John Maynard Keynes, the Father of Modern Theoretical Economics Essay

John Maynard Keynes (5 June 1883 – 21 April 1946), a British economist known also as the father of modern theoretical economics, had made a great impact on contemporary economic as well as political theory. His ideas were tapped by governments for their fiscal policies. He is most well known on his interventionist policy when it comes to fiscal and monetary measures, specifically, to mitigate the undesirable effect of recessions, depressions, and even booms. An article from Time magazine on the 100 Most Important People of the Century, contend that â€Å"[h]is radical idea that governments should spend money they don’t have may have saved capitalism† (Reich, no date). As an economist, his first share of international fame was when he was selected as a delegate of the Paris Peace Conference of 1918–1919. It was during this conference that the victors of the World War 1 (specifically, Woodrow Wilson, Georges Clemenceau, and David Lloyd George) imposed war reparations on Germany. Keynes held his tongue during the conference but let out a roar as soon as he returned to England (Reich, no date). He wrote a book entitled The Economic Consequences of Peace. He wrote that the Germans would not be able to pay the victors. He called Wilson a â€Å"blind, deaf Don Quixote†, Clemenceau a xenophobe with â€Å"one illusion — France, and one disillusion — mankind†, and Lloyd George a â€Å"goat-footed bard, this half-human visitor to our age from the hag-ridden magic and enchanted woods of Celtic antiquity. † Keynes predicted that the reparations demanded by the victors would keep Germany impoverished and might ultimately threaten the neighboring countries if not all of Europe (Reich, no date). And we know that he is indeed right as if it was a prophecy. The book sold almost a hundred thousand copies on that period. But it was only later on after three decades that the real effect of his treatise was felt. After the end of World War II, both US and Britain (as victors of the war) remembered Keynes’ admonition. The best way to attain a lasting peace is by helping the vanquished start all over again – public investing to create trading partners and building solid democracies (like n the case of Germany, Italy, and Japan during that war; Reich, no date). Keynes founded that branch of economics that is termed â€Å"macroeconomics† today. This is his greatest influence in the history of economics. This actually came from a book he wrote during the depths of the Great Depression. The book was called â€Å"The general theory of employment, interest and money† (published on 1936). The idea is pretty much easy to understand: Governments should not leave the market alone when, and especially, the economy is running slow (interventionist policy of the government). It is during periods of dull economy or recession that markets are saturated and businesses either do not invest or reduce their investment. Such situation, according to Keynes, is a prologue for a very dangerous cycle: â€Å"less investment, fewer jobs, less consumption and even less reason for business to invest† (Keynes, in Wikipedia, The Free Encyclopedia). In 1942, John Maynard Keynes was raised to the House of Lords and was accord the title Baron Keynes of Tilton, County of Sussex. Keynes played a crucial role in the negotiations that transpired in the creation of the Bretton Woods system (the system/conference that created the World Bank, International Monetary Fund, and the World Trade Organization, as we know it today). He was the head of the British Commission and the chairman of the World Bank Commission. He was the brainchild behind the management of currencies between and among countries. He advocated the creation of a world central bank, the International Clearing Union, that will be responsible for the common world currency unit (Reich, no date; Keynes, in Wikipedia, The Free Encyclopedia).

Globalisation leads to the homogenisation of culture. Discuss Essay

Globalisation leads to the homogenisation of culture. Discuss - Essay Example Globalization has brought many hopes to such countries as they can utilize the expertise and technology of developed countries for the mobilization of their idle resources. Another important aspect of globalization is the cultural homogenization. The exchange of labour force across the boarders is a common thing at present because of globalization. Outsourcing and offshoring of business are common things at present which need the interaction of multicultural workforce. In short globalization has forced the world to develop towards a common culture. This paper briefly analyses the homogenization of culture as a result of globalization. Berry, (2008) has defined Globalization as the multiplicity of linkages and interconnections between nations (Berry, 2008, p.329). Kalantzis & Cope (2006) have referred globalization as the enemy of diversity (Kalantzis & Cope, 2006, p.402). Peng, (2009) has argued that Globalization brings closer integration of the countries and the people of the world by acting like the swings of a pendulum (Peng, 2009, p.19). Globalization has been defined in many ways by different people. It is the sum of all the definitions given above. The essence of Globalization is the unification of global culture for the collective growth. The major enemy for economic growth in many countries is the conflicts between countries. For example, the conflicts like India-Pakistan, Israel - Palestinians, US-Afghanistan etc are causing immense damage to the economic development prospects of these countries. Many people argue that the current financial crisis in America was the child of different wars America engag ed in different countries. Pakistan also is a victim of underdevelopment because of the increasing conflicts even inside the country. In short, conflicts and wars can retard the economic progress of a country. On the other hand,

This is a court of law, not a court of morals. Explain and evaluate Essay

This is a court of law, not a court of morals. Explain and evaluate this statement - Essay Example For philosophers like Plato there is a very close connection between law and morality as true justice is indispensable to human well-being. The field of ethics has often criticised legal arrangements and how the mechanical application of law provokes ethical and moral injustice.1 The discussion that follows will centre around and discuss the above mentioned conflicting themes in this area. Firstly it has to be seen whether the existence of unjust laws shows that law and morality are a gulf apart. Secondly whether the existence of laws that serve to defend basic fundamental rights like laws against murder, rape and defamation are a testimony to the compatibility of law and morality. Thirdly that the law only identifies offences and prescribes punishments for crimes and does not take into account the motives and morality behind a defendants actions no matter how noble they are. The fourth theme which is going to be tested in this regard is the internal or habit like nature of morality as opposed to law, as it is said to govern law without compulsion or fear of punishment. Fifthly whether morality can form the basis of making several laws illegal because they are immoral, no matter how procedurally valid they may seem. Last but not the least this essay explores whether the law can be a public expression of morality enshrining the basic principles of acceptable conduct wi th in a society.2 The statement in the question above comes from the very controversial case of Re A 3 (Children) (Conjoined Twins: Surgical Separation) where the parents of six week old Siamese twins, Mary and Jody,(M and J) appealed against a court order granting the NHS the authority to perform an optional surgical separation .The twin M had severe brain abnormalities, no lung tissue and no properly functioning heart and depended for her blood supply upon J which was her healthy ,normally

If the research budget is limited, there is no need to conduct Essay

If the research budget is limited, there is no need to conduct marketing research - Essay Example This essay discusses that as marketing research is important in the successful promotion of the products/service of an organisation, it must be given due consideration. It is inevitable for an organization to allot a separate budget for marketing research. Undoubtedly, an organisation that desires to thrive in the field can never say excuse for having not enough funds. As far as an organisation is concerned, market research is conducted not only for learning purpose but also for flawless decision making process. It is on the basis of the information gathered through research an organization decides whether or not to make changes in the existing product line. To illustrate, a well conducted research would propose multiple options for introducing new product line or entering into new markets. Apart from obtaining new customers, more importance must be given for retaining the existing customers. Long term loyalty and relationship between the organisation and the customers are not just d eveloped on a single day. They are the result of strenuous efforts made by the organisation by closely understanding the needs and preferences of the customers. Moreover, the data collected through market research can help marketers to make decision on product quality or services expansion. It may result in introducing more innovative product or redesigning the marketing strategy. Similarly, the potential problems associated with launching a new product can also be identified through marketing research. If the probable difficulties are known in advance, firms can take steps to address them on time. The research conducted after a product launch will help the firm to determine further steps. According to Malhotra & Dash (2009, p.45), Marketing research helps an organisation to know the demographics and psychographics of customers. It reveals the number of persons who buy the products, why they buy, when they buy, the frequency of their buying, and the sources of their buying; and it a lso includes the social status and the regional location of the customers (ibid). As market research bring out information regarding age, sex, population, buying behavior, and location, firms can easily determine whether to change their market segments or business destinations to more favorable ones. In the absence of such a study, taking flawless decisions is unlikely. Marketing research is one of the best ways of knowing the strategies of competitors, their identity, marketing network, scale of focus and many more. It is important for a business firm to observe how its rivals carry out business as it evaluates its own progress or loss. By imitating the competitors on an equal scale, one can retaliate on the same manner as the competitors do. These actions would help the firm not only to improve the product quality but also to obtain prospective customers for the organisation. Marketing research can sometimes be used as an evaluation tool which may help in making comparative studie s so that the organization can track its own progress over a period of time. In addition, in some occasions marketing research helps to explore what went wrong. For example, Johnson & Johnson Company probed into the poisoning of their capsules

Cognitive Behavioral Therapy Research Proposal Example | Topics and Well Written Essays - 4750 words

Cognitive Behavioral Therapy - Research Proposal Example Thirty (30) women in the first trimester of gestation will be recruited from a local clinic to participate in this study. They will be randomly assigned to a control group and an experimental group. All the subjects will answer the Edinburgh Post Natal Depression Scale (EPDS) and the Beck Depression Inventory- II (BDI-II) before and after they give birth and the Mother-Infant Attachment Scale (MIAS) as an additional post test after they give birth. The only difference will be that the experimental group will undergo CBT session once a week. Results will be compared to validate if CBT has been instrumental in helping the experimental group manage their PPS and attachment issues or not. Introduction This study purports to answer the research question: To what extent does Cognitive Behavioral Therapy (CBT) help women with postpartum depression and difficulty with attachment to their infant as compared to women who do not receive CBT? Postpartum depression (PPT) affects a growing number of new mothers and its consequences for both mother and infant can be damaging. It usually occurs within four weeks after the birth of the infant (O’Hara, 1997), and affects one in every seven new mothers, reflecting a prevalence rate of 13% (Wisner et al., 2006; O’Hara & Swain, 1996). The seriousness of the impact of PPD has been alarming, making it an important public health problem (Cuijpers et al., 2008). To prevent PPS, Cognitive Behavior Therapy (CBT) has been known to be an effective intervention. It is a psychotherapeutic approach of training an individual to think of positive things instead of dwelling on the negative. Thus, it may provide significant impact on women with postpartum depression and difficulties with attachment to their infants. CBT can help the new mothers to understand how their thinking and behaviour affect their emotional state and this in turn affects their feelings and ability to attach to their babies. Review of Literature Depression Depr ession is associated with â€Å"feelings of extreme sadness† which not only last for long periods of time, but it is also recurrent and may further develop into suicidal tendencies (NHS, 2010). It is usually manifested with negative behaviors stemming from negative emotions. Sometimes, the person experiencing it is not even aware that he or she is undergoing depression. Its concept as a serious and debilitating illness, one which has had great impact globally, has become recognised within general medicine and the public eye in more recent times (NHS, 2010). In 1996, the World Bank published a report on the global burden of disease implicating the importance for the realisation that the impact of depression worldwide is vast. In 1990, 11 million sufferers of depression were identified in the US alone (Scott et al, 2003) . Cognitive Behavior Therapy Aaron Beck, one of the proponents of Cognitive Behavior Therapy (CBT), agrees that much of our psychological problems are caused b y â€Å"cognitive distortions† due to our acknowledged human fallibility. Individuals who undergo depression have belief systems or assumptions that may have developed from their negative early experiences which were not resolved well. Thus the negative experiences may have lead to the development of dysfunctional beliefs about the world, which may easily be triggered certain events (Field, 2000). Beck (1987) came up with the concept of â€Å"negative cognitive triad† that describes the pattern that triggers depression. In the first component of the triad, the client exhibits a negative view of himself. He is convinced that he is to blame for whatever pathetic state he is currently in because of his personal inadequacies. Secondly, the client shows negative view of

Thomas Nagel. What is the thesis of Nagel's article The Absurd Essay

Thomas Nagel. What is the thesis of Nagel's article The Absurd - Essay Example He mostly takes the key concern on meaning of life. Thomas Nagel sets out that there are good grounds that make absurd to apply to lives. He viewed that our lives are absurd therefore meaningless that is absurdum. In his article, Nagel opens by stating four reasons for absurdum. The first reason he cites is that our being here will not be important for a very long time from now. He states nothing we do now will matter in million years to come. Thomas Nagel said that† by the same token, nothing that will be the case in a million years matters now.† He goes on and says that everything we do now in a million times will be meaningless. (Joad, 1944).  The second cite for absurdum is that he sees that we are very small as compared to the entire universe. Thomas says that the whole universe is infinite large as compared to our lives, therefore our lives are absurd for now. ... (Jaspers, 1969).   In ordinary life, life itself is absurd; Nagel puts that â€Å"when it includes a conspicuous discrepancy between pretension or aspiration and reality: someone gives a complicated speech in support of a motion that has already been passed† in addition, Thomas Nagel continues to consider what count good ground for his thesis. He claims we try to check one that has aspiration and reality. Nagel went ahead and gave an example, to demonstrate this being knighted just as trousers fall down. He went ahead and said that for most of time we live our lives as if they are not absurd, as if there is no nothing that brings changes between our aspiration and reality that makes our live absurd. Nagel had certain perspective in mind that we look at our lives from a stand, which is not involving. In this stand, we can step back and find the whole system of critics and justifications, which controls our supports and our claims to rationality which rests upon our habits the refore we should know how to disagree without circularity. Generally Nagel claims that absurd is striking sort of thing in our lives. The most interesting aspects of his article are the problem that Nagel connects problem of the meaning of life to other problems of epistemological of radical skeptics’. Actually, he claims that such skeptic come in when there is use of disengaged standpoint. Thomas Nagel says that both cases someone wills recognizes the justification made which cannot be justified without the threat of circularity. Thomas Nagel claims, â€Å"In both cases the final, philosophical doubt is not contrasted with any unchallenged certainties, though it is arrived at by extrapolation from examples of doubt within the system of evidence or

English writing Essay Example | Topics and Well Written Essays - 1250 words

English writing - Essay Example They later form the leadership tables in the kingdoms and dynasties, regarded as heroes, master’s, kings and so forth , but do these titles come with social, economic, cultural or political obligation to the beholder? In other words, what is the role of social relationships and other human interactions and how do the titleholders or the leaders approach the sometimes-conflicting obligations that come with the titles? William Deresiewicz’s ideas on leadership and the sacrifices that one has to make in order to change the position he is in and/or change the society’s perception over a phenomenon can is an analytical tool to evaluate the heroic traditions in these films. In addition, by evaluating the role of social relationships and their sometimes conflicting obligations will help us understand the real cost of heroism and the consequences involved in case the hero/the leader misses a point in his words or actions (Finch, 2). For instance, in Seven Samurai, the conflict of the chief and the village elder on their social/security obligation to defend the farming village creates a row between the residents of the village on the best strategy to apply. Deresiewicz’s view on the kind of leadership that the society requires is based on solitude and independent thought, which may not favor every party in a particular setting. For instance, the chief decides to spare marauding bandi ts until the harvest because he had attacked the mountain before while on the other hand the village elder declares they must find a samurai to protect the village (Seven Samurai Video). Each of the decision had the better part of it and repercussion but which one was more prudent, timely and comprehensive from a leader to his fellow followers? The role of social relationships and the sometimes conflicting obligations will take preference in this case in that for the village elder’s decision to find hungry samurai since they have nothing to offer but food, which is about to be