The Implications of Attachment Theory for Different Forms...

The Implications of Attachment Theory for Different Forms of Childcare Developmental psychologists are interested in the study of the individual from conception to old age. One area of particular interest is the significance of parent-child bonding. Attachment can be defined as ‘an enduring bond of affection directed towards a specific individual’ (Santrock, 2001). The nature of the relationship between early attachment and later development is a central issue in developmental psychology and, given the increasing proportion of women with young children that go out to work, of specific interest is the quality of care-giving that infants receive. This paper will firstly describe the essential†¦show more content†¦Although Bowlby was initially influenced by the psychoanalytic tradition, in later years he also became heavily influenced by concepts from ethology and particularly that of imprinting (Lorenz, 1966), whereby the young of many species form early attachments to their parents. He argues that the tendency for the young t o cling to or be ‘imprinted on’ their mothers can be seen in many other animal species and that by keeping the young close to their mothers enables them to survive. In addition Bowlby (1951) felt that there was a critical period in the formation of attachments. He believed that between the age of six months and three years it was essential for children to receive continuous love from a primary caregiver and that prolonged separation between the child and their primary caregiver would not only cause distress but would have serious outcomes for the child. Evidence to support this view of Bowlby’s comes from observations of young children in hospitals. These studies showed that children, when separated from their mothers, exhibited a sequence of behaviour in which distress was initially accompanied by protest, followed by despair and eventually denial and emotional detachment from the mother (James and Joyce Robertson, 1967-73). This behaviour of denial and emotionalShow MoreRelatedAttachment Theory. Madeline Fuller. April 22, 2017. †¢Introduction.1775 Words   |  8 PagesAttachment Theory Madeline Fuller April 22, 2017 †¢ Introduction My initial interest in this theory stems from my meeting of a diverse group of people this last year. As my family’s business ventures into the world of construction, I have had the opportunity to meet many people who come from much different backgrounds than me. Many of these people have known criminal records and/or are registered sex offenders for one reason or another. The more I come to know them, the more I get to hear about theirRead MoreAn Evalution of the Attachment Theory Essay13038 Words   |  53 PagesTHE ATTACHMENT THEORY AN EVALUTION OF THE ATTACHMENT THEORY WHEN WORKING WITH CHILDREN IN CARE Gail Walters Dissertation Social Work BA (HONS) Manchester Metropolitan University Tutor: Pauline Black CONTENTS Pages Abstract Read MoreThemes Of Development : Prenatal6705 Words   |  27 Pages Week One: Themes in Development: Prenatal Physical: Physical development of the human begins at conception when the egg is fertilized by the sperm. Once the ovum is fertilized, the process of mitosis begins, allowing the cells to split and form the human being. Through this process, each parent contributes 23 chromosomes, which are present in every cell of our bodies, and are made up of DNA and genes (Broderick Blewitt, 2015). The genes that we inherit from our parents determine our physicalRead MoreChild Development 0-19 Yrs6074 Words   |  25 Pageschildren develop their social behaviour they are expected to conform to rules that society dictates. Such rules have been given structure through cultural, legal and religious influences. Theories of moral development differ immensely on how moral development occurs and what influences it. In his Phychodynamic theory, Freud (1935) explained that the quality of the relationship with their parents affects the child’s moral understanding whilst internal natural preferences influence the child’s desireRead MoreComputer Use in Early Childhood Education4243 Words   |  17 Pageseducation has reached the stage where it becomes critical that learning programs becomes a global issue. Understanding changes and undertaking practice is fundamental in student learning. The purpose of this article is to increase our perception on the different effects of using computer technology in early childhood setting. In answering the question What is the purpose of education? I started at that time from the observation that man lives in a world of objects which influence him and which heRead Morecorporate social responsibility motivations and country factors3504 Words   |  15 Pageswas to make profits and thrive economically (Friedman 1970), enterprises now have the option to do so and at the same time, contribute meaningfully to society at large. The reasons for a MNE to engage in CSR initiatives are multiple. Stakeholder theory (Donaldson and Preston 1995) can be used as a skeletal framework to understand where demands for CSR arise. Demand derives from two main groups: consumers and stakeholders. Stakeholders of a company include its investors, employees, suppliers andRead MoreFamily Support Resource Services (SSD), Lancaster Essay5657 Words   |  23 Pagesoriginal multi-agency referral the school sent the SSD, the Initial Assessment form, and the Social Worker’s referral to FSRS (Family Support Resource Services. Each referral apparently indicated problems within the family; including younger child Tommy’s challenging behaviour and the parents’ ill health, which was affecting the family’s life. The information indicated there could be attachment, behavioural or possibly medical issues. Chastisement by the father also causedRead MoreThe Impact of National Poverty Eradication Programme (Napep) on Economic Development of Nigeria13910 Words   |  56 PagesNigeria today. Especially, the incidence of poverty is very high among the unemployed, the uneducated women and rural dwellers (Gbosi 2004). In 1980, the poverty level was only 28.1% but by 1996 it had jumped to 66.6%. Having been mindful of the implications to the economy, the government needs to make concerted efforts in order to reduce poverty in the country. This is because a high incidence of poverty is not good for the health of a developing country like Nigeria. A review of the economic historyRead MoreLearning and Social Care Essay examples30870 Words   |  124 Pagesmaterials on the CACHE website will ensure that correct and up-to-date information is provided to learners. All photographs appearing in this handbook have a signed parental release form and are the exclusive proper ty of CACHE. They are protected under the copyright law and can not be reproduced, copied or manipulated in any form. This includes the use of any image or part of an image in individual or group projects and assessment materials. Qualification reference number: CACHE Level 3 Diploma for theRead MoreOrganisational Theory230255 Words   |  922 Pages. Organization Theory Challenges and Perspectives John McAuley, Joanne Duberley and Phil Johnson . This book is, to my knowledge, the most comprehensive and reliable guide to organisational theory currently available. What is needed is a text that will give a good idea of the breadth and complexity of this important subject, and this is precisely what McAuley, Duberley and Johnson have provided. They have done some sterling service in bringing together the very diverse strands of work

American Literature A Discussion Free Essays

American Literature has come a long way. It dates back as far as the pre-colonization-period America which is contrary to the current belief of almost everyone that English has always been the language in America. Although it was noted that â€Å"some fifty years after the political establishment of the United States, the concept of an American literature barely existed† (Delbanco), American literature did exist and is still existing. We will write a custom essay sample on American Literature: A Discussion or any similar topic only for you Order Now Literature as a communication involving some degree of emotional or aesthetic response is both an independent discipline and one of the tools of anthropology. The latter is a description and explanation of social behavior in every possible environment-from the primitive to the sophisticated-in every part of the world. (Dennis and Aycock 41) In this regard, looking at how literature emerged and how it evolved, identifies the kind of society and the kind of people living in a certain era. II. Evolution Era The discovery and/or development of a certain type of literature did not just happen in a flash. American Literature, the different types of it, sprouted in a seasoned manner. This means that there would not be political writings, or none of them would be popular, if there were no political issues looming around the corner. It is quite amusing to know that American writing (in English) started not as a seriously intended literary piece but as a work â€Å"chiefly for the benefit of readers in the mother country. † (â€Å"American Literature†). These were the English travelers and explorers who became Americans during those olden times, circa 1583 to 1763. Following is the timeline of the American Literature (Trent): 1. English Travelers and Explorers, 1583-1763 – retaining their own language as they travelled to America and became Americans while chiefly influencing the literature with this language: the heritage of the English race; 2. The Historians, 1607-1783 – this was the period of gentlemen adventurers writing about America’s colonies; 3. The Puritan Divines, 1620-1720 – again, Englishmen who gave their intellects to a strict scheme of doctrinaire theology, and gave up their freedom to the letter of the Hebraic Scriptures; 4. Edwards – was a special time when he, Edwards, inscribed a sequence of reflections, foundation to a great metaphysical discourse of his own; 5. Philosophers and Divines, 1720-1789 -a traditional categorization of the human ability giving reason for the American thought in the eighteenth century, which is believed to have led to the overthrow of high Calvinism: those who went after the intelligence were the rationalists, or deists; those who went after receptivity or sensibility were the â€Å"hot† men, or enthusiasts while those who went after the will were the moral or ethical reformers. 6. Colonial Newspapers and Magazines, 1704-1775 – the knowledge of and about Europe had erupted so commonly through colonial newspapers; 7. American Political Writing, 1760-1789 — this was the period of â€Å"storm and stress†, of â€Å"revolution and evolution†, bringing forth a literature dominated by politically-themed content. Most of the topics involved â€Å"the nature of the British constitution, the formulation of colonial rights, and the elaboration of schemes of government and administration†; 8. The Beginnings of Verse, 1610-1808- the beginning covered early colonial verse starting in 1610 while in 1700 it began with transition in purpose, subject, and style and later on during, the beginnings of nationalism that is related to the passage of the Stamp Act in 1765 ending with the publication of Bryant’s Embargo in 1808. 9. Travellers and Observers, 1763-1846- this was the literature of travels, brand new, wide-ranging, and sophisticated, taking its magic from the sense of wonder; 10. The Early Drama, 1756-1860 –The American native drama, even though it antedated the novel and the short story, has arrived only during the latter half of the eighteenth century having Androborus in 1714, which was noted to be a satirical embarrassment. 11. Early Essayists-during this period the first essays that were in print in colonial newspapers were written with a cognizant ethical purpose. 12. The time of Washington Irving (April 3, 1783 – November 28, 1859)-a well-known American author, essayist, biographer and historian of the early 19th century who authored â€Å"The Legend of Sleepy Hollow† and â€Å"Rip Van Winkle†; 13. The time of Bryant – an American who has the gift of poetic genius, and writing verses that last; 14. Fiction/Novels-the moment for literary lies;† that they served no virtuous purpose; that they melted rigorous minds; that they crowded out better books; that they painted adventure too romantic and love too vehement, and so unfitted†¦Ã¢â‚¬  III. The Role of Printing Press Taking into consideration the lack of other means of publication those days, early American literature succeeded with the big help of the printing press. Some Americans even had an undying zeal for literary outputs that they were â€Å"stimulated by a desire to render Washington City as well the seat of literature as of government, a number of gentlemen have formed themselves into a ‘ Printing and Bookselling Company† (McMurtrie 266). It may appear funny but it is true. IV. Current Scenario Conclusion â€Å"Who in the four corners of the globe reads an American book? † (Edinburgh Review, cited Delbanco) Contrary to this insult, there are still the likes of Twain that many people all over the world know and many hunger for their literary pieces. Another noted American literary figure is Toni Morrison, a Nobel Prize awardee for literature. She is noted to be â€Å"a public intellectual, she’s influenced how we think about race and storytelling †¦ how we use language, what we do with language, how we keep language alive and well. â€Å"(â€Å"Toni Morrison Society Honors† 15). Thus, American Literature, no matter how it is being viewed, is sure to be existent, alive and persisting. Works Cited â€Å"American Literature. † The Columbia Encyclopedia. 6th ed. 2009. Questia. Web. 19 July 2010. Delbanco, Andrew. â€Å"American Literature: A Vanishing Subject?. † Daedalus 135. 2 (2006): 22+. Questia. Web. 19 July 2010. Dennis, Philip A. , and Wendell Aycock, eds. Literature and Anthropology. Lubbock, TX: Texas Tech University Press, 1989. Questia. Web. 19 July 2010. McMurtrie, Douglas C. A History of Printing in the United States: The Story of the Introduction of the Press and of Its History and Influence during the Pioneer Period in Each State of the Union. Vol. 2. New York: R. R. Bowker, 1936. Questia. Web. 19 July 2010. â€Å"Toni Morrison Society Honors Nobel Laureate with 70th Birthday Tribute. † Black Issues in Higher Education 29 Mar. 2001: 15. Questia. Web. 19 July 2010. Trent, William Peterfield, John Erskine, Stuart P. Sherman, and Carl Van Doren, eds. The Cambridge History of American Literature. New York: G. P. Putnam’s Sons, 1917. Questia. Web. 19 July 2010. How to cite American Literature: A Discussion, Papers

Emi Group Case Analysis free essay sample

Company merges with Columbia Gramophone to form Electric and Musical Industries (MME 2007). MME started with operations in nineteen countries and has eventually grown to operations in over fifty countries. MME has the rights to over one musical composition. Of the five major music companies, MME has the least market share in the Unites States.This market share may now be in Jeopardy as Universal Records has decided to decrease the price of Its CDC In an effort to generate sales. MME must determine what they old gain or lose by dropping or not dropping their retail price for Cads and the price charged to retailers. Case Facts The recording industry is highly competitive with its profits based in its ability to attract and retain artist who sell hit records. Advertising, promotion and publicity for its artist are central elements in a music companys marketing program and they represent a sizeable amount of the companys costs. Universal has more market share because it has more hit artist and a larger music catalog than any other music recording company. Because of these facts, Universal is susceptible to the most losses. Universal made the decision to slash its CD prices in the US by up to 31. 5 percent In the US, not to Increase market share but to persuade consumers to start buying Cads again (universal, 2003). Since the advent of new technology allowing consumers to obtain music in non-traditional means, actual CD sales in the US had been on a decline since 2000 (Kerri, 2007).In fact, four of the major five record companies reported losses in the first half of 2003. Universal Is considered a heavy hitter US with a market share of 29. 4% while MME ranks In the bottom of the five major record labels with a mere 9. 8% of US market share. MME was the only company that did not report losses the beginning of 2003 due to major reorganization efforts. Existing Marketing Problems MIS major problem is lack of market share in the US. Upon first glance one would think that the major problem that MME is faced with in its US market is the possibility of a decrease in its CD sales caused by the decrease in CD price by Universal Music Group. It Is acknowledged that the decrease In price by Universal will affect MME but universals price cuts are not the only or main problem MME is faced with. MME faces several problems within the US and universal Music Groups price decrease is only en of them. The problem that MME is faced with is not that universal CD price slashing will decrease Its market share.The mall problem Is that MME does not have enough US market share to begin with. Even If MME decreases the sales price for their Cads to compete with universal Records, this wont necessarily increase their market 1 OFF Additional Information It should be mentioned that CD sales are not expected to increase any time soon. As someone who grew up during the development of file sharing, the majority of the suggestions given in th is analysis are based off observations and reactions, or lack hereof of the Universal announcement. Universals 2003 announcement was met with criticism and indifference from the group of consumers who were once the largest buyers of music, young people and they made there indifference know throughout the internet community. As Ashley Vance put it Two decades and four presidents is a long time to wait for a single price cut on what became a mass market DOD (Vance, 2003). Universal is decreasing the price on its CD for all artists but superstar artists Cads are being reduced by a smaller amount. Universal also incorporated a new retail sales plan called Jump Start.Retailers pay wholesale prices for Cads (this is the price that will be decreased) but receive additional compensation for advertising support and CD placement. Under the new plan retailers guaranteed 33 percent of display space in exchange for a deeper discount on CD prices. Whether or not retailers participated in Jumpstarted, Universal would end all additional compensation. Universal worked under the assumption that these strategies would not only increase the number of retail buyers but also move retailers to increase display space for Universal increasing Universals ability to market their artist.Smith, 2003). Possible Solutions MME must implement new measures to increase its market share. It can also decrease its CD prices to compete with Universal Records. MME has less market share because it has less hit recording artists and a smaller music catalog. MME has several options to increase its prominence in the record industry. One of these solutions is for MME to change its marketing mix. MME can consider changing its product mix by offering more music geared toward group of people who have steadily increased the percentage of music they buy for the past ten years; consumers over the age of 40 Kerri,2007).MME can also cut cost involved with artists by dropping artists that do not produce, supply the market with high quality artists and increasing productivity. This in turn will also increase its market share. And of course, MME can decrease the price of its Cads. New product development is another alternative. MME can also use the advances in technology to change the way it promotes its artists as well as its product placement within retail outlets as well as placement of those artists on the internet.Using these advances can also include developing products/music that are readily available for internet download to amps or possibly a form of music entertainment that is combined with DVDs to capitalize off the recent DVD sales surge. Inventing new technology that prevents internet downloading and/or copying music to blank Cads is also an option that MME can pursue. For every action there is an equal and opposite reaction and such is the case for each of the solutions for MME. Changing MIS marketing mix may give MME the increase in market share that it needs, but the process of change is time consuming and can be costly.Money and Time are not two things readily at the disposal of MME and probably wont be for some time. By offering more music geared towards the consumer who actually purchases music, MME will place itself in a position to sell Cads to consumers who purchase Cads. However this also takes market research, time and heavy promotion of new artist. By dropping artist that do not produce and supplying the music industry with high quality artist, MME will be able to increase their market share. But as mentioned in the case, the music industry is extremely competitive and close-knit. Any meetings with possible new artist may cause other record labels to attempt to recruit that artist as well. Decreasing its CD prices is and option for MME ND may increase sales of their products. However as stated earlier sales of Cads is not the main problem MME has, lack of market share is. Using emerging forms of technology to increase awareness of themselves and their artist will also allow MME to increase its market share in channels that were unheard of.Also, since more and more consumers are buying music electronically, MME can also make more of its catalog available for internet purchase thru different download mediums such as tunes, Walter. Com, Rhapsody or several other websites. Utilizing these serviced offers download lovers the chance to purchase music legally and in he manner they prefer. Combining CD/DVD is another great alternative. DVDs sales are rising as the latest form of entertainment so MME would do best by piggybacking on these sales by offering CD as a part of the package with a DVD or offering a DVD with the sale of Cads.This would be a wonderful tool to sale soundtracks to hit movies. Best Solution(s) MME needs to use the latest digital technology to its benefit. First, MME needs to partner with websites specifically designed to download music and enter into partnerships that allow the on-line stores to offer their products. MME can also take advantage of these websites to increase its marketing efforts of those artists most attractive to the group of consumers who download the most music, 12-17 year olds and 18-24 year olds. Some artists for example, allow one to two songs off an upcoming album to be downloaded for free.These teaser songs give the public a free taste of what will be available and in some cases dissuade music lovers from pirating albums. If possible MME should offer more of its artist to movie production companies. This would give the artist more exposure and allow for the promotion and sale of combination DVD/CD package. General Ideas and Comments Regarding MME Case The music industry is and always will be competitive by nature and by having the smallest North American Market share any solutions MME develops can be duplicated with a lot more speed and money by recording giant Universal.Therefore, MME needs made any significant change to individuals wanting to obtain music illegally. Music Piracy has not decreased nor has the industries need to control what music is available to consumers and how its being made available. Yet the music labels should concentrate there efforts on producing quality artist, marketing them effectively and changes their business models to meet the new demands of consumers. Since then MME has launched several initiatives proving that it hears consumers and is responding.

The Deep Dive free essay sample

In this activity, you will watch a group of professionals work to solve a design problem in just five days. Answer the following questions as you watch The Deep Dive. A class discussion will take place following the broadcast. 1. â€Å"From the buildings in which we live and work, to the cars we drive, or the knives and forks with which we eat, everything we use was designed to create some sort of marriage between _________________ and _________________. † 2. The folks at IDEO state that they are not experts in any given area. But, they do claim to be experts on the _____strange_______________, which they apply to the innovation of consumer products. 3. After the team of designers is brought together, told the problem, and informed they have five days to â€Å"pull it off,† what phase of the design process do they immediately engage in? brainstorming 4. Give two examples of what the team members did during this phase. We will write a custom essay sample on The Deep Dive or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page |a. |They deffered between the good and the bad | |b. Made it better | 5. List five rules-of-thumb that IDEO employees follow when they share ideas during the brainstorming phase: |a. |Stay focused. Build on ideas | |c. |One convwersation at a time | |d. |Encourage wild ideas | |e. Differ judgement | 6. Why should wild (and sometimes crazy) ideas be entertained during the brainstorming phase? they need ideas to build on to make them fun and more safe 7. After the brainstorming phase was over, the team narrowed down the hundreds of ideas by _____________ for those ideas that were not only â€Å"cool† but also _________________ in a short period of time. What phase of the design process is this called? 8. IDEO believes that the ideas and efforts of a _____group_________ will always be more successful than the planning of a lone genius. 9. Once the ideas were narrowed down and divided into categories, the group was split into four smaller teams. What phase(s) of the design process was each of these groups responsible for? #3. research and generate ideas 10. The leaders at IDEO believe that ______fun__________ behavior and a _______playful_______ environment are two important reasons why their employees are able to think quickly and creatively to produce innovative results. 1. Sometimes, people come up with great solutions that work by trying their ideas first, and asking for _________answers________ later. 12. Design is often a process of going too far and having to take a few steps back. What phase of the design process would the critique of the four mock-ups come under? #5. explore possibilities 13. Upon critique of the four teams’ models, it was obvious that none of the teams had developed an optimum solution. However, the people at IDEO believe that it is important to _____fail________ often in order to _____finish________ sooner. 4. What percentage of the entire week’s time did it take to fabricate the final prototype? 3 days 15. Instead of showering his design team with a tremendous amount of praise, what did the boss require his employees to do with their new design? go out and see what people think about it 16. Of all the things that we are surrounded by every day, what has not been placed through the design process? Conclusion 1. What did you find to be the most impressive part of the team’s effort? 7. What advantages are there to having a design team with members that have non-engineering backgrounds? 18. There was a point in the process where a self-appointed group of adults stepped up, stopped the ideas, and redirected the group to break up into teams. Why was this done? 19. At the end of the video, Dave Kelly states, â€Å"Look around. The only things that are not designed are the things we find in nature. † Can you think of anything that would contradict this statement?

Heart of Darkness by Joseph Conrad Essays

Heart of Darkness by Joseph Conrad Essays Heart of Darkness by Joseph Conrad Essay Heart of Darkness by Joseph Conrad Essay Essay Topic: Heart Of Darkness Joseph Conrad’s Heart of Darkness is first and foremost blanketed with visual representations. One can’t appreciate the light without knowing what it’s like to be stuck in the darkness. It’s very similar with sound. It isn’t understood how soothing noise can be until caught in the silence. The accepted idea behind silence is that it is supposed to be relaxing, and noise should thus usually be a nuisance. Approaching Conrad’s Heart of Darkness from an acoustic point of view helps to enhance the juxtaposed comforts of the sounds and restlessness of the silence. The civilized areas of the world have a sense of silence in the beginning of the novella. Silence is also thought to be relaxing, whereas noise always has the potential to become a gadfly (Magnus). As the story opens, when Marlow is talking about the town of London, he describes the city as â€Å"a dead silence† and also talks about how â€Å"the wind was nearly calm† and that the â€Å"airseemed condensed into a mournful gloom, brooding motionless over the biggest, and the greatest, town on earth† (Conrad 65). While this gives off the sense of a tranquil and somewhat dark city, the reality is that the city would have been filled with vibrant sounds due to its urban area. This sense of silence illustrates how the city is quite civilized, and also that it has always seemed a bit ominous to Marlow, which explains why he felt â€Å"a queer feeling . . . that [he] was an imposter† (77) when he was being seen off to the Congo by his Aunt. Marlow is attempting to maintain the idea that the silent, if not mysterious city of London, is the most civilized. The silence of the civilized also occurs during Marlow’s â€Å"quiet chat† (76) with his Aunt prior to leaving. Things seem significantly calmer before Marlow ventures off than they do when he arrives in Africa. Silence, at this point in the story, is not only a model of Western civilization, but is also used to show the matu

Business Law Essay Example for Free (#16)

Business Law Essay What is Business Law? Businesses interact in many and varied ways. To name just a few types of business transactions, there are contracts, mergers and acquisitions, leasing, etc. How these transactions are carried out is overseen by Business Law. Additionally, how businesses are formed is a large part of Business law. This area of law is very wide-ranging, although it deals primarily with defining the rights and responsibilities of businesses, rather than enforcing these laws. Because of its extensive scope, Business law has spawned a large number of legal practice area subcategories, which include Sales and Secured Transactions, Banking, Landlord-Tenant, Mortgages, Real Estate Transactions, Debtor and Creditor, Bankruptcy, Consumer Credit, Negotiable Instruments, and Contracts. Business law and Commercial law are very closely related, so much so that the terms are often used interchangeably and the legal issues they address frequently overlap. The Uniform Commercial Code (UCC) is the principal presiding authority over commercial transactions. Business.gov helps small businesses understand their legal requirements and locate government services from federal, state and local agencies. Business.gov is an official site of the U.S. Small Business Administration. * Commercial Law / Business Law – Definition Commercial law (sometimes known as business law) is the body of law that governs business and commercial transactions. It is often considered to be a branch of civil law and deals with issues of both private law and public law. Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange and partnership. It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Most aspects of running a business have some legal consequences. Whether your business is just starting up, expanding, or winding down, you must comply with the federal, state, and local laws that govern your business activities. A great many common law rulings, statutes, administrative rules and legislation make up the practice and interpretation of employment law. Its governance falls under the umbrella of both federal and state statutes, as well as administrative regulation and judicial precedent. When workers file claims for employment discrimination, unemployment compensation and workers’ compensation, these claims fall under employment law. Likewise, overseeing workplace safety and standards, fair wages, retirement and pensions, employee benefits, and much more, are part of this wide-ranging legal area. Employment law deals with both the employer and the employee’s actions, rights and responsibilities, as well as their relationship with one another. A well-known, prevalent administrative regulatory body for employment law is the Department of Labor, which exists on both the federal and the state level.The elaws Advisors are interactive e-tools that provide easy-to-understand information about a number of federal employment laws. Each Advisor simulates the interaction you might have with an employment law expert. It asks questions and provides answers based on responses given. Self-Employment Assistance offers dislocated workers the opportunity for early re-employment. The program is designed to encourage and enable unemployed workers to create their own jobs by starting their own small businesses. Under these programs, States can pay a self-employed allowance, instead of regular unemployment insurance benefits, to help unemployed workers while they are establishing businesses and becoming self-employed. Participants receive weekly allowances while they are getting their businesses off the ground. A corporation is a legal entity created through the laws of its state of incorporation. Individual states have the power to promulgate laws relating to the creation, organization and dissolution of corporations. Many states follow the Model Business Corporation Act.State corporation laws require articles of incorporation to document the corporation’s creation and to provide provisions regarding the management of internal affairs. Most state corporation statutes also operate under the assumption that each corporation will adopt bylaws to define the rights and obligations of officers, persons and groups within its structure. States also have registration laws requiring corporations that incorporate in other states to request permission to do in-state business.There has also been a significant component of Federal corporations law since Congress passed the Securities Act of 1933, which regulates how corporate securities are issued and sold. Federal securities law also governs req uirements of fiduciary conduct such as requiring corporations to make full disclosures to shareholders and investors. The law treats a corporation as a legal â€Å"person† that has standing to sue and be sued, distinct from its stockholders. The legal independence of a corporation prevents shareholders from being personally liable for corporate debts. It also allows stockholders to sue the corporation through a derivative suit and makes ownership in the company (shares) easily transferable. The legal â€Å"person† status of corporations gives the business perpetual life; deaths of officials or stockholders do not alter the corporation’s structure.Corporations are taxable entities that fall under a different scheme from individuals. Although corporations have a â€Å"double tax† problem — both corporate profits and shareholder dividends are taxed — corporate profits are taxed at a lower rate than the rates for individuals.Corporate law has important intersections with contracts and commercial transactions law. A generic term for shares of stock, bonds, and debentures issued by corporations and governments to evidence ownership and terms of payment of dividends or final payoff. They are called securities because the assets or profits of the corporation or the credit of the government stand as security for payment. However, unlike secured transactions in which specific property is pledged, securities are only as good as the future profitability of the corporation or the management of the governmental agency. Most securities are traded on various stock or bond markets. Securities law exists because of unique informational needs of investors. Securities are not inherently valuable; their worth comes only from the claims they entitle their owner to make upon the assets and earnings of the issuer or the voting power that accompanies such claims. The value of securities depends on the issuer’s financial condition, products and markets, management, and the competitive and regulatory climate. Securities laws and regulations aim at ensuring that investors receive accurate and necessary information regarding the type and value of the interest under consideration for purchase. Securities exist in the form of notes, stocks, treasury stocks, bonds, certificates of interest or participation in profit sharing agreements, collateral trust certificates, preorganization certificates or subscriptions, transferable shares, investment contracts, voting trust certificates, certificates of deposit for a security, and a fractional undivided interest in gas, oil, or other mineral rights. Certain types of notes, such as a note secured by a home mortgage or a note secured by accounts receivable or other business assets, are not securities. * The Setting for Buying and Trading Two principle settings for buying and selling securities exist – issuer transactions and trading transactions. On the one hand, issuer transactions are the means by which businesses raise capital. These transactions involve the sale of securities by the issuer to investors. On the other hand, trading transactions refers to the purchasing and selling of outstanding securities among investors. Investors trade outstanding securities through securities markets that can be either stock exchanges or â€Å"over-the-counter.† Stock exchanges provide a place, rules, and procedures for buying and selling securities, and the government heavily regulates them. Generally, to have their securities sold and bought on a stock exchange, a company must list its securities on a given exchange. The Securities and Exchange Commission (SEC) must approve the stock exchange’s rules before they take effect. Transactions that do not take place on a stock exchange occur in the the residual securities market, known as the over-the-counter market. Only dealers and brokers registered with the SEC may engage in securities business both on stock exchanges and in over-the-counter markets. Most of the broker-dealers serving the public used to be members of the National Association of Securities Dealers (NASD), which served the NASDAQ stock market, but in 2007, the NASD merged with the dealers from the New York Stock Exchange to form the Financial Industry Regulatory Authority (FINRA) a national securities association registered with SEC. Securities regulations focus mainly on the market for common stocks. Both federal and state laws regulate securities. On the heels of the Great Depression, Congress enacted the first of the federal securities laws, the Federal Securities Act of 1933, which regulates the public offering and sale of securities in interstate commerce. This Act also prohibits the offer or sale of a security not registered with the Securities Exchange Commission and requires the disclosure of certain information to the prospective securities’ purchaser. Then, needing an agency to enforce those regulations, Congress established the Securities Exchange Act of 1934, which created the SEC. Since then, Congress has charged the SEC with administering federal securities laws. The 1933 Act’s registration requirements aimed to enable purchasers to make reasoned decisions by requiring companies to provide reliable information. The Securities Exchange Act of 1934 also regulates officers, directors, and principal share holders in an attempt to maintain fair and honest markets. The Act requires that issuers, subject to certain exemptions, register with the SEC if they want to have their securities traded on a national exchange. Issuers of securities registered under the 1934 Act must file various reports with the SEC in order to provide the public with adequate information about companies with publicly traded stocks. The 1934 Act permits the SEC to promulgate rules and regulations to protect the public and investors by prohibiting manipulative devices and contrivances via the mail system or other means of interstate commerce A partnership is a for-profit business association of two or more persons. Because the business component is defined broadly by state laws and because â€Å"persons† can include individuals, groups of individuals, companies, and corporations, partnerships are highly adaptable in form and vary in complexity. Each partner shares directly in the organization’s profits and shares control of the business operation. The consequence of this profit sharing is that partners are jointly and independently liable for the partnership’s debts.Creation, organization, and dissolution of partnerships are governed by state law. Many states have adopted the Uniform Partnership Act. A partner relationship is generally the result of a contract either express or implied with no formal requirements (such as a signed document). This is not the case of a limited partnership where one or more general partners manage business operations and assume personally liable for partnership debts while other contributing/profit sharing partners take no part in running the business and incur no liability beyond contribution obligations.) Limited partnerships are governed in many states by the Uniform Limited Partnership Act . State property law also impacts partnerships by defining ownership in a partnership and determining how the death of a partner changes the partnership structure. Federal law plays a minimal role in partnership law except in the context of a diversity action, or in instances where a partnership agreement contains an effective choice-of-law provision designating the application of federal law. Federal law also governs whether a partnership exists for federal tax purposes. For state and federal tax purposes, a partnership is not a taxable entity. Partnership income is taxable to the partners in proport ion to their share in the company’s profits. Despite their importance to the economy, small businesses are heavily burdened by the costs of government regulation and excessive paperwork. Advocacy research shows that firms with fewer than 20 employees annually spend 45 percent more per employee than larger firms do to comply with federal regulations. Advocacy is an independent voice for small business within the federal government and is the watchdog for the Regulatory Flexibility Act (RFA). Advocacy advances the views and concerns of small business before Congress, the White House, the federal agencies, the federal courts and state policy makers. An arrangement under which a borrower puts up the title to real estate as security (collateral) for a loan to buy the real estate. The borrower typically agrees to make regular payments of principal and interest to repay the loan. If the borrower falls behind (defaults) on the payments, the lender can foreclose on the real estate and have it sold to pay off the loan. A mortgage involves the transfer of an interest in land as security for a loan or other obligation. It is the most common method of financing real estate transactions. The mortgagor is the party transferring the interest in land. The mortgagee, usually a financial institution, is the provider of the loan or other interest given in exchange for the security interest. Normally, a mortgage is paid in installments that include both interest and a payment on the principle amount that was borrowed. Failure to make payments results in the foreclosure of the mortgage. Foreclosure allows the mortgagee to declare that the entire m ortgage debt is due and must be paid immediately. This is accomplished through an acceleration clause in the mortgage. Failure to pay the mortgage debt once foreclosure of the land occurs leads to seizure of the security interest and its sale to pay for any remaining mortgage debt. The foreclosure process depends on state law and the terms of the mortgage. The most common processes are court proceedings (judicial foreclosure) or grants of power to the mortgagee to sell the property (power of sale foreclosure). Many states regulate acceleration clauses and allow late payments to avoid foreclosure. Some states use instruments called deeds of trust instead of traditional mortgages. Three theories exist regarding who has legal title to a mortgaged property. Under the title theory title to the security interest rests with the mortgagee. Most states, however, follow the lien theory under which the legal title remains with the mortgagor unless there is foreclosure. Finally, the intermediate theory applies the lien theory until there is a default on the mortgage whereupon the title theory applies. The mortgagor and the mortgagee generally have the right to transfer their interest in the mortgage. Some states hold that even when the purchaser of a property subject to a mortgage does not explicitly take over the mortgage the transfer is assumed. Mortgages employ due-on-sale and due-on-encumbrance clauses to prevent the transfer of mortgages. These clauses allow acceleration (having the principal and interest become due immediately) of the mortgage. The law of contracts and property govern the transfer of the mortgage’s interest. If the mortgage being foreclosed is not the only lien on the property then state law determines the priority of the property interests. For example, Article 9 of the Uniform Commercial Code governs conflicts between mortgages on real property and liens on fixtures (personal property attached to a piece of real estate). When a mortgage is a negotiable instrument it is governed by Article 3 of the Uniform Commercial Code. A mortgage may be used as a security interest by the mortgage. * Strangely enough, the word mortgage comes from the French word â€Å"mort† which means â€Å"dead† and â€Å"gage† from Old English, which means pledge. The term came from the doubtfulness of whether or not the mortgagor would pay the debt. In the 1500’s, if the mortgagor did not pay, then the land pledged as security for the debt was taken away. The land was then considered â€Å"dead† to the mortgagor. Nowadays, the term mortgage is used as a term for purchasing a property. We no longer associate anyone’s death with it. Although a few lucky people may be in a position to pay all cash for a property, home mortgages are required to purchase a home. Mortgages all have a term (typically 15, 20 or 30 years) representing the length of time before your home is paid off and a rate which determines the principal and interest payment that will be required to be paid during this term. Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full. Bankruptcy law is federal statutory law contained in Title 11 of the United States Code. Congress passed the Bankruptcy Code under its Constitutional grant of authority to â€Å"establish uniform laws on the subject of Bankruptcy throughout the United States.States may not regulate bankruptcy though they may pass laws that govern other aspects of the debtor-creditor relationship. There are two basic types of Bankruptcy proceedings. A filing under Chapter 7 is called liquidation. It is the most common type of bankruptcy proceeding. Liquidation involves the appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Bankruptcy involve the rehabilitation of the debtor to allow him or her to use future earnings to pay off creditors. Under Chapter 7, 12, 13, and some 11 proceedings, a trustee is appointed to supervise the assets of the debtor. A bankruptcy proceeding can either be entered into voluntarily by a debtor or initiated by creditors. After a bankruptcy proceeding is filed, creditors, for the most part, may not seek to collect their debts outside of the proceeding. The debtor is not allowed to transfer property that has been declared part of the estate subject to proceedings. Furthermore, certain pre-proceeding transfers of property, secured interests, and liens may be delayed or invalidated. Various provisions of the Bankruptcy Code a lso establish the priority of creditors’ interests. * Small Business Financing – Loans and Grants Federal, state and local governments offer a wide range of financing programs to help small businesses start and grow their operations. These programs include low-interest loans, venture capital, and scientific and economic development grants. The Uniform Commercial Code (UCC or the Code), first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. The goal of harmonizing state law is important because of the prevalence of commercial transactions that extend beyond one state. The UCC therefore achieved the goal of substantial uniformity in commercial laws and, at the same time, allowed the states the flexibility to meet local circumstances. The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property). The U.S. Department of Commerce has a broad mandate to advance economic growth and jobs and opportunities for the American people. It has cross cutting responsibilities in the areas of trade, technology, economic development, environmental stewardship and statistical research and analysis. The products and services the department provides touch the lives of Americans and American companies in many ways, including weather forecasts, the decennial census, and patent and trademark protection for inventors and businesses. The Uniform Commercial Code (UCC), a comprehensive code addressing most aspects of commercial law, is generally viewed as one of the most important developments in American law. The UCC text and draft revisions are written by experts in commercial law and submitted as drafts for approval to the National Conference of Commissioners on Uniform State Laws (now referred to as the Uniform Law Commissioners), in collaboration with the American Law Institute. The Commissioners are all attorneys, qualified to practice law, including state and federal judges, legislators and law professors from the United States and its territories. These quasi-public organizations meet and decide whether to endorse these drafts or to send them back to the experts for revision. The revision process may result in several different revisions of the original draft. Once a draft is endorsed, the Uniform Law Commissioners recommend that the states adopt these rules. The UCC is a model code, so it does not have leg al effect in a jurisdiction unless UCC provisions are enacted by the individual legislatures as statutes. Currently, the UCC (in whole or in part) has been enacted, with some local variation, in all 50 states, the District of Columbia, and the Virgin Islands. AN ACT to enact the uniform commercial code, relating to certain commercial transactions in or regarding personal property and contracts and other documents concerning them, including sales, commercial paper,bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, other documents of title, investment securities, leases, and secured transactions, including certain sales of accounts and contract rights; to provide for public notice to third parties in certain circumstances; to regulate procedure, evidence and damages in certain court actions involving such transactions, contracts or documents; to make uniform the law with respect there to; to make an appropriation; to provide penalties; and to repeal certain acts and parts of acts. * 1-101. Short Titles. (a) This [Act] may be cited as the Uniform Commercial Code. * 1-102. Scope of Article. This article applies to a transaction to the extent that it is governed by another article of [the Uniform Commercial Code]. * 1-103. Construction of [Uniform Commercial Code] to Promote its Purposes and Policies: Applicability of Supplemental Principles of Law. (a) [The Uniform Commercial Code] must be liberally construed and applied to promote its underlying purposes and policies, which are: (1)to simplify, clarify, and modernize the law governing commercial transactions; (2) to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties; and (3) to make uniform the law among the various jurisdictions. (b) Unless displaced by the particular provisions of [the Uniform Commercial Code], the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, fraud, misrepresentation,mistake, bankruptcy, and other validating or invalidating cause supplement its provisions. * 1-104. Construction Against Implied Repeal. [The Uniform Commercial Code] being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided. If any provision or clause of [the Uniform Commercial Code] or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of [the Uniform Commercial Code] which can be given effect without the invalid provision or application, and to this end the provisions of [the Uniform Commercial Code] are severable. * 1-106. Use of Singular and Plural; Gender. In [the Uniform Commercial Code], unless the statutory context otherwise requires: (1) words in the singular number include the plural, and those in the plural include the singular; and (2) words of any gender also refer to any other gender. Section captions are part of [the Uniform Commercial Code]. * 1-108. Relation to Electronic Signatures in Global and National Commerce Act. This article modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., except that nothing in this article modifies, limits, or supersedes Section 7001(c) of that Act or authorizes electronic delivery of any of the notices described in Section 7003(b) of that Act. (a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other articles of [the Uniform Commercial Code] that apply to particular articles or parts thereof, have the meanings stated. (b) Subject to definitions contained in other articles of [the Uniform Commercial Code] that apply to particular articles or parts thereof: (1) â€Å"Action†, in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in equity, and any other proceeding in which rights are determined. (2) â€Å"Aggrieved party† means a party entitled to pursue a remedy. (3) â€Å"Agreement†, as distinguished from â€Å"contract†, means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in Section 1-303. (4) â€Å"Bank† means a person engaged in the busines s of banking and includes a savings bank, savings and loan association, credit union, and trust company. (5) â€Å"Bearer† means a person in possession of a negotiable instrument, document of title, or certificated security that is payable to bearer or indorsed in blank. (6) â€Å"Bill of lading† means a document evidencing the receipt of goods for shipment issued by a person engaged in the business of transporting or forwarding goods. (7) â€Å"Branch† includes a separately incorporated foreign branch of a bank. (8) â€Å"Burden of establishing† a fact means the burden of persuading the trier of fact that the existence of the fact is more probable than its nonexistence. (9) â€Å"Buyer in ordinary course of business† means a person that buys goods in good faith, without knowledge that the sale violates the rights of another person in the goods, and in the ordinary course from a person, other than a pawnbroker, in the business of selling goods of that kind. A person buys goods in the ordinary course if the sale to the person comports with the usual or customary practices in the kind of business in which the seller is engaged or with the seller’s own usual or customary practices. A person that sells oil, gas, or othe r minerals at the wellhead or minehead is a person in the business of selling goods of that kind. A buyer in ordinary course of business may buy for cash, by exchange of other property, or on secured or unsecured credit, and may acquire goods or documents of title under a preexisting contract for sale. Only a buyer that takes possession of the goods or has a right to recover the goods from the seller under Article 2 may be a buyer in ordinary course of business. (10) â€Å"Conspicuous†, with reference to a term, means so written, displayed, or presented that a reasonable person against which it is to operate ought to have noticed it. Whether a term is â€Å"conspicuous† or not is a decision for the court. Conspicuous terms include the following: (A) a heading in capitals equal to or greater in size than the surrounding text, or in contrasting type, font, or color to the surrounding text of the same or lesser size; and (B) language in the body of a record or display in larger type than the surrounding text, or in contrasting type, font, or color to the surrounding te xt of the same size, or set off from surrounding text of the same size by symbols or other marks that call attention to the language. (11) â€Å"Consumer† means an individual who enters into a transaction primarily for personal, family, or household purposes. (12) â€Å"Contract†, as distinguished from â€Å"agreement†, means the total legal obligation that results from the parties’ agreement as determined by [the Uniform Commercial Code] as supplemented by any other applicable laws. (13) â€Å"Creditor† includes a general creditor, a secured creditor, and any representative of creditors, including an assignee for the benefit of creditors, a receiver in equity, and an executor or administrator of an insolvent debtor’s or assignor’s estate. (14) â€Å"Defendant† includes a person in the position of defendant in a counterclaim, cross-claim, or third-party claim. (15) â€Å"Delivery†, with respect to an instrument, document of title, or chattel paper, means voluntary transfer of possession. Includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right. This branch of law is now an independent field of study as most governments has become part of the world trade, as members of the World Trade Organization (WTO). Since the transaction between private sectors of different countries is important part of the WTO activities, this latter branch of law is now very important part of the academic works and is under study in many universities across the world. International trade law should be distinguished from the broader field of international economic law. The latter could be said to encompass not only WTO law, but also law governing the international monetary system and currency regulation, as well as the law of international development. The body of rules for transnational trade in the 21st century derives from medieval commercial laws called the lex mercatoria and lex maritima — respectively, â€Å"the law for merchants on land† and â€Å"the law for merchants on sea.† Modern trade law (extending beyond bilateral treaties) began shortly after the Second World War, with the negotiation of a multilateral treaty to deal with trade in goods: the General Agreement on Tariffs and Trade (GATT). International trade law is based on theories of economic liberalism developed in Europe and later the United States from the 18th century onwards. International Trade Law is an aggregate of legal rules of â€Å"international legislation† and new lex mercatoria, regulating relations in international trade. â€Å"International legislation† – international treaties and acts of international intergovernmental organizations regulating relations in international trade. lex mercatoria – â€Å"the law for merchants on land†. Alok Narayan defines â€Å"lex mercatoria† as â€Å"any law relating to businesses† which was criticised by Professor Julius Stone. and lex maritima – â€Å"the law for merchants on sea. Alok in his recent article criticised this definition to be â€Å"too narrow† and â€Å"merely-creative†. Professor Dodd and Professor Malcolm Shaw of Leeds University supported this proposition. Contract: the elements of a contract The first step in a contract question is always to make sure that a contract actually exists. There are certain elements that must be present for a legally binding contract to be in place. The first two are the most obvious: * An offer: an expression of willingness to contract on a specific set of terms, made by the offeror with the intention that, if the offer is accepted, he or she will be bound by a contract. * Acceptance: an expression of absolute and unconditional agreement to all the terms set out in the offer. It can be oral or in writing. The acceptance must exactly mirror the original offer made. * A counter-offer is not the same as an acceptance. A counter-offer extinguishes the original offer: you can’t make a counter-offer and then decide to accept the original offer! But†¦ * A request for information is not a counter-offer. If you ask the offeror for information or clarification about the offer, that doesn’t extinguish the offer; you’re still free to accept it if you want. It is very important to distinguish an offer from an invitation to treat – that is, an invitation for other people to submit offers. Some everyday situations which we might think are offers are in fact invitations to treat: * Goods displayed in a shop window or on a shelf. * When a book is placed in a shop window priced at  £7.99, the bookshop owner has made an invitation to treat. * When I pick up that book and take it to the till, I make the offer to buy the book for  £7.99. * When the person at the till takes my money, the shop accepts my offer, and a contract comes into being. * Adverts basically work in the same way as the scenario above. Advertising something is like putting it in a shop window. * The original advertising of the auction is just an invitation to treat. * When I make a bid, I am making an offer. * When the hammer falls, the winning ‘offer’ has been accepted. The seller now has a legally binding contract with the winning bidder (so long as there is no reserve price that hasn’t been reached) An offer can be revoked at any time before it is accepted, so long as you inform the person you made the offer to that the offer no longer stands. * Consideration: each party to the contract must receive something of value.Consideration is the price paid for the other’s promise. There are four legal maxims that apply to consideration: * Consideration must move from the promisor; * Consideration need not move to the promisee; * Past consideration is not good consideration; * The consideration given must be sufficient, but it need not be adequate. Arrangements of a social nature are presumed not to be legally binding, whilse commercial arrangements are presumed to be intended as binding contracts. Of course, these presumptions can always be rebutted in court by producing evidence to the contrary. It is essential to know about business law before starting a business, as it will help you operate your business without the hindrances of ignorance. It is better to seek the expert guidance of an accountant and an attorney to learn about the latest business laws that will affect your business.. There are different laws for different business entities. Be certain you learn about the business laws that govern the kind of business entity that you choose to start. The major types of businesses are C, S and closed corporations, limited liability companies, and sole proprietorships. Zoning Laws: It is essential to know about zoning laws, as certain zones are restricted in certain areas. It deals with the kind or type of business allowed in certain areas, how the land surrounding a business is used, signboards, advertisements, and parking. Licensing Laws: In order to operate a business certain licenses are required and there are some important business laws you need to know. If a business operates without these licenses, it is illegal and the business may be dissolved or forced to close. Trademark and Patent Laws: These are laws that deal with ownership; intellectual property rights, and inventions. They are necessary to protect the business. Employment Laws: These are laws regarding the hiring and firing of employees, their rights, compensation, safety, work place discrimination, child labor laws, overtime pay structure, disability laws and unemployment laws. Tax Laws: This section deals with filing of tax returns and depends on the kind of business entity and the state the business operates in, sales tax. These include franchise tax, income tax and other state and federal tax requirements of a business. These are very important business laws you need to know before starting a business. Environmental Laws: The government enforces the environmental laws for the discharge of hazardous waste and the recycling laws pertaining to the business. Health Department Permits: This is necessary if your business deals with food products. You must get health department permits to operate your business. Fire Department Permits and Air and Water Pollution Control Permits: There are laws that certain kinds of business entities must get permits from these departments to operate. The list above contains basic business laws you need to know before starting a company. It is necessary to take precautions that you are not violating any law by operating your business. You must obtain all the necessary permits and licenses from the appropriate authority. Business Law. (2017, Feb 07). We have essays on the following topics that may be of interest to you

Left brain vs right brain thinking Essay Example | Topics and Well Written Essays - 750 words

Left brain vs right brain thinking - Essay Example The left hemisphere is usually associated with symbolic processing as well as rational thinking while the right hemisphere is for art, intuition and creativity. Information from the Center for Educational Research and Innovation also points out that the left brain is verbal, logical and analytical, while the right brain is more emotional, holistic, synthesizing and visuo-spatial in its operations (Neuromyth 6, 2013). The proofs for the asymmetry of the human brain are not only scientific but also a result of a long period of study of biology and evolution. In fact, according to Hellige (1993), asymmetry in the human brain affects behavior, although, because of a lack of substantial evidence, this proof still sounds more like mere speculation. Moreover, he adds that other species of animals also have asymmetries too, thus there seems to be no reason why human beings should not exhibit the same quality. Another thing is that sometimes the theory of asymmetry is contradicted by others because it seems that differences in right and left brain functions are only pronounced in certain individuals but are weak in others. However, the fact is that individuals differ in their asymmetry or in the way the right and left hemispheres interact. Perhaps, for some it is more pronounced and for others it is not that obvious, especially among â€Å"whole-brained† people, or those with more or less balanced functioning of both brain hemispheres (Oflaz, 2011). Another reason why asymmetry is sometimes not obvious is that it gradually develops and evolves throughout one’s lifetime and throughout evolutionary history. Moreover, another reason why sometimes the differences between the two brain hemispheres are unnoticeable is that asymmetry is affected by several biological and environmental factors from the moment the brain forms in the fetal stage up to

Histograms Essay Example | Topics and Well Written Essays - 500 words

Histograms - Essay Example Notably, histograms are indispensable in tabulating and analysis of data acquired from the intelligent quotient scores of both males and females varying results. In addition, it gives details on the mean, minimum, maximum, standard deviation, class width and skewness of the intelligent quotient scores of both male and females. Considerably, histograms are significant in showing the distribution of data thus, it is essential to establish the differences that occur in the intelligent quotient scores of both male and females. More than often, female are agreeable and open with their feelings as compared to their male counterparts who are assertive. As a result, the intelligent quotient tests that require details on information about a person’s openness, empathy and facial expression make females more likely to score highly than males, because in nature, they give detail information and are skilful in verbal communication. On the other hand, the male will give less information and as a result, score poorly in the intelligent quotient test. In addition, the memory holding capability of both males and females differ because the male counterparts have the ability to recall encounters masculine in nature and scores highly as such, if the intelligence quotient test asked are dealing with events of masculine’s nature. On the other hand, females have the ability to remember experiences, faces and names of individuals and places (Garlick, 2003). As a result, female participants score highly in intel ligent quotient tests that incorporate questions dealing with remembering events and experiences they encountered before hence scoring highly than their males counterparts. Extensively, males are proficient in things that involves mental rotation and mathematical in nature (Dykiert, Gale & Deary, 2007). As a result, tests set with mathematical calculation makes the males comfortable and tackle them with much ease and score highly than the females. In addition, many

The luncheon Essay Example for Free

The luncheon Essay A friendly intention of taking an friendout to lunch can result in important situations about oneself not experienced in other events. This comes to the forefront in Somerset W. Maughams anecdotal short story The Luncheon. The young protagonist, a writer, learns he should not be too generous for fear of being taken advantage of after feeling humiliated and angry because he took a pretentious woman out to lunch. The elements of structure, vivid imagery, symbols and style help to develop the acquaintances personality and the protagonists feelings from excitement to anger while also delineating to which extent the protagonists perception of things has changed for his own good. Structure is important to the evolution of the protagonists personal feelings. Initially, the protagonists feels flattered and excited that he has been asked by an older woman to take her out to lunch in one of the fanciest and most expensive restaurants in Paris. Although his financial situation worries him, he wants to please his acquaintance. However, when she begins to order many expensive items, he first worries about how he will pay the bill. Then, he feels humiliated for being used to satisfy her expensive food tastes only. Next, her insensitive discourse angers him: I see that youre in the habit of eating a heavy luncheon. [the protagonist ate only a mutton chop]. Im sure its a mistake. Why dont you follow my example and just eat one thing? Im sure youd feel ever so much better for it. However, he replies sarcastically, I am only going to eat one thing. Finally, the only solution for him is to not care about her and to be as mean to her as she was to him, whenever possible. His final statement shows that he has had his revenge at last Today she weighs twenty one stone. Vivid imagery and symbols help reveal the protagonists feelings and his acquaintances personality. Several times throughout the story, his acquaintance states, I never eat more than one thing for luncheon. The luncheon is symbolic of the concept of the survival of the fittest. On the one hand, his acquaintance possesses a manipulating and insincere personality, while the protagonist is good, kind, and pleasing. As a result, she gets what she wants while the protagonist must pay the price for taking such a person out to lunch because he is a good person. the color white in  the image of her white large teeth and French white wines suggests her cold personality (Jobes 1676). The salmon she eats reveals an abundance in the food items she eats (Jobes 1391) pointing to her extravagant personality. The caviar represents her delicate connoisseur tastes (de Vries 89). Even her age she is forty is significant in that a woman is a devil at forty (de Vries 200), so that it can be concluded she possesses a devilish nature. The symbolic number one in the acquaintances ironic statement, I never eat more than one thing for luncheon possesses several qualities evident of her character. It suggests boldness, consciousness and self-centeredness (Jobes 1209). The latter is the most significant because all she cares about is getting the food she wants. By referring to the head waiter as having a priest-like face and a false face, the protagonist emphasizes his anger about his financial means. In essence, the waiter and the acquaintance are performing rituals and acting on behalf of their best interests. The acquaintance pursues eating while the waiter expects a fine tip. Style, too, confirms the acquaintances personality as well as the protagonists illumination. The protagonist, being a down to earth and honest man is not convinced by her contradictory statements and therefore, doesnt care about her. On the other hand, the protagonists style of speaking is sincere and honest even during his angry moments. At the end when the acquaintance says, Never eat more than one thing for luncheon he emotionally releases himself by retorting, Ill eat nothing for dinner tonight! His second release though less stormy, happens when he complacently says, Today she weighs twenty one stone. These statements confirm he is no longer flattered by her. Style, vivid imagery and symbols as well as structure help develop the protagonists initial child-like feelings of flattery and excitement to disgust and anger due to the unfortunate sequence of events causes by his insensitive acquaintance. These elements also create a cold picture of his acquaintances personality. However, as he realizes what is happening to him during the course of events, he matures. The moral implications behind the short story The Luncheon are the thoughtful steps involved when one  commits oneself to taking a stranger out to lunch. Works Cited De Vries, Ad. Dictionary of symbols and Imagery. Amsterdam: North-Holland Publishing Co, 1974. Jobes, Gertrude. Dictionary of Mythology Folklore and Symbols. New York: Scarecrow Press, 1962. The Luncheon by W. Somerset Maugham [Maugham, W. Somerset (1977). Collected Short Stories: Volume 1. Penguin Classics, pp. 97-100.

The Rise of Christianity and Christian Art Essay -- Visual Arts Religi

In 313 AD the Emperor Constantine formally recognized the Christian religion. Christianity spread throughout the Roman Empire, this event affected the way people thought and lived their lives. Had a great impact on how rulers viewed their power and used their powers. Such influence was portrayed in Christian art as we know today. Although Christianity was initially practiced within Semitic populations of the Roman Empire, by the 4th century A.D the Christian religion had a huge impact to the Greeks and also the early Byzantine Empire. But by this time Christian communities had been established in all the important cities in the Roman Empire. In 313 the next emperor Constantine legalized Christianity throughout the empire. He also granted many privileges to the church, by this time over 1/10 of the population of Rome were Christian and the emperors who succeeded Constantine except for one were Christian. By 379 under the rule of Theodosius I Christianity became the official religion of the empire. Therefore with such power given to this new institution, we have the birth of Christian art. The early Church realized how powerful art was to the Romans at that time and they decided to use such power to inspire and teach, for such tools as visual effect could be only transmitted throw art. One of the other reasons was that at the time most of the population was illiterate. Therefore images from the bible would tell the stories of Christ and the twelve apostles. The art became very important in the life of the church and Christians. It expressed emotions, told stories and honored the dead. A great example is "The Sarcophagus of Junius Bassus, who late 4th century. This piece shows two peacocks facing each other, symbol of the afte... ...nd matched the style of humanitarian vision of the Franciscans. One of it best works was the frescoes painted for the Arena Chapel, Padua. Its simple designs told the stories of Christ and the Virgin Mary. Most taken from the bible and portray the simples emotion in life like love, joy, sorrow. This was the new representation of Christian art and called or many others to follow his footsteps. In conclusion we can say that Christian art was influenced by the rise of the Christianity in different historical periods. Each period is associated by a certain style, which characterizes the very differences from each other. On the other hand the Christianity itself was portrayed through art, was the new development of art that gave birth to new developments in the church itself. This balance of powers between art and Christianity is the essence of human spirituality.

Regulating exploration

To evaluate the existing legal and extra-legal measures used in regulating exploration and production of crude oil in Nigeria, examining the impact of such statutory provisions like the Land Use Act of 1978 and the Nigerian Oil and Gas Content Development Act of 2010 on the industry and discussing their merits and demerits. To find out what current reforms are being planned in the Nigerian Petroleum Industry, for example, The petroleum Industrial Bill (BIB) What are your research questions?What are the applicable laws concerning Oil & Gas production/management in Nigeria? Specifically, what is the rationale behind the enactment of some statutes like the Oil and Gas Industry Content Development Act 2010 by the Nigerian Government and how far are public policies biased in favor of â€Å"Indigestion and Negotiations† in the oil & gas sector in Nigeria? What are the current proposals for reforms and what are the future trends for the regulation of Oil and Gas management/production in Nigeria? What is the rationale for your study? 200 – 300 words) Include in your rationale how the research will impact on the organization I have chosen to study this particular research topic of ‘Public Policy and Regulation in the Nigerian Oil and Gas Sector' because it would give me a first-hand understanding of the applicable local laws and regulations pertinent to the Nigerian IL and Gas industry as well as demonstrating a good knowledge of the historical perspectives of state regulation and policies generated by governmental/public interests within the Nigerian petroleum industry.This Study will enable me to explore some of the challenges facing the Nigerian Oil Production like Kidnapping of oil industrial workers/ investors and theft of Crude oil and examine how the State is responding through its public policy and legal frameworks. It is crucial to know if those responses in legal sense are actually working to the benefit of the people or there are loop-hole s.This research will have great impartation on the Nigerian oil and Gas sector because if the study shows any gap or weakness in the applicable laws on this sector, further steps would need to be taken by the Nigerian government to enact new laws or review the existing ones in the interest of the public to bring stability and enhance the economy of Nigeria in the Oil and Gas Industry. Brief review of relevant literature (500 – 600 words) with a minimum of 6 key publications cited. Books 1 . Recuperation. S. (2009) The Political Economy of Oil and Gas in Africa-The case of Nigeria London: Rutledge.This book focuses on the Nigerian Oil and Gas industry. It critically examines the role of Africa in the contribution of Oil and Gas resources to the global energy market and provides an overview of Oil and Gas management activities in some African developing countries. Apart from Nigeria, the book also explores the petroleum production activities in Algeria, Libya, Egypt and Angola and extends its evaluation to the Gulf of Guiana to show its significance as a prolific hydrocarbon bearing zone. 2. Daniels, N Y. (2011) Nigerian Laws, Cases & Materials on Oil & Gas Loosely Baja: Institute for Oil & Gas Law.The book contains detailed Insignia's oil and gas legal system including upstream and downstream petroleum and gas operations. The work is a single compendium comprising all current Laws, Regulations, Cases and commentaries relating to the whole oil & gas industry in Nigeria. 3. Gordon, G. Paterson, J. And Assumes, E. (2011) Oil and Gas Law: Current Practice and Emerging Trends, 2nd edition, Dundee: Dundee University Press. This book widely covers a lot of issues surrounding the general management of oil and gas and its legal frame works.It includes security of petroleum resources, allocation of risks in the oil and gas industry. It details many challenges facing the exploration, production and transportation of petroleum resources including trans-national pipe lines. 4. Goad, M. (1999) Petroleum Development Contracts with Multinational Oil Firms: The Nigerian experience, Maturing: El-Lincoln Services This book specifically focuses on forms and structures of oil and gas management contracts between Nigeria and multinational oil corporations (Moons).It deeply looks into the negotiations which is characterized by contractual obligations between Nigeria seems to be at a disadvantage in comparison with the multinational oil corporations in regards to genealogy, risk capital and management skills in preparation of any legal document. The author critically explore on those significant matters such as oil and gas management control, ownership, technology transfer and issues of indigestion. He also examines the country foreign investment and its oil and gas management policies. The book principally draws on political economy writings in Economics, Politics and Law.It focuses on the question as to whether the petroleum contracts strike a balance be tween foreign exploitation and national policy objectives. Journal Articles 5. Heron, J. 2013) ‘Shell Recommits to Nigeria', Energy Journal, June. 24. The article gives an insight to the recent declaration given by Shell that it intends to remain in Nigeria. Despite several criticisms with accusations of its involvement in human- rights violations and environmental pollution coupled with the kidnapping of its employees in its 77 years of operation in Nigeria, a new investment from its Joint venture totaling $3. Billion was announced. 6. Doable, F. (2013) ‘Implications of new Oil and Gas Industry Content Development Act 2010', International Law Office This study looks at the provisions of he 2010 Act and its effect on the operations of oil and gas management in Nigeria. The research focuses on the weaknesses and strength of the statutes, its criticisms and the weight of public policy in it by the government. Outline of research methodology, including Justification for cho ices The following are the methods I hope to employ in my research.Literature Review: This will involve reading books and relevant Journals on the subject of regulation in the Nigerian Petroleum industry. This will give me an insight into the historical perspective of state control and public policy decisions in the country and allow me o sample the opinions of other scholars on the topic. It will also generally allow me to compare my research work with the works of other people and make my own valuable contributions to complement existing studies.Online Research: This will involve going onto the internet to read pertinent news and articles and also extract information from the official websites of companies and government agencies operating within the oil sector in Nigeria. It will also involve an exchange of e-mails with other oil and gas law scholars/researchers. This will give me access to a large vault of useful information for my study/research. Data Collection Methods. Please provide a detailed description of the data collection method(s), study sample, covering selection, number, and if appropriate, inclusion and exclusion criteria.The participants involved in the study and the data collection methods to be used are as follows: Participant Data Collection Method Reason for choice of method Population Size Sample Size Sample Criteria Data Collection Date Former Oil & Gas law colleagues Via e-mail We've previously done many group works together in Aberdeen, Scotland 44 individuals approve 4 individuals Knowledge of Oil & Gas Law September 29th-2nd October 2013 Niger Delta community people Via-e-mail and post Reliable first-hand information can be thus obtained. 0% of the Nigerian population 10 individuals Living in the Nigerian oil-producing regions continuous Oil-Management Executives Telephone Expert information can be thus obtained from those directly involved in the oil industry 55,000 approve. 12-1 people Working in the Nigerian Oil Sector Chapter O utlines – what is going to be in each of your Dissertation chapters Chapter 1 Introduction (Note: the word counts are guidelines only) Chapter 2 Literature Review (2000 – 3000 words) Chapter 3 Methodology (1500-2000 words)

Economic History Essay

According to Keynes, recessions and financial crises can be avoided if central banks maintain general equilibrium in the money markets (via monetary policy). It can reduce money supply by selling bonds. It can increase money supply by buying bonds. This increase-decrease in money supply is a general mechanism utilized by central banks to ensure the robustness of the financial market. In short, the aim of the policy is to make the prices of financial assets stable (prevents panic). Keynes, however, argued that monetary policy does not raise the national income. Monetary policy only creates an ‘illusion’ of economic prosperity. Keynes favored the use of fiscal policy in increasing the level of national income because of two major reasons. First, fiscal policies are easier to implement than monetary policies. A government can increase or decrease its expenditure level depending on the status of the economy. If an economy is in recession, then the government can increase its level of expenditure. If actual GDP exceeds potential GDP, then a slight decrease in government spending is necessary. Note that the mechanism by which fiscal policies are implemented are much less sophisticated than that of implementing monetary policies. Second, the effects of fiscal policy are more ‘pronounced’ than that of monetary policy. An increase in government spending automatically increases the level of national income. B) Explain what Friedman thought were the pros and cons of the active use of fiscal policy and of monetary policy. (3 points) Friedman argued that fiscal policy is not an effective tool for preventing recessions and financial crises. For instance, deflationary fiscal policy would be ineffective if the marginal propensity to consume tend to increase with respect to the interest rate. Inflation would therefore be a very difficult problem to solve. This instance led Friedman to conclude that fiscal policy is actually an economic barrier to foster economic activity. Friedman, however, viewed monetary policy as a mechanism for stabilizing an economy. For example, too much money in an economy would cause prices of goods and services to increase. Too little money in an economy causes a contraction in the GDP. Monetary policies are designed to effectively combat both inflation and deflation, and increase efficiency in the money markets. According to Friedman, the cause of the Great Depression was not overproduction, but rather the Crash of 1929. The inefficiency of the money market created instability in stock prices, which ultimately led to the Crash of 1929. For Friedman, efficiency of money markets is an important determinant of economic stability. C) Where do these two economists agree? Where do they disagree? (2 points) Both economists recognized the importance of interest rate adjustments in boosting an economy. For Keynes, interest rate is an important factor in inreasing investment and consumption level in an economy. For Friedman, interest rate serves as a stabilizing agent in adjusting the prices of financial and non-financial instruments. The two economists however differed on the extent to which interest rates can be used to boost an economy. Keynes preferred a more rigorious reduction in interest rates while Friedman a more conservative approach in interest rate adjustments. There is another significant disagreement between the two theorists. Friedman rejected the concept of permanent income hypothesis which states that as income increases, the fraction allocated to savings also increases. Keynes supported this hypothesis. D) What is your own view on this debate? Explain. (2 points) The use of either fiscal or monetary policy is dependent on economic circumstances. For example, a demand-induced recession can be effectively resolved by fiscal policy while a supply-induced recession can be resolved by monetary policy. No single macroeconomic theory can fully explain or resolve all macroeconomic problems. A) Neoclassical economic theories are based on the assumption that people are rational. Did Thorstein Veblen have a favorable view of neoclassical economics? Discuss his views on this issue. (3 points) Thorstein Veblen rejected many of the assumptions of neoclassical economics. He argued that the term ‘rational’ is generally vague even from the standpoint of modern economics. Rationality is an idea that excludes behavior which is not based on a measured calculation of costs and benefits. Veblen argued that rationality itself is a relative idea; an idea which is based on economic, political, socio-cultural, and economic factors. Veblen established the idea of ‘conspicuous consumption. ‘ According to him, demand is often fueled not only by economic factors alone but also by sociological factors. Those individuals belonging to the upper strata of society often engaged in conspicuous consumption because it enhances status. By conspicuous consumption, Veblen meant a general precedent of artificially increasing demand out of conscious desire to enhance status. Conspicuous consumption is a state where actual consumption greatly exceeds actual needs. B) Consider the articles on behavioral economics at http://myweb. liu. edu/~uroy/eco54/histlist/behav-econ/index. html. Read and summarize the main thrust of some of these articles. (3 points) In the article, â€Å"How Obama is Using the Science of Change,† Grunwald argued that Obama hired some of the best professors in behavioral science to help him in his campaign. This so-called ‘behavioral team’ assisted Obama in evaluating the behavioral instance of the voters, in order to find the correct political stance. According to the author: â€Å"Obama won the election because he looked like change, sounded like change and never stopped campaigning for change. But he didn’t call for just change in Washington – or even just change in America. From his declarations that ‘change comes from the bottom up’ to his admonitions about ‘an era of profound irresponsibility,’ Obama called for change in Americans† (Grunwald, 2009). According to the author, Obama relied his presidency on the ability of every American to change behavior. Although his top priorities – health care, energy, international peace – depended on this change. For Obama, economic prosperity could only be achieved through constant moralistic evaluation of individual conduct. Saving energy, protecting the environment, and promoting a responsible system of governance are highly related to individual decisions. C) Based on these articles, what is your opinion of the value of the contributions of behavioral economics to economic analysis? Explain. In the past, economic phenomena were solely explained by economic factors. For example, fluctuations in GDP were generally explained by varying levels in consumption, investment, trade accounts, and government expenditure. Efficiency in money and capital markets were solely explained by confidence levels, risk based assets and liabilities, and in general, federal funds rate. Today, there is a growing interest in associating economic phenomena with non-economic factors. This interest is not without basis. Some economists, notably Hayek and Kuznets, were able to show that some non-economic factors influenced, sometimes, determined economic phenomena. For example, the failure of capitalist reforms in Latin America during the 1970s was attributed solely to political instability. Becker, for instance, proved that individual reaction to income and tax changes affect the overall labor supply in an economy. In his time allocation model, Becker posited the hypothesis that individual behavior directly influence aggregate income. D) Do you think behavioral economics represents a return of Veblen’s ideas? (2 points) Behavioral economics may be thought as a return to Veblen’s ideas. Behavioral economics has the following assumptions which reflected Veblen’s ideas: 1) Individual decision-making patterns influence economic decision making in the public sphere; 2) Individual behavior is influenced by the behavior of other individuals; 3) Economic phenomena are sometimes directly influenced by actions of institutions; 4) And, consumption and investment are not solely determined by interest rate and confidence levels respectively. It should, however, be noted that most of Veblen’s ideas tackled non-economic issues, so it is impossible to assume that behavioral economics is a determined return to Veblen’s ideas. A) To what extent has economics benefited from the application of mathematical methods in the analysis of economic issues? (2 points) The application of mathematical methods benefited economics in the analysis of economic issues in three respects. First, mathematical methods allowed the construction of elaborate and sophisticated models in explaining economic phenomena. Second, these models greatly enhanced the means by which prediction is utilized. Many of the models used were helpful in assessing economic trends, and in general, in determining future consumption, investment, and public budget levels. Third, these methods provided economists formal, logical reference points. It is very difficult for an economist to analyze an economic phenomenon without the proper guidance from theory (it is very probable for an economist unguided by theory to draw misleading and sometimes, false conclusions). B) What is game theory? Discuss some of its contributions to economic analysis. What is your opinion of the value of the contributions of game theory to economic analysis? (3 points) Generally, game theory is a mathematical system for analyzing and predicting how humans behave in strategic situations (Camerer, 2001). Standard equilibrium analyses assume all players: 1) all forms of belief based on analysis of what other may do (this is called strategic thinking); 2) choose a best response given those beliefs (optimization); 3) adjust best responses and beliefs until they are mutually consistent (equilibrium). Game theory, unlike the ‘nomothetic’ macroeconomic theories, assumes that not all players behave rationally in complex situations. Assumtions (1) and (2) are violated, or more accurately relaxed. Players’ fate are intertwined. The presence of players who do not think strategically or optimize can change what rational player will do. As a result, the standard way of predicting individual behavior often becomes invalid. At best, game theory offers a new approach in analyzing individual behavior. It relaxes the concept of rationality. This is desirable because individual often act irrationally in many circumstances. Game theory may provide supplementary insight in economic analysis of actor units. Game theory may provide vivid differentiation between collective and individual action. Note that sometimes, there is discrepancy between collective and individual action (which is not shown in standard microeconomic analysis). C) What is econometrics? Discuss some of its contributions to economic analysis. What is your opinion of the value of the contributions of econometrics to economic analysis? (3 points) Econometrics is the use of statistical tools in formal economic analysis (Garcia, 2004). Paul Samuelson was one of the first economists who developed the field of econometrics. He used complex regression systems to predict specific economic phenomena like business cycles and GDP fluctuations, and to determine optimal tax and desired levels of public goods. In general, the contributions of econometrics to economic analysis are as follows: 1) accurate prediction systems, 2) precise determination of specific contribution of economic factors (in regression anaysis), and 3) determination of direction of economic trends. At best, econometrics is used to confirm or dispove economic theories. It is a means by which theories can be empirically verified. D) Comment on Paul Krugman’s article â€Å"Two Cheers for Formalism† which is available at his web page http://web. mit. edu/krugman/www/. It is much safer to assume that formalist economics is still useful in analyzing economic events. The reason is evident. Much of economic theorizing are essentially based on logical analysis of economic precedents which altogether comprised what is called ‘models’ – the physical representation of reality. Many of Krugman’s assumptions are essentially based on whimsical distortion of economic facts. This distortion is evident. Krugman treated theory as if it was based on pure logical thinking. For the most, theories are partially constructed from actual observations. In any case, there is no sense in arguing that a new economics is needed to explain current trends in the world economy, for economic theories, at the present, can explain those trends. References Camerer, Colin. 2001. Behavioral Game Theory: Thinking, Learning, and Teaching. California: California Institute of Technology. Garcia. Yolanda. 2004. Lectures in Econometrics. Universit of the Philippines. Grunwald, Michael. 2009. How Obama is Using the Science of Change. Retrieved on April 25, 2009 from http://myweb. liu. edu/~uroy/eco54/histlist/behav-econ/index. html The New Palgrave Dictionary of Economics.