Volcano Probe Essay Example | Topics and Well Written Essays - 1000 words

Volcano Probe - Essay Example Pressure and temperature changes in a volcano leads to its structure and its overall behavior in regard to the period of formation to the eruption period. It is pressure and temperature that explains how a volcano is formed and how it erupts on to the earth surface in the long run (Beatty, 1998, p. 67). In general volcanoes normally occur in areas where tectonic plates diverge or converge or where the earth crust stretch or thin as in the case of African Rift Valley. Similarly, volcanoes can arise as a result of mantle plumes or hotspots which may occur far from the platonic plate's boundaries. Where volcanoes occur due to divergence of platonic plates, new oceanic crust is formed by hot molten lock or the magma which slowly cool and solidify. In essence, the crust is very thin at these ridges as a result of tectonic plates pull. Pressure resulting from the crust thinning gives rise to adiabatic expansion with a new oceanic crust forming as a result of partial melting of the mantle. In regard to converging platonic plates, the collision of a continental plate and an oceanic plate results into a subduction zone which by extension results into the submersion of the oceanic plate under the continental plate. The subducting layer releases water which lowers the temperature of the mantl e wedge above the result of which is magma creation. On the other hand, hotspots which are commonly located above mantle plumes where there is convection of the mantle of the earth results into a column of hot material that rises up to the earth crust. Plume temperature causes the crust to melt forming pipes useful in venting magma (Beatty, 1998, p. 98). Following the above discussion, designing a volcano probe would require one to properly analyse the factors and forces behind volcano formation. In essence, one would be required to put into consideration the thermal forces involved and it is at this point that knowledge of thermal physics becomes essential. In this case, one would be required to design a temperature and pressure measuring system that is compatible with changes in the two parameters and which can withstand huge changes for that matter. As such, one would be required to consider the materials with which the pressure and temperature measuring system is built from as some materials may not be able to withstand huge changes in these two parameters. For example, metals are known to melt under different temperatures with some melting at lower temperatures than the others. Still, some of these metals when exposed to high pressures react or behave differently from the others (A.I.P. 2000, p. 56). Any component designed to study the behavior of a volcano will have to put into consideration all the thermal physics aspects of pressure and temperature among other things. Such things include the permissible pressure range of the pressure sensor and the temperature range of the temperature sensor to be used in the measuring instrument. Equally important is the pressure and temperature range of the outer structure inhibiting the sensors. Moreover, the data collected by these sensors will need to be transmitted to a receiver through a transmitter.

Knowledge Management Essay Example | Topics and Well Written Essays - 500 words

Knowledge Management - Essay Example Coming to the skills and ethics that I have and the skills that are required for carrying out the research, it is clear that there is some amount of gap between my current skills and what is required. I have very good and promising plans for the research, but these ideas can come to fruition only if they follow the set path of academic data gathering and research and knowing how to write properly. I have to carefully follow ethics and maintain the required ethical behavior while conducting the research. The ethical behavior can be compromised in a number of factors such as bias, plagiarism, reuse of data, institutional review board, reviewing and reporting results. Bias can occur from actions of the researcher as well as the respondents. It is true that many of my colleagues would be ready to help me complete the research and I also would have sufficient organizational support. However, this should not lead to a situation where ethics are compromised. I should not wittingly or unwitt ingly attempt to goad and direct the research subjects to give responses that I want. In effect, the research should be clear, unbiased and be natural. It is also important that all instances of plagiarism be avoided and this extends to beyond citing sources used in the paper. Efforts should be taken to carefully avoid any previously published research and the research should be original in content, thoughts and spirit. Plagiarism can be avoided by paraphrasing; carefully rewriting the content but this is not observing the spirit.

Competition vs. monopoly Essay Example for Free

Competition vs. monopoly Essay 1. Analyze the fast food industry from the point of view of perfect competition. Include the concepts of elasticity, utility, costs, and market structure to explain the prices charged by fast food retailers. Firms within the fast food industry fall under the market structure of perfect competition. Market structure is a classification system for the key traits of a market. The characteristics of perfect competition include: large number of buyers and sellers, easy entry to and exit from the market, homogeneous products, and the firm is the price taker. Many fast food franchises fit all or most of these characteristics. Competition within the industry as well as market supply and demand conditions set the price of products sold. For example, when Wendys introduced its $. 99 value menu, several other companies implemented the same type of changes to their menu. The demand for items on Wendys value menu was so high because they were offering the same products as always, but at a discounted price. This change in market demand basically forced Wendys competition to lower prices of items on their menu, in order to maintain their share of the market. The previous example illustrates the elasticity of the fast food industry. Supply and demand set the equilibrium price for goods offered by franchises within the industry. Competitors of Wendys must accept the prices established by the consumer demand for the value menu. If consumers didnt respond so positively to Wendys changes, other firms wouldnt have had to adjust prices. On the flip side of this concept, there is no need for franchises to further reduce prices below the current levels. At the current prices, firms may sell as much product as they want, thereby maximizing profits. This industry has a very high utility value. Utility is a measure of satisfaction or pleasure that is obtained from consuming a good or service. If consumers feel as if they get a good meal, at a good price, then theyre satisfied. This customer satisfaction coupled with relatively low prices keeps the industry profitable. Another quality of perfect competition that may be overlooked, but is vital to this industry is the ease of entry into the market. Start-up franchises within this market structure can begin operating with relatively low initial investments (compared to other industries). This is not the case where monopolies are concerned. There are numerous barriers to entry into monopolistic market structures, capital being one of the most prominent barriers. If a new franchise an offer the consumer a quality product at a reduced price, then the chances of success are greatly increased. For example, Chanellos and Little Caesars offer discounted pizza prices, and maintain the same quality as other pizza chains. These companies spend less on advertising and more on the actual product. Thats a very important concept in this industry, because their quality product at this discounted price gives them a niche in the market. Once a company establishes a niche, they become more visible to the consumer, thereby creating more demand, which leads to greater revenue. 2. Analyze sports franchises from the point of view of a monopoly. Sports franchises fall within the market structure of monopolies. Most professional sports teams fit most or all of the characteristics of a monopoly. For each sport, there are a limited number of teams and new entries into the league are few and far between. Also, there are many barriers to entry into the market, including large initial capital investment, dominance by one or few firms, and other legal issues that must be considered. An investor would initially need cash for payroll of players, payroll for management, advertising, playing facility, and many other miscellaneous costs. The new franchise owner would need to be very wealthy and have the backing of other wealthy individuals just to purchase the franchise. Once a franchise eventually enters the market, they have the ability to set the prices for that particular market. Monopolies are price makers and the products offered are not sensitive to changes in the market. The demand curve of a monopoly is not elastic, as is such in a perfectly competitive market. The monopolistic demand curve is the same as the curve for the industry since there is only one firm within the industry. This allows the franchise owner to maximize profits by setting the price of tickets and concessions at an amount that creates the most revenue. Consumers will pay the price, if they want to attend a particular sporting event, no matter how outrageous the price. This price setting is allowable, because unlike perfect competition, there are no substitutes. Cities may have two or three teams of different types of sports (i. e. baseball, hockey, football), but few cities have more than one professional team of the same sport. Sports franchises, although theyre monopolies are not all bad. These teams bring million and millions of dollars in revenue to the city in which theyre located. First of all, jobs are created in the construction of the sports facility. Then there is revenue to the city from taxes, consumer spending at hotels and restaurants, tourist visits and numerous other avenues. Sports franchises are similar to the fast food industry in the respect that they also have a very high utility value. Fans are pleased when they witness a very competitive, hard fought sporting event, and they are willing to pay to do so. Just look at the price of Super Bowl or NBA finals tickets. Spectators pay hundreds and even thousands of dollars to witness these events year in and year out. As long as the teams are competitive and there are superstar players, consumers will continue to watch and attend events regardless of the price.

Challenges for Patient Care in Acute Wards

Challenges for Patient Care in Acute Wards It may seem a strange principle to enunciate as the very first requirement in a hospital that it should do the sick no harm Nightingale F (1863) With this statement in mind, identify the major problems for hospitalised patients in acute wards, in the twenty first century. For each problem identified discuss the role of nurses in maintaining the safety, health and well-being of patients. Introduction Hospitals of today are indeed a far cry from the hospitals of the era of Florence Nightingale in very many respects, but the guiding principles of aspiring to be a safe and healing haven for the sick clearly have not changed over the years. One of Nightingale’s major crusades was the constant battle against infection which was rife in the wards of her day. To that extent, her mantra continues with the problems that iatrogenic infections cause in today’s hospitals. It is worthy of note in passing, that Nightingale is credited with popularising the statistical analysis of problems. Her famous chart (Playfair 1847) that correlated the decimation of Napoleon’s army by disease as it advanced and then retreated from Moscow, was a milestone in the arguments that she was advancing in the dangers of potential of communicable diseases in crowded environments. The title of this essay refers to Florence Nightingale’s famous remark which implied that in her day there was a real possibility of hospitals â€Å"harming patients†. Her remark, albeit made to address a serious public health problem of the mid nineteenth century, has a resonance which is both deeper and more significant than would first appear on face value. Her comment is actually a paraphrase of a quote from Hippocrates some two millennia earlier in his exhortation to aspiring physicians, â€Å"If you are to become a physician, adopt the first rule that whatever else, you will do no harm†. (Carrick 2000) The significance of this is that even two thousand years after the principle was first enunciated, it was still recognised that healthcare professionals, whilst employing their best endeavours to cure patients, were still able to inflict significant morbidity and even mortality on their patients. The main thrust of this essay is to demonstrate that even with the passage of a further one hundred and fifty years, it is arguable that the same premise holds good today. It is undoubtedly true that the advances in medicine and technology generally have changed the perspectives and horizons far beyond those that Nightingale would have recognised, but this has done little more than to simply change the nature and type of problem that healthcare professionals have to deal with. Iatrogenic morbidity is still a significant fact of life in our modern healthcare practice. (Sugarman Sulmasy 2001) The original work by Semmelweis (at about the same time as Nightingale ) in the 1850s, (Semmelweis 1861) made major inroads into our knowledge of the transmission of pathogens around wards. This work was augmented by Lister and others with their work on asepsis and antisepsis. (Birte Twisselmann 2003). Over the intervening years this has been translated into Nursing practice on the wards by a multitude of protocols at both local and national levels. Simple hand washing between patient contact, is still regarded as one of the most expedient ways of reducing cross contamination between patients, but is sadly still frequently overlooked as both a nuisance and even a hindrance when in a clinical situation. Some of the more recent National guidelines are encapsulated in the Government White Paper â€Å"New Guidelines to cleaner hospitals† published in 2004. This has been augmented by a statement to the House of Commons by John Reid who has announced targets of cutting MRSA infection by 50% of current levels by 2008 (Reid 2004) One cannot work in the current healthcare setting and not be aware of the high profile that MRSA has attracted. Some may say that it’s profile is disproportionately large when compared to many of the other iatrogenic problems that would come under the umbrella of Nightingale’s original statement. The fact of the matter is that it is not only a matter of patient morbidity and mortality, but it is also a matter of economic sense as well. A recent study commissioned by the Department of Health (Public Accounts Committee 2000) concluded that Healthcare Associated Infections (HCAI’s) are currently running in excess of 8% of all acute hospital admissions in the UK. The economic cost is further expanded by the fact that a HCAI has the ability to delay discharge dates and thereby increase inpatient costs. The same study also concluded that â€Å"For the NHS in England this represents 3.6 million bed days lost, with a projected cost of  £1 billion a year.† and then went on to observe that â€Å"Implementation of all the measures suggested by the NPSA would release  £147 million and save about 450 lives once target compliance rates have been met.† We have commented on local initiatives and quote as an example the Epic project that has been run at local level throughout the country which seeks to apply evidence-based guidelines locally for the reduction of various healthcare associated infections. (Pratt et al 2001) When considering any significant healthcare issue, one should always reflect upon the evidence base that is available to assess one’s own position on the subject (Gibbs, G 1988). Publications in peer-reviewed journals are perhaps one major plank in this evidence base. One must always be alert to differentiate between the weight to be placed upon the evidence in this type of publication when compared to others such as Government pronouncements, bulletins and circulars, unless they are attributed – and most are not – and can therefore be verified. On the issue of patient cross contamination and handwashing we would commend the excellent tour de force by Boyce Pittet (2002) In current nursing practice we can see the modern consequences of many initiatives aimed at reducing the cross-patient spread of infection. The abundance of near-patient handwashing facilities (Donowitz 1997) and antiseptic soap dispensers (Graham 1990) is a testament to this fact as are the modern trend to single use equipment, dressings and aprons etc. The provision of such facilities are, by themselves, not totally effective as many studies have shown that there is an inherent resistance from some staff to measures as simple as handwashing (Teare 1999) and that additional measures such as poster campaigns and staff lectures produce only transient behaviour changes (Kretzer et al. 1998) Another area where there is the clear potential to do harm to patients is the whole area of patient identification. Patients in hospital have investigations and treatments that are potentially dangerous. One hopes that for each intervention a â€Å"balance sheet† has been drawn up, which weighs the potential hazards against the potential gains for each procedure. This is fine as long as the procedure is performed on the right patient. If the wrong patient is identified for the procedure then it can have disastrous implications. (Williamson et al.1999) To give a specific example. Let us consider the case of blood transfusion. This is a very common procedure in our hospitals with many thousands of units of blood being transfused on a daily basis. Despite stringent protocols and guidelines in one typical year there were 197 serious adverse incidents resulting from incorrect patient identification, this included 42 cases of major morbidity and two deaths. (Mayor 1999) To combat this specific problem (and to illustrate our argument) National guidelines for transfusion protocols have now been advised and should be implemented in all NHS hospitals: The patients identity should be verified by two members of staff together The identification should be carried out at the patients bedside The identity and quality of the blood pack and the prescription should be formally verified The patients identity should be confirmed verbally The patients identity band should be formally verified The patients blood pressure, pulse, and temperature should be taken before and at regular intervals during the transfusion (as detailed in the committees report) (Clarke et al. 2001). Many nurses reading this may think that this is already normal procedure and yet studies have shown that patient identification checks were carried out in only 63% of cases – 46% verbally and only 60% against their wrist bands. Even more worryingly, only 25% of transfusion cases had their vital signs recorded contemporaneously. (Clarke et al. 2001). Although we have used this particular situation to illustrate the possible ramifications of patient mis-identification (or simply poor practice), there are clearly countless other situations where patients are at risk. A typical ward nurse will know the majority of the patients on her ward. The majority of the medical and surgical healthcare professionals will not. (Savulesuc et al. 1998). It follows therefore, that the ward nurse is ideally placed to verify if the patient who is being dispatched to the anaesthetic room is the right one for the operation or appropriate procedure. In this respect the concept of patient advocacy falls heavily on the nurse. This argument can be broadened further. The majority of medical staff (by virtue of pressure of work and time), can only spend a short time discussing each case with each patient. The ward nurse will typically have longer to discuss wider issues with the patient and may therefore be able to elicit or discover relevant facts which have not been discovered of recorded by the medical staff. The nurse is therefore again ideally placed to act as an advocate for the patient to ensure that relevant facts are brought to the attention of those who need to know (Bryant 2005). An example might be that a patient had not discussed particular religious beliefs or points of view with the doctor which the nurse may subsequently become aware of. (Kuhse Singer 2001). Here then, is the thrust of Nightingale’s message. Hospitals are places that are (generally) full of healthcare professionals who are intent on providing a good professional service for their patients. In the pursuit of that aim they have to employ technologies, medicines and techniques that have the ability to cause harm. This harm can occur through chance, calculated risk or just bad luck, but equally it can occur through bad practice lack of communication or sloppy procedure. It is the latter that the nurse is ideally placed to counter. Professionalism demands that the nurse should speak up whenever such eventualities are discovered. In doing so they can often save accidents, unfortunate events or even disasters from occurring. If all members of the healthcare team follow the same mantra then Nightingale’s edict will become less relevant. (Veitch 2002) Having said that, it is not a situation where complacency can be allowed any room at all. The healthcare services are extremely complex organisations requiring the combined efforts of many thousands of individuals. The potential for mistakes is therefore enormous. One must always bear in mind that the nurse is generally familiar with the workings and procedures of the health service whereas the patient generally is not. The patient will typically accept on trust what he is asked to do and submit to, without the background knowledge of whether it is actually appropriate to his particular case. It is this basis that is often the scenario for avoidable incidents where harm is done to patients. The nurse must be constantly vigilant for the potential for mistakes in order to minimise the potential for harm coming to the patients in their charge. References Birte Twisselmann (2003) The Discovery of the Germ BMJ, Jul 2003; 327: 57. Boyce JM Pittet D. (2002) Guidelines for hand hygiene in Healthcare settings HMSO Oct 25 2002 / 51 (RR 16); 1-44 Bryant P 2005 None so naive as the well meaning BMJ, Jan 2005; 330: 263 Carrick P 2000 Medical Ethics in the Ancient World Georgetown University press 2000 ISBN: 0878408495 Clark P. Iain Rennie, and Sam Rawlinson 2001 Quality improvement report: Effect of a formal education programme on safety of transfusions BMJ, Nov 2001; 323: 1118 1120. Donowitz LG. (1997) Handwashing technique in a paediatric intensive care unit. Am J Dis Child 1997; 141:6835. Gibbs, G (1988) Learning by doing: A guide to Teaching and Learning methods EMU Oxford Brookes University, Oxford. 1988 Graham M. (1990) Frequency and duration of handwashing in an intensive care unit. Am J Infect Control 1990; 18:7780. Kretzer EK, Larson EL. (1998) Behavioural interventions to improve infection control practices. Am J Infect Control 1998; 26:24553. Kuhse Singer 2001 A companion to bioethics ISBN: 063123019X Pub Date 05 July 2001 Mayor S 1999 Review calls for improved patient identification systems for blood BMJ, Mar 1999; 318: 692. New guidelines to cleaner hospitals: 2004 NHS Directive; HMSO, Tuesday 7 December 2004 Playfair, William 1847 The Statistical Breviary, British Museum London, 1847 Pratt RJ, Pellowe C, Loveday HP, Robinson N, Smith GW and the epic guideline development team; Barrett S, Davey P, Loveday C, McDougall C, Mulhall A, Privett S, Smales C, Taylor L, Weller B and Wilcox M. (2001). The epic Project: Developing National Evidence-based Guidelines for preventing Healthcare Associated Infections, Phase 1: Guidelines for preventing Hospital-Acquired Infections. J Hospital Infection; 47 (suppl): S1-S82. Public Accounts Committee.2000 The management and control of hospital acquired infection in acute NHS Trusts in England (HC 306), HMSO: House of Commons 2000. ISBN 0102695008 Reid. Dr John, 2004 Sec. Of State for Health; Hansard: Dec 10th 2004 Savulescu J. , Rachel Marsden, Tony Hope, Michael Saunders, Ruth Carlyle, Pippa Gough, and George J Annas 1998 Ethical debate: Sex, drugs, and the invasion of privacy †¢ Respect for privacy and the case of Mr K †¢ Commentary: Hospital can never be home †¢ Commentary: Silence may be the best advocacy †¢ Commentary: Nurses should recognise patients rights to autonomy †¢ Commentary: Patients should have privacy as long as they do not harm themselves or others BMJ, Mar 1998; 316: 921 924. Semmelweis IP. (1861) Die aetiologie, der begriff und die prophylaxis des kindbettfiebers. Pest, Wien und Leipzig: CA Hartlebens Verlags-Expedition 1861. Sugarman J Sulmasy 2001 Methods in Medical Ethics Georgetown Univeristy Press 2001 ISBN: 0878408738 Teare L, (1999) Handwashing Liaison Group. Hand washing: a modest measurewith big effects. Br Med J 1999; 318:686. Veitch RM 2002 Cross-cultural perspectives in medical ethics Jones Bartlett 2002 ISBN: 0763713325 Williamson, S Lowe, E M Love, H Cohen, K Soldan, D B L McClelland, P Skacel, and J A J Barbara 1999 Serious hazards of transfusion (SHOT) initiative: analysis of the first two annual reports BMJ, Jul 1999; 319: 16 19. ************************************************************************************************ 31.8.05 PDG. Word Count 2,592

Air Pollution :: essays research papers

What is Air Pollution   Ã‚  Ã‚  Ã‚  Ã‚  Air Pollution contamination of the atmosphere by gaseous, liquid, or solid wastes that can endanger the health of human beings, plants, and animals, or that can damage materials, reduce visibility, or produce undesirable odors. Air Pollution Statistics   Ã‚  Ã‚  Ã‚  Ã‚  Every year, more than sixty-six million tons of poisonous gas is emptied into the air, twelve million tons of hydrocarbons1, six million tons of nitrogen oxides, one hundred fifty thousand tons of aldehydes2, and five hundred thousand tons of sulfur compunds. Approximately 80% of our air pollution comes from hydrocarbons released by vegetation. What Causes Air Pollution   Ã‚  Ã‚  Ã‚  Ã‚  Air pollution is caused by many things such as car fumes, burning of fossil fuels, furnaces. By letting all these gases release into the air, it makes it harder to breathe. Ozone can cause part of your lungs to close off and make it harder to breathe.   Ã‚  Ã‚  Ã‚  Ã‚  The tall smokestacks used by industries and utilities do not remove pollutants but simply boost them higher into the atmosphere. These pollutants may then be transported over great distances, causing adverse effects such as acid rain in areas far from the emission site. The worldwide increase in the burning of coal and oil since the late 1940s has led to increasing concentrations of carbon dioxide. The resulting greenhouse effect has reduced the escape of infrared radiation from the earth, causing a possible global warming trend. The Prevention of Air Pollution   Ã‚  Ã‚  Ã‚  Ã‚  To cut down on all the pollution being released into the air, we have removed the pollutant before materials are used, removed the pollutant after it is formed, or altered the process to lower pollutant levels produced.

Confucianism, Taoism and Buddhism Essay

The Chinese are the among the cultures to whose lives and philosophies are greatly influenced by their religion – Confucianism, Taoism and Buddhism. These three school of thoughts basically deal as to how the Chinese live in harmony, not only among themselves but with nature as well. Among the three schools of thought, Buddhism is the only one which did not originate in China. Hence, it differs with Confucianism and Taoism in as much as it deals with the human being alone and his suffering. Nonetheless, although it is different from Confucianism and Taoism, it is admittedly not in conflict with these two but rather it reinforces the concepts and tenets of the two schools of thought. Buddhism primarily believes in reincarnation (nirvana) and affirms the fact that life is â€Å"suffering† and that â€Å"desire and craving† are the causes of suffering. In order to attain happiness, one has to overcome his cravings and desires, hatred and complaints. Although Buddhism was not originally from China, it has nonetheless gained widespread popularity over the centuries. At the start, Buddhism and the Chinese native religions vastly varied. Buddhism reinforced reincarnation while the native Chinese believed in single life only. Secondly, Buddhism insists that in order to achieve the state of Nirvana, one has to give up or leave society and enter the celibate and homeless life of a monk or nun while the Chinese placed great emphasis on the family and its continuance of descendants. Furthermore, Buddhism does not believe in the existence of the soul compared to the native Chinese who believe in earthly and heavenly souls and lastly, while Buddhism reiterates the independence of the monastic community, native Chinese religions insist that all institutions whether religious or secular are under the government. Eventually though, Buddhism adjusted to Chinese society and vice versa. Hence, the Chinese came to believe in reincarnation and believed that their deceased relatives became ancestors. Because Buddhism propagated the belief of reincarnation and the Chinese came to believe in it, it was able to bring together the development of a series of ideas regarding heaven and eternal happiness and that they could be reborn into different levels. Hence, modern Chinese society used Buddhist temples as the centrepiece of worship and study. It also made Buddhists the key players in funerals by taking over the burial and remembrance of the deceased. Wealthy and affluent Chinese make sure to have Buddhist monks during funerals because their presence more or less became an assurance of a good rebirth. Moreover, a deceased’s name place in a spirit plaque inside the temple meant that he or she is part of the daily Buddhist prayer. Gleaning from the history of Buddhism, the religion took different paths. Originally, it was an individualistic religion wherein one is responsible for his own progress in the path to nirvana. Thus, it entails that the believer has to enter the monastery and become a monk, with the aim of abandoning their desires. This is done by not doing any work and was only supported through begging and donations from the community. But the Chinese found this path to be very difficult and soon â€Å"easier paths† took form. The Chinese are known for their excellent health and long life. This is also attributed to Buddhism. With the separation from the original form of Buddhism came the Tantric form of Buddhism which stresses the total involvement of the body, mind and speech in the search for enlightenment and nirvana. As the doctrine of the karma took hold and fabricated itself into Chinese society, out came new types of behaviour that can be attributed to the Buddhists. The Chinese began to practice seated meditation and make offerings to images. They also adapted the Buddhist rites of confession and consecration. While Buddhism mainly seeks to promote the belief of reincarnation and karma, it was also able to alter the world of the Chinese in terms of materials by introducing new objects, symbols and rituals. The practice of making donations to the Buddhist monks in order to ensure their good rebirth also became adapted. Hence, inspite of its belief that in order to achieve Nirvana, one has to abandon all worldly and material things, Buddhism today especially in Chinese society encourages donations even at such huge amounts to the extent that the donor fails no reluctance for giving such to a supposedly celibate and austere community all for the sake of ensuring good karma and Nirvana. There is one basis for this practice: the monks relied mainly on the donations of the community. Aside from donating for the monks’ clothing and food, donors are also encouraged to make material offerings to Buddha such as gold, topaz, silver and crystal. Devotees are also encouraged to make images of the Buddha. While the Chinese are known for their frugality, they nonetheless place great importance in the splendour of Buddhist practices and images or objects. As can be seen, the Chinese value images of the Buddha that are made of precious stones and metals. Unlike Christians who use wood or clays for their images and icons, Chinese Buddhists believe that Buddhist deities must be given such images as their expression of respect. In summary, although Buddhism maintained the belief and practice of austerity and celibacy in order to attain eternal happiness and enlightenment, Chinese society in practice contradicts the tenets of Buddhism. This may be attributed to the fact that Buddhism adapted the culture of the Chinese instead of the other way around. Therefore, even though monks promoted and practiced austerity, they nonetheless encouraged their believers to give material wealth to the monastic community as security for their â€Å"rebirth†.

Economic Analysis Essay

The enthusiasm, as well as the anxieties that is generated by the working of the economy of the United States is not just US economy generates is not just obvious but also easy to understand. The United States, with a GDP of 13. 2 trillion USD, and a population of 300 million (with an average yearly per capita income of more than 44,000 USD), is the largest economy of the world (CIA Factbook, 2008). Its currency, the US dollar, even in the throes of its greatest financial crisis, is the world’s preferred currency, and its markets the world’s biggest. In diversity and amount, the natural resources of the country are greater than those of most other countries. Many US industries are global leaders, and it remains the favorite marketing target for companies from across the world. With the US being the largest trading partner for numerous north and south countries, a large portion of the global economy relies upon US consumption for survival; significant changes in its pattern can lead to global euphoria or gloom. The performance of the US economy is influenced by an assortment of local and international factors. Distinguished by particularly low government control, a guiding principle that was first chosen by the founding fathers and followed painstakingly ever since (Oppenheimer, & Reddaway, 1989). Although the government stipulates regulations and ensures inviolability of contracts, most microeconomic decisions are taken by private firms and corporations. (Rowe & Silverstein, 1999) Governmental and Federal Reserve activities occur mainly through the modification of tax policies, changes in interest rates, and control of money supply; their endeavor being to push the economy in chosen directions rather than to compel it to take up preferred paths. (Oppenheimer, & Reddaway, 1989) The last two decades have been particularly turbulent for the economy, marked by sharp expansion, occasional slowdowns, and the occurrence, in 2008, of a slump of dimensions sharp enough to affect the economic fortunes of numerous nations and millions of people. This assignment aims to assess and analyze the performance of the economy from 1990 until the present day, taking up various economic developments, the reasons behind the same, and their local and global impact. Commentary Overview of 1990 to 2001 The economic performance of an extremely intricate and influential economy like that of the US relies upon various local and global developments like investments, agricultural, manufacturing and service activity, exports and imports, global and local commodity prices, currency strength, disposable incomes, and consumption patterns. It is also influenced by fiscal and monetary measures like changes in tax policies, interest rates on loans, and reserves of banks, as well as by ongoing developments like price rises, job levels, and induction of fresh participants into the work force. Whilst the United States is one of the leading exporters of coal, wheat, corn, and soybeans, its continuous and strong economic growth has increased its dependence upon other countries for oil and many other raw materials. In fact the country had become a leading consumer of practically every sort of raw material by the 1960s and growth continued to rise thereafter. The 1970s and the 1980s, the decades that preceded the 1990s, were difficult ones and were distinguished by slow economic growth and inflation. While the period was marked by the entry of Japanese industry onto the global stage, the oil price shocks, and the forced bailout of Chrysler, it also witnessed the emergence of the service industry and the numerous small businesses in the United States. Whilst the 1980s saw a reduction in inflation rates and the creation of millions of jobs, such developments were accompanied by drastic increases in military expenditure, Medicaid and Medicare costs, corporate debt and household borrowing (Julius, 2005). Thousands of banks failed because of a combination of reasons that included high inflation and interest rates, bad loans to developing nations and speculative real estate ventures. The total national debt reached a figure of 290 billion US dollars, the highest till then. The US economic recovery commenced in 1991 and continued for the rest of the decade; it was distinguished by a long period of constant growth and by strong performance in key economic indicators like growth, inflation, unemployment and interest rates. Real growth in GDP stayed at around 3 % for the whole period with a low of 2. 5 % and a high of 3. 9 % in 1998. Unemployment fell from a peak of 7. 5 % to 5. 6 % by the middle of the decade and to less than 5 % after 1997. â€Å"America’s labor force changed markedly during the 1990s. Continuing a long-term trend, the number of farmers declined. A small portion of workers had jobs in industry, while a much greater share worked in the service sector, in jobs ranging from store clerks to financial planners. If steel and shoes were no longer American manufacturing mainstays, computers and the software that make them run were. † (The 1990s and beyond, 2008) Inflation, which had reached dangerously high levels in the 1980s also moderated significantly and remained below 3 % for most of the decade. The only area that witnessed volatility was the stock market, with stock prices rising by more than 60 % in the closing years of the decade on the back of low unemployment and good growth figures. The Dow Jones Industrial Average, which had stood at around 1,000 in the late 1970s, went up to as much as 11,000 in 1999, adding substantially to the wealth of many Americans (Julius, 2005). Whilst Clinton, who occupied the Presidency from 1993 to 2000, declared the era of big business to be over in the United States, he worked to strengthen market forces in areas like long distance telephony, reduced the size of the federal work force and ensured the continuance of most of the New Deal innovations (The 1990s and beyond, 2008). The economy was also helped greatly by the collapse of the Soviet Union and the consequent enlargement of trading opportunities. Technological advances led to the introduction of a wide assortment of sophisticated new electronic products. Numerous innovations in telecommunications and computer networking led to the development of a vast IT industry and revolutionized the operating methods and ways of numerous industries. â€Å"After peaking at $290,000 million in 1992, the federal budget steadily shrank as economic growth increased tax revenues. In 1998, the government posted its first surplus in 30 years, although a huge debt — mainly in the form of promised future Social Security payments to the baby boomers – remained† (The 1990s and beyond, 2008) The Economy in the 21st Century Whilst such developments led a number of economists to believe that the United States was entering a period of sustained economic growth, economic growth came to a halt in the early 2000s. Much of this was due to the slowing down of the investment boom and the economy went into recession in the second half of 2001, cutting a ten year period of economic growth. Along with slowdowns in investment and the widespread crashing of dotcom organizations the economy was terribly hurt by the World Trade Center attacks worsened the economic situation. The recession was short lived and lasted for a period of 8 months and whilst the labor force continued to grow, its rate moderated significantly. Whilst the actual recession was short lived the following years were ones of slow growth. Growth in GDP, which was estimated at 2. 5 % in 2002 continued to be slow in 2003 and unemployment rose significantly in 2003 (Julius, 2005). Huge corporate scams, like the ones at Enron and WorldCom led to erosion of domestic confidence and the recovery process remained slow and sluggish. The downturn in the US economy, which had spurred global economic growth during the 1990s led to a worldwide economic downturn, not just in Europe but also in Japan, Latin America and Southeast Asia (Julius, 2005). Consumer spending increased only after the commencement of the war in Iraq and was accompanied by the improvement of most economic indicators. The movement of the economy in the 2000s can be broken up in three distinct sections, the recession of 2001 followed by sluggish growth in 2002 and 2003, sharp economic growth from 2004 to 2007 and financial crisis that enveloped the economy after the housing crash and the mortgage disaster of 2007 (The 1990s and beyond, 2008). The years following 2003 witnessed a recovery powered by consumer spending as the Federal Reserve lowered interest rates and the government reduced taxes. The economy grew at an average annual rate of 3. 1 % during this period, a rate not much lower than that achieved during the growth phase of the 1990s. The economy was also bolstered by a USD 500 billion spending on homeland security and the wars in Afghanistan and Iraq, a jump of 4 trillion USD in household debt and a 50 % increase in prices of real estate (The 1990s and beyond, 2008). With the Fed engineering finance at low interest rates, consumer debt, credit card, and vehicle loans went up from 7. 9 trillion USD to 12. 2 trillion USD, and US consumers went on a spending spree that had no precedent. Inflation was fuelled not just by increasing demand but by sharp increases in oil prices, which went up from 28 dollars a barrel in 2001 to the mid 60s in 2006 and finally to USD 148 a barrel in 2007 before the current crisis brought it crashing down. â€Å"The rise in GDP in 2004-07 was undergirded by substantial gains in labor productivity. Hurricane Katrina caused extensive damage in the Gulf Coast region in August 2005, but had a small impact on overall GDP growth for the year. Soaring oil prices in 2005-2007 threatened inflation and unemployment, yet the economy continued to grow through year-end 2007. † (CIA Fact Book, 2008) Tragedy struck the US and global economy in 2007 in the form of the mortgage crisis when economists were predicting a boom the likes of which the world had never seen before. The majority of the problems impacting the US economy have come about because of the development of housing crisis. Whilst housing and construction activities had grown sharply since 2004, they slackened significantly in 2006 after successive interest rate increases by the Federal Reserve made monthly housing loan repayments substantially more costly for home mortgage holders. With loans having become far more expensive to service, the housing industry went into a slump in 2006 with far lesser home sales on a Year on Year basis. The continuation of this phenomenon into 2007 led to a sharp economic slowdown and was in many ways responsible for the precipitation of the mortgage crisis. The sub prime mortgage financial crisis in the USA first evidenced itself in 2006, and assumed global proportions in mid 2007. With a combination of a number of economic causes like increased monthly repayment figures and declining home values restricting the inability of mortgage holders to meet their repayment terms, mortgage lenders, who until the had ridden the wave of real estate expansion, were hit with huge cash deficits and the inadequate securities to make good their losses (Bernanke, 2007). The emergence of the sub prime crisis led to the opening of a virtual Pandora’s Box of wrong and risky banking practices, and the financial bankruptcy and mortgage foreclosures of thousands of borrowers. It also led to the bankruptcy of huge financial institutions like Lehman Brothers, the virtual collapse of a monolith like Citibank, the collapse of stock markets, the extinction of stock market fortunes of thousands of Americans and finally to a tremendous crunch in availability of funds and credit. Apart from creating havoc among financial institutions the crisis has also led to tremendous slowing down of economic activity, the loss of thousands of jobs, increasing unemployment, contraction of GDP and enormous economic uncertainty. The sub-prime crisis has put a huge doubt over broader economic functioning by choking spending and by impacting the progress of the building sector. Whilst most impartial observers are likely to attribute the sub prime crisis to the greed of borrowers and lenders, the lax policies of regulatory authorities is seen by many to be a major contributory factor for the development of this crisis. Laxity in the activity of the Federal reserve, which reduced interest rates in 2001 and kept them low for five years, is considered to be a major reason for the reckless borrowing and lending practices that finally led to the sub prime crisis. The collapse of major banks and financial institutions has led to the development of an enormous credit crunch, with banks unable to lend money to businesses and to individuals. â€Å"So far this year, 15 banks have failed, compared with three last year. And Wall Street’s five biggest investment firms were swallowed by other companies, filed bankruptcy or converted themselves into commercial banks to weather the financial storm† (Bush: Bailout Plan †¦, 2008). With losses not being confined just to mortgage lenders, many banks lost billions of dollars in the bad mortgage debts that they had bought from mortgage companies. This in turn led to sharp reduction in the money available with them and made them unable to engage in any further lending activity. Businesses across a wide spectrum of industry and service sectors find it difficult to obtain funds for operations and growth, a phenomenon that is seriously affecting their regular working, and leading to contraction of business activity, reduction in production and sales, and to reduction of workforce. Thousands of people have been laid off in the banking sector and job losses are now increasing across the spectrum of business companies, not just in the United States but across the world. Reduced employment figures, accompanied by lesser money availability with people who are fortunate enough to hold their jobs, is also leading to sharp drops in demand for a range of products, including automobiles and household goods, and leading to crisis conditions in various sectors of the economy. The US automobile industry, which has been going through a bad patch for the last few years, has been particularly badly hit, with mostly all companies announcing production cuts and job terminations. Conclusion The duration and severity of the current financial crisis has led many analysts to compare it with the events of the Great Depression, when 9,000 banks failed. Others however feel that while the current crisis is undoubtedly severe it is far away from reaching the levels of economic grief that characterized the depression of the 1930s. Contracting money supply, tax increases, and protectionist tariffs, factors that were associated with the Great Depression are not present today. Unemployment levels, while rising today are also far below the levels of 25 % that were breached in the 1930s. Today’s problem remains associated with the crisis of banking solvency, as is evident from the bankruptcies, forced takeovers and virtual nationalization of large private sector banks. Banks are desperate to first balance their banks and are looking for funds to stay afloat and manage their existing obligations rather than in providing fresh credit. The government of the United States has come out with a bailout plan that was first estimated at 700 billion US dollars and has now come up to nearly a trillion dollars, a figure equal to the GDP of many prosperous West European economies. The bailout plan envisages the provisioning of hundreds of billions of dollars that the treasury can use to for the purchase of distressed assets, particularly mortgage backed securities and for making capital injections into banks. The purpose of the bailout plan is to protect banks, stabilize the economy, improve liquidity, restore confidence in financial markets, and encourage consumption. The Federal Reserve has in recent weeks joined with other major central banks to reduce interest rates and the world’s top economic powers are getting together to take concerted action. Such efforts are yet to show significant results and stock markets continue to remain depressed. â€Å"Slowing consumer demand, labor productivity and, potentially, trade growth worsens the prospects of a mild recession. If the bailout does not soon restore financial stability-and many economists doubt that it will-bailing out the broader economy will require additional public funds and increase burdens on future taxpayers† (Gokhale, 2008) Economists also estimate unemployment to increase to hit 7. 5 % by next year and most are in agreement that while the current crisis may not prove to be as severe as the great depression, economic recovery does not appear to be immediately visible and that the economy will remain difficult even if financial markets were to stabilize. In the meanwhile Americans will most probably have to live with shrinking salaries and reducing net worth at least for 2009.