office, Richard Nixon planned the policy Vietnamization, which was a process to remove U. S. troops from Vietnam while handing back the fighting to the South Vietnamese. While America had almost completed the withdrawal of their troops from Vietnam, the North Vietnam attacked South Vietnam and the remaining troops on March 30, 1972. This attack is known as the Easter Offensive. This rough battle resulted in about 40,000 deaths and 60,000 people wounded or missing in the People’s Army of North Vietnam (PAVN). The Army of the Republic of Vietnam (ARVN) estimated at 10,000 deaths and 33,000 troops wounded. The offensive was defeated, but the PAVN continued to occupy about 10 percent of South Vietnam after this battle. Nixon was in the process of his Vietnamization policy, when discussions had arisen about restoring peace in Vietnam. Soon began peace talks in Paris that finally succeeded in producing a cease-fire agreement. Nixon declares the news of the decisions made during the Paris peace talks. â€Å"Good evening. I have asked for this radio and television time tonight for the purpose of announcing that we today have concluded an agreement to end the war and bring peace with honor in Vietnam and in Southeast Asia. The following statement is being issued at this moment in Washington and Hanoi: At 12:30 Paris time today [Tuesday], January 23, 1973, the Agreement on Ending the War and Restoring Peace in Vietnam was initialed by Dr. Henry Kissinger on behalf of the United States, and Special Adviser Le Duc Tho on behalf of the Democratic Republic of Vietnam. The agreement will be formally signed by the parties participating in the Paris Conference on Vietnam on January 27, 1973, at the International Conference Center in Paris. The cease-fire will take effect at 2400 Greenwich Mean Time, January 27, 1973. The United States and the Democratic Republic of Vietnam express the hope that this agreement will insure stable peace in Vietnam and contribute to the preservation of lasting peace in Indochina and Southeast Asia†¦The important thing was not to talk about peace, but to get peace and to get the right kind of peace. This we have done† (â€Å"Peace with Honor† 1). After signing the Agreement on Ending the War and Restoring Peace in Vietnam, on March 29, 1973 the last group of U. S. troops left Vietnam. The North Vietnam toppled the Southern Vietnamese government, and South Vietnam officially surrendered in 1975 to communist North Vietnam. Tolerating all the hard work and fighting was proved pointless for American and ARVN troops when Vietnam was reunited as a communist country in 1976. Often in history, major events such as wars or disasters are the key elements that seem to influence and shape our society. The major event that shaped American society during the ‘70s was the Vietnam War, having a massive social impact. The Vietnam War acted as a catalyst to the counterculture movement, and changed the art, music, and education.

Molar Heat Capacity Definition and Examples

Molar Heat Capacity Definition and Examples Molar heat capacity or molar specific heat capacity is the amount of heat energy required to raise the temperature of 1 mole of a substance. In SI units, molar heat capacity (symbol: cn) is the amount of heat in joules required to raise 1 mole of a substance 1 Kelvin. cn Q/ΔT where Q is heat and ΔT is the change in temperature. For most purposes, heat capacity is reported as an intrinsic property, meaning it is a characteristic of a specific substance. Heat capacity is measured using a calorimeter. A bomb calorimeter is used for calculations at constant volume. Coffee cup calorimeters are appropriate for finding constant pressure heat capacity. Units of Molar Heat Capacity Molar heat capacity is expressed in units of J/K/mol or J/mol ·K, where J is joules, K is Kelvin, and m is number of moles. The value assumes no phase changes occur. Youll typically start out with the value for molar mass, which is in units of kg/mol. A less common unit of heat is the kilogram-Calorie (Cal) or the cgs variant, the gram-calorie (cal). Its also possible to express heat capacity in terms of pound-mass using temperatures in degrees Rankine or Fahrenheit. Molar Heat Capacity Examples Water has a molar specific heat capacity of 75.32 J/mol ·K. Copper has a molar specific heat capacity of 24.78 J/mol ·K. Molar Heat Capacity Versus Specific Heat Capacity While molar heat capacity reflects the heat capacity per mole, the related term specific heat capacity is the heat capacity per unit mass. Specific heat capacity is also known simply as specific heat.  Sometimes engineering calculations apply volumetric heat capacity, rather than specific heat based on mass. Molar Heat Capacity Key Takeaways Molar heat capacity is the amount of heat needed to raise the temperature of 1 mole of a substance by 1 Kelvin.The SI unit of molar heat capacity is the joule, so molar heat capacity is expressed in terms of  J/mol ·K.Molar heat capacity is specific heat capacity per unit mass.

Demand and Supply for Financial Assets Essays

Demand and Supply for Financial Assets Essays Demand and Supply for Financial Assets Essay Demand and Supply for Financial Assets Essay Demand and Supply for Financial Assets Mishkin ch. 5: Bonds Motivation: Monetary policy works primarily by manipulating interest rates. Interest rates are determined by the demand and supply for bonds. Demand and supply for other financial assets are determined similarly. Perspectives on the bond market: 1. Bonds as financial assets = Determinants of Asset Demand. Bond demand affected by relative risk, relative liquidity, and wealth. Asset pricing (Finance) issues. Instantaneous responses to news. 2. Saving and Borrowing = Real Factors. Bond market matches savers and borrowers, affected by their behavior. Macro issues: Real savings/investment. Takes time. 3. Liquidity Preference View bonds as alternative to holding money. Affected by monetary changes. Special issues: Flexible versus â€Å"sticky† prices. DEFER. Application: Money Interest Rates Mishkin provides survey. Needs more analysis – Start reading the lecture notes. [Mishkin ch. 5 P. 1] Perspective #1: Bonds as Financial Assets General Finance Question: What determines the demand for financial assets? . Expected return (+) 2. Risk (s: Stocks, mutual funds, real estate, gold, investments abroad. Similar for equity: Stock with expected value next year $100 More demand now at $80 than at $90 = Downward sloping demand curve. Suppose the expected value next year rises to $120: Demand at $96 (20% discount) is similar to previous demand at $80 = Shift right/up in the demand curve Special factor for long-term bonds: Rising interest rate before maturity would reduce the price = Reduce the return = Expected increases in interest rates reduce the demand for long-term bonds. Mishkin ch. 5 P. 3] Wealth as Demand Factor: Caution Basic point: More wealth = More demand for all financial assets. Contrast wealth with the demand factors that affect relative values: Demands for different financial assets are negatively related when relative returns, relative risks, and relative liquidit y levels shift. Demands for different financial assets are positive related when wealth changes. Wealth can change in two ways: 1. New savings. 2. Re-valuation. Re-valuation is a distraction (or even misleading): Not a source of new demand. Example: Hold 100 bonds @100 = $10,000 wealth. If price rises to $110 = Wealth $11,000. Will demand increase? Demand from existing wealth is still 100 bonds. New savings must come from real activity = Surplus of income over spending. New savings take time: NOT an instantaneous factor = Creates dynamics. Purchasing power of wealth is eroded by inflation = Real returns (after inflation) determine the incentives to save Lessons for applications: Source of wealth changes is savings. Savings raise all asset demands. Quantity axis in diagrams = Number of securities or their face value (not $ value). [Mishkin ch. 5 P. 4] The supply of bonds and other financial assets Simple: the supplier/issues of securities defines the market! Treasury bond market = supply by U. S. Treasury Market for Microsoft stock = supply by Microsoft Supply incentives in the primary market: 1. Need for funds: Private: Profitability of capital investments. Public: Level of government budget deficits. 2. Cos t of borrowing: Borrow more if the cost is low = upward-sloping supply curve. Inflation reduces the real value of debt = Real returns (after inflation) determine the incentives to issue securities Secondary market: Fixed supply except for buyback/new issues. = Steep or vertical supply curve. Mishkin’s demand supply diagrams: generic up/down slopes [Mishkin ch. 5 P. 5] Demand Supply = Equilibrium Price and Volume For bonds: Exact price-yield relationship (Example: F=1000) For all financial assets: High price tends to imply low future returns. [Mishkin ch. 5 P. 6] Applications: Predict the Effect of Changes Reasons why bond demand may shift Reasons why bond supply may shift Scenarios that involve shifts in demand and supply: Business cycles Inflation: The Fisher Effect In each case: Task: Determine the impact on prices and quantities. Ask additional questions: What’s the time horizon? What’s the likely impact on other markets, e. g. , the stock market? Alternative view: Loanable Funds analysis (see Online Appendix5#1) Supply of securities = Demand for financing Demand for securities = Supply of funds to financial markets. Helpful way to think about markets, but not required for exams. [Mishkin ch. 5 P. 7] Summary: Factors that shift the Demand for Bonds [Mishkin ch. 5 P. 8] Summary: Factors that shift the Supply for Bonds [Mishkin ch. 5 P. 9] Notes on Mishkin’s Examples (1) About higher expected interest rates: Higher yield expected = Lower expected return = Decline in demand = Reduced price = Yield rises immediately. Lesson: Rational investors act on expectations. Markets move when information arrives that changes investor expectations. About the slopes of demand and supply curves: Demand: Depends on how easily investors can go elsewhere when prices rise: For a specific bond relative to others: Essentially horizontal/very flat. For bonds as an asset class: Elastic/flat. Investors can substitute to stocks etc. For bonds as reflecting the supply of savings: Quite inelastic/steep. Consumptionsavings decisions are not highly sensitive to interest rates. Supply: usually inelastic/steep. New issues are small relative to outstanding quanties of identical or similar securities. Relevance of slopes: Steeper vs. flatter Larger vs. smaller price changes. [Exam: Generic slopes okay. But remember for reals (2) About the time horizon and level of aggregation: Instructive to separate two sets of issues: 1. Allocation of existing financial assets: Instantaneous: Supply is well-approximated by a vertical line. Pricing is relative to other financial assets. Economic arguments involve relative return, risk, liquidity (nothing else). In equilibrium, all financial assets must attract investors = Must offer the same risk- and liquidity-adjusted return. 2. Flows of savings and capital investment: Takes time: New demand and supply more important relative to existing financial assets the more time passes. Savings are unspecific: Savers will invest in any savings vehicles that pays the equilibrium return: Markets clear at the aggregate level. Equilibrium return must match aggregate flow of funds into financial markets with total demand for funds from issuers of securities. [Mishkin ch. 5 P. 11] Scenario: Business Cycle Expansion Shifts in Demand and Supply: Higher incomes. Real capital investment is more profitable. [Caution: Distinguish real and financial investments! ] Questions: What causes business cycles? How do we know that supply shifts more than demand? = Macroeconomic issues. [Mishkin ch. 5 P. 12] Scenario: Increase in Expected Inflation Lower real cost of borrowing = More security issues (supply). Lower real return = Less savings (demand). Conclude: Fisher effect. Questions: What causes higher expected inflation? = Macroeconomic issue. Mishkin ch. 5 P. 13] Evidence on the Fisher Effect (Fits the data at least in the long-run) [Mishkin ch. 5 P. 14] Collect Open Questions Why does expected inflation change? Leading answer: Money growth. Not an exogenous disturbance. = Needs analysis. Topic: Money and Inflation. What causes business cycles? Many causes. Among them: â€Å"Mistakes† in monetary policy. = Needs analysis. Topic: Money and Output. Age nda: 1. Reinforce the lessons on demand and supply: More examples. 2. Examine how monetary policy influences inflation and output. 3. Return to the interest rates – remainder of Mishkin ch. 5 [Mishkin ch. 5 P. 15] Applications of Asset Demand Supply Analysis 1. A Classic: The â€Å"Flight to Quality† (Lesson: Asset demand is relative) Stock Market Price Supply Price Bond Market Supply Demand Stocks Demand Bonds 1987 stock market crash: stocks - flight to bonds 1994 Mexican Peso crisis: emerging market stocks - to US stocks and bonds 1997 Asian crisis: Asian stocks and bonds - to US and Europeans stocks and bonds 1998 Russian default: risky bonds (foreign and US low quality) - to US Treasury bonds . The Term Structure of interest rates: (Mishkin ch. 6, part 2) Defer discussion, raises macro issues. [Mishkin ch. 5 P. 16] 3. The Risk-structure of interest rates: (Mishkin ch. 6, part 1) Good measures of riskiness: Bond Ratings Good measures of promised return: Yield to maturity. Find: (1) Changes in risk = Changes in relative yields (2) Holding risk constant, yields move together 4. The Stock Marke t Crash of 1987 Can we always assume that demand is downward sloping? . The Market for Foreign Exchange (Mishkin ch. 17. Much improved in 8ed. ) Exchange rate = Relative price of different country’s financial assets Demand = Function of relative return, risk, and liquidity Supply = Fixed in short run (apart from official interventions – later) More later if time – for now, note one key point: High US interest rates relative to foreign interest rates increase the demand for dollar assets = Stronger dollar [Mishkin ch. 5 P. 17]

Assignment Example | Topics and Well Written Essays - 500 words - 68

Assignment Example The website contains a lot of relevant pictures. United Cape Way Breton is an autonomous organization that is managed by voluntary staffs; hence the pictures that the website uses represent the organization itself, which is a huge plus; although, it does not contain any video content. The information available generally describes or elaborates the mission and objectives of the organization, which tells reader of why the organization is in existence. Further, the website has lopsided features though. First, it lacks some entertaining features and exciting promotions. Second, although the website contains useful information, it is limited. The website only contains unspecified materials and related links are quite difficult to find. As aforementioned, the information tabs of the website are orderly arranged which makes it easier to navigate. The words used are easy to understand, and it avoids confusion. Perhaps, great emphasis should be placed on the â€Å"ease of navigation† aspect since not all interested visitors are technically savvy. It is a professional organization so it is expected that retired professionals are likewise interested to join. But, one thing I noticed is that it does not have a chat support system or a simple chat box that enables urgent communication between the organization and the users. The website should have been more effective if such tools are installed as users get the exact information they need at the soonest possible time. Clearly, the website does not allow its users to personalize the site, unlike Facebook or Twitter, but this is reasonable in that this is a professional organization just like AARP or PETA, so it does not hold any bearing. The website has â€Å"News and Events† feature that displays the different events the organization is conducting throughout the year, which adds more appeal to the website. Interactive tools for evaluating a product are not applicable since the website is a not-for-profit

Followership Essay Example | Topics and Well Written Essays - 1000 words

Followership - Essay Example Being a follower of decisions made by the leader entails following personal attributes of taking appropriate course of action, suiting the leader as well as to the situation unveiling. Crew Resource Management stipulates that an evident good art in following is critical in the event of the time constraint situation of the cockpit (Tony, 72). The five classifications of an aircrew follower are outlined below. These are those followers defined by the followership model, who do not come with much help in the event of a crisis during the flight. More often than not, they will sit at their destined positions offering very little help to the situation (if any), and they watch as their responsibilities go on with very little response from them. However, they may appear to mollify the team as they try to rectify the situation. The followership model awards the yes people with the most adverse characterized follower of the flight crew. These followers usually concur with every decision made by the pilot, regardless of its consequence to the situation. Normally, they are the most distinct followers of the aircrew team as they move all over the vessel trying to accomplish their possibly detrimental duties (Helmreich and Wilhelm, 26). These followers are very creative members of the crew and they possess very critical decisions in the crew membership (Shea and Robert, 290). However, their interests are hidden in their minds, giving no effort to try remedying the situation. They are mostly alienated by the crew as a whole, possibly by the organization as a whole, and they are pessimistic. They rely on the failure of others to justify their possible courses of action which they do not emulate. If not rehabilitated, they should be eliminated from the group. Helmreich and Wilhelm (32) reveal that survivor followers normally hold many of the junior flight crews