Nina

childrens bespeaks February 2012 Assignment 1 exempt what constitutes the physiological and psychological needs of a one-third year old child. beg off how you would ensure that these visible and psychological needs can ideally be met in a saddle horse/ babys room which the 3 year old child attends from 8 am to 6 pm, 5 days a week. Reading for your assignment. Though we provide some recommended books and chapters, (see below) you need to read around the subject as much as possible and not limit yourself to just the recommended readings. Recommended reading from your prescribed text books- Macleod-Brudenell, I,& Kay, J (2008, mho Ed) Advanced Early Years for foundation garment Degrees & Level 4/5 Harlow Heinemann Chapters 4, 5 and 9 Montessori Centre International (MCI) (undated a) mental faculty 2 Child tuition London MCI Chapters 1 and 3 (pg 39 42) Montessori Centre International (MCI) (undated b) Module 4 contemporary Issues London MCIChapters 1, 3, 4 and 5 Montess ori Centre International (MCI) (undated c) Module 5 Childcare and Health London MCI Additional reading to consider for this assignment- Montessori International (Issue 94, January March) (Various articles in this issue of the magazine are relevant) Unicef (2008) Convention on the Rights of the Child, available from http//www. unicef. org/crc/ This assignment foc enjoyments on the importance of supporting the childs well-being. Although, you will be given guidelines and additional reading material to assist you in the writing of this assignment, it is important for you to read as widely as you can.You will also need to consider the specific requirements within your own country. In these tutorial guidelines, the assignment distrust will be broken down into sections, giving you some pointers to consider when preparing your answer for submission. In order to enable you to focus on the different aspects of the questions, each has been given a weighting. These are the maximum marks that can be awarded for this part of the answer. The other 25% of the marks cover structure, mien and presentation (Take acknowledge of the marking table on the assessment sheet that you have received). WORKING ON THIS ASSIGNMENTBegin by- Work through the recommended chapters listed above, making notes as you did for your Study Skills assignment. Please note that you are not limited to these chapters You may also find it useful to do some independent research in your local library or on the internet. Be careful to limit your reading to academically sound sources Wikipedia is not a safe site to use and should be avoided. (Remember to keep a record of the source document for later referencing and bibliography). Go through the extended guidelines below, and begin to gather cultivation for your answer. Make note of any questions you have regarding this assignment and send them through to me. These questions and their answers will then form the second half of this offshoot tutorial ( the Q&A) which will be emailed to you so that you can take the information into consideration before finalising your essay for submission. Start to work on your answer- 0 Study skills recap Organise your information and thoughts into a logical, structured argument, addressing each of the important / main bullet points. Ensure that there is an overall flow to the information, and that each section links back to the question posed. Begin with an introduction that will state what you are going to cover in the main body of the essay. The introduction should be 5-10% of the total length of the essay. drop dead your argument to a conclusion at the end. Reference each time you paraphrase ideas you have read during your research for the essay, as well as the first time you include specific terminology in any one essay. In this essay you should ensure that you are quoting from academically sound sources. Find one-third or four relevant quotes that will support your argument.Use MCI pr otocol when referencing and quoting. CONTENT GUIDELINES FOR THIS ASSIGNMENT Identify and define the specific physical needs of a tercet year old child including exercise and rest, diet, health and safeguard. (10) Briefly define what is meant by physical needs, including exercise and rest, diet, health and safety . Identify the specific physical needs of a three year old. afford a climb explanation of how these physical needs should ideally be met by an early historic period setting/nursery which offers care from 8am to 6pm five days a week. (17. ) Consider for example, how you could provide for gross and fine motor skills. Also think about safety issues (such as appropriate clothing for specific weather conditions), access to fresh air and ventilation in the classrooms, opportunities for rest, etc. Give practical examples of what a setting would do to ensure the childs well being as an essential pre-requisite to effective learning. Identify and define the psychological nee ds of a three year old child focus on emotional and complaisant needs. (10) Briefly define what is meant by psychological needs, focus on emotional and social needs.Your definition should briefly consider the needs for survival, participation and belonging. Identify the specific psychological needs of a three year old. Give a full explanation of how the psychological needs should ideally be met in an early years setting/nursery which offers care from 8am to 6pm five days a week. (17. 5) Explain how the three year olds emotional and social needs can be met. Here you should be looking at consistency, predictability and availability of care. Explain how the childrens well-being and sense of belonging are promoted. Focus on settling in procedures and transitions, availability of a key person and liaison with parents. Give practical examples of how you could make a three year old comfortable, settled, at ease and ready to actively participate in the daily life of the nursery. Havi ng discussed the physical and psychological needs of a three year old relate these to relevant articles in the UNCRC (United Nations Convention on the Rights of the Child) which inform the statutory requirements for best practice session in early years settings/nurseries in your country (20) Briefly explore the general underlying principles (especially that of survival, protection and participation) which underpin the relevant articles of the UNCRC. (supplied with this tutorial) Link these principles to the childs needs. 0 Study skills recap Your conclusion should summarise what you have said, without adding or introducing anything new. The word count includes references and quotes, but excludes bibliography Remember to use double line space and to number the pages of your document Finalising your answer- Read through your essay, checking your spelling, grammar and referencing format. Make sure your argument has a logical flow, and that you have answered each aspect of the q uestion fully, in your own words. Fill in the cover sheet, including all necessary details. Check that your word count is within the accepted limit. Compile or finalise your bibliography exploitation the correct format. (Follow the MCI protocol as outlined in your Student Handbook. ) 0 Study skills recap Your bibliography must include full entries for all sources that you have referred to in your essay, as well as other books, articles, websites etc that you have read or consulted in preparation for this assignment.Bibliography- Macleod-Brudenell, I, & Kay, J (2008, Second Ed) Advanced Early Years for Foundation Degrees & Level 4/5 Harlow Heinemann Montessori Centre International (MCI) (undated a) Module 2 Child Development London MCI Montessori Centre International (MCI) (undated b) Module 4 Contemporary Issues London MCI Montessori Centre International (MCI) (undated c) Module 5 Childcare and Health London MCI

Biochip technology Essay

The term world-wide village is one popularized by Canadian communication theory theorist Marshall McLuhan to refer to the ability of electronic communications technologies to collapse notions of geography and disrupt the conventional wisdom by which society appraises time-space relations.At the softheartedness of the concept of the world-wide village is the idea that because electronic communications technology are exponentially increasing their ability to abnegate space and time limitations, they alter individuals, societies and institutions to operate on a larger scale than before phone calls can be made across greater distances at reduced costs, e-mails go out instantaneous transmission of readable content and cellular technology increases the mobility of telephony.Whereas the domain we used to operate on was on the village-scale, it is now global a global village. McLuhan effectively celebrated the development of the global village because he believed that it would expand our social consciousness. Not necessarily straighten out us more socially conscious, moreover at the very least increase the scale by which we already think.Where we used to think primarily in terms of local affairs and developments that are mostly proximate to our surroundings, the ability to transmit developments instantaneously means that citizens can now think on an enlarged scale. More enthusiastic neo-McLuhanists maintain that the global village will eradicate all barriers to cultures, nations and political institutions. However, there is or so concern that this is not entirely a good thing. For example, some have overturned that expanding the individual consciousness to meet the scale of the global village comes at a cost.In effect, by thinking on the global scale, individuals may check themselves effectively disengaged from local concerns and proximate issues and at the very worse actively following developments in communities they have no power to affect, and disengag ed from local developments that they could realistically make a difference in. Castells (1997) contends, however, that the globalizing effects of Internet and other similar networking technologies will not necessarily eradicate political boundaries. Rather the side effect of the breeding Age is that many of the things that have come to define the nation state will be effectively downsized.Sovereignty will no longer judge in the absolute sense that we have understood it before, but rather, nation-states will exist solely due to the network of alliances, commitments, responsibilities and subordinations that are more than just real(a) for the benefit of the state, but are necessary to its existence, and this becomes possible due to the ability to instantiate relationships with networking technologies. It is this component of Castells understanding of globalizing effects which hold some consonance with the views of Ulrich Beck.Beck maintains that much of the failure to really take m easure of the effects of globalization is derived from a limited understanding of it. Beck contends that globalization is not something that is limited to economic relationships and complex trade relations, but something that occurs in the most internalized sense, such as the ways by which we navigate culture and social relationships in an expanded transnational view that is the result of a national sense sublimated by globalizing technologies, cultural exchanges and international relationships.However, because of the co-dependencies brought upon by the transition into Castells network state, there is a risk that globalization will erode what sovereignty and democracy there is in the weaker nation-states. In other words, rather than acting as a crash for solidarity, globalization could erode democratic controls and constitute a political and economic injustice to the nation-state. This is possible when a nation-state is unable to negotiate for the betterment of its community (whet her through incompetence and corruption from the weaker country, or exploitation and deception from the stronger one.) Globalization cannot end democracy per se, but it risks compromising it to the point of rendering it ineffective. REFERENCES Castells, M 1997, The End of the Millennium, The instruction Age Economy, Society and Culture Vol. 3. Blackwell, Cambridge, Massachussetts. Beck, U 2000, What is Globalization? Polity Press, Cambridge. McLuhan, M 1986, The Global Village, Oxford University Press New York.

Costco Case Study

Christopher Gildeaostco Case Study Seminar Business Policy and Strategy prof Gregory P. Grogan Abstract ?Costco, a discount w atomic bit 18house based in Issaquah, Washington, specializes in sell quality harvest-homes at low-pitched prices. The conjunction operates as a social status retailer, guidance its line of live on small and consumers with incomes averaging $75,000 with every blank 30 percent having incomes of $100,000 or more(prenominal) yearlyly. The social unitsale club segment of retailing in 2008 was estimated to be a $120 billion business in the united States, and it was growing about 20 percent faster than retailing as a hearty (Thompson, 2010).The three main competitors were Costco Wholesale, surface-to-air missiles Club, and BJs Wholesale. Costco has a majority of the warehouse club gross sales across the United States and Canada and is looking to keep its edge. ?The set strategy that Costco has implemented, focuses on the price-sensitivity of its co nsumers. The beau monde has excelled in tutelage its prices low by capping the markup on its merchandise. By keeping the markup lower than its competitors, Costco has provided its customers with deep discounts on oer 4000 products inwardly its stores.surface-to-air missiles Club, which offers the same issue of products inside its stores, earns half the income that Costco does at to each one store. Costco sales are even spunkyer per store than BJs, which offers 7,300 items compared to 4,000 items at Costco and surface-to-air missiles Club. Costco has been very efficient at utilizing its floor space and generating high revenues from it products indoors its stores. ?Costco is trying to generate huge sales volume and quick line overthrow by applying a business model that offers limited selections of nationally noticeed product in wide range of merchandise categories.Costco apply number of operational excellence such as efficient way of managing inventorying and just in t ime inventory, efficient distri besidesion, minimum merchandise handling, and volume buying to reduce the price of its product. One of the major benefits of high sales volume and rapid inventory turnover is that they can sell their inventory and put on money that can be used to pay its vendors and take the advantage of early-defrayment discounts. ?Even with the low price strategy, Costco employee salaries and benefits are by far higher than its competitors.This compensation has propel it employees and retain good workers in turn, Costco gets lower turnover and higher productivity. Combined with a smart business strategy that sells a mix of higher-margin products to more rich customers, Costco actually keeps its labor cost lower that its competitors as a percentage of sales (Ampel, 2004). They are also retaining more employees than any of their peers. ?Costco has strong ethics within its smart set, developing a motivating work range for its employees to flourish within the com pany. They prefer to develop their employees within the company.When doing this, they have turned down outsiders who whitethorn be open to bring in freshly innovations that can propel the company further ahead of its competitors. New recruits and experienced businesspeople have been overlooked. As the world becomes more globalized, the company needs to look at intelligent outsiders who can have a significant impact on the company. The strategy they have in place deters the company from accepting outside viewpoints, which could bring greater services. ?One of the major strategic drawbacks of Costco is that they only carry a selection of 4,000 types of merchandise.This is less than most of their competitors, and whitethorn stick major problems in the future because most customers want choices. Costco has ignored some(prenominal) of its customers requests to stock certain goods in order to only sell products that leave behind sell quickly. Though there method has been very succes sful, the company should increase it products that they sell in its stores. This increase could be between 1000 to 1500 products with the store set Kirkland involved. ?Costco has some other operational level problems that in some extent hinder the boilers suit companywide effectiveness and goals achievement.For example, they dont accept all kinds of denotation card from the customers (only American Express) though it is done to minimize the cost of overall operation. Their competitors are capitalizing on use all major card cards. Since November 10, 2006, surface-to-air missiles Club began accepting payment via MasterCard credit rating cards. The results with MasterCard were favor open company officials reported that in the week following the MasterCard acceptance, the average ticker checkout at Sams Club was up 35 percent (Thompson, 2010). To allow their customers the use of different payment options bequeath ultimately bring ore sales. Conclusion ?It is never gratifying to si mply do business the way it has always been done because the market changes, the industry evolves, and numerous other external factors make it absolutely necessary for a business to evolve to retain or gain market share. This is particularly important in the industry Costco is in. The company needs to focus on it customer needs, its future hiring/company growth, and opening up to different payments. With an purifyd strategy in place, Costco can touch to service its customers, while satisfying the needs of its shareholders. ? referAmpel, F. J. (2004, Embracing costco-ization unlike most big-box retailers, costcos success is based on its high-quality service and supreme product mix.Residential Systems, 5, 28-28.Retrieved from http//search. proquest. com/docview/200686953? accountid=9997 BJs Wholesalers homepage, accessed at http//bjs. com on April 8, 2013 Costco homepage, accessed at http//costco. com on April 8, 2013 Sams Club homepage, accessed at http//samsclub. com on April 8, 2013 Thompson, A. A. , Strickland, A. J. , Gamble, J. E. (2010). Crafting and Executing Strategy. McGraw-Hill/Irwin. 17th ed.Costco Case StudyWhat is Costcos business model? Is the companys business model appealing? Why or why not? The centerpiece of their business model involved generating high sales volumes and rapid inventory turnover by offering club members low prices on a limited selection of shout out brand and private label products. The Club members pay an one-year fee, which was a very important aspect of their business model. These fees provided enough revenue to increase the companys overall profit.Costco was also able to sell and go through funds for their inventory before it had to pay many an(prenominal) of its merchandise vendors even when vendors payments were made just in time for vendors to take advantage of early payment discounts. High sales volumes and rapid inventory turnover allowed the company to finance a large percentage of its merchandise inventory through payment terms provided by vendors rather than by maintaining large working capital to ensure timely payments of suppliers.Yes, the companys business model is appealing because the companys increased inventory turnover and low operating be allowed it to maintain a profit, despite their significantly lower gross margins compared to the industry (traditional wholesalers, mass merchandisers, supermarkets and supercenters). What are the chief elements of Costcos strategy? How good is the strategy? The chief elements are price, product selection, maintaining low operating costs and elaboration. Pricing/Product Selection-The company school of thought was to provide high end quality product and/or services to club members but maintain low prices.Stores carry nigh 3,600 items, whereas, 85% is separate brand and 15% Kirkland brands. These items range from perishables (food/drinks) to nonperishable household items. Costco also offers several services such as one-hour photo, gasoli ne, pharmacy, optical, hearing aids, and travel services. Although the services perched constant, approximately 25% of its product offering were always changing. Buyers for Costco were making one-time purchases of items based on consumer taste and trends. These items would sell out quickly and were higher prices items such as big screen TVs and diamond rings.Costco purchased these treasure hunt items on the gray market from retailers and/or wholesalers who were looking to get rid of excess or slow selling inventory. Club members eagerly looked for these treasure hunt items because it was rare the items would be available again. For many eld the company even had a 14% markup cap on name brand products compared to the industry at 20-50% markup prices. in that location was a 15% markup cap on their private selection of products (Kirkland Signature), which was 20% below to comparable name brands.Costcos prices were slightly above break-even levels and sales revenues barely covered op erating expenses. The company makes up for the modest contribution to operating profits with the rank and file fees, which attributes to over 70% of operating profits. Revenues from social status fees outweigh net income annually. Low Cost Leader/Company Expansion-Costcos ability to maintain low operating costs is key to being able to offer club members with consistently low prices. They did not invest in amenities within their warehouses such as shop bags, decor, salespeople, billing, and accounts receivable.The building were strategically placed in high traffic areas but avoided prime real estate to avoid excessive land costs. The large surface buildings were designed for economy and efficiency. In addition to keeping overhead low, Costco had shorter hours of operation to reduce labor expenses as substantially. Costcos growth strategy is to increase overall company sales by 5% and to open new stores within and outside of the U. S. The company spent 1. 3 billion to open 20 new stores and the average annual sales per warehouse was 103 million, which more than covers the companys initial start-up costs.Do you think Jim Sinegal has been an effective chief executive officer? What grades would you give him in leading the put to work of crafting and executing Costcos strategy? What support can you offer for these grades? Refer to Figure 2. 1 in Chapter 2 in developing your answers. Mr. Sinegal has been an effective chief executive officer by being fully committed to the Costco vision and business strategy. In this aspect Mr. Sinegal would receive an A because he was very much hands-on which ensuring that each facility operated according to Costcos business model/strategy, tutelage, and philosophy.Sticking with the companys present strategic course creates opportunities for growth and increased profitability as displayed in the opening of 20 new locations. The company does not engage in extensive marketing or sales campaigns and the CEO would receive a B. co mmunications are sent by flyers, via Costco website/email, in-store product sampling, occasional direct mailers to potential new members, and special campaigns for new store openings. This process works well for keeping expenses minimal, however, implementing effective marketing practices would greatly benefit the company.Marketing can help Costco grow their business by focusing on their best customers ( administrator members) and attracting more club members, in order to, boost their sales and increase profit margins. Mr. Sinegal refuses increased customer prices to increase company marginal profits or to provide senior focusing with salaries comparable to other executives within the same industry. He found it unnecessary for executives to make 100 times more than employees and insisted on paying employees higher requital and increased benefits, than the industry standards as well.This greatly reduced employee turnover and increased consumer loyalty with Costco, which would earn him an A. The company has some of the most blind drunk customers with incomes ranging from $75,000 to over $100,000 annually. There are Gold and Executive ranks of which 38% are Executive members. Executive members generally spend more than other members and they had an 89% membership renewal rate. The membership format facilitated strictly controlling the entrances and exits of warehouses, resulting in limited inventory losses of less than 2/10 of 1% of net sales-well below the industry standard.Although Executive members provide a substantial amount of sales, the company should get in line to service potential club members who do not have annual incomes within the $75,000 to $100,000 (median range $50,000 to $75,000), as well as, continue to market to the Executive club members. This will strengthen the companys future prospects and increase competition, in order to reach the projected 5% increase in sales. Managers are delegated additional responsibilities and were held accounta ble for store operations, product selections and promotions.These individuals had to prove that they could function within a fast paced retail environment and be able to promptly find solvents to multiple issues. They also had to stay in tune with their customer needs and/or wants (consumer trends), in order to, maximize sales and quick turnover. For the most part, the company promoted from within, which earns the CEO letter grade C. Approximately, 98% of management is selected from within and that can cause conflicts with the organization. There is no opportunity for innovation and/or change (fresh ideas) from the outside.Employees can feel entitled to certain positions because of their length of tenure with the company, instead of whether or not they can effectively do the job. It can also cause hostile work environment by increasing competition among employees. It can hinder the company from focusing on top senior level technical talent. They targeted local universities for new hires, in order to, engage educated and hard-working individuals whom had not chosen a specific dealer path yet. The company needs to find a balance between promoting from within and outside of the company.For items that were not practical to stock at the warehouses, members are able to obtain a wider variety of value-prices products and services on the company website. Yes, the company is being impacted growing technological advances and the CEO would receive a D. The company is being affected by their inability to provide Apple products and/or services to club members due to online restriction. Costco needs to seek resolution for the online restriction. Apple is a popular high end product that Costco would generate increased revenues for the company and the website can only be accessed within the U.S. and Canada.The company is faring well against their direct and indirect competitors with expansion (within and outside of the U. S. ) and increased sales growth. The company buys ma jority of its merchandise directly from the manufacturers which allowed the company to have sufficient inventories to meet demand. The CEO would earn a C because management is not being proactive. They are assuming that if they were to encounter any issues with supply, the business could just switch manufacturers without disruption.If Costco is going to play along overall company growth, the supply chain should be aligned with its core business strategy and value proposition such as their competition (Wal-Mart). Costco should continue with the company goals to expand international and needs to ensure their website is capable to service their consumer demand in these other countries. It will make the organization more competitive, considering many of Costcos competitors have global operations setup already. With the market share Costco already has within the industry, Costco has an opportunity to capitalize on their expansion.What core values or business principles has Jim Sinegal s tressed at Costco? He stressed five business principles obey the law, take care of our members, take care of our employees, respect our suppliers, and reward stakeholders. practise the law-Mr. Sinegal put strong emphasis on abiding by the laws of every community where Costco conducted business, which consists of any state or government laws and/or regulations. He had a strict code of ethics. Take care of our members-Sinegal believes in customer satisfaction period.This was displayed not only in the superior products and services being offered but with the companys efforts within their local communities as well. Take care of our employees-In addition to providing higher wages and great benefits, Costco provides their employees with opportunities for advancement, volunteer activities, and a safe/healthy work environment. Respect our suppliers-Costco honors all commitments and protected supplier property. They did not engage in situations that would cause conflicts of interests such a s not accepting gratuities of any kind from a supplier.The company also reserved the right to utilize their better ethical judgment when in doubt regarding what course of action to take. Reward our stockholders-Costco is publicly traded and depends on shareholders (investors) to be successful. They are treated as business partners and it is essential the company provides a good return on their investments. What is the competition like in the sum American wholesale club industry? Which of the five competitive forces is strongest and why? Complete a five forces analysis of competition in the North American wholesale industry?The competition is fierce to strong in the North American wholesale market. Costco largest direct rival is Wal-Mart but there are also significant indirect rivals such as Amazon. com and Target. Rivalry can be considered fierce to strong when the battle for market share is so vigorous that the profit margins of most industry members are squeezed to the bare minim um. The industry is growing 15-20 percent faster than retailing as a whole. Costco had 57% share of warehouse sales across the U. S. with Wal-Mart having approximately 35%.We believe the threat of new market entrants is the strongest of the five forces because Costco is not just in competition with other warehouse clubs but other types of retailers Dollar General, Lowes specialty chains, gas stations, Internet retailers such as Amazon. com and Barnes and Noble whom hold substantial market share Strengths 3rd largest retailer Has 57% share of warehouse sales across US No one manufacturer supplies a significant percentage of merchandise that Costco stocks Provide high end products and services at low prices Rapid inventory turnover Minimal overhead expensesWeaknesses Profits (low profit margins) dependent on card membership fees otherwise operating costs barely covered Websites only operate in US and Canada but company has expanded internationally/website also ineffectual to carry cer tain products such as Apple technological advances Price caps 14-15 percent on name brand and Kirkland Signature products Promotes more than 98% from within Opportunities To gain new memberships for potential customers with median incomes between $50-$100K annually To open additional stores in other countries besides Japan Increase marketing efforts Threats enamor of other retailers whom adopted the low cost strategy and have significant market share -increased competition Lack of supply management How well is Costco performing from a monetary perspective? What is happening to net sales, total revenues, and net income? What are their profitability and expense ratios? The company has been consistently improving company cognitive process from years 2000-2011. Without the sales from the memberships, sales would not be enough to cover the operating expenses for Costco. benefit sales, net income, and total revenue have increased from the years 2000 to 2011. Net profit margin is 16. 8% and company collects almost 17 cents for each dollar of sales. So while the company increased its net income, it has done so with diminishing profit margins. Merchandising costs are high and account for at least 89% of operating expenses. The CAGR performed on total revenue displays an approximately 11% increase in total revenue and 11. 5% increase to stockholders equity shows that investors are receiving substantial returns on their investments with Costco.Long term debt has more than doubled over than last 10 years, the calculation for long-term debt and capital clearly show that less than 15%. The company has established their creditworthiness and can borrow money if necessary. The companys current ratio is 1. 14 which is stable because it is over 1. 0, however, ratios of 2. 0 or more are better. The return on assets and equity have fluctuated over the years. ROA was actually higher in the past compared to the most recent calculation. For example in 2005, ROA was 6. 4% and 7. 3% in 2000.The total assets accumulated over the years have increased but the return on those assets have not. ROE was 14. 9% in 2000 and 14% in 2008. Overall, Costco is doing well but the company could be doing better. Gross profit margin= 87,048 77,739/ 87,048 = 0. 1069 (10. 7%) Operating profit margin= 2439 / 87,048 = 0. 02801 (2. 8%) Net profit margin= 1462 / 87,048 = 0. 01679 (16. 8%) Total Return on Assets= 2439 / 26,761 = 0. 091140092 (9. 1%) ROA = 1462 / 26,761 = 0. 052663809 (5. 3%) ROE = 1462 / 12,573 = 0. 116280919 (11. 63%) EPS = 1462 / 443. 1 = 3. 299948093 (3. 30)Long Term Debt to Capital Ratio = 2153 / 14,726 = 0. 146203993 (14. 62%) Current Ratio = 13706 / 12050 = 1. 137427386 (1. 14) CAGR -10 year total revenue (88,915 / 32,164) = 2. 764426066-2. 77 rounded 1 / 10 = 0. 1 2. 77 0. 1 = 1. 107255833- 1. 1072 1. 1072 1 = . 1072 (10. 72%) CAGR- 10 year stockholders equity 12,573 / 4240 = 2. 965330189 2. 97 rounded 1 / 10 = 0. 1 2. 97 0. 1 = 1. 115001996- 1. 1150 1. 115 0 1 = . 1150 (11. 50%) Based on the data in case Exhibits 1 and 4, is Costcos financial performance superior to that at Sams Club and BJs Wholesale?Costco has a larger share of the wholesale club sales in the United States. In fact, they have over half. Sams Club is next in line and BJs Wholesale is much smaller. Costco is efficient and utilizes its resources in order to remain more successful and have a greater impact than other wholesale clubs. Even though their profit margin may not be as high, they prove to have a stronger customer base and greater sustainability overall. Does the data in case Exhibit 2 indicate that Costcos expansion outside the U. S. is financially successful? Why or why not?This data does show that Costcos expansion outside the U. S. is financially successful. Sales and operating income continue to rise on a regular basis for the warehouses. This proves stability and consistency. Revenue also continues to rise enabling growth and success. How well is Costco performing from a strategic perspective? Does Costco enjoy a competitive advantage? Does Costco have a winning strategy? Why or why not? From a strategic perspective, Costco is performing well. They have evaluating their strengths and weaknesses and are able to accentuate their strengths.They look for opportunities and focus on making the most out of what they have. They are not terror-struck to venture into new opportunities and stray away from threats. Market share is consistently on the rise and they are increasing their customer base. Customers are aware of the care they get from Costco and the good reputation is reflected in their success. The continuous growth in memberships displays loyal customers. Costco certainly does enjoy a competitive advantage of consistently providing low prices, customer service, increasing market share, and maintaining a profitable reputation.This is also why they do have a winning strategy. They align their business strategy with their missionary work and push forward. Are Costcos prices too low? Why or why not? Costcos prices are not too low. By evaluating their financial statements and review customer satisfaction, they are on target. They are meeting their goals and making a difference while still pleasing their customers. This is a happy specialty that is hard to reach. Because these prices are part of their competitive advantage, it would not be a good idea to change this.What do you think of Costcos compensation practices? Does it move you that Costco employees apparently are rather well-compensated? The compensation package provided by Costco is essential to the way they run their business. It is much better than those of its competitors, creating an advantage. This is another way that Costco aligns their strategy with their mission and values. While executives are offered a smaller compensation package, regular employees can take advantage of a larger package. This shows that they are all working in concert and on e is not better than the other.It takes all of them to successfully run the company. Again, this is an advantage because employees can make Costco their career reducing the turnover. While competitors go through many employees in a short amount of time, Costco has the same staff. It did surprise me before reading this case, but based on their strategy and focus, this is the right thing to do and they prove that it really does pay off in the long run. What recommendations would you make to Costco top management regarding how best to sustain the companys growth and improve its financial performance?While Costco remains successful at this time, it is important that they maintain engagement from customers and employees. It could be beneficial to look into untapped markets within the United States and afield. As times change, they may need to update processes and goals. One suggestion would be online shopping. The transition to online shopping abilities could enhance their overall succe ss. This could also benefit customers overseas and will increase the market of Costco. They must remain one step ahead of the competition in order to stay on top. By focusing on their strength of customer care overall they will sustain their advantage.Costco Case StudyChristopher Gildeaostco Case Study Seminar Business Policy and Strategy professor Gregory P. Grogan Abstract ?Costco, a discount warehouse based in Issaquah, Washington, specializes in selling quality products at low prices. The company operates as a membership retailer, focusing its business on small and consumers with incomes averaging $75,000 with over 30 percent having incomes of $100,000 or more annually. The wholesale club segment of retailing in 2008 was estimated to be a $120 billion business in the United States, and it was growing about 20 percent faster than retailing as a whole (Thompson, 2010).The three main competitors were Costco Wholesale, Sams Club, and BJs Wholesale. Costco has a majority of the ware house club sales across the United States and Canada and is looking to keep its edge. ?The pricing strategy that Costco has implemented, focuses on the price-sensitivity of its consumers. The company has excelled in keeping its prices low by capping the markup on its merchandise. By keeping the markup lower than its competitors, Costco has provided its customers with deep discounts on over 4000 products within its stores.Sams Club, which offers the same number of products within its stores, earns half the income that Costco does at each store. Costco sales are even higher per store than BJs, which offers 7,300 items compared to 4,000 items at Costco and Sams Club. Costco has been very efficient at utilizing its floor space and generating high revenues from it products within its stores. ?Costco is trying to generate huge sales volume and quick inventory turnover by applying a business model that offers limited selections of nationally branded product in wide range of merchandise cat egories.Costco apply number of operating excellence such as efficient way of managing inventory and just in time inventory, efficient distribution, minimum merchandise handling, and volume purchasing to reduce the price of its product. One of the major benefits of high sales volume and rapid inventory turnover is that they can sell their inventory and receive cash that can be used to pay its vendors and take the advantage of early-payment discounts. ?Even with the low price strategy, Costco employee salaries and benefits are by far higher than its competitors.This compensation has move it employees and retain good workers in turn, Costco gets lower turnover and higher productivity. Combined with a smart business strategy that sells a mix of higher-margin products to more affluent customers, Costco actually keeps its labor cost lower that its competitors as a percentage of sales (Ampel, 2004). They are also retaining more employees than any of their peers. ?Costco has strong ethics within its company, developing a motivating workplace for its employees to flourish within the company. They prefer to develop their employees within the company.When doing this, they have turned down outsiders who may be able to bring in new innovations that can propel the company further ahead of its competitors. New recruits and experienced businesspeople have been overlooked. As the world becomes more globalized, the company needs to look at intelligent outsiders who can have a significant impact on the company. The strategy they have in place deters the company from accepting outside viewpoints, which could bring greater profits. ?One of the major strategic drawbacks of Costco is that they only carry a selection of 4,000 types of merchandise.This is less than most of their competitors, and may cause major problems in the future because most customers want choices. Costco has ignored many of its customers requests to stock certain goods in order to only sell products that will s ell quickly. Though there method has been very successful, the company should increase it products that they sell in its stores. This increase could be between 1000 to 1500 products with the store brand Kirkland involved. ?Costco has some other operational level problems that in some extent hinder the overall companywide effectiveness and goals achievement.For example, they dont accept all kinds of credit card from the customers (only American Express) though it is done to minimize the cost of overall operation. Their competitors are capitalizing on use all major card cards. Since November 10, 2006, Sams Club began accepting payment via MasterCard credit cards. The results with MasterCard were favorable company officials reported that in the week following the MasterCard acceptance, the average ticker checkout at Sams Club was up 35 percent (Thompson, 2010). To allow their customers the use of different payment options will ultimately bring ore sales. Conclusion ?It is never pleasa nt to simply do business the way it has always been done because the market changes, the industry evolves, and numerous other external factors make it absolutely necessary for a business to evolve to retain or gain market share. This is particularly important in the industry Costco is in. The company needs to focus on it customer needs, its future hiring/company growth, and opening up to different payments. With an improved strategy in place, Costco can continue to service its customers, while satisfying the needs of its shareholders. ? advertAmpel, F. J. (2004, Embracing costco-ization unlike most big-box retailers, costcos success is based on its high-quality service and superior product mix.Residential Systems, 5, 28-28.Retrieved from http//search. proquest. com/docview/200686953? accountid=9997 BJs Wholesalers homepage, accessed at http//bjs. com on April 8, 2013 Costco homepage, accessed at http//costco. com on April 8, 2013 Sams Club homepage, accessed at http//samsclub. com on April 8, 2013 Thompson, A. A. , Strickland, A. J. , Gamble, J. E. (2010). Crafting and Executing Strategy. McGraw-Hill/Irwin. 17th ed.

Physics Viewed As Difficult Subject Education Essay

Chapter 2.02.1 IntroductionPresents, the research hunters atomic number 18 concern most the involvement of scholarly persons in larning physical sciences, as it is unhappily diminishing. As a research worker semen pedagogues, they would non cargon this to go on. So they try to accommodate unfermented room of instruction and do the schoolroom go much(prenominal) piquant, originative and interacting with the scholars. The research findings are based on literature recapitulation demoing that pupils have troubles on conceptual discernment in Physics. What are the elbow greases that catch pupils dislike Physicss? How is Physics being taught in Brunei experience Education?Further more(prenominal), this subdivision will too implicate ways to work step forward this logical argument, on how instructor need to manipulate their instructional attack such as improvizing study manner i.e. be more interactive in heightening pupils better apprehension in Physicss with the aid of information and communicating plan ( ICT ) such as Synergistic semblance. It to a fault include a reappraisal on how effectual is ICT and synergistic feigning in Physics instruction digest be in pupils apprehension and acquisition. Likewise, attitude of the pupils likewise play critical function in their accomplishment of that peculiar topics. Other surveies will besides include on how ICT or synergistic simulation can act upon their attitude towards larning Science will be included.Simulations have been around concretel(a)y since the coming of computing moulds, and research workers have been looking at schoolroom utilizations of simulations for over 20 old ages. We want to contrive the effectivity of computing railroad car simulations for back uping scientific go over instruction and acquisition and foregrounding ways that simulations can be best used to make so. ( Smetana, 2000 )Computer simulations help the lesson to be more synergistic, reliable, and give me aningful larning chances possible to pupils. Learners can detect, explore, recreate, and have speedy feedback ab come out(p) of the closet live objects, phenomena, and processes that would otherwise be excessively complex, time-consuming, or unsafe. ( Smetana, 2000 ) Even though the computing machine simulations can non replace scientific discipline schoolroom and research laboratory activities wholly but they tenderise assorted advantage in footings of pupils originative thought and enquiry accomplishments. ( Sahin, 2006 ) . With the aid of computing machine simulation besides, it can assist evolve the inside informations of what go on in such as fragment motions of solid atoms where it truly difficult to visualise in existent life. ( Blake & A Scanlon, 2007 )2.2 Brunei Education Systems SPN21In 2009, instruction administration in Brunei had reformed to SPN21 instruction system where the end is to supply holistic instruction for pupils and to accomplish the fullest durabi lity for all in the close hereafter. Harmonizing to Yussof, ( 2012 ) , cited in SPN21 Curriculum more balanced, 2012, SPN21 provide quality instruction for all to fix the young person for their hereafter grownup functions as suitable and originative thought citizens who can lend to society. In add-on to that, Masdi, ( 2008 ) besides emphasized that Science and engineering is here and nowant in growth a competitory economic system and prolonging a asseverate s buildment ( SPN21 to hold radical scientific discipline course of study, 2008 )Harkirat, ( 2006 ) say that the manner the instructor Teach scientific discipline in Brunei are generally traditional method i.e. chalk and talk. Furthermore, the instructors felt up advantageous in learning this manner as this can understate the schoolroom subject as the pupils are busy copying notes from the pureness board. As a consequences, post accomplishment of this type of learning method delegates really small betterment. ( Dhindsa , 2006 ) Surveies make by Pengiran Jadid, ( 2007 ) found out that 185 instructors learning manner in secondary school turned out to be reasonably traditional i.e. they taught the pupils with auditory and ocular method nevertheless both(prenominal) of the pupils would non preferred this method. ( Bostrom* , 2011 ) .In SPN21 instruction course of study, learning methods need to be alteration to accomplish with the ends. Rahman, ( 2011 ) stated that one of the instructors that collapse Leadership in Educational Programme ( LEP ) stating that school instructors were told to seek to use new and advanced methods of learning to assist the students cope with the execution of the twenty-first Century National Education System ( SPN21 ) . This encouraged the pupil to transport out their most suited or preferable manner of larning such as researching on the Internet. This will decrease the pupil s dependence on the pedagogues while they learn at their ain comfy pace.A ( Jong, 2011 )2.3 Phy sics viewed as hard topicHarmonizing Abdul Qadeer Soomro, ( 2011 ) pupils find Physics as one of the debatable countries within the field of scientific discipline. Reason for this is that instructors taught Physics traditional direction. This magnetizes fewer scholars than other field of scientific discipline topics. William ( 2003 ) , province that the major general grounds for breaking Physicss uninteresting are that it is seen as hard and conflicting particularly female pupils.The worsening descriptor of pupils taking to take Physicss during their farther surveies continues to be a cause for concern for scientific and educational communities around the population. ( Defty, 2006 ) Students find Physics hard as they have to situate with different representations such as experiments, expressions and computations, graphs and conceptual account at the same clip. Harmonizing to Redish ( 1994 ) , he explains why pupils guide Physics as hard Physicss as a subject requires scholars to use a assortment of methods of disposition and to paraphrase from one to the other, covering with tabular arraies of Numberss, graphs, equations, diagrams and maps. Physicss besides requires the ability to apply algebra and geometry which relate to mathematics topics. This makes larning Physicss interrogatively hard for many pupils particularly those pupils who do non like to job resolution.Muhall, et Al, ( 2001 ) besides added that particularly in electricity and magnetic attraction as instructor find it hard to present this lesson as they barely show what truly traveling on inside a circuit particularly. Electricity is a peculiar job, as it involves highly complex and extremely abstract constructs and therefore wholly dependent on theoretical accounts so that pupils could easy visualise and understand the constructs. In order to make these, ICT can assist teacher in explicating the hard abstract.2.4 ICT in Physics EducationThe rapid alteration in development of Information and Communication apply science ( ICT ) has made important impact in transforming many facets particularly education in general and high instruction in peculiar. It is besides significantly importance for the instructors to understand the accomplishments and recognition required in utilizing ICT particularly in Physics instruction. ICT alteration instructors function from spoon feeding the information to pupils to ease pupils to research new information. ( Lubis, et al 2011 ) In order to guarantee that pupils are competent in the country of larning engineerings, instructors tend to alter their attitude and present new ICT tools and engineerings into their Physics categories. ( Jarosievitz, n.d. )Besides that, surveies through by Tasouris, ( 2009 ) , instructors in Cyprus thinks that with the aid of ICT in Physics instruction pupils can research in-depths the hard constructs, motivate pupils and heighten their scientific apprehension by researching the alive images in synergist ic simulation for case. ICT besides enhanced active acquisition among the pupils. They can work on existent life jobs in deepnesss and most significantly doing larning less abstract. With ICT besides encourage cooperative acquisition in footings of interaction and cooperation among instructors and pupils. Unlike static-text and print based text books, with ICT pupils can really see what really happens in true phenomena for illustration motion of inactive charges in stuffs.Quite figure of surveies has stated that technology-rich acquisition environment has a positive impact on pupil acquisition. Surveies conducted by Fraser, B & A Aldridge, J, ( 2003 ) which look intoing whether results, focused and ICT rich larning environment promote pupil accomplishment, attitudes towards capable, attitudes to utilize of ICT and academic efficaciousness. They found out that surely technology-rich larning environment has a positive and important consequence on pupil acquisition, attitudes toward s capable, attitudes to computing machine usage and academic efficaciousness.With that engineering assisted direction truly helps pupils to develop a conceptual apprehension of abstract representation of somatogenic scientific discipline as it emphasizes simulation, visual image, life, etc. Hence, to heighten pupils deeper psychic imagination ( Fisher, D, 2003 )2.5 Effective instructional attacks Traditional Teaching Style vs. Interactive SimulationEffective instruction must include two major constituent i.e. teacher directing out information, and pupils receive and exchange feedback. Major job presents is instructors still comfy of utilizing chalk and speak as their instructional attack. This is because they do non hold clip as they were pressured to complete up course of study and continue rapidly to boring alteration. Brunei instruction system is largely assessment based. This influenced the instructor to merely learn and hotfoot to finish the course of study content without up to now acknowledge whether the pupils really grasp the construct.To avoid this, ICT is introduced as one of the instruction tools that might assist pupils in their acquisition and made instructors life easier in footings of explicating hard construct in Physics peculiarly. One of the ICT tools that happen to be truly assisting teacher account better is synergistic simulation. Teacher can really utilize synergistic simulation in on-line site for case Phet.Phet stands for Physics instruction engineering, where the instructors from other state come up with synergistic simulation in each topic and portion to other instructor where they can download it and accommodate it to the schoolroom. The suite includes over 50 research-based simulations that span the course of study of canonical Physics every bit good as sample subjects from advanced Physicss and chemical science. ( Perkins, et al. , 2006 ) The synergistic simulation are free and does non necessitate to utilize cyberspace serv ices. This simulations are designed to be extremely synergistic, prosecuting and do unfastened larning environment in the schoolroom that provided alive feedback to the pupils as good. This simulation supply instructor and pupils higly ocular, high-octane representations of Physics constructs. Furthermore, the simulations seek to construct expressed Bridgess between pupils mundane apprehension of the worl and the implicit in physical rules. For illustration in electrostatic, utilizing simulation as the theoretical account to explicate the inactive charges truly assume if initiation or conductivity bear downing apply to the stuff etc.Alessi & A Trollip S.R. , ( 1991 ) specify simulation in instruction as a powerful technique that gave pupils some facet of the universe by retroflexing or copying it. The simulations besides allow pupils to interact with it in a similar mode to the manner they would respond in existent state of affairss. Students besides play an reliable function t ransporting out complex undertakings with the simulations.Simulation incorporate an engaging and synergistic attack in the schoolroom as it is more towards pupil centred acquisition. This allows the pupil to research, be funny and generate critical thought. It besides helps developing in constructivism as pupils learn by constructing on their anterior apprehension through a series of geographic expeditions. This besides ignites the pupils involvement in happening out new things in certain subjects. Furthermore, this aid teacher to explicate the microscopic with the designed theoretical account available. Simulation can be used non merely in schoolroom but besides in research lab. Where instructors can utilize it to put up the experiments that are took clip to put up, or even the practical that is really unsafe to make. ( Noah Finkelstein, 2006 ) general anatomy 1 and figure 2 below are illustrations of synergistic simulation that can be used in the schoolroom.Figure 1 Simulation on Kinematicss and EnergyFigure 2 Simulation on Force appliedHarmonizing to Bozkurt & A Ilik, ( 2010 ) it has been seen that the groups who study with computing machine simulations are more successful than those who study with traditional methods. In add-on, the analysis that has been made sing beliefs of the groups shows that the instruction methods play a function on pupils beliefs.With the aid of a powerful simulation many of Physics topics which are hard to learn and present can be made simpler and clearer harmonizing to Zacharia & A Anderson, ( 2003 ) . In Shirley Pasion Caday research, the visual modality reveals that there is a important difference between the mediocre pre-test tonss and average post-tests tonss of the experimental group in the trial on scientific discipline constructs. She besides reason that computing machine simulation experiment is an effectual tool to capture the involvement of pupils toward the acquisition of Physics as a topic. ( Caday, 2004 )Resear ch workers analyzing the usage of simulations in the schoolroom have reported positive findings overall. Studies done by Kulik, ( 2002 ) computing machine simulations can be effectual in developing content cognition and bit accomplishments, every bit good as assisting advancing enquiry and conceptual alteration. It besides helps pupil gained understanding and achievement capable countries, for case Physics. Harmonizing to Ajmian & A Fatim ( 2007 ) survey, the understanding per centum in the pupils larning utilizing multimedia oriented software system is much higher, and the consequences are promoting. With synergistic simulation it can better pupils visual image and particularly in assisting pupils to see construction in phenomena and processes that are traditionally invisible to pupils i.e. a procedure that can non be seen by bare oculus small procedure i.e. motion of protons or even big procedure i.e. motion of Earth as stated by Lindgren & A Schwartz, ( 2009 ) . On top o f that, with the aid of synergistic simulation it can rectify pupils misconception in Physics. However, synergistic simulation still can non replace existent research labs as pupils truly necessitate the scientific discipline accomplishment procedure ( psychomotor expanse ) in making the experiments. However, the usage of synergistic simulation gives pupils the thoughts of what to anticipate in existent research lab experiments hence, Choi & A Genarro, ( 1987 ) province that simulations work best and effectual if the experiments require cognitive interaction.2.6 Students attitudes and achievement towards larning PhysicssStudents attitude is liable(predicate) to play critical function in any satisfactory account of their public presentation in schools which is suggested by Schunk & A Hanson, ( 1985 ) . Harmonizing to Hendrickson, ( 1997 ) , attitudes are the best forecaster for appraisal of pupils success. One survey had been done in Turkey where they indicate that scheme dir ection can act upon the attitude towards larning Physics. In Mehmet, ( 2009 ) survey, he provides some grounds which indicates the correlativity of positive-ness of pupils attitudes towards scientific discipline with instructional scheme in Physics. Equally long as instructor avoided traditional attack in their instruction, this will increase pupils involvement and more positive towards the topic. It is established that Physics is non a popular topic among the pupils and is regarded as hard. If the instructor taught in traditional instruction manner, pupils are prone to memorise the expression for tests since they do non follow the Physics constructs in the schoolroom. Therefore, traditional Physics categories ofttimes result in pupil failures and prejudicial attitudes towards the topic. ( Mehmet Sahin, 2009 )Ogunlele, W ( 1993 ) in his surveies besides stated that many pupils developed negative attitudes towards Physics acquisition as a consequence of the fact that instructors are unable to put through their aspiration or ends or even their wonder in Physics subjects. Another interesting survey done by Onyinye & A Okereke, ( 2012 ) their research showed that pupils negative attitude towards Physics were due to, instructors non leting pupils to execute practical separately because of deficient equipment in the research labs in other words non plenty hands-on experience. Students felt that they have lack motive for category battle. ( Erylmaz, 2011 ) . It is good known that negative attitude towards a certain capable makes acquisition or future-learning of the pupils hard. Therefore, Guzel, ( 2004 ) emphasized that developing pupils positive attitudes towards scientific discipline lessons is the most of import intent of scientific discipline instruction.Most research workers agreed on how attitude of pupils towards certain capable might act upon their ulterior public presentation or accomplishment in their acquisition. The more negative pupils position or involvement towards the topic, it will do pupils non to execute better in their survey. Fraser, B & A Aldridge, J, ( 2003 ) reveal that pupil academic accomplishment is positively correlated to the pupils perceptual experiences of the acquisition environment.2.7 DrumheadThe literature reappraisal suggested that, with the aid of ICT and synergistic simulation, these can assist to better Science instruction. In which it can assist teacher to explicate abstract things better. Students will understand more, clear out misconception and avoid rote larning finally. Teacher besides bear in head that to integrate utilizations of ICT in pupils larning, non merely utilizing ICT in explicating but allowing the pupils use the ICT in order to research new things and being synergistic in the schoolroom. This will do the schoolroom more to pupils centred. In the hereafter, hopefully with the appropriate and changeless usage of ICT and synergistic simulation in schools might develop pupils with rich ICT accomplishments in order to carry through state s vision in 2035.

Apple a Day Keeps a Doctor Away

Pet a Day Keep the Doctor Away INTRODUCTION A. Attention-Getter They say that an apple a day keeps the doctor away, scarce how much better would you feel if the apple was cosmos presented to you by a cute dog or bozo? B. Tie to the audience in this coaxing expression topics abstraction If soul that you care about is dealing with encroaching old age, spending some meter with an undemanding, loving animal muckle be something that is important for you in more ways than one and only(a). C. Personal run across For example, my granddad was in dire straits after my granny died.After thirtyfive years together, he didnt know what to do with himself until he ended up adopting an older Labrador Retriever. The change was immense, and suddenly we had a familyman who was interested in the area around him and reaching out again. The change was amazing D. Thesis Sentence of this persuasive speech topics abstract Pets make an impressive positive change in the mental and somatogenetic w ellness, and if you are concerned with the hump personally, consider the health benefit potentials for a beloved older person in your life. E.Preview of the main points of this persuasive speech topics limn First, I will discuss the ways an animal is capable of making an aged person feel connected to the serviceman at large. Then, I will show how the company of a loving cat or a dog makes the contrast in a persons mental and physical outlook. And then, Ill tell you what to keep in mind when you are considering what pet might be appropriate for someone in your family. Transition sentence of persuasive speech topics outline As population get older, in that respect is genuinely much a concern of not cosmos needed.BODY OF THE PERSUASIVE SPEECH TOPICS OUTLINE principal(prenominal) POINT I A human-companion animal is capable of making the elderly feel connected to the world at large. 1. Elderly people who have had their adult children leave home and who have lost spouses often find that it is difficult to connect with other people and because of this, they end up feeling a peachy deal more introverted and isolated. 2. Pets can make a huge difference when it induces to how well they lie with with change and how they react to the world. An animal will depend on them, and give them that essential feeling of being needed again. . Elderly people also often find that they are living their lives without much tactile contact. Spouses might have passed on, and they might not be comfortable looking for tactile comfort from the people around them. This is where dogs and cats come in. 4. Cats and dogs love physical contact, and because of this, they are willing to go seeking it. A cat may love to sit in your lap or to sit down coterminous to you for fondling or you may find that a dog loves to roll around with and sit leaned up next to your legsTransition sentence of this persuasive speech topics outline Elderly people often develop feelings of being unloved or lonely an animal who is concerned with them and who loves them can make a huge difference in the way that they feel. MAIN POINT II Pets can avail improving their mental health animals seem wonderfully intuitive when it comes to responding to how their humans feel. 1. A cat or a dog, especially one that is closely bonded to you, can feel in tune with your emotions. If you have ever been upset and had an animal come to cuddle you or to check on you, you know how soothing this can be.Rhetorical persuasive speech topics outline questions o Have you ever felt more relaxed when a cat walks up and demands to be petted? o Have you ever not been able to resist a smile when a dog comes up and wants to play? These feelings are not merely happening in isolation. 2. There are plenty of scientific studies that show us that having pets around can lower the blood pressure and help us relax. When you regard about how many elderly people are often beset by feelings of stress and how this can lead to things like heart disease or impaired functioning looking into how pets can help is essential . Pets are company that is very low stress and the truth is that when you give them what they need, they reciprocate with a great deal of love and joy At the most basic level, pets can be very non demanding company. When you mess up, they are willing to forgive you, and they do not ask for much. They need food, attention and care, but they are not going to ask for things that you cannot give them. Transition sentence of this persuasive speech topics outline If youre interested in making sure that a beloved older person stays ready and social, it is time to take a look and see what a pet can do.

Improving Quality of Health Care Services

Improving Quality of wellness C are Services The U. S. leads the way in many areas into the future of economy, wealth and civilization. America spends to a greater extent on heath oversee than any other nation with lumber and sanctuary being a get word focus. Nevertheless, evidence of profit of decreased errors is limited. We lack answers to financial stability and providing whole step health mission to every (Becher & Chassin, 2001). Nationally, every whizz is engaged in improving the case and safety of health wield.We charter to be awakened to preventing errors and providing safer fright (Laureate, 2009). The usage of this paper is to discuss the initiative to improve gauge and safety of health business organization with the Six Dimensions of purity in health care. A quality and/or safety initiative Healthcare facilities are engaging in the prevention of medical checkup examination errors and providing better care. Many institutions are implementing process improv ement focused on 6 key dimensions to enhance the quality and safety in their healthcare setting (Laureate, 2009).The sextet dimensions are Safety-to empty injury to patients from the care that is intended to help them Timeliness-to reduce waits and harmful delays Effectiveness-to win services found on scientific knowledge to all who could benefit and refrain from providing services to those non likely to benefit (avoiding utilise and underuse, respectively) Efficiency-to avoid waste Equitability-to provide care that does not vary in quality because of personal characteristics such(prenominal) as gender, ethnicity, geographical location, and socioeconomic status and Patient centeredness-to provide care that is respectful of and responsive to undivided patient preferences, needfully, and values (Madhok, 2002). Reasons for the initiative The Institute of Medicine (IOM) has a growing concern about medical errors. The IOM report Crossing the Quality Chasm, asked for a basis tur n, recommending that the delivery of health care be based on six key dimensions. We grant an interaction between the errors of individuals and administration flaws that need to be prevented. We need to strengthen our defense systems (Madhok, 2002). The report, To Err is Human estimated that 44,000 Americans die per year as a result of medical errors.More deaths occur in a given year from medical errors than from motor vehicle accidents, breast cancer, or AIDS. National costs of preventable medical errors were estimated between $17 billion $29 billion (Madhok, 2002). Healthcare institutions are embracing new initiatives for safer care based on the six dimensions. Healthcare systems are implementing the six dimensions as a basic initiative to improve quality. The IOM states that American healthcare must make vast changes to have clinically safe and quality care (Madhok, 2002). The six dimensions can influence and direct the general process of improvement (Laureate, 2009). Payment systems such as Pay for Performance are causing facilities to bear the six dimensions.Pay for Performance initiatives advocate financial rewards to hospitals demonstrating outstanding preventative and care giving practices (Sultz & Young, 2011). Poor outcomes with medical specialty errors, skin breakdown, patient falls, isolation procedures, and drug protocols can effect payment to hospitals (Laureate Education Inc, 2009). High quality medical care at an low-cost cost is a growing goal for healthcare institutions. Effective, safe, and affordable health care leads to higher patient satisfaction (Quality Initiatives, 2004). Strengths and limitations of the initiative The six dimensions get along a tight focus on health care quality and error prevention.They encourage policymakers, purchasers, regulators, health professionals, health care trustees, management, and consumers to commit to a national system level of process improvement for quality health care. They encourage a shared agenda to pursue safer care (Madhok, 2002). This can cause facilities wanting independence limitations. utilize of fee-for-service has been associated with higher rates of variety of health services. Americans are fascinated with technology and often want something through with(p) whether it is the best choice of care. Health care providers accommodate consumers. A more unified system could provide better care. It could decrease spending and limit the freedom to choose any type of care one desires (Becher, & Chassin, 2001).A fragmented healthcare system needs to come together to provide equal access and care to all U. S. citizens (Laureate, 2009). The six dimensions promote a high level of performance leading to better quality performance and a process of care measures. Healthcare is raising the bar for better care with deepen collaboration, benchmarking, and facility board goals to support the dimensions (Jiang, 2010). Quality goals such as Zero central line infections & goose egg sepsis is encouraging a higher level of care instead of being satisfied with average outcomes of care (Jiang, 2010). Role of nursing Health care is a team sport. nursing needs to be discriminate of the team and be actively involved in preventing harm to patients (Laureate, 2009).Effective leadership with health care change needs to come from those engaged in providing health care to patients (Becher & Chassi, 2001). Nursing should be a pull up stakes of identifying the error cause, gathering data, and making goals to prevent subsequent errors (NCC MERP, 2002). Nursing can be more aware(p) and involved in prevention. Nursing can adopt higher standards and have an attitude of prevention concerning errors. Patients should not ever leave a health care facility in a condition worse than they arrived. U. S. health care must improve their standards of care (Laureate, 2009). Nursing can be a single-valued function of better communication and handoffs. The patient has often been th e communication link to give report to the next health professional (Becher, E. & Chassin, M. , 2001).Bedside nurses need empowerment to provide care and be involved in creating policies for better care. Nurses need more education, to get more involved in National groups that can affect policy, and to participate in research. Nurses have a great responsibility for safe healthcare. They have an prospect to make a difference (Laureate, 2009). Nursing should be a part of identifying the error cause, gathering data, and making goals to prevent subsequent errors (NCC MERP, 2002). Summary 10 point The second IOM report Crossing the Quality Chasm, asked for a fundamental change, recommending that the delivery of health care in the 21st century be based on six key dimensions (Madhok, 2002).The key dimensions are safety, effectiveness, patient centeredness, timeliness, efficiency, and equitability (Laureate, 2009). Healthcare systems are implementing the six dimensions as a basic initiati ve to improve quality and safety and direct the overall process of improvement of care (Laureate, 2009). We have an interaction between the errors of individuals and system flaws that need to be prevented. We need to strengthen our defense systems (Madhok, 2002). A fragmented healthcare system needs to come together to provide equal access and care to all U. S. citizens (Laureate, 2009). Nurses can be a large part of implementing the six dimensions. Nurses have a great responsibility for safe healthcare.They have an opportunity to make a difference (Laureate, 2009). The six dimensions of goodness can assist the U. S. to improve quality and safety in the healthcare system. References Becher, E. & Chassin, M. (2001) Improving quality, minimizing error Making it happen. Health Affair(20)3 68-81. Retrieved on February 5, 2011 from http//content. healthaffairs. org/content/20/3/68. full. pdf Becher, E. & Chassin, M. (2001). Improving the quality of health care Who will lead? Health Affai rs, 20(5), 1-6. Retrieved from Walden University Library website http//web. ebscohost. com. ezp. waldenlibrary. org. Jiang, H. (2010). Enhancing quality oversight.Healthcare decision maker (3) 80-83. Retrieved from Walden University Library website http//web. ebscohost. com. ezp. waldenlibrary. org. Laureate Education, Inc. (Executive Producer). (2009). The context of healthcare delivery. Baltimore Author. Madhok, R. ( 2002). Crossing the quality chasm lessons from health care quality improvement efforts in England. PubmedCentral Baylor University Medical Center Proceedings. Retrieved on February 6, 2011 from http//www. ncbi. nlm. nih. gov/pmc/articles/PMC1276338/ NCC MERP. National Coordinating Council for Medication Error Reporting and Prevention. (2002). Retrieved on February 2, 2011 from http//www. nccmerp. rg/council/council2002-06-11. htm Quality initiatives in healthcare management, (2004, March). Healthcare Management. Retrieved on February 4, 2011 from http//www. expressh ealthcaremgmt. com/20040331/qualitymanagement01. shtml Redman, R. (2008). Experience and expertise how do they relate to quality and safety? Research and Theory for Nursing practice An International Journal, 22 (4), 222-224. Retrieved from Walden University Library website http//web. ebscohost. com. ezp. waldenlibrary. org. Sultz, H. A. , & Young, K. M. (2011). Health care USA Understanding its organization and delivery (7th ed. ). Sudbury, MA Jones and Bartlett Publishers.

Skidelsky Warwick Lecture

In my third and fourth verbalises examine the monetary and fiscal confusion which as reigned in the last louver years -the experiments with unorthodox monetary polity and the austerity aspire in fiscal policy -as policy farers sought a path to recovery. In my fifth devil 1 kick at the causes Of the crisis from the standpoint of the world monetary system. Fin ally, I ask the question what should post-crash political scrimping be like? What guidance should economics offer the policy- catch up withr to prevent further calamities of the kind we hand fitting experienced?What should students of economics be taught? In this lecture I will consider solitary(prenominal) those bits of pre-crash orthodoxy pertinent to policy making, tit main emphasis being on UK developments. Theories of stomachation formation played an overtake parting shaping the theory of largeeconomic policy with changes in the way economists imitate expectations marking the several(predicate) phases of the ory. I will treat these in roughly chronological order, starting with the Keynesian theory. II.UNCERTAIN EXPECTATIONS Keynesian macro theory dominated policy from roughly 1945-1975. The minimum doctrine - non in Keynes, but in original versions of Keynesian theory -to justify policy intervention to stabilize economies is mistake 1 1. Uncertain expectations, curiously important for investment, leaving investment to depend on conventions and animal spirits. 2. Relative interest-inelastic of investment. 3. A) sticky nominal bribe (unexplained) and b) sticky nominal interest come ins (explained by liquidity preference).The first point suggested investment was subordinate to severe fluctuations the last suggested there was a lack or weakness of spontaneous recovery mechanisms- ii the calamity of chthonian-employment chemical equilibrium. This led to a prescription for macro-policy to prevent or minimize fluctuations of investment demand. Point 2 in combination with b suggested p rimacy of fiscal over monetary policy for stabilization. SLIDE 2 For Keynes, it was the style for the private sector, from time to time, to want to spot spending and to accumulate fiscal assets instead that lay asshole the problems of slumps and unemployment.It could be checked by deficit spending. (C J. Also and D. Makes (1985), in D. Morris (De. ) The Economic System in the UK, 374) In the standard Keynesian economic model, when the saving is at less than mount capacity, turn up couch is de terminalined by demand and the management of economic activity and hence employment is effected by managing demand. (ibid, 370) Mention in passing, that there was a theoretical and social bowism in Keynes obliterated in the standard postwar Keynesian model.For exemplar, he thought insufficient demand was chronic and would nark worse and that, in consequence, the longer term survival of a free enterp get on system depended on the redistribution of wealth and income and the reduction in hours of work. I will return to these points in my last lecture. Demand- management The government apply fiscal policy (variations in taxes and spending) to maintain full employment, while keeping short term interest rates close to both(prenominal) normal (or expected) take. Eel. Monetary policy was largely bypassed as a withall of demand-management.The government forecast authorized initiative for the followe year by forecasting year on movement of its intake components consumption, fixed swell formation, stock building spending, and net exports. Budget deficits then set to maintain full employment. in that respect was no explicit modeling of expectations, though attention was paid to the issue of confidence. The prevalent view was that the confidence of the cuisines federation was best maintained by a commitment to full employment. It was different with the balance of payments.With sterling sofa bed into foreign currencies at a fixed exchange rate, governments similar ly needed to retain confidence of non-resident holders of sterling, so the two requirements of confidence might pull in different directions. Stop-Go was the turn out. Stop-Go not withstanding, fiscal activism presentd passing successful, aided by the long post-war boom. The budget remained in surplus with genuine account tax incomes exceeding expenditure and with borrowing mostly stricter to finance public investment not covered by current-account surpluses.Chancellors from Crisps to Macmillan were even tempted to prevail this-above-the-line surplus to an overall surplus by covering capital expenditure below the line from revenue yet this was not achieved 1 . Nonetheless, the public-sector borrowing requirement (ESP.) fell from an norm of 7. 5% of GAP (1952-1959) to 6. 6% of GAP (1960-1969). The national debt-to-income ratio fell from 31 in 1950 to 0. 71 in 19702. Unemployment was consistently below 2. 5% and puf hunky-doryss was low. Ill. THE RISE AND FALL OF PHILLIPS CURVE KEYNESIAN The post-war problem off discover to be not unemployment but inflation.With full capacity utilization, whether generated by Keynesian policy or by benign world conditions, there was endlessly going to be pressure on injures. So the attention of Keynesian policymakers was increasingly turned to fighting inflation, using both fiscal and monetary tools. In this they were also successful for a time. But from the late asses, inflation started to creep up and the unemployment cost of hold oning it started to rise we enter the era of stagflation. The underlying theoretical question was what caused inflation? Was it excess demand or cost-push?There was no single Keynesian answer to this question. Some Keynesian economists argued that labor market place was like whatever(prenominal) other, with price being determined by the balance between supply and demand. A reduction in the demand for labor would lower its price. Deflation would slow the rise of nominal allowance, and hence a rise in the general price level. The question of course was how much deflation would be needed for stable prices? This was not an lenient case for Keynesian to argue. Given their spirit in sticky nominal wages, the unemployment cost might prove very high.Most Keynesian economists were more comfortable with the cost push theory of inflation unions pushing up wages ahead of productivity. Prices rose because business managements raised them managements raised prices because their costs had risen costs rose owing to pay increases and pay increased because otherwise unions would come out on strike. Higher unemployment would not stop them because most of the unemployed could not do the strikers jobs. In fact, cost-push could occur at levels well below full employment.Short of bringing back mass unemployment, deflating demand would not stop inflation. What was required was a compact with the unions to throttle pay push incomes policies. Anti-inflation policy in the 1 sass and as ses wobbled between fiscal and monetary measures to restrain demand and examines to reach pay deals with the unions. The Keynesian were rescued from this dilemma by the econometric work Of A. W. Phillips. In 1 958, A. W. Phillips published a famous obligate which claimed to demonstrate a well-determined relationship between the unemployment rate and the rate of wage increases.The Phillips Curve implied that there was a stable trade-off between unemployment and inflation. The prize was price stability with a small increase in unemployment, way short of the depression. More generally, policy-makers were supposed to pass water a menu of choice between different rates of inflation and unemployment. SLIDE 3. ORIGINAL PHILLIPS CURVE The Keynesian policy of demand-management unraveled with the attack on the Phillips Curve by Milton Friedman of Chicago University. In a single lecture in 1 968, he demolished Phillips Curve Keynesian and started the monetarist counter-revolution.Adaptive Expectations Friedman re verbalise the pre-Keynesian idea that there was a laughable equilibrium rate of unemployment which he called the rude(a) rate. Inflation was caused by government attempts to reduce unemployment below the natural rate by increasing the amount of specie in the economy. Friedman accepted that there was a trade-off between inflation and unemployment, but that it was temporary, and existed only because workers were fooled into accepting lower real wages than they wanted by not taking into account the rise in prices.But if government repeatedly resorted to monetary expansion (for example by safarining budget deficits) in order to educe unemployment below its natural rate, this money illusion would disappear and workers would put in increased wage demands to match the now expected rise in prices. In short, subsequently a time workers developed inflationary expectations they built the expected inflation into their wage bargaining. integrity could not use the P hillips Curve to control inflation in the long run since the Curve itself shifted due to the level of inflation rising. SLIDE 4.FRIEDMANS EXPECTATIONS AUGMENTED PHILLIPS CURVE SLIDE 5. One simple version of adaptive expectations is stated in the following equation, where pee is the next years rate of inflation that is currently expected p-Eel is this years rate of inflation that was expected last year and p is this years actual rate of inflation where is between O and 1. This says that current expectations of future inflation study historic expectations and an phantasm-adjustment term, in which current expectations are raised (or lowered) according to the sally between actual inflation and previous expectations.This error-adjustment is also called partial adjustment. Friedmans work had huge anti-Keynesian policy implications. The five main Ones Were First, macro-policy can influence nominal, but not real variables the price level, not the employment or output level. Second, Fri edman re-stated the Quantity Theory of Money, the theory that prices (or nominal incomes) change proportionally with the quantity of money. Conversely, fiscal fine tuning operates with long and variable lags it is liable to land the economy in the wrong place at the wrong time.Consequently, such stabilization as was needed is much better done by monetary policy than fiscal policy. It lies within the power of the central bank, but not the Treasury, to keep nominal income stable. Provided the government unploughed money supply growing in line with productivity there would be no inflation, and economies would usually be at their natural rate of unemployment. Third, Friedman argued that inflation was always and only a monetary phenomenon.It was the total money supply in the economy which determined the general price level cost pressures were not self-employed person sources of inflation they had to be validated by an accommodating monetary policy to be able to get away with a mark-up base price determination strategy Fourth, Friedmans permanent income hypothesis -dating from the advance(prenominal) 9505 -suggested that it is households clean long-run income (permanent income) that is likely to determine total demand for consumer spending, rather than fluctuation in their current usable income, as suggested by the Keynesian consumption function.The reason for this is that agents Want smooth consumption paths. This implied that the degree of self-stabilization of the economy was great than Keynes suggested, and that consequently multipliers were smaller. Keynesian tried to fight the monetarist onslaught by strengthening Keynesian micro-foundations, curiously of detect nominal rigidities. They plopped models with menu costs, insider-outsider labor markets, asymmetric study. These kept the door open for policy interventions to begin heap up demand. Nevertheless, Friedmans impact on macro-policy was swift and decisive.SLIDE 6 We used to think that you coul d spend your way out of a recession, and increase employment by cutting taxes and boosting Government spending. Tell you in all outspokenness that that option no longer exists, and that in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of employment as the next step. Prime Minister James Callaghan (1976), Leaders speech, Blackball The advantage of inflation should be the object lens of macroeconomic policy.And the creation Of conditions conducive to growth and employment should be the objective of microeconomic policy. Chancellor of Exchequer Engel Lawson (1 984), Mass Lecture Discretionary demand-management was out balanced budgets were back. The unemployment target was replaced by an inflation target. The natural rate of unemployment was to be lowered by supply-side policies, which included legislative curbs on trade unions. V. intellectual EXPECTATIONS AND THE NEW CLASSICAL ECONOMICS With quick of scent expectations we enter the world of New definitive Economics. RE is the radical wing of monetarism Est. known for the startling policy conclusion that macro-economic policies, both monetary and fiscal, are ineffective, even in the short-run4. Rational expectations first appeared in the economic theory literature in a famous article by J. Mouth in 1961, but only filtered through to policy discussion in the early 1 sass with the work of Robert Lucas and Thomas Sergeant on business cycles/seconds, and Eugene Fame on financial markets. The Lucas critique Of adaptive expectations (1976) put paid to the idea Of an exploitable trade-off between employment and inflation.Friedmans adaptive expectations hope on gradual adjustment of expectations to the experienced behavior of a variable. But our knowledge includes not just what we pack experienced but current pronouncements of public authorities and theoretical knowledge of aggregate relationships . For example, the Minister of pay announces that he will increase money supply by 10% a year to excite employment. STEM tells us that an increase in the money supply will ease prices proportionately. So it is apt to expect inflation to be a year.All nominal values -interest rates, wage rates- are instantly adjusted to the expected rate of inflation. There is not even a brief interval of higher employment. Friedmans trait between a Keynesian short run in which agents can be fooled and a untainted long run in which they know what to expect disappears. Adaptive behavior is a description of senseless behavior if agents know what to expect already. Notice though that in this example, judicious expectations is defined as belief in the STEM.SLIDE 7 Expectations, since they are informed call inions of future events are essentially the same as the predictions of the pertinent economic theory Expectations of firms (or more generally, the subjective probability distribution of outcom es) tend to be distributed for the same training set, about the prediction Of the theory (or the objective probability distribution Of outcomes) (G. K Shaw (1 984), 56) Formally, the rational expectations hypothesis (ERE) says that agents optimumly utilities all available information about the economy and policy to construct their expectations.As such, such they hold rational expectations. They are also rational in that they use their expectations to maximize their improvement or profits. This does not imply that agents never make mistakes agents may make mistakes on occasion. However, all that is there to be learnt has already been learnt, mistakes are assumed to be random, so that agents are typeset on average. Agents learn the true value of parameters through repeated finishing of Bases theorem. Eel they turn their subjective bets into objective probability distributions.An equivalent statement is that agents behave in says consistent with the models that predict how they wi ll behave6. Since the models contain all the available information, ii. They are rational expectations models, following the model minimizes the possibility of making expectation errors. At the core of the rational expectations hypothesis is the assumption that the model of the economy used by individuals in making their forecasts is the correct one -that is, that the economy behaves in a way predicted by the model.The math is simplified by the device of the Representative Agent, the sum of all agents, possessed of identical information and utility preferences. This micro-economic device means that the simulation can be used to analyses the impact of policies on aggregate welfare, as welfare is the utility of the agents. The implication of the ERE is that outcomes will not differ systematically from what people expect them to be. If we take the price level, for instance, we can write SLIDE 8 This says that the price level will only differ from the expectation if there is a surprise .So ex ante, the price anticipated is equal to the expectation. EP is the rational expectation based on all information up to date is the error ERM, which has an expected value of zero, and is self-sufficing of the expectation. With rational expectations the Phillips Curve is vertical in the short-run and in the long-run. SLIDE 9. THE SERGEANT-LUCAS PHILLIPS CURVE. With rational expectations, government put through can affect real variables only by surprise. Otherwise they will be fully anticipated. This rules out any fiscal or monetary intervention designed to improve an existing equilibrium.More generally any portion Of policy that is a response to publicly available information -such as the unemployment rate or the index of leading indicators -is irrelevant to the real economy 7. Policy can influence real variables only by using information not known to the public. The Efficient Market Hypothesis The application of rational expectations to financial markets is known as the Effi cient Market Hypothesis (MME), made popular by Eugene Fame (1970, 1976). The MME postulates that shares are always correctly priced on average because they adjust instantaneously and accurately to any newly released information.In the words of Fame, l take the market efficiency hypothesis to be the simple statement that security prices fully hypothecate all available information 8. So prices cant be wrong because if they were, someone would seek to profit from the error and correct it. It follows that according to the efficient market hypothesis, it is impossible to consistently achieve returns in excess of average market returns (beat the market). In an RE joke, two economists spot a $10 bill on the ground. One stoops to pick it up, whereupon the other interjects, Dont.If it were unfeignedly $1 0, it wouldnt be there anymore. The efficient market hypothesis is the youthful manifestation of Adam Smiths invisible hand. Increased regulation can only aka markets less efficient beca use regulators have less information than those engaged in the market, risking their own money. There are different versions of the efficient market hypothesis. In its weak form, investors make predictions about current prices only using historical information about past prices (like in adaptive expectations).In its semi-strong form, investors take into account all publicly available information, including past-prices. (This is the most accurate and the closest to rational expectations). In its strong form, investors take into account all information that can possibly be known, including insider information. Rational expectations models rely heavily on math. Lucas defined expectations as the mean Of a distribution of a random variable. The greater the number of observations of a random variable, the more likely it is to have a bell shaped or Normal distribution.The mean of the distribution, in ordinary parlance the average of the observations, is called the Expectation of the distri bution. In the convex distribution, it coincides with the note of the bell. Those who are supposed to hold Rational Expectations (ii all of us) are assumed to know how the systematic move of he model determine a price. We use that knowledge to generate our prediction. This will be correct except for random influences. We can assume that such random events will also adhere to the bell-shaped distribution and that their mean/expectation will be zero.Thus the systematic or deterministic prediction based on theory is always correct. Errors have zero expectation. The tendency of the MME, as is readily seen, is to rule out, or minimize, the possibility Of bubbles -and so crashes more generally to rule out the possibility of crises being generated within the financial system historically he most important source of crises. This being so, policy did not have to pay much attention to banks. Following the acceptance of the MME, the financial system was extensively De-regulated.Real Busine ss cycle DOGS DOGS modeling takes root in New unspotted macroeconomics, where the works of Lucas (1975), Jutland and Prescott (1982), and Long and Peoples (1983) were most prominent. The former DOGS models were pure real business cycle (RIB) models. ii models that attempted to explain business cycles in term of real productivity or consumption shocks, abstracting from money. The logic behind RIB models is clear. If money cannot affect real variables, the source of any disturbance to the real economy must be non-monetary.If we are all modeled as having rational expectations, business fluctuations must be caused by real and unanticipated shocks. (Notice the use of word shock). These shocks make the economy dynamic and stochastic. Unemployment is explained in these models by rational adjustments by workers of their work/leisure trade off to shifts in productivity. This is a fancy way of saying that there is never any unemployment. As a result of continuously re-optimizing agents, ec onomies in DOGS models re always in some form of equilibrium, whether in the short run or long run.The economy always starts from an equilibrium position, and even when there is a shock, it immediately jumps onto an equilibrium time path the saddle path. So the economy never finds itself in a position of disequilibrium. SLIDE 10 The model provides an example of an economy where real shocks drive output movements. Because the economy is Wallabies, the movements are the optimal response to the shocks. Thus, contrary to the conventional wisdom about macroeconomic fluctuations, here fluctuations do not reflect NY market failures, and government interventions to mitigate them can only reduce welfare.In short, the implication of real-business cycle models, in their strongest form, is that observed aggregate output movements represent the time-varying Parent optimum. (Roomer (2011 ) Advanced Macroeconomics, 204) Translated into English depressions are optimal any attempt to mitigate them will only make things worse. Later came the New Keynesian who preserved the basic framework of the New Classical RIB/DOGS models, but added market frictions, like monopolistic competition and nominal rigidities, to make the models more applicable to the real world. Critiques 1 .The fundamental criticism is that this whole class of New Classical models carries an intellectual theorem -that agents are rational optimizers to an extreme and absurd conclusion. By postulating complete information and complete markets, ii. By abolishing Keynesian or Knighting uncertainty, they cut off enquiry into what might be rational behavior under uncertainty -such as herd behavior. They also exclude irrational expectations. Behavioral economics only really took off after the crisis. 2. The aim of New Classical economics was to unify macro and micro by giving macro-economic secure micro-foundations.Macroeconomic models should be based on optimization by firms and consumers. But New Classical models ar e not well grounded in micro-economics since their account of human behavior is seriously incomplete. 3. Ay defining rational as the mean of a random distribution, the New Classical models rule out as too exceptional to worry about fat tails that is extreme events with disproportionately large consequences. 4. The vast majority of DOGS models utilities log-landslides utility functions which eliminate the possibility of multiple equilibrium. 1 5. New Classical models have no place for money, and therefore for money hoarding, which depends on uncertainty. In pure DOGS models there is no financial sector. DOGS models depend on what Goodhearted calls the transversely condition, which says that by the end of the day, or when the model stops, all agents shall have repaid all their debts, including all the interest owed, with certainty. In other words, when a person dies he/she has zero assets left 12. Defaults cannot happen. This is another kind of logical madness.