Interest in Rainwater Essay Example for Free

Interest in Rainwater Essay The article entitled â€Å"Interest in Rainwater Harvesting Grows in Colorado† written by Paul Day was about a proposal of Brad Lancaster, a rainwater virtuoso and initiator. His entire idea according to the news was that he wanted to use the rainwater for needs of the people and environment just like in Arizona and New Mexico. But the Executive Director of Colorado Waterwise, Paul Lander, prohibited his willingness to pursue this project because according to him it might result in breaking the rights of the people to that water. Lancaster insisted and he even showed two concrete project proposals for this. First, it would legalize the conception in countrysides that were not served by municipal water supplies. Lastly, it would instruct for conducting projects to study whether rainwater harvesting can be used without harming water rights. It interests me a lot because if we’re going to use the water from the sky in some ways, we can get lot of benefits out of it. I consider this as a biological issue because it discusses the precipitation process. This is very important because this is an exact example of learning how to utilize the nature for our advantage. The steps of scientific process: a. The usage of the rainwater purposefully though Colorado water law forbids it? b. Other places like Arizona and New Mexico can do it, why can’t we. c. They show the proposals using diagrams of storage tanks for collecting rainwater that runs off the rooftops home homes and businesses. d. The people who witness the presentation of the project agree that we can get a lot out of it. Scientific Terms: rainwater – water that comes form the sky project proposals – the entire flow or plan of the project and the things that they wanted to do precipitation process – the continuous cycle of water â€Å"Does Diabetes Make the Mind Go to Pieces† written by Mary Brophy Marcus is the second article. It imparted us about the risk of having Alzheimer’s disease and the effects of it are as follows: a. more prone to cognitive decline b. the mind’s ability to evaluate problems and the speed of processing information might suffer because of high rate of insulin or abnormal blood glucose. The experimentation by the researchers from the University of Alberta in Canada verified the people with diabetes and non diabetic were prone to mental decline according to the American Psychological Associations January issue of Neuropsychology but the executive function – complex, analytical thinking and speed processing were directed to the diabetic ones. In the journal Neuron published in December found out that if the brain didn’t get enough sugar it produced Alzheimer’s plaques but improving the brain’s blood flow might prevent or cured Alzheimer’s according to Robert Vassar, a professor of cell and molecular biology at Northwestern Universitys Feinberg School of Medicine and he recommended that doing some exercise, minimizing cholesterol intake and taking care of the hypertension could help a lot. On the contrary, according to Nir Barzilai, director of the Institute for Aging Research at Albert Einstein College of Medicine in New York that insulin worked in the nerves that went to the liver and it declared stoppage glucose production and healed diabetes but not in the blood. I found it fascinating because it conveyed awareness on how to take good care of our body. I considered this biological issue because it dealt with the health of an individual. The steps of the scientific process: a: Treating Alzheimer’s disease? b. the insulin is a great help c. they observe people with diabetes and non – diabetic individuals d. proper maintenance of insulin/glucose in our body and the habitual exercise and taking care of the body will prevent diseases. Scientific Terms: glucose – a crystalline sugar insulin – secreted by islets of Langerhans for carbohydrate’s metabolism and glucose regulation in the blood and produced diabetes mellitus when insufficient. Alzheimer’s disease progressive memory loss, impaired thinking, and changes in mood. The last article entitled â€Å"The Big Green Giveaway† by Tony Milney wanted to share about Mr. Miliband’s willingess to save the planet and our benefit out of it. The objective of putting up the household carbon emissions close to zero by 2050, the government decided to plan an environmental makeover. Establishing ground or air-source heat pumps, solar heating, solid wall insulation, or to join a community heating scheme are the suggested ways to lessen the average ? 300 a year of the wasted energy that needed an action or prevention. Based from the principles of this proposal, all the privileges were given to the homeowners to be able to fulfill the energy saving measures in our home. Not only this, but also the 90,000 solar water-heating systems in Britain. Another offer was the installation wind turbines, wood-pellet stoves, ground-source heat pumps and other eco kit by the Energy Saving Trust. And it even mentioned here the different gadgets used to save energy at home. This article caught my attention because it gave us information and ideas on how to save energy and at the same having advantage of it. I considered this as a biological issue because it discussed the environment that we had and the energy that we consumed. It is important because it helped the people saved energy without damaging the ecosystem. The steps of the scientific process: a. How can we avoid wasted energy? b. the misused of the energy and environment can cause this kind of problem c. they mentioned the different ways on how to save energy and the invented gadgets that could be of great help to the people d. there will be no wasted energy if the people would learn how to save energy wisely. Scientific Terms: energy dynamic exertion of power carbon a nonmetallic primarily tetravalent element found native gadgets an often small automatic or electronic device with a sensible use but often thought of as a novelty. Works Cited Day, Paul. â€Å"Interest in Rainwater Harvesting Grows in Colorado. † CBS4Denver. com (Feb 12, 2009): http://cbs4denver. com/local/Rainwater. Harvesting. illegal. 2. 934360. html Marcus, Mary Brophy. â€Å"Does Diabetes Make the Mind Go to Pieces? † USA TODAY (Jan. 28, 2009): http://www. usatoday. com/news/health/2009-01-28-diabetes-alzheimers_n. htm Milne, Tony â€Å"The Big Green Giveaway. † The Sunday Times (February 15, 2009): http://www. timesonline. co. uk/tol/news/environment/article5732920. ece

A View from the Bridge Essay Example for Free

A View from the Bridge Essay Explore how Miller creates dramatic tension at the end of act one. Comment on this scenes importance to the play overall. A View from the Bridge by Arthur Miller explores the complicated lives and relationships between a family living in the slums of New York. This particular play is set in a slum called Red Hook which is strongly patriarchal, and where there is a large Sicilian, volatile community where many homes harbour illegal immigrants and the fear of their discovery is high. Within this society, tensions are high because of fear that they would be found hiding illegal immigrants in their home, which is what a lot of the anxiety in the play is based on. Alfieri tells us, the audience, about the importance of justice and how justice is often administrated outside rather than inside the law. This generates fear as we anticipate that people within the society will not necessarily abide by the law. Miller creates tension at the very beginning of the play by demonstrating the fact that the area is prone to violent attacks, we hear of the Vinny Bolzano incident on page 23 in which Vinny snitched to immigration that they were hiding illegal family members in their home. Beatrice describes how three flights his head was bouncin like a coconut after his brothers and father threw him out the house and on to the street. Before the play even starts, we can tell that Miller will aim to sustain a tense atmosphere throughout the play from the way Alfieri says: and watched it run its bloody course. The end of this act centres on Eddie Carbone and his family (Beatrice and Catherine) who are joined by Rodolpho and Marco (illegal immigrants), sitting together after a meal. The story so far has introduced tensions which are later developed and twisted into a devastating conclusion. We have already met Eddie Carbone the tragic protagonist of the play. He is constantly self-interested, wanting to promote and protect his own innocence. We are made aware at the beginning of the play of Eddies protection over Catherine, his niece. He says to her youre walkin wavy, and I dont like the looks theyre giving you in the candy store. This is a clear demonstration of the fact that maybe he feels a little more for her than family love, an issue which becomes inflamed when Rodolpho is introduced to the story. The relationship between Catherine and Eddie shows conflict, which effectively leads to and causes dramatic tension. Eddies possessive and protective nature is channeled through Catherine, and initially an audience may perceive this to be an effect of the male-dominated society in which they live in. This explains why he is so cynical and nervous as well as angry when Rodolpho is asked to dance by Catherine. Tensions have appears to have formed with Catherine. Eddie is becoming increasingly jealous and aggravated by this which is shown before this scene has even started from the way he says to Beatrice, the guy aint right. When Catherine asks Rodolpho to dance, he is immediately reluctant in deference to Eddie who, as it says in the stage directions, freezes, and Rodolpho claims I-Im tired. Tensions have already risen within the past few pages between Marco and Rodolpho and Eddie after arguing about whether they paint oranges and lemons, which leads the audience to believe that Marco and Rodolphos joint defiance against Eddies behaviour will become more of an issue later in the play. Rodolphos initial hesitation to dance with Catherine shows his determination not to annoy Eddie any further, however, Catherine is insistent. Eddie reacts by questioning Rodolphos masculinity, which adds to tensions because in the area where the play is set, masculinity and dominance over others is very significant. Eddies speech Its wonderful. He sings, he cooks, he could make dresses shows that he is clearly trying to mock Rodolpho. He obviously feels as though his dominance in his house is being threatened by him, therefore creating tension. Miller uses powerful symbolism in his writing to portray Eddies character and express his emotions to the audience. We are made aware of Eddies disapproval and anger of the situation, and Miller writes stage directions to express this. For example, Eddie seems to retreat to his rocker when he feels uncomfortable and wants to remove himself from the situation. This is his place, and as a male, he is very protective over his space and it belongs to him and only him. His newspaper is also symbolic. He uses it as his way of hiding away, for example, when the stage directions say Eddie goes to his rocker and picks up his newspaper after being told about Marco and Rodolpho having been to Africa. He later lowers his paper, indicating that he has chosen to engage in the situation. This is another example of his desire to keep himself to himself, which effectively communicates unease to the audience. The use of the pause is also significant in the build-up of dramatic tension. For example, when Eddie has just insulted Rodolpho, there is a silence: Eddie Well, thats all Im asking. Eddie reads his paper. There is a pause, leading to an awkward atmosphere. Now Catherine gets up and puts a record on the phonograph This is an uncomfortable moment of tension. Catherine breaks the silence by putting on Paper Doll, but it creates more tension by increasing the friction between Catherine, Rodolpho and Eddie. Catherine also uses it as a way of provoking Eddie by asking Rodolpho to dance. This scene is a complete contrast to earlier on in the play where Miller showed Catherine to be obedient and respectful towards Eddie. This sudden change in Catherines behaviour is partly due to the conversation earlier on in the play with Beatrice about how Catherine needs to become more independent from Eddie. Miller also uses dramatic devices to create tension such as violence when Rodolpho boxes with Eddie at the end of act one. When the stage directions say, rubbing his fists together, it shows that Eddie is trying to release his anger and frustration on Rodolpho for interfering with Catherine and his relationship with her. This creates tension as they boxing at each other. Soon after, when Marco challenges Eddie and says Can you lift this chair? and he cannot, Marco then does it and holds the chair high above his head, whilst glaring at Eddie. This threatening pose creates very visual tension for the audience, as Marco has upstaged Eddie and robbed him of his male dominance in his own home. When the end of act one arrives and the play has an interval, the audience are left on the edge of the their seats and feel anxious to know the outcome of the events they have just witnessed. The tension build-up up until this point leaves the audience at a great ease, because the play so far has left questions unanswered and problems unsolved, meaning that the audience are spending the interval relating to the characters discomfort in the play. This scene in particular is significant to the climax of the play because it sets up Eddies destiny to fail and lose his self-control. The events that happen at the end of this scene could be described as the beginning of the end, as it is this moment that effectively leads into and foreshadows the escalation of tension and drama right to the end of the play. Eddies frustration at the situation of Catherine and Rodolphos increasingly passionate relationship lead him into his feud with Marco, which in the end is what kills him. Eddie sets himself up for his own downfall, and this is the scene where it all escalates from.

Importance of Infrastructure Investment in the UK

Importance of Infrastructure Investment in the UK Acknowledgements In 1999, I completed the 1st year of the full-time Quantity Surveying course at Glasgow Caledonian University before moving to America in 2001. After a five-year stay, I returned to Glasgow in September 2006 and re-enrolled in the Part-time Quantity Surveying course. Ten years on from the first experience of the QS course, it gives me great pleasure and pride to be submitting one of the last pieces of work in the honours year. It has been an amazing and unexpected journey. I would not be in this position if it were not for the incredible levels of support and encouragement shown by so many and would like to take this opportunity to acknowledge some of these people. First, I would like to thank Raymond McCafferty Michael Heggarty of Cruden Building Renewals for employing me and giving me this opportunity. Their continued support and encouragement throughout this process has given me the focus and drive to continually improve my work. My colleagues at Cruden also deserve a special mention for their support during the dissertation and without the laughs during the day; this process would have been so much more difficult. Thanks guys!!! I would also like to thank Halbert Mills at Glasgow Caledonian University for accepting me back into the course and believing that I had the potential to get to this stage. During the course of this dissertation, I had some challenging times when I felt like I did not know how to develop my chosen topic. I would like to give my sincere thanks to my supervisor, Dr. John Lowe, for his inspirational input when I had these difficulties. Unfortunately, I cannot name everyone but I want to thank all my friends and family who without their support I would never have completed this piece of work. Mum, Dad, Gran, thank you so much for everything. Finally, the love and support shown by my Wife, Brooke, during this process has been a major source of inspiration. We will both be glad when the late night studying and completing of projects is finally over. Peter McLellan 1. Chapter 1 Introduction 1.1 Rationale for the Study Infrastructure forms the economic backbone of the UK. It is the fabric that defines us as a modern industrialised nation. The standard and resilience of infrastructure in the UK has a direct relationship to the growth and competitiveness of our economy. (Skinner, 2010) For the UK to retain its competitive edge, a longer-term view of investment in infrastructure must lead policy making. (Stewart, 2009) This dissertation offers an opportunity to explore and research a highly topical issue. The United Kingdom finds itself still in the midst of one of the worst economic downturns in recent memory and in a period of fiscal consolidation. As a result of this depressed economic situation, difficult decisions have had to be made by all sectors within the UK to work together to drive the country out of the recession. The recent edition of the Economic and fiscal Strategy Report and Financial Statement and budget by the Chancellor of the Exchequer, highlights the importance of implementing measures that will promote sustainable growth. Despite modest growths to GDP of 0.4 per cent in the final quarter in 2009 (NSO, 2010), the general consensus is that the United Kingdom is in the early stages of recovery. The 2010 budget, called Securing the recovery, outlines ways in which it aims to support this vision. One of these policies, is to invest in infrastructure, including additional funding for transport and local roads and creating a Green Investment bank. (UK Budget, 2010) Also, the Eddington Report, published on 1 Dec 2006, was a study jointly commissioned by the Secretary of State for Transport and the Chancellor of the Exchequer. Its role was to analyse the long-term relationships, within the boundaries of the Governments wider commitment to sustainable development, between transport and the UKs growth, stability and economic productivity. The findings of this study will be discussed and compared to the investment required to meet the future demands of the UK. Furthermore, in a recent study carried out by the British Chambers of Commerce (BCC), it revealed that inadequate energy, transport, and communications infrastructure continues to reduce the opportunity for UK businesses to grow. It also outlines that during this period when businesses play a vital role in the recovery of the economy, productivity is being affected as a result of lack of capacity, thus restricting the UKs economic potential. (BCC survey, 2010) In response to the survey carried out in 2010, David Frost, the Director general of the BCC stated the following: A countrys infrastructure is crucial to the success of its businesses. In the current environment of economic uncertainty and public spending constraints, our energy, digital, and transport networks must be up to the job if business is to deliver growth and create employment. The intriguing situation that the UK Government now face is deciding the best way to stimulate economic growth without increasing the deficit. One of the issues with increasing deficits is the Government will have to borrow to service the debt. As a result of the world-banking crisis over the last few years, there is reluctance to increase the UK debt further and therefore this might have an impact on infrastructure investment in this country. This dissertation provides an opportunity to research the level of infrastructure required in the UK and review the part it plays to the long-term sustainable growth of the UK economy. Furthermore, in doing so, the author intends to see if further investment in Infrastructure works is viable in the current economic climate. 1.2 Aim The aim of this dissertation is to assess the importance of infrastructure investment in the United Kingdom and how this impacts on the long-term sustainable growth of the UK Economy given the current economic constraints. 1.3 Objectives To review Fiscal and Monetary policy theories available to the UK Government. To review the current and future demands for infrastructure works in the UK. To understand the level of importance of infrastructure work investment to the UK economy. To understand the roles, responsibilities and options available to public and private bodies in raising capital to invest in infrastructure works in the UK. To highlight the economic and social benefits gained as a result of increased investment in chosen infrastructure sectors by utilising hypothetical cost model projections. 1.4 Outline Methodology of the Research 1.5 Dissertation Contents Chapter 2 Provides an extensive Literature review on the topic area. The author will provide a general overview of economic theory, introduction to infrastructure, and a review of the relevant studies published worldwide that reveal intellectual thoughts on infrastructure investment impact on the economy. This will be carried out in the way of both descriptive and an analytical approach to all the appropriate literature sourced to aid in this dissertation. Naoum (2007) states It is descriptive in that it describes the work of previous writers and it is analytical in that it critically analyses the contribution of others with a view of identifying similarities and contradictions made by previous writers. According to Naoum (2007), the literature review will serve two purposes. First, it allows for gathering of information to allow development of issues and themes within the chosen topic that ultimately shape the research design. Second, the literature review will help form the basis of the research design by analysing previous research designs. Chapter 3 Chapter 3 introduces the reader to the numerous research techniques available to the author and will highlight the strengths and weaknesses of each and merits of each approach, before indicating the chosen methods of quantitative analysis technique Chapter 3 examines the various research techniques that were available to the author and describes the strengths and weaknesses of each of the approaches in respect to the available data. In particular this chapter presents the reasoning behind the authors decision to adopt the quantitative analysis technique and explains how this approach was applied. This chapter also describes the source of the data and highlights any potential bias or limitations that the author experienced within the analysis. Furthermore this chapter explicitly explains the process for selecting and categorising the appropriate data prior to analysis in a consistent manner. John Hannah paragraph Chapter 4 Chapter 4 builds upon the process described in the previous chapter and examines the primary source of data to assess what trends are evident with each of the particular categories. This section goes on to expand upon the original quantitative analysis and examine a series of quantitative case studies to assess the extent of early warning events and compensation events that occurred on completed projects. John Hannah paragraph Chapter 5 In conclusion, chapter 5 summarises the findings of this research and consider if the original aim and objectives have been achieved. Finally, this chapter discusses the authors findings and proposes a list of recommendations for future studies. John Hannah paragraph 2. Chapter Literature Review 2.1 Introduction The purpose of research is to make a contribution, however small, towards understanding the phenomenon being studied and ultimately towards the total body of knowledge (Parahoo, 2006) The intended purpose of the following literature review is to provide a general background to the chosen topic that will aid in the understanding of the following areas: How the UK Economy functions and what factors drive it. Description analysis of previous research on the impact of infrastructure investment on the economy. The role the construction industry plays in the UK Economy. The information presented within the literature review will enhance the readers knowledge of the topic with a view of providing clarity and understanding on the findings presented in chapter 4. Economic Theories There are conflicts of opinion on economic theory. For instance, monetarists argue that rises in the money supply cause inflation whereas Keynesians argue that it is changes in inflation which cause changes in the money supply (Stanlake Grant, 1995) Keynesian Economics John Maynard Keynes was a British economist whose ideas have been a central influence on modern macroeconomics, both in theory and practice. He advocated interventionist government policy, by which governments would use fiscal and monetary measures to mitigate the adverse effects of business cycles, economic recessions, and depressions. His ideas are the basis for the school of thought known as Keynesian economics. Keynes solution to poor economic state is to introduce impetus spending or as the US President Franklin Roosevelt described, prime the pump. Keynes argues that the government should step in to increase spending, either by increasing the money supply or by actually buying things on the market itself. A supporter of Keynesian economics believes it is the governments job to smooth out the bumps in business cycles. Intervention would come in the form of government spending and tax breaks in order to stimulate the economy, and government spending cuts and tax hikes in good times, in order to curb inflation. Alternative Economic Theories Since Keynesian economics advocates for the public sector to step in to assist the economy generally, it is a significant departure from popular economic thought, which preceded it â‚ ¬Ã¢â‚¬  laissez-fair capitalism. Laissez-fair capitalism supported the exclusion of the public sector in the market. A number of laissez faire consequences are drawn from Says law. Say also advocated public works to remedy unemployment. Say argued against claims that business was suffering because people did not have enough money and more money should be printed. Say argued that the power to purchase could be increased only by more production and is also best known for coining the phrase supply creates its own demand (Curwen, 1997) James Mill used Says Law against those who sought to give economy a boost via unproductive consumption. Consumption destroys wealth, in contrast to production which is the source of economic growth. The demand for the product determines the price of the product, but not if it will be consumed. Alternatively, Keynes is an advocate of trying to stimulate consumption by government intervention. Views on Economic thoeries Cutting support now, as some are demanding, would run the real risk of choking off the recovery even before it started, and prolonging the global downturn. (Darling, 2009) If consumers, markets and businesses get the message that government wants to carry on spending and isnt serious about dealing with the deficit, they will start to conclude that the UK is no longer a safe place to invest in, spend in or build a business in, (Cameron, 2009) Importance of Construction industry to UK Economy A recent survey commissed by the UK Contractors Group and carried out by LEK Consulting to demonstrate the impacts of the Construction industry on the UK Economy was distributed September 2009. The main aim of this report was to specifically highlight the benefits of investing in construction. The report covered 3 main areas: Contribution of the construction industry at national and regional level. Key contribution that construction makes to national employent levels. The role that the construction industry plays in the broader economic and social objectives. The reports contention is that the construction industry is vital to the overall UK economy while still being in a recession as it provides the following: Construction is a major contributor to the UK DGP. Construction sector employs circa  £3m people throughout 300,000 firms. Construction is also an important driver for other sectors, without which there would be a loss of domestic production capacity and skills. The report, Construction in the UK economy: The Benefits of Investment, shows that construction is the best sector for stimulating employment. It also shows that every  £1 spent on construction leads to an increase in GDP of  £2.84, as the spending not only creates construction output worth  £1, but also stimulates growth elsewhere in the economy worth  £1.84. With the Chancellors Pre-Budget Report looming, the CBI is continuing to press the case for protecting capital spending by government. (John Cridland, CBI Deputy-Director General, 2009) A strong economy needs fit-for-purpose schools and hospitals, and it will be the construction industry that builds the new transport and energy infrastructure needed to shift to a low-carbon economy. (John Cridland, CBI Deputy-Director General, 2009) Introduction to Infrastructure Works Infrastructure investment impact: Previous Research Over the last 30 years there have been various economic models developed to help in the research of the impact of infrastructure investment on the economy. The in-depth empirical studies have mainly utilised macro-economic level data, which includes cross-state and cross-country data. (Straub, 2007) edinburgh paper According to the studies carried out by Aschauer (1989) he states that when analysing the importance of public investment to the productivity improvement and economic growth, added weight must be attributed to the public investment decisions made by the Government. Furthermore, the study indicates increased productivity and growth in the economy by investing in areas such as highways, sewers, streets, and water systems. To ascertain these findings, Aschauer took the average annual growth rates of total factor productivity and the non-military public capital stock in America over the period 1950-1985; Aschauers data indicated a close relationship between level of investment in non-military infrastructure and productivity. Put in Tables from study Further research in the United States carried out by Munnell (1990) analysed the impact of the stock of public capital on economic activity at the regional and state levels. In conclusion, Munnell found that the US states that had invested in infrastructure had greater output, increased levels of private investment, and high levels of employment growth. The study highlighted above, Aschuer (1989) estimated an elasticity of output with respect to public infrastructure capital in the United States during 1950-1985 of between 0.38 and 0.56. These results have been shown to be econometrically suspect and subsequent work suggests the elasticity is much smaller. The average elasticity across OECD countries for the period 1960-2001 has recently been estimated to be 0.2 (Kanps, 2004). Aschauers paper has, however, proved very fruitful in terms of subsequent research, which it stimulated. (Crafts Leunig, 2005) A number of empirical studies have looked at the relationship between all public infrastructure investment and GDP growth. On average these studies seem to indicate a positive elasticity of output to public capital of around 0.20. Put another way, a ten per cent increase in public capital stock increases GDP by around 2 per cent. (Eddington report 2006) The eddington report suggest that there are limitations to these empirical studies and the results should be viewed with caution. OECD (2003) argues that early empirical work on the link between infrastructure investment and economic performance overstated the magnitude of the impact on GDP and productivity growth (The sources of economic growth in OECD countries, OECD, 2003) In particular, studies that focus on public investment in capital and infrastructure in a broad sense, rather than on transport specifically, do not really distinguish between types of investment in terms of new build, upgrade, maintenance etc although some do make specific conclusions about the value of transport infrastructure investment. Later studies using more complex modelling suggest a positive, albeit weaker relationships between infrastructure and GDP. These include: Kocherlakota and Yi (1997), Demetiades and mamuneas (2002), OFallon (2003), and Nijkamp and Poot (2004). (see figure 1.5 eddington report 2006) In 1993, Easterly and Robero carried out further research to expand on the work in this field. Called Fiscal Policy and Economic Growth: An Empirical Investigation, it details several conclusions that support the findings expressed by Aschauers research in 1989. It tackled areas such as the rate of growth and the level of development by employing historical data and recent cross-section data. The main findings outlined that there is a strong relationship between a countries fiscal structure and the development level and that investment levels in communication and transport is consistently correlated with growth. This therefore indicates that infrastructures are important in the economic prosperity of a nation (Easterly, Robelo 1993). Put in reference Eisner (1991) highlighted that public infrastructures not only serve as an intermediate good in physical goods production, they can also be final consumption goods. For example, water and sewage systems benefit environment, better transportation saves time spent on travelling, public parks give people pleasure, etc. Canning, Fay, and Perotti (1994) found substantial effects of physical infrastructure on economic growth based on the international data set. The strategy for national infrastructure also states, The majority of empirical research indicates that there is positive relationship between infrastructure and economic growth (strategy for national infrastructure, 2010). Introduction to Infrastructure What is Infrastructure? Set-up in December 2009 to help meet the infrastructure requirements in the UK for the next 10-20 years, Infrastructure UK defines Infrastructure as key economic sectors which include: Water, Waste, Energy, Transport and communications (strategy for national infrastructure, 2010). Infrastructure networks enable people, goods, energy, information, water, and waste to move efficiently around the UK and, in some cases, across its borders. The extent, capacity and quality of these networks has a direct bearing on the economy of the UK, the environment and the quality of life of everyone who lives in or visits the UK. Infrastructure Studies in the United Kingdom Extensive research carried out in the United Kingdom has indicated the level of infrastructure required for each sector and this can be cross-referenced with studies highlighted in the previous section. For example, the findings from the research carried out by Eisner, 1991 and Easterly, Robero 1993 indicated a relationship between transportation and its impact on the growth of the economy. The Eddington report was published on the 1st December 2006 and was carried out by Sir Rod Eddington under the instruction of the UK Government. The report is an examination of the impact transportation decisions will have on the UK environment and economy. The report analyses the current global economic demands and how our current transportation infrastructure must meet the demands of the 21st century. It states that with rising population and resultant greater demands on the country, higher levels of congestion and issue with reliability will have adverse effects on the economy if the correct infrastructure is not in place. It contends that by not having the required infrastructure in place it costs businesses more money while also effecting peoples social environment (Eddington Report, 2006). As well as utilising the Eisner, Easterly and Robero findings, the Eddington Report drew on research carried out in more recent times. The studies used in the development of the Eddington Report comprised: The historical significance of Transport for Economic growth and Productivity (Crafts Leunig, 2005), Step change transport improvements (Mann, 2006), and transport and labour market strategies (Gibbons Machin, 2006) Assessing transports contribution to the economy Transport can impact on the performance of the economy in a number of different ways: Transports impact on GDP Transport can impact on the economy and will ultimately impact on overall output. Gross domestic product (GDP) is currently the best measure of the size of the economy as it measures the total value of goods and services provided. Transport can have an impact on economic output (GDP) thorugh two channels: Firstly, transport can affect GDP though a number of inputs that are used, for example transport may increase employment either by allowing greater access to labour or stimulating the creation of new firms, which can increase the number of goods and services produced and lead to an increase in GDP. Secondly, transport can improve the efficiency with which firms use inputs, in other words transport can have an impact on productivity. For instance, a well functioning transport network can raise productivity by redusing journey times. Transport investment can impact on the drivers of productivity by encouraging prictae investment through raising its profitability; facilitating labour mobility and thereby increasing the returns in investment skills; and enabling effective competition even when economic activity is geographically dispersed. Identifying the impact of transport on productivity is important because improving productivity is a key to determinant of long-term growth and living standards. These effects can either have a one -off effect on the level of productivity or a sustained impact on the growth rate of productivity. Transport can impact on the growth rate of productivity by stimulating innovation through its impact on agglomeration economies, trade and foreign direct investment. In practice these dynamics are very difficult to measure, but are nevertheless extremely valuable, as they determine how quickly the economy grows and therefore the rate of growth in GDP. Transports role in supporting quality of life Critically though, GDP measures alone fail to capture the impacts of transport on the environment or its contribution to the wider well being of society. Transports impact on the environment, for example through carbon and other emissions, can increasingly lead to unsustainable growth, as well as impacting on peoples quality of life. Transport improvements that free up wasted travel time allow people to spend more time with friends and family, and enjoy more leisure activities. An economic welfare measurement would seek to measure such broader impacts of transport on society and the environment rather than just a pure GDP measure. These benefits to general well being are known as economic welfare, or welfare. The use of existing transport networks: What benefits do provide Erenburg (1994) finds that policy measures that make more efficient use of existing transport infrastructure through pricing mechanisms or other traffic management solutions can have a significant impact on growth (linking public capital to economic performance, Erenburg, 1994) Hulten and Schwab (1996) estimate that a 1 per cent increase in infrastructure effectiveness would have an impact on growth seven times larger than a 1 per cent increase in the rate of public infrastructure investment. (the public capital hypothesis: The case of Germany, Hulten and Schwab, 1996) OECD/ECMT (2001) paper on the benefits of transport concludes that wider economic benefits may be achieved more efficiently by introducing prices which correspond more closely to costs, or by reallocating existing infrastructure more efficiently between users, or by adopting other transport policies. (Assessing the benefits of transport, European Conference of Ministers of transport, OECD, 2001) Victoria transport policy institute (2003) argues that investment in alternative modes of transport and in management strategies to encourage more efficient use of existing road capacity tends to provide greater economic benefit than expanding existing highways to reduce congestion. The study also argues that the benefits of transport improvements are heavily dependant on local circumstances, in that they will only increase economic development where inadequate transport is a significant constraint on economic activity. EVIDENCE OF CONDITIONS NECESSARY FOR TRANSPORT TO IMPACT ON THE PERFORMANCE OF THE ECONOMY Caning and Fay (1993) assert that infrastructure should not be seen as a factor of production but as a condition for high growth. Kessides (1993) notes that infrastructure does not create economic potential; it only develops such potential where appropriate conditions exist, i.e. other inputs such as labour and capital are available to drive output growth. Indeed, lynde and Richmond (1993), Trinder (2002), and OFallon (2003) assert that public and private capital are complements; that physical infrastructure requires the existence of available productive private capital in order to realise economic growth potential, and that infrastructure investment can boost the productivity of such private capital. Infrastructure investment may also feed through to increased labour productivity. Canning and pedroni (1999), banister and berechman (2000), Trinder (2002) and OFallon (2003) highlight other important underlying conditions that will influence the impact of transport investment on the economy (SEE REFERENCES FIGURE 1.7 EDDINGTON REPORT) In summary, these include: Economic conditions, a stable macroeconomic policy climate, local market circumstances, agglomeration, and labour market conditions Investment conditions; available funds, timing and structure of investment, type of infrastructure investment, location of investment in terms of network structure and political and institutional conditions, decision making, planning, sources, and methods of finance, level of investment, supporting legal and organisational policies and processes, and method and governance of infrastructure delivery and provision. Funding and delivery mechanisms for UK national infrastructure The National Infrastructure is funded and delivered in a number of ways: Commercially driven, user-paid infrastructure e.g. unregulated airport and ports where it is for the developer to decide what and when infrastructure is built. Any developments is then paid for by consumers (but prices are not regulated because competition exists) Commercially driven, user paid but price-regulated infrastructure with a stronger role for Government. Regulated airports are an example. Government supports investment in additional capacity but this is a commercial decision for airport operator (and where prices are regulated to protect from monopoly power). The energy sector also largely follows this model but prices are set by the market or thorough Government intervention. Price regulated businesses where independent regulators play a stronger role in determining the level and nature of investment. For example, water, where the regulator has an input into the nature of the investment programme but infrastructure investment in funded by users. Price regulated business that is funded by the taxpayer and users e.g. Network Rail. This is a model where the business is funded both by users and taxpayers where the DfT have a central role in setting out the outputs it wants from the railways and the level of funding to achieve that. The regulator sets the efficiency targets and prices for the company. Publicly decided and publicly funded infrastructure e.g. roads. Government decides where they should go, when they should be built and pays for them. This may include some provate finance but ultimately government rather than users pay. Clearly Government enjoys much greater control over infrastructure, but only a small part of the overall picture. Infrastructure essential for supporting economic activity and growth Many key investment projects rely on private finance either as direct investment or through mechanisms such as PPPs. In the current economic climate the Uk faces stiff competition in securing investment from private investors and from within Government budgets. In this environment, there needs to be a clear vision from Government about the future and needs for infrastructure. This will be essential to persuade the provate sector to invest in the national infrastructure and, in particular, provaste sector investors need long-term certainty in order to judge whether to commit major funds. Chapter 3 This chapter gives a brief description of the methods used for collecting independent data and why they are relevant to the research objectives. Research Strategy Quantitative Quantitative research is objective in nature. It is defined as an inquiry into a social or human problem, based on testing a hypothesis or a theory composed of variables, measured with numbers, and analysed with statistical procedures, in order to determine whether the hypothesis or the theory hold true (Cresswell, 1994). This statement is expanded on further by Bouma and Atkinson (1995), who state Quantitative data is, therefore, not abstract, they are hard and reliable; they are measurements of tangible, countable,

Myne Owne Ground Essay -- American History Slavery

Myne Owne Ground Anthony Johnson was a black man who arrived in Virginia around 1621 and was purchased to work as a slave in the tobacco fields of the Bennett Plantation. At that time he was merely known as â€Å"Antonio a Negro†, as it wasn’t common for black slaves to have last names. On March 22nd, 1622, an Indian attack on the Bennett plantation left only 12 surviving slaves, one of them being Anthony. In that same year a woman named Mary arrived at the plantation. Being that she was the only woman living at the Bennett plantation in 1625, Anthony could be considered fortunate to have received her as his wife. Together they had at least four children. It isn’t known how Anthony received his full name of Anthony Johnson, but the time that it is believed that this happened leaves some clues for speculation. It is presumed that someone named Johnson helped Anthony and his wife escape to freedom, apparently sometime between 1625 and 1650. In the 1640’s it is belie ved that Anthony and his family owned a small farm in Northamton where they raised livestock, which was mostly des...

Ecstasy :: essays research papers

Today in the year 2000 there are many definitons of the word ecstasy. Deriving from the middle english word, exstasie, it has gone from being a state of overwhelming emotion to one of the most popular drugs in the "club world"today. When I ask my parents what they think when they hear the word ecstasy they say,"You, your sister, and brother in Disney World." Well times have definetely changed. I asked about fifteen people in my dorm what they think when they hear the word and all of them said the same thing; drugs. Ecstasy is a feeling you get when you are totally happy. Everybody has their own definition of what the word means to them. What it means to me being an eighteen year old girl in New York is completely different to what it means for someone being forty-five and living in Alaska. What ecstasy is for me changes all the time. Right now it would be not having to do any work, not having to go to the gym or diet, not fighting with my boyfriend or friends, not having stress from my parents, etc. I asked my sister what her ideal ecstasy is and she said, "Having a date for homecoming and a perfect dress." I then decided to ask my parents and they're answer was, "Perfect health and total happiness for our children." If I ask myself this question in a year my response will be totally different. You can tell how differently people use the word just by listening to the radio. When I hear Eminem use the word in his song, "This ecstasy got me standing next to you" he is referring to the drug. When Tony Braxton used the word in her song, "And I'm in ecstasy" she is referring to the feeling. When my friends are talking about ecstasy they are talking about the drug. I don't even have to question what they are talking about because I know already. Ecstasy to them is the drug and only the drug. This is not because they do ecstasy or other drugs it's because that's all they think of when they hear the word. When it comes to my parents it can be either. Sometimes they'll want to ask me questions about the drug or warn me and other times they are talking about the feeling. Ecstasy the drug has many names.

Difficulities in the Play A Raisin in the Sun by Lorraine Hansberry Ess

Difficulities in the Play A Raisin in the Sun by Lorraine Hansberry In the four years between 1861 and 1865 this country was in civil war over the rights and freedom of blacks in America. When all was said and done, the blacks won their freedom and gained several rights that would make their lives better. Nearly one hundred years later, in 1959, Lorraine Hansberry wrote her great play, A Raisin in the Sun. It described the everyday life of a black family in the Southside of Chicago sometime after World War II. Throughout the play, Hansberry talks of the difficulties that the Younger family faces trying to get from one day to another; the problems that should have been resolved by the Civil War. Even after the Civil War and this play, many of these problems still exist today. The first difficulty that the Younger family faces is poor housing. The play starts off in a small two bedroom apartment with Ruth waking up her son, Travis, who sleeps on the couch in the living room. He sleeps on the couch because one bedroom is used by Ruth and Walter and the other by Mama and Beneatha. Every morning they wake up early so they can get to the one bathroom that is shared by all of the other families that live in the complex. When Mama talks about putting a down payment on a new house, Ruth says, ?Well, Lord knows, we?ve put enough rent into this here rat trap to pay for four houses by now? (p. 1817). When she says rat trap you would naturally think of some of the houses today with boarded up or broken windows, unattended yards, and streets that are covered with potholes. But in the movie, it is nothing like that. The movie depicts the apartment in a very livable way. You can say they made the best of a bad situation. T... ... over this and it was decided by the Civil War the blacks should have their freedom as ?full? American citizens. When will we be able to live as one community? ?The history must be taught, and if not in schools then at home. But that won?t or can?t be done until our home life, our families, get back on track. Its a vicious cycle. We still have a long, long way to go.? (Lee p. xivii) Bibliography: Hansberry, Lorraine. A Raisin in the Sun. Norton Introduction to Literature: 7th edition. Ed. Jerome Beaty, et al. New York: Norton, 1998. Lee, Spike. ?Commentary: Thoughts on the Screenplay.? A Raisin in the Sun: Original Screenplay. London: Penguin, 1992 Wilkerson, Margaret. ?Introduction.? A Raisin in the Sun: Original Screenplay. London: Penguin, 1992 X, Malcolm. The Autobiography of Malcolm X: As told to Alex Haley. New York: Ballantine Books, 1992

Financial Markets Assignment

FINANCIAL MARKETS & INSTITUTIONS ASSIGNMENT 1. Explain how interest rates decline following major Fed purchases of mortgage-backed securities. The FED implements quantitative easing by buying financial assets of longer maturity, e. g. , mortgage-backed securities, from commercial banks and other private institutions in order to inject a pre-determined quantity of money into the economy. This is a means of stimulating the economy and lowering longer-term interest rates further out on the yield curve; quantitative easing increases the excess reserves of the banks, and raises the prices of the financial assets bought, which lowers their yield.Graphically, this can be explained with the aid of Figure below. The supply of money is shifted from point 1 to the right (MS1 to MS2) and, all else equal, the new equilibrium point (with aggregate money demand curve) is at point 2, where the interest rate is lower. i i1 i2 AD1 MS1 MS2 Quantity of Money 2. What could be the implications of lower in terest rates for households and businesses? By implanting the policy of purchasing mortgage-backed securities, the FED has set its sight on increasing consumption and investment, which will ultimately increase employment.As described in question one Bernanke’s policy decreased interest rates to new record lows, encouraging borrowing for both businesses and households. The ability to borrow money at more attractive rates stimulates investment in durable consumer goods, such as automobiles, and in operational necessities such as buildings and capital equipment for businesses. Indeed, after the implementation of the policy mortgage applications increased significantly.Because of low interest rates households and businesses as investors could shift their preference away from bonds and into stocks. According to frbsf. org, the increase in stock trading volume has the effect of raising the value of existing stock portfolios, which in turn stimulates consumer and spending across the country due to the psychological effects of rapid capital appreciation. Lower interest rates can have negative effects on the value of the local currency compared to other currencies.As foreign investors dump their local-denominated investments in favor of more profitable currencies, exchange rates can shift to the detriment of the local currency. The weakening of the local currency serves to increase the attractiveness of local goods to foreign purchasers, which has the effect of boosting exports and international sales. All of the factors mentioned above have the combined effect of increasing productive output, or GDP, and increasing employment across a wide range of industries.As individuals, businesses and foreign investors are encouraged to spend more due to increased access to capital, higher portfolio valuations and weaker currency values, businesses in nearly every sector experience an increase in sales, often requiring them to grow their operations and employ additional la bor. However, there are some negative implications from this policy. Without a strong commitment to control inflation over the long run, the risk of higher inflation is one potential implication of experiencing real interest rates below the economy’s natural interest rate.Low interest rates provide a powerful incentive to spend rather than save. In the short term, this may not matter much, but over a longer period, low interest rates penalize savers and those who rely heavily on interest income. If short-term interest rates are low relatively to long-term rates, households and firms may overinvest in long-term assets, such as Treasury securities. If interest rates rise unexpectedly, the value of those assets will fall (bond prices and yields move in opposite directions), exposing investors to substantial losses.Finally, low short-term interest rates reduce the profitability of money market funds, which are key providers of short-term credit for many (large) firms, e. g. the c ommercial paper market. 3. Explain the Fed’s policy dilemma and try to rationalize why unemployment in the US is stubbornly high while inflation is low. Based on the theory of the Philip’s curve diagram we notice that there is an inverse relationship between inflation and unemployment. Stated simply the lower the unemployment in an economy the higher the rate of inflation.Philip’s Curve Inflation Unemployment The explanation of the inverse relationship between inflation and unemployment is based on two assumptions. The first has to do with the fact that as unemployment rises there is no room for workers and labor unions to demand an increase so a wage inflation that would increase the prices of the final products cannot occur. Secondly high unemployment is a reflection of the decline in economic output and indicates an economy’s slowdown. Therefore competition among firms in recession will lead the prices at lower levels.But this is not the case currently in the US since we observe high unemployment and low inflation. The FED is concerned about the unemployment rate and in an effort to stimulate the economy and improve the labor market conditions it started implementing the quantitative easing policy. So the FED purchased MBS, helped banks to rebuilt their balance sheets, contributed into maintaining price stability, preserved interest rates near zero for more than three years, and prevented the economy from slipping into greater recession. Despite all these efforts the situation in the labor market did not improve.Apparently the fact that unemployment is still very high depicts the limitations of the monetary policy. The low business confidence, policy uncertainty, and the government’s reluctance to act are beyond the FED’s capacity. What is more the infinite use of the quantitative easing may produce undesirable effects in the long run such as stagflation. The only optimal solution under these circumstances is the co ordination of the FED’s monetary policy with the government’s fiscal policy plan that could boost the society’s confidence. . Do you think that another round of quantitative easing (QE) by the Fed would help stimulate the US economy? Please explain. The FED declared that the use of QE will be aggressively continued until the economy is improved. The cash injections into the economy helped interest rates to remain at low levels. Consequently everyone wins from this decision in the short run; homeowners can borrow at historical low levels of interest rate, corporations can also take advantage of this act and invest, consumption increased and also the banks increased their profits and the stocks record a growth. So as long as the QE is active in the short run everyone is a winner. But in the long run things become vague. First of all historical evidence shows that despite the fact that interest rates may be at levels near zero it remains uncertain whether this wil l be the incentive to boost the actual economy. Secondly the fact that consumers will have more money to spend but fewer goods to buy might lead to a hyper inflation.Furthermore by repeating the use of QE is very possible to lead to a liquidity trap, unless the economy finds ways to stimulate production. Last but not least the FED’s decision to inject cash into the economy by purchasing MBS is questionable; Mortgage backed securities entail the risk of defaulting once again as they did in the real estate crisis and that would cost the Americans a lot more money repeating the history that started back in the September of 2001. To sum up the use of QE is indeed very effective but only in the short run.Short periods of economic recession can be avoided by stimulating the economy temporarily through cash injections but to maintain growth on the real economy we need to improve labor market conditions, productivity, innovation and bolster the economy’s confidence. So a combi nation of fiscal and monetary policy is the only way to prevent an economy from collapsing, and also is this is the only way to avoid a possible systemic risk that will negatively affect all the institutions and individuals. . How is a loose Fed monetary policy in the US affecting fundamentals (such as inflation, asset and commodity prices) in other countries? What does that imply about global monetary policy? Since the dollar is the vehicle currency in the global economy almost every country is tied to its value and everyone is affected by the monetary decisions of the FED. By the QE, the supply of dollars is increased and consequently the dollar depreciates against foreign currencies.This means that America’s exports will increase and on the contrary the imports will decrease. So countries trading with the US fear about the capital inflows and the possible inflation on commodities. On the other hand the FED support that there can be no further inflation since the global eco nomy is in recession. Moreover countries experiencing huge capital inflows resulting in inflation can implement fiscal policy, such as imposing taxes, in order to contain the effects of foreign capital inflows which push up local stock prices and the currency itself.Every country should focus on its own monetary policy adjusting it to the problems that may experience. For example the US chose to inject more money in the economy. The results of such a decision are low interest rates, more exports but always with the risk of inflation. On the other hand a country experiencing high inflation might limit the money supply, increasing the interest rates with the risk of experiencing a decline in exports.