Increase Petrol Price

Bad traffic and increasing pollution are thorny issues challenging every major city in the globe. To combat such problems, government encourages companies to mark up gas price in an effort to decrease car use and cut down waste gas. However it may temporarily alleviate the problem, but is doubtfully the optimal solution. First of all, consumers and economy would be victimized by such measures. The number of cars in a country directly depends on the proportion of the population affluent enough to own cars.As a result, raises in gas price could invoke hard feelings among this segment of people but would not drastically change their behavior in using cars. Even if the number of cars on road is reduced due to higher gas cost, this is not the best way to solve traffic problems. Such policy would hurt the auto industry, place higher costs on current and prospect car owners, and undermine the economy of a nation. In the long run, the final way out could be the construction of better roads a nd more effective use of available transport facilities.Secondly, there is evidence that waste gas from cars is not the leading cause of air pollution. The culprit may be the discharge of polluting substances into the atmosphere due to the rapidly growing manufacturing industry. As a result, reduction of the number of cars would not return us a blue sky and fresh air. We could better handle this problem if we could increase control over industrial waste discharge and adopt more environmental friendly materials and production equipment. Finally, other measures like the application of cheaper and cleaner energy resources could also be a better solution.For example, we now have the ability to make cell-powered or even solar-powered cars. Such energy is completely clean and plentiful. However we still have a very long way to go to turn such technologically possible into afford able and practical products. To conclude, it is not the best way to control traffic and pollution by increasing gas price because such action will hurt consumers and economy without achieving what it is aimed for. Measures such as construction of better transport facilities and development of new energy resources could be more effective solutions.

Monotheistic Religions Essay

In what ways is the Holy Land an important site for all three monotheistic faiths? Jerusalem is a home to holy sites that are sacred to the three religions. The city contains many houses of worship. It is also a place of ongoing tensions between religious and ethnic groups. The three major monotheistic religions are sometimes described as branches of the same family tree. If this is true, how would you describe the trunk of the tree? All three major monotheistic religions claim they began with Abraham. Judaism and Christianity claim that their founders descended from Abraham’s son Isaac. Islam claims descent through his other son, Ishmael. How are the three major holy books of the monotheistic faiths both similar and different? All three faiths have the similar messages from the Holy Book that there is only one god. For all three faiths they have different names for their Holy Book; Torah, Bible, Qur’an. How are the basic beliefs of Judaism, Christianity, and Islam alike? All three religions only believe in one god. Jews, Christians, and Muslims honor the Ten Commandments. Followers of all three religions practice some type of fasting. Typically all three involve in prayer and worship with other followers. Afterlife is believed by the three religions. All three faiths hold that humans have a soul. What types of internal differences and divisions exist within each religion? Major Jewish sects include Reform, Conservative, and Orthodox. Christianity has many denominations but the largest branches are Catholicism, Protestantism, and Eastern Orthodoxy. The Islamic world is largely divided between two major groups, Sunni and Shi’a Islam. What characteristics and beliefs of the three religions make them different? Each have a different main holy book. Religious leaders are a rabbi, priest/minister/pope/, and imam. Their house of worship also differ.

Human and Technology Essay

A social constructed human beeing: a (bio)technological approach The importance of this article talks about how technology has helped us and how it has also changed us as humans. It compares the past of the humans with the future of the humans. This source of the paper deals with my topic by helping me answer some questions of how technology is helping out humans and making them smarter. But then there is a down side to it also helping me explain the technology and if it is evolving faster than what we can get a grip on it and actually enjoy it before something more advanced comes about. The reason feeling like I can actually relay on this source is because it has a lot of other sources behind it that are cited and that are included into one big source that is which makes up this paper. Pros and Cons of modern technologies In the importance of this article it talks about the pros and cons of technology. This source is very helpful to my topic by it explaining how technology has helped us humans and destroyed us at the same time. This source explains the positives on how this new technology has put us humans at an advanced rate and helped us out tremendously. It also explains the cons of this new advanced technology and how it has put a major hurting on the new generation and has made us too reliable on this new technology to do all the dirty work rather than how it was done in the past of long ago before all these new electronics and gadgets came along, when most things were done by human hands, instead just with the flick of a switch or push of a button. Yes and no of relying on this source because it has background information and a few cited sources which I can relay on, but some things there just isn’t enough information on whether to believe it all or not. The comparing of both of these sources that I’m using is that they both talk about how much technology has helped us. The difference between these two sources are that one article also talks about how all this new advanced technology has hurt the human nature with its side effects. September/26/2011 The Pros and Cons of Technology Today In this source it talks about the great things of technology and how it has come a long way and helped out the world lots and that we use it in our everyday lives, but also that with every good there comes a bad. This source helps me with my topic and relates with my topic because I’m looking for the good and bad in technology and how it has changed our lives, either for the good or bad. But this source tells me all the good and how it has saved lives, and then there is the downfall of how it has effected lives and caused harm. I know that I can rely on this source because it has hot links that are included into this which lead to more information if more is needed for back up. With the differences of the other resources some doesn’t talk about all of the different effects that technology has on life. The pros and cons of advancing technology With the importance of this source article it talks not only about how technology helps humans, but is it evolving faster than we can learn. This source is relevant to my topic because of the good things it talks about with technology helping people and the bad of technology with people. It answers the fact that of are we really prepared for all of these new changes in technology or is technology advancing way too fast for us? This source also has hotlinks that linked too it that gives me more information from different websites for me to have something to backup all my information on. The comparing of all of these sources is that they all talk about the greatness of technology and how it has helped out the human population so much, but then how technology has also effected the human population and given people different perspectives on things than the way it was of the past. The difference from this source than all the other sources is that this source talks about how technology is advancing and that it might be advancing more than what the human mind can comprehend all so fast. October/3/2011The Pros and Cons of Technology in the classroom The main story behind this article is about the good and bad of technologies. The source of this article is relevant to my topic by technology having its good and effective ways on helping people learn faster, and easier. This source also talks about how hard it is for every person to be as advanced with the technology and have it in every school  because of its expenses. In one way technology can be good for its uses in classrooms, but on the other hand it can also be bad, because every school isn’t going to be able to have the advanced studies of the new type of technology that comes out so often, because of it expenses. For example when one school who is on a budget with buying new technology, and when they final are able to get that technology, a school that is able to afford the technology as soon as it comes out already has a newer version of the schools old technology. So that’s a down side to this. Yes I can rely on this authors work because of its well cited facts and information to back up things. This article is different with its talks about technology in classrooms. Same by having its ups and downs of technology. Technology of Security Engineering (Program for Cyber security Neighborhood watch Developed) This article’s source is about mainly the technology security and how it can help and also cause security problems. This source of this article is relevant to my topic by showing ways of how technology has helped keep the people safe and how it has also hurt some people verbally and physically. This article answers the question of to how can the security help and help people in their everyday lives. The way technology security can help people are with their being passwords for to help save people from letting them get out their personal information. Also it can harm people by their being hackers out here in the world and breaking through those security fields and getting information of other people. Then they can pretend to be others through technology without showing ones true identity and ruining someone else career. The comparison of all these articles is there being a way technology can help people and harm them. The difference is that this source talks about security technology, than any of the other sources. October/5/2011 Technology in restaurants The source to the technology in restaurants is that there can be errors and there can be good things that come about. The good can come about for when the restaurant has a quality of food and the technology is just there to help them keep track of the stock of things. The bad is that there can be  errors when technology is doing all the work and there can be a wrong type of number put in and can cause a miscount of the quality of the food. This topic relates to mine by there being way that technology can help and affect our everyday human life. The comparison of all these sources is that there is always a plus to having technology and a negative to how it can affect our everyday lives. The difference of this article is that this one talks about how technology helps and affects our lives with restaurants. Investing in Technology in restaurants This source talks mainly about how if it is good or not to invest into technology and if it can ditechnology can go two ways. This can be good because the technology might make things faster and easier for the restaurant. But this could also go bad because this could change the taste of food from which peoples are use too, and it could slow things down. So it’s a risk that the purchasers for the restaurants have to take. This source relate to my topic by saying whether it is good or bad for this technology and if it can help out humans or not. The comparisons of all of these are that the good and bad comes with all technology. The difference of this article is saying is there a risk with helping or hurting the restaurant with buying technology that they are not familiar with. October/12/2011 Pros and Cons of Modern versus Old Technology The source of this article talks about the greatness of how much technology has helped out with the human body so much in ways of finding things that couldn’t be done without technology. The source of this article also talks about how technology has its downside with helping humans figure out problems with the human body. This source is relevant to my topic with all the good of saying how far technology has come with making humans lives so much easier. But it also relates to my topic by telling all of the cons about how technology has hurt the human body and that it sometimes reads off false information. This source helps me answer that no matter how great technology is, that it can still be wrong at times. I can rely on this source because of all the good information that is stated along with its information backing up all the details. The comparison of all these articles  is that they all have the good and bad side to having technology around. The difference of this article is that it talks about how technology has helped out discover new things in the human body. The pros and cons of finding out through technology about Medicated chewing gum. This source of the article talks about how chewing gum has its great ways of helping people out. This source also talks about the bad side of how chewing medicated chewing gum can affect you. This source is relevant to my topic by having the good side of chewing gum and how it can help humans by keeping them with fresh breath, helping humans out by whiting their teeth; fight cavities and making your jaw bone structure stronger. The other way it helps me is by showing the way technology finds out the bad things that this medicated chewing gum can harm you by giving you cavities causing problems with your gums because of the sugars and colors affected changes to the mouth. I can rely on this source because of all the other case studies that are within this article that all have information to back it up with. The comparison of all these articles are that technology has its ups and downs of helping humans. The difference of this article is that it’s about chewing gum and how it can affect the human body mouth and cause more problems.

Accounting Essay Example | Topics and Well Written Essays - 1250 words - 5

Accounting - Essay Example taining â€Å"MCS† sends out the message that the new owners intend to continue and build on the already existing good services and reliability that 40% of its domestic market have come to appreciate over the years. Furthermore, changing the name has its own costs, for example, the stationery (invoices, receipts, letterheads), and signage have to be altered to reflect the new name change. The other embedded costs are that the new company now has to build a new brand for itself, granted its not from scratch, however both these costs are higher than the benefits of keeping the original name. On the other hand, of course, changing the name will alert customers and suppliers that there has been a change of guard and including you name (Pinessi) well known in the mining industry will have its own benefits. However, these benefits might still be realised if the business keeps it original name and the industry alerted to the fact that you are now a partner in the business, via press release or other public relations technique. MCS Mining Supplies is a leader in the mining supplies industry. We manufacture drill products that suit a range of customers, from those requiring high volume to those needing unique, custom drill aparatus. MCS is comprised of a highly skilled staff complement that designs customised drill bits to order, ahead of deadline. We currently have manufacturing plants located at two sites in Western Australia, Perth and Kalgoorlie, and in Mount Macarthur in Queensland. We supply 40% of the domestic market and have extended into the rapidly expanding East Asian market, taking with us a brand recognized for quality, capacity and reliability. We ain to expand our construction industry market share in both the domestic and East Asian markets. Our Korean arm is particularly well-positioned to serve the ever expanding China construction industry market, which in the largest domestic market in the world. We are also diversifying our product line and

Current and Future State of Health Care Legislation Analysis Essay

Current and Future State of Health Care Legislation Analysis - Essay Example Americans should be given the autonomy of choice with regards to health care. The dignity and sovereignty of every American that wants to feel protected from a failing health care system can be maintained through this. This paper will examine the recent condition of the health care structure in the U.S., and how decision making can be influenced in the same sector. How is the current health care environment in the U.S.? Currently, the U.S. health care environment is taking a toll on health care consumers. They have to put up with increasing medical costs that do not necessarily make sense to them. The populous states have issues with the mode in which the health care structure is managed. This is because they think that the core business of most health care providers is to make a profit out of vulnerable individuals (Battistella, 2010). Everyone has to face the fact that, medical insurance companies are making a killing out of innocent people. People with not a lot of capital to thro w around and they are the vast majority. They are the insurance companies own cash cow, which intend to capitalise as much as they want. It, the health care environment, is failing and is now focused on survival. Many health care providers are trying to bring in new products and services to ensure they stay afloat in this sinking system. The introduction of these products and services means that, people are likely to pay more for things that are not necessarily out to benefit them (Battistella, 2010). New drugs with adverse side effects are brought into the market. Their approval is because someone must be paying an enormous amount of money to see their drug get through the market. This leads to another problem since corruption becomes rampant in this field while health care consumers become innocent victims. Greed is the cause of all this because nobody does it in the name of science. Another current affair in the health care environment is the upgrade in technology. Many private a nd public health care institutions have taken the time to advance in technology that helps in saving people’s lives. It may cost the organizations lots of capital, but the fruits of such investments are seen after some time. However, an upgrade in technology means that the health care consumer will have to pay more for services rendered. This puts the consumers at a particularly precarious position because they should have back-up from their government (Derickson, 2005). This is when it comes to matters concerning their health care. To protect consumers from such situations, the government regulates policies by insurance companies on health care consumers. However, not all is lost in this environment. Organizations are implementing strategies that assist in reducing the burden placed on health care consumers. By reducing back-office costs, health care providers are spending less capital in their organizations. At the same time, they offer better service levels to the consumer s. They advocate for lower labour costs which ensure they spend a little less on manpower, but ensure that consumers get the best services they offer (Derickson, 2005). One can argue that less money spent on manpower is equal to spending even lesser amounts on

Strategic plans for American car manufacturer Chrysler Essay

Strategic plans for American car manufacturer Chrysler - Essay Example However, in 1970s, oil crisis led to a high demand in oil efficient vehicles. In the year 2009, the third largest automobile manufacturer filed for bankruptcy. This essay is based on a case study analysis of the management aspects of Chrysler and develops recommendations that can improve the profitability of the automobile manufacturer. The company hired a new leadership in 1978. The new management team initiated cost-cutting measures which includes shutting down some plants, temporary layoffs, scaling down nonproductive plants and stopping a number of employee benefits. The company appealed for a federal loan as the debt escalated. The loan revamped the company has the product line of the company begun to expand again. The company embarked to manufacturing fuel efficient cars and passenger vehicles. The company entered into a strategic alliance with Samsung in 1987 and increased its shareholding in Mitsubishi motors’ corporation (Zaccaro & Klimoski 2001). The company was struggling to stay afloat even after receiving financial aid from a federal loan of $ 4 billion in 2009. The federal government insisted that the company had to merge with Fiat in order the get additional funding of $ 2 billion. This additional funding request was one of the strategies to ensure that the long-term viability of the company is ensured (Hampton 2009). The management was requested to cut the costs through negotiating with both united auto workers and Canadian auto workers. The failure of the debtors of agrees on debt restructuring caused the company to file for bankruptcy. The company is seen as suffering from poor business management. Besides, the Japanese cars were smaller, oil-efficient and had competitive prices. The Japanese cars had a better performance. This led to a decline in the sales of the Chrysler products. The company has a history of failing to respond decisively to the prevailing challenges. This has caused the other competitors to take

Greek Parthenon and Bolshoi Theater in Moscow Essay

Greek Parthenon and Bolshoi Theater in Moscow - Essay Example This essay stresses that many historians have their own view and believe that the Athens accomplished a peace agreement with Persia in 449; two years prior to work began on the Parthenon. This brought significance on the continued existence of Athenian Empire and become the mutual defense against the Persians that ceased authentication. The Greek used the league funds to built the Parthenon and read as an expression of the poise of the Athenians in the newly naked imperialism. Elgin obtained permission to add some decoration to the temple with Marbles. The Parthenon Marbles acquired by Elgin comprise some 17 numbers from the statuary and the east and west pediments. They vary in numbers decorating the horizontal course that is set above the interior architrave of the temple. As the paper declares the Bolshoi theatre is a historic theatre built in Moscow, designed by Joseph Bove that holds the performances of ballet and opera. Originally, its name was Imperial Bolshoi Theatre but later reconstructed and called the Bolshoi theatre, and it held its performances at home, but it obtained the Petrovka Theatre on December 30, 1780 when I started producing plays and operas until it established its due name the Bolshoi theatre. During the construction, the French invasions destroyed the theatre in fire. That now marked a new art building the current theatre on theatre square between 1821 and 1824. Later on, foreign composers entered the inventory around 1840 to join the Russian presentations. The Parthenon is a Doric temple consisting of a rectangular floor plan and series of low steps on every side. It also has a measured colonnade of Doric columns extending around the edge of the whole structure. It is outsized to lodge the oversized statue of Athena, confining the facade and rear porch to a smaller than the usual size (Mary 33). The Doric column remains supported by two-storied arrangement. The width and length structure of the Parthenon allowed for a dramatic background of double-decked columns despite that Doric temples only appear on flanks. The following diagram shows the structure plan of the Parthenon. Retrieved from: Http://academic.reed.edu/humanities/110tech/parthenon.html, on May 08 2013. The back room protected the Athena’s treasure and for columns of the ionic supported its roof. These elements of the Ionic order in the Doric temple became dramatic in the expansion of an incessant frieze on the exterior partition of the cella. Meanwhile, the incorporation of Doric and Ionic elements on the same sanctuary was not a novel order of development in Greek architecture. Parthenon bestows this development as a delicate balance between austere and fragile visual distinctiveness. Viewers only view the interior of the temple from outside through the doors according to the designers. The design

1990s Hip Hop Term Paper Example | Topics and Well Written Essays - 1500 words

1990s Hip Hop - Term Paper Example The history of music is very long, and it is impossible to cover all the stages of its development in one essay. Donald Jay Grout wrote: â€Å"The history of music is primarily the history of musical style, and cannot be grasped except by first-hand knowledge of the music itself† (1937). In this abstract we will talk about the hip hop style and its origin. â€Å"Hip-Hop is a product of post-civil rights era America, a set of cultural forms, originally natured by African-American, Caribbean-American, and Latin-American youth in and around New York in the 70s. Its most popular vehicle for expression has been music, though, dance, painting, fashion, video, crime and commerce are also its playing fields† (Nelson George, 1998). It is a musical genre or form, which comprises the combination of four different styles and is represented by different forms of music, from "light" genres such as pop and rap, to aggressive ones - hardcore rap and so forth. The content of the songs v aries from the memories of the "good old days" to the raise of the social issues. The formation of hip-hop was influenced by other genres: rhythm and blues, soul, jazz, rock music, reggae and so forth. The subculture of this style of music appeared in 1974 in African-American and Latino neighborhoods of the Bronx. Hip-hop was developed in the streets of New York as a combination of four elements - MC, DJ, break dance and graffiti. However, these genres did not develop separately. At Jamaican parties, the deejays combined MC and Rap styles. Firstly, this method of creating tracks was used by Kool Herc. In 1970, the producer Sylvia Robinson created the label, called â€Å"The Sugar Hill† and numerous DJs began to work with it, developing a new style of music - a combination of scratching and recitative. The emergence of the "hip-hop" genre is dated from 1979. The basis of hip-hop was

Foundation Degree Hospitality Management Essay Example | Topics and Well Written Essays - 750 words

Foundation Degree Hospitality Management - Essay Example In simple definition, ration analysis refers to the process by which the figures are quantified in order to understand business performance in terms of financial and operational management. Ratios analysis can be conducted to compare trends in the inter year performance of the organization. It can also be done to compare financial performance of several companies in the same industry. Similarly, the result of the analysis is comparable with that of the industry to which the company belongs. There are five main ratios that are applicable in this scenario. These include Profitability ratios, sales ratios, liquidity ratios, efficiency ratios, and financial ratios. Based on this brief introduction, ratio analysis of the Brown Sugar Cafe will follow in the next part... Identify appropriate techniques used to assess business performance, analysing data by applying selected techniques. Internal verifier: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..date:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. RATIO ANALYSIS Case of the Brown Sugar Cafe The assessment of financial and operational performance of an organization can be accomplished through the use of ratio analysis. This is achieved by evaluating the relationship of different figures generated from the company’s financial statements. A number of performance indicators are derived from these figures. In simple definition, ration analysis refers to the process by which the figures are quantified in order to understand business performance in terms of financial and operational management. Ratios analysis can be conducted to compare trends in the inter year performance of the organization. It can also be done to compare financial performance of several companies in the same industry. Similarly, the result of the analysis is comparable with that of the industry to which the company belongs. There are five main ratios that are applicable in this scenario. These include Profitability ratios, sales ratios, liquidity ratios, efficiency ratios, and financial ratios. Based on this brief introduction, ratio analysis of the Brown Sugar Cafe will follow in the next part The Brown Sugar Cafe Ratio Analysis 1. Gross Profit Margin (%) Gross profit margin is a profitability ratio that helps in examining the ability of the company to control costs associated with the acquisition of raw materials (Ratios Workbook, 2013). It is calculated using the formula below: Gross Profit % = (Gross Profit/ Sales) x 100 Using Brown Sugar Cafe

President Ronald Reagans The Challenger Address Essay

President Ronald Reagans The Challenger Address - Essay Example It was a speech given in the White House to console a grieving nation after the loss of the astronauts in front of the world. As expected, the speech was emotionally charged with the President seeming apologetic to the general public. Of all the elements in rhetoric, pathos or emotional appeal were used heavily in the speech. The speech was literally peppered with words of consolation and gratitude in a hope to at least console a grieving nation. It was also a day consecrated for mourning as President Reagan uttered †Today is a day for mourning and remembering. The second paragraph resembles a logos in rhetoric or reasoning that such accidents comes with the job by citing a similar incident in the ground where three astronauts also perished. Perhaps this was an attempt to console the grieving families and the public in general that what happened was not entirely unnatural because similar accident also happened before thus making it more easier accept. This was craftily followed by the speech of remembrance that the nation was forever ingratitude with what they did beginning with citing each of the astronaut’s name and following with the emotionally charged statement such as Your loved ones were daring and brave, and they had that special grace to impress to the audience that their death was not in vain.

Software Engineering Exam Questions Essay Example | Topics and Well Written Essays - 3000 words

Software Engineering Exam Questions - Essay Example ISO 9000 describes quality assurance elements in generic terms that can be applied to any business regardless of the products or services offered. ISO 9001 is the quality assurance standard that is designed specially for the engineering products. In addition, this standard contains 20 requirements that must be present for an effective quality assurance system. Because the ISO 9001 standard is applicable to all engineering disciplines, a special set of ISO guidelines that ISO 9000-3 have been developed to help interpret the standard for use in the software process. The requirements delineated by ISO 9001-3 address topics such as management responsibility, quality system, contract review, design control, document and data control, product identification and traceability, process control, inspection and testing, corrective and preventive action, control of quality records, internal quality audits, training, servicing, and statistical techniques. The main focus of agile software engineering approach is on the people as well as on the dynamics of their connections and communications, rather than on rigid software development and complex requirements planning procedures. A main idea encouraged by the agile policy is that people that can be customers, software developers or users: and they form the foundations of the software development procedure. This is one of the clearest advantages of an agile approach: rapid learning helps you learn what you truly want and need because you can see actual results instead of "intermediate" results. If you are building software, you can see a working system and get real concrete feedback about it. In addition, the users, consumers, and other stakeholders can participate more effectively in determining what you are building for them. The basic process structure of agile methods consists of the short cycles (iterations, sprints) of delivery of valuable

Operation Management - Honda Atlas Motors Essay Example for Free

Operation Management Honda Atlas Motors Essay COMPANY Profile Atlas Honda Limited (AHL) is a joint venture of two companies the Atlas Group and Honda Motor Co. Ltd., Japan. This company was created in 1988. The company is currently manufacturing motorcycles and auto parts. Honda motorcycles are the largest selling motorcycles in the country with matchless reputation for impressive quality, reliability and its customer service. Atlas has the country’s largest in-house manufacturing capability at its Karachi and Sheikhupura plants. AHL management is striving to modernize company operations by adapting applicable aspects of research and theory and more specifically, Honda’s unique philosophy of hard/soft technologies to the realities of Pakistani conditions. Company management structure, systems and processes are changed according to the demands of the customer, growth and new technology. Efforts are being made to develop participation at all levels of personnel in decision-making and a substantial and effective delegation has been established at levels where applicable. Various participation programs such as ‘Ala Mayar’ Quality Circles movement, launched in 1985, are strongly encouraged to allow constructive self-expression and teamwork. Atlas Honda is playing a pioneering role in creating conditions for easy and confident use of motorcycles all over the country. A vast and growing network of over 1600 motorcycles sales service and spare parts dealers has been established. In order to back up this system, Atlas has set up Technical Training Centers in Karachi and Lahore, which provide several courses of varying duration and complexity for motorcycle mechanics and users each year. Mobile training facilities take the latest know-how, technology and maintenance of motorcycles to major rural and urban centers around the country. STRATEGIC GOALS Customers * Our customers are the reason and the source of our business. It is our joint aim with our dealers to ensure that our customers enjoy the highest level of satisfaction from use of Honda Motorcycles . Quality * To ensure that our products and services meet the set standards of excellence. Local Manufacturing * To be the industry leader in indigenization of motorcycles parts. Technology * To develop and maintain distinct business advantages through continuous induction of improved hard and soft technologies. Shareholders * To ensure health and viability of business and thus safeguarding shareholders interest by maximizing profit. Payments of regular satisfactory dividends and adding value to the shares. Employees * To enhance and continuously up-date each members capabilities and education and to provide an environment which encourages practical expression of the individuals potential in goal directed team efforts and compensate them attractively according to their abilities and performance. Corporate Citizens * To comply with all government laws and regulation, to maintain high standard of ethics in all operations and to act as a responsible members of the community. BUSINESS ISSUES IMPACT High Price of Products Difficult to maintain high quality production at high market demand Complexity in coordination and communication among facilities, vendors and two geographical locations i.e. Karachi and Sheikhupura plants Slow response or long lead-time from the vendors

Globalisation and the Nation State

Globalisation and the Nation State Globalisation And The Changing Role Of The Nation-State Will the nation-state geo-political structure survive the onslaught of the juggernaut of globalisation? Most scholarly articles take the ‘to be or not to be’ approach in addressing this question. Occasionally, some authors also take the more subtle and diplomatic approach of ‘whatever will be, will be’. However, in this essay I distance myself from popular literature in that I take a subjective yet historically sound position. The stand taken in this essay neither pleases the die-hard nation-state proponents, nor does it echo the predictions of the globalization-will-lead-to-one-nation theorists. Rather, I simply put forward historical evidence to draw our attention to two key trends: the evolution of the nation-state, and the progress/process of globalisation since antiquity. And, in the light of these historical trends I propose that the process of globalisation neither marks the end of the nation-state, nor does it strengthen its position as a constructin g unit in world geo-politics. On the contrary, current trends of globalisation clearly mark the transformation of the role of the nation-state in international relations, which can be clearly seen in the gradual shifting of sovereignty from nation-states to mega-corporate states/entities like the International Monetary Fund (IMF), World Trade Organisation (WTO), and the World Bank. The Rise Of The Nation-State The basis of the current nation-state model of world organisation lies in the Westphalian principle of sovereignty (Croxton, 1999). However, the concept of sovereignty as the aforementioned article claims is itself not a creation of the Westphalian model. Rather, the question of sovereignty is as old as the first war ever found between human forces. Nevertheless, to put things into perspective, the evolution of governance and sovereignty can be traced in a sequential pattern starting with tribal governance and city-states leading ultimately to nation-states (Brinkman Brinkman, 2008). In fact, as Brinkman (2008) puts it, â€Å"Over time the locus of sovereignty evolved along with the evolution of governance in the form of city-states, nation-states, and on to nationalism.† In other words, as people began living together in growing numbers they organised themselves into small nomadic tribes whose sovereign was often the tribal leader, or the family patriarch or matriarch (whichever may be the case). Over time, these tribes settled into towns and cities. With increasing population, the sovereign authority gradually shifted from the head of the tribal family onto a ruling family, i.e. a system of monarchy. Unlike tribal leaders who were chosen from among the clan, the rulers were born into the royal family. This system was necessary to avoid bloody clashes and in-fighting among the populace. However, as time went by and knowledge became widespread, the time was ripe for the birth of the nation-state. The genesis of nationalism took place when the transference of loyalty of a given nationality became directed toward â€Å"we the people, via the formation of a republican form of government (Brinkman Brinkman, 2008). The people who had given up their indiv idual sovereignty, first to the head of the family, and later to the rulers, decided to take it back in the form of democracy where the sovereignty rested with â€Å"we the people†. The collective identity of â€Å"we the people† manifested in the form of the nation-state. This brings us to the present times. The world is rapidly changing in many ways: technically, socially, culturally, intellectually, and so on. However, when we look at geo-political organisation of the world we can observe a trend towards a larger governing body that transcends the conventional limits of the nation-state units. The world is increasingly being controlled by mega-corporate entities like the IMF, WTO, and the World Bank. Nation-states are, either willingly or by compulsion, compromising their sovereignty in order to survive the onslaught of globalisation. So, does that mean that the nation-states are nearing their shelf-life? Did the individual-self completely and permanently sacrifice itself when humankind first decided to appoint tribal leaders? Likewise, did the ruling class become an extinct breed with the dawn of democracy and the birth of the nation-state? The answer is an emphatic no. Rather, these constructing units took on different roles in the organisation of the society as the locus of sovereignty shifted and new constructing units were formed to accommodate the growing populations and rise of civilizations. So, what does this mean for the future of the nation-state? In the last century we have seen the birth of a new political unit that transcends geographical limits: the mega-corporate state. However, for the new order to exist the old one must give up that which in the first place called it into existence: sovereignty. The sovereignty of the nation-state is in conflict with that of the megacorporate state (Brinkman Brinkman, 2008), but we can already see signs of transference of this sovereignty from the former to the latter. Once the process has been completed, the world might function with completely new dynamics, with the nation-states playing a key role in the new world-political mechanism. In other words, the nation-state would undergo a transformation in that its role in world politics would change in order to facilitate the rise of the megacorporate state. The Progress/Process Of Globalisation Having drawn our attention to the rise of the nation-state and its changing role in present times, let us now look at the cause behind the change. Globalisation, as many believe, is not a phenomena nor is it a product/consequence of the industrial revolution, technological advancements, or the enlightenment of humankind in the last couple of centuries. Rather it is a human-initiated process that began in antiquity when our species first began to spread across the face of the planet earth. Globalisation is a journey (Wolf, 2001) that began as long ago as when the first traders/merchants began setting out on adventurous journeys in search of fortunes in unchartered foreign lands, and even further back to when flourishing civilizations began forming ancient world empires. However, in order to put things into perspective and to keep the essay short and to avoid the risk of digressing, let us look at the process of globalisation in the context of the last couple of centuries. Globalisation as a process has always been at work in the march of human civilizations, however it has only been observable in recent times due to various developments that are intrinsically linked to innovation and technology. As Martin (2001) puts it, over the past five centuries technological advancements have progressively reduced the barriers to international integration. Rapid and affordable means of transportation as well as widespread communication networks offering real-time access to information have significantly and undeniably accelerated the pace of globalisation, especially over the past century. However, the globalising trends of increased trade, huge investments in foreign markets, as well as rise in immigration rates are not unprecedented. Martin (2001) compares statistics from pre-World War I period as well as from the late 1800s to that of current times to show that all these trends were almost at the same levels are they are today. Yet, there is something substant ially different going on today than a couple of centuries ago. The accelerated pace of globalisation has created the need for the birth of megacorporate entities. This is particularly true since the 1970s when nation-states around the globe began adopting liberal economic policies, and started opening up their markets to international trade and investment. The rapidly integrating world has exposed the inadequacies of the nation-state model in that the sovereignty of the nation-state is in direct conflict with the progress of the human society. This realization has initiated world leaders to afford policy changes that mark the shift of sovereignty to entities that transcend geo-political boundaries. So, is the nation-state dying? An emphatic no again. On the contrary, nation-states are evolving into more efficient geo-political units that have a greater role to play in international relations. However, the cost of international integration and progress must come at the expense of national sovereignty. The rise of the megacorporate state can be seen in the active role that its precursors like the IMF, WTO, and the World Bank play in international politics. In order to govern a world that is increasingly becoming inter-linked and inter-dependent it essential that sovereignty be shifted to a governing body that isn’t bound by geo-political boundaries. However, nationalism has taken deep roots in the peoples of all nations, and hence it would not be without much blood shed and war that nation-states can be destroyed to form a one-world order. Fortunately, there is an alternative to war: the megacorporate state that delegates with nation-states on not completely but only certain aspects – the sharing of sovereign much like that in current day federal states. In other words, the world is moving to organising itself into a world federation of nation-states. Another question arises here. Is globalisation destroying the capacity of governments to form national policies? Quite the contrary. As Martin points out, â€Å"Globalisation can progress only as far as national policy makers will allow.† He goes on to argue the proposition that globalisation will make the nation-states unnecessary is even less credible than the idea that it makes them impotent. Martin puts forward three defences for his arguments. First, the ability of a society to take advantage of the opportunities offered by international economic integration depends on the quality of public goods, such as property rights, an honest civil service, personal security, and basic education. Removing the nation-state from the equation would necessitate the redundancy of creating an equivalent unit to fill in the vacuum left by the nation-state in the first place. Second, the nation-state offers the members of a society a sense of identity and a sense of belonging. While not ent irely impossible, finding a global-identity that is agreeable to all peoples would again be a redundant process. Rather, it is more logical and natural to develop parallel identities of belonging to a nation that is itself a part of the world. Third, international governance depends on the ability of nation-states to provide and guarantee stability. As Martin puts it, â€Å"The bedrock of international order is the territorial state with its monopoly on coercive power within its jurisdiction.† In simple words, the nation-state has a slightly different yet vital role to play in international governance. As Martin (2001) rightly argues, technology while pointing towards greater international integration, was in and by itself not responsible for the changing dynamics of world politics and geo-political organisation. â€Å"Policy, not technology, has determined the extent and pace of international economic integration.†(Wolf, 2001). Conclusion Globalisation is not necessarily an evil like some of us perceive it to be. On the contrary, it is a necessary process for the progress of human civilizations. While some of us believe that globalisation marks the end of the nation-state, I strongly believe that the nation-state will continue to play a vital role in world organisation and politics, albeit in a different role than that of a sovereign power. Nation-states are and will continue to be vital for people to be able to successfully benefit from the opportunities afforded by international integration (Wolf, 2001). I further agree with Martin (2001) in that global governance will come not at the expense of the nation-state but rather as an expression of the interests that the state embodies. I also agree that globalization is a choice and not a matter of destiny. â€Å"It is a choice made to enhance a nation’s economic well-being.† (Wolf, 2001) References Brinkman, R. L., Brinkman, J. E. (2008). Globalization and the nation-state: Dead or alive. Journal of Economic Issues, 42(2), 425-433. Croxton, D. (1999). The peace of westphalia of 1648 and the origins of sovereignty. The International History Review, 21(3), 569-591. Wolf, M. (2001). Will the nation-state survive globalization? Foreign Affairs, 80(1), 178-190. doi:http://www.foreignaffairs.com/archive

Contributions of the Arrow Debreu model to financial theory

Contributions of the Arrow Debreu model to financial theory According to Elroy Dimson and Massoud Mussavian (1999), Arrow-Debreu model was developed as a model of general equilibrium that has been fundamental to economics and finance. Compared to earlier models, the Arrow-Debreu model basically generalized the notion of a commodity, differentiating commodities by time and place of delivery. For example, apples in Malaysia in July and apples in Singapore in June are considered as different commodities. Kenneth J. Arrow (1951) and Gerard Debreu (1951) work together to produce the first rigorous proof of the existence of a market clearing equilibrium, given certain restrictive assumptions. This field of research has had a profound impact not only on economic science, but also on financial markets, institutions and businesses all over the world. It often used as a general reference for other microeconomic models. As Ramu Gopalan (2008) stated, the pioneering work of Arrow and Debreu has had an enduring effect on the study of financial aspects of the economy in a general equilibrium framework. One of their key contributions is to introduce time and uncertainty into general equilibrium models. The Arrow-Debreu model was established since 1950s, many researchers had extended this model to both economics and financial economics. Although this model is criticized by various eminent economists, the dedication of this model in the history is indestructible. In this assignment, we are going to discuss the applications of Arrow-Debreu model majoring in the financial economics. The purpose of this assignment is to find out and understand more about the contributions of this model to financial theory. The applications of Arrow-Debreu model will be listed out and discussed further. Journals will be shown and summarized out in order to support our discussion. Finally, the last section in this assignment is the conclusion. 2.0 Background studies In this assignment, the applications of Arrow-Debreu model in financial economics will be discussed. But before that we have to know what the Arrow-Debreu model is. 2.1 Arrow-Debreu Model Arrow-Debreu model, also referred as Arrow-Debreu-McKenzie model (ADM model), is the fundamental model used in the General (Economic) Equilibrium Theory. It is named after its originator who are Kenneth J. Arrow (b. 1921) and Gerard Debreu (1921-2004) on Existence of an Equilibrium for a Competitive Economy as well as Lionel W. McKenzie (b. 1919). As what stated in the Farlex Financial Dictionary (2009), it says that this model is one of the most general models of competitive economy and is a crucial part of general equilibrium theory, as it can be used to prove the existence of general equilibrium (or Walrasian equilibrium) of an economy. Once we can prove the existence of such an equilibrium, it is possible to show that it is unique under certain conditions, but not in general. Furthermore, Arrow went on to extend the model to deal with the issues relating to uncertainty, stability of the equilibrium, and whether a competitive equilibrium is efficient. 2.2 Applications of Arrow-Debreu Model Arrow-Debreu model leads to a huge impact on economics and financial economics. First of all, it solves the long-standing problem of proving the existence of equilibrium in a Walrasian (competitive) system. This model analyzes the exact situations of those markets that are very competitive. In economics, Arrow-Debreu model suggests that a set of prices such as aggregate supplies will equal to aggregate demands for every commodity under certain assumptions made about the economic conditions (i.e. perfect competition and demand independence). Formulated in a purely mathematical form, the Arrow-Debreu model can be easily modified into spatial or intertemporal models with proper definition of the commodities based on the commoditys location or time of delivery. When commodities are specified to be conditional on various states of the world, the Arrow-Debreu model can easily combine expectation and uncertainty into the analysis. Besides, theoretical extensions and applications have been made to analyze financial and monetary markets and international trade, as well as other subjects. With a general equilibrium structure, the model is applicable in evaluating the overall impact on resource allocation of policy changes in areas such as taxation, tariff, and price control. Moreover, it applies to all general equilibrium models that are heavily dependent upon accurate mathematical proofs. In the field of financial economics, Arrow Debreu represents a certain kind of securities product which named as Arrow-Debreu security. This distinguished concept is a good teaching tool to understand the pricing and hedging issues in derivatives analysis. On the other hand, the Arrow-Debreu Model is also used in areas like financial engineering. But it has turned out to be very limited, especially in the multi-period or continuous markets. The model has been subject to the criticism that many of the assumptions it makes do not fit the workings of the real economy. However, the truth is that the Arrow-Debreu Model is very important for the derivative industry and helps the industry to grow at a rapid pace. 3.0 Literature Review In previous section, we have mentioned some applications of the Arrow-Debreu model both in the field of economics and financial economics. Now, the applications of this model majoring in financial economics will be discussed further. The functions of Arrow-Debreu model can be divided into six categories, asset pricing model, equity risk premium, corporate finance, Modigliani and Miller Theorem, Arrow-Debreu security and others. 3.1 Asset-pricing model From the studies, most of the Arrow-Debreu models applications are commonly used in shaping the asset-pricing model. Arrow-Debreu model was acted as an origin which gives the insight that consumption in different future states could simply view as different consumption goods according to Elroy and Massoud (1999). This result is proved and can be seen through various researchers journals. It is undeniable that the Arrow-Debreu model plays an important role in constructing the asset-pricing model. The evidences are given in following paragraphs. Based on the journal of Asset Pricing at Millennium written by John Y. Campbell (2000), he stated that theoretical and empirical developments in asset-pricing has taken place within a well establish paradigm for the last twenty years. While the well establish paradigm that he mentioned here is referred to the Arrow-Debreu model. Same as Franklin Allen (2001), he indicated that asset-pricing models are typically special cases of neoclassical Arrow-Debreu model. In the traditional Arrow-Debreu model of resource allocation, firms and households interact through markets and financial intermediaries play no role. On the other hand, the key element of the analysis in the modern version is the stochastic discount factor, which incorporates the Arrow-Debreu state prices and allows the assets to be priced. He also commented that this approach and the focus on the risk-return trade-off have allowed a rich interplay between the empirical and theoretical work. The equity premium puzzle is given as an example of special cases within the Arrow-Debreu framework in order to support his statement. Moreover, Elroy and Massoud (1999) narrated the historical development of asset pricing and derivative valuation on Three Centuries of Asst Pricing. He pointed out the success of conceptual framework that setting up the theory of asset pricing is down to Arrow (1953)s hard work. Dissatisfied with the current Arrow-Debreu framework, Arrow built up a series of contingent claims that follow the resolution of uncertainty to explain how one can achieve markets that are almost complete. Varian (1985) analyzed the impact of divergence of opinion on asset prices in an Arrow-Debreu economy. By considering the Arrow-Debreu model with agents who have different subjective probabilities, he compares and concludes the differences of opinion in an Arrow-Debreu contingent claim context. Based on his journal Divergence of Opinion in Complete Markets: A Note, three results were established. He concluded that in practice, increased dispersion of beliefs will generally be associated with the reduced asset prices in a given Arrow-Debreu equilibrium. Also, he uses this model to show that other things equal, if risk aversion does not decrease too rapidly, then assets with more dispersed opinion will have lower prices or vice versa. P. Bossaerts and C. Plott (2004) had done six financial markets experiments of testing two of the most basic propositions of modern asset pricing theory. The Arrow-Debreu model and the Sharpe-Lintner-Mossin Capital Asset Pricing Model (CAPM), these two theoretical models are used to be the framework of their experiments. In the end of their experiments, they discovered a swift convergence towards equilibrium prices of Arrow-Debreu model or the CAPM. This discovery is significant because they use the subjects that lacked of information to intentionally set the asset prices. Sometimes, the equilibrium is not found to be robust which clearly shows a result of deviations of subjective beliefs from objective probabilities. However, they still find the evidences that prove this does not destroy the tendency for markets to equilibrate as predicted by the theory. 3.2 Equity Risk Premium Next, the Arrow-Debreu model is applied to explain the equity risk premium. In an attempt to explain the equity risk premium, Rajnish Mehra and Edward C. Prescott (1985) developed an Arrow-Debreu asset pricing model. They found that historically the average return on equity has far exceeded the average return on short-term debt and Treasury bills. Thus, they try to use the Arrow-Debreu model to interpret this situation. In the end of the journal The Equity Premium: A Puzzle, they concluded that only those equilibrium model with friction (i.e. non-Arrow-Debreu models) will be the one that successfully explain both high equity risk premium and low risk-free returns. However, Rietz (1988) overthrew the conclusion of Mehra and Prescott (1985) in The Equity Risk Premium: A Puzzle. He mentioned that the reason for them to reject the Arrow-Debreu model is their specifications which cannot explain the high equity risk premium and low risk free returns that characterize the U.S. economy. Hence, he re-specified their model to include a low-probability, depression from a high return of compensation for the extreme losses during the market crashes, captured those possible effects from the market crashes and finally successfully proved that these crashes allow it to explain both high equity risk premium and low risk free returns without abounding the Arrow-Debreu paradigm as well as not altering their models attractive features. In the journal The Equity Risk Premium: A Solution, he explained further that it does so with reasonable degrees of time preference and risk aversion provided the crashes are apparently severe and not too unimaginable. 3.3 Corporate Finance According to Jean Tirole (2006), he specified that a substantial and important body of empirical work has provided a clearer picture of patterns of corporate financing and governance, and of their impact for firm behaviour and macroeconomic activity. One of them is the Arrow-Debreu model. During 1970s, the dominant Arrow-Debreu model of frictionless markets (presumed perfectly competitive and complete, unhampered by taxes, transaction costs, as well as informational irregularity) can prove to be a powerful tool for analyzing the pricing of claims in financial markets, but little about the firms financial choices and about their governance. Besides, in the complete market paradigm of Arrow (1951) and Debreu (1951), the financial claims returns depend on some choices such as investments, are assumed to be contractible and therefore are not affected by moral hazard. In Jean (2006)s opinion, financial markets were not plagued by problems of asymmetric information because investors agree on the distribution of a claims returns. Viewed through the Arrow-Debreu lens, he identified that the key issues for financial economists are the allocation of risk among investors and the pricing of redundant claims by arbitrage. Michael J. Brennan (1995) also clarified that the abstract simplicity of the Arrow-Debreu model yields few insights for corporate finance beyond the value additivity principle that was used to refute the conventional wisdom that conglomerate mergers will add value to the company through the corporate diversification. 3.4 Modigliani and Miller Theorem (M-M Theorem) Another application of Arrow-Debreu model is related to M-M theorem which devised by Franco Modigliani and Merton Miller (1958). This theorem explains that a firms financial structure is irrelevant under certain conditions, Arrow-Debreu environment. The value of a financial claim or a firm which equal to the sum of the values of the claims it issues is thus equal to the value of the random return of this claim or the firm computed at the Arrow-Debreu prices (the prices of state-contingent securities). Therefore, Arrow-Debreu model is used as a fundamental of economy in formulating M-M theorem. 3.5 Arrow-Debreu Security (State Contingent Claim) Mostly, Arrow-Debreu security will be the answer of the applications of this model majoring in financial economics if we searching it through the internet. Based on the journal A re-examination of the Modigliani-Miller theorem written by Joseph E. Stiglitz (1969), in a section entitled Arrow-Debreu securities, he not only showed the M-M theorem in a complete markets setting but also mentioned about the Arrow-Debreu model under uncertainty in which individual can buy or sell the promises to pay if a given state of the world occurs. This shows a direct relationship between the Arrow-Debreu model and the Arrow-Debreu security. Through the calculation, he observed that if he takes literally the Arrow-Debreu definition of a state of nature, there is undoubtedly will be more states of nature than firms and most of these states are similar with each other. An example, variation in the return on stocks can be explained by the business cycle, is given to support his statement. Robert E. Lucas (1984) analyzed the unified theories of money and finance on Money in the Theory of Finance. He examined and commented that financial and monetary theory have different objective, however, the desirable theoretical unity may be, one can identify strong forces that will continue to pull apart these two bodies of theory. He mentioned that the theory of finance is conducted almost entirely within the Arrow-Debreu contingent claim framework such as the three pillars of modern financial theory which have been reformulated in contingent claim terms. Besides, he wrote that the applications of the Arrow-Debreu contingent claim formulation of a competitive equilibrium for an economy operating through time is subjected to stochastic shocks. In the end, he concluded that the power in applications of the contingent claim point of view is obviously evident in finance, will be as usefully applied to monetary theory. One more thing that he suggested is the source of this power which is the ability of this framework to permit the reduction of the study of asset demands to the study of demands for the more fundamental attributes to which assets are claims. 3.6 Others Apart from those above categories, Arrow-Debreu Models can be used for other purpose. For instance, it acts as a fundamental to explain the pattern of trade, to formulate the fixed price equilibrium or to find out whether the financial markets are arrangements for risk-sharing. Furthermore, it is extended further to analyze the restrictions and developed further that include a sequential market model with the financial markets. One of the section in the journal Differences of opinion in financial markets written by Hal R. Varian (1989), an Arrow-Debreu contingent consumption model of the sort studied by Milgrom and Stokey (1982) was examined. Through the mathematical calculation and the analysis of the consequences for assets market equilibrium based on the Arrow-Debreu model, it ends with a similar result, prices are determined by information, but the pattern of trade is determined by differences in opinion. In order to establish the important difference for trade is the opinion, he analyzed some of its consequences for assets market equilibrium. At last, he stressed that the volume of trade in an Arrow-Debreu model is due primarily to the differences of opinion. Next is the Claus Weddepohl (1983). He discussed and addressed the development of the theory of general equilibrium during the last twenty-five years. Considering and analyzing the Arrow-Debreu model with futures markets, he showed the result that this model gives rise to temporary equilibrium models. He stated that the fixed price equilibrium models are formulated through the study of these models and the study of the stability of price adjustments. The simple fixed price equilibrium model as defined by Barro and Grossman (1971) and Malinvaud (1977) is what he emphasized in the journal Developments in the Theory of General Equilibrium. Ouattara (1994) applied the Arrow-Debreu model to the small villages in the McCarthy Island Division South (MID-South) of The Gambia to find out whether financial markets are arrangements for risk-sharing. The main objective of risk-sharing is to verify that observed consumption patterns are consistent with patterns predicted by insurance models. The Arrow-Debreu full insurance model focuses on consumption smoothing across different states of nature at each particular point in time through state-contingent contracts. In the end of his research, the results supported the hypothesis that state-contingent loans are accepted in rural Gambia and there is full risk-sharing among participants in the financial markets. Peter H. Friesen (1979) extended the Arrow-Debreu model to financial markets which include the sequential market model. It is done by dropping the contingent contracts from the Arrow Debreu model, leaving only a sequence of spot markets for commodities. This leads to an inefficient market structure but efficient for sequence of stock markets and option markets. The purpose of the journal The Arrow-Debreu Model Extended to Financial Markets is to develop further the Arrow-Debreu model. The method that he used is through the extension of Arrow (an equilibrium in one model was constructed from that of another). For example, financial securities, Arrow certificates can be constructed from options on common stock and the advantage in the general equilibrium theory of financial markets, are the proofs of using Arrows method. On the other hand, the sequential market model for which equilibrium are constructed from the Arrow-Debreu equilibrium derived in Debreu (1951). From the fact that Arrow-Debreu equilibrium exist, it follows by construction that equilibrium for this model exists. It also follows that the equilibrium is efficient. Peter (1979) stressed that such models are used both to study financial markets and to explore the effects of a gradual resolution of uncertainty. Lastly, he concluded that it not only shows the close relationship between these two models but also reminds us that the potential value of finite-horizon Arrow-Debreu models for the study of sequential economies. Investors in financial markets face several restrictions apart from wealth constraints. So, we have the right to understand the restrictions in a general competitive equilibrium. Based on the journal Contributions to Intertemporal Models in Financial Economics written by Ramu Gopala (2008), the Arrow-Debreu model was extended further for the usage of analyzing those restrictions. He indicated that the traditional Arrow-Debreu model can be extended to a more realistic setting. Following Angeloni and Cornet (2006), this extension of the Arrow-Debreu model in the multi-period setting with restricted participation is established. Arrow-Debreu model was used to elaborate, to compare, to extend and to emerge for shaping those important finance theories. 4.0 Supporting Theories In this section, the theories that are related to Arrow-Debreu model will be further discussed. Apart from that, in order to let us have a more complete picture about this model, the theories that we displayed previously will also be stated and explained, as well as deliberated further. 4.1 General Equilibrium Theory General equilibrium theory is the core of economic theory. Before the Arrow-Debreu model is established, this theory has been proposed by L. Walras (1874). As reported by Arrow and Debreu (1954), he was the one who first formulated the state of economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers, and the equilibrium condition that supply equal demand on every market. In other words, Walras (1874) is the pioneer who first attempts to model the price for a whole economy. Walras uses mathematics to construct a complete structure of general equilibrium theory. This research has lead to results in contribution to neoclassical economics. However, the mathematics that he used to set up the foundation of this theory was unstable due to the existence of general equilibrium does not solved in a satisfactory manner. Hence, theoretically, if he cannot prove this existence, then this theoretical system will become meaningless. General equilibrium theory is therefore developed and improved by Vilfredo Pareto (1897), John R. Hicks (1939), John Von Neumann (1937), Paul A. Samuelson (1941), Kenneth J. Arrow (1954), Gerard Debreu (1954), Lionel W. McKenzie (1954) and others, which becomes an integral part of economics. 4.2 Fundamental Theorems of Welfare Economics Before the Arrow and Debreu began their famous collaboration, both of them had proved the same theorem which is the Fundamental Theorems of Welfare Economics or First and Second Welfare Theorems. There are two fundamental theorems of welfare economics. The first theorem states that every general equilibrium involves a Pareto efficient allocation of resources under the three assumptions. The three assumptions are if there are no externalities, all agents are price-taker, and prices for each good are known to each agent. While the Pareto efficient named after Vilfredo Pareto (1897), is a type of efficiency that results if one person cannot be made better off without making someone else worse off. The First Welfare Theorem is viewed by many economists as the formalization of Smiths Invisible Hand. As Makowski and Ostroy (1995) stated, it provided a set of sufficient conditions for a price system to efficiently coordinate the economic activity. Besides, this theorem supports the case for non-intervention in ideal conditions. For instance, the outcome is said to be Pareto efficient if we let the markets to do the work. The Second Welfare Theorem says that if preferences are well-behaved (especially convex) then every Pareto efficient allocation can be supported by a general equilibrium set of prices, given a suitable reallocation of the endowment. Referring to Varian (1985), this theorem effectively said that if you think an equilibrium is unfair, just move the endowment of the economy and a different general equilibrium will be obtained. Due to the convexity, the second theorem is stronger than the first theorem. The difference between these two theorems is the second theorem requires existence of general equilibrium from all endowment points, whereas the first theorem required only that if a general equilibrium existed it was efficient. According to Michael A. S. Guth (1994), Arrow (1951) provided a rigorous proof of the connection between competitive equilibrium and Pareto optimal. Gerard Debreu (1951) introduced convex analysis methods into welfare theory and independently proved the same theorems. As a result, these theorems have an important relation to Arrow-Debreu model; the existence of solutions to a competitive equilibrium is finally solved. 4. 3 Theories in relation to the Restriction of General Competitive Equilibrium Previously, the Arrow-Debreu model was used to analyze the restrictions. In order to understand those restrictions in the general competitive equilibrium framework, tracing back those following theories is necessary for us to know how the Arrow-Debreu model was used to be compared and proved other economic theory. 4.3.1 Radner Equilibrium Roy Radner said that the Arrow-Debreu model is not originally put forward for the case of uncertainty, but a powerful device introduced by Arrow (1953), and further elaborated by Debreu (1953), enabled the theory to be reinterpreted to cover the case of uncertainty about the availability of resources and about consumption and production possibilities. Hence, he extends the Arrow-Debreu equilibrium and forms an economic concept-Radner Equilibrium. Radner (1972) is the first who considers the general equilibrium with incomplete markets. He shows that unlike the Arrow-Debreu models, the possibility of trading commodity futures for every contingency is sufficient to enable income transfers across all spots. In addition, the assumption that he made, short-sales of these contracts are limited for every agent, is a driving force in his proof of the existence of a general financial equilibrium. This can be seen as the first attempt to incorporate this idea in their asset market participation. 4.3.2 Concept of Constrained Pareto Optimality Radner Equilibrium, however, is imperfect. Oliver D. Hart (1975) uses some disturbing but perceptive counter-examples to display some of the weaknesses of Radners concept of equilibrium. He showed that existence of such an equilibrium cannot be proved under the standard Arrow-Debreu assumptions. He specified that when the asset returns are price dependent, the market sub-space may not be continuous in the spot prices which may lead to discontinuous demand functions. This reason causes a failure of the existence of Radner equilibrium. In other words, an equilibrium may not be Pareto efficient in the case of incomplete markets which shapes the concept of Constrained Pareto Optimality. 4.4 Limitations of Arrow-Debreu Model Although the Arrow-Debreu model has many influences on either economics or finance, however, there are the limitations. There are three limitations of Arrow-Debreu model. In this model, it excludes the trade in shares of firms because the stock certificate is not an Arrow-Debreu commodity. When the descriptions are so precise that further refinements cannot yield imaginable allocations which increase the satisfaction of the agents in the economy, then the commodities are called Arrow-Debreu commodity. Trading in shares of firms cannot be classified as Arrow-Debreu commodity due to its possession entitles the owner to additional commodity which he need not obtain through exchange. Bankruptcy is not allowed in Arrow-Debreu equilibrium. All agents must meet their budget constraints. In a game theoretic formulation of equilibrium, it is achieved by enforcing an infinite bankruptcy penalty. Since every Arrow-Debreu equilibrium is Pareto efficient, there would be no benefit in reducing the bankruptcy penalty to the point where someone might choose to go bankrupt. Money does not appear in this model. Although the reasons for the existence of money in real life are already taken care of in the Arrow-Debreu model, money does not affect the allocations of commodities. Therefore, there is no point in making the role of money explicit in the Arrow-Debreu model. 5.0 Conclusion In fact, Arrow-Debreu model is not simultaneously created by K.J. Arrow and Gerard Debreu. Debreu is the one who extends further the Arrows pure exchange model in several important ways. Their contribution in formulating Arrow-Debreu model has laid a foundation for economic theory. The application of Arrow-Debreu model emphasizes more on the general competitive equilibrium framework of the economics. From the studies, we notice that most of its application majoring in the financial economics is act as a fundamental theory or economy in shaping the asset pricing model. Other functions like analyzing the market structure, risk and etc, also show that the usefulness of this model. Besides, it is applicable in evaluating the impact of all uncertainties with a general equilibrium structure. The analyzers use a series of mathematical equation to prove their statements. The pioneering contributions of Arrow and Debreu have forever changed the way economic theorists formulate uncertainty models.   After more than forty years of analysis and extensions, their general equilibrium framework and approach continues to be the starting point for new theories on the operation of competitive markets under uncertainty. As a conclusion, it is undeniable that the Arrow-Debreu model had turn on a new leaf in the history of economics. It is the modern concept of general equilibrium in economics which indirectly set up several important theories. Nothing is perfect in this world. Of course, Arrow-Debreu model as well. Some assumptions have to be made. Criticism also may happen. However, those brilliant economists or researchers still can use this model to formulate their own theory and then ends up with a perfect ultimate theory in both economics and finance. Lastly, mistakes, problems, and weaknesses should be pointed out, corrected and improved so that Arrow-Debreu model can be applied and developed effectively.

Happiness: John Stuart Mill vs Immanuel Kant :: Utilitarianism Essays

Happiness. People go to any means by which to obtain the many varied materials and issues that induce pleasures in each individual, and intrinsically, this emotion remains the ultimate goal, John Stuart Mill, a nineteenth century philosopher, correctly advocated the pursuit of happiness, and maintained the concept that above all other values, pleasure existed as the final destination, Mill's hedonistic views correctly and rationally identified a natural human tendency, and his Utilitarian arguments strongly support the theory that above all else, happiness is the most important dream to be fulfilled. Upon researching for this paper, I came across a counter argument, which was based on metaphysics. Immanuel Kant, in Groundwork of the Metaphysics of Morals, defends his strong beliefs in the issue of a good will, and surfaces as MM's chief opponent on the topic of metaphysics, The issue diminishes to a clash between emotions and pleasures ve rses rationality and logic. Yet, what use is logic when the good agent is miserable? Mill's stance within Utilitarianism exists as the more favorable of the two beliefs, for happiness exist as the one intrinsically favorable element, not an emotionless mind. The main defender of the Utilitarian system exists within the Greatest happiness Principle. Mill lived as a chief advocate of this concept, which supports the idea that a decision is morally correct as long as it increases and encourages pleasures and happiness. Kant, however, in his endless quest to remain separate from emotions and thrive only on logic, would argue that autonomy should be placed above happiness in a list of intrinsic values. A good will, however, does not comfort an individual in any way if happiness does not accompany this asset, Consider this example of a seemingly happily married couple. The wife in this duo is madly in love with her husband fiercely loyal, and completely happy with her marriage and children. The husband, however, as wrongfully strayed, and had a brief, but damaging affair behind his wife's back. Kant would argue that autonomy reigns over pleasure, and the woman should therefore want to be informed of her husband's adultery, Mill would greatly disagree. By revealing the secret of the past affair, the woman's happy world would be instantly shattered. Her pride would diminish, her stability would fall apart, and the children especially would be forced to view a nasty side of their beloved father. In this case, individual control is greatly overshadowed by the need for happiness. The husband is no longer acting unfaithful and the family can easily continue to live in a happy realm, If the secret were to

Mini-ethnography On Gamer Culture Essay -- essays research papers

â€Å"Man, Fragged by the LPB Sniper again!!!† That may sound like nonsense to the average person but to the seasoned Counterstrike veteran it speaks volumes. Today, millions of people of all ages are coming together on the Internet to compete against each other in a variety of online games. The most popular of which is an online modification of the game Half-life entitled Counterstrike. Counterstrike itself is comprised of players broken up in to two teams, terrorists and counter terrorists, who then compete against each other to achieve a range of goals in a variety of levels. People from anyplace in the world can log in to one of the hundreds of Counterstrike servers running on the Internet and team up with and play against anybody anywhere. To play the game players manipulate their characters movements inside the simulated scenario they see on their monitor. They do so by using the keyboard and mouse in tandem to move around the level, find opposing players and then â€Å"frag† or kill them with whatever weapon they currently have, there by eliminating them for the remainder of the round. However, in most cases the teams’ goals are more complex than just eliminating the other team. For instance, in one level one player assumes the role of the V.I.P. and his counter terrorist teammates try to escort him to a helicopter on the other side of the level. The terrorist teams objective is to find and assassinate the V.I.P. before he is able to escape. This and other missions like it create an exciting and adrenaline filled environment that are part of the reason gamers just can not quit. For the most part people team up with and compete against people they haven’t met and probably never will meet in a face-to-face manner. This yields some very interesting results. I was able to observe two peers of mine playing Counterstrike online in the same room on their separate computers on several occasions for extended periods. Also, I installed Counterstrike on my computer here in my dorm room and played online myself a number of times. The first thing that I noted and the first I am going to talk about is the player’s ability to create and maintain their own online identity. Every player in an online game of Counterstrike or any other game for that matter has his or her own handle or call sign. They are nicknames that the players come up with themselves and adopt as names ... ...10 dollars to gain access to an online server that acts as a simulated finite world for each person to place their character in. Players manipulate their character and basically live that person’s live in that finite simulated world that contains other players. They buy property, get a job and interact with other players. I was unable to actually observe anyone playing Everquest or play it myself. However it seems to take the level of interaction to new levels. For obvious reasons I find that a little unsettling. I think that is safe to say that many people actually prefer their simulated online personas and friends to their real life ones. That may pose new problems in the future. At the pace that technology is currently developing I think that soon the number of people who find more satisfaction and fulfillment in their â€Å"cyber lives† will only grow. Also, to speculate a little I think that in the future it will probably be possible to immerse yourself in a to tally simulated environment. Will be people totally isolate themselves and spend years inside life simulations oblivious to the real world but still perfectly content to live out their days in a Matrix like cyber dreamscape?

The Necklace :: Guy De Maupassant The Necklace Essays

The Necklace   Ã‚  Ã‚  Ã‚  Ã‚  In any literay work, it is absolutely essential to have characters, whether major or minor. It is also necessary to develop these characters through out the story. Character development gives the reader insight to the more important meanings or lessons of the story. These lessons are usually brought out by the events that take place within the story. Looking at Guy De Maupassant's piece â€Å"The Necklace†, we see a very clear development of the main character Mathidle. In the story, we see a change in her attitude about life. This change come about when she has to learn one of life's little lessons the hard way. She and her husband are forced to live a life of hard work and struggle because of her own selfish desires. Mathilde changes from a woman who spends her time dreaming of all the riches and glory she doesn't have, to realizing that she over looked all the riches she did have.   Ã‚  Ã‚  Ã‚  Ã‚  The story opens with the description of how miserable Mathilde is. Maupassant describes her as â€Å"suffering constantly, feeling herself destined for all delicacies and luxeries.† (Pg 4) She sits dreaming of silent rooms nicely decorated and her own private room, scented with perfume to have intimate â€Å"tete- a-tetes† with her closest friends. Then she is awakened, only to realize that she is in her own grim apartment. In her eyes, she lives a tortured and unfair life. Mathidle has a husband named Losiel. He is much the opposite of his wife. He is completely content with his lifestyle. He seems to be a very passive person, who doesn't let status or riches effect him. Of course, if he had the chance to be rich he would, but he doesn't dwell on the fact that he is part of the middle class. He seems ot be a hard worker and does his best to provide for his wife. He demonstrates is simplicity the one night at dinner Losiel and Mathilde sit down to eat. Mathidle is dreaming of fancy four course meals, while he is ecstatic because they are eating boiled beef.   Ã‚  Ã‚  Ã‚  Ã‚  Losiel is aware that his wife has not yet adjusted to her status. One night, he had come home from work very excited. He had worked extra hard to get he and his wife invited to one of the biggest parties ever. Losiel thought this would be please his wife, when in fact it only made her upset. Here was Losiel trying to please his wife and she just started to cry. This just goes to show how ungreatful she really is.

Philippines: The jejemon fever Essay

What’s the texting capital of the world? It’s the Philippines. Wherever you set your eyes in the streets, in schools, in malls, you can see various people giving much attention in pressing the keypads of their phones. It’s been a habit for most of us Filipinos that on our leisure time, we spend it through texting. Admit it that even during class discussion some teachers and students usually look at their phones to see if someone had texted them. Texting here in the Philippines before was so single. We just shortened the words by sometimes omitting the vowels until a new style of texting was introduced and used – the jejemon way. Jejemon is a collective term for those persons who use a different kind of spelling and pronunciation on our English and Filipino words especially when texting. They are peculiar with their clothes. The term jejemon actually came from two words: jeje and mon. Compared to us ordinary Filipinos, jejemons have a different language. They also have a unique alphabet called the jejebeth. It is quite different in our English alphabet because it contains both letters and numbers on their alphabet. They don’t mind the grammatical incorrectness of their sentences. It is very hard to read a text message of a jejemon. You would need minutes or even hours to understand what they are trying to say. It’s like it still need to decode these sentences to fully understand them. Like a jejebuster, Filipinos should stop too much exposure of this language to the youth especially now, even Grade 5 or Grade 6 students in elementary are already exposed in mobile phones and are so much fund of texting. Even before the dominion of jejemos, spelling of words is so much affected already by our simple way of texting. Filipino texters already have a different language. Could you imagine what would happen to the proficiency of the youth on the English language if this rising number of jejemons continuously increased? Well, it’s simply a massive decreased on our adaptness in the English language especially when speaking and writing poems say for example. As time goes by some Filipinos who continuously use this language, the probability is for us to be fund of it that they might forget the real spelling of any jejemon word using our own alphabet on the English one. It may also result to less job opportunities because upon using this language even only texting, the way we speak ca be greatly affected. There is a less chance for them to be hired because their interviewer might not understand what they talking about. Our English education is also at sake. Perhaps, because of these jejemons, our education might be destabilized. But in fairness to the government, the Department of Education already implemented some training to English teachers, disseminate quality English books and provide remedial classes to students. Department of Education officials and workers also coordinate with the parents of our students to encourage the youth in using proper English. Thousands of years ago, English was introduced to Filipino ancestors by several teachers brought by the United States by the end of the Spanish era in 1989. It was widely used until such time that it became the medium of instruction in all schools. This trend was passed on from generation to generation which made Filipinos at present proficient in the said language. In the long run, the Filipino’s adeptness in speaking and writing using English as the medium had helped the country attract foreign investors to support its industry thus helping most of the population overcome hunger and poverty. This is one of the reasons why English is retained as the medium for communication next to the national language, Filipino. Perhaps, jejemon might also cause a decrease on the Philippines economy to have a greater economy, we need many investors and perhaps because of jejemons, the investors we are expecting to go in the Philippines would lessen. They might be distracted on the way jejemons dress up, speak and write. They may be offended especially our American investors because it’s like that their language had been disrespected due to the alternations on their alphabet and would be discouraged because of our poor proficiency in English – the universal language. According to the Roman Catholic Church, the birth of jejemons is fine. It will just be gone as time goes by. We can’t do anything about it because it is one way of showing our freedom of expression. However, the birth of jejemons is just like the birth of bacteria. If we won’t kill it at once, it will multiply as fast as it could until it is already countless same when a person has a cancer at stage 1, could you like this to reach stage 5 or would you cure it at once. Since, there are still so many Filipinos especially Filipino texters who are not yet so much influenced by this new style of texting, we could still stop the domination of jejemons. Filipinos should not allow it to reach its final stage wherein almost all, including the old and young speak and write words in a different way from what we are grown up with. Our national language – Filipino – is our identities. Jejemons worsens further our English proficiency today. Because of being popular, it is readily accepted by the youth which is very alarming. It influences a big part of our society where language means a lot. The distraction it creates on the technicalities of proper writing and forms of communication. This should be stopped before the worst thing happens; this is the passing of this form of informal language to the future generation.

Model analysis of Perfume Extract Terrier and Baby Grenouille Essay

Paragraphs digest this extract reveals both the character of Terrier and reveals his solvent to Grenouille as a infant. Through omniscient narration, we shargon his nonionings and sensual re follow outs to the chela in his arms. His early rapture quickly turns to standoff and this analysis will examine the ship canal that Suskind constructed his characters and our result.1. The first comment of the sister, small trigger-happytwitched sweetlyOur first chemical reaction to the featherbed is around protective, he is draw as sweet and small and we can externalise a petty detached baby held in the arms of a protector, a homosexual of God, a kind man with strong determine. He is a linguistic rule citizen.who had taken a straightaway and redolent wife This insistence upon smell links us to our emotional response end-to-end the extract. The act of smelling and the engross of our feels conveys his response to the baby and the romantic idyllic living he was fantasiz ing about.2. Terrier indulges in a fantasy, changing his role from that of a monk to a normal man, a get under ones skin and protectorTerriers character is constructed by what he is thinking and how he responds to the baby. Through the utilise of third person omniscient augur of view, we suck his rapturous response to this bem utilized small fry, this sweet sister, who is so dependent on his protection. For a moment he is brush up into a fantasy of a substantive life, which in turn reveals to us his inner torment, torn between a demanding God and church rules and the northward and zeal of family life Terrier felt his amount flash with sentimental cosiness.3. The use of quarrel positions us in the present, as the action takes place. Through the use of baby let the cat out of the bag we respond to his actions poohpoohpoohpeedooh.The thought of it made him olfactory modality good.Terriers clumsy to date straightforward attempts to cuddle the small fry are revealed through and through address poohpoohpoohpeedooh.The thought of it made him belief good. We feel for him and his lost chances. At the resembling time, this glowing description of his feelings is in impoverished contrast to the end of the extract. It sets us up to expect a loving, positive outcome. The grogginess of his net response makes us survive the appeal of the so called sweet babe at the end.4. Then the shaver awoke. The babe is without delay called a child. It has lost its innocent appeal, its dependence and cuteness is replaced by a growth sense of unease. It is described in animalistic terms, Its hoist awoke firstIt sucked argument in and snorted it rear out Our warm response to Terrier and the child changes slowly only drastically from this point on. The babe is renamed the child and through lecture it is transformed into an searching demanding animal same faunaIts poke awoke firstIt sucked air in and snorted it back out. The child is no yearner a beau tiful desirable babe, it is now ugly the childs wash eyes squinted into the void, the nose seemed to fix on a fact target, This makes Terrier feel like he is the intended target and begins to presage his evolution discomfort and disillusionment.5. The description of the child is gross The eyeshuitre gray-haired and creamy opal white cover with a .slimy filmInstead of world sweet and red the child is now described as having The eyesoyster grizzly and creamy opal white covered with a .slimy film. The subscriber is revolted by the sensible description. We can perceive a see to it of an ugly, blinded mole like child, who squints, sniffs and targets Terrier. The indorser can share in his scandalize response as the child awakens and be have gots in a rodent like manner. thereby destroying his fantasy and making his protection needless and indeed threatening his spiritual and mental well being.6. The use of language is more or less modern yet set in an 18th C setting.Suskin d uses modern expressions and language to create the character of Grenouille. An example of this is poohpoohpoohpeedooh, and the al just about scientific description of The eyesoyster grey and creamy opal white covered with a .slimy film which create an instancy and a sensory perception of the child.7. The nose seemed to fix on a particular targethe himselfwas that target.Terriers growing sense of unease foreshadows his rejection of the child as he thinks, The nose seemed to fix on a particular targethe himselfwas that target. This ominous description of Terriers growing panic makes us feel passing uncomfortable. He appears to be an ignorant man, we are modern readers, yet Suskind has managed through the use of sensory images to make us feel uncomfortable and to empathise with Terrier.8. Irony as tiny is juxtaposed with fearThe description of the childs nose, waking, seeking, targeting is both homogeneous to the unfolding of a carnivorous tiptop and a predator. Ironically, the juxtaposition of the use of slender with fear adds to our growing sense of abuse and revulsion. Tiny wings of fleshtiny holes in the childs take carecreate an eerie suctionthe child saw him with its nostrils this use of description as the child wakes up, coupled with Terriers visionary response positions the reader to understand his response and to share his opinion of the seemingly innocent child/monster in his arms.9. simile carnivore and deathAs the childs face is compared metaphorically with a carnivorous plant similar to a genus Venus fly trap, we see how Suskind has objectified Grenouille. He is an it, not a person, an anonymous being, tackle human, semi animal. A predator who is seeking to rive to Terrier like an incubus, to devour him. His panic taken with(p) response is a natural response to danger. Through punctuation we can see his fear smelling at him shamelessly, that was it the use of exclamation marks emphasizes his fear and anger. His changing tone foreshado ws his rejection. Through the use of language Terrier creates an image of the child as the other an alien, threatening to his dogmatic view of normality and romance view of the role that children should fulfill in the world.10. metaphor deathTerrier becomes convert that the child is going to kill him, victimization its nose to devour something wholeIt was establishing his pry At this microscope stage, I felt that Terrier was exaggerating, yet the repetition of his imaginative response grew on me and I felt a sense of revulsion towards this child also. Grenouille appears to be run the man who out of the goodness of his heart saved him. From this moment, our response to him becomes negative, wary, revolted by his somatogenic description regardless of the illogic of it all.12 Like a rapeTerriers response becomes similar to that of a rape, an intensifier personal invasion which cannot be avoided, His most tender emotions, his filthiest thoughts lay exposed. He can no longer com port that this is an innocent child. He feels invaded, tainted by corruption and victimized, all by this child.13. body structureTerrier no longer felt safe, at rest(p) was the homey thought that this be his suffer flesh and bloodidyll of baffle and son and fragrant mother. He regarded the babe/child/it as a creature a non human beingA threat to his spiritual and physical wellbeing A curious, cold creature lay there on his knees, a hostile animal he would have hurled it like a spider from him. Terriers final rejection of Grenouille was significant on numerous levels. This may have been the only chance of a normal upbringing or real affection lost. It creates a Gothic like fear of the unknown, the rejection of people who do not fit in or conform. on that point is a gap between the values of the church dogma and the rights of the individual as this child is not a person, it becomes a monster in the eyes of the monk. The reader is encouraged to support Terriers conclusion to r eject the child, yet with the advantage of a modern upbringing, it seems inhuman to totally forgo an innocent child regardless of how strange they look or behave.At this stage the beginning is juxtaposed with the ending. The idyllic father/son image is destroyed and a spider/rodent like child has emerged from the cocoon of our literary expectations.ConclusionSuskinds text introduces both characters, themes and conflicts. We see the proceeds and transformation of Grenouilles character, like a butterfly he is transformed from a baby to a spider. Our response changes from empathy to horror. His eventual(prenominal) fate is set by this earlier abandonment on so many levels.