Managerial Economics National Income - 2704 Words

Assaignment topics: Nature , conceps , measurement of nation income Classical and Keynes approaches nATIONAL INCOM E: ----The t otal sum of goods and services produced by t he people of a count ry wit h t he help of capit als and national resources called Nat ional Income (Prof. Alfred Marshall) We can define Nat ional Income as t he collective achievement of a nat ion. In t his way, t he Nat ional Income is t he aggregat e of t he individual incomes. (Prof. Gardner Ackley) Nat ional Income is t he basic concept of economic, which refers t o t he market value of t he goods and services produced during a part icular year. (Prof. Richard Lipsy) CONCEPTS OF NATIONAL INCOme ----1.GROSS DOMESTIC PRODUct Total value of output (goods and†¦show more content†¦Instead of looking so much |i|CLASSICAL ECONOMISTS-economists who | |at individual people and businesses and their economic decisions, macroeconomics deals with the |c|believe in no government regulation | |overall pattern of the economy. To star with, we will look at two main groups of economists: the |]|of the economy | |Classical Economists and the Keynesian Economists. Classical economists generally think that the | |KEYNESIAN ECONOMISTS-economists who | |market, on its own, will be able to adjust while Keynesian economists believe that the government | |believe in government regulation of | |must step in to solve problems. The two camps have differing ideas on the causes and solutions of | |the economy | |unemployment. The Classical economists believe that unemployment is caused by excess supply, which | | | |is caused by the high price level of labor. Based on supply and demand, when wages are held too high| | | |by social and politicalShow MoreRelatedThe Impact Of Economic Condition Of A Business Organization1433 Words   |  6 Pagesinfluenced by the formation of economy. Economics is the fact that can establish or demolish a business. 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We will look closer at and critically evaluate the issues involved in the representation

Analysis Of Cathedral And The Handsomest Man Drowned

Point of view is an integral tool that is used by authors to express an individual’s feelings, emotions, and thoughts throughout the story. It gives the reader an understanding of a character’s development. The first person point of view is limited to one character as it draws the reader into the mind of one character’s thoughts and emotions. Third person narration may be omniscient or limited. The third person omniscient tells the story in which the narrator is aware of the thoughts and feelings of all the characters, while limited third person is restricted to the thoughts of certain characters. The use of the first person narration and third person limited omniscient may at first seem restraining because it only presents one or a limited number of character’s thoughts and feeling. However, the use of first person narration in â€Å"Cathedral† and the use of limited third person perspective in â€Å"The Handsomest Man Drowned in the World,† is effective because both provides a deeper insight into character’s feelings, thoughts, and opinions. These choices of narration also aid a reader in relating to the characters, and helps convey the central theme of the story. First person narrators are the characters who have very limited knowledge about other characters and convey the story in the perspective of â€Å"I† and â€Å"we.† In â€Å"Cathedral,† Carver uses the first person narration to reveal information about the narrator’s personality. The opening scene of the story makes it apparent that the

Sanitation Facilities Free Essays

Sanitation generally refers to the provision of facilities and services for the safe disposal of human urine and faeces. An improved sanitation facility is one that hygienically separates human excreta from human contact. Improved sanitation generally involves physically closer facilities, less waiting time, and safer disposal of excreta. We will write a custom essay sample on Sanitation Facilities or any similar topic only for you Order Now Poor sanitation is responsible for one of the heaviest existing disease burdens worldwide. The diseases associated with poor sanitation and unsafe water account for about 10% of the global burden of disease. The most common disease of poor health associated with poor sanitation is a diarrhoeal disease. Globally, about 1. 7 million people die every year from diarrhoeal diseases, and 90% are children under 5 years of age, mostly in developing countries. 88% percent of cases of diarrhoeal diseases worldwide are attributable to unsafe water, inadequate sanitation, and poor hygiene. In this essay I will analyse the economic benefits of sanitation, the economic disadvantages, the link between a rise in GDP and the access to sanitation in regions all over the world including Asia, Africa, Europe and North America. I will do this by analysing data set curves which I have obtained from a various amount of sources such as national journals, reports and articles relating to this subject. I will be using data sets from the UNEP and carrying out multiple regressions. Finally I will be looking at the Environmental Kuznets model to see whether it applies to this relationship between economic growth and the access to sanitation. According to 2010 figures, approximately 2 billion people do not use improved sanitation facilities, two-thirds of which live in Asia and sub-Saharan Africa. By looking at Figure 1 we can see that it is in the developed regions such as North America and parts of Europe where people have a good access to sanitation, while on the other hand it is the mostly the developing regions such as Asia and sub-Saharan Africa with the poor access to sanitation. This figure already makes the relationship between economic development and access to sanitation vaguely clear. The Asian and African regions would be a good place to have a look at this relationship even more closely; this is because over the past few decades, countries in the Asian regions such as China have undergone a huge advance in economic growth while on the other hand there has been little or non-existent economic growth in the African regions. Asia is the world’s fastest growing economic region. China is the largest economy in Asia and the second largest economy in the world. Moreover, Asia is the site of some of the world’s longest economic booms and by looking at Figure 2 it is evident to see that over the past few decades there has been a dramatic rise in the GDP of Asia but very little in the GDP of Africa. Now by looking at Figure 3 which is a graph showing the level of improved drinking/safe water coverage, improved as in drinking-water sources such as piped water to the house or yard, public taps and rainwater collection. Improved sanitation facilities including flush or pour-flush toilets connected to a piped sewer system. By looking at this we can see that in Asia there has also been a dramatic rise in the access to unpolluted water which is a positive relation to the GDP. I gathered the data which is on Figures 2 and 3 onto excel and carried out a regression analysis for the Asian region to help understand to what extent the strength in the relationship between the dependent variable (GDP) and the independent variable (Sanitation) which is shown on Figure 4. By looking at the R squared we can see that this model has a strong explanatory power as it is very close to 1. According to the coefficient we can also see that every time the GDP increases by $50billion, there is an increase of almost 3. 4 million people with improved access to sanitation. Poor sanitation results in an economic loss as it is linked with the costs of treatment to sanitation related diseases and income which is lost through productivity. Furthermore poor sanitation can also lead to a loss of time and effort as a result of poor facilities, lower quality of products due to poor quality of water and of course a dramatically reduced income coming from tourism as there is a great risk of disease. According to various studies from the WHO (World Health Organisation), there has been evidence that there are huge economic costs which arise from the poor sanitation. At a global level there is a loss of around $40billion per year due to poor sanitation; looking at South Asia alone we can see that in places such as Indonesia, Vietnam and Cambodia there is a loss of around $10billion a year, the key impacts of this came about from poor health and tourism, poor sanitation can affect everyone but especially effects those who are poor (Hutton, 2007). Several studies have also been conducted to estimate the economic costs associated with poor sanitation. In Ghana and Pakistan, for example, the indirect effect on child mortality of environmental risk has added more than 40% to the cost of directly caused child mortality. If one took into account the effect of such malnutrition, they will be able to see the huge impact on impairing school performance and delayed entry into the labour market, the cost would double to around 10% of the GDP. Improvement to sanitation can bring various types of benefits to an economy, one of which are the direct benefits of preventing or avoiding illnesses as there would be no money spent on healthcare treating patients with diseases due to sanitation. There will also be indirect benefits such as a decrease in the amount of work days absent being sick and longer life, and finally and very importantly there will be a lot of time saved. As we have seen already, sanitation is also important when it comes to economic development. In Africa many young women are dying every year as they are the ones which carry the polluted water, they are also then forced to drop out of education during puberty years in order to look after their sick children as a result of the polluted water, this means that women are not able to be educated and they can even find it difficult to join the labour supply. Every 10% raise in female literacy (due to increased attendance at school) a nation’s economy can grow by around 0. 3% (Dollar et al, 1999). According to Hutton (2008) there could be an estimated that annual investments of around $27million in Tanzania and Vietnam would result in benefits of around $70million for the health sector alone. Hutton also estimated that there is a potential to save around $6billion in many parts of Asia if improved sanitation can be introduced. Overall Hutton stated that there are many costs and benefits available however the benefits still do overpower the costs. Moreover, the Disease Control Priorities Project recently found that hygiene promotion to prevent diarrhoea was the most cost-effective health intervention in the world at only $3. 35 per DALY loss averted, with sanitation promotion following closely behind at just $11. 15 per DALY loss averted. This is to say that economic growth and sanitation for sure have a strong relationship within one another; this can be shown on the environmental Kuznets curve. The Environmental Kuznets Curve (EKC) is a relationship between income and pollution which is hypothesized to have an inverted U-shape. The idea of an inverted U-shaped Kuznets curve stems from the Kuznets’ work in income equality (Kuznets, 1955). The EKC hypothesis states that as income increases pollution goes up initially but after certain time pollution eventually declines. The point at which pollution level is the highest is called a turning point. This then evidently applies to developing countries as they are the ones which have the higher levels of income. Looking at Figure 5 we can see that in Europe up to the year 2000 water pollution was on a rise, however sometime in the year 2000 there was a turning point where the pollution of water started to decline. According to the Kuznets curve, in the year 2000 the economies within Europe produced a certain GDP and a certain GDP per capita which led to the decline of the water pollution. According to Figure 6 in the year 2000 the turning point on the Kuznets curve was at $18000 per capita, this is the level of GDP per capita needed in the European region in order to reverse the trend of water pollution. Looking back at Figure 5 we can also see that in the North American region up till 1998 there was an increase of water pollution however sometime in 1998, just like in Europe, people’s incomes were growing and GDP per capita was on a rise. Looking at Figure 6, according to the EKC, GDP per capita in North America will be at $36000 which is where there will be a turning point. Both the EKC’s for Europe and for North America are shown on Figure 7. This analysis clearly tells us that the relationship between the two is dependable on the economic stages of development. In the other regions around the world there will not be a turning point on the EKC as people do not earn enough to have this effect, good sanitation facilities are the main way in which water pollution can decrease, more developed economies around the world have the funds to invest in good sanitation, however as we have discussed, the less developed countries do not have access to these sanitation facilities therefore their economies are heavily impacted and the funds for the technology needed to provide improved sanitation are hard to come by, therefore these countries are on the upwards slope of the EKC meaning they have not yet achieved the GDP per capita in order to have a turning point. I have aimed to show the various ways in which sanitation is fundamental to good health and also economic development. Given the data I have analysed, I can surely state that the investment in improved sanitation would be beneficial to an economy. Ultimately, I can say that there is a strong relationship in economic growth and access to sanitation and I can also say that the EKC does apply to the water pollution we have in the real world. Finally I can also say that the level of the turning point also depends on the stages of economic development. How to cite Sanitation Facilities, Papers

Allen Stanford Ponzi Scheme

Question: Discuss about the Allen Stanford Ponzi Scheme. Answer: Introduction Ponzi scheme started back in 1919 when Charles Ponzi tried to take advantage of existing arbitrage in the price of International Postal Reply Coupon between Spain and the United States. Ponzi scheme is a type of investment fraud where the illusion is created for solvency of the company by paying off the early investors with the money collected from the fresh investors and the loop continues (Holder 2016). The organizers of Ponzi scheme attract the fresh investors by promising high returns with no or little risk (Frankel 2012). The focus of Ponzi scheme is to keep creating new investors. This gives a loose end to the scheme. There must be a continuous flow of new investors and money to keep the trust of early investors by paying them off their expected return, and if it fails then the entire, Ponzi scheme collapses (Sheffrin 2013). The two main reasons can be identified for an unsuccessful Ponzi scheme: first if no new investors are created and second if large numbers of early investors ask for liquidation or back-out from the scheme (Will 2012). The scheme is highlighted with the recent fraudulent activities in U.S.A., especially in case if Allen Stanford. Background of Allen Stanford Allen Stanford was born in Mexia, Texas on 24 March 1950. He completed his BA degree in Finance from Baylor University in Waco, Texas. Allens father and grandfather together established the Stanford Financial in 1932, which was later on taken over by Allen himself. Allen got a bright opportunity in 1983 when there was a Texas oil bubble burst. There was a sudden decline in the house prices by approx. 22% in Houston (Rushe 2012). Allen took advantage of this situation and bought real estate at cheaper rates from the banks that needed liquidity. In fact, Stanford Financial was the only company to buy real estate during this declining phase. Over the period of 10 years, the economy recovered and Allen made huge money with those real estates. This gave a massive capital improvement to the company and from there Allen took on the path of fraudulent activities (Mullenix 2013). Stanford Group Company, subsidiary of Stanford Financial Group was established in 1995 and was registered under Securities and Exchange Board (SEB) as a broker-dealer and investment advisor. The company pursued the investors to sell Certificate of Deposits (CDs) in Stanford International Bank with a guarantee that the U.S. securities have insured these CDs. However, none of the CDs was insured. The investors, if asked for any details, were manipulated and misguided by Stanford. He promised the investors of greater returns with no risk. The most astonishing part of this scheme is that despite several warnings the authorities did not take any major step and turned blindfolded (West 2014). U.S. Regulatory and Allen Stanford The $7 billion fraud by Allen Stanford has been hinted to the government much earlier than it was actually taken into account. Allen was able to survive so long without any interference from the regulatory authority as he had invested in the regulatory protection, thus, he was never questioned as to how he could pay such huge dividends, even though it raised high suspicion. The Securities and Exchange Commission (SEC) has been give four warning regarding the suspicious activity in the Stanford Financial Group; however, the investigation never took place (Deason, Rajgopal and Waymire 2015.). The SEC gave various reasons for not conducting the investigation. The main reasons are as- the complexity of the case, other cases that were of high priority and lack of experienced officials to conduct such big and time-consuming case (Andrew Alderson 2017). The enforcement director of SEC, Spencer Barasch was in full support of Allen Stanford. He discouraged or terminated all the cases related to Stanford that came to SEC. In addition, he once asked Stanford if there is anything wrong and just relied on the verbal comment and closed the case without further investigation (Forbes.com 2017). However, he denies such accusations now, but the facts cannot be overlooked. These drawbacks in the regulatory system helped Stanford to carry on with huge fraudulent activities for such a long period. On 15 January 2012, U.S Justice Department charged Barasch for blocking the investigation of Stanford thrice and made him pay $50000 as fine (Forbes.com 2017). Business culture of Allen Stanford SEC has accused Stanford of misguiding and manipulating investors by saying that the CDs are insured and is being invested in the risk free securities whereas the same has been invested in the real estate and non-liquid equity. The point to note is that the money was indeed invested. Stanford adopted the advertising policy where it was clearly mentioned that the investments made by the investors would be invested in an alternative investments. This advertisement is nowhere deceiving in nature (Ibrahim 2017). It may so happen that the liquid investment converts into the frozen one in few years. In addition, the higher rate of interest on CDs guaranteed by Allen Stanford cannot raise much suspicion as even banks as Citibank offers a guaranteed rate of interest on CDs. The only difference that exists is in case of decline in the investment, where the investors of Citibank get their guaranteed return from the government but investors of Stanford did not have such backup (Forbes.com 2017) . These policies of Allen Stanford helped him run his fraudulent activities without any suspicion. Moreover, not just the investors, even the worker or employees of Stanford Financial Group were unaware of the fraud existing in the company (Adelmann 2017). Allen Stanford made them believe that the investment in genuine. This was his biggest victory as if the employees cannot sense the fraud, there was no scope for the investors would do so. In the interview with the Forbes, many employees agreed of their unawareness about the fraud practices. However, they believed that there was something secretive about Allen Stanford but that never raised a suspicion of fraud among the employees (Forbes.com 2017). Some of the illegal practices that were followed by the Stanford that kept him continue with the fraud are as: He prohibited the financial advisors from filing of the mandatory security form for those clients that had IRA accounts having the CDs of Stanford International Bank. He never informed the IRA account holders about the criminal and civil penalties that can bestow on them for non-filling of of mandatory security form. He violated the FINRA (Financial Industry Regulatory Authority) as he misleads the potential investors by purposely overstating the individuals asset value. He destroyed all the electronic data during the SEC investigation to cover his fraud. Exposure of Allen Stanford The following are the reasons for the detection of Stanfords fraud Returns that were too good to consider true The failure of government to detect the Madoffs Ponzi scheme created an alarming situation. The government was more alarmed towards any investment scheme that offered a good interest on a constant basis. The fact that Stanford was registered both as broker dealer and investment advisor with the Antiguan Bank offering high rate of interest without any significant risk was too good to believe for anyone. This was similar to the one of the biggest Ponzi scheme fraud by Madoff. Therefore, SEC finally conducted an investigation on Stanford and presented him before the court (Hauge 2014). Complex Structure of Investment The four investigations that were manipulated by the enforcement officer of the SEC were held on 1997, 1998, 2002 and 2004. Even though the results were manipulated and hidden from the government, each of them concluded the same thing that in no circumstances the return offered by Stanford can be earned from normal investment scheme (Stecklow 2017). This was similar to the previous instances of Ponzi scheme and fraudulent activities. In 2005, the leadership of SEC changed and the investigation against Stanford was reopened. SEC challenged Stanford in court after the confession of Bernie Madoff and thus the Ponzi scheme collapsed (Sher 2016). Legal proceedings of Allen Stanford The case of Allen Stanford involves big scandal and fraud of $7 billion and thus there were many legal proceedings on the case. In 2012, Allen Stanford was convicted for practicing the Ponzi scheme since last 20 years. Stanford was sentenced for an imprisonment of 110 years. The court also claimed that the 29 financial accounts that was located abroad having total net worth of $330 million were fraud and were forfeited(Justice.gov 2017). Even though the sentence has been given, this case is an open case. Allen Stanford has filed a petition on the Supreme Court to challenge the decision. However, the Supreme Court has denied the petition of Stanford and the sentence of 2012 still beholds. Stanford has given a 299 pages brief description stating fifteen reasons to set him free. Stanford argues that the company did not do any fraud and it was because of the government that the prestige of Stanford Financial Group was destroyed and the value of company went down. The lawyers on behalf of Stanford claims that Stanford had been received the returns on the investment of the investors but the accusation of SEC had made the investors to lose faith on the company that resulted in the collapse of entire business (Justice.gov 2017). The claims made by Stanford are not considered true. All the victims who have invested in the company by having a good faith on Stanford have not received any thing in return and are facing severe losses. Thus, the appeals made by Stanford are in no ways justified. This is the reason even the Supreme Court denies the plea of Stanford to reconsider his sentence. Ever since the scandal of Stanford had been detected in the year 2009, approx 176 investors died due to the immense loss they suffered. It was disclosed that the CDs issued by Stanford was not secured and neither was it invested in any liquid securities as conveyed to the investors. The investors money were invested in the real estate for the own benefits of Stanford. The loss of investors have not yet been recovered and they have got only 1 penny for every 1 $ invested by the investors, that shows the intensity of the loss suffered due to Stanfords fraudulent activities. Stanfords victims are eagerly waiting for the court to finally close the case and take strict actions against Stanford and recovery of their investment. This grief of the investors is a proof of the fraud by Stanford and justifies the fact that the claims made by Stanford are baseless and cannot be hold good (Liptak 2017. Conclusion Allen Stanford has given the second biggest Ponzi scheme fraud by making 30000 investors to invest in the CDs offered by him and involving a fraud of $7 billion. This fraud is considered one of the worst till date as it includes so many investors and the recovery of each investors has only been a penny of every dollar invested. The cash crunch and decline in asset value of Stanford Financial Group has affected the ultimate recovery of investors money. This loss suffered could have been control had this fraud been detected early. The Ponzi scheme has a very similar nature is all situations so there must be a strict regulations to check any suspicious activities that hints toward such fraudulent activities. This huge fraud has shown the position of regulatory authority and created an alarming situation for them to stop any such upcoming fraud. It has become important to have s strict check on any kind of suspicious investment scheme and take appropriate actions. It is also important to take a fast decisions in matter related to such big frauds. The proceeding of Stanford has been going on since long time and the case is still open. The judiciary system should be stronger to take necessary actions on a fast track basis to prevent loss of economy in the future. Not only this, but also the awareness is to be created among the investors so that they do not make investment in such fraudulent scheme and are much more careful regarding any other investment plans. References Adelmann, B. (2017).Allen Stanfords Ponzi Scheme a Study on Regulatory Capture. [online] Thenewamerican.com. Available at: https://www.thenewamerican.com/usnews/crime/item/7595-allen-stanford-s-ponzi-scheme-a-study-on-regulatory-capture [Accessed 10 Jan. 2017]. Andrew Alderson, a. (2017).Sir Allen Stanford: how the small-town Texas boy evaded scrutiny to become a big-time 'fraudster'. [online] Telegraph.co.uk. Available at: https://www.telegraph.co.uk/finance/financetopics/sir-allen-stanford/4742924/Sir-Allen-Stanford-how-the-small-town-Texas-boy-evaded-scrutiny-to-become-a-big-time-fraudster.html [Accessed 10 Jan. 2017]. Deason, S., Rajgopal, S. and Waymire, G.B., 2015. Who gets swindled in Ponzi schemes?.Available at SSRN 2586490. Forbes.com. (2017). Forbes Welcome. [online] Available at: https://www.forbes.com/sites/johnwasik/2012/03/07/stanfords-ponzi-scam-the-system-is-still-broken/#52d3bb4b14c9 [Accessed 10 Jan. 2017]. Forbes.com. (2017).Forbes Welcome. [online] Available at: https://www.forbes.com/sites/nathanvardi/2012/06/15/allen-stanford-spain-jamie-dimon-and-the-power-of-deposit-insurance/#22e842e473a [Accessed 10 Jan. 2017]. Forbes.com. (2017).Forbes Welcome. [online] Available at: https://www.forbes.com/sites/nathanvardi/2012/03/06/allen-stanford-convicted-in-7-billion-ponzi-scheme/#5e17d6ba2b08 [Accessed 10 Jan. 2017]. Frankel, T., 2012.The Ponzi scheme puzzle: A history and analysis of con artists and victims. Oxford University Press. Hague, D.R., 2014. Expanding the Ponzi Scheme Presumption.DePaul L. Rev.,64, p.867. Holder, F., 2016.Integrity in Business: Developing Ethical Behavior Across Cultures and Jurisdictions. CRC Press. Ibrahim, J. (2017).Allen Stanford: Descent from Billionaire to Inmate # 35017-183. [online] CNBC. Available at: https://www.cnbc.com/id/49276842 [Accessed 10 Jan. 2017]. Justice.gov. (2017).PENDING CRIMINAL DIVISION CASES | CRIMINAL-VNS | Department of Justice. [online] Available at: https://www.justice.gov/criminal-vns/case/stanfordr [Accessed 10 Jan. 2017]. Liptak, A. (2017).Supreme Court Permits Investor Lawsuits in Stanford Fraud. [online] Nytimes.com. Available at: https://www.nytimes.com/2014/02/27/us/politics/supreme-court-permits-investor-lawsuits-in-stanford-fraud.html?rref=collection%2Ftimestopic%2FStanford%2C%20Robert%20Allen_r=0 [Accessed 14 Jan. 2017]. Mullenix, L.S., 2013. The $7 Billion Stanford Ponzi Scheme: Class Litigation Against Third-Party Actors Under the Securities Litigation Uniform Standards Act. Rushe, D., 2012. Allen Stanford guilty of $7 bn Ponzi scheme.The Guardian. Sheffrin, S.M., 2013. Restitution for Ponzi Scheme Victims: The Symbiotic Relationship of Tax and Securities Laws. Sher, Y., 2016.Branding in Ponzi investment schemes(Doctoral dissertation, The IIE). Stecklow, S. (2017). Hard Sell Drove Stanford's Rise and Fall. [online] WSJ. Available at: https://www.wsj.com/articles/SB123871796188984821 [Accessed 10 Jan. 2017]. West, H., 2014. Ponzi Scheme. Will, S., 2012. Americas ponzi culture.How they got away with it: White collar criminals and the financial meltdown, pp.45-67.