Lend Me a Tenor and One Flew Over the Cuckoos Nest

Two productions that I had enjoyed seeing very much were Lend Me a Tenor and One Flew over the Cuckoos Nest. Both of these productions were great and had very great storyline and I really enjoyed both of these productions. Each production had great actors and each portrayed their character very well, by using many of the aspects of the six elements of theatre that Aristotle used to explain the aesthetics of theatre. Each of these productions had very interesting characters and also had great plots that kept audiences on the edges of their seats. In each of these productions there were also many recurring themes and important messages that were underlying the whole play. The design and furniture of both plays were also very stunning and visually pleasing. In Lend Me a Tenor, there was a set of a house, which was very neat and very pretty. The house was very great and also had other doors to other rooms that were very neatly and visually set up. In the production, One Flew over the Cuc koos Nest, the design of the set was very horror filled and it was very dark because the setting was inside an asylum. A lot of the plot production and set and use of characters to reveal the theme was prevalent in both of the plays. Both productions had very great and visually pleasing sets, but also had difference in the mood each set gave off. Each play also had a specific underlying theme, which was developed throughout the play, by many different characters, sets, and symbols and

Gary Stanley Becker Free Essays

string(198) " asked to write a monthly column for Business Week magazine in about 800 words per column without using any technical jargons which interested the business and professional readers of the magazine\." {draw:frame} THIS ASSIGNMENT IS WRITTEN FOR: PROF. ABDULLA LECTURER’S NAME VAISHNAVI GOPALAKRISHNAN STUDENTS NAME STUDENT ID 00114 MODULE * * : MANAGING ENVIRONMENT TITLE * * : INDIVIDUAL ASSIGNMENT *HAND-OUT-DATE : 06th* SEPTEMBER 2009 LECTURER * * : PROF. ABDULLA HAND-IN-DATE : 09*th* NOVEMBER 2009 MASTER OF BUSINESS ADMINISTRATION COHORT 14 SEM 1 ASSIGNMENT DECLARATION FORM I hereby declare that the attached assignment is my own work and understand that if I am suspected of plagiarism or another form of cheating; my work will be referred to the programmed director who may as a result recommend to the Faculty of business that my enrolment in the programmed be discontinued. We will write a custom essay sample on Gary Stanley Becker or any similar topic only for you Order Now SIGNATURE: _ NAME : VAISHNAVI GOPALAKRISHNAN STUDENT NO : 00114 ADDRESS : S1-12-19, SUTRAMAS APARTMENT, PUCHONG. TEL NO : 010- 2740280 SUBJECT : MANAGING ENVIRONMENT DUE DATE : 06th NOVEMBER 2009 LECTURER : PROF. ABDULLA ASSIGNMENT TITLE : INDIVIDUAL ASSIGNMENT DATE SUBMITTED : 09th NOVEMBER 2009 ACKNOWLEDGEMENTS* * * I would like to begin this undertaking by thanking GOD, the most glorified, for providing me with all the strength and courage to complete this report successfully and on time. I am also extremely grateful to my ‘Managing Environment’ lecturer, PROF. ABDULLA for his time, patience and guidance throughout the making of this report. TABLE OF CONTENTS 1. 0 BIOGRAPHY OF GARY STANLEY BECKER-ECONOMIC NOBLE LAUREATE: {draw:frame} BIRTH OF GARY STANLEY AND HIS EARLY STAGES IN LIFE: Gary Stanley Becker is an American economist and a Nobel laureate. He was born on December 2, 1930 in Pottsville, Pennsylvania. He did his elementary school and high school in Brooklyn. Until age sixteen he was more interested in sports than intellectual activities, but he had to choose one among them and finally decided to choose education, although he was better at sports. BECKER’S FAMILY: His father is a business man. His father had left school in Montreal after the 8th grade because he was eager to make money. His mother also left after the 8th grade because girls were not expected to get much education. He has two sisters, Wendy and Natalie, and one brother, Marvin. He married for the first time in 1954, and has two daughters from that marriage, Judy and Catherine He married for the second time in 1980 to Guity Nashat as his first wife died in 1970. This gave him two stepsons, Michael and Cyrus, to go with two daughters. Guity is the one who overcame his reluctance to do the Business Week columns. She is an historian of the Middle East with professional interests that overlap his own: on the role of women in economic and social life, and the causes of economic growth. The personal and professional compatibility she provided has made his life so much better. ROOT CAUSE OF THE REASON WHY BECKER ENTERED INTO THE ECONOMICS DEPARTMENT: His father encouraged him with political and financial news. After his father lost most of his sight, he had the task of reading him stock quotations and other reports on financial developments. Perhaps that stimulated his interest in economics, although he was rather bored by it. He had many lively discussions in the house about politics and justice. This explains why by the time he finished high school, his interest in mathematics was beginning to compete with a desire to do something useful for society. These two interests came together during his freshman year at Princeton, when he accidentally took a course in economics, and was greatly attracted by the mathematical rigor of a subject that dealt with social organization. HIS ACADEMIC EXCELLENCE: Becker completed his B. A in economics at Princeton University in the year 1953. He took a few extra courses during degree, and he chose reading courses in modern algebra and differential equations. He completed a Ph. D. at The University of Chicago in 1955. HOW THE INVOLVEMENT IN MATHEMETHICS HELPED IN HIS PROFESSION: Till now, his heavy investment in mathematics at Princeton prepared him well for the increasing use of mathematics in economics. He began to lose interest in economics during his senior (third) year because it did not seem to deal with important social problems. He contemplated transferring to sociology, but found that subject too difficult. Fortunately, he decided to go to the University of Chicago for graduate work in economics. HIS WORK WITH MILTON FRIEDMAN: He worked with Milton Friedman in 1951 on microeconomics which was the root cause of the excitement about economics. He came to know that economic theory was not a game played by clever academicians, but was a powerful tool to analyze the real world. His course was filled with insights both into the structure of economic theory and its application to practical and significant questions. That course and subsequent contacts with Friedman had a profound effect on the direction taken by his research. He used many of the economist’s theories in his various branch of research work. BECKER’S ACHIEVEMENTS: He published two articles in 1952, based on his research at Princeton. He published an article in 1957, which was written along with Friedman and a book based on his Ph. D. dissertation. He wrote a book on human capital which was his first research project for the National Bureau of Economic Research. He also wrote frequently cited articles on the allocation of time, crime and punishment, and irrational behavior. He began a workshop at Columbia on labor economics and related subjects. Becker along with George Stigler wrote two influential papers together: a controversial one on the stability of tastes, and an early treatment of the principle-agent problem. He had published a short paper on economics of politics in 1958. In the 1980s he published two articles that developed a theoretical model of the role of special interest groups in the political process. A series of articles in the 1970s culminated in 1981 in A Treatise on the Family, and a greatly expanded edition was published in 1991. Until 1985, he had published only technical books and technical articles in professional journals. He was asked to write a monthly column for Business Week magazine in about 800 words per column without using any technical jargons which interested the business and professional readers of the magazine. You read "Gary Stanley Becker" in category "Papers" BECKER’S HONOURS: He has won the Seidman Award from presidency of the American Economic Association. He has won the first social science Award of Merit from the National Institute of Health. Becker won the John Bates Clark Award of the American Economic Association in 1967 and was president of that association in 1987. He was awarded the Nobel Prize in Economics in 1992 He received the United States’ Presidential Medal of Freedom in 2007. HOW DID HE APPLY ECONOMICS TO THE SOCIAL ISSUES? The book which was published in 1957 contains the first systematic effort to use economic theory to analyze the effects of prejudice on the earnings, employment and occupations of minorities. It started him the path of applying economics to social issues, a path that he has continued to follow. The book was very favorably reviewed in a few major journals, but for several years it had no visible impact on anything. Most economists did not think racial discrimination was economics, and sociologists and psychologists generally did not believe he was contributing to their fields. However, Friedman, Lewis, Schultz, and others at Chicago were confident that he had written an important book. The reason for him to continue in economics was the people who supported him with willingness. HIS FIRST STEP IN TO THE PROFESSIONAL LIFE: After his third year of graduate study he became an Assistant Professor at Chicago. He had only few classes of teaching, so he could concentrate mainly on research. However, he felt that he would become more independent if he left the institution and concentrate only on the research. After three years in that position, he withdrew much larger salary from Chicago to take a similar appointment at Columbia combined with one at the National Bureau of Economic Research. For twelve years he divided his time between teaching at Columbia and doing research at the Bureau. HIS EXPERIENCE DURING THE DOCTORATE DEGREE IN CHICAGO UNIVERSITY: The workshop on labor economics and related subjects involved transplanting the workshop system of supervising doctoral research from Chicago – where it originated. After a few years, Jacob Mincer joined the Columbia department and became co-director of the workshop. They had a very exciting atmosphere and attracted most of the best students at Columbia. Both Mincer and Becker were doing research on human capital before this subject was adequately appreciated in the profession at large, and the students found it fascinating. They were also working on the allocation of time, and other subjects in the forefront of research. HIS FOCOUSED AREA OF WORK: Mainly he worked on the family after returning to Chicago. He had much earlier used economic theory to try to understand birth rates and family size. He now began to consider the whole range of family issues: marriage, divorce, altruism toward other members, investments by parents in children, and long term changes in what families do. He has tried not only to understand the determinants of divorce, family size, and the like, but also the effects of changes in family composition and structure on inequality and economic growth. Most of his research on the family, and that by students and faculty at Chicago and elsewhere was presented at the Workshop in Applications of Economics that Sherwin Rosen and Becker run. WAS HIS WORK BEEN RECOGNISED BY OTHER ECONOMISTS? For a long time his type of work was either ignored or strongly disliked by most of the leading economists. He was considered way out and perhaps not really an economist. But younger economists were more sympathetic. They may disagree with his analysis, but accept the kind of problems, studied as perfectly legitimate. HIS SECOND STEP IN TO THE PROFESSIONAL LIFE: In 1983, the Sociology Department at Chicago offered him a joint appointment. He was happy to accept because this was an outstanding department. James Coleman and Becker shortly thereafter began an interdisciplinary faculty seminar on rational choice in the social sciences that has been far more successful than they anticipated. 2. 0 * *BECKER’S CONTRIBUTION TO ECONOMICS: MAJOR APPLICATION OF BECKER’S MODEL TO DIFFERENR TYPES OF HUMAN BEHAVIOUR: Investments in human capital; Behavior of the family (or household), including distribution of work and allocation of time in the family; Crime and punishment; and Discrimination on the markets for labor and goods. INVESTMENTS IN HUMAN CAPITAL: Gary Becker’s most noteworthy contribution is perhaps to be found in the area of human capital, i. e. , human competence, and the consequences of investments in human competence. The theory of human capital is considerably older than Becker’s work in this field. His foremost achievement is to have formulated and formalized the microeconomic foundations of the theory. In doing so, he has developed the human-capital approach into a general theory for determining the distribution of labor income. The predictions of the theory with respect to the wage structure have been formulated in so-called human-capital- earnings functions, which specify the relation between earnings and human capital. These contributions were first presented in some articles in the early 1960s and were developed further, both theoretically and empirically, in his book, Human Capital, written in 1964. The theory of human capital has created a uniform and generally applicable analytical framework for studying not only the return on education and on-the-job training, but also wages differentials and wage profiles over time. Other important applications, pursued by various economists, include a breakdown into components of the factors underlying economic growth, migration, as well as investments and earnings in the health sector. The human-capital approach also helps explain trade patterns across countries; in fact, differences in the supply of human capital among countries have been shown to have more explanatory power than differences in the supply of real capital. HOUSEHOLD AND FAMILY: Gary Becker has carried out an even more radical extension of the applicability of economic theory in his analysis of relations among individuals outside of the market system. The most notable example is his analysis of the functions of the family. These studies are summarized in his book, A Treatise on the Family, written in 1981. A basic idea in Becker’s analysis is that a household can be regarded as a â€Å"small factory† which produces what he calls basic goods, such as meals, a residence, entertainment, etc. , using time and input of ordinary market goods, â€Å"semi-manufactures†, which the household purchases on the market. In this type of analysis, prices of basic goods have two components. st is comprised of the direct costs of purchasing intermediate goods on the market. 2nd is the time expenditure for production and consumption of the good in question for a specific good, Time expenditure ? wages ? time spent per unit of the good produced in the household. This implies that an increase in the wage of one member of the household gives rise not only to changed incentives for work on the market, but also to a shift from more t o less time-intensive product on and consumption of goods produced by the household, i. e. , basic goods. Instead of an analysis in terms of the traditional dichotomy between work and leisure, Becker’s model provides a general theory for the household’s allocation of time, as exemplified in the essay, A Theory of the Allocation of Time, from 1965. This approach has turned out to be a highly useful foundation for examining many different issues associated with household behavior. Becker has gone even further. He has formulated a general theory for behavior of the family – including not only the distribution of work and the allocation of time in the family, but also decisions regarding marriage, divorce and children. As real wages increase, along with the possibilities of substituting capital for labor in housework, labor is released in the household, so that it becomes more and more uneconomical to let one member of the household specialize wholly in household production (for instance, child care). As a result, some of the family’s previous social and economic functions are shifted to other institutions such as firms, schools and other public agencies. Becker has argued that these processes explain not only the increase in married women’s job participation outside the home, but also the rising tendency toward divorce. Alongside Becker’s analysis of the distribution of labor and allocation of time in the household, his most influential contribution in the context of the household and the family is probably his studies on fertility, which were initiated in an essay entitled, An Economic Analysis of Fertility, 1960. Parents are assumed to have preferences regarding both the number and educational level of their children, where the educational level is affected by the amount of time and other resources that parents spend on their children. Investments in children’s human capital may then be derived as a function of income and prices. As wages rise, parents increase their investments in human capital, combined with a decrease in the number of children. Becker uses this theory to explain, for example, the historical decline in fertility in industrialized countries, as well as the variations in fertility among different countries and between urban and rural areas. In particular, the highly extensive family policy in Sweden, to which Becker often refers, suggests the merits of an economic approach to the analysis of these issues. Gary Becker’s ideas have dominated research in the economics of the family, shaping the tools we use, the questions we ask, and the answers we give. The foundational assumptions of Becker’s economic approach to the family — maximizing behavior and equilibrium — as well as such primary auxiliary assumptions as household production and interdependent preferences, are now widely accepted not only by economists but also by family sociologists, demographers, and others who study the family. Yet the interesting and provocative implications of Becker’s economic approach to the family do not follow from the foundational assumptions or from the primary auxiliary assumptions. Instead they depend on contested auxiliary assumptions to which neoclassical economics has no commitment and which lack empirical support. CRIME AND PUNISHMENT: The third area where Gary Becker has applied the theory of rational behavior and human capital is â€Å"crime and punishment†. A criminal, with the exception of a limited number of psychopaths, is assumed to react to different stimuli in a predictable (â€Å"rational†) way, both with respect to returns and costs, such as in the form of expected punishment. Instead of regarding criminal activity as irrational behavior associated with the specific psychological and social status of an offender, criminality is analyzed as rational behavior under uncertainty. These ideas are set forth, for example, in Becker’s essay, Crime and Punishment: An Economic Approach, 1968, and in Essays in the Economics of Crime and Punishment, 1974. Empirical studies related to this approach indicate that the type of crime committed by a certain group of individuals may to a large extent be explained by an individual’s human capital (and hence, education). These empirical studies have also shown that the probability of getting caught has a more deterrent effect on criminality than the term of the punishment. Becker’s analysis of time allocation is by no means confined to legal activities; it includes various forms of crime. In a seminal paper (Becker, 1968) it was argued that crime is not an aberration outside the scope of rational analysis, but rather the predictable outcome of opportunities for gain. He argues that a decision to engage in illegal activity is the outcome of an individualistic calculus; benefits and costs (both monetary and non-monetary) are weighed up, and the individual makes a decision which reflects the expected balance of them. One way to conceptualize decisions of this kind is as a rather special kind of investment activity. Many of the crucial decision variables-probability of apprehension and conviction, likely punishment, alternative earnings possibilities in legitimate occupations – are empirically observable, and hence their effect on observed crime rates can in principle be tested. As usual Becker’s contribution has mainly been to analyze and suggest possibilities for hypothesis testing, but his graduate students and other interested economists have been quick to pick up the challenge. In the last decade a good deal of evidence has been accumulated to support the plausibility of Becker’s contention that criminal behavior responds to changes in costs and benefits. Unusually for Becker, the argument is couched throughout in normative terms. The model of criminal behavior put forward is devised to be used in conjunction with cost functions for law enforcement and a simple social welfare function in order to generate conclusions about the optimal levels of policy variables such as the extent of enforcement, type of punishment and perhaps even what should e a crime. Becker is not, however, arguing for major policy changes. Given the behavioral responses to legal and illegal incentives which he discerns, and given the costs and benefits of enforcement and punishment programs, he suspects that the authorities, at least in the USA, get things roughly right – perhaps a surprising conclusion, given his scepticism of the efficacy of the government action in othe r spheres. There seem to be two main weaknesses to Becker’s arguments. The first is the assumption of social homogeneity implicit in the notion of a social welfare function, when it is widely held (not least among economists) that some groups of the population have greater political power than others, leading to legislation and enforcement patterns which reflect the influence of sectional interests. Secondly, it is difficult not to feel that Becker’s enthusiasm for the economic approach does tend at times to run away with him. Although differences in incomes and assets, alternative earnings possibilities, probabilities of conviction and so forth are much more important in determining behavior than they are often given credit for, there are surely variations in attitudes and degrees of honesty which affect the propensity to commit crimes even among individuals facing similar economic circumstances. While Becker would accept this, by implication he regards them as not particularly significant, possibly assuming that such variations in ‘tastes’ are randomly distributed. ECONOMIC DISCRIMINATION: Another example of Becker’s unconventional application of the theory of rational, optimizing behavior is his analysis of discrimination on the basis of race, sex, etc. This was Becker’s first significant research contribution, published in his book entitled, The Economics of Discrimination, 1957. Discrimination is defined as a situation where an economic agent is prepared to incur a cost in order to refrain from an economic transaction, or from entering into an economic contract, with someone who is characterized by traits other than his/her own with respect to race or sex. Becker demonstrates that such behavior, in purely analytical terms, acts as a â€Å"tax wedge† between social and private economic rates of return. The explanation is that the discriminating agent behaves as if the price of the good or service purchased from the discriminated agent were higher than the price actually paid, and the selling price to the discriminated agent is lower than the price actually obtained. Discrimination thus tends to be economically detrimental not only to those who are discriminated against, but also to those who practice discrimination. Although Becker’s writings range far and wide; we can trace a logical development and a methodological consistency in his work. The signs are there in his first major publication, The Economics of Discrimination (Becker, 1957, 1971). This monograph, based on his doctoral thesis, appeared when Becker was 27. By his own account, it was ‘greeted with indifference or hostility’ by fellow economists. Given the intellectual atmosphere of the mid-1950s this is probably explicable. The book starts from the position that economic inequality between two groups – blacks and whites, women and men or whatever -is not of itself evidence of discrimination in a market economy. In such an economy, variations in earnings, for instance, can be expected to occur between individuals or groups on a systematic basis, reflecting variations in marginal productivity and hours worked. What is needed is to separate out differentials due to variations in such factors as education, skills and job experience, in order to leave a residual due to ‘pure’ discrimination, Becker’s primary concern. To this end, Becker defines a ‘market discrimination coefficient’, Which in principle would measure the extent of this residual? What Becker is attempting to show is that ‘pure’ discrimination is simply a special kind of taste which, like the taste for apples or (Becker’s pre-Women’s Lib example) Hollywood actresses, can be analyzed in economic terms. As with these other commodities, ‘pure’ discrimination’s consumption is conditional upon variables such as income and price. The – highly controversial – point that Becker is making is that discrimination in this sense is not, as is usually assumed, a means of raising the discriminator’s money income, but actually imposes costs on the discriminator as well as the party discriminated against. Where discrimination exists, then, the discriminator is evidently willing to pay these costs in exchange for the benefit of indulging a taste. The argument rests on a clever analogy with international trade. Suppose there are two economies, Whiteland and Backland, which initially do not engage in trade. Within each country, however, perfect competition is the rule. This means, as the neoclassical textbooks tell us, that the incomes of owners of factors of production will reflect relative factor scarcities. Thus in Whiteland, where labor is assumed to be scarce and capital abundant, wages will be relatively high and rates of profit will be relatively low. By contrast, Backland (where labor is abundant and capital scarce) is characterized by low wages and high rates of profit. If trade and factor mobility are now permitted, theory predicts that labor and capital movements will occur, so that the long-run result is that profit rates and wage rates will each be equalized in the two economies. As a result of resources moving from areas where their marginal productivity is low to those where it is high, total ‘world’ output is increased. The analogy is obvious, and the conclusion important: just as both of these ‘countries’ can in principle gain from trade and mobility, so can both blacks and whites in an economy gain from the absence of discrimination, which in this context seems equivalent to some form of trade barrier, 3 or, to put it differently, both blacks and white can lose from discrimination. Lack of space precludes the detailed examination of the implications of Becker’s argument, and indeed of the many objections which have been raised to it. Most of these objections have centered on the assumption of perfect competition in his model: if such a condition is dropped, optimal tariff theory suggests that in some cases discrimination (while reducing total output) could increase the income of the discriminating group, which would undermine Becker’s whole analysis. Becker, however, is clearly aware of this criticism, and it is instructive to see why he must reject it. He believes that so pervasive a phenomenon as discrimination cannot be adequately explained by market imperfections – for market imperfections, most Chicago economists agree, disappear in the long run. In Becker’s first important publication, two central features of his work: the insistence on using given preferences, costs and incomes to define a situation where individuals make decisions, and the concern with long-run equilibrium. THE ECONOMIST AS EMPIRE-BUILDER: Few contemporary economists have done as much to extend the generality and range of economic theorizing as Professor Gary S. Becker of the University of Chicago. With the exception of one or two papers written as a graduate student, all Becker’s publications have applied economic reasoning to aspects of human behavior which have usually been classified as outside the scope of economics, at least since the discipline started to give itself scientific airs in the latter years of the nineteenth century. These scientific pretensions were associated with the introduction of mathematical techniques from the fields of physics and mechanics, often by professionals trained in those disciplines; many economists then, and not a few since, resented the intrusion of these alien elements. Similarly, Becker’s intrepid expeditions into the jealously-guarded territories of sociology, political science, demography, criminology and biology have encountered considerable resistance. While it is too early to forecast the ultimate outcome of these imperialistic excursions, the increasing numbers of economists eager to join Becker in search of plunder have already forced some of the initially-scandalized natives to come to a modus Vivendi with the intruding barbarians. Areas for co-operation rather than conflict are earnestly being sought, as we shall note later. FERTILITY: Becker’s next important foray into sociological country was to be a paper on the economics of fertility written for the National Bureau of Economic Research (1960b). Although political economy was once closely involved with demography (witness Malthus’s famous essay), for much of this century the study of population was firmly in the hands of sociologists and un-theoretical number-crunchers. A few tentative attempts had been made to relate birth rates to economic variables, but Becker’s paper went way beyond this. Here the decision to have children is firmly incorporated within the familiar framework of neoclassical economics. More particularly, Becker adopts the startling and controversial position that children are in important respects analogous to consumer durables such as automobiles, TV sets and dishwashers; thus the economic theory which has proved fruitful in relation to these commodities can be applied equally to human beings. He argues that, at least under modern conditions, the raising of children involves a net cost to their parents. Yet people do continue to have children, despite the availability of effective contraception. Thus if people choose to have children it is because they obtain sufficient utility to compensate for the costs involved. These costs include such obvious things as food, clothing and schooling. Perhaps more importantly, however, they also include costs in terms of parental time, a scarce commodity which has alternative uses. Indeed, if one alternative is to use this time in the labor market, a value (its ‘opportunity cost’ in the jargon) can be put on it which will indicate that a very large proportion of the total costs of childrearing is accounted for by parental time. The existence of these net costs indicates that children are some form of consumer good; their spread over time indicates we are dealing with a consumer durable. They therefore have to compete with other consumer durables for a limited share of the household budget: more children means less hi-fi equipment or a smaller car. Once this rather bizarre comparison is admitted, it opens up the likelihood that decisions to have children will be affected by such variables as their ‘price’ (in terms of alternatives foregone) and the size of the household budget. As we have indicated, Becker accepts Friedman’s view that the usefulness of a hypothesis depends on its ability to explain or predict. So how does Becker’s approach fare in this respect? Straightaway we are confronted with a problem. Broadly speaking, the demand for consumer durables tends to rise with income; on Becker’s reasoning we might expect the demand for children to follow a similar pattern. Yet there is much evidence to suggest that family size declines with income. How does Becker handle this apparent refutation of his approach? Are babies’ inferior goods? One argument Becker offers in order to resolve this difficulty is interesting in the light of his later work. This is the argument that the cost of rearing children tends to rise with family income, largely as a result of the higher opportunity cost of parental time. At any particular moment better-off families tend to be better educated and thus to have greater earning power; over time, all earnings tend to rise as income rises. The argument can be illustrated diagrammatically. In Figure 1, an increase in income-illustrated by a parallel outward shift of the budget constraint -leads to increases in the ‘consumption’ of both competing consumer durables and babies, if the relative price of these commodities remains constant. At the point of tangency between a new (higher) indifference curve and the new budget constraint, more babies (B2) are chosen. If, however, the increased income results largely from higher wages paid to family members (a highly plausible assumption), this will raise the opportunity cost of time spent on rearing children, and thus increase their relative price. The budget constraint pivots, as in Figure 2, and the new preferred combination of babies and other consumer durables may involve a smaller desired family size. draw:frame} It is ingenious, if not altogether convincing There is a suspicion that evidence Becker uses to support his arguments is highly selective, and moreover some of the generalizations he makes are amenable to alternative interpretations: for instance the observed inverse relation between education and family size could have nothing to do with the opportunity cost of parental time, but a lot to do with the different values and attitudes education might be expecte d to inculcate. However Becker’s approach is more plausible in relation to short-term variations in fertility; economic factors seem far more significant here than ad hoc changes of tastes. In his approach empirical generalizations are linked to a broader theoretical framework; this is why, like it or not, it has stimulated so much further work in this field. THE ALLOCATION OF TIME: We have seen something of the emphasis which Becker places on the value of time in his analysis of economic behavior. This concern led to an important article which generalized the question of time allocation and simultaneously provided a basis for the reformulation of standard Consumer theory (Becker 1965). Before Becker, the established way to deal with time in the context of consumer theory was to concentrate on a simple dichotomy between work and leisure. Work meant paid work in the labor market, by means of which individuals were able to obtain market-produced goods and services, which were the objectives of economic activity. In this context, leisure clearly has an opportunity cost, the goods and services foregone by not working. If individuals choose not to work all the hours they could, this must be because leisure itself is a ‘good’, some of which is consumed in preference to other goods. Thus leisure can be incorporated into standard analysis very easily, and from the time spent on leisure, we can deduce its complement, the time spent working. Thus the supply of labor is linked to the demand for goods. Becker however takes the view that time has more than two uses. Certainly, as in the traditional approach, time can be used in the labor market. It can also, however, be used in many types of non-paid work (housework, do-it-yourself etc. . Furthermore all consumption takes time too. He suggests therefore that we abandon leisure as a separate category: all ‘leisure’ involves some ‘consumption’ and all ‘consumption’ involves some ‘leisure’. Instead of a choice between consumer goods and leisure, the relevant choice is taken to be that between va rious ‘consumption activities’ which use different combinations of market-produced goods and services (which have to be purchased with funds largely acquired through the sale of labor time in the market) and time spent in â€Å"household production†. Becker argues that instead of a choice between paid work and leisure we should analyze a choice between ‘high time’ activities (like a home-prepared meal) and ‘low time’ activities (like the purchase and consumption of a hamburger). The choice set is ultimately constrained by the limited time we have available, and the productivity of this time in its various uses. If all our available time were to be allocated to paid work, the value of the time in this use is termed (on Friedman’s suggestion) ‘full income’. Some of the ‘full income’, however, will normally be used for consumption and domestic production, using as complementary inputs in the domestic production process goods which are purchased with the proceeds of paid work. All the predictions obtained from the standard theory can be obtained in this framework as well; for instance changes in the wage rate alter the slope of the full income budget constraint, while increases in non-work income shift the constraint outwards – in each case we would expect the allocation of time to be affected whether we apply the Becker analysis or the traditional approach. But in addition Becker’s method allows further influences to be incorporated. Thus a change in the technology of household production – the development of labor-saving gadgets -economizes on time spent in domestic work. People buy more gadgets and ‘spend’ less time on housework; the gadgets can of course be purchased by ‘spending’ some of the time saved working in the labor market. The relevance of this analysis to such phenomena as the rising labor-force participation of married women should be clear. Similarly transport improvements economize on time and can be expected to affect labor supply. The approach also has the incidental benefit of providing a theoretical basis for the classification of goods as substitutes or complements: when goods are no longer seen as the final sources of utility but rather as inputs in a household production process, it is rather easier to see why the consumption of certain commodities is linked. {draw:frame} Figure 2: The ends-means spectrum reflected by Becker’s work Becker’s theory of time and consumption does establish new theory, in that it proposes an alternate model to the then-accepted economic model of consumption (Becker proposes consumption be treated as a form of production). In this regard, Becker breaks the ground for new theory. MARRIAGE: Another of Becker’s path breaking ventures is his development of an economic theory of marriage (1973, 1974), part of a growing literature on the economics of the family stimulated by his work and that of Theodore Schultz-on fertility and human capital. Once Becker’s method is understood, the relevance of his approach to the institution of marriage becomes apparent. Here is a major and persistent phenomenon with ramifications in every economy. Whatever the precise legal arrangements, the majority of adult humans have ‘married’ throughout recorded history. Individuals (or their parents in some cultures) choose amongst competing potential spouses in an attempt to maximize utility, measured in Becker’s terms by the consumption of household-produced commodities of the kind discussed earlier. The ubiquity of marriage suggests to Becker that male and female labor is complementary in certain types of household production, notably the rearing of the partners’ own children. An individual marries when the expected gain from a partnership exceeds the expected cost of marriage in terms of the alternatives foregone (staying single or marrying the next best alternative spouse). Because of imperfect information, individuals engage in search. This is costly, and therefore individuals may eventually settle for spouses with less than ideal characteristics. Or they may engage in bargaining to achieve compensatory concessions; these may include sums of money (dowries etc. ) or behavioral commitments (promises to give up fishing). In Becker’s view, however, there is sufficient freedom of choice and sufficient information to ensure an equilibrium where there is a Pareto-optimal sorting of partners (any rearrangement of couples could only increase some individuals’ utility at the cost of reducing that of other individuals). The use of the household production approach as an analytical framework may seem simply an economist’s joke, an intellectual game; certainly some of its conclusions seem banal. But it does throw up interesting predictions which other methodologies do not. For instance the approach predicts that gains from marriage-and therefore, presumably, the probability of marriage -will be greater for couples between whom there is a considerable variation in earning power, basically because there are greater ‘gains from trade’ within such a marriage if one partner specializes in paid work and the other in household production. The analysis is developed further to incorporate non-selfish motives for entering marriage. ‘Caring’ for the partner is introduced: in the model this means that the individual’s utility function includes the partner’s consumption as well as his or her own. This is shown to affect the allocation of output produced by the marriage and increase the potential gains from it. The analysis is also linked to earlier work Becker produced on charity and social interaction. Again the model is not tested in a systematic way and we occasionally get the impression that the anecdotal ‘evidence’ adduced is of slight value. However Becker has produced another paper which tests some of the ancillary predictions of the theory with reference to data on marital instability. For instance, the approach suggests that major changes in the variables on which potential spouses make their decisions to marry will make them reconsider their decisions; if divorce is cheap, marital dissolution may follow. This appears to be the case. For example, where earnings are unexpectedly higher or lower than originally anticipated, the probability of divorce increases. The amount of time spent in search is also related to marital instability; those marrying young, on the basis of limited information about the characteristics of their partner and available alternatives are particularly liable to divorce. There is, then, something to be said for the approach. While it cannot explain all aspects of marriage, it does at least suggest that human mating behavior is less tightly constrained by biological and institutional factors than is often suggested. THE METHODOLOGY: From the material surveyed so far it is possible to infer the common elements of Becker’s methodological program. He has however provided us with an essay (Becker, 1976b) which spells out his approach and offers a vigorous defense of it. In his view, his method is applicable to all human behavior; its core is ‘the combined assumptions of maximizing behavior, market equilibrium and stable preferences, used relentlessly and unflinchingly’ (Becker, 1976b, p. 5). Consider these assumptions in turn. MAXIMISATION: The individual, we have seen, is assumed to maximize utility subject to a budget constraint which, although taking a different form to the traditional one, is nevertheless closely related to it -indeed, subsumes it as a special case. It is important to note that this is not necessarily ‘rationality’ in the everyday sense of the term: it is not necessarily self-interest, nor are the sources of utility necessarily market goods and services. Becker has suggested that social distinction can be a source of utility, and he has gone so far as to claim (Becker, 1962) that even apparently random behavior by individuals can lead to the basic prediction of downward-sloping demand curve which is at the heart of economic reasoning. Behind the maximizing impulse, Becker has suggested, there ultimately lies the principle of natural selection. In a paper (Becker, 1976a) concerned with the origins of altruism he has expressed approval of the new science of sociobiology, arguing that a synthesis of economic reasoning and natural selection can explain the dominance of maximizing behavior. He also suggests that the basic tastes which determine preference patterns can be attributed to natural selection. The principle of maximization must be maintained as a central analytical device. ‘When an apparently profitable opportunity †¦ is not exploited’ we should not ‘take refuge in assertions about irrationality, contentment †¦ r convenient ad hoc shifts in values’ (Becker, 1976b, p. 7). Instead we should look for hidden costs -such as transaction costs, or costs of acquiring information-which render such opportunities unprofitable. This seems dangerously close to tautology, but the test, as good Chicago economists always tell us, is the predictive power of the hypotheses generated and Becker is opt imistic on this score. _MARKET EQUILIBIRIUM: _we have already seen the importance of this in Becker’s approach. Even where explicit markets do not exist-as in the case of marriage – Becker insists that we operate on Chicago ‘as if principles. Note that Becker’s approach throughout is to use partial equilibrium analysis. He has written with approval of Marshall’s development of this apparatus for taking one problem at a time for analysis. This is revealing when we consider his usual reluctance to enter the arena of normative economics. The tradition of general equilibrium analysis instigated by Walras is associated with the normative position that unfettered competitive capitalism tends to produce an optimal allocation of resources. To do this it paints a grossly oversimplified picture of an economy without any of the subtleties of Becker’s approach. Once we admit Becker’s contention that preferences are based on home-produced commodities which are not sold in a market of the normal kind, it is less obvious that the traditional prescription of generalized laissez-faire is the appropriate one. The implications of Becker’s approach for general equilibrium remain to be determined. STABLE-PREFERENCES: We have seen how fixed ‘tastes’ play an important role in Becker’s analysis. Such tastes are tastes for consumption activities rather than goods themselves, however, and this is a considerable step forward from the traditional view. Becker has, though, gone further than this, and in a paper written with George Stigler (Becker and Stigler, 1977) has tentatively sketched a theory of taste formation. As already suggested, some basic ‘tastes’ are probably biologically determined, but the behavioral form they take in a complex society needs further explanation. Becker and Stigler introduce an interesting model where tastes are learnt by exposure to new xperiences – a special form of ‘learning by doing’. Individuals repeatedly exposed to a stimulus acquire, as it were, ‘consumption capital’, a body of knowledge and attitudes which raises the ‘marginal productivity’ of consumption of the good in question, thus increasing demand for it. Within this framework the success of advertising can be rationalized and some kind of explanation can be offered for the increasing stability of tastes as people get older -they are ‘locked into’ their accumulated consumption capital, and their reduced ‘pay-off period’ (life expectancy) discourages further ‘investment’. Again, this is all rather fanciful, but it illustrates once more the tenacity of Becker’s commitment to the economic approach and his refusal to concede that economics might not have anything to say about some social phenomenon. ROTTEN KID THEOREM: Gary Becker’s rotten kid theorem suggests that family members, even if they are selfish, will act to help one another if their financial incentives are properly linked. Gary Stanley Becker (born December 2, 1930) is an American economist. †¦ Becker creates a hypothetical situation in which children will receive gifts of money income from a wealthy, altruistic parent in order to make them happy. One of the kids is a selfish, â€Å"rotten† kid who would take pleasure in harming his sibling. The theorem posits that the rotten kid has an incentive to avoid hurting his sibling, and will in fact behave in such a way as to increase her happiness, because her happiness has a direct effect on the amount of money he will receive. Without creating any formal incentive structure, the altruistic parent can induce the rotten child to behave benevolently by making his welfare contingent upon the welfare of his sibling. Altruism is alternately a belief, a practice, a habit, or an ethical doctrine. †¦ The theorem suggests that parents should delay gifts of money to their children until they are older, or possibly until after they die. If parents plan to will their children money in accordance with their needs, each child will have an incentive to help his siblings maximize their income, because higher earnings by the other siblings will mean that more of the money will be given to the rotten sibling. ORGAN MARKETS: An article by Gary Becker and Julio Elias on â€Å"Introducing Incentives in the market for Live and Cadaveric Organ Donations† said that a free market could help solve the problem of a scarcity in organ transplants. Their economic modeling was able to estimate the price tag for human kidneys ($15,000) and human livers ($32,000). It is argued by critics, that this particular market would exploit the underprivileged donors from the developing world. This view was endorsed by the National Kidney Foundation in a testimony to the US Congress where Dr Francis Delmonico argued that â€Å"†¦ a US congressional endorsement for payment would propel other countries to sanction unethical and unjust standards†¦ Another concern is that, if a market for organ donations were introduced, then organs would oftentimes go to the patients most able to afford them, rather than patients who may have more need for them medically. POLITICAL VIEWS: Successful social economy organizations can play an important role in helping deliver many key governmental policy objectives by: helping to drive up productivity and competitiveness; contributing to socially inclusive wealth creation; enabling individuals and commu nities to work towards regenerating their local neighborhoods; showing new ways to deliver public services; and Helping to develop an inclusive society and active citizenship. CONTROVERSY: The horizontal axis: On the horizontal axis each enterprise / organization is categorized by its ownership. On the left side the ownership lies with the public authorities whereas on the right side the ownership lies with private people. So the distinctive feature is the ownership of the enterprise. Is it private? Def. : The term â€Å"private industry† contains all economic activity that deals with the capital of one or many private owners with a view to making profits. The capital owners bear the risk. Or is it public? Def. The term â€Å"public authorities† contains all economic activity where the public authorities possess the capital on either European, federal, regional or local level. That includes all nationalized and public industries. The vertical axis On the vertical axis, each enterprise / organization is categorized by the primary objective of the enterprise. The dimensions range b etween social purpose on the top and commercial purpose at the bottom of the axis. On the vertical axis an organization reaches the top, i. e. the social purpose is the primary objective of the enterprise, if you fulfill the following criteria: A Ethical concept** core definition for enterprises / organizations of the social economy) This core definition is the ideal of an enterprise / organization. Only these enterprises / organizations belong to the social economy whose ideal is a clearly defined ethical concept. B Mission The primary objective of the enterprise is the improvement of the life situation and the chances of disadvantaged people as well as social cohesion and support. C Social economic creation of value and appropriation of earnings the profits and the resources are verifiably reinvested for the benefit of disadvantaged people. If the criteria A, B and C are totally fulfilled, an organization can locate itself on top of the vertical axis. There is one last criterion which is not definitional but a describing feature: D Intermediary function Social economical enterprises / organizations have an intermediary function between public and private. If none of the criteria above is fulfilled or the primary object of the enterprise is the commercial purpose then an enterprise / organization is located on the bottom of the vertical axis. Location between social and commercial purpose If the criteria above are only partly fulfilled the enterprise is located between the top and the bottom of the vertical axis according to its self-definition. 3. 0 EFFECT OF GARY BECKER’S CONTRIBUTION TO THE PAST AND CURRENT WORLD ECONOMY: An important step in extending the traditional analysis of individual rational choice is to incorporate into the theory a much richer class of attitudes, preferences, and calculations. This step is prominent in all the examples that Gary Becker consider. The analysis of discrimination includes in preferences a dislike of – prejudice against – members of particular groups, such as blacks or women. In deciding whether to engage in illegal activities, potential criminals are assumed to act as if they consider both the gains and the risks – including the likelihood they will be caught and severity of punishments. In human capital theory, people rationally evaluate the benefits and costs of activities, such as education, training, and expenditures on health, migration, and formation of habits that radically alter the way they are. The economic approach to the family assumes that even intimate decisions like marriage, divorce, and family size are reached through weighing the advantages and disadvantages of alternative actions. The weights are determined by preferences that critically depend on the altruism and feelings of duty and obligation toward family members. Since the economic, or rational choice, approach to behavior builds on a theory of individual decisions, criticisms of this theory usually concentrate on particular assumptions about how these decisions are made. Among other things, critics deny that individuals act consistently over time and question whether behavior is forward-looking, particularly in situations that 52 Economic Sciences 1992 differ significantly from those usually considered by economists – such as those involving criminal, addictive, family, or political behavior. This is not the place to go into a detailed response to the criticisms, so Gary Becker simply assert that no approach of comparable generality has yet been developed that offers serious competition to rational choice theory. While the economic approach to behavior builds on a theory of individual choice, it is not mainly concerned with individuals. It uses theory at the micro level as a powerful tool to derive implications at the group or macro level. Rational individual choice is combined with assumptions about technologies and other determinants of opportunities, equilibrium in market and nonmarket situations, and laws, norms, and traditions to obtain results concerning the behavior of groups. It is mainly because the theory derives implications at the macro level that it is of interest to policymakers and those studying differences among countries and cultures. None of the theories considered in Gary Becker’s lecture aims for the greatest generality; instead, each tries to derive concrete mplications about behavior that can be tested with survey and other data. Disputes over whether punishments deter crime, whether the lower earnings of women compared to men are mainly due to discrimination or lesser human capital, or whether no-fault divorce laws increase divorce rates all raise questions about the empirical relevance of predictions derived from a theory based on individual rationality. A close relation between theory a nd empirical testing helps prevent both the theoretical analysis and the empirical research from becoming sterile. Empirically oriented theories encourage the development of new sources and types of data, the way human capital theory stimulated the use of survey data, especially panels. At the same time, puzzling empirical results force changes in theory, as models of altruism and family preferences have been enriched to cope with the finding that parents in Western countries tend to bequeath equal amounts to different children. Gary Becker has been impressed by how many economists want to work on social issues rather than issues forming the traditional core of economics. At the same time, specialists from fields that do consider social questions are often attracted to the economic way of modeling behavior because of the analytical power provided by the assumption of individual rationality. Thriving schools of rational choice theorists and empirical researchers are active in sociology, law, political science, history, anthropology, and psychology. The rational choice model provides the most promising basis presently available for a unified approach to the analysis of the social world by scholars from the social sciences. Becker’s economic approach to the family is often believed to imply that certain types of targeted government policies cannot affect allocation within families because they will be fully neutralized by individuals’ responses. For example, the altruist model and the Rotten Kid Theorem imply that which parent receives the child benefit must be irrelevant. But I would like to argue earlier that the interesting implications of the economic approach to the family do not follow from maximizing behavior and equilibrium, the foundational assumptions of the economic approach, but depend on contested auxiliary assumptions. For example, the conclusion that parents will neutralize the child benefit depends on the assumption that family collective choice is determined by the altruist model and that preferences exhibit transferrable utility. Whether these auxiliary assumptions are described as primary, secondary, or tertiary, is a matter of taste. Becker’s influence on welfare reform and other specific policies is difficult to assess. In the final paragraph of the General Theory, Keynes famously asserted that, in the long run, ideas are more important than vested interests in public policy: †¦ he ideas of economists and political philosophers, both when they are right and When they are wrong, are more powerful than is commonly understood. Indeed, the World is ruled by little else. Practical men, who believe themselves to be quite exempt From any intellectual influences, are usually the slaves of some defunct economist? Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. Becker’s influence on the economics of the family has been pervasive. His ideas have dominated research in the economics of the family, shaping the tools we use, the questions we ask, and the answers we give. I can testify to their influence on my own thinking, work, and career. The foundational assumptions of the economic approach –maximizing behavior and equilibrium — as well as such primary auxiliary assumptions as household production and interdependent preferences are now widely accepted not only by economists but also by family sociologists, demographers, and others who study the family. Some of the differences between Becker’s original vision and the current state of the economics of the family reflect the evolution of Becker’s ideas, sometimes in response to his critics. Other differences reflect ongoing and often vigorous debate. For example, Becker jettisoned stable preferences, which he originally presented as a foundational assumption and dropped his insistence on deferential preferences (â€Å"altruism†), acknowledging the importance of merit goods. With household production, the basic concept is now generally accepted but the secondary and tertiary auxiliary assumptions about household technology are contested. More specifically, Becker’s formulation of the household production model assumes the absence of joint production, and some of his most striking conclusions depend on this assumption, yet joint production is present whenever individuals care how they spend their time. No one can predict with confidence the irection the economics of the family will take over the next twenty-five or fifty years. After all, economists took nearly two centuries to unpack Adam Smith’s contributions and establish the conditions under which the conclusions of the invisible hand theorem hold. Perhaps economists unpacking Becker’s contributions will move more quickly. Those who complete the task will surely honor Gary Becker for laying the foundations of the economic approach to the family. Organ market view was endorsed by the National Kidney Foundation in a testimony to the US Congress where Dr Francis Delmonico argued that â€Å"†¦ a US congressional endorsement for payment would propel other countries to sanction unethical and unjust standards†¦ † Another concern is that, if a market for organ donations were introduced, then organs would oftentimes go to the patients most able to afford them, rather than patients who may have more need for them medically. REFERENCES: http://en. ikipedia. org/wiki/Gary_Becker http://en. wikipedia. org/wiki/Social_economics http://www. google. com. my/search? hl=ensource=hpq=rotten+kid+theoremmeta=aq=0oq=rotten+kid+ https://netfiles. uiuc. edu/chnelson/www/teaching/ace501/rottenkid07. pdf http://en. wikipedia. org/wiki/Nobel_Prize_in_Economics http://en. wikipedia. org/wiki/Human_capital http://home. uchicago. edu/~gbecker/Nobel/nobel. html http://www. faqs. org/abstracts/Economics/Risks-and-rewards-Gary-Beckers-contr ibutions-to-economics. tml http://nobelprize. org/nobel_prizes/economics/laureates/1992/index. html http://ideas. repec. org/e/pbe29. html http://www. economictheories. org/2008/08/gray-stanley-becker-economist. html http://www. economictheories. org/2008/08/gray-stanley-becker-discrimination. html http://www. economictheories. org/2008/08/gray-stanley-becker-fertility. html http://www. economictheories. org/2008/08/gray-stanley-becker-allocation-of-time. html How to cite Gary Stanley Becker, Papers

Financial Project Management Planning and Budgeting

Question: Discuss about the Financial Project Managementfor Planning and Budgeting. Answer: Introduction: Within the study, the detailed information of various aspects such as finance, planning, budgeting and many more of the project management will be provided. Project can be derived as the temporary process that has a pre-defined start and end time (Kerzner, 2013). In addition to that, the project is also consist of defined deliverable and scope. Therefore, the project management is the process of using the skills, knowledge and tools for making the project a successful one. Project Finance: Project finance can be referred to the long-term industrial project, infrastructure and public services that are based on a limited or non-recourse financial structure (Walker, 2015). In terms of financing the project, equity and debt are used. In addition to that, the expenses of the project is recovered through the project after its completion. Features of Project Finance Transaction: Highly leveraged: The highly leveraged transaction are leveraged with debt accounting for sixty five to eighty percentage of the expense in terms of normal cases. Independent entity with a finite life: It is like the ancient voyage-to-voyage financings. In this transaction, often the project financing depend on a fresh legal component (Turner, 2016). The legal component is commonly known as Project Company. The Project Company has the sole purpose of completing the project that has limited life time. Capital intensive: Project financing are considered as large scale projects that need a great deal of equity capital and debt (Kerzner, 2013). Project Finance Sources: Capital markets: It is the market where the debt and equity is sold and bought. In this market, channel investment and savings among the suppliers of capitals for example institutional and retail investors as well as users of capital such as government, businesses and individuals occurs (Paivi Antikainen, 2015). Loan stock: Loan stocks are considered as the shares of preferred or common stock. These stocks are used as collateral in terms of safeguarding loan from another party. Retained earnings: It can be referred to the internal sources of finance. It is also known as Ploughing Back of Profits (Verzuh, 2015). Other sources of Finance: Other sources of finance are such as bank borrowing, franchising, business expansion scheme funds and government sources. Implications: Capital markets: The capital market provides equity security. This allows issuing market, bond and stocks directly to the investors from the organization. Loan stock: The recognition of highest value in terms of shares of business is possible (Turner, 2016). Retained earnings: The best of this sources is that it is a long term source so funding. Benefits and Risks of Joint-Ventures: In terms of collaborating on short-term projects or strengthening long-term relationship joint ventures are used by any size of organization. The joint ventures has advantages as well as disadvantages regarding long terms business plan and project funding (Paivi Antikainen, 2015). The Benefits of Joints Ventures: If a joint venture gets successful then it can provide following benefits to the business. Allow to increase productivity, grow faster and generate greater profits Enhance capacity Allow accessing bigger resources that include technology, specialized worker and finance (Kerzner, 2013) Enable sharing cost and risk with partners Often it allows organization to grow business without looking investors or borrowing funds. This may be the greatest advantage to the funding of project. In terms of long terms relationship, the marketing products is one of the biggest advantage that joint venture allow organization by allowing using the consumer database. Joint ventures are extremely flexible. The funding of project can be done according to the requirement of the project as well as organizations (David David, 2016). Joint ventures allow the organizations that operate in different nations to collaborate for establishing long-term relationship. Risks of Joint Ventures: Joint venture with other organization is a very complex task. In order to make the right business venture huge effort and time needed to be guided by accurate activities. Establishing communication among everyone those who involved in the project is really a critical process. This affects the business in terms of funding for projects. The objectives of the venture are not always clear to everyone (Killing, 2012). Equal sharing of investment, expertise or assets among the partners of the venture cannot be seen. This has a really bad impact on the long-term relationship among the organization. Definition of these Processes with Reference to PMBOK: Financial planning: The processes that are associated with the phase are as following. Assembling the main points of the project plan from the previous segments of the plan Recognizing the organization structure of the project plan for identifying the person who is responsible for garneting the primary decision in terms of marketing, operations, financial management, legal compliance, production and staffing (Paivi Antikainen, 2015) Recognizing the operational processes that are needed for completing the project The project analyst along with the technical expertises are required to identify the operating system that will assist the organization to complete the project It is essential to recognize the data that is required to turn the previously discussed activities into estimates of balance, income and cash flow statement The final step will be modifying primary estimates and generate iterations on the financial planning regarding to get better optimistic scenario (Verzuh, 2015) Financial control: The processes of the financial control phase are as following. Determining the overall expense of the proposed project is one of the initial and crucial activity Creating a time frame of the expenses on the project (Paivi Antikainen, 2015) The expenses may be proposed on monthly or annual basis Payback period is a type of financial forecasting in terms of calculating the time needed for return of investment (Verzuh, 2015) Administration and record: The phase is very crucial and is the key of controlling the process of the whole management activity. The processes that are included in the phase are as following. The process include keeping track of the processes The linked processes that run simultaneously are stored accordingly (Kayser, 2013) The information are recorded for further activity Financial Management: Financial management plan: It is the activity of determining the processes of achieving strategically objectives and goals by the organization. An organization creates a financial plan as soon as the objectives and vision is set. The activity includes the following Assessing business environment Confirming the organization objectives and vision Recognizing the kinds of resources required for achieving those objectives Quantifying the quantity of resource Calculating the entire cost for each kind of resource (Fitzsimmons Fitzsimmons, 2013) Summarizing the costs for creating a budget Recognizing any issues and risks with the budget set Resource planning: An adequate resource plan includes a schedule that is as descriptive as possible in terms of the information known along with the kinds of resources required for individual activity. Resource estimating is a critical task of this phase and five tools are used for estimating the resources such as following. Expert judgement: This means collecting suggestions from the person who had worked in this kind of project. Alternative analysis: This refers to the process of considering individual options in terms of how to assign the resources (Kayser, 2013). Project management software: The software is very assisting in terms of planning the resources. Cost estimating: It is process of calculating the required cost of the project. In this phase, the information that has been gathered from resource planning is used. Cost budgeting: It is the process of estimating expenditure of the project (Fitzsimmons Fitzsimmons, 2013). Cost control: Involved in controlling costs are processes cantered around planning, estimating, budgeting, financing, funding and managing costs so that the project can be completed within the approved budget. Conclusion: From the above study, it can be concluded that the financial project management and activities associated with this management method is very crucial for any project. Irrespective of the source of the funding, the management process depend highly on the project scope and deliverable. References: David, F., David, F. R. (2016). Strategic Management: A Competitive Advantage Approach, Concepts and Cases. Fitzsimmons, J., Fitzsimmons, M. (2013).Service management: Operations, strategy, information technology. McGraw-Hill Higher Education. Kayser, D. (2013). Recent research in project financea commented bibliography.Procedia Computer Science,17, 729-736. Kerzner, H. R. (2013).Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Killing, P. (2012).Strategies for joint venture success (RLE international business)(Vol. 22). Routledge. Paivi, H., Antikainen, M. J. (2015). Co-creating a digital service for small business owners finance management.Journal of Innovation Management,3(3), 57-70. Turner, R. (2016).Gower handbook of project management. Routledge. Verzuh, E. (2015).The fast forward MBA in project management. John Wiley Sons. Walker, A. (2015).Project management in construction. John Wiley Sons.

Unforgettable Review Essay Example

Unforgettable Review Paper Essay on Unforgettable I do not know why this book chosen from a large number of others. Maybe the cover has drawn attention, or the authors name seemed familiar, or the name lured romantic Having read, I was surprised to find that it will be about the corpse and funeral business, and the word unforgettable has found a grim sense. But it does not scare the contrary, the book appealed to me more and more The beauty of style, elegant manners, arose the love between two people, serving the dead. And the idea that before all the chasm in the earth, people spend a day or three among the loved ones, covered with flowers, given in order of expert hands make-up artist, came to my taste, not so sad after the death, if it is taken by professionals. Unforgettable Miss X, the Y Mrs unforgettable, unforgettable Mr. Z you will be well on Eden Cemetery where so quiet, only the trees rustle but sometimes disturb the lovers who love to walk between sculptures and flowers comprehended all the details of the funeral business where very fine play on the love of family: the greater the love, the more money you can put in your pocket - Burying or burning burn, I think We will write a custom essay sample on Unforgettable Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Unforgettable Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Unforgettable Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer I have pictures, which show the urn different styles -.. The best suit us And in the book aperture tsya secret, not without a subtle irony, which Evelyn Waugh has masterfully why the British are valuable writers We, anglichashek, special position here, says Sir Ambrose -. You know, Barlow These people, maybe. laugh at us a little about how we talk, how to dress, over our monocles maybe they think we are too prim and kept apart, but God knows, they respect us and your word to them, a guarantee of quality.. These people will not be in vain to pay, so here you will find only the color of the English nation. I sometimes feel something like ambassador Barlow. I mean responsibility, and it more or less bears here every Englishman. Of course, we can not all be right at the top, but we in senior roles. You will never meet an Englishman at the lowermost except in England, of course. And here it is understood because of the tone that we set. There are positions for which the Englishman simply will not go. And the main character, Dennis Barlow, did not wait for a decent offer, Hollywood does not favor the poets, they it is not really needed, even if they are awarded the attention she Queen, and goes to work in a funeral agency wetlands in a better world for pets. But is this agency goes though in any comparison with the rustling fuller, which is engaged in the most lush and luxurious funeral, which you can only dream - The most expensive cost sites on the Lake Island. They cost about a thousand dollars. There are Valentines Nest area, the center of which is very, very beautiful marble copy of the famous statue of Rodins The Kiss. There we have paired areas of seven hundred and fifty dollars a pair. Your Unforgettable married -?. No What did he do -? He was a writer . And then it will suit the Poets Corner. There have been a lot the most prominent figures of literature some of their own person, and some more in the order of early preparations rustling share Dennis In. meets his love a girl in a white robe with a wild-eyed, she works grimorshey and very satisfied with the work and soon she will receive a marriage proposal from the Honorable Mr. Dzhoyboya, its chief Oh, unforgettable After reading.! this book, I am still in awe and want to read something else by this author. Although for those who do not like gloomy . Attiyah and cynical humor, probably, it will not work I will answer any question to read or not to read? Evelyn Waugh? Unforgettable? I love It is strange that this book is still left without a review For Serserkov and other:. I am not a relative of the author and do not know him, he died before I was birthday, unfortunately.

Free Essays on Ender

Enders GAME Ender†¦. As many young children are is infatuated with games. Games that take him beyond there programming and almost beyond his mental capabilities. Enders life is almost devoted to the games. They seem to be his only friends at times, and his worst enemies at others they train him to be strategic and ruthless and perform at his top military level. Ender throughout the book has very many encounters with games, for instance towards the beginning of the book when he ruthlessly kills the giant by gouging out its eyes, or later on in the book when he kills the snake bye smashing it into the ground†¦ Of course after he commits these acts even though they are in games he always punishes himself by saying that he is not like peter that he is not a blood thirsty child. The games in a way torment him to insanity. In parts through the book he is focusing almost his entire life on beating 1 simple little game. He does this because he knows he is the best and will not be defeated by a computer. Something created by a human. Most likely less intelligent than he is. The human race human race is dependent on a boy, of 6 years who plays computer games as if they are reality†¦. But really is this what the world needs? At the end of the book when Ender beats the â€Å"computer† And finds out that it was really a bugger planet do you honestly believe that someone of the heart of Ender wiggen would have killed off almost an entire race? In the games he can be ruthless.. But still consider himself a bad person. But in life if he were to do something of that magnitude nothing that anyone could say we be any different to him he would always be a bad person in his mind. Often times the games play him. He cannot help but to play the game it is like he is transformed into the game as if it is his real life and he cannot escape it. Enders life is a game†¦ As you know games are more than just created by man. Everywhere around you, you can find... Free Essays on Ender Free Essays on Ender Enders GAME Ender†¦. As many young children are is infatuated with games. Games that take him beyond there programming and almost beyond his mental capabilities. Enders life is almost devoted to the games. They seem to be his only friends at times, and his worst enemies at others they train him to be strategic and ruthless and perform at his top military level. Ender throughout the book has very many encounters with games, for instance towards the beginning of the book when he ruthlessly kills the giant by gouging out its eyes, or later on in the book when he kills the snake bye smashing it into the ground†¦ Of course after he commits these acts even though they are in games he always punishes himself by saying that he is not like peter that he is not a blood thirsty child. The games in a way torment him to insanity. In parts through the book he is focusing almost his entire life on beating 1 simple little game. He does this because he knows he is the best and will not be defeated by a computer. Something created by a human. Most likely less intelligent than he is. The human race human race is dependent on a boy, of 6 years who plays computer games as if they are reality†¦. But really is this what the world needs? At the end of the book when Ender beats the â€Å"computer† And finds out that it was really a bugger planet do you honestly believe that someone of the heart of Ender wiggen would have killed off almost an entire race? In the games he can be ruthless.. But still consider himself a bad person. But in life if he were to do something of that magnitude nothing that anyone could say we be any different to him he would always be a bad person in his mind. Often times the games play him. He cannot help but to play the game it is like he is transformed into the game as if it is his real life and he cannot escape it. Enders life is a game†¦ As you know games are more than just created by man. Everywhere around you, you can find...

Alexander - Movie Historical Accuracy

Alexander Movie Historical Accuracy Essay Alexander the Great Who is Alexander and why is he so great? Born in Pella in 356 BC (Central Macedonia, Greece) Alexander was one of the most successful military commanders in history, winning his first battle at the age of 16. By the age of 20 he was the king of his homeland Macedonia succeeding his father Philip II after he was assassinated. By 25 Alexander had conquered the known world (from Greece, Egypt to Pakistan). British Historian Tom Holland described him as ‘the ultimate conqueror’ The Film The film is based on Alexander the Great, the military commander and King of Macedonia, and his life experiences, hardships and triumphs. Directed by Oliver Stone, the cast included Colin Farrell, Anthony Hopkins, Angelina Jolie, Val Kilmer and Jared Leto and was shot in locations such as England, Morocco and Thailand. Overall the historical action film received poor ratings. 16% from Rotten Tomatoes, 2/4 from Roger Ebert, 5.5/10 from IMDb and 39% from Metacritic. Bucephalus Alexander commemorated his conquests by naming over 70 military forts Alexandria, after himself and 1 Bucephala for his horse Bucephalus. Bucephalus originally was strong and untameable by even King Phillips best riders however a 13 year old Alexander tames the stallion, realising the horse is afraid of its own shadow he turns it towards the sun. Bucephalus served Alexander in numerous battles but died due to fatal injuries at the Battle of the Hydaspes (June 326 BC). The film captures the taming and death of Bucephalus perfectly according to historical accounts in 344 BC. Ptolemy The film begins with Ptolemy as he narrates Alexanders story, reciting his memories to a scribe in Alexandria, Egypt. Ptolemy (367 BC – c. 283 BC) actually fought alongside Alexander in his conquests as a Macedonian general and became ruler of Egypt in 323 BC. In the film Ptolemy refers to the hero as â€Å"Alexander the Great,† however history shows that the â€Å"Great† was not added until much later, in Roman times. Alexanders Parents Stone recreated the scarred right eye of Alexanders father, Philip II as he lost his eye to a Greek arrow during the siege of Methone in 354B.C. Alexanders mother Olympias convinced Alexander that Phillip was not his father and that he was the son of Zeus himself, when one night in the form of a snake he impregnated her. Angelina Jolie’s portrayal is very historically similar to Olympias, who was the fourth of Philips seven wives and was believed to kill Philip or hire someone to kill him in 336 BC. Battle Scene Alexander had to fight the battle of Granicus, Siege of Tyre, Issus and Gaugamela to eventually beat King Darius however the film only has 1 battle which is actually an amalgamation of two battles fought between the them (Gaugamela and Issus). The Macedonian military equipment seen in the battle was accurately reproduced due to the director’s historical consultant Fiona Greenland, an oxford graduate. However in the film, Alexander wore a lions-head helmet. According to Plutarch, Alexander wore a burnished iron helmet molded for him by the Greek craftsman Theophilus. Stone apparently decided to fashion a battle helmet based on later representation of Alexander as Heracles. Additionally there is an outstanding representation of the Macedonian infantry phalanx wielding their 17ft long spears. Before the Battle Before the battle, Alexander says to the Macedonians â€Å"for the glory of Greece.† Ancient sources however write that Alexander didn’t fight for Greece but for Macedonia. Three ancient historians detailed Alexander’s speech to the army before the battle and each one of them made a clear distinction between Greeks, Macedonians, Thracians and Illyrians as four distinct civilizations that made Alexanders army. This created confusion throughout Oliver Stone’s film whether the people from Macedon differed from other Greeks. Ironically the film synopsis indicates a distinction between Macedonians and Greeks. It reads: â€Å"Alexander led his virtually invincible Greek and Macedonian troops.† http://www.historyofmacedonia.org/AncientMacedonia/AlexandertheGreat.html http://www.biography.com/people/alexander-the-great-9180468 http://www.britannica.com/biography/Alexander-the-Great http://www.bbc.co.uk/history/historic_figures/alexander_the_great.shtml http://www.history.com/topics/ancient-history/alexander-the-great http://www.ancient.eu/Alexander_the_Great/ http://www.eyewitnesstohistory.com/alexanderdeath.htm http://www.sbs.com.au/ondemand/video/472665667520/secret-life-of-alexander-the-great https://en.wikipedia.org/wiki/Ptolemy_I_Soter https://en.wikipedia.org/wiki/Death_of_Alexander_the_Great https://www.archaeological.org/pdfs/papers/AIA_Alexander_Review.pdf http://www.boxofficemojo.com/features/?id=1601 http://www.historyofmacedonia.org/AlexanderOliverStone.html http://www.moviemistakes.com/film4636/corrections https://en.wikipedia.org/wiki/Alexander_(2004_film) https://prezi.com/i_s3bsfd388w/was-the-movie-alexander-the-great-historically-accurate-and/ https://answers.yahoo.com/question/index?qid=20070520132655AAvGt9v http://www.imdb.com/title/tt0346491/ Books: Jennifer Lawlwss Unlocking the past: Preliminary Studies in the Ancient World (1996) Jennifer Lawlwss Unlocking the past: 2nd Edition Toni Hurley Antiquity textbook Louise Chipley Slavicek Heroes and Villains: Alexander the Great (2005) Michael Wood In the footsteps of Alexander the Great (2001) Laura Foreman – The epic story of the warrior king Alexander the Conqueror Steven Pressfield The Virtues of War: A Novel of Alexander the Great (2004) Paul Anthony Cartledge Alexander the Great (2004) Nicholas Geoffrey Lemprià ¨re Hammond The Genius of Alexander the Great (1997) Michael Alvear Alexander the Great: The Man Who Brought the World to Its Knees (2004)

California history Research Paper Example | Topics and Well Written Essays - 1750 words

California history - Research Paper Example In addition, this region records the largest number of wild fires as compared to the other states in America. The climate of this region is mainly cool with rainy winters and hot summers. Moreover, it was the home of a great n umber of America’s natives and the indigenes communities. It had unique cultural and linguistic traits due to the inter existence of almost seventy different groups of Native Americans. In this regard, this essay will delve on the political organization of the Native Americans. The political organization of the Native Americans had unique attributes due the lifestyle of these people1. For instance, political organization of a society is the collective provision of guidance to a community or society in either a formal or an in formal way. The natives were mostly hunter-gatherers hence settled down in groupings that matched their way of life. Their political organizations were diverse in that they had further divisions according to tribe, chiefdoms, bands, and states. In essence, the band political form of the organization was a small group of closely related relatives from the household in a particular region who came together on different occasions but did not answer to any superior authority. Ideally, this form of governance was not complex since the number of those under the ruler ship was a manageable number. This system did not have a central political structure hence making this form of governance to be informal. Moreover, communities under the band2 form of had autonomous extended family groupings that formed the political set up. Bands were unable to compete for community resources since they were not complex in the execution of leadership. They had two clusters, one being the simple bands and complex bands. Simple bands were the smallest groupings, which were narrow to the level of the extended families. Ion the other hand, composite bands had larger families totaling to hundreds in numbers. Sequentially, this political for m was easier due to the constant moving of the families in these communities because of their hunter-gatherer state. On the contrary, this leadership was definitive in that it had Leaders who acquired positions of leadership by virtue of portraying leadership abilities. In addition, they became leaders through their ability to influence their societies to act in certain ways. They stayed in the position of leadership until the community no longer had confidence in them. In essence, the leaders in charge of bands were the peace chiefs. They had wisdom, kindness, and abilities in leading the community in to successful battles3. This oldest form of political organization4 was essential in the solving of community problems because the leader knew the ones in the dispute quite well. Therefore, the delivery of judgment was fair according to the community. Other forms of political organization came about due to intermarriages between communities. Secondly, the Native Americans had tribes, which were groups of independent people that occupied a specific region and shared a common language. In addition, the tribes had common cultural practices applied by certain unifying factors. Additionally, a tribe composed of different people from bands and villages integrated in to lineages and clans. This form of the organization was a temporal and formal because of the frequent attacks by other bordering communities. Remarkably, there was no central authority hence making it an inform way of ruler ship5.

Ronald Reagans Policy Towards The Soviet Union Research Paper

Ronald Reagans Policy Towards The Soviet Union - Research Paper Example Regarding the United States’ confrontation against the communist expansion, the Reagan Government’s role was of more of strategic than of ‘muscular’, an adjective that easily could characterize a major part of the US policy towards the USSR during the earlier US presidencies. Indeed military enforcement served as a part of Reagan’s Doctrine, but not the whole of it. Either being compelled by the contemporary socio-economic condition of the country or learning the best part of the lesson from the history of the United States’ military involvement in the Vietnam War and Korean War Reagan chose an effective strategic course of being diplomatic and tactical, meanwhile keeping the United States’ superior military image intact. Controversy about Reagan’s Leftist Trend Indeed the ‘simplistic’, ‘sectarian’, ‘dangerous’, and even ‘primitive’, as Anthony Lewis a columnist of The New York Times once called, Reagan also earned the title â€Å"the communist in disguise† because of his strategic approach to Communism (Schweizer, 1994, p. 47). D’Souza (2003) notes, â€Å"Reagan had a much more sophisticated understanding of communism than either the hawks or the doves†. ... Reagan was the President of the Screen Actors’ Guild and was commonly known as â€Å"Red Ronnie.† (p. 3). Necessarily his comprehensible knowledge of the nature of communism and the lessons learned from the United States’ involvement in the Cold War during his predecessors shaped the main line of policy towards the communist Soviet Union. That is, the main line of his policy towards the USSR was to confront, to contain, to roll back Soviet blocks and finally to let the â€Å"evil empire† under its own weight while saving and restoring the country’s military superiority intact. Necessarily such stance was reflected in Reagan’s policy towards the Soviet Union. Being resolute to reinstate the United States’ pride and superiority in the world, he decided that America should be more active and assertive in confronting Communism and in providing active support to the friendly governments. Reagan’s rhetoric and his government’s military expenditure policies were directed to support this goal. Yet ultimately his foreign policy towards the USSR –though seemed to be more belligerent than that of the two earlier presidents- was â€Å"considerably more cautious than his sometimes bellicose statements suggested† (Profiles of US Presidents, n.d.). Reagan’s Dual Approaches to Communism and Reagan Doctrine Reagan’s policy towards the Soviet Union can significantly be marked as a dual approach in the sense that on one hand Reagan’s administration chose to provide both overt and covert support to anti-communist communities and guerrilla movements in order to â€Å"roll back† â€Å"Soviet-backed communist governments in Africa, Asia, and Latin America†.

Co-curricular Essay Example for Free

Co-curricular Essay Co-curricular is one of the activities being neglected in most schools in the past years. Our school being one of them had for long been emphasizing heavily in class work. By doing this, we could not realize our talents which are very basic in making us whole. Activity carried on 4th March last-term made each member of this school to change his or her mind. We witnessed how students have wonderful talents. Our school was among the top competing school in sports activities in this region. Sports has been one of the activity in school that that the administration has been overlooking. The school noted the need to change our strategies and came up with plans which will give students a chance to realize their talents. The school used to conduct classes from eight in the morning to four in the evening. After this, students moved to evening group discussions and thereafter they went back again to their classes for evening preps. These activities made us busy throughout the day before retiring to bed. The school has come up with a strategy that will ensure that students are trained both in class and in the co-curricular activities especially in sports. The School’s schedule is now flexible, as it will now allow students to get involved in these sports activities. Thanks to the students who participated in this event because due to their enthusiasm, passion and spirit in sports the administration made a sensible consideration and made sure that it has allocated time for these activities. I am grateful for this action as it will serve as an example to other learning institutions. Sincerely, References Cooperating School Districts. (2010). Programs and Services: Communications Crisis communication-Letters Assistance. Retrieved on 9 July 2010 from http://www. csd. org/vnews/display. v/ART/44abd0116f2d7

Visions of America Essay example -- Landscaping Painting Art Papers

Visions of America The importance of American landscape painting in the nineteenth century extended far beyond the borders of the art world. The nineteenth century in America was a paradoxical time in which great nationalism and â€Å"enormous self-confidence and optimism† merged with growing disunity (Wilmerding 54), and the glow of â€Å"progress† was inextricably tied to the destruction of the majestic landscape that was a source of American identity and pride. Landscape painters at this time were faced with the difficult task of reconciling these conflicting aspects of American culture and identity. Their paintings blend physical descriptions of the American land with cultural descriptions of the American national identity. American landscape painting was founded primarily by European artists like Thomas Birch, Francis Guy, William Groombridge and Joshua Shaw, who came to America to escape the â€Å"background of political turbulence† in Europe that was the result of the Napoleonic Wars (Wilmerding 40). The most famous and influential of this first group of painters was Thomas Cole. Although Cole’s influences included European artists like Turner, Poussin, Claude, and Salvator Rosa, he came to create a style of landscape painting that, despite its indebtedness to artists like these, was distinctly America in flavor. It was he who â€Å"particularly came to articulate a national consciousness through his paintings, which we now recognize as the beginning of America’s first major landscape style† (Wilmerding 40). With Cole, landscape painting took on a stature in America like that which history painting traditionally possessed in Europe. He was able to â€Å"transfer the heroic aims of history painters to the landscape category, where at ... ...g of the Nineteenth Century: Realism, Idealism and the American Experience. New York: Praeger Press, 1969. Novak, Barbara. Nature and Culture: American Landscape and Painting 1825-1875. New York: Oxford University Press, 1980. Novak, Barbara, ed. â€Å"On Divers Themes from Nature: A Selection of Texts.† The Natural Paradise: Painting in America 1800-1959. Ed. Kynaston McShine. New York: The Museum of Modern Art, 1976. 59-105. Rosenblum, Robert. â€Å"The Primal American Scene.† The Natural Paradise: Painting in America 1800-1959. Ed. Kynaston McShine. New York: The Museum of Modern Art, 1976. 13-37. Wilmerding, John. â€Å"Fire and Ice in American Art: Polarities from Luminism to Abstract Expressionism.† The Natural Paradise: Painting in America 1800-1959. Ed. Kynaston McShine. New York: The Museum of Modern Art, 1976. 38-56.