Thursday, October 31, 2019
Exploring Learning Essay Example | Topics and Well Written Essays - 2000 words
Exploring Learning - Essay Example These approaches are important as they give an idea of what different students go through when learning. The approaches have been described by scholars as being able to give a clear distinction between the different learners. Thus, it is mandatory for a teacher to learn and understand these approaches so as to make their students excel and make the most out of themselves (Cooper, 2009). Deep and surface approaches were postulated through in the nineteenth century. These approaches were first carried out by Marton and Saljo in 1976. The two scholars carried a study on a number of students and their learning approach. They gave the sample study a particular task, to read a particular text. After they had all read the text, they were asked questions based on what they had read. The students adopted different methods to understanding the text. Different groups adopted different methods of learning. One group adopted the deep approach and another adopted surface approach of learning. This was evident by how the questions were answered after the students had read the text (Murdoch & Wilson, 2008). In answering the questions, the first group displayed that they had understood fully the text while the second group had a vague understanding of the text. This showed a clear distinction. ... Deep learning approach as the word suggests involves the process of having a critical understanding of what is being taught. The students that fall under this category critically analyze concepts and principles, leading to proper understanding that is used in the long-term. It has been noted that for this approach to work, a student needs to be dedicated for a long time. They need to start reading early in advance so that they can understand better what they need to cover. It is the best method that learners should use (Cooper, 2009). This method ensures that the learning method is effective as learners will have benefitted fully from the learning process. Surface learning approach on the other hand is meant for short term retention of information. It mainly involves memorization of facts. The approach does not promote use of knowledge in the long term. The knowledge or information is only crammed briefly. This particular approach is used normally during examinations, especially when the student is not prepared. They want to quickly learn enough information to help them pass the examination. When the reader has done the examination, he or she usually forgets quickly what they have learnt. This learning approach is not advocated for as students do not grasp the knowledge for long (Jarvis, 2005). There are however some instances where it is embraced. An example is when a person is doing a presentation; it applies once the presentation has been done and in case the idea has been rejected, they can quickly switch to a new idea. The third learning approach is the strategic approach. This method is applied whenever necessary. It is a combination of both methods. However, the learner makes a decision on which method they should apply. This all depends on the
Tuesday, October 29, 2019
Comparing and Contrasting Economic Ideas Essay Example for Free
Comparing and Contrasting Economic Ideas Essay Introduction – As individual leaders in modern economic thinking and attitude, economists Milton Friedman and John Maynard Keynes was hailed and criticized by many different individuals and institutions because of their contribution to global economy attitudes as well as because of the sometimes very radical ways that the two required of economic leaders to resort to so that they can follow the economic model that either Friedman and Keynes designed. Both are right and wrong when it comes to understanding economy and providing a solution which can be used to unlock the mysteries of the changing economic dilemma that the world experiences which requires the input of economists. And during their time, Friedman and Keynes enjoyed the god-like loft from which they stood, one at a time, when the world was bowing to the economic thoughts that they made. Similarities: Friedman and Keynes economic thoughts meet in the middle While Friedmans and Keynes thoughts and focus on economics have inherent differences, some observers believe that the two economic ideas espoused by Friedman and Keynes also have some similarities. For one, the two economists and their ideas are in agreement when it comes to the stable growth rate of money supply and its role in fluctuation and employment[1]. Also, the two were inherently economist in inclination they stand on similar grounds even if it means digging and building that ground using different shovels and different strokes. Second, the economic ideas of the two individuals share the similar characterisitcs of being popular and widely used and regarded before the ensuing change in political landscape made the idea of obsolete and useless; for Keynes and his economic idea about the role of the state in economic leadership, the flowering of his idea came after the world, particularly the US, felt the squeeze to the economy after the two world wars and the occurrence of the Great Depression, his idea ultimately subsiding by the time the world came closer and closer to the 80s. For Friedman, his economic idea got its turn after it proved having the solution to the problem the Keynes model cannot answer, and after enjoying his moment in the spotlight for some years, the global crisis that engulfed the world pushed Friedman’s ideas closer and closer to the trash bin. Friedman and Keynes and their ideas share the similar pace when it comes to public acceptance, as well as the same characteristic that their ideas each are pets of US presidents; former US president Richard Nixon was a Keynesian while another former US president, Ronal Reagan implemented a Friedman approach in economics[2]. Another similarity in the economic idea of Friedman and Keynes is that their ideas allowed for the identification of an entity or institution or idea that was the reason for the failure of the economy. Take for example the Great Depression, for those adhering to the Keynesian belief in economics, they are inclined to believe that there is someone or something at fault why such occurrence happened, and that is the idea of free market. Friedman thinking will also lead the individual towards the same belief of having someone or something at fault, and that is the Federal Reserve, so far as Friedman economic thinking is concerned. Another similarity shared by Keynes and Friedman and their attack and pattern in developing economic thought and assuring the audience needed for the establishment of the popularity and acceptance of their particular economic thought is the manner by which their economic thoughts and ideas were built and spread around those who will either criticize or embrace it. Wood (1991) explained, â€Å"The most surprising aspect of Friedman’s achievements is that he has not to a greater extent earned the gratitude of the profession. To a large degree this is due to the sharply critical form in which he has presented his ideas.†[3] In his attacks on the positions of other he has at times tended to depart from the more careful and guarded way in which he typically presents his own results. This has assured him of a wide audience, because it is often easier to attract adherents to a revolution in thinking even a counter-revolution than to a less dramatic evolution of a hypothesis. This is a characteristic which Friedman shares with Keynes and explains why both have been at the same time highly controversial and highly successful in the development of economic thought. Economists in a head-on collision – Despite the similarities found in Friedman and Keynes and their thoughts and the pacing and social acceptance lifespan of their ideas, Friedman and Keynes and their ideas in economies are more accepted, criticized and reviewed because of how the two ideas find contrasting points against the other. They and their ideas have significant differences that they are described sometimes as the great polarizers of the economy and the economic belief and attitude. For Friedman, Keynes was incorrect about the idea of the state and its active role in dictating the economy. For Friedman, the more suitable solution is for the state to know that its role in the economy is focused on ensuring the growth of money supply. Friedman stressed the importance of monetary policy versus the idea of Keynes and the role of state spending. Friedman also challenged the manner by which Keynes explained the behavior of the consumer especially during the cases of inflation and the ensuing unemployment[4]. The Keynes-Friedman Showdown While it is understandable how there will be purely separate groups that support the thoughts of Keynes and the economic thinking of Friedman, there are instances that the two modern day economic thinkers figure in colossal showdowns (which is not of their doing, of course, but the doing of other people and institutions particularly award giving bodies that set out to identify who is the best between the two). An example of these instances is the during the time globally popular and highly respected weekly glossy magazine TIME undertook the task of naming the recipient of the Economist of the Century honor to wrap up the end of the twentieth century[5]. Skousen (2001) wrote about how the members of the selecting group were torn between Friedman and Keynes, and how Friedman ultimately bested Keynes despite the fact that some TIME magazine staff, including editor in chief Norman Pearlstine, believed that the award should go to Keynes. Pearlstine believed that the manner by which Keynes articulated the importance of free markets as well as the significance of the undue government intervention that will resort to the creation of danger in the economic landscape[6] is an important modern day economic idea that will benefit not just one country but the world, especially now that the world is experiencing global trade and economics. Cambridge University in 1970, during the time Friedman faced a highly partisan, pro Keynes crowd who rooted for their favorite Nicholas Kaldor which Friedman soundly defeated during the debate[7]. Some would say that the surprising Friedman win in that particular debate (which silenced the murmuring crowd of infidels) was due largely because of the absence of Keynes himself, but it may also point to the fact that Friedman and his economic ideals holds true in some aspects. Conclusion – Many scholars, critics, new economists, political analysts and historians until now continually debate about the similarities and differences of Keynes and Friedman and their economic ideas. More importantly, they debated about how each economist and each idea they gave to the world helped in shaping world economy as it is today. Some say that Milton was unlike Friedman, while some think they are the same. Some believe that Friedman was better than Keynes, while others feel otherwise. Others go to the extreme, considering that the two lived in an interconnected life, that one completes the other, as DeLong believes that Friedman was not a competitor to Keynes, but more of the man that completed Keynes[8]. The issues and points arising in the debate focused on the person and their ideas bring about immense complexity that the end is always hard to see, predict and achieve. But for the differences of Friedman and Keynes, it is no doubt that both economist contributed immensely in the field of economics, and because of that, they were showered not just with official honors but with very flattering commentaries by critics and observers. Mark Blaug was quoted by Skousen in his book as attributing to Friedman and his great ability for debating and fighting for his position in economic ideologies[9] that resulted to his earning the respect of even his most critical and previously unimpressed adversaries. Skousen (2001) believes that Friedman is the most famous economist alive, but he was quick to counter his proposition by reminding the readers that Friedman was not a giant at first in the circle of economic thinkers, owing largely to the fact that Friedman and his economic ideas (i.e. his monetarism beliefs) were heavily criticized early in his career as an economic thinker. [10]       Truly, both Keynes and Friedman created such economic ideals that went to the extent that it became antagonistic with each other. But professionals knew that underneath it all, the more important thing to consider is the fact that the differences and similarities found in Keynes’ and Friedman’s works gave the world what it can used to manage changing economic difficulties. Works Cited: DeLong, J Bradford. â€Å"Friedman Completed Keynes.†Project Syndicate. 2006. 23 May 2008            www.project-syndicate.org. Heuser, Uwe Jean. â€Å"The Underrated Power of Economists.†Indymedia.org.uk. 28 June 2007.            23 May 2008 http://www.indymedia.org.uk/en/2007/06/374612.html. Macesich, George. â€Å"World Economy at the Crossroads.†Greenwood Publishing Group,            Incorporated, November 1997. Skousen, Mark. â€Å"The Making of Modern Economics: The Lives and Ideas of the Great            Thinkers.†Sharpe, Me., Inc., March 2001. Wood, John Cunningham. â€Å"Milton Friedman: Critical Assessments†Vol. 14. Taylor            Francis, Inc., August 1990. [1] Macesich, George. â€Å"World Economy at the Crossroads.†Greenwood Publishing Group,                Incorporated, November 1997. p. 12. [2] Heuser, Uwe Jean. â€Å"The Underrated Power of Economists.†Indymedia.org.uk. 28 June 2007.                23 May 2008 http://www.indymedia.org.uk/en/2007/06/374612.html. [3] Wood, John Cunningham. â€Å"Milton Friedman: Critical Assessments†Vol. 14. Taylor                Francis, Inc., August 1990. p. 465. [4] Heuser, Uwe Jean. â€Å"The Underrated Power of Economists.†Indymedia.org.uk. 28 June 2007.                23 May 2008 http://www.indymedia.org.uk/en/2007/06/374612.html. [5] Skousen, Mark. â€Å"The Making of Modern Economics: The Lives and Ideas of the Great                Thinkers.†Sharpe, Me., Inc., March 2001. pg 379. [6] Ibid. [7] Skousen. pg 380. [8] DeLong, J Bradford. â€Å"Friedman Completed Keynes.†Project Syndicate. 2006. 23 May 2008                www.project-syndicate.org. http://webdiary.com.au/cms/?q=node/1757. [9] Skousen, p. 380 [10] Ibid.
Sunday, October 27, 2019
Development of Organizational Architecture
Development of Organizational Architecture Venter and Louw (2006, pg 394) describes organizational architecture is an integrated strategic response, which draws together key dimensions of the organization (such as organizational structure, leadership, organizational culture, policies and strategies and the to guide strategic formulation, alignment and implementation. This report will seek to critically discuss organizational architecture as a cohesive framework that will bring about change within PPC. Venter and Louw (2006, pg 394) says that the ability of an organization to facilitate the effective and efficient implementation of strategy is almost entirely dependent on its internal functioning, for it is the internal organization which is seen to comprise those elements that are pivotal in translating the strategy into tangible outcomes and actions. We will do this by exploring the notions of PPCs alignment and implementation with particular reference to the architecture developed by Lee et al (2004). Stakeholders The main driver of PPC strategy as described in the case study is to enhance stakeholders relationships. PPC Stakeholders are shareholders, customers suppliers, the broader community and its employees. These different employees are affected differently by PPC strategy. During the strategy formulation phase, PPC was able to establish that the main hindrance to achieving consistency was that their 4000 employees were demotivated. So PPC embarked on a strategy to motivate its employees. Cameron (2003) defines motivation as the force that drives behaviour in a particular direction. Mitchell (1982) defines motivation as those psychological processes that cause the arousal, direction and persistence of voluntary actions that are goal oriented. Both Cameron and Mitchell point out that motivation is goal oriented however Mitchell (1982) further defines this force as a psychological processes in his definition of motivation. This distinction by Mitchell is important in that it realizes motivation as a process (i.e. consisting of a number of steps) and psychological. This distinction reveals that for a manager to be able to motivate he has to identify the psychological needs of his employees and then devise a process of meeting those needs. PPC was able to identify that motivation of employees was one of the factors that it needed to improve in order to improve its goals. So it looked at how this can be achieved. Capabilities Louw and Venter (2006) describe capabilities as those different deliverables provided to the stakeholders by the organization and dependent on the nature of the organization. From the case study PPC seems to be following a low cost structure for its cement business and a differentiation strategy for its PPC Lime and Afripack business. These different capabilities have implications on PPC stakeholders. For example, for shareholders, the low cost strategy has high returns through streamlined, more cost effective operations and proved by the increase in share price from R78 to R122 by the end of September 2003. So the above combination of strategies has the benefit of drawing elements from both capabilities. Processes Processes can be seen as drivers of capability. Veasey (2001, pg 423) cited on Louw and Venter (2006) categorizes processes as management, operational and support. Management Processes: Describes the role of PPC managers, their work methods, goals and tasks that they aim to achieve and lastly knowledge, skills and level of performance required by the job. The Kumbuku project seemed to be aimed at reducing the performance as the responsibility of only the managers but to spread it amongst all employees. Operational Processes: This is merely concerned with the conversion of inputs into outputs. Heizer and Render (1999, pg 228) cited on Louw and Venter says most goods are produced using one of three strategies, namely, process focus, repetitive process and product focus. PPC produces many units of cement a year with very low degree of variety, so it follows the continuous process. Support processes: These are the processes that support the core business e.g., HR, marketing, sales. These processes are still very important in ensuring efficient and effective running of the business. Organisational structure/systems The main purpose of an organizational structure is to clear and precise roles and responsibilities for all employees as per their department and hierarchy in the structure. This ensures order and maintains a systematic procedure of doing things, which ensures performance and efficiency. At PPC, the strategy is aimed at flattening the structure and shortens the decision making hierarchy. This in turn can improve efficiency and motivate employees. Systems, Policies and procedure Policies and procedures are useful in guiding and aligning the organizations members in their activities and their behaviors at work. Reward Systems. Performance management systems Performance management includes activities that ensure that goals are consistently being met in an effective and efficient manner. These could include: Ongoing observation and measurements to track performance conducted by supervisor. Ongoing feedback about the performance to be given. Quarterly formal performance reviews. This could entails a formal documentation of the progress towards achieving expected results, comments on how these were achieved and suggestions on how to improve performance. If performance meets the desired performance standards, rewards should be given. Policies and procedures Knowledge, skills and abilities With the Kumbuku project, one of the main aims of the project is to achieve a good match between the requirements of the job and natural capabilities of individual employees. This could also have the impact of motivating the employees and lead to job satisfaction and loyalty. Technology Technology is the key to implementation of processes that lead to outputs at PPC. PPC has evaluated its manufacturing technologies and is similar to the best in the industry. However it also must ensure that its office technologies and service technologies are also of a benchmark standard. For PPC this has meant a big investment in order to achieve highly skilled employees. Organisational culture Collins and Porras (1994 in Clegg et al 1996) showed that it is strikingly evident that organizational culture lies at the centre of what differentiates visionary companies from comparison companies (and significantly greater economic performance over the long-term). Culture, how we do things around here in order to succeed (Schneider, 1994, 1997), is an organizations way, identity, pattern of dynamic relationships, reality. Nel et al (2001, p.397) on Harris and Moran (1979, p.32) describes culture as a communicable knowledge for human coping within a particular environment that is passed on for the benefit of subsequent generations, whilst Wilson and Rosenfeld (1990, p.229) defines culture as the basic values, ideologies and assumptions which guide and fashion individual and business behavior. The above definitions both speak to me about the communicable knowledge which Wilson and Rosenfeld explains it to be basic values, ideologies and assumptions. Stapleton (2003) on Trice and Beyer (1984) identifies 4 symbol categories in which this communicable knowledge manifests itself namely; practices, communications, physical forms and common language. These categories are best summarized to prove Deal and Kennedy (1982) definition of the way things get done around here. The way things get done around here can be seen through these 4 categories. Practices This refers to common practices at PPC e.g. Awards etc. Communications Common stories that are generally heard at PPC. Physical forms Some of the notable physical forms could be for example different dress manner between operators and professionals. Other examples include allocated parking spaces and offices. Common Language Refers to the common language during meetings, notice boards, procedure and policies. QUESTION 2 Employees are at the center of organizational change initiatives (Tetenbaum 1998).For PPCs Kumbuku project to be successful, employees need to be able to realize that a good organizational culture and climate would as McNabb and Sepic (1995) says bring about lasting change though the developing of working conditions in which employees can operate more effectively. Should the reason for change be not understood, the following sources of resistance to change could be experienced: Resistance due to organizational culture: Some of the difficulties with change initiatives may be attributed to deeper, more critical sources, such as the pervasive culture of the organization and the operating climate (McNabb and Sepic 1995). An organizations culture is the deep-rooted set of values and beliefs that provide norms for behavior (Deshpande and Webster 1989; Schein 1992). An organizations climate refers to the ways organizations operationalize routine behaviors and the actions that are expected, supported, and rewarded (Schneider and Rentsch 1988). These two characteristics combine to determine organizational readiness for change (McNabb and Sepic 1995). Resistance due to a lack of a holistic perspective: Another long-known reason for lack of change success is the propensity for organizations to implement piece-meal solutions rather than taking a systems perspective (Ackoff 1974). Stakeholders may be resistance to the Kumbuku project due to the fact that they might not have a clear understanding of the direction and holistic implication of the strategy the company is pursuing. Resistance by managers: People have a natural fear of change and when change is mandated they feel a loss of control (Evans 2001). For many people in an organization, change initiatives imply a loss of the security that goes with a specific job. Senge and Kaeufer (2000) note that change efforts can induce fear. The management team at PPC could be threatened by the introduction the allowance of employees in decision making processes. They might feel redundant and not adding value. Also the change in the PPC management structure putting management at the bottom might result in demotivated management team who does not take pride in its role. Resistance by white employees and managers: The fast promotion of black employees could be resisted by white employees, who might feel unfairly discriminated and not valued. Existing white managers might also feel unsecured and can also undermine the newly appointed black managers, who they might not attribute their promotion to good performance. Resistance due to poor communication: Should the Kambuku project not be properly communicated to relevant stakeholders, it could result in poor buy in and failure in implementation. Dawson (1994) discusses the idea of communication and employee involvement being central to the process of change as a crucial consideration in overcoming the natural resistance that most employees feel. QUESTION 3 Johnson (1988) cited on Signal-Horn (2004), defines strategic drift as when gradually, perhaps imperceptibly; the strategy of the company will become less and less in line with the environment in which the organization operates. This definition is the same as that of Charles Handy (1989) which describes strategic drift as the subtle changes of the organisations strategy that leads the organization away from its intended destination to a destination that is unintended. This means that an organization must continuously review its environment and change its strategy in relation to the change in environment as has PPC in the past five years. The organizations response to the changing environment is often associated with its culture. Culture in this instance is seen as a contributor to resisting change (keeping the organization in equilibrium as suggested by Lewin force field model) as it stifles innovation and performance, leading to a drift in strategy. This means that for organization to properly implement change they must undergo an appropriate cultural change. For PPC, it might take many more years for it to start experiencing strategic drift but it is important for PPC Chief Executive to look out for the symptoms of strategic drift which could include: Declining performance. Highly homogenous culture. Little toleration for questioning and challenging of status quo. Reliance on price/cost /competition. Strong power blockages to change. When some of the above mentioned symptoms are identifies Lewin three stage process of change could be used as interventions to prevent the danger of strategic drift: Unfreezing current attitudes This means that old behaviours and ways of doing things must be seen to be unsatisfactory by the organisation and changed and prohibited. Also the need and the benefits for change must be well communicated. Those resisting change must be confronted and addressed. This could be done by involving them to participate and communicating the value of change. Change to a new level This is a period of shifting the equilibrium. Here PPC could embark on a search for new solutions which could include information on new values, organisational culture and structure. Refreezing attitudes at the new level When the organisation has found a solution, it can embark on reinforcing and supporting the new strategy through it structure, policies and systems. REFERENCES Kreitner, R. and Kinicki, A. (2004) Organisational Behavior. New York, McGraw-Hill Nel, P.S., Gerber, P.D., van Dyk, P.S., Haasbroek, G.D., Schultz, H.B., Sono, T., Werner, A. (2001) Human Resource Management. 5th edition. Oxford University Press Southern Africa. Stapleton T (2003) The Context of Management -Sessions 1-7.OU Business School. Wilson, D.C. and Rosenfeld, R.H. (1990) Managing Organisations: Texts, readings and cases, New York, McGraw-Hill. Cameron, S. The Open University (2008). B713 Fundamentals of Senior Management, Block1; Session 14 page 125. Mitchell, T.R. (1982) Motivation: New Direction for Theory, Research and Practice, Academy of Management Review, pg 81. Clegg et al. Palmer, G. ed. 1996. The Politics of Management Knowledge London. Sage Publications. Schneider, B. Leadership at the Edge of Chaos. Strategy Leadership Magazine, Sept. 1997. Dawson, P. (1994). Organisational Change A Processual Approach Newcastle upon Tyne. Athenaeum Press Ltd. K. G. Lockyer, (2005), Project management and project network techniques, UK: Prentice Hall Financial Times Ackoff, R.A. (1974), Redesigning the Future: A Systems Approach to Societal Problems, New York: Wiley. Evans, Edward A. (2001), Executive Commentary, Academy of Management Executive, 15, 4 (November), 94-95. Schein, E.A. (1992), Organizational Culture and Leadership, 2d edition, San Francisco: Jossey-Bass. Schneider, Benjamin, and J. Rentsch (1988), Managing Climates and Cultures: A Futures Perspective, in Futures of Organizations, J. Hage, ed., Lexington, MA: Lexington Books, 181-200. Senge, Peter M., and Katrin H. Kaeufer (2000), Creating Change, Executive Excellence, 17, 10 (October), 4-5. Signal-Horn, S. (2004) The Strategy Reader. 2nd Edition. Oxford, Blackwell Publishing in association with The Open University. Tetenbaum, T.J. (1998), Shifting Paradigms: From Newton to Chaos, Organization Dynamics, 26 (4), 21-32. http://www.divandari.com/ppt/Strategic%20Change%20(handout).ppt#288,8,The risk of strategic drift accessed on the 11 October 2009. Kritsonis, A. (2004-2005), Comparison of Change Theories. International Journal of Scholarly academic intellectual diversity. Volume 8 Number 1. Lee, G., Venter, R and Bates, B. (2004), Enterprise-based HIV/AIDS strategies: integration through organizational architecture. South African Journal of Business Management, 35 (3): pg 13-22.
Friday, October 25, 2019
Last Days Of Socrates Essay -- Plato Socrates Philosophy Essays
The Last Days of Socrates Plato. The Last Days of Socrates. London: Penguin Books Ltd., 1993 Imagine the time just after the death of Socrates. The people of Athens were filled with questions about the final judgment of this well-known, long-time citizen of Athens. Socrates was accused at the end of his life of impiety and corruption of youth. Rumors, prejudices, and questions flew about the town. Plato experienced this situation when Socrates, his teacher and friend, accepted the ruling of death from an Athenian court. In The Last Days of Socrates, Plato uses Socrates’ own voice to explain the reasons that Socrates, though innocent in Plato’s view, was convicted and why Socrates did not escape his punishment as offered by the court. The writings, â€Å"Euthyphro,†â€Å"The Apology,†â€Å"Crito,†and â€Å"Pheado†not only helped the general population of Athens and the friends and followers of Socrates understand his death, but also showed Socrates in the best possible light. They are connected by their common theme of a memoriam to Socrates and the discussion of virtues. By studying these texts, researchers can see into the culture of Athens, but most important are the discussions about relationships in the book. The relationships between the religion and state and individual and society have impacted the past and are still concerns that are with us today. While Plato is writing to prove Socrates a good or respectable person, he allows the modern reader a glimpse into Athenian culture. We see that religion is held in very high regard and failing to serve a religion is punishable by death, no matter what one’s social or political stature. In â€Å"Euthyphro,†the reader learns that sometimes an Interpreter is consulted when dealing with certain criminal behavior. Also, we realize that the Athenians regard a son accusing a father of a crime, no matter what the charge, as very odd and of great annoyance to the family. I believe this is still true today. Family loyalty is considered, in some cases, more important than the laws of the country. One example is the crime families that operate in the country. These families are known to be patriotic, but their patriotism stops when family and money are involved. In â€Å"The Apology,†the reader sees some of the Athenian court system in action. Researchers can guess that pr osecution and defense are allowed only certain amounts of... ...ribed happened and were recorded. The element of a man, falsely accused, dying for his beliefs is a crossover into an idea understood by all cultures. Even the way the works are presented, in the form of dialogue, make them stand out to history. Perhaps the first time in history are such deep thoughts written about and discussed in such a way. This also speaks of the times of the philosophers. If the inhabitants of Athens had time to think about such deep thoughts as â€Å"What is holiness?†they must have lead lives of ease compared with those of earlier people. These certain thoughts might be precedents in history, just because the Athenians cherished thought, rhetoric, and some had the time and willingness to practice these pursuits. Civilizations that followed the Greeks often imitated them. The Romans based many of their values, rules of citizenship, and even religion on the Greek system. Men and women of the Enlightenment could have read the same dialogues that we re ad today. Why would anyone continue to read these stories? I believe it is the dialogues discussion of individual verses state and state verses religion. These are the truly enduring issues that we will always face.
Thursday, October 24, 2019
Miracle Child Brings Hope to Family Essay
Christina Vara had not imagined of ever being a mother, but the time she realized she was carrying one in her womb, she vowed to take good of the new born. All necessary preparations were prioritized and together with her husband, Rafael Ruiz, were eager to be parents. Unfortunately after the ultra sound, they could read the nurse’s face which showed that something awful could happen to either Christina or the baby. Sure enough, the baby’s intestines, liver and other organs were outside her stomach; a birth defect referred to as giant Omphalocele, which the parents were not aware of. There was no other alternative other than for the two parents-to-be to travel to a children’s hospital in Texas for the child’s treatment. Approximately a year and half later, Rafael and Christina purposed to create awareness of this child birth defect to the community, although theirs was not yet born, since everyone was susceptible to the same. Despite the fact that the probability of the child living was almost not there and many had suggested to her to get rid of the pregnancy, Christina purposed to provide the excellent treatment she could to the child. To her, Beatrice Hope Ruiz, was a miracle child (Brown, 2010). In Texas Children’s hospital, Christina underwent a C-section surgery which turned out to be successful and the child fortunately survived though the intestines still hung outside. Their doctor was humane and accommodative. Besides, he taught them how they were to wrap the delicate protruding organs carefully on the child’s stomach. Once discharged out of the hospitals, things were tough for them; ranging from frequently changing the organ wrappers to understanding the various ways of holding her without necessarily causing the slightest harm to the delicate organs (Brown, 2010). Not before long, another major challenge of a new surgery to the child so as to contain these organs in her body faced them. This fostered a great confront to the doctors because Beatrice’s liver was very large. Though worried of the surgery outcomes, the child’s once more survived. Christina testifies that Beatrice was a miracle up to date and though not planning to bear another child; she will continue bringing up Beatrice. Rafael was determined not to be a contributor of the increasing numbers of fatherless children in America. Moreover, he was purposed to provide for his family and pin down the culture that had nurtured the concept of fathers being understood as unessential in the family. In his humane actions to aid Christina through out the child nursing period, he proves wrong the fact that the state is bestowed with the principal role to adequately provide for the children’s upkeep through child-care facilities and welfare checks. Though both parents were not financially stable, they opted to raise their child caringly. Rafael and Christina took the initiative to educate the community about giant Omphalocele thus civilizing them. Their aim was to make the community rightly understand and value the role of parents in not only species propagation but also in help nurture socialization (Horn, 1997). Rafael becomes a virtuous national through his voluntary decision to give a hand in bringing up their child. Although Beatrice is hardly two years of age now, she will grow up as a social and responsible child since their parents have devoted themselves to stand with her in everything and provide for her needs. References Brown, R. (2010). Miracle child brings â€Å"Hope†to family. Retrieved on 29 July 2010 from Horn, W. F. (1997). Why there is no substitute for parents.
Tuesday, October 22, 2019
Asian Influence essays
Asian Influence essays Commentary on the article: Asian looking again at In the beginning of the last year, Taiwanese and Singaporeans came to Vancouver with a lot of money looking for prospects in the real estate market. These business people were looking for rental building, which were the "hot ticket" in real estate according to Vancouver relater John Gee The part of the city, which is attracting these buyers, is the West End of Vancouver, where the vacancy rate is about 1%. Even though some people feel real estate is really strong, others are trying to sell their buildings citing that the real estate market is stagnant. After reading this through I think that the Asians are doing the wrong thing by getting in to the real estate business because it is slow. It may take along time to recover their investment off the rental buildings. I also that the property value could decrease in price because most of the properties in Vancouver, especially commercial real estate, are overpriced. However, factors attracting overseas investors include low vacancy rate, low interest rates, and a future increase in the cost of rent. For investors who want security and a modest return the commercial real estate market offers great opportunities. On the other hand Asian investors can receive larger returns in In summary, the real estate market in Vancouver provides a secure investment climate for Asian investors, however they should be wary of the market stabilizing over the short term. ...
Monday, October 21, 2019
Analysis on Shiloh Essays
Analysis on Shiloh Essays Analysis on Shiloh Paper Analysis on Shiloh Paper Shiloh analysis Tomorrow Never Comes â€Å"Shiloh,†by Bobby Ann Mason is a disheartening story that makes marriage seem like an awful commitment to get into at an early age because one never knows what life is going to throw at you. Leroy is truck driver who has been put out of his job after a truck driving incident and returns home to reunite with his wife Norma Jean . Norma has grown to living without Leroy and soon discovers she does not enjoy his constant company. Eventually Norma wants to their marriage to end because of numerous differences that she cannot overcome unless she moves out. She is sick of the mockery she has to take from her mother for becoming pregnant with Leroy when she was eighteen. She also cannot stand the regret of her childs death and is constantly reminded with Leroy always being around. It strikes me how Mason uses this story to relate to real life marriages and it makes me think of how many of my friends have divorced parents and made me remember of the friends I had in high school that were already getting married at such a young age. Some because of an unexpected pregnancy and others because of blind love. This story makes me realize that people usually get divorced because of life events that change the environment of the whole relationship. Mason uses symbolism and fictional realism to a great view on typical worn out marriages today. Leroys relationship Norma was always shaky from the beginning. Because of marrying at a young age their relationship had more time to go through social events that made them eventually disconnect with each other. The worst event they went through that initially corrupted their marriage was the death of their child. This traumatic event made the relationship empty and hopeless of prosperity. Leroy moving back in changed the way Norma Jean wanted to live her life. â€Å"He injured his leg in a highway accident four months ago, and his physical therapy, which involves weights and a pulley, prompted Norma Jean to try building herself up. †(67) The accident that keeps Leroy at home forces Norma Jean to confront him and opens her eyes to the emptiness of a marriage made tolerable only by his frequent absence. I think Norma Jean was only still in the relationship because Leroy was always one but now that he has settled into the nest, she is ready to fly away. She begins building herself up because she does not like the way things are starting to look around her. She begins to see herself in a new light, perhaps rediscovering the youth that she lost when thrown into adulthood at eighteen. She realizes she does not want to continue this loveless marriage. â€Å" Before his accident, when Leroy came home he used to stay in the house with Norma Jean, watching TV in bed and playing cards. She would cook fried chicken, picnic ham, chocolate pie- all his favorites. Now he is home alone much of the time. †(71). Many relationships end up happening this way because of life changes. Just recently my aunt divorced my uncle after twenty five years of marriage. This happened almost a year after their son moved out. It seemed to me that the dull and tired relationship was only being held together by their child. Now that the child has moved on the relationship turned out to be empty as well. Mason also makes a point that nothing stays the same in relationships and in life in general. Life always throws something at you that you dont expect. Sometimes you can go with the flow, but sometimes it boils over. Leroys always had a job and always provided but was rarely at home. This has been going on so long that Norma Jean has adapted and formed her life around it. This reminds me of my cousins and his ex-wifes relationship. He lives in Georgia and married his high school sweetheart. He couldn’t go to college because he had children at a young age. He was always a hard worker and provided for his family. From an outside appearance their marriage with children and the big house seemed perfect. Unfortunately when the recession hit he lost almost everything. His wife left him and he doesnt understand why. Leroy and Norma Jean also dealt with the same separation that my cousins family dealt with. Norma Jean was so used to Leroy being away at work that she could not handle the event of him coming back and living together Mason uses a lot of symbolic references to pronounce the ending of Leroy and Norma Jeans marriage. The greatest symbolism of the story would have to be the trip to Shiloh, a battlefield. It is the place that Mabel wants Leroy to take Norma Jean because it is where she had her honeymoon. Really she knows it is a place where there was great suffering and a finalization to a battle that ends suffering and was never meant to be. Norma Jean begins to realize why her mother wanted them to go to Shiloh. She finally gets the confidence to tell Leroy what she wants. She knows nothing can keep her in the relationship any longer. She walks away from the whole matter at the end and puts her arms out, Leroy knows he can not stop her from flying away. After telling her husband Leroy that she wants to leave him, Norma Jean walks quickly towards the Tennessee River at Shiloh, pursued by the limping Leroy. â€Å" Leroy gets up to follow his wife, but his good leg is asleep and his bad leg still hurts him. Norma Jean is far away, walking rapidly toward the bluff by the river, and he tries to hobble towards her. †(76) Mason shows at the end that Leroy is literally and symbolically unable to keep up with her. Bobby Ann Mason shows us just what relationships turn into after it has been put through life events that can change the entire environment of a relationship. Mason uses symbolism to show to the reader how empty the relationship between Leroy and Norma really is. He shows how lives and relationships change. Some times by ones choice and some time by uncontrollable events. I know more than one relationship that can relate to the one in the story. I believe Lives and relationships are not controlled by ones dreams but by unforeseen fate. Mason, Bobbie Ann. â€Å"Shiloh,†Literature: Reading Fiction, Poetry, and Drama. Robert DiYanni. McGraw-Hill, 2007. 67-76. Print.
Sunday, October 20, 2019
Plato and Equus essays
Plato and Equus essays Plato once said that man is a being in search of meaning. In Peter Shaffers disturbing play, Equus, psychologist Martin Dysart and his patient, Alan Strang, are searching for meaning. Alan Strang has chosen the path of nonrationalism to give him this meaning. He worships Equus a God that he has taken from parts of Christianity and has assumed its form of that of a horse. Martin Dysart at first glance is a man of reason. He is a overworked psychiatrist who helps people become healthy and rational again. Dysart feels he is missing a sense of meaning in his life and sees that his young patient, Strang, has that sense of meaning and is ambivalent as to whether he should take that from Alan by curing him. Plato, the preeminent rationalist would find fault with both characters. Plato would be even more disappointed with Dysart. According to Plato rationality is the only way to understand the world. Dysart is an educated man, he spent years studying to become what he is today, a psychiatrist, and has thereby remembered more of the innate knowledge that is within all of us. While Strang has given himself over to nonrationalism and Dysart should know better than to do the same. Alan Strangs behavior is bizarre to say the least. One does not have to be a Platonist to find his actions puzzling. When Alan Strang worships Equus he takes out one of the horses from the stable where he works and rides naked on it and experiences sexual climax. He then kneels down in supplication to his God. According to Plato, Strang is far from the ideal condition of the human soul. Plato stated that the ideal human soul is rational. He or she makes sense. Reason is sufficient to carry us through even the most difficult of times. Platos metaphysics is dualism. While this world is constantly changing it is not really Real. The Real is the world of the forms. Strang has taken the notion of The Good and...
Saturday, October 19, 2019
Social Networing Research Paper Example | Topics and Well Written Essays - 2000 words
Social Networing - Research Paper Example This essay discusses that the early social networking practices were focused on bringing people to a common platform by using chat rooms. With the advanced information technology, the social networking practices have become more viral in nature. Social networking activities have started impacting people in various ways. According to the report findings the primary aim of social networking is to expand the contact base by connecting to various people. Almost all social networking sites try to build their platform towards this common goal. May be the purpose of connecting an individual differs from one social networking site to another but ultimately it is all about connecting to people. For instance, LinkedIn will be used by people who love to develop their professional contacts whereas SparkLives will be used by people who share a common interest, healthy living. Likewise, there are numerous other social networking platforms that are dedicated to a particular domain. People who understand the purpose of networking would get benefit from these dedicated communities or networking sites. Globalization is making world smaller by breaking country barriers and social networking fueling this globalization in various ways. Globalization is what making global economy much stronger. With the increasing social networking activities for past 10 years, the world has become much smaller as people from various countries interact and share information on a single platform.
Friday, October 18, 2019
Law of Contract Coursework Example | Topics and Well Written Essays - 2250 words
Law of Contract - Coursework Example In the understanding of contract law, an ‘invitation to offer’ is defined as follows: â€Å"An invitation to the offer is a pre-determined proposal which is intended to generate an offer from the bidder of goods for a consideration, in order to effectuate an agreement.†In the case of British Car Auctions v. Wright1, we can further understand the definition of ‘invitation to offer’ in the context to the situation at hand: â€Å"There is no offer to sell, but always an offer to buy.†From this definition, we can analyse the effect of the email sent by Computerland to Cwmfelin University. Applying the definition in the case, the email sent by Computerland was not an offer, since there cannot be an offer to sell, but only an offer to buy. The actions on the part of Computerland further describe that it was a pre determined act, which intended to generate an offer from the buyer of the goods, Cwmfelin University in this context. Therefore, it can n ow be concluded that the mail sent by Computerland, having the intentions to generate an offer from Cwmfelin, was in fact an invitation to offer. The invitation was sent by Computerland, enticing Cwmfelin University to offer them a consideration for the delivery of Computers to the University. The fact that Computerland invited to an offer has now been established as a precedent which shall be followed to solve all the three problems given in Task 1 of the paper. In the first problem, we figure out that Cwmfelin University, after having accepted the offer to invitation from Computerland, offered to buy 50 Avocado machines at the price of 220 Pounds each, which shall be delivered to the University by the 15th September, at the latest. This was the offer made by Cwmfelin University to Computerland. After having received the offer, Computerland replied in this fashion: â€Å"â€Å"Thank you for your fax, which is receiving attention.†An agreement requires two ingredients to be fulfilled in order to be binding on the parties to enter into a contract. These are: a) Offer b) Acceptance of an Offer An ‘Acceptance to the Offer’ is defined as follows: â€Å"The act of communicating the offeror, informing him on the acceptance of the offer made by him, in exactly the same way the offer was made, and abiding by the conditions laid out in the offer.: Applying the law to the facts, we can infer from the statement made by Computerland does not amount to the acceptance of the offer which was delivered to them. The fact that the offer is still receiving attention implies that the offer is being considered either for a counter offer, for the acceptance of the offer or for the declination of the offer. There is no acceptance at this stage of time, and a decision as to what needs to be done is yet to be taken. Therefore, understanding from the principles of law and facts, it should be assumed that there was no agreement between Computerland and Cwmfelin Un iversity. The offer was still under negotiating terms, and Computerland had not made up its mind on the acceptance of the offer. Finally, Cwmfelin revoked the offer from Computerland, asking them not to send the computers. However, Computerland, without communicating its acceptance, did deliver the computers. It involves the performance of a contract which did not exist at the stage of actual performance. Cwmfelin University is safe under this situation, and the act of revocation of the offer stands valid, as
Marketing Manager Essay Example | Topics and Well Written Essays - 750 words
Marketing Manager - Essay Example Hiring a competent manager may be a difficult task, especially if you are not equipped with relevant interview questions. It is important to plan the interview because in a new company, the qualities of a marketing manager are very vital. Estimable behavioral qualities may comprise self-direction, motivation, high energy, financial ambition, and persuasive communication. At a beginning, the entrepreneur usually needs someone who is like moldable clay, not somebody who has the traits of a steel rod. They want somebody who will go an extra mile because small industries operate differently from big companies. A marketing manager is charged with the responsibility of making important decisions on behalf of the company (Einhorn, 2010). In this case, the questions for the job interview for the marketing manager aim at assessing their interpersonal communication skills, their analytical skills, marketing approach, and background. Any marketing practitioner is supposed to find out and identify what is trending in the market, the demand of products, their competitors, and prospective customers. They also need to define the product design and observe the development of the product. After developing the product’s pricing strategies, they also need to launch the new product. Finally, marketers need to use various marketing tools to sell the product (Smitt & Albaum, 2004). Open-ended questions are preferred in interviewing a marketing manager. As you ask these open-ended questions, listen not only to the content of a candidates response, but also to the voice and manner behind it. The questions to be asked should be narrowed down to professional experience of the interviewee. Sample questions are; These questions enable the candidate to know why the plan they designed failed and what they can learn from the failure. They are meant to scrutinize the
In the United States, we do not need to plan for retirement. Social Essay - 2
In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired - Essay Example However, this program is under scrutiny as it is estimated that in the next decades, as more and more citizens of the Baby Boomers generation retire, the payouts would be higher than that of the benefits. The current stress on the economy along with an uncertain future about the Social Security program adds further concerns. The wide speculation is that the benefits gained out of this program would not be enough for retirement and there is a need to look at additional investment options such as IRA and 401K. Hence, relying on Social Security program would not be enough to suffice for the entire retired life. Retirement planning in the United States is essential and Social Security program is not enough to cover all the needs post retirement. The social security program came into existence in 1935 and has undergone several amendments since then to include many different social welfare clauses. This program works through the payroll taxes, where the individual pays a certain amount and the employee also adds that amount. This constitutes a fund that is released at the time of retirement along with the interest amount added to it. Hence, the goal Social Security is to work as a unique program where citizens do not have to undergo financial stress to save money for retirement. For a participant of the Social Security program, the benefits are given out in the form an annuity, which is paid for the rest of the beneficiary’s life. The benefits are also adjusted according the level of inflation in order to make sure that the benefits are not less as time passes by (Brown et al, 2009). In addition, this program also has benefits for the spouse and the dependents to support the family even in an event of death. Hence, this program aims to provide real benefits to the retiree. The social security program was designed in such a manner that it should cover all the needs for a retiree and there should be no need of an additional investment in terms of retirement plan ning. However, in the recent times, there have been apprehensions about whether social security would be enough to cover all the needs during retirement. There are some main reasons that are causing this concern among the American citizens and forcing them to consider other factors. They are the funds of the Social Security program getting exhausted, weak economy and demographic trends. One of the main concerns is how the social security program would be drained out of all its funds in the years to come. This would happen because a huge chunk of population, the Baby Boomers generation would retire in the next decade, causing a huge deficit on the funds of social security. In 2010, the total income that was earned through the tax payroll was $781.1 billion, where as the amount that was paid through the taxes were $721.5 billion. Hence, there was a total increase in assets of only $68.6 billion (Whibey, 2011). According to the estimation done by Ohlemacher, this fund would totally dra in out by the year 2037. In 2011, it is projected that social security would collect around $45 billion less in payroll taxes than what it would pay out during retirement (Ohlemacher, 2011). Therefore, according to the rate at which the Social Security funds are getting exhausted, it would be impossible to sustain this program without any legislative intervention. It
Thursday, October 17, 2019
International business Essay Example | Topics and Well Written Essays - 1250 words
International business - Essay Example Combustible energy sources like coal, oil and wood emit environmental pollutants and contaminants. Only those sources that offer minimal contamination to the environment are deemed acceptable if they are to be sustainable. The sun is the cleanest source of energy with its free-of-charge irradiation and easy access all over the world. The sun’s irradiation can be converted to usable energy via hybrid conversion, simultaneously, into electrical and thermal energy (Afgan, 2008: p240). This involves the use of hybrid collectors that differ from thermal collectors due to the construction of their absorber, with solar cells, water flow tubes, and a metal system. The collectors can be used in hospitals, private companies and small industries. Compared to ordinary solar panels, the hybrid collector ensures better usage of space, savings during construction and the simultaneous conversion of solar energy into electric and thermal, current using one device. They are contemporary and eco logically clean. Sustainable development can be defined as the as the integral cultural, social, technological, and economic development that is adjusted to the requirements of environmental protection, thus enabling present and future generations to satisfy their needs and improve their quality of life (Afgan, 2008: p242). The underlying principle of sustainable development is the creation of an effectual system of distribution and application of resources over the long-term. Sustainable development focuses on the rational use of the earth’s natural treasures, with the concept oriented towards life upgrading and improvement of environmental quality. In order to accomplish sustainable development, there is a need to provide sustainable energy. This means that future development needs to be based on the lowering and strict control of environmental emissions and the use of renewable and clean energy (Afgan, 2008: p243). The cleanest source of energy that can aid in the achievem ent of this goal is solar energy. For five billion years, the sun has been sustaining and enabling life on earth. The sun’s rays have provided energy for growth, as well as development, of plants via the process of photosynthesis. Now, it is time for the sun to power our industries and drive development around the world as a sustainable energy source. Key Words; Solar energy, solar collectors, sustainable development 1. SUSTAINABILITY Solar energy is one of the main sources of clean and sustainable fuels. The main source of power or the fuel is suns rays that falls on the earth. Solar collector that is used to generate power using suns rays is essentially a sustainable system. The main reason as to why this is called sustainable is that the energy source continues to provide limitless energy. Unlike finite sources of power such as oil or coal, there is no depletion of power. While creating energy, carbon is mot emitted in significant quantity. It is true that some amount of c arbon is released and conventional power consumed while making the solar panels and solar cells and while manufacturing components such as solar collectors, inverters, batteries, electrical lines and cables and other such components. However, these are one-time costs only. The process of power generation and consumption remains sustainable and perennial. It meets the definition of sustainability where the needs of the present are met and the needs of the future generations are not compromised. There is almost zero impact on the environment due
College and Universities Should Teach Financial LiteracyManage Money Essay
College and Universities Should Teach Financial LiteracyManage Money - Essay Example One solution is to make financial literacy a part of the core curriculum for all colleges and universities in the United States. According to Annamaria (2010), financial literacy is the capacity to make sound financial judgments, and take workable actions about the current and future utilization and management of finances. Therefore, it is important for all individuals to be knowledgeable on basic financial information to enable them make right decisions based on their needs and income. There are several important aspects of financial illiteracy in the country. According to Braunstein et al (2005), lack of financial knowledge has increased the vulnerability of many consumers to heavy losses and deceptive business arrangements. This has resulted to some of the worst economic problems in the country such as the most recent financial downturn that was mainly caused by extensive consumer overleveraging. American universities and colleges can play a crucial role in empowering students wit h financial skills but historically, it has not been the case. College and university graduates play a critical role in making financial decisions in any economy, but for a long time financial literacy has been regarded as a ‘life skill’ acquired outside the classroom setting in United States (Thomas,2010,p60). In this respect, Thomas (2010, p67-68) notes that university administrators do not consider teaching financial skills a priority in their curriculums. However, recent changes such as increasing college fees, unpredictable job market in addition to various financial challenges that face students at school and after graduating has jolted authorities in higher learning institutions to review their stance. In view of these challenges, policy makers in the United States have indentified the need of introducing compulsory financial education in these institutions to enhance the capacity of students to make sound judgments in school and after graduating. According to Le wis(2008,p50), financial illiteracy is widespread among all American citizens, but low-income earners and people with no post secondary education are the most affected groups. A study conducted by Lewis (2008, pp56-89) found that minority groups especially African Americans and Hispanics had the lowest financial literacy level compared with other groups. In addition, American men have higher financial literacy level than women and as people grew older, their financial literacy increased (Lewis, 2008, p64). Thomas (2010) argues that economic, health and social wellbeing of the individuals, families and societies relies heavily on financial literacy. In this respect, the importance of financial education cannot be overemphasized. At individual level, financial literacy enables a person to plan for the present expenditures and save for the future. This includes developing pragmatic household budgets that enables people to prioritize on their expenses, create saving plans and make wise investment decisions. In addition, good financial education empowers individuals to manage their debts and make sound financial decisions for their retirement to ensure that they lead a financially secure life when they cease working (Thomas, 2010 pp 87-89). Moreover, financially literate people buy goods and services at lower prices and this enhances their savings and investments. In this respect, effective
Wednesday, October 16, 2019
In the United States, we do not need to plan for retirement. Social Essay - 2
In the United States, we do not need to plan for retirement. Social Security will cover our needs when we are retired - Essay Example However, this program is under scrutiny as it is estimated that in the next decades, as more and more citizens of the Baby Boomers generation retire, the payouts would be higher than that of the benefits. The current stress on the economy along with an uncertain future about the Social Security program adds further concerns. The wide speculation is that the benefits gained out of this program would not be enough for retirement and there is a need to look at additional investment options such as IRA and 401K. Hence, relying on Social Security program would not be enough to suffice for the entire retired life. Retirement planning in the United States is essential and Social Security program is not enough to cover all the needs post retirement. The social security program came into existence in 1935 and has undergone several amendments since then to include many different social welfare clauses. This program works through the payroll taxes, where the individual pays a certain amount and the employee also adds that amount. This constitutes a fund that is released at the time of retirement along with the interest amount added to it. Hence, the goal Social Security is to work as a unique program where citizens do not have to undergo financial stress to save money for retirement. For a participant of the Social Security program, the benefits are given out in the form an annuity, which is paid for the rest of the beneficiary’s life. The benefits are also adjusted according the level of inflation in order to make sure that the benefits are not less as time passes by (Brown et al, 2009). In addition, this program also has benefits for the spouse and the dependents to support the family even in an event of death. Hence, this program aims to provide real benefits to the retiree. The social security program was designed in such a manner that it should cover all the needs for a retiree and there should be no need of an additional investment in terms of retirement plan ning. However, in the recent times, there have been apprehensions about whether social security would be enough to cover all the needs during retirement. There are some main reasons that are causing this concern among the American citizens and forcing them to consider other factors. They are the funds of the Social Security program getting exhausted, weak economy and demographic trends. One of the main concerns is how the social security program would be drained out of all its funds in the years to come. This would happen because a huge chunk of population, the Baby Boomers generation would retire in the next decade, causing a huge deficit on the funds of social security. In 2010, the total income that was earned through the tax payroll was $781.1 billion, where as the amount that was paid through the taxes were $721.5 billion. Hence, there was a total increase in assets of only $68.6 billion (Whibey, 2011). According to the estimation done by Ohlemacher, this fund would totally dra in out by the year 2037. In 2011, it is projected that social security would collect around $45 billion less in payroll taxes than what it would pay out during retirement (Ohlemacher, 2011). Therefore, according to the rate at which the Social Security funds are getting exhausted, it would be impossible to sustain this program without any legislative intervention. It
Tuesday, October 15, 2019
College and Universities Should Teach Financial LiteracyManage Money Essay
College and Universities Should Teach Financial LiteracyManage Money - Essay Example One solution is to make financial literacy a part of the core curriculum for all colleges and universities in the United States. According to Annamaria (2010), financial literacy is the capacity to make sound financial judgments, and take workable actions about the current and future utilization and management of finances. Therefore, it is important for all individuals to be knowledgeable on basic financial information to enable them make right decisions based on their needs and income. There are several important aspects of financial illiteracy in the country. According to Braunstein et al (2005), lack of financial knowledge has increased the vulnerability of many consumers to heavy losses and deceptive business arrangements. This has resulted to some of the worst economic problems in the country such as the most recent financial downturn that was mainly caused by extensive consumer overleveraging. American universities and colleges can play a crucial role in empowering students wit h financial skills but historically, it has not been the case. College and university graduates play a critical role in making financial decisions in any economy, but for a long time financial literacy has been regarded as a ‘life skill’ acquired outside the classroom setting in United States (Thomas,2010,p60). In this respect, Thomas (2010, p67-68) notes that university administrators do not consider teaching financial skills a priority in their curriculums. However, recent changes such as increasing college fees, unpredictable job market in addition to various financial challenges that face students at school and after graduating has jolted authorities in higher learning institutions to review their stance. In view of these challenges, policy makers in the United States have indentified the need of introducing compulsory financial education in these institutions to enhance the capacity of students to make sound judgments in school and after graduating. According to Le wis(2008,p50), financial illiteracy is widespread among all American citizens, but low-income earners and people with no post secondary education are the most affected groups. A study conducted by Lewis (2008, pp56-89) found that minority groups especially African Americans and Hispanics had the lowest financial literacy level compared with other groups. In addition, American men have higher financial literacy level than women and as people grew older, their financial literacy increased (Lewis, 2008, p64). Thomas (2010) argues that economic, health and social wellbeing of the individuals, families and societies relies heavily on financial literacy. In this respect, the importance of financial education cannot be overemphasized. At individual level, financial literacy enables a person to plan for the present expenditures and save for the future. This includes developing pragmatic household budgets that enables people to prioritize on their expenses, create saving plans and make wise investment decisions. In addition, good financial education empowers individuals to manage their debts and make sound financial decisions for their retirement to ensure that they lead a financially secure life when they cease working (Thomas, 2010 pp 87-89). Moreover, financially literate people buy goods and services at lower prices and this enhances their savings and investments. In this respect, effective
Computer Game Addiction Essay Example for Free
Computer Game Addiction Essay ABSTRACT With the constant improvements in gaming technology, ranging from graphics to new types of controllers to faster processors, there is a growing problem of computer game addiction. In order to fully understand this problem, one must define addiction. According to the Center for Addiction and Mental Health, addiction is a psychological or a physical dependence on something. LITERATURE REVIEW In this paper, we will discuss the problem of computer game addiction, one of the most addictive games, and ways to prevent or stop addiction. Massively Multiplayer Online Role- Playing Games Game addiction really started turning into a problem with the advent of Massively Multiplayer Online Role- Playing Games, or MMORPGs. While regular games would keep you entertained until you beat it, MMORPGs have no ending, so there really is no reason to stop playing. MMORPGs immerse the player in the world and since there is no way to beat the game, the goal is character progression. Leveling up your character and obtaining better and better armor and weapons is usually the norm in most MMORPGs. Addiction Questionnaire Dr. Kimberly Young, known as â€Å"the world’s foremost Cyber-Psychologist,†created a set of eight questions to ask one’s self to test for online gaming addiction. 1) Do you need to play online games with increasing amounts of time in order to achieve the desired excitement? 2) Are you preoccupied with gaming (thinking about it when offline, anticipating your next online session)? 3) Have you lied to friends and family members to conceal extent of your online gaming? 4) Do you feel restless or irritable when attempting to cut down or stop online gaming? 5) Have you made repeated unsuccessful efforts to control, cut back, or stop online gaming? 6) Do you use gaming as a way of escaping from problems or relieve feelings of helplessness, guilt, anxiety, or depression? 7) Have you jeopardized or lost a significant relationship, or even risked your marriage because of your online gaming habit? 8) Have you jeopardized a job, educational, or career opportunity because of your online gaming habit? Answering yes to any of those questions could mean that you are addicted. One would think that video games are harmless, but once they start interfering with real life and even take precedence over it, then there is a real problem. Video game addiction has not received official recognition as a diagnosis in theDSM IV standard [8], but is still aconcern for many people. Problems with addiction One study done on the problems of addiction used a modified version of the formal definition of gambling addiction. 607 8th and 9th grade students where surveyed, and of these 15% where classified as addicted. Of the addicted students, approximately 80% where male. Less than 30% of non-addicted student reported having been in a fight in the past year, while almost 50% ofaddicted students reported the same. Addiction also correlated with reported arguments with friends, and with teachers. Just as many students classified as addicted reported having a B average as those classified as nonaddicted. However, there where 4 times as many F students classified as addictedas there where non-addicted, and far more non-addicted A students than addicted ones. Not surprisingly, students classified as addicted averaged almost 4 times as much playtime as nonaddicted ones [7]. These figures are somewhat worrying. World of Warcraft (WoW) The current king of MMORPGs is World of Warcraft. According to a press release on Blizzard’s World of Warcraft webpage, World of Warcraft’s subscriber base numbers more than 8.5 million, as of March 7, 2007, and it continues to grow every day. The expansion pack that was recently released sold nearly 2.4 million copies worldwide just on the first 24 hours [3]. It is often referred to as â€Å"World of Warcrack.†Dr. Maressa Orzak, a Harvard professor and founder of Computer Addiction Services at McLean Hospital in Newton, MA, estimates that as many as 40% of the people who play WoW are addicted. She believes that games like World of Warcraft are designed to keep people in the game and that they are inherently addictive [4]. There are dozens of websites just for the purpose of providing support for WoW addiction. The game has a feature where if you type â€Å"/played†into the chat interface, it displays how much time you have spent playing that particular character. Some people report that they’ve spent 200 to 300 days played in the game [5]. In 2004, Zhang Xiaoyi, a 13 year old Chinese boy, committed suicide by jumping off a building afterplaying World of Warcraft for 36 hours straight. He left a suicide note saying that he wanted to â€Å"join the heroes of the game he worshipped†[6]. Fig. 1: A large battle between the Alliance and the Horde Is it Addiction? According to Weimer-Hastings and Ng, many people who are excessive MMORPG users are not actually dependent on video games [8]. They propose that many of these people use video games not because they are addicted, but because it is the only comfortable social medium for them. This was found through a comparison ofMMORPG player and other video game players. The MMORPG players tended to spend far more time playing, but much of that time is spent socializing. Some MMORPG players who showed long hours of playtime didn’t actually show any of the signs of addiction [8]. This study shows that care must be taken with the definition of addiction. Conclusion Video game addiction is something we must come to terms with as a society. Whether it is decided to be a read full fledged addiction, or just a compulsive behavior, it can still cause trouble in peoples lives. The problem will not go away either, it will probably only get worse, as designers get a better understanding of what makes consumers want their games. On the other hand, the problem is not as bad as it sounds at first. For many people these games are a social outlet, not an addiction. Video games are an integral part of many peoples lives now, and theyre here to stay. Lets learn to use them responsibly. References 1. Center for Addiction and Mental Health – What is Addiction? http://www.camh.net/About_Addiction_Mental_Health/Drug_and_Addiction_Information/Addiction_Information_Guide/addiction_what_is.html 2. Center for Internet Addiction Recovery – Are You an Obsessive Online Gamer? http://www.netaddiction.com/resources/online_trading.htm# 3. Blizzard Entertainment – PressRelease. http://www.blizzard.com/press/070307.shtml 4. Rob Wright – mmORPGs and Game Addiction. August 8, 2006. http://www.twitchguru.com/2006/08/08/ world_of_warcraft_players_addicted/ 5. WoW Detox – Ex-players’testimonials. http://www.wowdetox.com/ 6. Associated Press – Chinese‘Warcraft’ Game Distributor Sued Over Teen’s Suicide.May 12, 2006. http://www.foxnews.com/story/0,2933,195236,00.html 7. Hauge, Marny R. Gentile, Douglas A. Video Game Addiction Among Adolescents: Associations with Academic Performance and Aggression http://www.psychology.iastate.edu/FACULTY/dgentile/SRCD%20Video%20Game%20Addiction.pdf 8. Wiemer-Hastings, Peter NG, Brian D. Addiction to the Internet and Online Gaming Cyberpsychology Behavior Vol8, Number 2 http://www.liebertonline.com/doi/pdf/10.1089/cpb.2005.8.110
Monday, October 14, 2019
The Family And Contemporary Society | Analysis
The Family And Contemporary Society | Analysis A family can simply be defined as a group of people connected by blood or marriage. They can either be living together in a household, for example, a couple and their never married children living in one place as a family or are related based on blood but are not immediate family -for example, genetic relationships and this can simply be referred to as kin. According to the American anthropologist George Peter Murdock, The family is a social group characterised by common residence, economic cooperation and reproduction. It includes adults of both sexes, at least two of whom maintain a socially approved sexual relationship, and one or more children, own or adopted, of the sexually cohabiting adults The two most common forms of family are nuclear family and extended family. The nuclear family comprises of a husband and a wife with one or more children, own or adopted. According to Murdock, the nuclear family is a universal social grouping which means, it is found in all societies. The extended family is a family structure which is often made up of three generations e.g. grandparents, parents and children. Basically, it is the extension of the nuclear family and this can be done in various ways. Unlike the western society marriage which is monogamous, that is, one wife and one husband, many other societies practice polygamous marriage where by a person can marry more than one wife or husband. It is found in many small-scale traditional societies, particularly in Africa. A part from that, families can be extended if for example grand parents, brothers and sisters of the married couple live in one household. This is mostly practiced by the Indian communities in the UK. During the pre-industrial period, societies were divided in to kinship groups called lineages, which consist of people descended from a common ancestor. Lineages may contain hundreds or even thousands of members, it is mostly found in traditional societies such as the Nuer of southern Sudan and the Bunyoro of western Uganda. Anyone in that group sees each other as relatives. The only source of livelihood was farming and livestock, for this reason; the most common family structure was extended families because, they work together and to some extent, they share domestic tasks and income. Any member is allowed to farm and graze their livestock in the land owned by the Lineages. People who would be seen as very distant relatives in western societies may be defined as close relatives within a lineage. According to the 19th century historical research by Michael Anderson (1971), the early stages of industrialisation may have encouraged the development of extended families. He found that 23% of working class households in Preston contained kin beyond the nuclear family. This was due to the fact that, there was widespread poverty, high birth and death rates and without welfare support from the government, people had to depend on their kin for care and support. The working class extended family continued well in to the 20th century. Michael Young and Peter Willmott defined an extended family after their study of Bethnal Green in the east end of London (1957) as a combination of families who to some large degree form one domestic unit. The family members does not have to share one household as long as they contact regularly and share services such as caring for children and elderly relatives. The industrial revolution gradually undermined and disrupted the existence of extended family because; men were increasingly drawn out of the home in to industrial employment. Long working hours and movement of individuals between different regions affected family socialisation. Despite that, low income working class areas such as Bethnal Green did not break their extended family ties up until the 20th century. By the 1970s, the family structure changed to home-centred and privatised nuclear family. Family life is focused on the home. Husband and wife depend on each other for companionship. During free time, they silently watch TV at home with less contact of the wider kinship network. According to Talcott Parsons, the isolated nuclear family is the typical form in modern industrial society, on the other hand, Michael Haralambos states in his book, Sociology in focus that, a number of sociologists argue that, the so called modern, self-sufficient and self-centred nuclear family process has been exaggerated and that nuclear family members still contact their extended kin when the need arises though the relationship is not as strong as those in the traditional extended family. According to Janet Finch and Jennifer Mason (1993) in their study of Greater Manchester, they found that, over 90% of the people they approached had given or received financial help from relatives and almost 60% had shared a household with an adult relative(not parents) at some time in their live. Finch and Mason also found that help was subject to negotiation and not a right However, the British Social Attitudes have disputed the above study after they conducted a survey representing adults aged 18 and over during 1986 and 1995. They were looking at frequency of contact with kin. They found out that people are less likely to visit or be visited by anybody at all, be it relative or friends because there was no evidence to show that friends have substituted relatives and a large number of women are working outside their home which resulted in 20% drop of seeing their mother at least once a week (McGlone et al, 1999). People from different backgrounds have different family structure from the indigenous population. For example, the Asian families in Britain have strengthened their ties with their family members more in reaction to lack of value attachment between British family members and their kin. They are worried of losing their values and culture. To help overcome that fear, they maintain links with their villages of origin in Asia. The main sociological theories of the family are functionalist, Marxists and feminists. Functionalists consider the nuclear form of family as the best type. They believe that family is a vital element at the heart of society and a good source of socialisation. However, they only endorse the nuclear family as the norm, idealistic and more home centred, whereas, they consider the other types of family as harmful. Functionalists see family as a social institution which is there for a purpose that is beneficial to both its members and society. According to Murdock (1949), the family is a universal institution with universal functions. Their theories contain strong arguments that are vital for the wellbeing of society. They argue that, the family help to stabilise the social system by monitoring or setting some limits on their members not engage in sexual relationships outside marriage with some societies completely forbidding such acts unless married. This helps to reduce conflict. The functionalists also see family as a unit of production, for example, a farming family produce food while here in the west, the family is a unit of consumption, families buy goods and services for the rest of their family members, therefore contribute to the economy and to the wider society. The most interesting point of the functionalists theory is that, the family is responsible for primary socialisation. The first year of our life is very crucial to the rest of our life and all that is made possible by the immediate family members. Murdock believes that, no society has succeeded in finding an adequate substitute for the nuclear family however, the American sociologist Talcott Parsons argues that, the nuclear family in the modern industrial society have become more specialised and unlike the pre-industrial societies, some family functions like looking after the elderly have been taken over by specialised institutions such as social services but he claims that they still perform the basic function which is, the primary socialisation of children. Despite the strengths of the functionalist theory, there are some weaknesses associated with their views of the family. The first one is that, they ignore the dark side of family life, for example, conflict between husband and wife, child abuse and male dominance etc. They also pay less attention on the harmful effects the family may have on the wider society. Unlike the Marxists, the functionalists never consider variations in family life based on class, ethnicity, religion and locality The second sociological theory of family which is Marxists concentrates on nuclear family as well but they reject the view that the family is there for the benefit of all, instead they see the family as maintaining the position of the ruling class. They believe that nuclear perpetuate capitalism and that the economy shapes the rest of society. In comparison to the functionalists, Marxists dont accept that the family is largely responsible for primary socialisation, instead they argue that, children are socialised in stereotypically predetermined roles. The Marxists strongly argue that, the status of the society is largely determined by the economy and the capitalist economic system will produce a certain type of society. Basically, they see the family as an institution which is twisted by the requirements of capitalism. According to Friedrich Engels, the modern nuclear family developed in capitalist society. They also pointed out the great inequalities of wealth and income in modern societies. A small minority of the population who privately own economic institutions like banks and factories rule the larger population who are workers. The workers produce goods and services and are paid wages. The Marxists argue that, the minority ruling class exploit the majority of the population by gaining at the workers expense through profit making. The fact that they only endorse nuclear form of family, they argue that, this solved inheritance disputes because there is no doubt about the paternity of the children unlike the monogamous nuclear family. Both functionalist and Marxists see the family as a unit of reproduction and socialisation of children. The weaknesses associated with the Marxists view are; they ignore the degree of stability in society, instead they concentrate on the idea of power and domination. They also undermine the role of women in the society. Sociologists agree to some extent that the economic system has some influence in the family. However, majority disagree with the Marxist view that the shape of the family is determined by the economic system. Unlike the Marxists and functionalists, the feminist which is the other sociological theory of the family, criticize the power of men over women. They argue that male dominate the family and that they often control key areas of decision making e.g. moving house. The two main types of feminists which are radical and Marxists have different point of view in regards to unfair treatment of women in the family. The radical feminists see male dominance influence the structure of society and as a result, there is widespread domestic violence of which women suffer most. They promote lesbianism. The Marxists feminists argue that women serve as cushion for the man to release their tension of the day and these inequalities resulted from class variation in capitalist society. The feminists strongly point out that, most of the unpaid domestic work is done by women irrespective of them working full time outside home or not. According to Delphy Leonard, 1992, Women make the main contribution to fa mily life, men receive the main benefits. They also argue that, in most cases, the wife gives up her work to care for the children and economically depend on her husband. Feminists base their view from negative perspective and ignore the positive side of family. It is possible that many women are happy to raise their children and do most of the housework. Feminists are criticised by some people as preaching hatred against men and undermining traditional gender roles. In modern societies, there is greater evidence of equality between partners but feminists are criticised for not acknowledging that progress but instead they still remain determined to address remaining inequalities. Contrary to Murdocks explanation of family which includes at least one adult of each sex, there is significant number of children who were raised by single parents or same sex parents living in a household. A woman with her dependent children, whether adopted or her own is a unit of family. There are a high number of single-parent families in Britain. According to Government statistics, in 1961, 2 percent of the population lived in households consisting of lone parent with dependent children. Lone parenthood can come about through different circumstances eg divorce, separation and death of spouse. In the case of unmarried partners with children break up, one of them will be a lone parent. There are a high number of divorced or separated couples who still keep in touch for the common interest of their children. They share responsibilities of raising their children; In this case they are described as co-parenting or joint parenting. Neal Smart, 1977 see it difficult to describe such s cenarios as lone-parent families. Some Sociologists suggest using the term lone-parent household rather than lone-parent family, this means, one of the parents does not share the same household with the rest but still contributes to the family. Becoming a lone parent is never the first option for both married couples but due to un avoidable circumstances, many choose to be lone parent than living in an unhappy relationship. According to Hantrais and Letablier(1996), Britain has the second highest rate of lone parenthood after Denmark in Europe. Another type of household is the Gay and Lesbian households. Contrary to Murdocks explanation of family, Gay and Lesbian households do not contain adults of both sexes but they can as well care for children from their past heterosexual relationships, adoption or may have been produced using new reproductive technologies. Diversification of family in modern societies was contributed by high divorce rate, decline of marriage rate and increase in the number of stepfamilies.
Sunday, October 13, 2019
DHTML Lessons :: Technology, Informative
DHTML LESSONS Lesson 1 - Introduction What you should already know Before you continue you should have a basic understanding of the following: „X WWW, HTML and the basics of building Web pages „X Cascading Style Sheets „X JavaScript If you want to study these subjects first, go to our Home Page DHTML does not exist ! DHTML is an abbreviation for the term "Dynamic HTML". But DHTML is just a buzzword. DHTML does not exist. It is not a "thing" or a standard defined by the World Wide Web Consortium (W3C). It is not defined anywhere. It is just a fancy word. It is important that you know this (so you don't make a fool of yourself when you are talking with the pros). So what is DHTML? To most people DHTML means a combination of HTML 4.0, Style Sheets and JavaScript. W3C once said this: "Dynamic HTML is a term used by some vendors to describe the combination of HTML, style sheets and scripts that allows documents to be animated." The Elements of DHTML HTML 4.0 HTML 4.0 introduced two important things: Cascading Style Sheets (CSS), and the Document Object Model (DOM). Creating dynamic HTML documents would not be possible without these two additions. Cascading Style Sheets (CSS) With CSS we got a style and layout model for HTML documents. Creating dynamic HTML documents would not be possible without CSS. Document Object Model With the DOM we got a document content model for HTML documents. Creating dynamic HTML documents would not be possible without the DOM. JavaScript (and VBScript) With HTML 4.
Saturday, October 12, 2019
Saint Joan of Arc Essay -- European History France England War Essays
Saint Joan of Arc Joan of Arc lived an extraordinary life and accomplished incredible feats during, her brief lifetime. Joan is in a league of her own. As a girl at an absurdly young age and with no military knowledge, she convinces the Dauphin of France that she is a messenger from god and helps lead the almost diminished French army drive the English away from French soil. Her remarkable clairvoyance to foresee future events and for things to fall magically in place at least at the beginning of her career, compels one to believe in her saintly powers or in her connection with a higher being. Joan of Arc was born at Doremy in Champagne on January 6, 1412. Witnesses claim that the roosters of the village hailed her birth by crowing long before dawn. She was born to a wealthy farmer, Jacques Darc, and his wife, Isabelle. Joan never learned to read or write but was very skilled in spinning and sewing. Villagers regarded her as a pious child, and many often saw her kneeling in church, absorbed in prayer. At the age of 12 she first became conscious of her ‘voices.’ At first it seemed that it was simply a voice that would tell her to â€Å"Be good and go to church†(Pernoud 19). Soon the voices would be accompanied by a light, and she identified them individually as being St. Catherine, St. Margaret, and St. Michael. The voices became insistent, often telling her two to three times a week that she should go to France and present herself to Robert Baudricourt who commanded for Charles VII in the neighboring town of Vaucouleurs. A month later she traveled with her uncle to see Baudricourt, but with little success, as he told her uncle to â€Å"Take her home to her father and give her a good whipping†(Pernoud 50). Joan... ... more astonishing, her ability to bring France to victory during the battle of Orleans where the French were completely surrounded and defeat was almost certain. Her ability to produce wonders one after the other makes one hard pressed not to believe in her saintliness. Joan is a saint and her actions can only be categorized as miracles. Joan’s life is astounding by any measure, even when one separates the fact from fiction. Bibliography Brooks, Polly Schoyer Beyond the Myth: The Story of Joan of Arc. New York: Houghton Mifflin Co, 1999. Pernoud, Regine. Joan of Arc: By Herself and Her Witnesses. New York: Scarborough House, 1994. Price, Patrick. JoanNet 2004. Feb 2004. http://maidjoan.tripod.com Shaw, Benard. Saint Joan. England: Penguin Books, 1924. Williamson, Allen. Joan of Arc Online Archive 2003. Feb 2004. http://archive.joan-of-arc.org
Friday, October 11, 2019
IPO of Hertz Essay
1. Why are the private equity sponsors pursuing an IPO of Hertz at this time – that is, what is the purpose of the IPO? The sponsors wanted cash in order fund another special dividend. They felt that even though they had only owned the company for short time, they were in the perfect position to sell it. There are several reasons why 2006 was an opportune time for the IPO of Hertz. The market was on the rise with the S&P up over 10% on the year. The IPO market itself was incredibly strong, outperforming 2005 by November. As the case states â€Å"198 IPOs had price raisings approximately $41 billion. The pricing of IPOS also seemed solid. Of the 198 deals, the average first-day return (not annualized) was 8.8%. After four weeks, nearly 60% were trading above their offer prices†. Hertz was also recognized as one the top car rental brands in the world, it’s branding was dominant throughout North America, which in turn, gave it premium pricing power. At the time, Her tz also had the opportunity to expand in both the non-airport and equipment rental markets, which also has higher margins than general car rentals. 2. What are the differences between conventional IPOs and IPOs that arise from leveraged buyouts? First of all, it appears that private equity-led IPOs (RLBOs) are more successful than their non-buyout-backed counter parts. According to the case â€Å"a study which examined nearly 500 private equity-led IPOs from 1980 to 2002. For example, relative to $1 invested in the S&P, investors in RLBOs earned $1.05 on average over 36 months following the IPO compared to $0.81 in non-buyout-backed IPOs.†Sponsors also take it upon themselves to use debt in order to issue a special dividend and pay themselves for their work. This action typically raises concerns whether the sponsors are invested in the company over the long term. However, private equity firms claim that one of their advantages is their long-term perspective, a study by Moody’s involving 222 buyouts determined that this was not the case and that Special dividends resulted in a credit downgrade almost half of the ti me. 3. Should the sponsors have taken on additional debt and paid themselves a dividend from Hertz? No, the sponsors should not have taken on additional debt and paid themselves a dividend from Hertz. This pre-IPO action implemented by the sponsors shed negative light on themselves and the company as a whole. It portrayed entitlements of greed while hurting Hertz well established market reputation, it discouraged investors from potentially investing in the company, as well as throwing a negative persona over the future outlook for Hertz. The dividend payment also caused a media uproar with more negative externalities being portrayed against the sponsors, as they were seen as money hungry investors with no true intention of expanding the value of Hertz. They were viewed as just wanting to receive their money and exit the company. Their actions were seen as selfish by the public and their peers, which was reflective by the demand for Hertz shares decreasing, along with the range of the IPO value falling from a stronger near $18 dollar range to a substantial decrease at around $15. The dividend payment provided doubt on the sponsors in how it was seemingly impossible to achieve value creation as well as significant management improvements in such a short time period, overall hurting the value of the company. 4. What are the pros and cons of public shareholders should consider when investing in sponsor-backed IPOs? This question boils down to the differences between investing in a sponsor backed IPO and investing in a non-sponsor backed IPO. During the time of this deal, the Great Recession was nearing its start, so the market took a big hit with that being said. Both sponsor and non-sponsor backed IPOs underwent price declines in their share-price valuation during this time, which should be viewed as a negative when considering investing in sponsor backed IPOs. To build on that with something that can be viewed as a positive, is that sponsor backed IPOs fell at a lesser rate than non-sponsor backed IPOs, decreasing at roughly 9% and 12% respectively. Another positive of sponsor backed IPOs is that they tend to generate greater post IPO price appreciation than that of non-sponsor backed IPOs. All in all, PE sponsors, â€Å"create value from being able to invest and operate with a longer-term perspective than public companies.†This long term perspective leads sponsors to make tougher decisions in terms of operations and debt, as well as being able to, â€Å"hold managers more accountable for higher levels of performance than public companies.†The quick exit tactic often used by PE sponsors does however bring to debate whether these sponsors are, â€Å"in it for the long haul or only for themselves.†5. At the $15 offer price, does the Hertz IPO represent a good investment opportunity for Berg? Would you invest in the Hertz IPO? After conducting our analysis of the value of Hertz, we believe that offer price of $15 is still too low. We believe the share price to be about $12.69. Therefore, Hertz would not be a good investment opportunity for Berg and I personally would not invest in the company either. 6. The sponsors invested $2.3 billion in equity (divided equally among them) to finance the $15 billion buyout of Hertz in December 2005. If the Hertz IPO is completed at the $15 offer price and the overallotment option (Greenshoe) is exercised, what is your estimate of the gross returns to the sponsors will earn on their $2.3 billion investment in Hertz (i.e. ignoring carried interest or management fees on the funds)?
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