Paul Samuelson: An Intellectual Biography

Paul Samuelson: An Intellectual Biography Abstract Paul Samuelson was one of the greatest economists from the 20thcentury. The man has created many aspects of contemporary economics. Therefore, we can discuss basically anything from economic growth, welfare economics, stabilization policies, international trade, or anyone of the other issues that many have caught your eye (Nordhaus, 2005). The following paper shows the one of the greatest contribution that Paul Samuelson offered to the world of economics. Paul Samuelson- An Intellectual Biography Introduction Paul Samuelson is well known as Americas first Nobel Prize winner in economics (Henderson, 2008). He is also most recognized as the first economist to increase the height of mathematical analysis in the business (Nordhaus, 2005). He also has created many aspects of contemporary economics that we can discuss basically anything from economic growth, welfare economics, stabilization policies, international trade, or anyone of the other issues that many have caught your eye (Nordhaus, 2005). Early Life Paul Samuelson was born in Gary, Indiana, in 1915. His first degree was a Bachelor of Arts from Chicago University in 1935 (Paul A. Samuelson Biographical). His second degree was a Master of Arts in 1936. His third degree was a Doctor of Philosophy in 1941 from Harvard University (Paul A. Samuelson Biographical). From the period of 1937-1940 Samuelson was a Social Science Research Council pre-doctoral fellow. He was also a Society of Fellows member at Harvard University from 1937-1940. From 1958-1959 he was also a Ford Foundation Research Fellow (Paul A. Samuelson Biographical). In 1961 Samuelson received honorary Doctor of Laws degrees from both Chicago University and Oberlin College (Paul A. Samuelson Biographical). He also received two more honorary Doctor of Laws degrees from Indiana University and East Anglia University in 1966 (Paul A. Samuelson Biographical). Public Good Theory In The Pure Theory of Public Expenditure by Paul Samuelson he discussed his theory about private good versus public good and how there is no real way to calculate how much we can ever have of public goods (Samuelson). With that said we will discuss what Global Public Goods are, how we manage these goods, and whether future technology with affect these goods (Nordhaus, 2005). Global Public Goods can be described based off what a public good is, which is defined based of two main points. The first is that a public good is non-rivalry of consumption which basically states that each persons utilization of a good leads to no reduction from someone elses use of the same good (Éloit, 2012). The other one is that a public good is non-excludability of use which basically states that the good cannot be saved for one individual; it has to be accessible to everyone (Éloit, 2012). The largest global public good would be water. That is just the most widely accessibly pure global public good. Now in regards to the different levels of pure private and public goods and impure private and public goods they overlap quite frequently and therefore there are very few true and pure public goods (Nordhaus, 2005). We can then say that global public goods are not that different from other public goods. They are just the only ones where the effects spill around the world a nd for a significant period of time. Now that we know what global public goods are how do and can we manage them? To begin we have to understand that there is no instrument by which global citizens can use to make the collective decisions in regards to the issues that come from these types of goods (Nordhaus, 2005). The way we try to manage these goods is through individual governments, but there are times when that is not particularly possible. This is known as the Westphalian dilemma (Nordhaus, 2005). Lastly, we will need to know how future technology with affect these goods. A forgotten aspect in regards to global public goods is the type of technology used to produce these goods (Nordhaus, 2005). It is with that said that depending on the type of technology used to make the public goods varies and thus decides the rules and place that can make the public goods the most effectively based on said technology (Nordhaus, 2005). Contemporary Example Now there are many economic issues that are hurting the world from housing problems, to the internet, trade, and taxes all impact the world these days the largest problem is actually with America (Barfield, 2014). We have many of these problems occurring in our community down our streets. A very large issue we are facing would be the current tax reforms that the politicians keep discussing. So over that last few decades many other countries all over the globe have reduced their corporate tax rates, which has left America with the largest rate in the world (Barfield, 2014). This issue from an economic point of view severely lowers the amount of investments that occur in the United States, with that said we can see that productivity is being strangled and wages have been significantly lowered. Currently, all political avenues that have been taken have failed to do anything to resolve this problem and the ideas being considered would not even put a dent in the current tax load for inves tments within the United States (Barfield, 2014). With that said one aspect I think Paul Samuelson would be inclined to discuss would be to fully eliminate corporate tax as a whole and only tax corporate income at the stockholders level (Barfield, 2014). Another aspect I think Samuelson would be inclined to discuss would be to allow investment expenses to be instantly deducted rather than written off over many years (Barfield, 2014). I feel that the reason he would agree to either of these responses is because each one allows for much more economic growth. I also feel that based off his theory on public goods that he would rather have growth in this way because it benefits many instead of just the private goods of the corporate tax payers. Now the main reason I say that is because either of the aspects would help abridge the tax system, they would also promote investments, and they would increase the wages over the county. Published Theories Now besides Samuelsons theories on public goods he also published many other articles. His first was A Note on the Measurements of Utility which was how he coined the term revealed preference (Henderson, 2008). This essentially was a test to see if the consumer showed their preferences by their choices thus revealed preferences (Henderson, 2008).Foundations of Economic Analysis went and revolutionized mathematics in regards to economics and essentially depicts how all economic actions are understandable by either maximizing or minimizing the subject to a specific constraint (Henderson, 2008). Samuelson has also brought essential insight into finance theory, consumer theory, capital theory, welfare economics, macroeconomics, dynamics and general equilibrium, and international trade (Henderson, 2008). Now for Samuelson finance theory allowed him to express his ability to show that commodity futures prices were meant to change randomly (Henderson, 2008). He also did some major ground bl azing work in capital theory; however his donations to this aspect are too vast to explain in laymans terms. Samuelson also proved in mathematics that there are circumstances when differentials would be calculated to zero (Henderson, 2008). The factor price equalization theorem is what Samuelson used to prove this situation. Samuelsons theories in macroeconomics tried to combine the accelerator theory of investment with the Keynesian income determination model to prove the recurring parts of business cycles (Henderson, 2008). He also came up with other theories and he even wrote many other articles and textbooks. These are just a handful of his published theories. Conclusion In this discussion you have learned that Paul Samuelson is a very well known economist. During his life he taught and learned about many different theories that have helped evolve economics today. One of his most significant theories would be about public goods. Today it depicts the differences between pure and impure goods in regards to whether they are public or private. We can also see based off this theory how Samuelson may approach the current issue of the Tax reform in America. The main reason that global public goods relate to Americas tax reform is that by creating the wages and investment possibilities it allows for more trade which allows for more goods to be made available to more people at no additional cost. Therefore, I conclude that Paul Samuelson is one of the greatest economists due to what he has left for future economic generations to come. References Barfield, C., Eisenach, J., Jensen, M., Makin, J., Mathur, A., Oliner, S., et al. (2014, January 23). American Enterprise Institute. Five challenges facing the American economy in 2014. Retrieved June 5, 2014, from http://www.aei.org/article/economics/five-challenges-facing-the-american-economy-in-2014/ Éloit, M. (2012, January 1). The global public good concept: a means of promoting good veterinary governance. . Retrieved June 7, 2014, from http://www.oie.int/doc/ged/D12207.PDF Henderson, D. (2008). Paul Anthony Samuelson. In The Concise Encyclopedia of Economics (). Indianapolis, Indiana: Liberty Fund, Inc. Nordhaus, W. Paul Samuelson and Global Public Goods. . Retrieved June 5, 2014, from http://www.econ.yale.edu/~nordhaus/homepage/PASandGPG.pdf Paul A. Samuelson Biographical. (n.d.). Paul A. Samuelson Biographical. Retrieved June 7, 2014, from http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1970/samuelson-bio.html Samuelson, P. The Pure Theory of Public Expenditure. The Review of Economics and Statistics, Vol. 36, 387-389. Retrieved June 5, 2014, from http://www.ses.unam.mx/docencia/2007II/Lecturas/Mod3_Samuelson.pdf

The Brady Act: Inconsistent but Served a Purpose

The Brady Law which is technically known as The Brady Handgun Violence Prevention Act of 1993 was signed as a law under the presidency of Bill Clinton on November 30, 1993. The law requires that whenever someone purchases a gun, he/ she should wait up to five days for a background check. As long as the Federal Bureau of Investigation has undergone the background check and for so long as the Federal Firearm License has not been issued, then a person can never obtain or own a gun (Bowling et al. , 2006).At the same time, it also required the gun dealers in each of the state should begin conducting and submitting background check requirements on their prospective buyers to the authorities to aid the process of authenticating that buyer’s capability and reliability in owning a gun (Ludwig and Cook, 2003). All states should have similar disqualifications for their applicants. These are fugitive status, court restraining orders, mental illness, and other violence convictions. Becaus e of these, of the 12 million applications that were subjected to background check by the National Bureau of Investigation, there were around 1.4 million that were rejected. However, there are also several rejections done by State and local agency background checks which were argued to be a little inconsistent to the FBI requirements (Bowling et al. , 2006). For instance, most state statutes would require firearm purchasers to have a permit or a license or an identification number right after background check to be presented to the seller before they are allowed to buy a firearm. Within these said statute laws, the background check would require around 7 to 30 days.This is inconvenient and inconsistent with the original Brady Bill because it only mandated a background check for only less than a week and 30 days is way too far from that requirement. Other state laws and agencies require that a seller should convey buyer’s information to the authorities either through mail, tel ephone, or e-mail. Accordingly, the local agencies would respond in about 7 to 10 days. The same as already mentioned, this is also a little bit inconvenient because it is only by then that they start their background check.Other than these, there were also instances were the agencies will have to encounter incomplete records of applicants in their databases which will test the capability of the buyer to purchase a firearm. There is also a discrepancy between the state and the local agencies’ reason on rejection. Federal laws would likely to applicants with domestic violence conviction or indictment. On one hand, local agencies would likely to reject applicants that are drug addicts and mentally ill. Moreover, other states provide for appeals, but only seventeen of them.All of these prove that there is discrepancy and inconsistencies in the implementation of this law (Bowling et al. , 2006). However, despite this, I think the law is still very useful in the maintenance of pea ce and security of the country. This is because the law even when it has been implemented inconsistently by the federal and the state government, it still outlines very concrete requirements and methodology in granting and denying the right of every citizen to possess firearms.This law is obviously concerned on the circumstances that would entail the irresponsible handling and owning of a dangerous weapon like the firearm. It mainly aims to secure the safety of very citizen in the United States and to prevent ruthless assassinations. References Bowling, M and Hickman, J. (2006). â€Å"Background Checks for Firearm Transfers, 2005†. Bureau of Justice Statistics Bulletin. US: US Department of Justice. Ludwig, J and Cook, P. (2003). Evaluating gun policy: effect on crime and violence. USA: Brookings Institution Press.

Communication Technology Essay Essay

This essay is going to discuss about awareness of current and relevant issues, the uses of communication of technology, and both the advantages and disadvantages of communication technology. Besides, this essay will be also explaining the impact of communication technology and both private and public life and Health and Safety Communication Legislation. In 21st century that we live in, communication can be done in many different ways other than conventional speaking right in front of each other. The reason for that is because of the existence of communication technology and the wide interest in this technology from people around the world. Communication technology is improving as we speak and more important sector is depending on it to gain benefits such as business and politics. Communication technology includes telephone, radio, television, internet, and social media. Read more:  Reasons people communicate  essay Advantages and Disadvantages of Communication Technology As mentioned above, Communication Technology provides advantage and disadvantages to our society. The advantages of communication technology are none other than the reason communication technology are being invented for, to let people around the world to communicate freely to each other, but now communication technology can share even more things such as photos, videos, and even organize events with people we did not know before. But with the nature of communication technology to be free and open to everyone, some people tend to misuse communication technology for personal gain and interest by affecting other people. Besides addiction, the issue of communication technology these days are users around the world did not use the provided communication technology â€Å"smartly†. Users of communication technology should be aware and educated about the do’s and don’ts using communication technology such as social media. There have been cases where people post their soc ial number or even bank account carelessly on their social media that attracts the idea of exploiting the advantages of communication technology. Some users that post all kinds of photos on their social media also provide ample of information to the public and easily can be targeted by culprits. DANIELA BALINT The advantages of Communication Technology Communication Technology brings us many advantages in our social life. It could help us to communicate our families, friends, and our other relatives. For examples, Tango, Skype, and others. We could immediately voice call them, text them, or even video call them. We could know what they done  recently and we could see each other through video calls. It is useful and convenient for the teenagers, students, and businessman. It could help them to search information within a short time. For businessman, they could save their money for air ticket and time for flying overseas with doing their transaction through video call. Do communication technology brings other advantages to us other than communicate with others? Yes, of course. Other than communicate, it could help us to save our money and time. For poor family, they could just connect the wi-fi that provided to contact the others through many apps such as Wechat, Line, Whatsapp and others. They could contact other without spending any money and they could just use a few minutes and even just a few second to post their pictures and check-in on facebook to lets the others know their recently places. For those who love shopping, they could just spend their time on internet shopping and doesn’t need to go out to the shop. For example: Taobao, Amazon, Ebay, etc. We could buy our technology equipment, clothes, shoes and even books through internet. For the people who like to read news, they could search the recently news faster than those who buy newspaper. They would also gets to know more information compared to the others who not using internet. Disadvantages of communication Technology Social network, such as Facebook, Instagram , Twitter and others , would also brings us many disadvantages and inconvenient. â€Å"Facebook appears to be working on a smartphone app which will track the location of its. Social network, such as Facebook, Instagram , Twitter and others , would also brings us many disadvantages and inconvenient. Moreover, the impact on both private and public live of communication technology is increasing. â€Å"Facebook appears to be working on a smartphone app which will track the location of its users. (Android Authority, 2013)†, said by a reporter. Our privacy were violated and never been protected. Besides, nowadays, the app store provided some special apps that allowed the others to found out our own contact number and home address .We do not have any privacy anymore and we would be very dangerous in every second. Just as the reporter of ABC7 news said, â€Å"The Facebook site is popular with teens and reports having millions of users. It tells them they can meet new people or maybe even find love. (ABC7, 2013)†. This was worried by all the parents as their children would able be cheated by strangers. In addition, online game is also included in communication technology. In this science and technology countries, all teenagers prefer online game more than reading books, or do some sports activity. Nowadays, communication between people are becomes fewer and fewer. Even though all the family members sitting down and having dinner together, but most of them even not saying a word with each other. The affection between family members grew weaker and weaker. Communication Technology impact on public and private life Communication Technology has a profound impact on both public and private life. In public life communication technology serve more advantages than disadvantages. We can find friends through social media or online game sites, we can even find suitable partner through dating sites. The disadvantages are that people can provide false information and exploit the advantages of social media on people public life and cause misunderstanding, loss of properties or sometimes even lives. In private life, the disadvantages are more than the advantages. The advantages are that we can communicate and stay connected with our family or friends online, but it is also easy for hackers to access our personal profile online. Many cases have been reported that such incidents do frequently happen. For example, taken from a website; † Gang Used Social Media Sites to Identify Potential Victims† (Teen Prostitution 2012). Our  private lives are easily exploited through the advancement of Communication Technologies too. Development of Communication and Information Technology Communication technology helps us in many ways. Communication Technology can broadcast information to a wide range of people around the world in a short period of time, this is very useful for advertisements, conveying important messages to wide range of audiences and updating citizens of current news. Communication nowadays can even be accessible from anywhere as long as the device can connect to the internet and there is Page 5 of internet coverage in that area. Part of the advancement of communication technology is credited to the invention of Smartphone in the market that makes it easier to access and connected to different types Communication Technologies. Social media has became the most popular and most effective aspect of communication technology, the reason being users around the world can communicate with each other anywhere and anytime they are on the internet. Social media became the most used communication technology in comparison to television, radio, and conventional telephone. Advertisement companies and even political figures around the world use social media network to convey their message. As shown in a video online, radio took 38 years to reach a market audience of 50 million, television took 13 years, internet took 4 years, Ipod took 3 years and social media giant-Face book took only 2 years. (Did You Know 3.0 2012) This proves that communication technology is improving over the years and is an important way of broadcasting information. Communication Technology has been improving and developing since the first television was born, many ideas and suggestion of what the future will look  like with the continuous development on communication technology. Avery interesting example of the advancement on communication technology is a device called Sixth Sense technology. â€Å"Sixth Sense is a wearable gestural interface device by Pranav Mistry, a PhD candidate in the Fluid Interfaces Group at the MIT Media Lab†. (Sixth Sense 2010) This technology shows that technology can be more interactive with human and someday we will not have to wear or bring many different types of devices such as hand phone, watch, I Pad, IPod, but one device can provide information from all the devices we have now combined and so much more. Legislation concerning Communication Technology To protect the people of their country, governments around the world have made health, safety and communications legislations. In Ireland, Data Protection Act 1988 has been produced and was amendment by Data Protection (Amendment) Act 2003. This act is to provide security when important personal information is given to an organisation or individual to a person. The aim of these rights is to help you to make sure that the information stored about you is: factually correct; only available to those who should have it; only used for stated purposes.(Data Protection Commissioner) Freedom of Information Act 1997 have also been produced in Ireland and amended by the Freedom of Information Act (Amendment) 2003. The Freedom of Information Act establishes the following statutory rights: A legal right for each person to access information held by public bodies and  government departments A legal right for each person to have official information relating to himself/herself  amended where it is incomplete, incorrect or misleading A legal right to obtain reasons for decisions affecting himself/herself. (Freedom of  information in Ireland) Conclusion In summary, communication technology provides advantages and disadvantages and without a doubt have a huge impact on society and the future. Communication technology can be said to be the invention of the century because of the changes it make to the human race, it can be said to be the â€Å"line† that distinguish between the era of information technology in comparison to the last era. Communication technology provides an insight to our future and will continue to bring benefit to our society provided we  keep in mind of how to use communication technology efficiently. Bibliography (Freedom of information in Ireland) http://www.citizensinformation.ie/en/government_in_ireland/national_government/standards_and_accountability/freedom_o f_information.html (Data Protection Commissioner) http://www.dataprotection.ie/docs/A_guide_to_your_rights_-_Plain_English_Version/858.htm (Did You Know 3.0 2012) Did You Know 3.0 (Officially updated for 2012) HD http://www.youtube.com/watch?feature=player_embedded&v=YmwwrGV_aiE#! (Teen Prostitution 2012) http://www.fbi.gov/news/stories/2012/september/teen-prostitution (Sixth Sense 2010) Pranav Mistry http://www.pranavmistry.com/projects/sixthsense/ By Robert Triggs, 5 February 2013,Android Authority Facebook working on a location tracking app http://www.androidauthority.com/facebook-tracking-app-153772/ By Roz Plater, 2 February 2013, ABC7 ABC7 explores the dangers of social media apps http://www.wjla.com/articles/2013/02/abc7-explores-the-dangers-of-social-media-apps-84861.html â€Å"Business Communication†, September 28, 2011. http://transition.fcc.gov/omd/history/ â€Å"How Stuff Works†, September 28, 2011. http://electronics.howstuffworks.com/cell-phone.htm..

Company And Preliminary Accounting Analysis - 1854 Words

Industry, Company and preliminary Accounting Analysis Industry Analysis To start the analysis of the industry, firstly the identification of which industry Blackmores is should be made. Since Blackmores is the company which identified as the natural health company, so the industry that Blackmores involved is the health care sector. Based on the Global Industry Classification Standard (GICS), the health care sector could be broken into two broad industries: one is health care equipment and services and the other is pharmaceuticals, biotechnology and life science. And Blackmores would be classified as the pharmaceuticals, biotechnology and life science industry which is called biotech pharma industry. In the biotech pharma industry, companies usually product three types of products: prescription therapeutics and prophylactics (medicine that treat or cure medical conditions or diseases and vaccines that prevent diseases), diagnostics (devices and tests used to diagnose disease), and over-the-counter consumer products, such as drugs and vitamins. Moreover, some experts also conduct medical technology (medtech) manufacturing under the pharma/biotech industry with sufficient facilities and advanced equipment. As the biotech pharma industry is a tech-dominated industry, it focus on innovation and research on products but also includes the manufacture and supply. So there are many players involve in this industry. 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