Adam Smith the Father of Modern Economics Essay Example for Free

Adam Smith the Father of Modern Economics Essay The article, Adam Smith and the Invisible Hand by Helen Joyce, proved to be interesting reading. Although it was written about three years ago and the man himself lived more than 300 years ago, the man and his theories live on through the 21st century. Before I read the article, I had never heard of Adam Smith, but it appears his ideas have penetrated time. I started doing more research into the man and his theories. In order to understand his theories and how he thought about processes, one must understand his beginnings. Adam Smith was born in Scotland. He attended Glasgow University then Oxford University. It was his experience in this stay at Oxford that was the basis for the vital observations about universities found in The Wealth of Nations. He was selected as the Professor of Logic at Glasgow and later, Professor of Moral Philosophy. He lectured on spirituality, moral principles and political economy. His first book The Theory of Moral Sentiments established his status. He sought to understand what it was that led us to care about the welfare of others. With that book complete, he gave less attention to his theories of morals and more to political economy. Later, he made the decision to give up his university post by becoming a tutor to the Duke of Buccleuch. They traveled mainly in France, where Smith came to know many of the intellectual leaders of the country. He began a dissertation on economics. It was published as The Wealth of Nations, and on this work rests the ongoing acknowledgement of him as the father of economics. He had very provocative ideas in the book. It was a work that altered the world of economics. Many say it reformed the world itself. He asserts that wealth is steadily created by rising labor output through two key factors (1) the division of labor, encouraged by trade the natural propensity to truck, barter and exchange and also (2) the growth of capital, made possible by the natural inclination of people toward thriftiness. For example, Smith alleged that a system of natural liberty allowed the self-interest of the person to be attached for the good of society, through what he called the â€Å"division of labor and the accumulation of capital. He argued that the free market is an clever device which regulates itself through supply and demand. His purpose was pretty clear: not to advance the interests of any class, but to push the wealth of the entire country. Whatever a nation consumes must be either produced from its labor or purchased in trade. There is no other basis for spending or a standard of living. He assumed that, in fiscal life, the main inspiring force central to man’s actions was self-interest. He argued that, with the right institutional frame, men following their own self -interest would serve the general good. This framework did not call for wide government law. The best plan is to leave the fiscal method alone. This has come to be known as free enterprise. Largely through his book, these principles helped to guide the then rapidly increasing economic activity. And wealth, as he saw it, consisted of goods which all people could consume. This was a democratic; and for that time, radical principle that he adhered to with notable stability. He produced a document that he expected to be used in the conduct of governments. The book presents a persuasive argument for a new approach to economic policy. Smith offered future economists with the makeup of the discipline of economics. His vision of a competitive market balance following a path of growth to wealth and abundance defined the problems that economists have wrestled with ever since His purely scientific contribution has been vast, and in its basic structure his framework still remains the heart of modern economics. On one level, it is an attack on the opinions of his people written for its own time and directed against the existing policies of government. On another level, it is an optimistic thesis that deals with basic troubles of order in human society It is an enthralling mix of ideas. In the most radical age of Western culture, when the uproar of social and intellectual upheaval puzzled lesser men, Adam Smith gave the world order. He did not invent the market or economics. He taught the world about them. For nearly 75 years, his writings supplied most of what economists knew. If there are more people per the amount of GDP, the standard of living is lower. If there are fewer people, it is higher. The GDP per capita the measure of the wealth of the nation is the product of the amount of labor productivity of that nation. The available land or other natural resources is not a decisive factor. He provided the root details of what causes labor productivity to be high or low in a nation. The theme of the book is explaining how labor productivity is resolute by the extent of the division of labor the dividing of work into a much greater number of parts. When the market is very small, when the population density is sparse, it is impossible to achieve much in the way of a division of labor. The more people that could crowd into a place, the greater the amount of specialization among occupations and the greater the marginal productivity, rather than the lesser. There is still controversy about Adam Smith and his account on the invisible hand. Simply put the invisible hand is a notion based on the law of chance. Every person intends only his or her own gain, but though a set of policies that he referred to as the system of natural liberty the good of the nation would be the accidental result. His â€Å"invisible hand is the new method of social life. He described the invisible hand in this way: Individuals naturally intend only their own gain, but unintentionally promote the general interest. He also suggests that ethics is based on sentiment, feelings of empathy between us and other people. He wrote consider how others would fairly judge their behavior before acting on matters that would involve conscience or moral judgment. The best course toward wealth and away from poverty and want is for a nations political rulers to allow for the unplanned result of self-interest, of private property rights, and of self-regulating rivalry under rules of free trade. As the economy globalizes, corporations flourish, and as societies agonize over which issues to settle according to the principles of right and wrong and which to settle according to economic principles. We see the tension between choosing to adhere to the ancient values of tradition, honor and command, or to the modern values of the business firm and the marketplace. The future global economy will tell if the invisible hand is a principle to rely on now and in the future. Though he passed away in 1790 his ideas have surely helped shape the way economists around the globe think, globally.

Kilarjian v. Vastola Essay Example for Free

Kilarjian v. Vastola Essay Plaintiff’s contended that the difference in the financing costs they experience because of the delay should be presented as damages because the breach by defendants will result in a higher financing cost. Also, plaintiffs strongly stress the breach of contract because they suffered costs and attorney’s fees as well as financing costs for the delay in acquiring a second mortgage obligation; Defendant’s delay should be calculated as damages for plaintiffs. On June 15, 2004, plaintiffs real estate attorney forwarded a time-of-the-essence letter to defendants, setting a closing date of June 25, 2004. Defendants failed to close and are not willing to close on the property. Defendants do not dispute the weight of the contract. However, Mrs. Vastolas spinal muscular atrophy (SMA) began to accelerate. In defense of their position, defendants provided a letter from Mrs. Vastolas doctor, Mark J. Brown, which explained that SMA is a progressive neurological condition that, as a result, disables her from all daily activities because of her arms and legs are weak which results in putting Mrs. Vastola in no condition to sell her house and move. Correspondingly the defendants argue that since the time they signed the contract for the sale of the home, Mrs. Vastola’s conditions become increasingly worse, should excuse the performance in proceeding with the sale of their house. Besides the plaintiffs were well aware of Mrs. Vastola’s condition when they signed the contract. Defendants also advise the court that finances are tight and they should not be responsible for an increase in mortgage rates considering the situation the Vastola’s have recently encountered. Issue: In this case is it acceptable for the court to award costs to the plaintiffs for legal charges and land fees but also void the breach of contract, by the defendant, considering the physical health of the defendant, even if the contract was signed before the defendant was  diagnosed with SMA? Decision: Yes. Plaintiffs are entitled to reimbursement for costs associated with the breach of contract. Compensatory damages are intended to recompense the injured claimant for losses due to the breach. However, a defendant is not chargeable for a loss that he did not have reason to foresee as a probable result of the breach when the contract was made. The specific elements to be applied in any given case of a sellers breach of an executory agreement to sell realty may vary in order to achieve the broad purposes of damages. If the buyer subsequently purchased another property financed at a higher interest, the rate interest differential occasioned by the sellers default might be a proper factor to consider in fixing damages. Overall plaintiff’s motion for summary judgment is hereby denied because of the defendant’s substantial evidence to reinforce the defendant’s illness. Reason: The court is sympathetic to the difficulty of the plaintiffs, who apparently had their heart set on this house and have been waiting for a closing date but this court will consider documentations of interest rates on their mortgage, as well as the out of pocket expenses and attorney fees associated with the breach, so that the court can award costs accordingly to the plaintiffs. Nevertheless, the court would render a heartless judgment to evict a woman whose health has deteriorated badly while the contract was pending and wishes nothing more than to remain in her home during the most difficult days of her illness.

Roles Of Investment Banks In Mergers And Acquisitions Finance Essay

Roles Of Investment Banks In Mergers And Acquisitions Finance Essay BACKGROUND: Â  Mergers and Acquisitions which can also be abbreviated as MA, relates to the corporate strategy, company finance and management of buying, selling and combining of different firms which can assist, finance or help a developing company in a particular sector develop more without generating a need to create different business entity. The history of MA has evolved in five stages. The process of MA is triggered by the economic factors such as growth in GDP, interest rates and monetary policies which brings the companies and organizations to emerge in the transactions of MAs. The first stage is known as the first mergers wave which was commenced from 1897 to 1904. During this phase merger occurred between the companies who are in the line of productions of heavy manufacturing products like railroads, electricity, etc. All the mergers that happened during these phase are of horizontal type. The companies and organizations that are merged had enjoyed monopoly in the market because of their same kind of manufacturing business of heavy machineries and industrial goods. At the end of the first merger wave those companies that are involved in mergers and acquisitions have tasted bitter failures because of non achievement of desired efficiency. These failures were highly fuelled by the economic slowdown and stock market crash in 1903 and 1904 respectively. Those companies were further more retaliated by the legal frameworks, which are even not in their favour. The Supreme Court had passed a mandate stating the possibility of halting of the anticompetitive companies using the Sherman Act an act which was passed in 1890 by the US government against the combination of companies who creates the potential harm to the competitive markets by their cartels and monopolies. (William L. Letwin, Congress and the Sherman Antitrust Law: 1887-1890, 23 U.Chi.L.Rev 221 (1956)) The second wave merger took place from 1916 to1929. During this period the mergers between oligopolies had taken place rather than monopolies. The economic boom after the World War I had given rise to these mergers. The technological advancement in railroads and transportations by motor vehicles had given a proper infrastructure to these mergers and acquisitions. The government encouraged the companies to work united and the policy was implemented in 1920s. The second mergers wave was mainly a horizontal or conglomerate type. Mergers happened during this phase were mainly between the companies producing petroleum, food products, metals, transportation equipments and chemicals. Investment banks had a vital role in facilitating mergers and acquisitions during this phase. The end of second wave mergers happened due to sudden crash in stock market in 1929. The tax relief provided by the government helped mergers to start again in 1940s. The third wave merger took place between 1965 and 1969 which was of conglomerate in nature. These mergers were inspired by the high interest rates, rise in stock markets and strict antitrust policies. The interesting fact about these mergers is, the bidder firms were smaller in size than the target firms. These mergers were financed from equities and investment banks have no more vital roles in those mergers. The third wave mergers ended by the plan of the Attorney General to split the conglomerates in 1968 and also due to a poor performance by the conglomerates. The fourth wave mergers took place between 1981 and 1989 which was a kind of acquisitions. These mergers were not big in size as compared to those in third wave mergers. Mergers were happened between the oil and gas companies, airline and banking companies and pharmaceuticals. This wave ended due to anti takeover laws, financial reforms and Gulf war. The fifth wave mergers took place between 1992 and 2000. During this period mergers were inspired by globalization and rise in stock market. Mergers were financed by the equity and not by the debt. The motives of mergers have changed from short term to long term profits. This merger wave ended with the burst of stock market bubble. To sum up, the process of mergers and acquisitions is coming from all the way long and has passed through lots of economic and geographic barriers. It is being developed by the various economic factors. Many other factors have contributed in its growth and as long as these economic units of production exist, MA will continue to spread and develop. As this paper is all about the financing of MAs, firstly, we must know about the ways in which the transactions of MAs are financed. You can finance an acquisition by borrowing money based on assets you own yourself or you can borrow money based on the business value and assets of the company you wish to purchase. Mergers are also frequently financed by stock swaps or by issuing new stock in your company to use as payment to the target companys shareholders.( http://www.ehow.com/how_2119515_finance-buyout-merger.html) If a company takes on debt to make an acquisition and the deal goes sour, it runs into financial trouble and the executives are replaced. But if an equity-backed deal goes wrong, the stock price simply underperforms and nobody can be sure why. One thing is certain unwise acquisitions abound in this market. Michael H. Lubaktin and Peter J. Lane Acquisitions can be financed by cash purchase, an exchange of stocks of shares or a combination of both cash and shares. However, from all these stated mediums, cash is considered as a most preferred mode of financing. It has started taking pace during 1970s, when the percentage of takeovers grew from 20% in 1960s to over 50% during 1970s. (D. A. Blackmon, 1997. WorldComs massive bid shakes up little town. Wall Street Journal, October 13: Bl, B9; P. Elstrom, C. Yang, and S. Jackson, 1997. WorldCom + MCI: How it all adds up. Business Week, November 4: 44.) Whenever a company decides it wants to merge or acquire another firm, they use the services provided by the professionals outside the company. It may include the Investment banks, accountants and valuation experts. There is variety of services provided by the Investment banks like helping to select the target, target valuation, advising on strategy and raising the required finance to complete the transaction. We have seen the origin of Mergers and Acquisitions and even various ways of financing it. But in this paper we are going to talk more about the role of Investment banks in the entire procedure of MA. So, before we move on further, lets just see how these Investment banks came into existence. We will see their origin, a bit of services they offer and finally their extreme importance in the transaction of mergers and acquisitions. In the true sense, Investment Banking is investing in the securities of the issuing companies, i.e. buying their shares and then to resale them to the general public. (Fleuriet, Michel, 2008, p.1). Investment banking is originated in 1792 outside the Wall Street and under a Buttonwood tree. This is the only known origin of investment bank by number of investment bankers. However, there is no exact report of truth of its origin. Anyways as nobody knows where Investment banking came from; let alone what it actually is. There are various other services apart from reselling the securities that investment banks provide. But it is believed that most of them are much older than the Investment banks themselves. Lets begin with the financial products the Investment banks offer. Investment banks deal with the underwriting and trading government bonds. They trade in international bond syndications. They develop new instruments of structured finance; one of them is mortgage-based securities. The major functions of Investment banks are: Raising Capital Trading Securities Advising on Corporate Mergers and Acquisitions. In general terms Investment banks act as intermediaries between the sellers and the buyers of securities. Moreover, they do more than just that. The scope of investment banking include all major capital market activities such as underwriting, private placement, MA, venture capital, market making, proprietary trading, financial engineering, clearing and settlement, and financing and money management. K.T. Liaw, The Business of Investment Banking (New York: Wiley, 1999). Apart from the rest of the duties of Investment banks, we are going to see more about its duties towards advisory on deals of Mergers and Acquisitions. Investment banks are nowadays having become more focused on taking the deals of MAs which are of logically planned to think deeply and apply thoughtful logic in the whole merger transaction. If an Investment bank is on the buy side of the transaction, it will spend lot of time to analyze the situation, strategic setting of the acquirer and of the target. It will help them to identify potential strategic aims for the transaction. AIMS and OBJECTIVES: The main aim of this paper is getting a legitimate understanding of the entire process of MA as well as an extreme vital role of Investment banks in the entire process of MAs. Moreover, by doing this research work, I would try to find out various strategies and methods that the Investment banks use according to the companys situations. Furthermore, I would also try to find out the ways the Investment banks use their arbitragers in taking higher risks to get the maximum amount of profit out of the entire merger transactions. There are several other objectives and questions that are needed to be answered that I would try to find and present my best possible outcome of the research in this paper. In recent trend, the transaction of mergers and acquisition requires a strategic plan to create a successful merger. There are several ways that the companies involved are applying nowadays. Firstly, the acquirer company makes a tender offer which means, it makes a takeover bid in public like an open offer or an invitation to all the shareholders of the target company. It offers the stock for sale at a specific price during a stipulated time period. That offer may be for a minimum or maximum number of shares. And in this case the acquirer firm directly contact the shareholders through the medium of newspaper advertisements and the directors of the target firm may not have endorsed the proposal of the tender offer. The price which the acquirer firm offers to the target firms shareholders usually have included premium over the current market price of the target companys shares. Acquirer firm does so to induce the shareholders to sell their maximum number of shares to them. There is an extreme importance to study both the perspectives of the entire process of MA. It means the process consists of both the buyers perspective and the sellers perspective. Here, we are going to study these perspectives and try to conclude the outcomes of the entire research. First of all we will see the transaction from the buyers point of view. How a buyer of the firm gathers all required materials, assemble the team, recruit the internal team to go on for further details, getting things done by the outside teams, etc. Secondly, we will go for the sellers perspective of the deal. What made the seller to sell his business, preparations made to close the bid, keeping in mind the needs of prospective buyer, gathering the decisions of the sellers entire team, preparing financial terms, taking help from the outsiders, etc. Moreover, we will also focus on the importance of the advisory teams which plays a vital role in closing the deals. They may be accountants, attorneys, investment banks or other financial institutions. As this paper is made to get insight on workings of the Investment banks as an advisor to both the parties in the deal, we will see more on the entire work done in the past by various Investment banks from all over the world. We will also take some examples of the Investment banks and their financial advisory terms and structures to get exact and insight knowledge of the Investment banks as an advisor. Finally, we will conclude on the basis of ethics, the working of both sides of the merger deals and the ethics used by the Investment banks in its advisory role to the process of mergers and acquisitions. Methodology and Data: Research methods are the techniques for gathering data (Aldridge and Levine, 2001). It is a systematic and orderly approach for collecting and analyzing data and obtaining particular information from collected data (Jankowicz, 2000). The research I am doing on is a topic that can be discussed a lot. Because of its increasing importance, the data regarding my research can be available in ample quantity from number of sources like journals, articles, magazines and some research papers, electronic search engines from college, World Wide Web, documentary data, Survey based data etc which helps to develop a good literature and synthesize and analyze primary data. Secondary data analysis provides higher quality data than could be obtained by collecting on your own (Stewart and Kamins, 1993). Re-analyzing secondary data can lead to unforeseen or unexpected new discoveries (Saunders et al, 2003). These available secondary data can give me that information that is at least a basic idea giving and can be my first approach to initiate my research work. Because of the day to day financial news is available in Financial News Papers, lot of information regarding investment banks are available from it. Along with that the inter net is considered as the best source of getting information on almost every topic we wish to work on. So, my first move to start research would be secondary data available from above mentioned sources. Data collection through interviews has been the prime source of this research. An interview is a purposeful discussion between two or more people (Kahn and Cannell, 1957). It is a type of social interaction between a researcher and an interviewee, who serves as the potential source of information relevant to the research. The use of interviews helps the researcher to collect valid and reliable data that are significant so as to the research questions and objectives (Saunders et al, 2003). Bryman and Bell (2007) says that the research interview is an important data collection strategy in any type of research whether it is quantitative or qualitative. The major merit of interview to be used as a data collection tool is that it focuses predominantly on the researchers topic along with being more insightful. The objective behind conducting interview is to collect relevant information required to the respondents knowledge in particular field (Merriam, 1994, pp. 86 87). Structure of the Study: This study has been divided into five chapters: Chapter two describes empirical literature based on past studies conducted on single and panel countries and an overview of Investment banks working towards the finalizations of merger deals with description of recent trend and progress of MA deals. Chapter three explains the methodology and data used in this study together with the description of variables. Chapter four states the analysis of the collected data and findings. Finally, chapter five provides the results and conclusion derived from the given study. CHAPTER TWO: LITERATURE REVIEW Introduction: An acquisition is a transaction where one company buys shares of another company, by issuing its own new shares, cash, debt or a mixture of these forms of consideration. A merger transaction is where both parties agree to combine their business, and for this purpose form a new company that issues shares which replace the shares of both businesses (Reuvid, Jonathan, 2007). Mergers and Acquisition activities have been circled from long time, which is based on various macro economic factors. The overall economic state of the nation and abroad. Stock prices of public listed companies. Liquidity levels in the financial markets. The level of pressure by antitrust on Mergers and Acquisitions. The level of regulation in accurate checking of certain industries, such as airlines, telecommunication, banking and other financial services. If the conglomerates or pure play companies are in favour of market experts and analysts. There are so many differences in aspects of the number of companies bought and sold, as well as prices paid for these deals, as time has passed. Firstly, we will see the examples of the merger transactions that had failed due to lack of proper preparations and over spending of money in transaction. Here is the case of Conseco Finance, which was trading near its highest level at $50 per share in June 1998. The CEO of the company, Stephen Hilbert, and the public market were very confident about the companys prospects. However, Hilbert announced the acquisition of Green Tree Financial, a subprime mortgage and consumer lending company, for a whopping $7.6 billion, that same month. The offered price was more than seven times the net worth of Green Tree, or a $6.6 billion premium to the tangible book value. Then the disaster had started to happen over the next two years. The stock price of the company dropped to $below $10 per share from $50 per share. The company was declared bankrupt in the spring 2003. Moreover, the analysts attributed the companys long and painful downfall to its overpayment for the Green Tree assets and the subsequent adverse impact of that purchase on Consecos operations. This disaster not only resulted in loss of job to Hilbert, but also drove a very successfu l company out of business. The popular

Culture and Race Essay -- Anthropology Sociology Essays

Culture and Race Anthropologists have always had their discrepancies with the word culture and its background significance. There have been numerous definitions that have filtered through the field, yet not one that everyone can accept or agree with. Franz Boas, an anthropologist in the early 20th Century, and his students, had a difficult time figuring out the objective of what culture is. Culture is about learning and shared ideas about behaviour. Although Boas and his students had a slightly different idea in mind. They ultimately reached a conclusion, a definition of culture in their view that is a contradiction in terms. Boas sates that, â€Å" culture was expressed through the medium of language but was not reducible to it; more importantly, it was not race. Culture became everything race was not, and race was seen to be what culture was not; given, unchangeable biology,† (Visweswaran, p. 72). Not only focusing on culture, but anthropology has a substantial connection as well. Anthropology is the field in which the study of cultural and biological variations among human groups is studied. The difficulty that some people have with characterizing culture is that they associate it with race, whereas that is not the case. The two are remarkably distinct. Race is something biological, a genetic trait that is innate, while culture is something that is educated and experienced. Kamala Visweswaran and Lila Abu-Lughod are two well distinguished anthropologists that are currently teaching at Universities in the United States. In their own articles, they speak about culture through an anthropologists view and detail their own opinions within. They may have some different opinions but each has their own strong arguments that prove their points. Lila Abu-Lughod’s article â€Å"Writing Against Culture,† was written in 1991, and was published inside the book, Recapturing Anthropology. Within the article, she discusses culture and many problems with it. The title of her article speaks for itself, writing against culture. There are many issues that she brings up about culture, and various influential strategies for shifting over from the culture concept. She reflects on culture and its need to be redefined. In her discussion of culture and difference she opens with, â€Å" most American anthropologists believe or act as if †culture,† notoriously r... ...s. With this new connection to anthropology, the American Anthropological Association, â€Å" passed a resolution denouncing Nazi racism: â€Å" Anthropology provides no scientific basis for discrimination against any people on the ground of racial inferiority, religious affiliation or linguistic heritage, â€Å" (Visweswaran, p. 71). â€Å"The solution is not to replace culture with race but to keep the two terms in contructivist tension with one another,† (Visweswaran, p. 79). Anthropology cannot strive without culture, yet there must be a distinction with race. Culture is something that society is taught and learned, while race is something biological, and something to be proud of. Boas and his ideas were not yet educated as to what culture means. He was overlooking and only saw his own perspective. Culture creates this diverse world and in turn race creates life with culture. Works Cited: Abu-Lughod, Lila. (1991) Writing Against Culture. Recapturing Anthropology. Richard Fox, ed. P, 137-162. Santa Fe, NM: School of American Research Press. Visweswaran, Kamala. (March, 1998) Race and the Culture of Anthropology. American Anthropologist. p. 70-83. American Anthropological

What Is The Most Effective Way To Discipline Student :: essays research papers

School is the battleground for too many participants. For most teachers and students, a main battlefield revolves around discipline. Maintaining good discipline is a necessary condition for establishing a classroom climate that is conducive to learning. There are many ways to provide discipline, but one of the most productive is motivating students because they care about what they are learning. Enthusiastic teachers who present their material in stimulating, meaningful ways motivate students. When students are actively learning content that has personal meaning for them, they have neither the time nor the energy to create discipline problems. Conversely, when students feel that they are passive receptacles for knowledge, they become bored, turned off, and find satisfaction in acting out. Stimulating lessons require competition, high-level thinking, working cooperatively, and create products that evoke pride. Teacher has to increase students’ response, ask more low-risk, open-ended questions, see that low-ability students have an equal chance to respond. Of course, it is not easy work. Only teachers, who love their work and give all their time to make their lessons in such way can increase interest of their students and therefore provide discipline. I used to work as a teacher in a school for children with difficult behavior. When I started my job, the question of discipline was the main. And only after I could concentrate students’ attention on mathematics, when I knew how to work with students with different ability at the same time, when I did not give them a moment for relaxation, the discipline problem was solved. Competition is highly stimulating and motivates students to achieve their best. When competition focuses on the means, or process, the results are rewarding and high levels of learning can be achieved. Teamwork is a positive experience. Winning is important as playing. In my practice, the process of playing always was stressed above the final score. I often used games without score that supplemented the more competitive activities. Cooperative learning or working in groups is very important as well. Students work together in small groups in the classroom.

Solar, Hydroelectric, and Wind Power cannot replace Fossil Fuels Essay

Are Solar, Hydroelectric, and Wind Power Conceivable Alternatives to Fossil Fuels in the Future? Abstract: Fossils fuels are diminishing. Other, possibly more environmentally safe, energy sources are needed to replace them. The purpose of this study was to examine closely the three most common renewable energy sources—solar, wind, and hydroelectric power—as a solution to the â€Å"energy problem† of today and possibly the energy crisis of the future. However, solar and wind energy account for a very small percent of the energy used by the U.S. (nearly 2 percent), and the possible technologies being developed to increase their efficiency won’t be able to seal the gap between energy supplied by these renewable energy sources and the energy demanded. These sources will have to act as complements to another more powerful energy source, as they will in fact not be able to replace fossil fuels on their own. One of the most pondered questions in today’s fast-paced society is how long fossil fuels—namely oil, coal and natural gas—are going to last. The increased demand for fossil fuels, and therefore their increased price has worried many Americans into remembering that these fuels are not renewable and will one day run out. For this reason, it is important to consider whether the alternate energy technologies that we possess today can replace fossil fuels when the time comes. My study explores whether solar, hydroelectric, and wind power (alternate forms with very few harmful byproducts) used together can act as substitutes for oil, coal and natural gas. Apart from the ever-increasing price of oil these days, there are more theoretical reasons suggesting a shortage of fossil fuels. One, known as Hubbert’s Theory, p... ...nal Geographic. Retrieved on July 27, 2005 from http://www7.nationalgeographic.com/ngm/0508/feature1/fulltext.html Association for the Study of Oil Peak (May 2003). World Oil Peak. Retrieved on July 28, 2005 from http://planetforlife.com/oilcrisis/oilpeak.html U.S. Department of Energy (2005). U.S. Net Electricity Generation by Energy Source. Retrieved on August 1, 2005 from http://www.eia.doe.gov Skov, Arlie M. (January 2003). World Energy Beyond 2050. Retrieved on July 31, 2005 from http://www.spe.org/spe/jpt/jsp/jspmonthlysection Knier, Gil. (2005). How do Photovoltaics Work? Science @ NASA. Retrieved from August 1, 2005 from http://science.nasa.gov/headlines/y2002/solarcells.htm Zweibel, Ken. (1995). Thin Films: Past, Present, Future. National Renewable Energy Laboratory. Retrieved on July 29, 2005 from http://www.nrel.gov/nepv/documents/thinfilm.html

Adolescent Essay Essay

The purpose of this paper is to discuss and research a problem faced by adolescents and the community’s response to resolving the problem. This paper will examine, that childhood obesity and how it is a growing disease that has become an epidemic in Canada that can cause psychological effects on a child. Childhood obesity is a condition where excess body fat negatively affects a child’s health or wellbeing. As methods to determine body fat directly are difficult, the diagnosis of obesity is often based on BMI. Due to the rising prevalence of obesity in children and its many adverse health effects it is being recognized as a serious public health concern. Childhood obesity is a growing illness in Canada as well as all over the world that causes psychological effects on children. There are three main psychological effects that child obesity has on children; low self esteem, high levels of depression, as well as more behavior problems. Children and adolescents with obesity face stigmatization and discrimination in many areas of their lives, and it has been assumed that their psychological well-being will be compromised as a result. Based on a study completed from the Journal of Pediatric Psychology they found a strong correlation between child obesity and psychological effects of the child. The study that was completed explored the relationship between obesity and psychosocial adjustment in a combined clinical and nonclinical sample of 139 obese children and 150 non–obsess children (ages from 9 to 12 years and matched for age, socioeconomic status, and gender) who filled out the Perceived Competence Scale for Children; their parents completed the Child Behaviour Checklist. All obese children, independent of their help–seeking status, status, reported more negative physical self–perceptions than their non-obese peers and they scored lower on general self–worth. According to their parents, the obese children of the clinical sample appeared to have more behavior problems. Findings suggest that psychopathology depends on a clinical obese status, and they provide evidence for a psychosocial at–risk profile for a subgroup of obese children.