What is Religion Essay

Curious to man is his origin. Man’s genesis has baffled philosophers and intellectuals for centuries upon centuries.   No definitive answer has been given but several theories have been put forward.   Among the theories postulated, is the Creation Theory. This theory forms the basis of most religions. The theory states that a supernatural being created everything out of nothing and governs the universe. The world, through it’s diverse in cultures and beliefs, has led to the genesis of several religions most of which have a constant factor, a supernatural being; a Creator. What the Creator is referred to differs from place to place. Christians call him God, Muslims refer to him as Allah and Buddhists say Buddha. The main goal of most religions based on this theory is the veneration of the Creator and the ideal that we are all created to live up to his standards. Religion: is this a way of life? The term religion comes from the Latin verb ‘Religare’ which means binding. According to onlinedictionary.com, religion is a set of beliefs concerning the cause, nature, and purpose of the universe, especially when considered as the creation of a superhuman agency or agencies, usually involving devotional and ritual observances, and often containing a moral code governing the conduct of human affairs. There are 3 major religions with at least 1 billion followers which are: Christianity, Islam, and Hinduism (of which Buddhism may or may not be considered an offshoot). It is however impossible to accurately predict the number of religions. This is because there are many small, isolated religions in certain parts of the world. Some claim that there are as many religions as there are people, a rough estimation would put it at approximately 6.7 billion believers in the world today. However, this figure can only be factored in tentatively, as there are new religions that are made almost every day. So what is religion really? What does it entail to be religious? Are there any perks associated with this moral high ground? And if so, what are they? These are some of the many questions that have continuously plagued my mind and the search for their answers has not been comforting. As a child, I was brought up in a Christian home. I was taught to believe in God, to live according to the Christian doctrines and uphold Christian morals and values, to know that there is a place of eternal joy (heaven) for those who follow the Christian doctrine and a place of eternal suffering (hell) for those who shun the teachings. Scriptures often quoted on a daily basis and most like Romans 3:23(for the wages of sin are death) would serve to haunt my conscience should I contemplate any mischief. This has lead to the metamorphosis of my four point approach to Christianity: the major belief, the doctrine, the promise and the consequence. I had always taken religion and Christianity as synonyms. I would use them interchangeably as they meant one and the same thing. Going to church; obeying parents; reading the bible; being good to others and striving to do good at all times; religion to me meant that there was someone high above watching my every action and ready to punish me for any misdemeanors. This meant not associating to the people of other religions and sects. Cults and occults have always been an abomination. There was nothing that I could do in hiding, which meant living in fear. Then I grew up. I became older; I began having a deeper comprehension of things and started to question and challenge authority. Questions were not left to be questions anymore but now involved a deeper sense of satisfaction derived from seeking the answers. The question that most are still asking to date is: which religion is the ordained one? Which will lead to heaven? Is there even a heaven? Is it the Catholics or is it the Buddhists? As I understand it now, religion is like someone’s personality. One cannot ‘confine it to a box’ or try to seek one generalization to serve for all. Religion is dynamic, it means different things to different people and different people practice it differently. There are also some controversial aspects of religion such as the ever present association of the ever Islam culture with an affinity for terrorism. Albeit not true, many accentuate this misinformed notion and consequently many fail to interact with people of different cultures. Do the actions of fellow believers define who you are? Do the doctrines of your faith necessarily confine you to them? I would suggest that they do not. Ones faith is versatile and choice will forever be the determining factor of free will. Thus one should be defined by their actions and no by the deeds of their kind. Many religions are based on faith as many have not yet seen their supreme being and thus rely on their faith to continue in this ‘way of life’. But what is faith? Faith is simply the belief in the unseen. This is, in essence what drives religion. If we were to be guided by traditional definitions and ways of handling religion, it would mean that very few people are correct about this matter. What would then happen to the rest of the populations? Because of the nature of the subject and lack of credible answers to support theses, another group of individuals has been on the rise: atheists. What do we make of atheists? Atheism has been in existence since time immemorial and the number of people who choose this path is ever increasing. These are people who’ve chosen to not believe in the whole aspect of religion and are not attached or follow any particular one. They choose to find a neutral ground but as popularly asserted: I would rather live as if there was a God and find out that there is none, than to live as if there is none and find out that there is. In conclusion, regardless of the affiliation to a particular religious group, they all point out towards and accept or recognize a supreme being. The question of whether which one is more correct than the other, is however not my call to make. I have always been a Christian. I always will be. However, there is a big difference between the Christian that I was and the Christian that I am now. I am now more informed in decisions and there is a reason for my decisions and my accepted way of doing things and also how I perceive them. This however, does not mean that I consign my religion to a pedestal and consider the others as rubbish. No! I believe that it is important to fully understand what you believe in and with equal measure stand up for it. More importantly, is the ability to develop a relationship between you and your God. The different sects might and could be misleading, so developing a more close relationship will be able to justify your actions should you be held accountabl e.

Abuse and Victimization in US Prisons - 639 Words

In the United States 2,193,798 people are held in federal prisons, local prisons and local county jails. Inlocal prisons 62% of the inmates have a mental illness (56.2 % in federal and 44.8 in local prisons)Most of the inmates could have prevented their stay if they were provided help for their illness , however they were not and they still have to serve their sentence. The inmates are abused daily by other inmates and even officers in charge.They cannot help they have an illness and its unfair they have to suffer a punishment worse than they already have.They are tourmented and the abuse does not help, the aggitation can even make the situation worse.The treatment available in the jails is poor quality if there is any at all.They are given harsh punishments or even get their sentences extended. Many people go about their lives not knowing they have a mental illness.Some like illnesses like anxiety and panic disorders are easily spotted,some are not. If they are not talked about yo u would never know that the person was diagnosed with anything.Some commonly known illnesses would be : ADD/ADHD(Attention Deficit Hyper Activity Disorder), OCD (Obsessive Compulsive Disorder),PTSD(Post Traumatic Stress Disorder),Autism, Depression ,and eating disorders like bulima and anorexia. The lesser known illnesses include : SAD (Seasonal Affective Disorder) Schizophrenia ,Bipolar and personality disorders. There is also a increase in dual-diagnosis , in which the person is diagnosedShow MoreRelatedAccording To The United States Census Bureau, The United1484 Words   |  6 Pagesled to this massive growth in prison population, but are these harsh methods effective? Instead of a place for rehabilitation, prison is a breeding ground for criminal enterprises. 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If given parole, if the juvenile does not follow the success plan, they could end up in prison. Many juveniles were interviewed throughout the book. At the end of the book, there was a description of how each one that achieved paroleRead MoreShould Drugs Be Legalized? Essay1203 Words   |  5 PagesThe legalization of drugs is among the most polarizing issues faced by the US government today. The increase in organized crime related to drug trafficking has forced authorities to reevaluate their stance on their legalization issue, and yet there are those in the civil society that oppose such legalization vehemently. Though there is evidence that many of the banned and scheduled subs tances can be attributed to a range of health benefits and treatment of diseases, the American experience withRead MoreGendered Pathways Into Crime = Gendered Pathways Out of Crime2594 Words   |  11 PagesPrograms in prisons that are tailored to women’s unparalleled needs would benefit society in the grand scheme of things. On an individual level it could break the cycle of abuse, victimization, and self-loathing. It is essential that the double damage done to female offenders be repaired because they deserve an unbiased chance at a good life. After all, they could represent your mother, aunt, sister, niece, wife and girlfriend. In her book, A woman doing life: Notes from a prison for women, ErinRead MoreDrug World Organizations: Drug Cartels1436 Words   |  6 PagesUnited States and Mexico become involved in crime and the illicit drug economy. These roles are complex and contradictory. While drug smuggling and other forms of female involvement in crime on the U.S.-Me xico border often lead to victimization, neglect, and abuse, manipulation of these roles can serve as a vehicle for female empowerment and liberation from male control. Large organizations called cartels reign over the illegal drug economy in Mexico which are in constant violent competition against

The New York City Family Court - 1490 Words

According to the 2010 Plan for the Future of the New York City Family Court, the main goal of family court relies on ensuring â€Å"the highest standard of justice for each and every litigant who enters the courthouse† (2010). This is done by executing a sequence of processes and by providing different resources to individuals involved in the case. There are three major organizations that serve an important role in Family Court. These organizations ensure justice for individuals entering the family court system by providing a variety of different services. These organizations include the Administration for Children’s Services, the Legal Aid Society and the Panel of 18b Attorneys. Each of the three organizations mentioned, work to ensure the welfare of children and service to families by providing a variety of different services. Administration for Children’s Services The Administration for Children’s Services otherwise known as ACS, is an organization that works to ensure the welfare of children and to service families by providing a variety of different services. As stated on the Administration for Children’s Services website, their mission is portrayed as the following â€Å"To protects and promotes the safety and well-being of New York City’s children, young people, families, and communities by providing excellent child welfare, juvenile justice, and early care and education services†. The Administration for Children’s Services has had a great impact in the lives of children,Show MoreRelatedCase Study : Agostini Vs. Felton 825 Words   |  4 Pagesof Facts of the Case: The federal district court ruled against New York City about the appeal to allow public school teachers to provide instruction to students in parochial schools. 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African Countries, Sierra Leon And Ghana - 1502 Words

I have chosen to dissect two West African countries, Sierra Leon and Ghana, along with Peru located in South America and lastly the United States located in North America. Sierra Leon is a British established colony founded in 1787 for slaves returning to Africa from Great Britain and also the United States, its primary language is Krio spoken by 97% of citizens. Sierra Leone became an independent country within the Commonwealth of Nations on April 27 of 1961 and Freetown was deemed the capital city. Sierra Leone holds a population of 6,453,184 and population density of 89.4 per square kilometer. In spite that this country is very poor it still suffers the consequences of the Civil war. Yet its mineral, farming and angling assets still ensures potential for monetary future developments. Earnest Bai Koroma is the current President of Sierra Leon. Earnest Bai Koroma is a graduate from the oldest University in West Africa, Fourth Bay College class of 1976, born October 2 1953. Sierra L eon Presidential term limit consists of a maximum of 2 five-year term limits. Earnest BK is now serving his 2nd term as of 2007. During Earnest Bai Presidency Sierra Leonean faced detrimental governmental issues, commanded by the Ebola epidemic in West Africa in 2014. As the nation experienced the most exceedingly sicknesses ever. The President was condemned for the Government slow reaction and for the outrageous measures it took, for example, shutting down the whole nation to check the spreadShow MoreRelatedThe International Monetary Fund ( Imf )1501 Words   |  7 PagesWashington D.C in America. IMF provides short term loans to countries having problems of balance of payments. It also provides technical advice to its members and ensures free flow of trade by removing all trade restrictions. It establishes and maintains stable exchange rate between member countries. Each member of the IMF Funds and could only withdraws 25% of its contribution. However, the IMF has special Drawing Rights for member countries since 1970 and subsequently some members have even drawRead MorePolitics And Its Effect On Society1474 Words   |  6 Pagesas equal human beings not described with their reproductive organ, this making the former less of the better. Over the past few years, women have been pushed to the backbench and suffered gender discrimination and equality. In the third World countries the woman is seen more of an object or an asset owned by a man, where they are stuck doing menial jobs and rendering services for the man, who is considered the â€Å"head† of the family. Until recently, international agencies neglected the inclusionRead MoreKenya s Free Maternity Care Policy Essay1932 Words   |  8 PagesPresident Uhuru Kenyatta, reported by the daily Nation A. Analysis Goal This paper examines Kenya’s free maternity care policy, highlighting its successes, gaps, and contextualizing it by comparing it to comparable policies in similar settings on the African continent and globally. Additionally, this analysis offers recommendations on ways to improve the implementation of the policy. B. Introduction and Problem Statement In front of cheering crowds celebrating the day Kenya attained self-rule –MadarakaRead MoreEssay about Terrorism Threats to the African Continent 1996 Words   |  8 Pagesterrorism to the Middle East, the African continent is silently grows as a safe haven for terrorist groups. Although these terrorist groups operate in different countries under different names, their connection to the most known international terror organizations is noticeable. For decades, countries of East, North and West Africa have been experiencing several heinous terrorist attacks that resulted into deaths of hundreds of people. The African states through African Union regarded terrorism as one

Btc Pipeline Turkish Delight or Russian Roulette Free Essays

INTRODUCTION Baku-Tbilisi-Ceyhan (BTC) pipeline is an oil pipeline that transports crude oil Caspian Sea to the Turkish coast, over three countries. BTC Company is a joint venture company responsible for the construction and operation of the whole $4bn pipeline, led by BP as majority shareholder. Spread across Azerbaijan, Georgia and Turkey largest cross-border infrastructure construction project in the world dubbed the â€Å"contract of the century†. We will write a custom essay sample on Btc Pipeline: Turkish Delight or Russian Roulette? or any similar topic only for you Order Now Financing was agreed after over two years of appraisal of the potential environmental and social impacts relating to the project. An underlying strategy is to reduce dependency on OPEC oil producers in the turbulent Middle East and to avoid Russia seen by America as a resurgent superpower. Aside from indirect benefits; Georgia and Turkey gain financial benefits through transit fees and Azerbaijan through the royalties and tax revenues, However, BTC co. encountered several social and environmental issues during the construction of the 1768km pipeline. Limited routing options meant encountering geo-hazard risks, potential harm and disturbance of communities and natural habitat, temporary land acquisition, revenue management and a volatile political environment. Thus this project received intense scrutiny by stakeholders and press for its lack in humility and effectiveness in resolving political, social, developmental and security concerns. THE OBJECTIVE/GOALS Stakeholder map. A visual mapping of parties that affect or about affected by an organization, strategy and in this case a project. Helps us identify the expectations and power of different stakeholders, this understand what ethical issues dilemmas are to be understood and resolved. METHOD / FRAMEWORK FOR ANALYSIS We have chosen a normative approach (what should be done) for our analysis as opposed to a descriptive approach (how it is done). Generate solutions that enforce behaviorally standards; as we already have detailed evidence showing how it is done. Moral absolutism will be used by clearing stating what is right and wrong; which be rationally determined in order to come up with a universal applicable solution. This helps us come up with an objective stand-point on the subject. There will be examination of traditional ethical theories such as consequentialist and non-consequentialist approaches and stakeholder theories and new age concepts namely, corporate citizenship to help us justify our absolute perspective in solving the ethical dilemmas. THE MAIN ISSUES AND DILEMMAS BP FACE IN THIS CASE Political instability Pipeline Security Human Right Abuses Corruption Poor governance High expectations from local community Environmental Risks and Risk Assessment Intense scrutiny by pressure groups and media Land Acquisition and Land Compensation HOW WOULD YOU EVALUATE BP’S APPROACH TO SOCIAL, ENVIRONMENTAL AND ECONOMIC IMPACTS OF THE PROJECT FOR THE LOCAL COMMUNITY? BP set up a Regional Sustainability Development program (RSDP) to proactively address issues. Social 1) Community Investment Program ($20m addressed to social issues)-in Azerbaijan set with largely international groups-in Turkey with local Turkish organizationswith universities and private consultants firmsBP set up a monitoring and complaints procedure | Economical 1) Regional Development Initiative ($25m designed to accompany over 10yrs after opening) 2) Set up of local coordinators and in consultation with local community. ) Focus was improvement of local inf rastructure in road and civil construction 4) Projects aimed at agriculture and skill development| Environmental 1) Environmental Investment Program (to ecological issues)| CEO Lord Browne appointed a Caspian Development Advisory Panel, which provided recommendations such as assembly of an external body to conduct periodic reviews. ASSESS THE APPROACH FROM A PERSPECTIVE OF UTILIARIANISM AND DEONTOLOGY? According to utilitarianism,an action is morally right if it results in the greatest amount of good for the greatest number of people affected by the action Based on cost? benefit analysis Rule utilitarianism * looks at classes of action and ask whether the underlying principles of an action produce more pleasure than pain for society in the long run Stakeholder| Cost| Benefit| BP and BTC co| * $25m +$20m programs * Opportunity cost * Failure of local actors * Subjected to a corrupt environment * Misuse of revenue * Complaints from locals| * Good Reputation * Helping society * Compliance| Financiers| % of investments go to CSR| * Mitigation of social development risks that would result to additional costs| Communities| Unfair treatmentHuman right abusesIssue of compensationLocal political divisions- 1 blood feud| * Financial investment in society and development projects * Structure in place for communication * First commercial strawberry farm| Government| External involvement of governance| * Investment for national development * Availability of resources| Pressure Groups| Alleged TortureHuman rights abuses| * Raised awareness of internal politics| Employees and Contractors| Unfair treatment| * Job Opportunities * Economic support| Environment| Destruction and disturbance of the environment| * Structure of a program to address issues| Agencies and NGO’s| Lack of credibility Public scrutiny | * Displayed support from BP * Increased involvement | Work from a German philosopher Immanuel Kant who development a theoretical framework called â€Å"categorical imperative†. This meant that this framework applied to every moral issue regardless of who is involved. It is made out of three maxims; which are: 1) Consistency throughout any situation ) Treat humanity always as an end and never as a means. 3) Universally acceptable These two theories introduce the issue of subjectivity due to intellectual scrutiny. ASSESSMENT FROM RIGHTS AND JUSTICE. HOW DOES IT DIFFER? Rights and justice is â€Å"based on a consensus about nature of human dignity†. It is objective in that it conceptualized on natural rights that â€Å"certain basic, important, unalienable entitlements that should be respected and protected in every single action. † In addition Ethics of justices means fair procedures and fair outcomes. A violation of these rights means the approach is seen as unethical. BP’s poor social and environmental assessment led to a display of lack of humility. SCOPE OF RESPONSIBILITY FOR MNC OPERATING IN ENVIRONMENTS OF CORRUPTION AND POOR GOVERNANCE. How far should BP made be responsible? Arguments against The corporation should solely be accountable to its shareholders in order to protect investments. In support of this argument, Milton Friedman published an article titled, â€Å" The social responsibility of business is to increase its profits. † Stating only humans have moral responsibilities, managers should act in interests of its shareholders and social issues and problems are for governments to handle. Another perspective is that of Archie Carroll’s four-part model of CSR. Stating that CSR can be met by going through each level consecutively. Arguments for CSR seems to be widely accepted because of enlightened self-interests. However, corporations are now perceived assume a social actors, not only because of legislation but companies rely on the contribution of other parties. It now exists in a society. Thus, the introduction of corporate citizenship, in which the company acknowledges an extended political role. Obtaining citizenship means entitlement of civil, social and political rights; which are attached to responsibilities. Social rights (i. e. freedom to participate in society): BP provider / ignorer Civil rights (i. e. freedom from abuses): BP disabler/ enabler Political righs (i. e. right to participate in process of governance): BP chanelling / blocking Transparency International Corruption Perception Index| Year| Turkey| Azerbaijan| Georgia| 2002| 64| 95| 85| 2003| 77| 124| 124| 2006| 60| 130| 99| It can be argued that BP has fuelled the level of corruption as seen in the figures above. Therefore have to commit them to solving this social problem. What is the appropriate way for BP to respond to its on-going criticism? Virtue ethics Transparency Expose finding Protection Acts Auditing Body Discourse ethics Dialogue and Stakeholder Engagement Effective Complaint Procedure – eg. Response period Right to Information Systems in Place Land Ownership options Introduce this all over Azerbaijan not only Baku How to cite Btc Pipeline: Turkish Delight or Russian Roulette?, Papers

Hbs Case Study Guid free essay sample

What is the point of these cases? Contrary to what some might think, cases are not just another tool used by firms to weed people out of the burgeoning volume of applicants. They are in fact an excellent indicator of how good you will be as a consultant, pure and simple. Almost everyday, consultants face the kinds of problems and questions often presented in these cases. Often times, tough problem-solving questions are asked face-to-face by their clients, under pressure, with the expectations of receiving some answers. The case is usually a business situation where the client is facing a difficult problem with the company/product/competitors or is thinking of a new opportunity to explore and asks you to help address some of the issues. The case can be a problem, a situation, a riddle, an example of a real client situation, a contrived scenario, or a game—all rapped up into one. It is an exercise for the firms to test your analytical thinking and to examine how well you can handle problem-solving questions. It is also a great opportunity for you to determine whether consulting is actually right for you. If you do not enjoy problem-solving case interviews, the likelihood that you will enjoy consulting is fairly small. Because it is an exercise in problem solving, the case is not about finding the right or wrong answer, but rather about the method you use to derive your answer. It is about the questions you raise, the assumptions you make, the issues you identify, the areas of exploration you prioritize, the frameworks you use, the creativity involved, the logical solution you recommend, and the confidence and poise you present. HBS Case Interview Guide, Page 1 The case also gives a strong indication of your personality in that type of setting. Aside from the problem-solving skills listed above, the interviewer uses the case to determine whether the firm would feel comfortable putting you in front of a client. Would you be able to handle a client situation with confidence when presented with a similar situation? Also, the interviewer wants to see if you have fun solving problems. They want to see enthusiasm from you when faced with ambiguity and tough issues. Consultants almost always work in teams and the questions the interviewer is asking him/herself are: Would I want to staff this person on my team? Would I have fun working with him/her? So make sure you are relaxed and have fun. There are many types of cases that firms use. This guide covers some of the frameworks and concepts that would help you tackle most cases that come your way. No case ever fits perfectly into a type, like marketing or strategy. Most of the cases presented cover a number of concepts that would range from market sizing and operations to economics. This guide provides a review of major frameworks and concepts that will be very helpful in Cracking the Case. HBS Case Interview Guide, Page 2 Overview of Case Frameworks A complete understanding of the frameworks and concepts covered in this section is critical to conducting a successful case interview. Most Plans of Attack in Cracking the Case use at least one framework, often times several, to decipher the problem at hand and recommend a solution. NOTE: It is also very important for you NOT to directly apply these frameworks, i. e. you should never say during a case interview, Im going to use the 4Cs framework, or Ill be applying Porters Five Forces. This approach indicates no creative or analytical thought on your part! The more comfortable you become with these frameworks, the more you will start to develop your own and customize them according to the nature of the case. Remember, the interviewer is not looking for you to apply a cookie cutter approach to each case. You are exp ected to make sound judgment as to which frameworks are appropriate and what components of those frameworks are most applicable to the problem at hand. Frameworks are mere enablers that organize and guide your thinking. They are not the driving force behind the solutions and they certainly are not the solution themselves. The combination of your own intelligence, creativity, and preparation are the driving forces! HBS Case Interview Guide, Page 3 Porter’s Five Forces Source: Michael E. Porter, -Competitive Strategy: Techniques for Analyzing Industries and Competitors Michael Porters Five Forces is probably the most famous framework used in preparing for the case interviews. It has endured as one of the frameworks most talked about by many in and out of the consulting field. Although the Five Forces is an excellent framework in helping you organize you thoughts, like any other framework we cover in this guide, its analysis is not complete. The Five Forces should be used in conjunction with other frameworks to enable you to fully understand the issues at hand. Further, we only briefly touch on this framework here, but we have included more detailed material of Porters work later in this guide. New Entrants Competitive advantage in an industry is dependent on five primary forces: x The threat of new entrants x The bargaining power of buyers/customers x The bargaining power of suppliers x The threat of substitute products x Rivalry with competitors The degree of these threats determines the attractiveness of the market: x Intense competition allows minimal profit margins x Mild competition allows wider profit margins The goal is to assess whether a company should enter/exit the industry or find a position in the industry where it can best defend itself against these forces or can influence them in its favor. Buyers Competitive Rivalry Suppliers Substitute Products HBS Case Interview Guide, Page 4 Porter’s Five Forces Source: Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors Barriers to Entry: There are a number of factors that determine the degree of difficulty in entering an industry: x Economies of scale x Product differentiation x Capital requirements vs. switching costs x Access to distribution channels x Cost advantages independent of scale x Proprietary product technology x Favorable access to raw materials x Favorable location x Government subsidies x Learning curve x Government policy Relationship with Suppliers: A supplier group is powerful if: x It is not obliged to contend with other substitute products for sales in the industry x The industry is not an important customer of the supplier group x The supplier group is an important input to the buyers business x The supplier groups products are differentiated or it has built up switching costs x The supplier group poses a credible threat of forward integration Substitute Products: Substitute products that deserve the most attention are those that: x Compete in price with the industrys products x Are produced by industries earning high profits Rivalry: Rivalry among existing competitors increases if: x Numerous or equally balanced competitors exist x Industry growth is slow x Fixed costs are high x There is lack of differentiation or switching costs x Capacity is augmented in large increments Relationship with Buyers: A buyer group is powerful if: x It is concentrated or purchases large volumes relative to sellers sales x The products it purchases front the industry are standard or undifferentiated x It faces few switching costs x Buyers pose a credible threat of backward integration x The industrys product is unimportant to the quality of the buyers products or services x The buyer has full information HBS Case Interview Guide, Page 5 Marketing/Strategy Concepts Review – Overview The Marketing/Strategy Concepts Review Module attempts to enable the interviewee with skills needed to evaluate the case from the perspective of a senior executive.

Economic stability free essay sample

Q1. Economic stability implies avoiding fluctuations in economic activities. It is important to avoid the economic and financial crisis. The challenge is to minimize the instability without affecting productivity, efficiency, employment. Find out the instruments to face the challenges and to maintain an economic stability. Ans. Promoting economic stability is partly a matter of avoiding economic and financial crisis. A dynamic market economy necessarily involves some degree of instability, as well as gradual structural change. The challenge for policy makers is to minimize this instability without reducing the ability of the economic system to raise living standards through increasing productivity, efficiency and employment. Economic stability is fostered by robust economic and financial institutions and regulatory frameworks. Instruments to maintain economic stability: 1. Monetary Policy- Monetary policy deals with the total money supply and its management in an economy. It is essentially a program of action undertaken by the monetary authorities, generally the central bank, to control and regulate the supply of money with the public, and the flow of credit with a view to achieving economic stability and certain predetermined macroeconomic goals. We will write a custom essay sample on Economic stability or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Monetary policy basically deals with total supply of legal tender money, i. e. , currency notes and coins, total amount of credit money, level of interest rates, exchange rate policy and general liquidity position of the country. 2. Fiscal Policy- The term â€Å"fisc† in English language means â€Å"treasury†, and the policy related to treasury or government exchequer is known as fiscal policy. Fiscal policy is a package of economic measures of the Government regarding public expenditure, public revenue, public debt or public borrowings. It concerns itself with the aggregate effects of government expenditure and taxation on income, production and employment. In short, it refers to the budgetary policy of the government. Fiscal policy is concerned with the manner in which all the different elements of public finance, while still primarily concerned with carrying out their own duties (as the first duty of a tax is to raise revenue), may collectively be geared to forward the aims of economic policy. † 3. Physical Policy or Direct Controls- Government interference with the forces of demand and supply in the market, and state regulation of prices of commodities are common features in these days. Thus, when monetary and fiscal measures are inadequate to control prices, government resorts to direct control. During wars, when inflationary forces are strong, price control involves imposing ceilings in respect of certain prices and prices are to be stopped from rising too high. In a planned economy, the objective of price control is to bring about allocation of resources in accordance with the objects of plan. Price control normally involves some control of supply or demand or both. These are done by control of distribution of commodities through rationing. Q2. Explain any eight macroeconomic ratios. Ans. Definition of Macroeconomics: Macroeconomics is that branch of economics, which deals with the study of aggregative or average behavior of the entire economy. In macroeconomics, we study the collective functioning of the whole economy. It deals with the gross aggregates of the economic system rather than with individual parts of it. It is the study of the entire forest rather than the study of individual trees. Hence, it is called as â€Å"Aggregative Economics. † Macroeconomic ratios are: 1. Consumption income ratio- Y= C + S. Out of a given income (Y); people can either spend or save (S), or they can consume (C) their entire income. Hence, C = Y – S. The consumption income ratio explains the relationship between two variables, i. e. , the amount of income and the amount of consumption. 2. Saving income ratio- Excess of income over expenditure is saving. The saving function can be easily derived by subtracting spending from income. Hence, S = Y – C where S = saving, Y = income and C = consumption. It is a function of income. S = f [Y]. It implies that there is a direct relationship between the two. Higher the income, higher would be the savings and vice-versa. The saving-income ratio indicates the amount of savings made out of a given level of income. 3. Capital output ratio- The concept of capital output ratio explains the relationship between the value of capital investment and the value of output. It is a ratio of increase in output or real income to an increase in capital. It refers to the amount of capital required to produce a unit of output. 4. Capital labor ratio- This ratio indicates the proportion of two factor inputs. It tells us the ratio between the numbers of laborers required for a given amount of capital invested in any business. This ratio is useful to work out the least cost combination by substituting one factor input to another. 5. Output-labor ratio- Output labor ratio expresses the relationship between the quantity of output produced and the number of laborers employed for a specific time period. It indicates productivity of labor. 6. Input- output ratio- This ratio explains the relationship between two variables of inputs and outputs. Input-output ratio indicates the quantity of inputs employed and the quantity of outputs obtained. It is also called as production function in economics. Production is purely physical in nature and as such, the ratio between inputs and outputs is determined by technology, availability of equipments, labor, materials, etc. 7. Value added output ratio- Value added output is the difference between the value of output produced and the value of inputs employed. In other words, it is a ratio of increase in the quantity of inputs employed and the corresponding increase in the output obtained. 8. Cash reserve ratio- The percentage of total deposits which the bank is required to hold in the form of cash reserves for meeting the depositors’ demand for cash is called cash reserve ratio. Thus, CRR indicates the ratio between the liquid cash with that of the total deposits of the bank. Q3. Define Inflation and explain the types of inflation. Ans. Inflation is commonly understood as a situation of substantial and rapid increase in the level of prices and consequent deterioration in the value of money over a period of time. It refers to the average rise in the general level of prices and fall in the value of money. Inflation is statistically measured in terms of percentage increase in the price index, as a rate (percent) per unit of time- usually a year or a month. The trend of price indices reveals the course of inflation in the economy. Usually, the Wholesale Price Index (WPI) numbers are used to measure inflation. Types of Inflation: Creeping inflation – When the rise in prices is very slow (less than 3%) like that of a snail or creeper it is called creeping inflation. Walking inflation – When the rise in prices is moderate (in the range of 3 to 7%) and the annual inflation rate is of single digit it is called walking inflation. It is a warning signal for the government to control it before it turns into running inflation. Running inflation – When the prices rise rapidly at a rate of 10 to 20% per annum it is called running inflation. Such inflation affects the poor and middle classes adversely. Its control requires strong monetary and fiscal measures; otherwise, it can lead to hyperinflation. Hyperinflation – Hyperinflation is also called by various names like jumping, runaway, or galloping inflation. During this period, prices rise very fast (double or triple digit rates) at a rate of more than 20 to 100% per annum and become absolutely uncontrollable. Such a situation brings a total collapse of the monetary system because of the continuous fall in the purchasing power of money. Demand-pull Inflation – The total monetary demand persistently exceeds the total supply of goods and services at current prices so that prices are pulled upwards by the continuous upward shift of the aggregate demand function. It arises as a result of an excessive aggregate effective demand over aggregate supply of goods and services in a slowly growing economy. Cost-push inflation – Prices rise on account of increasing cost of production. Thus, in this case, rise in price is initiated by growing factor costs. Hence, such a price rise is termed as ‘cost-push’ inflation as prices are being pushed up by rising factor costs. A number of factors contribute to the increase in cost of production. Q4. Define Fiscal Policy and the instruments of Fiscal policy. Ans. The term â€Å"fisc† in English language means â€Å"treasury†, and the policy related to treasury or government exchequer is known as fiscal policy. Fiscal policy is a package of economic measures of the Government regarding public expenditure, public revenue, public debt or public borrowings. It concerns itself with the aggregate effects of government expenditure and taxation on income, production and employment. In short, it refers to the budgetary policy of the government. Fiscal policy is concerned with the manner in which all the different elements of public finance, while still primarily concerned with carrying out their own duties (as the first duty of a tax is to raise revenue), may collectively be geared to forward the aims of economic policy. † Instruments of Fiscal Policy: 1. Public revenue: It refers to the income or receipts of public authorities. It is classified into two parts tax-revenue and non-tax revenue. Taxes are the main source of revenue to a government. There are two types of taxes. They are direct taxes such as personal and corporate income tax, property tax, expenditure tax, and indirect taxes such as customs duties, excise duties, sales tax (now called VAT). 2. Public expenditure policy: It refers to the expenditure incurred by the public authorities like central, state and local governments. It is of two kinds: development or plan expenditure and non-development or non plan expenditure. 3. Public debt or public borrowing policy: All loans taken by the government constitutes public debt. It refers to the borrowings made by the government to meet the ever-rising expenditure. It is of two types, internal borrowings and external borrowings. 4. Deficit financing: It is an extraordinary technique of financing the deficits in the budgets. It implies printing of fresh and new currency notes by the government by running down the cash balances with the central bank. The amount of new money printed by the government depends on the absorption capacity of the economy. 5. Built in stabilizers or automatic stabilizers (BIS): The automatic or built-in stabilizers imply automatic changes in tax collections and transfer payments or public expenditure program so that it may reduce the destabilizing effect on aggregate effective demand. When income expands, automatic increase in taxes or reduction in transfer payments or government expenditures will tend to moderate the rise in income. On the contrary, when the income declines, tax falls automatically and transfers and government expenditure will rise and thus built-in stabilizers cushion the fall in income. Q5. Investment is a part of income which can be used for various purposes. It is necessary to create employment in an economy and to increase national income. To understand the benefits of income, study the various types of investment. Ans. Meaning of Investment: Investment, according to Keynes, refers to real investment. It implies creation of new capital assets or additions to the existing stock of productive assets. It refers to that part of the aggregate income, which is used for the creation of new structures, new capital equipments, machines, etc that help in the production of final goods and services in an economy. Creation of income – earning assets is called investment. Thus, investment must generate income in the economy. Investment also refers to an addition to capital with such investment occurring when a new house is built or a new factory is built. Investment means making an addition to the stock of goods in existence. Types of Investment: 1. Private investment- It is made by private entrepreneurs on the purchase of different capital assets like machinery, plants, construction of houses and factories, offices, shops, etc. It is influenced by MEC and interest rate. It is profit –elastic. Profit motive is the basis for private investment. Private entrepreneurs would take up only those projects which yield quick results and generally those that have a small gestation period. 2. Public investment- It is undertaken by the public authorities like central, state and local authorities. It is made on building infrastructure of the economy, public utilities and on social goods, for example, expenditure on basic industries, defense industries, construction of multipurpose river valley projects, etc. In this case, the basic criterion and motto is social net gain, social welfare and not profits. 3. Foreign investment It consists of excess of exports over the imports of a country. It depends on many factors such as propensity to export of a given country, foreigners’ capacity to import, prices of exports and imports, state trading and other factors. 4. Induced Investment- Induced investment is another name for private investment. Investment, which varies with the changes in the level of national income, is called induced investment. When national income increases, the aggregate demand and level of consumption of the community also increases. In order to meet this increased demand, investment has to be stepped up in capital goods sector which finally leads to increase in the production of consumption goods Therefore, we can say that induced investment is income – elastic i. e. , it increases as income increases and vice-versa. 5. Autonomous investment- Autonomous investment is another name for public investment. The investment, which is independent of the level of income, is called as autonomous investment. Such investments do not vary with the level of income. Therefore it is called income-inelastic. It does not depend on changes in the level of income, consumption, rate of interest or expected profit. Q6. Discuss any two laws of returns to scale with example. Ans. Laws of returns to scale The concept of returns to scale is a long run phenomenon. In this case, we study the change in output when all factor inputs are changed or made available in required quantity. An increase in scale means that all factor inputs are increased in the same proportion. In returns to scale, all the necessary factor inputs are increased or decreased to the same extent so that whatever the scale of production, the proportion among the factors remains the same. Increasing returns to scale Increasing returns to scale is said to operate when the producer is increasing the quantity of all factors [scale] in a given proportion leading to a more than proportionate increase in output. For example, when the quantity of all inputs are increased by 10%, and output increases by 15%, then we say that increasing returns to scale is operating. In order to explain the operation of this law, an equal product map has been drawn with the assumption that only two factors X and Y are required. Figure 5. 9 depicts the operation of the law of increasing returns to scale. In the figure, Factor X is represented along OX axis and factor Y is represented along OY axis. The scale line OP is a straight line passing through the origin on the iso quant map indicating the increase in scale as we move upward. The scale line OP represent different quantities of inputs where the proportion between factor X and factor Y is remains constant. When the scale is increased from A to B, the return increases the output from 100 units to 200 units. The scale line OP passing through origin is called as the â€Å"expansion path†. It is very clear that the increase in the quantities of factor X and Y [scale] is small as we go up the scale and the output is larger. The distance between each isoquant curve is progressively diminishing. It implies that in order to get an increase in output by another 100 units, a producer is employing lesser quantities of inputs and his production cost is declining. Thus, the law of increasing returns to scale is operating. Constant returns to scale Constant returns to scale is operating when all factor inputs [scale] are increased in a given proportion leading to an equi-proportional increase in output. When the quantity of all inputs is increased by 10%, and output also increases exactly by 10%, then we say that constant returns to scale are operating. Figure 5. 10 depicts a graph for constant returns to scale. In the figure, it is clear that the successive isoquant curves are equidistant from each other along the scale line OP. It indicates that as the producer increases the quantity of both factors X and Y in a given proportion, output also increases in the same proportion. Economists also describe constant returns to scale as the linear homogeneous production function. It shows that with constant returns to scale, there will be one input proportion which does not change, whatever be the level of output.