Apollo 13 Essay Example for Free

Apollo 13 Essay For those not old enough to have lived through it, a story of shooting for a landing on the moon, suffering an explosion on the spacecraft on the way to the moon, not landing on the moon, and then narrowly making it home to Earth is the story of Apollo 13. When facing issues, conflicts, and the attainment of goals, having the resources of a fully functional manager and team are irreplaceable. A manager that has clear goals and strategies in place is more likely to succeed even when faced with the greatest types of adversity. Every employee of NASA should know about the tragic event of Apollo 13. The background of the team began with the completion between the U. S. and Russia and their space exploration programs. What started out as a routine trip to the moon and back soon became one of the biggest crises NASA had ever experienced. From understanding the plight of the spacecraft, to knowing what needed to be done, to creating a CO2 converter out of materials only available on the spacecraft, the flight is a clear lesson on how to manage a team in a crisis. In many projects, it always comes back to a stressful situation, where quick decisions must be made which have a major impact on the achievement of the task at hand. Many managers often ask for advice on how to handle such situations in order to be a good leader and achieve maximum results. In order to be an effective manager and to be able to influence other and exercise high degrees of control, some rules should be followed. I will give a few examples of how Gene Kranz managed to promote teamwork and to achieve the best possible solutions despite unprecedented problems, lack or resources and time pressure. One must remain optimistic and believe in themselves and the team to achieve a set goal. Without personal convictions managers will not be able to motivate the team to developed new solutions, continue to working and foster collaboration. Gene demonstrated principled management and a leadership in demanding the best from his team while respecting their efforts no matter the outcome. One great thing about Gene’s management was that is set a standard of excellence. With statements like â€Å"I don’t care about what anything was meant to do, I care about what it can do. This set in motion self-management by various supporting teams. This shows us important lessons that we can apply to other environments. Make sure to clearly identify roles and responsibilities of each and every team member. Communication is also a key in managing a team effectively. In the movie one of the team members unplugs his TV and takes his phone off the hook which cost everyone value time and inpu t in solving this crisis. Managers should make sure they can get in touch with employees. Create a policy if you must. An over authoritarian style of management with a top down principal is sometimes inappropriate. Managers often give instructions, tasks and fiat without asking the employee for their opinion. In contrast managers with a cooperative democratic style of management involve employees in decision making. Decisions are taken after detailed discussion in working groups. Information should be forwarded to a great extent through all communication channels. Gene Kranz was drawing at the board and listened to his team and their suggestions. And they all discussed the suggestions together. Without this democratic management style of Gene Kranz, the team would not have been as successful. Another issue is to work the problem correctly. Defining the problem is the hardest part of problem solving. As a manager it is important to define and communicate the problems which must be solved. Otherwise, no team will be able to find suitable solutions. Gene Kranz identified all the problems and formed special teams to address them. He made it clear to the teams which objects could be used. Only the objects that were available to the astronauts could be used. He wasted no time in complaining about what objects were not available or missing to solve the problem. He was action oriented and emphasized problem solving. It is also important to be a visible manager or leader. A good manager shoulders responsibility and conveys to all team members that they will work through the problem. Another trait of an effective manager is respect for others. Too often in today’s corporate environment, we don’t respect the judgment of those actually doing the work. Moreover, a crisis is not a time for accusations. The primary objective should be to handle the situation together and make the best of it. Gene Kranz did not ask at any time after the explosion, how such an explosion could have happened. Neither the astronauts nor Mission Control would have benefitted from the discussion of guilt, creative problem solving was much more important. In spite of all the negative talk, Gene told them failure was not an option, and they did not fail. Building trust must be combined with effective communication. Its benefit was evident in the film through the obstacles the team overcame. As a team grows together through strong management, their level of trust to achieve a collective goal, individuality becomes less important and the team’s objective is placed in the forefront. Action orientation becomes second nature, and feedback is open and honest. Combined, these improve the overall success and functionality of the manager, employee relationship. Finally, nobody wants to experience crisis such as the one in Apollo 13, however there will always be unpredictable problems and managers will have to challenge the situations. An effective manager should place themselves in Gene Kranz’s place for internalizing his way of leading a team. In addition, difficult situations that happen in the past should be analyzed for developing suggestions for managers to learn how to act in prospective situations. Every crisis is unique and demands an individual solution but for learning how to find the best solution, act right as a manager and motivate your team. Being successful and solving problems in a creative way is just but one aspect of being an effective manager and leader for your team.

The importance of marketing in small business

The importance of marketing in small business A business which is operated and is owned by the private entity with a limited or small number of employees and relatively low volume of sales is known as small business. Small business are normally privately owned corporations, partnerships or sole proprietorships which fuel local economic growth and innovation. This essay is about managing small business with context to how a small enterprise named Farmer Brothers J.D. Beardmore been managed. Farmer Brothers J.D. Beardmore was established one hundred and fifty years ago as general ironmongers, in Cleveland Street, London. In the intervening years the companys reputation as a supplier and manufacturer of architectural ironmongery had transcended all the modest origins. Now based on Fulham Road, London Beardmore door furniture, decorative grilles and electrical fittings now graced the grandest public buildings and finest homes in Britain and abroad. For generations, Beardmore has represented the skill of English workmanship, and accommodated the tastes of a discerning clientele. Today this tradition continues, but Beardmores are not content to rest on past success. The company, led by its in-house design team, aims to place itself at the vanguard of contemporary style, introducing new product ranges year upon year. Accordingly, Beardmores p osition as the pre-eminent name in English-made, hand-crafted ironmongery and door furniture remains secure. Managing the business Setting up a small business is easy, but it has a higher risk of collapsing or taken over by some other big organizations. Managing small business is not as easy as it looks; every detail from the tiniest to the largest has to be managed in-order to run the business smoothly and successfully. Like as in Farmer Brothers J.D. Beardmore even though it as a small firm but it has taken over a very big market. Since it is an ironmongery shop the investment is a little higher but the income is much higher than the cost so the risk is a little low because of the high income. It has paid much attention towards its cost and expenses and even has a good long term relation with its suppliers. In small businesses, it is very easy to record business transactions. Keeping track of business dealings are easily maintained and updated regularly in Farmer Brothers J.D. Beardmore. The owner has setup an accounting system on his PC which stores all the transactions that the business makes so it is much easier to check the old transactions if some problems come up. Most accounting responsibilities in Farmer Brothers J.D. Beardmore are easily manageable but a qualified accountant can be useful in helping business owners make the reports and financial statements to better manage their business. Managing the assets and liabilities are much easier in Farmer Brothers J.D. Beardmore since it keeps all the transactions recorded and is easily maintainable Small businesses can grow with customer needs. Farmer Brothers J.D. Beardmore create products and services that address highly personalized requests at a moments notice which gives the higher level of customer satisfaction. The communication channel is perfect since there is lesser number of staff it is easier to communicate either from the higher to lower level or lower to higher level. New ideas generated by the staff can easily reach to the owner and vice versa which tends in motivation of the staffs. Planning is a detailed method, formulated beforehand, for managing all or part of a business. Effective running of a business is smoothly carried on with a good planning. With respect to planning Farmer Brothers J.D. Beardmore bros keeps the stock of all the goods which are most popular and is determined by looking at the past records that helps them to project their sales. The staff are well managed for the purpose of scheduling, site visit, accounts, sales and logistics so as to create a good customer satisfaction. A fundamental challenge of small business can be summarized as too many tasks, too few people. Organizing small business i.e. putting bits and pieces of a company together to utilize its resources and to get most of it. As on Farmer Brothers J.D. Beardmore everything is organized at its best. The customers are always prioritized; the customer orders are well managed and kept separate from the customer orders. The dispatch department is separated and all the good are properly checked before being dispatched. All the codes and prices are well labeled so as to avoid any confusion or misunderstanding as there are various range of products available. It has also complied with all the government regulations so as there are no hazards for health and safety and all the suppliers payment are well managed so as to avoid any delays on the customers order. Marketing One of the greatest needs of managers of small businesses is to understand and develop marketing programs for their products and services. Small Business success is based on the ability to build a growing body of satisfied customers. Modern marketing programs are built around the marketing concept and performance, which directs managers to focus their efforts on identifying, satisfying and following up the customers needs: all at a profit. For using the marketing concept, Farmer Brothers J.D.Beardmore has determined the needs of their customers, analyzed their competitive advantages, selected specific markets to serve and determined how to satisfy those needs. Market Research Gathering information about the customers need or about markets is market research. Market research provides information to analyze and identify the market size, need and competition. A small market research program based in a questionnaire given to present customers and/or prospective customers, can disclose problems and areas of dissatisfaction that can be easily remedied, or new products or services that could be offered successfully. To identify the problems and opportunities in the early stage, Farmer Brothers J.D. Beardmore does a proper research on the ongoing trend and even monitors the competitors so as to have sufficient information about the market trend. Marketing Strategy Marketing strategy is the method of focusing an organization to concentrate its limited resources and energies to increase sales and achieve a sustainable competitive advantage which can lead to the dominance of a targeted market niche. Marketing strategy helped Farmer Brothers J.D. Beardmore to identify its target markets and contributed in product development, promotion, distribution, pricing etc. For example: Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumers interaction with the low-cost product or service. Target Marketing Target marketing can be a key to a small businesss success keeping in mind that it involves breaking a market into segments and then concentrating the marketing efforts on one or couple key segments. Target marketing simplifies the promotion, pricing and distribution of the product or services and makes it cost effective. Farmer Brothers J.D. Beardmore mainly focuses or targets the customers like interior designers and builders who specifies the ironmongery products to the relative clients. The trade discount of 15% is provided to the designer and builders. Every year Farmer Brothers J.D. Beardmore attends Decorex International Design show, showcasing a variety of new and existing products which is attended by the worldwide designers. Brochures are often posted to the designers as a part of marketing strategy. Farmer Brothers J.D. Beardmore have even built their own website viewing all the product information, product code , contact details. They have even uploaded the picture and information about the recent and previous projects which give a promotional idea of the quality of the services provided. Even with the delivery services, Farmer Brothers J.D. Beardmore have hired one of the leading courier company for all the deliveries of the products which provides satisfactory result in the customer satisfaction. Price is determined by a number of factors including market share, competition, material costs, product identity and the customers perceived value of the product. Various ranges of product with various range of price are made available as the customer needs. Farmer Brothers J.D. Beardmore also adopted effective product strategies such as providing a bespoke product as per the customers satisfaction, plating facility so as to get the products in different finishes, refund policy, styling, quality, brand name, repairs and support. Conclusion Many small businesses fail to reach their full potential, or go bust, simply because the small business owner spends too much time working in the business, and too little time working on the business. For a small business to be successful well required business plan, marketing strategy and a well managed team is required. Farmers having been a small business are still successful by managing its resources and having good marketing strategies.

should scarlet letter be published :: essays research papers

Dear Perma-Bound,   Ã‚  Ã‚  Ã‚  Ã‚  It has come to my attention that you are currently debating on whether or not you should publish The Scarlet Letter and introduce it into the literary world. I feel that it would be in your best interest for you to go and publish this novel for all to read.   Ã‚  Ã‚  Ã‚  Ã‚  This novel is a superb piece of literature and people all over the world could reap benefit from its contents. Throughout the novel we feel, not only the suffering of being publicly humiliated for one’s sins, but also the suffering of the guilty one who has not yet let his sins known to the world. We feel the shame Hester feels as the other villagers scorn and torment her for her sin. We can sense her strength as she goes through the first few years without ever once lashing out at anyone for the way they treated her. Hester just accepts it has the part of her punishment. Reverend Dimmesdale’s guilt is so strong and runs so deep that we, as the readers, cry out with sympathy for him and his inner turmoil. Not only does this novel bring us into the souls of its characters in order to better understand them, but it also shows us just how easily friends can turn their backs on you. These villagers that were tormenting Hester had, at one point, been her friends. As soon as these â€Å"friends† found out about what Hester had done they became her enemies. All of the virtues about Hester that they had known were forgotten and in its place was put the knowledge of her sin.

Moral Development in Huckleberry Finn and The Great Gatsby Essay exampl

Moral Development in Huckleberry Finn and The Great Gatsby      Ã‚   Moral Development, according to the Webster's dictionary means an improvement or progressive procedure taken to be a more ethical person, and to distinctly differentiate between right and wrong.   The Adventures of Huckleberry Finn and The Great Gatsby, both pose as pieces of literature that vividly portray moral development through the narrator's point of view.      Mark Twain, the author of The Adventures of Huckleberry Finn, wants the reader to see and focus on the search for freedom.   As on the other hand, Francis Scott Fitzgerald, author of Great Gatsby, wants you to see the American Dream, which is a freedom as well, a socio-economic freedom. These authors have chosen their narrators well, as we see a significant number of action that have brought them to be ethically developed.   Narration in a story is important, and is usually told by a main character.   These narrators face a world of confusion, a world of fear, a world of adventure, and most of all, a world of opportunity.   By these things I mean that Nick Caraway, and Huckleberry Finn have a chance to mature as time progresses though the novel, and then make a remarkable move to end up as a hero. The narrators of The Great Gatsby and The Adventures of Huckleberry Finn develop morally as the relate the story that reflects each one's position in society.         Ã‚  Ã‚  Ã‚  Ã‚   The Great Gatsby, by Fitzgerald, is narrated by Nick Caraway.   Nick is a sophisticated observer of character, who starts out as an amoral person.   His character is a very peculiar one, because he is somewhat neutral though this whole st... ... The Great Gatsby. Ed. Ernest Lockridge. Englewood Cliffs: Prentice-Hall, Inc., 1968. 37-53. Crowley, Donald J., ed. One Hundred Years of Huckleberry Finn: The Boy, His Book, and American Culture. Columbia: U of Missouri, 1985. Fitzgerald, F. Scott. The Great Gatsby. London: Penguin Books, 1990. Harris, Susan K. "Huck Finn." Huck Finn. Ed. Harold Bloom. New York: Chelsea House Publishers. 1990. Johnson, Claudia Durst. Understanding Adventures of Huckleberry Finn: A Student Casebook to Issues, Sources, and Historical Documents. Westport, CT: Greenwood P, 1996. Poirier, Richard, Huck Finn and the Metaphors of Society. Twentieth Century Interpretations of Adventures of Huckleberry Finn. Simpson, Claude M., ed. Englewood Cliffs, NJ: Prentice Hall, 1968. Twain, Mark. Adventures of Huckleberry Finn. (1884) Secaucus: Castle, 1987.      

Comparig To Kill A Mocingbird And The Man Without A Face :: essays research papers

Courage is a valuable and rare attribute in people today. In Harper Lee's novel, To Kill a Mockingbird, courage is shown by a reclusive character named Arthur "Boo" Radley. In Mel Gibson's movie, The Man Without a Face, courage is shown by Justin McLoud. Due to the noble actions of others, one can discover the true meaning of courage. In To Kill A Mockingbird by Harper Lee, Arthur Radley is a person who has not left his house for many years. Because of this, the townspeople have made up many rumors about him, most of which are not true. These rumors added to him not wanting to come out in public. His neighbors, Jem and Scout Finch, are the only ones who try to communicate with him, and he gives them gifts. Arthur Radley shows courage later on in the book, when the two children are attacked by Bob Ewell. Arthur Radley, a person who lived inside for years, ran outside with a kitchen knife to save his only friends. He proceeds to help Jem home, and in doing so reveals himself to even more people. If Jem and Scout had not been friendly to him, Arthur Radley probably would not have come out of his home. In The Man Without A Face directed by Mel Gibson, a hideously scarred former teacher named Justin McLoud lives in solitude on a large estate, like Arthur Radley. Also like Arthur, Justin has not made contact with anyone for seven years. One day, a struggling student named Charles Norstad come to Justin's house to be tutored. Over the summer, the two become friends. Because of Charles, Justin has the courage to teach again, and tries to clear his name of charges made against him. Like Arthur Radley, the friendship of a child gave Justin courage. Like Justin and Arthur, a child younger than me gave me help dealing with a problem. My younger sister was listening to me tell my older brother about a person older than me who was bothering me and my friends. She turned to me and said, â€Å"Well, why don’t you tell him to stop bothering you or he will get in trouble? But you gotta make it sound scary!† So, I told this person that if he didn’t stop bothering me, he will get in trouble with my brother.

Keynesian Economics

Keynesian economics is the view that in the short run, especially during recessions, economic output is strongly influenced by aggregate demand . In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy; instead, it is influenced by a host of factors and sometimes behaves erratically, affecting production, employment, and inflation The theories forming the basis of Keynesian economics were first presented by the British economist John Maynard Keynes in his book, The General Theory of Employment, Interest and Money, published in 1936, during the Great Depression.Keynes contrasted his approach to the aggregate supply-focused ‘classical' economics that preceded his book. The interpretations of Keynes that followed are contentious and several schools of economic thought claim his legacy. Keynesian economists often argue that private sector decisions sometimes lead to inefficient macroeconomic outcomes which require active policy resp onses by the public sector, in particular, monetary policy actions by the central bank and fiscal policy actions by the government, in order to stabilize output over the business cycle.Keynesian economics advocates a mixed economy – predominantly private sector, but with a role for government intervention during recessions. Keynesian economics served as the standard economic model in the developed nations during the later part of the Great Depression, World War II, and the post-war economic expansion (1945–1973), though it lost some influence following the oil shock and resulting stagflation of the 1970s. The advent of the global financial crisis in 2008 has caused a resurgence in Keynesian thought. OverviewPrior to the publication of Keynes's General Theory, mainstream economic thought was that the economy existed in a state of general equilibrium, meaning that the economy naturally consumes whatever it produces because the needs of consumers are always greater than t he capacity of the economy to satisfy those needs. This perception is reflected in Say's Law and in the writing of David Ricardo which is that individuals produce so that they can either consume what they have manufactured or sell their output so that they can buy someone else's output.This perception rests upon the assumption that if a surplus of goods or services exists, they would naturally drop in price to the point where they would be consumed. Keynes's theory was significant because it overturned the mainstream thought of the time and brought about a greater awareness that problems such as unemployment are not a product of laziness, but the result of a structural inadequacy in the economic system. He argued that because there was no guarantee that the goods that individuals produce would be met with demand, unemployment was a natural consequence.He saw the economy as unable to maintain itself at full employment and believed that it was necessary for the government to step in a nd put under-utilised savings to work through government spending. Thus, according to Keynesian theory, some individually rational microeconomic-level actions such as not investing savings in the goods and services produced by the economy, if taken collectively by a large proportion of individuals and firms, can lead to outcomes wherein the economy operates below its potential output and growth rate.Prior to Keynes, a situation in which aggregate demand for goods and services did not meet supply was referred to by classical economists as a general glut, although there was disagreement among them as to whether a general glut was possible. Keynes argued that when a glut occurred, it was the over-reaction of producers and the laying off of workers that led to a fall in demand and perpetuated the problem. Keynesians therefore advocate an active stabilization policy to reduce the amplitude of the business cycle, which they rank among the most serious of economic problems.According to the theory, government spending can be used to increase aggregate demand, thus increasing economic activity, reducing unemployment and deflation. Theory Keynes argued that the solution to the Great Depression was to stimulate the economy (â€Å"inducement to invest†) through some combination of two approaches: 1. A reduction in interest rates (monetary policy), and 2. Government investment in infrastructure (fiscal policy). By reducing the interest rate at which the central bank lends money to commercial banks, the government sends a signal to commercial banks that they should do the same for their customers.Investment by government in infrastructure injects income into the economy by creating business opportunity, employment and demand and reversing the effects of the aforementioned imbalance. Governments source the funding for this expenditure by borrowing funds from the economy through the issue of government bonds, and because government spending exceeds the amount of tax in come that the government receives, this creates a fiscal deficit. A central conclusion of Keynesian economics is that, in some situations, no strong automatic mechanism moves output and employment towards full employment levels.This conclusion conflicts with economic approaches that assume a strong general tendency towards equilibrium. In the ‘neoclassical synthesis', which combines Keynesian macro concepts with a micro foundation, the conditions of general equilibrium allow for price adjustment to eventually achieve this goal. More broadly, Keynes saw his theory as a general theory, in which utilization of resources could be high or low, whereas previous economics focused on the particular case of full utilization.The new classical macroeconomics movement, which began in the late 1960s and early 1970s, criticized Keynesian theories, while New Keynesian economics has sought to base Keynes's ideas on more rigorous theoretical foundations. Some interpretations of Keynes have emp hasized his stress on the international coordination of Keynesian policies, the need for international economic institutions, and the ways in which economic forces could lead to war or could promote peace. Concept Wages and spending During the Great Depression, the classical theory attributed mass unemployment to high and rigid real wages.To Keynes, the determination of wages is more complicated. First, he argued that it is not real but nominal wages that are set in negotiations between employers and workers, as opposed to a barter relationship. Second, nominal wage cuts would be difficult to put into effect because of laws and wage contracts. Even classical economists admitted that these exist; unlike Keynes, they advocated abolishing minimum wages, unions, and long-term contracts, increasing labour market flexibility. However, to Keynes, people will resist nominal wage reductions, even without unions, until they see other wages falling and a general fall of prices.Keynes rejected the idea that cutting wages would cure recessions. He examined the explanations for this idea and found them all faulty. He also considered the most likely consequences of cutting wages in recessions, under various different circumstances. He concluded that such wage cutting would be more likely to make recessions worse rather than better. Further, if wages and prices were falling, people would start to expect them to fall. This could make the economy spiral downward as those who had money would simply wait as falling prices made it more valuable – rather than spending.As Irving Fisher argued in 1933, in his Debt-Deflation Theory of Great Depressions, deflation (falling prices) can make a depression deeper as falling prices and wages made pre-existing nominal debts more valuable in real terms. Excessive saving To Keynes, excessive saving, i. e. saving beyond planned investment, was a serious problem, encouraging recession or even depression. Excessive saving results if invest ment falls, perhaps due to falling consumer demand, over-investment in earlier years, or pessimistic business expectations, and if saving does not immediately fall in step, the economy would decline.The classical economists argued that interest rates would fall due to the excess supply of â€Å"loanable funds†. The first diagram, adapted from the only graph in The General Theory, shows this process. (For simplicity, other sources of the demand for or supply of funds are ignored here. ) Assume that fixed investment in capital goods falls from â€Å"old I† to â€Å"new I† (step a). Second (step b), the resulting excess of saving causes interest-rate cuts, abolishing the excess supply: so again we have saving (S) equal to investment. The interest-rate (i) fall prevents that of production and employment.Keynes had a complex argument against this laissez-faire response. The graph below summarizes his argument, assuming again that fixed investment falls (step A). Firs t, saving does not fall much as interest rates fall, since the income and substitution effectsof falling rates go in conflicting directions. Second, since planned fixed investment in plant and equipment is based mostly on long-term expectations of future profitability, that spending does not rise much as interest rates fall. So S and I are drawn as steep (inelastic) in the graph.Given the inelasticity of both demand and supply, a large interest-rate fall is needed to close the saving/investment gap. As drawn, this requires a negative interest rate at equilibrium (where the new I line would intersect the old S line). However, this negative interest rate is not necessary to Keynes's argument. Third, Keynes argued that saving and investment are not the main determinants of interest rates, especially in the short run. Instead, the supply of and the demand for the stock of money determine interest rates in the short run. (This is not drawn in the graph.)Neither changes quickly in respons e to excessive saving to allow fast interest-rate adjustment. Finally, Keynes suggested that, because of fear of capital losses on assets besides money, there may be a â€Å"liquidity trap† setting a floor under which interest rates cannot fall. While in this trap, interest rates are so low that any increase in money supply will cause bond-holders (fearing rises in interest rates and hence capital losses on their bonds) to sell their bonds to attain money (liquidity). In the diagram, the equilibrium suggested by the new I line and the old S line cannot be reached, so that excess saving persists.Some (such as Paul Krugman) see this latter kind of liquidity trap as prevailing in Japan in the 1990s. Most economists agree that nominal interest rates cannot fall below zero. However, some economists (particularly those from the Chicago school) reject the existence of a liquidity trap. Even if the liquidity trap does not exist, there is a fourth (perhaps most important) element to K eynes's critique. Saving involves not spending all of one's income. Thus, it means insufficient demand for business output, unless it is balanced by other sources of demand, such as fixed investment.Therefore, excessive saving corresponds to an unwanted accumulation of inventories, or what classical economists called a general glut. [ This pile-up of unsold goods and materials encourages businesses to decrease both production and employment. This in turn lowers people's incomes – and saving, causing a leftward shift in the S line in the diagram (step B). For Keynes, the fall in income did most of the job by ending excessive saving and allowing the loanable funds market to attain equilibrium. Instead of interest-rate adjustment solving the problem, a recession does so.Thus in the diagram, the interest-rate change is small. Whereas the classical economists assumed that the level of output and income was constant and given at any one time (except for short-lived deviations), Key nes saw this as the key variable that adjusted to equate saving and investment. Finally, a recession undermines the business incentive to engage in fixed investment. With falling incomes and demand for products, the desired demand for factories and equipment (not to mention housing) will fall. This accelerator effect would shift the I line to the left again, a change not shown in the diagram above.This recreates the problem of excessive saving and encourages the recession to continue. In sum, to Keynes there is interaction between excess supplies in different markets, as unemployment in labour markets encourages excessive saving – and vice-versa. Rather than prices adjusting to attain equilibrium, the main story is one of quantity adjustment allowing recessions and possible attainment of underemployment equilibrium. Active fiscal policy Classical economists have traditionally yearned for balanced government budgets.Keynesians, on the other hand, believe this would exacerbate the underlying problem: following either the expansionary policy or the contractionary policy would raise saving (broadly defined) and thus lower the demand for both products and labour. For example, Keynesians would advise tax cuts instead. [10] Keynes's ideas influenced Franklin D. Roosevelt's view that insufficient buying-power caused the Depression. During his presidency, Roosevelt adopted some aspects of Keynesian economics, especially after 1937, when, in the depths of the Depression, the United States suffered from recession yet again following fiscal contraction.But to many the true success of Keynesian policy can be seen at the onset of World War II, which provided a kick to the world economy, removed uncertainty, and forced the rebuilding of destroyed capital. Keynesian ideas became almost official in social-democratic Europe after the war and in the U. S. in the 1960s. Keynes developed a theory which suggested that active government policy could be effective in managing t he economy.Rather than seeing unbalanced government budgets as wrong, Keynes advocated what has been called countercyclical fiscal policies, that is, policies that acted against the tide of the business cycle: deficit spending when a nation's economy suffers from recessionor when recovery is long-delayed and unemployment is persistently high – and the suppression of inflation in boom times by either increasing taxes or cutting back on government outlays. He argued that governments should solve problems in the short run rather than waiting for market forces to do it in the long run, because, â€Å"in the long run, we are all dead.†This contrasted with the classical and neoclassical economic analysis of fiscal policy. Fiscal stimulus could actuate production. But, to these schools, there was no reason to believe that this stimulation would outrun the side-effects that â€Å"crowd out† private investment: first, it would increase the demand for labour and raise wag es, hurting profitability; Second, a government deficit increases the stock of government bonds, reducing their market price and encouraging high interest rates, making it more expensive for business to finance fixed investment.Thus, efforts to stimulate the economy would be self-defeating. The Keynesian response is that such fiscal policy is appropriate only when unemployment is persistently high, above the non-accelerating inflation rate of unemployment (NAIRU). In that case, crowding out is minimal. Further, private investment can be â€Å"crowded in†: Fiscal stimulus raises the market for business output, raising cash flow and profitability, spurring business optimism. To Keynes, this accelerator effect meant that government and business could be complements rather than substitutes in this situation.Second, as the stimulus occurs, gross domestic product rises, raising the amount of saving, helping to finance the increase in fixed investment. Finally, government outlays ne ed not always be wasteful: government investment in public goods that will not be provided by profit-seekers will encourage the private sector's growth. That is, government spending on such things as basic research, public health, education, and infrastructure could help the long-term growth of potential output. In Keynes's theory, there must be significant slack in the labour market before fiscal expansion is justified.Contrary to some critical characterizations of it, Keynesianism does not consist solely of deficit spending. Keynesianism recommends counter-cyclical policies. An example of a counter-cyclical policy is raising taxes to cool the economy and to prevent inflation when there is abundant demand-side growth, and engaging in deficit spending on labour-intensive infrastructure projects to stimulate employment and stabilize wages during economic downturns. Classical economics, on the other hand, argues that one should cut taxes when there are budget surpluses, and cut spendi ng – or, less likely, increase taxes – during economic downturns.Keynesian economists believe that adding to profits and incomes during boom cycles through tax cuts, and removing income and profits from the economy through cuts in spending during downturns, tends to exacerbate the negative effects of the business cycle. This effect is especially pronounced when the government controls a large fraction of the economy, as increased tax revenue may aid investment in state enterprises in downturns, and decreased state revenue and investment harm those enterprises. â€Å"Multiplier effect† and interest rates Main article: Spending multiplierTwo aspects of Keynes's model has implications for policy: First, there is the â€Å"Keynesian multiplier†, first developed by Richard F. Kahn in 1931. Exogenous increases in spending, such as an increase in government outlays, increases total spending by a multiple of that increase. A government could stimulate a great dea l of new production with a modest outlay if: 1. The people who receive this money then spend most on consumption goods and save the rest. 2. This extra spending allows businesses to hire more people and pay them, which in turn allows a further increase in consumer spending.This process continues. At each step, the increase in spending is smaller than in the previous step, so that the multiplier process tapers off and allows the attainment of an equilibrium. This story is modified and moderated if we move beyond a â€Å"closed economy† and bring in the role of taxation: The rise in imports and tax payments at each step reduces the amount of induced consumer spending and the size of the multiplier effect. Second, Keynes re-analyzed the effect of the interest rate on investment. In the classical model, the supply of funds (saving) determines the amount of fixed business investment.That is, under the classical model, since all savings are placed in banks, and all business investo rs in need of borrowed funds go to banks, the amount of savings determines the amount that is available to invest. Under Keynes's model, the amount of investment is determined independently by long-term profit expectations and, to a lesser extent, the interest rate. The latter opens the possibility of regulating the economy through money supply changes, via monetary policy. Under conditions such as the Great Depression, Keynes argued that this approach would be relatively ineffective compared to fiscal policy.But, during more â€Å"normal† times, monetary expansion can stimulate the economy. IS/LM model The IS/LM model is nearly as influential as Keynes's original analysis in determining actual policy and economics education. It relates aggregate demand and employment to three exogenousquantities, i. e. , the amount of money in circulation, the government budget, and the state of business expectations. This model was very popular with economists after World War II because it could be understood in terms of general equilibrium theory. This encouraged a much more static vision of macroeconomics than that described above.History Precursors Keynes's work was part of a long-running debate within economics over the existence and nature of general gluts. While a number of the policies Keynes advocated (the notable one being government deficit spending at times of low private investment or consumption) and the theoretical ideas he proposed (effective demand, the multiplier, the paradox of thrift) were advanced by various authors in the 19th and early 20th centuries, Keynes's unique contribution was to provide a general theory of these, which proved acceptable to the political and economic establishments.Schools See also: Underconsumption, Birmingham School (economics), and Stockholm school (economics) An intellectual precursor of Keynesian economics was underconsumption theory in classical economics, dating from such 19th-century economists as Thomas Malthus, t he Birmingham Schoolof Thomas Attwood, and the American economists William Trufant Foster and Waddill Catchings, who were influential in the 1920s and 1930s.Underconsumptionists were, like Keynes after them, concerned with failure of aggregate demand to attain potential output, calling this â€Å"under consumption† (focusing on the demand side), rather than â€Å"overproduction† (which would focus on the supply side), and advocating economic interventionism. Keynes specifically discussed under consumption (which he wrote â€Å"under-consumption†) in the General Theory, in Chapter 22, Section IV and Chapter 23, Section VII.Numerous concepts were developed earlier and independently of Keynes by the Stockholm school during the 1930s; these accomplishments were described in a 1937 article, published in response to the 1936 General Theory, sharing the Swedish discoveries. Concepts The multiplier dates to work in the 1890s by the Australian economist Alfred De Lissa, the Danish economist Julius Wulff, and the German American economist Nicholas Johannsen,[15] the latter being cited in a footnote of Keynes. [16] Nicholas Johannsen also proposed a theory of effective demand in the 1890s. The paradox of thrift was stated in 1892 by John M.Robertson in his The Fallacy of Savings, in earlier forms by mercantilist economists since the 16th century, and similar sentiments date to antiquity. [17][18] Today these ideas, regardless of provenance, are referred to in academia under the rubric of â€Å"Keynesian economics†, due to Keynes's role in consolidating, elaborating, and popularizing them. Keynes and the classicists Keynes sought to distinguish his theories from and oppose them to â€Å"classical economics,† by which he meant the economic theories of David Ricardo and his followers, including John Stuart Mill,Alfred Marshall, Francis Ysidro Edgeworth, and Arthur Cecil Pigou.A central tenet of the classical view, known as Say's law, state s that â€Å"supply creates its own demand. † Say's Law can be interpreted in two ways. First, the claim that the total value of output is equal to the sum of income earned in production is a result of a national income accounting identity, and is therefore indisputable. A second and stronger claim, however, that the â€Å"costs of output are always covered in the aggregate by the sale-proceeds resulting from demand† depends on how consumption and saving are linked to production and investment.In particular, Keynes argued that the second, strong form of Say's Law only holds if increases in individual savings exactly match an increase in aggregate investment. Keynes sought to develop a theory that would explain determinants of saving, consumption, investment and production. In that theory, the interaction of aggregate demand and aggregate supply determines the level of output and employment in the economy. Because of what he considered the failure of the â€Å"Classica l Theory† in the 1930s, Keynes firmly objects to its main theory – adjustments in prices would automatically make demand tend to the full employment level.Neo-classical theory supports that the two main costs that shift demand and supply are labour and money. Through the distribution of the monetary policy, demand and supply can be adjusted. If there were more labour than demand for it, wages would fall until hiring began again. If there were too much saving, and not enough consumption, then interest rates would fall until people either cut their savings rate or started borrowing. Postwar KeynesianismMain articles: Neo-Keynesian economics, New Keynesian economics, and Post-Keynesian economics Keynes's ideas became widely accepted after World War II, and until the early 1970s, Keynesian economics provided the main inspiration for economic policy makers in Western industrialized countries. Governments prepared high quality economic statistics on an ongoing basis and tried to base their policies on the Keynesian theory that had become the norm. In the early era of new liberalism and social democracy, most western capitalist countries enjoyed low, stable unemployment and modest inflation, an era called the Golden Age of Capitalism.In terms of policy, the twin tools of post-war Keynesian economics were fiscal policy and monetary policy. While these are credited to Keynes, others, such as economic historian David Colander, argue that they are, rather, due to the interpretation of Keynes by Abba Lerner in his theory of Functional Finance, and should instead be called â€Å"Lernerian† rather than â€Å"Keynesian†. Through the 1950s, moderate degrees of government demand leading industrial development, and use of fiscal and monetary counter-cyclical policies continued, and reached a peak in the â€Å"go go† 1960s, where it seemed to many Keynesians that prosperity was now permanent.In 1971, Republican US President Richard Nixon even pr oclaimed â€Å"I am now a Keynesian in economics. † However, with the oil shock of 1973, and the economic problems of the 1970s, modern liberal economics began to fall out of favor. During this time, many economies experienced high and rising unemployment, coupled with high and rising inflation, contradicting the Phillips curve's prediction. This stagflation meant that the simultaneous application of expansionary (anti-recession) and contractionary(anti-inflation) policies appeared to be necessary. This dilemma led to the end of the Keynesian near-consensus of the 1960s, and the rise throughout the 1970s of ideas based upon more classical analysis, including monetarism, supply-side economics, and new classical economics. At the same time, Keynesians began during the period to reorganize their thinking (some becoming associated with New Keynesian economics).One strategy, utilized also as a critique of the notably high unemployment and potentially disappointing GNP growth rates associated with the latter two theories by the mid-1980s, was to emphasize low unemployment and maximal economic growth at the cost of somewhat higher inflation (its consequences kept in check by indexing and other methods, and its overall rate kept lower and steadier by such potential policies as Martin Weitzman's share economy). [22] Multiple schools of economic thought that trace their legacy to Keynes currently exist, the notable ones being Neo-Keynesian economics, New Keynesian economics, and Post-Keynesian economics.Keynes's biographer Robert Skidelsky writes that the post-Keynesian school has remained closest to the spirit of Keynes's work in following his monetary theory and rejecting the neutrality of money. In the postwar era, Keynesian analysis was combined with neoclassical economics to produce what is generally termed the â€Å"neoclassical synthesis†, yielding Neo-Keynesian economics, which dominated mainstream macroeconomic thought. Though it was widely held t hat there was no strong automatic tendency to full employment, many believed that if government policy were used to ensure it, the economy would behave as neoclassical theory predicted.This post-war domination by Neo-Keynesian economics was broken during the stagflation of the 1970s. There was a lack of consensus among macroeconomists in the 1980s. However, the advent of New Keynesian economics in the 1990s, modified and provided microeconomic foundations for the neo-Keynesian theories. These modified models now dominate mainstream economics. Post-Keynesian economists, on the other hand, reject the neoclassical synthesis and, in general, neoclassical economics applied to the macroeconomy.Post-Keynesian economics is aheterodox school that holds that both Neo-Keynesian economics and New Keynesian economics are incorrect, and a misinterpretation of Keynes's ideas. The Post-Keynesian school encompasses a variety of perspectives, but has been far less influential than the other more main stream Keynesian schools. Relationship to other schools of economics The Keynesian schools of economics are situated alongside a number of other schools that have the same perspectives on what the economic issues are, but differ on what causes them and how to best resolve them: Stockholm SchoolThe Stockholm School rose to prominence at about the same time that Keynes published his General Theory and shared a common concern in business cycles and unemployment. The second generation of Swedish economists also advocated government intervention through spending during economic downturns although opinions are divided over whether they conceived the essence of Keynes's theory before he did. Monetarism There was debate between Monetarists and Keynesians in the 1960s over the role of government in stabilizing the economy.Both Monetarists and Keynesians are in agreement over the fact that issues such as business cycles, unemployment, inflation are caused by inadequate demand, and need to be addressed, but they had fundamentally different perspectives on the capacity of the economy to find its own equilibrium and as a consequence the degree of government intervention that is required to create equilibrium. Keynesians emphasized the use of discretionary fiscal policy and monetary policy, while monetarists argued the primacy of monetary policy, and that it should be rules-based The debate was largely resolved in the 1980s.Since then, economists have largely agreed that central banks should bear the primary responsibility for stabilizing the economy, and that monetary policy should largely follow the Taylor rule – which many economists credit with the Great Moderation. The Global Financial Crisis, however, has convinced many economists and governments of the need for fiscal interventions and highlighted the difficulty in stimulating economies through monetary policy alone during a liquidity trap. Criticisms Austrian School criticisms Austrian economist Friedrich Hay ek disagreed with some of Keynes' views.Journalist and Austrian publicist Henry Hazlitt, wrote a detailed criticism of Keynes's General Theory in The Failure of the New Economics. James M. Buchanan and Richard E. Wagner James M. Buchanan and Richard E. Wagner, writing Democracy in Deficit: The Political Legacy of Lord Keynes and â€Å"The Consequences of Mr. Keynes† with John Burton, criticize Keynesian economics. According to them, The implicit assumption underlying the Keynesian fiscal revolution was that economic policy would be made by wise men, acting without regard to political pressures or opportunities, and guided by disinterested economic technocrats.They insisted that the fundamental flaw of Keynesian economics was the unrealistic assumption about political, bureaucratic and electoral behavior. Some economists such as James Tobin and Robert Barro commented about the thesis. They replied these comments New Classical Macroeconomics criticisms Another influential schoo l of thought was based on the Lucas critique of Keynesian economics. This called for greater consistency with microeconomic theory and rationality, and in particular emphasized the idea of rational expectations.Lucas and others argued that Keynesian economics required remarkably foolish and short-sighted behavior from people, which totally contradicted the economic understanding of their behavior at a micro level. New classical economics introduced a set of macroeconomic theories that were based on optimising microeconomic behavior. These models have been developed into the Real Business Cycle Theory, which argues that business cycle fluctuations can to a large extent be accounted for by real (in contrast to nominal) shocks.Beginning in the late 1950s new classical macroeconomists began to disagree with the methodology employed by Keynes and his successors. Keynesians emphasized the dependence of consumption on disposable income and, also, of investment on current profits and curren t cash flow. In addition, Keynesians posited a Phillips curve that tied nominal wage inflation to unemployment rate. To support these theories, Keynesians typically traced the logical foundations of their model (using introspection) and supported their assumptions with statistical evidence.New classical theorists demanded that macroeconomics be grounded  on the same foundations as microeconomic theory, profit-maximizing firms and rational, utility-maximizing consumers The result of this shift in methodology produced several important divergences from Keynesian Macroeconomics 1. Independence of Consumption and current Income (life-cycle permanent income hypothesis) 2. Irrelevance of Current Profits to Investment (Modigliani-Miller theorem) 3. Long run independence of inflation and unemployment (natural rate of unemployment) 4. The inability of monetary policy to stabilize output (rational expectations) 5. Irrelevance of Taxes and Budget Deficits to Consumption (Ricardian Equivalenc e)

Database Technology Essay

Objectives of the course: †¢ This course aims to provide continuum to where the first course of databases left off. Design aspects of relational databases are covered. †¢ Complex data models like OO OR parallel and distributed are introduced. †¢ The course provides students a good overview of the ideas and the techniques, which are behind recent developments in the fields of data warehousing and Online Analytical Processing (OLAP). 1. Overview Review of relational database systems, ER diagram, SQL. 2. Integrity and Security Domain constraints; referential integrity, assertions; triggers; triggers and Assertions in SQL. Security and Authorization; Authorization in SQL. 3. Relational Database Design First Normal form; pitfalls in relational database design, functional dependencies; decomposition. Desirable properties of decomposition. Boyce – Code normal form; 3rd and 4th normal form. Mention of other normal forms. 4. The ER Model Revisited Motivation for complex data types, User Defined Abstract Data Types And Structured Types, Subclasses, Super classes, Inheritance, Specialization and Generalization, Relationship Types of Degree Higher Than Two. 5. Object-Oriented & Object relational databases Object Identity, Object Structure, and Type Constructors, Encapsulation of Operations, Methods, and Persistence, Type Hierarchies and Inheritance, Type extents and Queries, Database Design For An ORDBMS – Nested Relations and Collections; Storage And Access methods, Overview of SQL3. 6. Parallel and Distributed Databases Parallel Query Evaluation; Parallelizing Individual Operations, Sorting, Joins; Distributed Database Concepts, Data Fragmentation, Replication, and Allocation techniques for Distributed Database Design; Query Processing in Distributed Databases; Concurre ncy Control and Recovery in Distributed Databases. 7. Enhanced Data Models for Advanced Applications. (Overview and Design issues) Temporal Databases; Spatial Databases & Geographic Information Systems, Mobile Databases. 8. Data Warehousing and OLAP. a) Data Warehouse Basics: Data Warehouse (DW) Introduction & Overview; Data Marts, DW components; Data warehouse architecture; ETL Data Transformation – Extracting, Conditioning, cleansing, Scrubbing, Merging, etc., b) OLAP: Multi-dimensional modeling – Fact table, dimensions, measures, examples; Schema Design – Star and Snowflake; OLAP – OLAP Vs OLTP, ROLAP, MOLAP, HOLAP; tools. OLAP Operations – Rollup, Drill-down, Dice slice, pivot. Text Books: 1. Elmasri and Navathe, â€Å"Fundamentals of Database Systems†, Pearson Education 2. Raghu Ramakrishnan, Johannes Gerhke, â€Å"Database Management Systems† McGraw Hill 3. Kimball, Ralph; Reeves, Laura et al Data warehouse Lifecycle Toolkit: expert methods for designing, developing, and deploying data warehouses – Wiley publications. References: 1. Korth, Silberchatz, Sudarshan, â€Å"Database System Concepts† McGraw Hill 2. C.J.Date, Longman, â€Å"Introduction to Database Systems†, Pearson Education 3. Paulraj Ponnian, â€Å"Data Warehousing Fundamentals†, John Wiley. Term Work Term work shall consist of at least 10 assignments/programming assignments and one written test. Marks 1. Attendance (Theory and Practical) 05 Marks 2. Laboratory work (Experiments and Journal) 10 Marks 3. Test (at least one) 10 Marks The final certification and acceptance of TW ensures the satisfactory performance of laboratory Work and Minimum Passing in the term work. Suggested Experiment List 1. At least one or two review SQL assignments covering triggers, assertions and authorizations. 2. Object Oriented Queries 3. Case study assignments for OO and OR database. 4. Two mini projects in distributed and parallel databases. 5. Hands on any one good warehousing tool (Oracle/SQL server Analysis tool etc.) 6. A full fledged mini project in which a student will design and implement a data warehouse. The data warehouse must be populated and OLAP queries and operations to be demonstrated for the warehouse.