Adam Smith free essay sample

Adam Smith is undoubtedly one of the most celebrated scholars of all time since his revolutionary theories on trade changed the way people engaged in commerce and ultimately the role of government in regulating trade within and without. Adam Smith was infuriated by the mercantile policies that sought to promote the accumulation of gold and silver and which emphasized strict government control on trade and the flow of resources and labor. In addition he did not view agriculture as the only means for society to satisfy its means and in his view such singular thoughts limited growth of all sectors. Smith believed in a system of natural liberty whose end he believed would be effective trade and significant expansion of trade through growth of sectors. He believed that human beings should be allowed to pursue their individual interest since in his own opinion this personal interest always ends up benefiting the whole of society. We will write a custom essay sample on Adam Smith or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This system also has the capacity to correct imbalances that might result out of free trade. This is because a reduction in the supply of a commodity would result into increased demand for that commodity resulting into an increased cost of the commodity leading to increased production of the same in order to reap the increased profit. This would in turn lead to an increase in competition among the suppliers lowering the price of the commodity. This competition among traders prevents monopolistic behavior that would lead to exploitation of consumers. Smith explained that for great productivity to be achieved, self interest would lead to division of labor giving rise to specialization to particular tasks. This in turn leads to great skill in the specialized tasks, saving of important time and much needed innovations. Smith felt that wealth of nations was influenced by the amount of trade that existed between the inhabitants of towns and those in farms. He saw it as being vital for such trade to exist to provide market for both their commodities. On those who felt that lack of government interference might lead some to other countries where labor is cheaper, he felt that they would be stopped from doing so due to their nationalistic feelings and this will be ultimately for the good of the countries. Work Cited Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations, vol. 39. Chicago, Ill.: Encyclopaedia Britannica, Inc., 195 Adam Smith free essay sample Adams Smith was a famous professor of moral psychology who set out simple principles designed the free the self-interest of the average working man. Adam Smith is famous for his â€Å"The Wealth of Nations†, because it is one of the contemporary economic thoughts.   Adam Smith was born in a small village situated in Scotland. He was raised by a widowed mother until entering the University of Glasgow. He started studying at the University at the age of fourteen and such practice was usual in those times. Ten he attended Balliol College at Oxford. Smith graduated with proper knowledge in European literature and returned home. After delivering lectures, he became a chair of logic and moral philosophy at the University of Glasgow[1].In 1764 Adam Smith decided to leave academia and to each young duke of Buccleuch. Together they had been traveling for two years throughout Switzerland and France. It was an experience that â€Å"brought Smith into contact with contemporaries Voltaire, Francois Quesnay, Jean-Jacques Rousseau and Jacques Turgot†[2]. We will write a custom essay sample on Adam Smith or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Serving duke, Smith earned life pension and after retiring he wrote â€Å"The Wealth of Nation† being published firstly in 177. American Declaration of Independence was also signed this year. Later smith was appointed commissioner of customs, though that position was uncomfortable for him. It is known that Adam Smith had never been married. He died in 1790, July 19.Smith’s writings and ideas are likely to be the guidelines of bedrock of the American economic success. Smith provided information how to survive in capitalist country and to remain humane[3]. His ideas on economy and well-being are important for understanding the growing discomfort being experienced by American society.   Smith’s ideas were integral to the vision of the Founding Fathers. Therefore, his ideas found practical application in American nation. American dream nowadays is significantly magnified by globalization processes, technology developments, though social good is paid less attention[4].Actually, Adam Smith is respected for his attempts to explain the rational self-interest in terms of free-market economy ad how self-interest leads to economic development and well-being. Therefore, Smith ideas may seem as ruthless individualism concentrated on ethics and charity. It is admitted that Smith’s theory is based mostly on biology of human behavior. Factually, Adam Smith was the first to rationalize the human instincts and desires within the economic framework. Whybrow cites Smith arguing that contemporary society is driven by self-love and self-interest to achieve the desired outcomes. Most humans are hard-working and ingenious willing to achieve great social benefits. Smith asserts that it is the instinct of self-preservation. The essential complement is the instinctual curiosity meaning the desire to explore new places. Success of market society depends on individuals’ democracies and liberties as well as the freedom of expression. Adams summarized the keys to social improvements suggesting they were curiosity, self-interest, self-preservation, material gains and expressed ambitions.Adam Smith wrote: â€Å"How selfish soever man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others and render their happiness necessary to him though he derives nothing from it except the pleasure of seeing it†[5]. As it is mentioned above, Smith was rather interested in explanation of self-interest. Therefore, he strongly objected to idea that self-interest or self-love was â€Å"was a principle which could never be virtuous in any degree†[6].Smith though that life of humans would be tough and difficult if humans’ â€Å"affections, which, by the very nature of our being, ought frequently to influence our conduct, could upon no occasion appear virtuous, or deserve esteem and commendation from anybody†[7]. He considered the notions of sympathy and self-interest ethical and stated they complemented each other. He explained that â€Å"man has almost constant occasion for the help of his brethren, and it is in vain for him to expect it from their benevolence only[8]†. Therefore, charity alone was unable to improve the quality of living. Further, self-interest could remedy and essentially improve living: â€Å"It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from their regard to their own interest †[9].Smith argued that a person earning money would benefit not only himself, but also benefit society as earning income in competitive market suggested that he produced something valuable for to others. Smith claimed that it was necessary to direct industry in such a way that it would produce the greatest values to be able to promote economic well-being. â€Å"The Wealth of the Nations: reveals the ideas of causes and consequences of American prosperity. According to Smith, the main reason of prosperity is globalization and division of labor. Smith’s famous example of prosperity is based on pins.The central idea of Smith was to find out how labor and other resources should be applied the best to give individual am opportunity to benefit. Smith argued that individual would invest any resource such as land or labor in order to receive the highest return on it. Therefore, usage of resources should yield an equal rate of return. Otherwise, re-allocation should take place. This idea is central proposition to economic development. Using equality of returns, Smith tried to explain the difference in wage rates. Smith claimed that wage rates would be higher for traders, because they had to learn much and they wouldn’t be motivated in getting that job if they weren’t compensated by high wages. Actually, human capital is based on this concept.Also wage rates should be higher for people whose jobs are associated with dirtiness and danger – butchering, coal mining, hangman, etc. they perform odious job and, thus, should be compensated higher.    Briefly speaking, differences in wages rates should be based on differences in work peculiarities. Smith’s theory , for example, in Smith’s fourth book of â€Å"The Wealth of Nations† he â€Å"tells Great Britain that her American colonies are not worth the cost of keeping†. He explained that British imperialism suggested excessively high costs[10].It is known that Adam Smith was against mercantilism stating that the practice of artificial maintenance of trade surplus wouldn’t improve nations’ well-being and would erroneous effort. Smith assumed that the main advantage of trade was that it provided new markets for surplus of goods and services at less cost from abroad. In such a way he launched succession of free trade economists who worked out the concept of comparative advantage (David Ricardo and John Stuart Mill). Adam Smith also realized the role of government in economic performance of the country. He claimed that the government had to enforce grant patents and contracts in order to stimulate emergence of new ides and inventions. Smith also admitted that government should pay attention to public roads and bridges, because it wouldn’t be worthwhile for individuals to provide[11].It is interesting to note that Smith in contrast to other believers, Smith promoted the idea of retaliatory tariffs. He thought it would ensure certain benefits for the country: â€Å"The recovery of a great foreign market will generally more than compensate the transitory inconvenience of paying dearer during a short time for some sorts of goods†[12]. Due to the fact that his economic ideas lasted longer than that of other economists’, Smith is considered alpha and omega of economic and political science. His study was one of the most systematic and comprehensive and his economic ideas are the basis of classical economic theory.BibliographyHenderson, David. (2002). Biography of Adam Smith. Retrieved February 24, 2007, from http://www.econlib.org/Library/Enc/bios/Smith.htmlLandry, Peter. (1997). Adam Smith. Retrieved February 24, 2007, from http://www.blupete.com/Literature/Biographies/Philosophy/Smith.htmMuller, Jerry. (1995). Adam Smith in his Time and Ours: Designing the Descent Society. USA: Princeton University Press.Muller, Jerry. (2002). The Mind and the Market: Capitalism in Western Thought. USA: Anchor Books.Teichgraeber, Richard. (1986).   Free Trade and Moral Philosophy: Rethinking the Sources of Adam Smith’s Wealth of Nations. USA: Anchor Books.Whybrow, Peter. (2006). Adam Smith’s American Dream: of Desire and Debt. New York: The City University of New York.

Capital Management Components On Corporate â€Myassignmenthelp.Com

Question: Discuss About The Capital Management Components On Corporate? Answer: Introducation In the market economy, one of the important factors of economic growth is capital accumulation and investment of capital. One of the crucial conditions for any business entity to ascertain viability, profitability and development of its own is the effectiveness of the invested capital. Based on the long-term goals the firms have, they incorporate the decision of financing and investing (Daunfeldt and Hartwig 2014). The likely outcome of the investment made are always concern of the business and the knowledge of such procured by them based on capital budgeting techniques and various analyses which are conducted prior the investments are being made. The paper gives an outlined discussion about the role and requirement of capital budgeting. It further discusses the concepts of sensitivity analysis, scenario analysis, break-even analysis and simulation technique and their applicability in helping the investing business body to procure knowledge about the expected outcome of their actions of investments. The paper is prepared based on the motive to show how such theoretical analyses concept applies to business decision-making process and to what extent it influences such decisions Discussion: In order to take any decision regarding investment, a business always needs to undertake capital budgeting process that helps the business entity determine whether to take up the investment in certain projects. A business organization has to take decision regarding various issues like installation of new machines, new plants, replacement of old machines, launching new products, research and development for new projects all of which requires funding through the capitalization structure of the firms. The capitalization source of the company includes debt, equity or retained earnings received by the companies (Dutta and Babbel 2014.). Capital budgeting is a technique that rightly tries to allocate resources for capital utilization and investment expenditure so that the firm is able to derive higher return from the investments made and deliverance of higher payoffs to their shareholders. Important procedures or concepts applied in capital budgeting are: Accounting Rate of Return Net present Value Internal Rate of Return Profitability Index Equivalent Annual Cost Capital budgeting is important to help a firm take decision regarding its investment decision but it is not the only component to be carried, as there are other analysis needs to be followed too. Some of them are sensitivity analysis, scenario analysis and break even analysis followed by stimulation techniques (Nas 2016). Sensitivity Analysis The investment decision is exposed to many challenges regarding the strength weakness of the project they are invested in. This further brings forth the associated risk factor that comes up in almost with every decision. To ensure effectiveness of the implementations, the set of risks associated with any projects should be assessed. There comes the importance of sensitivity analysis. It helps the investor attain additional insight about the decision made for incorporating any investment (Damodaran 2016).. This is a technique that helps the business determine the difference of the impact of independent variables on certain dependent variable under given assumptions. The independent variables are used as input variable that specifies the boundaries for the impacts assessed (Xu and Yuan 2015). For example, how the bond prices are affected by changes in interest rate and currency exchange rates can be assessed by running sensitivity analysis where bond price is treated as dependent varia ble and rate of interest and currency rate as independent variables. SA examines the extent and viability of any project based on the quantifiable variables associated with the investment decisions (Mathuva 2015). The greater the fluctuation of the parameters the lesser is the risk inherent in the project. Sensitivity analysis helps to derive the net benefits derived from the project along with making a quantitative analysis of their influence. It includes testing of the effects of variation the cost and benefit variables that are selected based on the projects internal rate of return or net present value. In the algorithm of investment risk analysis, sensitivity analysis is one of the important tools that effectively quantify the risk analysis. The major purpose is to quantify the riskiness, the possible consequences by evaluating the risk (Maroyi and van de r Poll 2012). This analysis helps managers to assess the responsiveness and sensitivity of net present value of any project to the changes in the variables that are used to calculate it. NPV depends on various independent variables like volume of sales, selling price, initial outlay, investment cost and components, variables costs, interest rate on loans, discount rate and so on (Ba?bura, Giannone and Lenza 2015). With changing situations they receive impacts when calculated under alternative assumptions which rightly evaluate the amount of sensitivity they have with respect to the changes over time. The vulnerability of the project with respect to the changes in various dependent variables are assessed. Application of sensitivity analysis helps in locating the variables to which NPV is responsive and sensitive too. The extent f their changes are also detected before the business starts resulting in negative NPV. The possibility of whether or not a project would fail is captured by the analysis (Damodaran 2016).. Controlling of the variables affecting the performance of NPV are important to be taken care of since negative present value acts as one of the risk factor in the investment that a business would certainly want to avoid. SCENARIO ANALYSIS The next component in analysis comes the scenario analysis, which involves the process of estimation made about the expected value of any portfolio investment after a period. The estimations are based on the changes of the factors related to security of portfolios such as rate of interest. This kind of analysis helps the business assess the changes that might take place due to unfavorable event and their impact on the net value of the investment made (Sargent 2013). To examine the effect of theoretical worst-case scenario of the decision, the scenario analysis plays important role. This analysis brings forth various possible outcomes that might be developed in future instead of fiving one specific estimation (Burns and Walker 2015). The scenario analysis is excluded of extrapolation that is it does not depend on the past trends followed by historical set of data. It also discards the past expectations to remain valid for future estimation analysis. There are various methods to encounter scenario analysis common one being determination of standard deviation of the monthly or daily returns of security followed by computation of the expected value of the portfolios (Daunfeldt and Hartwig 2014). Based on the position of the standard deviation above or below the average rate of return, the analyst derives reasonable amount of certainty about the change in the valuation of any investment in a given time period after running simulations of the extreme results (Kaplan and Mikes 2012). Scenario analysis helps the business analyze the result of the extreme outcomes related to business in order to design and develop business strategy. The process of scenario analysis not only helps in examining the potent of investment but also helps in assessing the values shifts of various financial institutions. In order to examine different outcomes emanating from financial decisions made by the consumers this analysis is helpful tool. The potential outcome of any financial decisions taken by business can be evaluated based on such analysis. The scenario analysis helps to evaluate the potential variability that the net present value of capital budgeting project has. Based on the different scenarios the net present values might change and that are effectively captured by the scenario analysis. Based on the analysis made by the analyst, estimation of expected cash flows are derived which is known as base-case scenario. Net present value is computed for both the outcomes of vest case and worst-case scenario (Lam, Cheung, Tang and Ng 2012). The analysis of worst-case scenario is very helpful for the managers as it allows them to reap an idea about the extent to the fall in NPV. How NPV is affected due to simultaneous changes in various factors are rightly captured under scenario analysis. Break Even Analysis: The break-even analysis helps the business locate its operative level that faces equality between received revenue and incurred cost or expenditure. This analysis helps the business set its margin of safety with regards to the profit and loss incurred by the company. The margin of safety is ascertained when generated revenues exceed the cost of the business that is the exceeding of the break even point of the business (Burns and Walker 2015). Revenues can fall even staying above of the break even point. The analysis is concentrated to supply side of the business dealing with the costs of the sales. The analysis excludes the demand side impact of difference in the price levels (Hasan 2013). The conduction of break-even analysis depends on the mostly concept of three types of costs. They are fixed cost, variable cost and semi-variable cost. Fixed cost consists of the costthat has no impact on it due to the increase or decrease in the amount or production a business undertakes. It is the cost the company has to incur irrespective of the business activity and its condition. This is one of the major component of the total cost of any business (Daunfeldt and Hartwig 2014). A company paying an amount of $10,000 per month to pay for the cost of lease even if the production is halted falls under fixed cost category. Cost for the lease of land, advertisement, rents are included in the fixed cost that needs to be maintained anyhow even if the productions are not running. Variable cost is dependent on the production of output. They are positive function of production amount since as the production rises they rise and fall with the decrease in the production (Brealey et al 2012). This includes costs of the direct inputs such as materials used in production and direct costs of labor and capital. The variable cost in the long run increases steeply as the production in expanded. Semi variable cost is also semi fixed cost that includes combination of both these type. Up to certain level the cost of production remain fixed and beyond that, the cost starts to increase as the production increases (Bodie 2013). Semi variable cost leads to greater level of total cost for the expanded production and a fixed amount of cost for no production at the extreme case. Labor costs of factory workers are of this type of cost where for regular working hours they receive a fixed pay off and for hours beyond that they receive extra pay offs depending on the hours (Ba?bura, Giannone and Lenza 2015). After evaluating, the cost of production next step in the break even analysis is to ascertain the price level which is partly responsible in generating greater revenues combined with amount of sales. Even the amount of sales depend on the pricing further (Hwang and Masud 2012). The prices can be competition driven in order to capture the higher market share based on profitability. Penetration pricing is another strategy applied by business in order to set strategy that focuses on attracting larger customer base toward their products (Bierman and Smidt 2012). Variable cost-plus pricing is the method of adding mark up to total variable cost when it comes to set the prices. It is expected that the mark up covers for the total or partial of the foxed costs and helps in generating profit. Simulation Technique This is stochastic linear programming helps the firm to derive the expected return of investments assessing the inbuilt risk factors in portfolios. It helps to assess the NPV associated with different projects (Bhattacharya 2014.). Different probabilities are associated with different outcomes and often it is not possible to produce exact probabilities of any event. Range of probabilities is existent. Having knowledge of different probabilities help in calculating the interrelations among the variables through the process of simulation. For example, a distribution of NPV can be derived based on the probable availability of cost-saving percentage and low usage of energy. This gives the probability assigned with each possible NPV (Bardach and Patashnik 2015). This further helps in deriving the discount rate to evaluate the uncertainty and riskiness associated with the NPV. Simulation helps in deriving the risk prone of the projects. Higher riskiness creates more hurdles for the busines s compared to lower risk detected. The adjustments of risk are hence important factor to be taken care of. There are two ways to adjust the returns of a project face higher risk by increasing the discount rate or making reduction the payment (Ba?bura, Giannone and Lenza 2015). Increasing the discount rate is composed of base risk free rate and a value added beyond a point depending upon the level of risk. Higher risk calls for higher premium and greater uncertainty leads to fall in NPV as the discounted rate for future are high. This further implies the necessity of the project to have higher internal rate of return to exceed the rate of hurdles (Hill 2013). Conclusion From the above discussion the role of capital budgeting teamed up with sensitivity analysis scenario analysis and breakeven analysis are well understood. In the modern world of market economy investment and capital expansion plays important role in ascertaining growth of business by tapping market potentials. How effective investment decisions are for the business organization are well analyzed based on these methods and techniques of analysis and simulations. How certain internal as well as external factors of business affect the business operation and the outcome of its decision are greatly based on the results of such analyses that helps the firm to identify and set strategies according to such issues. Thus in decision making of business entity the aforementioned analyses play bigger role consolidating the process of capital budgeting. References Ba?bura, M., Giannone, D. and Lenza, M., 2015. Conditional forecasts and scenario analysis with vector autoregressions for large cross-sections.International Journal of Forecasting,31(3), pp.739-756. Bardach, E. and Patashnik, E.M., 2015.A practical guide for policy analysis: The eightfold path to more effective problem solving. CQ press. Bhattacharya, H., 2014.Working capital management: Strategies and techniques. PHI Learning Pvt. Ltd.. Bierman Jr, H. and Smidt, S., 2012.The capital budgeting decision: economic analysis of investment projects. Routledge. Bodie, Z., 2013.Investments. McGraw-Hill. Brealey, R.A., Myers, S.C., Allen, F. and Mohanty, P., 2012.Principles of corporate finance. Tata McGraw-Hill Education. Burns, R. and Walker, J., 2015. Capital budgeting surveys: the future is now. Damodaran, A., 2016.Damodaran on valuation: security analysis for investment and corporate finance(Vol. 324). John Wiley Sons. Daunfeldt, S.O. and Hartwig, F., 2014. What determines the use of capital budgeting methods? Evidence from Swedish listed companies.Journal of Finance and Economics,2(4), pp.101-112. Dutta, K.K. and Babbel, D.F., 2014. Scenario analysis in the measurement of operational risk capital: a change of measure approach.Journal of Risk and Insurance,81(2), pp.303-334002E Hasan, M., 2013. Capital budgeting techniques used by small manufacturing companies.Journal of Service Science and Management,6(01), p.38. Hill, R.A., 2013. Working capital management.Recuperado de https://202.191,120, p.8020. Hwang, C.L. and Masud, A.S.M., 2012.Multiple objective decision makingmethods and applications: a state-of-the-art survey(Vol. 164). Springer Science Business Media. Kaplan, R.S. and Mikes, A., 2012. Managing risks: a new framework. Lam, K.C., Cheung, S.O., Tang, C.M. and Ng, S.T., 2012. Capital budgeting evaluation practices of building contractors in Hong Kong.Construction Economics and Building,2(1), pp.81-93. Maroyi, V. and van de r Poll, H.M., 2012. A survey of capital budgeting techniques used by listed mining companies in South Africa.African Journal of Business Management,6(32), p.9279. Mathuva, D., 2015. The Influence of working capital management components on corporate profitability. Nas, T.F., 2016.Cost-benefit analysis: Theory and application. Lexington Books. Sargent, R.G., 2013. Verification and validation of simulation models.Journal of simulation,7(1), pp.12-24. Xu, C. and Yuan, S., 2015. An analogue of break-even concentration in a simple stochastic chemostat model.Applied Mathematics Letters,48, pp.62-68.

Ethical Essay Topics - Find Out What You Need to Know in an Essay Topic

Ethical Essay Topics - Find Out What You Need to Know in an Essay TopicEthics topics for an essay are often what get the most attention from students when their essays are due. Why? It could be that these essays deal with the topics that they care about most, and if they don't get them right, their grades will suffer.Students who study ethics in college have a lot of homework to do, and having topics that they can connect with in an essay helps them a lot. For example, one of their interests might be animal rights. They may discuss cruelty towards animals, the impact on the world of such cruelty, and whether or not someone needs to make a stand against it.Another common topic for an essay about animal rights is religion. Is there a way to resolve the conflict between their beliefs and their animal rights principles? And what about that old saying, 'Love thy neighbor as thyself?' Is this even possible?Since so many ethics topics for an essay deal with these types of moral code, it mak es sense that the standards are different from standard topics, which may be about economics, art, or science. But what is the difference between ethics topics for an essay and standard essay topics?The difference between ethics topics for an essay and standard essay topics is that ethics topics for an essay should be written from a personal perspective. It should be something that you know and understand on a gut level, and this is why it is important that you can connect with it.You shouldn't be too concerned about your personal information, because you will only have to explain it to someone else after the essay is complete. I always recommend that students to ask someone in their guidance counselor's office for guidance on ethics topics for an essay. This will keep you from being too worried about your essay. help When I was in college, I knew I wanted to become a lawyer, but I was also very concerned about my grades. I learned that I needed to go online and learn about my inter ests and what my morals and ethics were.

Bioethanol, a Potential Fuel Revolution

Bioethanol, a Potential Fuel Revolution Simply put, bioethanol is ethanol (alcohol) that is derived exclusively from the fermentation of plant starches. Though ethanol can be extracted as a byproduct from a chemical reaction with ethylene and other petroleum products, these sources are not considered renewable and therefore disqualify most ethanol from being considered bioethanol. Chemically, bioethanol is identical to ethanol and can be represented by either the formula C2H6O or C2H5OH. Really, bioethanol is a marketing term for the products that do not have immediate harm to the environment through burning and use of natural gas. It can be fermented from sugar cane, switchgrass, grains, and agricultural waste.   Environmental Benefits All fuel combustion- regardless of how eco-friendly it is- generates dangerous emissions that harm the earths atmosphere. However, the burning of ethanol, especially bioethanol, has far fewer emissions than gasoline or coal. For that reason, the burning of bioethanol, especially in vehicles that can use fuels derived from them, is much better for the environment than some other alternative fuel sources.   Ethanol, in general, reduces greenhouse emissions by up to 46% compared to gasoline, and the added bonus of bioethanol not relying on harmful chemical processing means it further minimizes the harmful effects of gasoline use. According to the United States Energy Information Administration,  unlike gasoline, pure ethanol is non-toxic and biodegradable, and it quickly breaks down into harmless substances if spilled. Still, no fuel combustion is good for the environment, but if you must drive a car for work or pleasure, perhaps consider switching to a flex-fuel vehicle capable of processing ethanol-gasoline blends. Other Types of Biofuel Biofuels can be broken down into five types: bioethanol, biodiesel, biogas, biobutanol, and biohydrogen. Like bioethanol, biodiesel is derived from plant matter. Specifically, the fatty acids in vegetable oils are used to create a powerful substitute through a process known as transesterification. In fact, McDonalds now converts much of its vegetable oil to biodiesel to reduce their companys large carbon footprint. Cows actually produce methane in such large amounts in their burps that theyre one of the largest contributors to emissions in the natural world- impacted significantly by commercial farming. Methane is a type of biogas which is produced during digestion of biomass or the burning of wood (pyrolysis). Sewage and manure can also be used to create biogas! Biobutanol and biohydrogen  are both yielded through biological means of further breaking down butanol and hydrogen from the same materials as bioethanol and biogas. These fuels are common replacements for their synthetic or chemically engineered, more harmful counterparts.

Isabel Archers Downfall in Henry James The Portrait of a Lady essays

Isabel Archers Downfall in Henry James The Portrait of a Lady essays It is an unquestionable fact of life that human nature is flawed. Human beings have a variety of weaknesses that may differ from one person to the next. How one deals with this ultimately determines whether it will or will not destroy the person. The faults that humans possess stem from an open field of possibilities that they are able to choose from as they build their own character. However, as much as individual free will is desirable, as all other parts of the natural world, it can include negative aspects, as well. Probably, the most difficult element is being able to make good choices, keeping in mind what Mahatma Gandhi once said, "Freedom is not worth having if it does not connote freedom to err." Once a state of freedom is attained, all of its sides are encompassed. This essential human cycle of freedom has progressed along with the changing times, views, and values in society. It is depicted by many authors in countless novels. Henry James' perception accurately describes the shifts that occurred in society during the late nineteenth century. He uses colorful characters in his writings to express his opinions on actual revolutionary outlooks of the time and to comment on human nature. The Portrait of a Lady is an example of his view on freedom. The quest for personal freedom destroys Isabel Archer in Henry James' The Portrait of a Lady. Isabel Archer is introduced instantly, in the novel, as a woman with strong and uncompromising convictions. The first glimpse of Isabel shows that she is "quite independent" (James 27). This early description sets expectations for her character. When Isabel herself appears on the lawn of Gardencourt, where she is met by the family she has never known, she strikes Ralph as having "a great deal of confidence, both in herself and in others" (James 31). Isabel's charisma could be felt by people that were strangers to her. Her attitude and...

Critically examine the role of international credit in contemporary Essay - 2

Critically examine the role of international credit in contemporary economies - Essay Example One of the major developments after the Second World War period was the internationalization or liberalization of the financial markets with United States of America on the front. The multinational corporations of USA spread their financial dealings and operation to different bases across nations. Simultaneously a large amount of funds were allocated for purchase of treasury bills of USA. The banks of USA have also spread their operations worldwide during the seventies. International operations contributed to around 20 percent of the total income of the American banks. International credit provides certain distinct benefits to the people of the borrowing nation. These funds obtained through international credit help in financing the projects of local firms and the government. International financial system offers different opportunities of diversification to an investor, which might not be locally available. However, when an economy joins the global financial markets, certain economi c variables may be restricted as well as the effectiveness of certain basic economic and national policies. For instance the capital mobility across the world has automatically restricted the movements of domestic interest rates and also the control of money supply becomes so difficult under fixed exchange rates. Before economic transactions occur between the residents of different nations, certain arrangements are require making payments effective as well as bringing about the exchange or transaction successfully. The arrangements required need to address the political regimes, legal systems and the customary process of doing business in various countries. The basic of the international monetary system centers on the barter system prevalent in history. To make the exchange procedures convenient and easy to handle, a rage of monetary arrangements came into operation.

The Liability of the Manufacturers and Their Conduct in Case of Essay

The Liability of the Manufacturers and Their Conduct in Case of Accidents - Essay Example Courts have considered on a case to case basis the liability of the manufacturers and their conduct in case of accidents. For instance, in the case of Messina v. Clark Equipment, 263 F.2d 291, C.A.2 1959, the Court dismissed the appeal in an action against the manufacturer of the earth mover in order to recover for machine operator’s death. In this case, the machine operator was killed while he was raising the scissor arms and bucket, and they had shut off the motor, and while doing this, he was actually getting out of cab when bucket fell causing him to be crushed between the scissor arms and the cab (Messina v. Clark Equipment 291). The Court dismissed the appeal because there was an absence of showing that there was indeed a hidden defect or concealed danger in earth mover (Messina v. Clark Equipment 291). It reasoned that under the New York law, a manufacturer has no duty to a remote user beyond the duty to keep the article of manufacture free from hidden defects or danger s (Messina v. Clark Equipment 291). Thus, if a remote user such as in this case, sues a manufacturer of an article for injuries suffered, he must allege and prove the existence of a latent defect or a danger not known to plaintiff or other users (Messina v. Clark Equipment 291). Citing the case of Campo v. Schofield, 301 N.Y. 468, 95 N.E.2d 802 (1950), the Court explained that, â€Å"If a manufacturer does everything necessary to make the machine function properly for the purpose for which it is designed, if the machine is without any latent defect, and if its functioning creates no danger or peril that is not known to the user, then the manufacturer has satisfied the law's demands.†