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The COVID-19 pandemic has caused economic turmoil and resulted in unprecedented federal spending to address the public health and economic crisis. However, even before the pandemic, the federal government was on an unsustainable fiscal path caused by an imbalance in revenue and spending.
As a result, debt held by the public is now projected to reach the highest point in U.S. history – 107% of gross domestic product (GDP) – in 2023. GDP is the total value of the goods and services made in the country. Being highly leveraged in debt could impact the federal government’s ability to meet it security and social needs, as well as its flexibility to address unforeseen events.
In today’s WatchBlog, we explore our work on how to tackle the debt after public health and the economy have recovered from the pandemic. Specifically, we look at the potential effect of changes in future spending and revenue and what Congress should consider when designing, implementing, and enforcing new laws to limit spending or increase revenue.
Tough decisions ahead
Policymakers will have tough decisions to make to get the federal government on a sustainable fiscal path. These decisions may include cutting program spending, increasing revenue, or a combination of both.
Setting a target amount for future debt can help frame fiscal decision making. The magnitude of these changes will depend on which debt-to-GDP targets policymakers want to achieve. But other factors—like discretionary spending and GDP—can also affect the federal debt.
To help Congress visualize all the moving pieces, we developed a tool that examines how changes in spending and revenue could help reach some specific debt targets at the end of a 30-year period. This tool also allows policymakers to test out how changes to different factors could affect the spending and revenue changes needed to reach specific debt targets.
The image below is a snapshot of the interactive tool showing the effects of changes in GDP growth rate. Click the image to go to the interactive tool for more.
Snapshot of Tool – GDP Growth Rate
Setting targets for spending and revenue
The information in the tool above can be used to help develop fiscal rules and targets. Other countries use these constraints and benchmarks to promote fiscal responsibility and sustainability, but the federal government has faced challenges doing so here.
We suggested that Congress consider developing a long-term plan that includes fiscal rules and targets, like a debt-to-GDP target, to manage the federal government’s fiscal outlook. We also identified 7 key considerations for establishing new, effective fiscal rules and targets that Congress could consider when doing so. These include steps such as weighing various design features and tradeoffs, and including flexibility for events like national emergencies.
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1.1 Background of the study
Economic analysis of public expenditure growth is all about how growth of public expenditure over time influences overall welfare of the economy. It involves a critical examination of trends over time and across components of public sector spending within the economy. According to Brown and Jackson (1990), economic analysis is necessary for effective evaluation of government performance in the course of carrying out its obligation in modern economies. This argument anchors on the premise that public expenditure reflects the policy choices of government, which directly or indirectly shapes the fortune of entire economy. For Edame (2014), public expenditure refers to the expenses government incurs for its own maintenance, society and the overall economy. It varies and ranges from defence, general administration, health, education, electricity generation and supply, roads, telecommunications and water supply among others.
Before 1936, the classical economic thinking that characterized most nation states was heavily built around laissez faire ideology. This ideology placed minimum government interference on economic affairs of individuals and state. It restricted the growth of government expenditure to the need for maintenance of law and order, and defence against external aggression. Public expenditure however, witnessed unprecedented growth immediately after the emergence of Keynesian macroeconomic revolution in late 1930s. For instance, Brown and Jackson (1990) quoted Peacock and Wiseman (1961) as revealing that government expenditure as percentage of gross domestic product (GDP) in the United Kingdom hovered around 9% and 15% between 1890 and 1914. It subsequently reached about 48% during World War I (1914-1918) and declined to average of about 27%, until 1937 when it started rising astronomically. Following the outbreak of World War II (1939-1945), government expenditure rose to about 60% of GDP in the U.K but declined to average of about 44.9% from 1948 to 1987. The trend was similar across major economies, including the U.S.A (Musgrave & Musgrave, 2004).
Existence of rapid growth of public expenditure and the need for its regulation led to some theoretical postulations. Some of them include political instability inducing government expenditure, also known as Peacock and Wiseman Displacement theory (Peacock and
Wiseman, 1961); stages of development growth theory of public expenditure (Musgrave, 1969; 1974 and Rostow, 1971); economic growth inducing government expenditure or Wagner’s law (Bird, 1971); government decentralisation inducing government expenditure which is also known as the Leviathan theory (Rodden, 2003); and revenue-spend theory which suggests that the spending level in an economy should adjust equivalently to the volume of revenue generated in the economy. All these were rooted in traditional economic thinking of the classical, Keynesian, and Wagnerian schools of thought.
Economists recently however, observed potential consequences of unregulated rise in government expenditure on economic growth. So far, a number of seasoned theoretical studies support the claim that rapid increase in democratic institution and rising demand for welfare state positively correlate with high profile growth in relative size of public sector spending. In their inquiries, Barro (1989), Scully (1994 & 2003), Armey and Armey (1995) and Rahn and Fox (1996) came up with similar argument that long-run relationship between size of government sector and economic growth has a concave shape. It implies that when government sector is very small, long-term economic growth can be accelerated through increase in provision of public goods. The marginal economic growth will be positive but decreasing as the size of government sector increases. It will become negative when additional charges from increment of government sector became harmful to the benefits resulting from increasing the productivity. The turning point at which increase in government expenditure leads to maximum increase in economic growth is therefore known as the optimal size (level) of public sector. According to Vedder and Gallaway (1998) and Facchini and Melki (2011), it is the point at which increase in government spending (as proportion of GDP) results to maximum increase in economic growth. However, exact position of this turning point remains unknown and contentious among researchers. Mutascu and Milos (2009) argue that whatever becomes an economy’s optimal size of public sector depends largely on structural factors such as economic cycle, structure of public expenditure and fiscal pressure. This fact notwithstanding, the importance of knowledge of optimal size of public sector cannot be overstated in the face of increasing need for effective macroeconomic stabilization policy in contemporary time. At the peak of its benefit remains provision of insight to the government on how to strike balance between supply of public goods and achievement of sustainable economic growth (Chobanov & Maldenova, 2009).
As a case study, Nigeria is a middle income country and mixed economy. She is an emerging market with expanding financial, service, communications, technological and entertainment sectors. According to Worldometers (2015), Nigeria worth about $568.51 billion in 2014 GDP and represents about 0.92% of world economy. She ranks 26th in the world and 1st in Africa. In similar way, her population is estimated at about 177.8 million in 2014 as she ranks 7th in the world (Worldometers, 2015). The country has however witnessed unusual high growth in government expenditure in the last two and half decades. From 1960 to 2013 for example, government expenditure has grown from $291.48 million to $57.49 billion respectively. This growth however, is yet to be translated into citizens’ welfare as more Nigerians are poor today as was never before (Nasiru, 2012). Interested analysts such as Omotoso (2010) and Ikeji (2011) blame this unwanted outcome on regular change in revenue allocation and expenditure policy, which was widely accused of benefiting the federal government at the expense of her federating units. Hence, justification for high growth in federal government spending becomes a source of unending socio-political and economic development debate in Nigeria.
Professional analysis of public expenditure growth and optimal size of the public sector now becomes more relevant at a time when development challenges such as poor infrastructure, high level of unemployment, insecurity of life and property are very common. These challenges persist despite huge government expenditure budgeted annually to solve them. Among several others, Okafor and Eiya (2011) argue that urbanization, degree of trade openness, government revenue, inflation, external reserves, population density, type of government regime, policy instability and public debt remain key growth drivers of public expenditure in Nigeria. Sequel to this argument, diverse fiscal policy measures were adopted by Nigerian government in the course of managing public expenditure. Some of these policies were channelled towards reduction in total expenditure and diversification of revenue mobilization strategy. Others include promotion of transparency cum accountability in management of national resources. The quest for effective fiscal framework culminated in enactment of Nigeria’s Fiscal Responsibility Act of 2007. This Act was aimed at minimizing wasteful government spending, encouragement of transparency, consolidation of accountability and promotion of overall fiscal discipline.
The problem of increasing government spending however remains with us despite above control measures. For example, within the periods 1967-1970, 1973-1975, and 1980-1981,
public expenditure growth rate varied from 1.12% to 58.96%, 4.48% to 116.84%, and 102.09% to -23.75%; while economic growth rate fluctuated between -4.25% and -1.25%, 5.8% and 6.2%, and -3.2% and -2.9% respectively (Central Bank of Nigeria, 2009; 2012). In recent time, growth in government expenditure declined from 21.48% in 2010 to -2.27% in 2012 and rose to 14.23% in 2013, while the economy grew at the rate of 7.84%, 6.75% and 7.31% at the same time. Correspondingly, if the claim by Vedder and Gallaway (1998) holds that “no government is too little, but all-encompassing government is too much,” the question that comes to mind becomes ‘what is the right size of government from the standpoint of maximizing economic welfare in Nigeria?’ ‘Has the growth of public sector in Nigeria proceeded too little, too much, or about right from the standpoint of increasing the output of goods and services?’ ‘Should Nigeria expand government financial activities faster or slower than growth rate of the economy so as to expand output of goods and services?’
These questions are yet to receive desired response from researchers. Apart from few studies like Okafor and Eiya (2011) which estimated the determinants of growth in government expenditure; Ekeoch and Oduh (2012), Oriakhi and Arodoye (2013), Olaleye, Edun, Bello and Taiwo (2014) and Alimi (2014) which examined the optimal size of the public sector in Nigeria, dozens of other studies were more interested and focused on impact of government expenditure on economic growth. Interestingly enough, none of the above few studies care to estimate the rate at which public expenditure grows in Nigeria. This knowledge gap makes it difficult to establish dependable link between actual and expected rate of government expenditure growth in the economy. Again, little or no attention was paid to the issue of possible ways of checkmating growth of public expenditure. For this reason, the marginal efficiency of rising components of government spending cannot be equally predicted. In addition, detailed study on optimal size of public sector in Nigeria is scarce.
1.2 Statement of the problem
Nigeria has witnessed continuous rise in government expenditure due to growing receipts from oil revenue, increased demand for public utilities and general effect of inflation on the economy (Nurudeen & Usman, 2010). Again, the increasing need for security in the face of rising civil unrest from militancy to terrorism also increased government expenditure. For example, Central Bank of Nigeria (2012) and Budget Office of the Federation (2014) reveal that government expenditure on defense were N444.6 billion, N233 billion, N264 billion,
N348 billion, N921.91 billion, N1,055 billion and N968.127 billion from 2008 to 2014 respectively. In addition, public sector analysts believed that steady rise in government expenditure in Nigeria was underpinned by persistent rise in cost of general administration, emolument of public office holders, misallocation of resources, government inefficiencies, personal interest of politicians and bureaucrats, debt services and debt repayment. Available statistics from Central Bank of Nigeria (2009; 2012) shows that total government expenditure rose significantly in the last five decades. For instance, total recurrent expenditure rose from N716.10 million, N4,085.20 million, N36,219.60 million, N416,600 million, N3,109,378.51 million to N3,365,760.00 million. While total capital expenditure was N187.80 million, N10,163.30 million, N24,048.60 million, N239,450.90 million, N883,874.50 million and N1,621,480.00 in 1970, 1980, 1990, 2000, 2010 and 2013 respectively. The image was clearly painted in Figure 1.1 below.
Figure 1.1: Federal government annual expenditure 1961-2013
Source: Plotted by the researcher from CBN Statistical Bulletin, 2009 and 2012
Despite continuous rise in annual government spending as shown in Figure 1.1 above, Nigeria still faces rising incidence of poverty and ranks among the poorest countries in the world. Many Nigerians continued to wallow in abject poverty, while more than 50% live on less than US$2 per day (Nurudeen & Usman, 2010). Apart from inadequate infrastructure
(especially roads and power supply) which impedes industrialization and promotes high level of unemployment, macroeconomic indicators like balance of payments, inflation rate, exchange rate, and national savings reveal that Nigeria has not fared well in the last couple of years (Central Bank of Nigeria, 2009).
In attempt to finance rising expenditure given above situation, government may increase taxes (borrowing) for instance. Higher income tax tends to discourage individual from working for long hours or even searching for jobs. This, in turn, reduces income and aggregate demand (Nurudeen & Usman, 2010). Similarly, higher profit tax may lead to increased production costs and decreased investment expenditure as well as profitability of firms. When firms faced downward trend in their profitability, they usually shut down beyond their breakeven point. This action may result to reduction in national output, followed by rise in unemployment rate. Risen unemployment rate will on the other hand, translate into reduction in household income and leads to deterioration in standard of living among citizenry. Furthermore, if growth in public sector spending is finance through borrowings from the banks, such borrowings culminates in rising interest rate which will consequently lead to
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Is kt more difficult to study Latin or Spanish? Microeconomics can be applied in a positive or normative sense. ). Nature has placed mankind under the governance of Those looking for an advanced microeconomics textbook will find that Felix Muñoz-Garcia excels at combining conceptual clarity, mathematical rigor, relevant examples, and intuition. These explanations, conclusions, and predictions of positive microeconomics can then also be applied normatively to prescribe what people, businesses, and governments should do in order to the most valuable or beneficial patterns of production, exchange, and consumption among market participants. Advanced Microeconomic Theory 2. This monograph presents major elements of advanced micro-economic models for systematic thinking about the working of modern markets. MIT Press began publishing journals in 1970 with the first volumes of Linguistic Inquiry and the Journal of Interdisciplinary History. 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Microeconomics analyzes the markets and determines the prices for services and goods that best allocate limited resources. It covers standard topics such as preference relations, demand theory and applications, producer theory, choice under uncertainty, partial and general equilibrium, monopoly, game theory and imperfect competition, externalities and public goods, and contract theory; but its intuitive and application-oriented approach provides students with a bridge to more technical topics. The offers that appear in this table are from partnerships from which Investopedia receives compensation. It is a common fallacy to interpret mathematical causality with real economic causality. Professor Lorenzoni will cover demand shocks, macroeconomic effects of news (with or without nominal rigidities), investment with credit constraints, and liquidity with its aggregate effects. This book is definitely the best option. Applied Microeconomics Consumption, Production and Markets This is a microeconomic theory book designed for upper-division undergraduate students in economics and agricultural economics. Stern School of Business Advanced Microeconomics Prof. Nicholas Economides Preliminary Outline Spring 2006 M 1:00-4:00 Office Hours: Mon. Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Business economics applies economic theory and quantitative methods to the study of organizations and the relationships that organizations have with labor, capital, and markets. 5-6pm, Tue. Exploring How an Economy Works and the Various Types of Economies, Everything You Need to Know About Macroeconomics, A Definition and Explanation of Business Economics. Advanced Microeconomic Theory covers the core microeconomics curriculum with a perfect balance between intuition and rigor. This is a free pdf download of the entire book. The book is also notable for incorporating insights from behavioral economics. 14.461 is an advanced course in macroeconomics that seeks to bring students to the research frontier. Microeconomics is the study of individuals, households and firms' behavior in decision making and allocation of resources. "Microeconomics: Theory and Applications, Part 2," Page 224. John Sutton, Technology and Market Structure (MIT Press, 1998). Neoclassical economists make simplifying assumptions about markets—such as perfect knowledge, infinite numbers of buyers and sellers, homogeneous goods, or static variable relationships—in order to construct mathematical models of economic behavior. Economics is a branch of social science focused on the production, distribution, and consumption of goods and services. The book is also notable for incorporating insights from behavioral … By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. This field of study deals with factors that influence individual economic choices. Microeconomics is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. ... *Advanced … Advanced Microeconomics Strategic Games with Complete Information Example (4 - All-Pay Auction - Proposed as exercise) I Two players submit a bid for an object of worth k; I b i 2[0,k] individual strategy space where b i is the bid; I The winner is the player with the highest bid; I If tie each player gets half the object, k/2; I Each player pays her bid regardless of whether she wins; The preference relation provides a foundation upon which classical microeconomics erects a theory of rational choice. Advanced Microeconomics - New York University advanced microeconomics lecture notes pdf provides a comprehensive and comprehensive pathway for students to see progress after the end of each module. 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2020 what is advanced microeconomics
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What is Money? A New Perspective
It’s funny how sometimes simple things can color or change our perspective. How we instinctively view things from our own understanding one way, when after a little thought there is a completely different dimension sub-consciously glossed over.
Such is often the case when asked the question “what is money”? Innately our culture ingrains into us that it is some physical object made of paper with green ink. Seems reasonable, since we all use money every day – surely we know what it is, and where it comes from? One thought is that money is simply a medium of exchange, but the same can be said of currency which has distinct differences. Currency is merely a representation money.
If you are a bit nerdish in learning economy and history of how money works then enjoy delving into the next couple headings. Otherwise to continue with the real meaning of this post skip to the heading of “Life Changing Perspectives”.
The concept of money
The textbook, answer says that money should possess three characteristics:
- The first is that it should be a store of value. While gold and silver fulfill this, they lack the third aspect of bring easily divisible. Gold and whatnot is rare, takes a lot of energy to mine, and doesn’t corrode or rust. By contrast, now that we are on a fiat system (which I will touch on in a minute) the value of the US dollar is going down over time. Since 1971 the dollar has lost over 80% of it’s purchasing power. Unfortunately this punishes people who save and enforces the need to invest in order to hedge against loss (I would suggest looking into ways to become your own bank).
- The second quality of money is that money needs to be accepted as a medium of exchange, meaning that it is widely accepted within a population as an intermediary, within and across all economic transactions.
- The third feature for money is that it needs to be a unit of account, meaning that the money must be easily divisible and each unit must be equivalent.
American Money in Action
Once upon a time, every dollar was backed by a known weight of silver or gold of intrinsic value that was payable to the bearer on demand. My dad actually has a “Silver Certificate” for one dollar from I think the 40’s.
In 1971 our US dollar stopped being “money” and became a “currency”. We abandoned the “gold standard” and adopted a system known as “Fiat Money”. This is where currency derives its value from government regulation or law and is not backed by anything tangible. Now American dollars are the liability of the Federal Reserve (a private entity entrusted to manage the US money supply), which was empowered by the Federal Reserve Act of 1913. This is basically like giving someone who can’t control there spending habits an unlimited credit card.
Not to get into such things much but this introduced many issues into our system, which from my perspective, will inevitably crash because it is now unsustainable. The government started “printing” money, meaning that they physically print more money than we as a country produce in value, which devalues the american dollar. In the day to day living of our lives this has cumulative effects with inflation. The thing with inflation is that it compounds over time and grows faster and faster. Every time this has happened in a culture the currency has gone to its true value, which is zero.
As mentioned by Tim Mcmahon, the average annual inflation since 1913 is “only” 3.24%. But compounding something for almost 100 years at 3.24% results in over 2000% inflation (most of the 2000% inflation has occurred since 1940). Meaning that something that cost $9.80 in January of 1913 would cost $234.15 today! With things considered with inflation, cost of living, etc. you would have to make $287,000 to have the same purchasing power that $100,000 had in 1980.
Another way our society “prints money” is because of banks. Many people are unaware that for every dollar you save in your bank they are allowed to then lend out eight dollars (that may now be ten but I haven’t confirmed that). Money that doesn’t exist floating more and more into the world. Credit cards are a yet another form of currency which if used poorly simply enslaves people in ways they don’t consciously realize, they just deal with it.
Life Changing Perspectives
Always having debt (cars, house, education, credit cards, loans, etc.) is a mentality that is culturally embedded into our society along with a lot of other negative beliefs about money which we will discuss momentarily. So we visited the thought of what money is generally considered and I would like to broaden your mind on this a bit more.
If you were to look at wanting to go rock climbing up a mountain (or in the case of our picture a couple of volcanoes) what would you need to accomplish this? Knowledge, tools, equipment, preparation, mentors or a guide, maybe even someone on belay (the right team), and perhaps some minor experiences in more controlled conditions…in short you need to come up with resources and experience to safely venture out. After having some mentoring with the multi-millionaire Kris Krohn, he showed me that money or currency, in a more ethereal sense, is a resource. Our ability to have more money simply comes down to what resources we come up with and how we choose to utilize them.
Beliefs About Money
There are many things that we are exposed to as being “socially acceptable” throughout life. Beliefs that we internalize in emotionally charged moments in childhood that anchor positive and negative beliefs. When asked what people believe about money there are many deep seeded thoughts that come to mind. There is not enough, many is hard to earn, money or the love of it is evil, money doesn’t grow on trees, we can’t afford it, things cost too much, I am not worthy, I am not successful, and the list just goes on and on. As such we develop our own personal “financial barometer” where we earn an income that we are emotionally comfortable with that is in alignment with our beliefs about life.
I used to have mind set at $40k per year. So after I got married and my wife and I were making a combined income of $70k it was a life style that while I enjoyed I didn’t feel at home in, and in time I sabotaged my income which then put us making less than our expenses and suddenly life shifted the opposite direction. The sad part is on a very sub-conscious level I was more comfortable dealing with the stress of debt, and bill collectors than the freedom of middle-class prosperity.
Much like I used to, most people have a dysfunctional, adversarial relationship with money. Trying to retrain your mind and undo the brainwashing that’s been instilled into us throughout life doesn’t happen overnight. There’s a reason you have that desire in the back of your head to make a lot of money, because you can use that money to bring a lot of GOOD into your life and the lives of others. The problem is that most people can’t simply tell themselves to start thinking differently about money – to live LIMITLESS. If you want to start attracting money, stop seeing it as your enemy and think of it as one of your greatest allies. Money’s a friend that has the power to end sleepless nights of worry and physical pain, and can even save your life. A tool that when utilized can make a huge difference in the world and do vast amounts of good. Such positive feelings and paradigms of money lead people to build a stronger relationship every day.
How the Rich Think Differently About Money:
Average people prefer to be entertained and think that the road to riches is paved with a formal education doing things they don’t love, and/or they have a “lottery” mentality. Rich people believe in following their passion, prefer to be educated in acquiring specific knowledge and have mentality of taking action. The rich also see money through the eyes of logic, rather than looking at it through the eyes of emotion.
While the average person thinks you must “do” something to get rich and you must have money to make money. They set their expectations low to avoid fear and disappointment. The wealthy on the other hand believe that you must “be” something to get rich and are up to the challenge and utilize all the resources available to them. Rather than focusing on saving, the wealthy put their core focus on earning and investing, they learn when to take risks.
Wealthy people know that big money requires thinking about it in non-linear terms. They have become masters at generating money through ideas that solve problems. They realize there is no limit to ideas; thus, there is no limit to how much money they can earn.
While on average people let money stress them out, the rich find peace of mind in wealth creation, no matter what stage of creation it’s in. The wealthy believe in cultivating relationships with like-minded people that uplift and inspire them. Instead of “spending” money on the things they need the wealthy “invest” money in the things they need. They don’t spend money on filling up a tank of gas, they invest it in traveling where they want to go. While the average expect to struggle and make money and the expense of family time, the wealthy expect to thrive and enjoy even more quality time.
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Overview of LDN Targets
• By 2030, halt the conversion of forests to other land cover classes and maintain the forest cover at the most recent baseline figure of National Forest Reference Level, 2017 (44.70%, as of 2014).
• By 2030, increase the agricultural growth by 6% per annum. The current baseline is 3% as of 2010 (Agriculture Development Strategy, ADS 2015-2035).
• By 2030, increase the Soil Organic Carbon (SOC) stock in forest and cropland by 1.0% per year. The current baselines are 132.4 t/ha for forest and 86.1 t/ha for cropland, and an average rate of SOC loss was estimated at -0.01% per annum (default global data/ UNCCD).
• By 2030, out of 26277 hectares of wetlands (Lakes, Reservoirs, Ponds and Marginal swamps) 10% of wetland ecosystems will be restored. Their resilience and the contribution of biodiversity to carbon stock will be enhanced by conservation and restoration of degraded ecosystems, focusing on degraded forests, protected areas, and conservation areas which will contribute to climate change mitigation and adaptation, and to combat desertification/land degradation.
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- What are the features of negotiable instrument?
- Is Fd a negotiable instrument?
- What are the 3 types of negotiable instrument?
- What is the difference between a contract and a negotiable instrument?
- What is maturity of bill?
- Is postal order a negotiable instrument?
- What are the two types of holders of negotiable instruments?
- What is negotiable instrument discuss its various kinds?
- What are the 7 rules of negotiation?
- What are the types of endorsement?
- What is the importance of negotiable instrument?
- What is a negotiable security?
- What is the most common type of draft?
- How do you ask for a lower price?
- Which is not a negotiable instrument?
- How many types of negotiable instrument are there?
- Which are the Negotiable Instruments?
- Whats is negotiable?
- What are the 5 stages of negotiation?
What are the features of negotiable instrument?
Features of Negotiable InstrumentsEasily Transferable: A negotiable instrument is easily and freely transferable.
Must be in Writing: All negotiable instruments must be in writing.
Time of Payment must be Certain: If the order is to pay when convenient then such an order is not a negotiable instrument.More items….
Is Fd a negotiable instrument?
(1) Free Transferability : A negotiable instrument may be transferred by delivery if it is a bearer instrument or by endorsement and delivery if it is an instrument payable to order. Thus, a Fixed Deposit Receipt, which is marked as ‘not transferable’is not a negotiable instrument.
What are the 3 types of negotiable instrument?
A negotiable instrument acts state three instruments; check, bill of exchange, and promissory notes are negotiable instruments. They are therefore called negotiable instruments by statute.
What is the difference between a contract and a negotiable instrument?
A negotiable instrument is a contract, albeit not obvious in formation of the required offer, and consideration. Unlike ordinary contract documents, the right to the performance of a negotiable instrument is linked to the possession of the document itself (with certain exceptions such as loss or theft).
What is maturity of bill?
8.4 Maturity of Bill The term maturity refers the date on which a bill of exchange or a promissory note becomes due for payment. In arriving at the maturity date three days, known as days of grace, must be added to the date on which the period of credit expires instrument is payable.
Is postal order a negotiable instrument?
A non-cash form of money such as a cheque, bill of exchange, promissory note, traveller’s cheque, bearer bond, money order or postal order. BNIs often include the instruction ‘pay to the bearer’.
What are the two types of holders of negotiable instruments?
Two Types of Negotiable Instrumentsthe person writing the check (the “drawer” of the check)the person who the check specifies should be paid (the “payee” of the check); and.a bank which has the funds to cover, and will give money for, the check (the “drawee” of the check).
What is negotiable instrument discuss its various kinds?
In other words, negotiable instruments are documents which promise payment to the assignee (the person whom it is assigned to/given to) or a specified person. These instruments are transferable signed documents which promises to pay the bearer/holder the sum of money when demanded or at any time in the future.
What are the 7 rules of negotiation?
The 7 Rules of Power NegotiationWhere do people learn to negotiate successfully? … Rule No 1 – Everything is negotiable. … Rule No 2 – Know what you want before negotiating. … Rule No 3 – Aim for a Win/Win negotiation. … Rule No. … Rule No 5 – Never believe anyone else is entirely on your side. … Rule No 6 – Strive to be innocent. … Rule 7.More items…•
What are the types of endorsement?
Types of EndorsementBlank Endorsement – Where the endorser signs his name only, and it becomes payable to bearer.Special Endorsement – Where the endorser puts his sign and writes the name of the person who will receive the payment.Restrictive Endorsement – Which restricts further negotiation.More items…
What is the importance of negotiable instrument?
Negotiable instruments are critical to our economy. They allow people to do business and to be certain that they will receive money for their services or goods without the actual transfer of cash. For example, a business can mail a check to a supplier instead of delivering large amounts of cash.
What is a negotiable security?
negotiable security means a financial instrument that may grant ownership right to the transferee due to the transfer from one person to another with or without endorsement.
What is the most common type of draft?
The National Football League Draft, also called the NFL Draft or (officially) the Player Selection Meeting, is an annual event which serves as the league’s most common source of player recruitment.
How do you ask for a lower price?
5 Tips On How To Negotiate Fair Prices Without Offending The SellerBe Reasonable When Negotiating. … If You Don’t Have the Money, Don’t Offer It. … Ask For a Lower Price. … Be Friendly. … Don’t Be Afraid to Move On.
Which is not a negotiable instrument?
Crossed cheque is not a negotiable instrument. A cheque is a negotiable instrument. It can either be open or crossed. While a crossed cheque is not payable over the counter but shall be collected only through a banker.
How many types of negotiable instrument are there?
four typesNegotiable instruments include two main types: an order to pay (encompasses drafts and checks) and promises to pay (promissory notes and CD’s). The instruments can also be classified as demand instruments or time instruments. Thus there are four types of negotiable instruments.
Which are the Negotiable Instruments?
Negotiable instruments are transferable in nature, allowing the holder to take the funds as cash or use them in a manner appropriate for the transaction or according to their preference. Common examples of negotiable instruments include checks, money orders, and promissory notes.
Whats is negotiable?
If you’re told that a price is negotiable, that means you can talk it over until you reach an agreement. So don’t start with your highest offer. Negotiable can also mean that a road or path can be used. If you can pass on a possession to someone else, making them the owner, then it’s said to be negotiable. …
What are the 5 stages of negotiation?
Negotiation Stages IntroductionThere are five collaborative stages of the negotiation process: Prepare, Information Exchange, Bargain, Conclude, Execute.There is no shortcut to negotiation preparation.Building trust in negotiations is key.Communication skills are critical during bargaining.
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Just as Industry 4.0 is a holistic given with a (partial) transfer of autonomy, intelligence and autonomous decisions to machines and to the edge, supply chain and logistics in Industry 4.0 is very similar, albeit with, on top of the overlaps, different applications, technologies, human and business aspects and elements.
There are many types of logistics and there are many definitions of logistics, ranging from the organization, planning and management of something complex, such as the logistics of setting up an event, to activities whereby many moving parts and processes are involved. It’s in the latter sense of moving things (goods, assets, materials, data and more) around in a business, supply chain and Industry 4.0 context that we look at logistics here.
What is Logistics 4.0?
In a wide way, Logistics 4.0 makes use of smart technology derived containers, vehicles, pallets, and transport systems. This ensures in creating a fully networked supply stream chain that offers supply chain managers, shippers, freight forwarders, and others the necessary transparency and visibility to route transport and performs other logistics tasks in an optimal way.
Logistics 4.0 and Supply Chain Management 4.0 or smart supply chain management concern the various aspects of end-to-end logistics and supply chain management in the context of Industry 4.0, the Internet of Things, cyber-physical systems, emerging technologies, advanced data analytics and (semi-)autonomous decisions enabled by AI.
AdapTools for Logistics 4.0
4.0 Technologies for Logistics Industry
The latter aspect of data, turned into actionable intelligence and ultimately (autonomous, semi-autonomous and human) actions is key to smart supply chain management and logistics in Industry 4.0 and industrial transformation, whereby we looked in depth at several data-intensive elements such as vertical and horizontal integration.
The Industrial Data Space is just one approach, heavily promoted by the people behind Industry 4.0. All major players who are involved in the future of logistics have already at the very least looked at the potential of blockchain technology in supply chain management and logistics of the hyper-connected and (semi-)autonomous kind.
Internet of Things
IoT enabled warehouse, a supply chain manager who has access to the product would easily detect damaged product or group of products on the basis of heat and light conditions. Even if the realization of damaged products is too late, just by knowing the issue would enable the supply chain manager of the warehouse to restock the damaged products so that there is no hamper in providing customers in what they need at any time.
Robotic Process Automation
In the shipping and logistics industry, back office operations like updating customer details on portals with the current status and ETA, scheduling a delivery, or tracking are performed manually. Robotic Process Automation can automate such mundane tasks and can work 24/7 increasing operational efficiency, productivity and reduces the cost. By automating the core business processes, the task will be less tedious and will meet SLAs and improve customer expectations.
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Six hundred old Belgium coins were recently uncovered by demolition workers in a small town in Brittany, France last week.
Struck in 1870 at 20 Belgian francs per coin, the total value of the coins are reportedly worth €100,000 today.
Cash is often hailed as a nation's calling card, valued by people beyond their monetary worth.
Thanks to the resilience of durable and tangible coins, the monetary value of the metals is preserved. But it is thanks to the portrait of King Leopold II, embossed on the reverse of each coin that Belgium history is not only recorded but handed down. Discoveries of cash invariably inspire wonderment over a forgotten generation of everyday people who traded with them over a hundred years ago.
King Leopold II, ruled for 44 years and primarily remembered for his terrible exploitation of the Congolese people. While the tragedies he caused reveal a dark side of Belgium's history, it is not his approval rating that decides the value of the coins, but the importance of piecing together a people's history, the good and the bad.
Cash reflects a nation’s identity. Thanks to the resilience of tangible cash, coins not only survive the test of time but a nation’s calling card, valued by people beyond their monetary worth. Their motifs depict a people’s defining moments and historic landmarks.
What a reminder of cash's unique role as a cultural time capsule.
In a cashless society, future generations are denied that connection to our everyday life. Holding and trading with tangible money is hardwired into human consciousness, the hardware that'll always be compatbible with future generations.
“The owner of the house was not surprised, because he knew his grandfather was a coin collector,”
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What is the difference between accountants and auditors?
We are often asked by clients what is the difference between accountants and auditors. The two are very similar and an auditors qualifications are likely to be the same as an accountants. Michael Chadwick, founding director at Chadwick & Company, explains the differences and gives an insight into how audits can be helpful for your business.
The role of an auditor vs an accountant
An accountant aims to give the client a financial picture of their trading year and highlight any areas of opportunity or weakness in the business whilst complying with company legislation and calculating a tax liability for the period.
Whereas an external auditor’s role is to add value and confidence to a set of accounts by testing areas of financial risk and uncertainty. They will review the financial statements and test their accuracy, searching for errors that would fundamentally alter a user’s perception of the accounts.
Audit risks may have been highlighted to us by clients themselves or may be apparent when we review the draft accounts for the period. As financial auditors, we aim to eliminate risk and give as much confidence in a set of accounts as possible.
Many businesses will meet the audit exemption for small companies and as a result, an external audit is not required. However, all companies are required to file a set of accounts with HMRC.
Legally a statutory audit is required when two of the following company audit thresholds have been met:
- an annual turnover of more than £10.2 million
- assets worth more than £5.1 million
- 50 or more employees on average.
Alternatively, an audit can be requested by a company’s shareholders. This is an avenue that lots of our clients are pursuing due to the added value an audit can give to a business.
The benefits of audits
External audits give an impartial review of your business. Often internal audit and accounts staff have the opportunity to present information favorably and paint their own department and targets in a positive light. In our role as independent auditors, we can test assumptions made and give confidence to areas of uncertainty and sensitivity. We are fully independent of any bias within your organisation and aim to find any material error that could be detrimental to your business. This is the difference between internal and external audit.
You will have peace of mind of knowing your accounts are in full compliance with statutory requirements. This will be across the broad range of tax legislation for PAYE, VAT, and Corporation Tax. There may also be stipulations in the company’s Articles of Association that state the company must be audited every year.
Not only will you have an accurate account of your true financial position, but an audit report can also give you a professionally documented statement. This can be the basis for future finance applications, reports, mortgage applications, finance options and expansion opportunities.
Finally, the image and reputation of your business are greatly enhanced by being able to present a professionally prepared set of accounts that have been reviewed by an independent auditor. Your business is seen to be more reliable and bigger to potential suppliers and customers if your accounts have been audited.
Find out more about audits
We offer a free, no-obligation, initial meeting where we provide information on:
- The audit of a limited company accounts
- A breakdown of our statutory audit program
- The role of internal audit in a statutory audit
- A detailed breakdown of statutory audit fees
- Our audit history and experience that we can bring to your organisation.
We are an experienced auditor and cover a wide range of industries including charities, professional practices, group companies and many more. Read more about our audit service here.
All new clients are assigned a qualified audit manager who provides one-to-one contact throughout the year. We meet regularly to discuss your accounts, any relevant changes to your industry sector and future plans for your business. We take great pride in delivering a high-quality audit to give you a better understanding of your financial position and provide meaningful recommendations to help drive your business forward.
To find out more or to get an audit quote, email or call us on 0161 370 9600.
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By Jonathan Colehower, CEO, CargoChain
While it is comforting to know that two of the many potential vaccines against COVID-19 are showing remarkable efficacy, the world still faces intractable challenges with vaccine distribution. Specifically, the sheer number of vaccines required and the complexity of global supply chains are sure to present problems we have neither experienced nor even imagined.
Five macro-challenges will impact every country, organization, government and individual:
The Scale of the Problem
Current projections estimate that we could need 12-15 billion doses of vaccine, but the largest vaccine manufacturers produce less than half this volume in a year. To understand the scale of the problem, imagine stacking one billion pennies – you would have a stack that is 950 miles high. Now, think of that times ten. This is a massive problem that one nation can’t solve alone.
According to the World Health Organization, there are currently 48 vaccine candidates in clinical trials and another 164 candidates in pre-clinical trials. Simply coordinating over 200 vaccines requires massive investment and collaboration.
Even if we have a vaccine – can we make enough? Based on current projections, Pfizer expects to produce up to 1.3 billion doses this year. Moderna is working to expand its capacity to one billion units this year. Serum Institute of India, the world’s largest vaccine producer, is likely to produce 60% of the 3 billion doses committed by AstraZeneca, Johnson & Johnson and Sanofi. This leaves us about 7 billion doses short.
Expanding vaccine production for most regions in the world is complicated and time-consuming. Unlike many traditional manufacturing operations that can expand relatively quickly and with limited regulation, pharmaceutical production must meet current good manufacturing practice (CGMP) guidelines. So, not only does it take time to transition from R&D to commercial manufacturing, but it could also take an additional six months to achieve CGMP certification.
The problem becomes even more complex when considering the co-products required. Glass vials and syringes are just two of the most essential co-products needed to produce a vaccine. Last year, before COVID-19, global demand for glass vials was 12 billion. Even if it is safe to dispense ten doses per vial, there is certain to be significant pressure on world supply of the materials needed to package and distribute a vaccine.
It is imperative drug manufacturers and their raw material suppliers have clear visibility of production plans and raw material availability if there is any hope of optimizing scarce resources and maximizing production yield.
It is widely known by now that temperature is a critical factor for the COVID-19 vaccine. Even the regions with the most developed logistics infrastructures and resources needed to support a cold-chain network are sure to struggle with distribution.
For the United States alone, State and local health agencies have determined distribution costs will exceed $8.4 billion, including $3 billion for workforce recruitment and training; $1.2 billion for cold-chain, $1 billion vaccination sites and $0.5 billion IT upgrades.
The complexity of the problem increases further when considering countries, such as India, that do not have cold-chain logistics networks that meet vaccine requirements. Despite India’s network of 28,000 cold-chain units, none are capable of transporting vaccines below -25°Celsius. While India’s Serum Institute has licensed to manufacture AstraZeneca’s vaccine, which can reportedly be stored in standard refrigerated environments, even a regular vaccine cold chain poses major challenges.
Furthermore, security will undoubtedly become a significant concern that global authorities must address with a coordinated solution. According to the Pharmaceutical Security Institute, theft and counterfeiting of pharmaceutical products rose nearly 70% over the past five years. As with any valuable and scarce product, counterfeits will emerge. Suppliers and producers are actively working on innovative approaches to limit black-market interference. Corning, for example, is equipping vials with black-light verification to curb counterfeiting.
Clearly, this is a global problem that will require an unprecedented level of collaboration and coordination.
Disconnected Information Systems
While it is unreasonable to expect every country around the world will suddenly adopt a standard technology that would provide immediate, accurate and available information for everyone, it is not unreasonable to think that we can align on a standard taxonomy that can serve as a Rosetta Stone for collaboration.
A shared view of the situation (inventory, raw materials, delivery, defects) will provide every nation with the necessary information to make life-saving decisions, such as resource pooling, stock allocations and population coverage.
By allowing one central authority, such as the World Health Organization, to organize and align global leaders to a single collaboration standard, such as GS1, and a standard sharing protocol, such as DSCSA, then every supply chain participant will have the ability to predict, plan and execute in a way that maximizes global health.
Political Influence and Social Equality
As if we don’t have enough stress and churn in today’s geopolitical environment, we must now include the challenge of “vaccine nationalism.” While this might not appear to be a supply chain problem, per se, it is a critical challenge that will hinge on supply chain capabilities.
In response to the critical supply issues the world experienced with SARS-CoV-2, the World Health Organization, Gavi, the Vaccine Alliance and the Coalition for Epidemic Preparedness Innovations (CEPI) formed Covax: a coalition dedicated to equitable distribution of 2 billion doses of approved vaccines to its 172 member countries. Covax is currently facilitating a purchasing pool and has made commitments to buy massive quantities of approved vaccines when they become available.
However, several political powerhouse countries, such as the United States and Russia, are not participating. Instead, they are striking bilateral deals with drug manufacturers – essentially, competing with the rest of the world to secure a national supply. Allocating scarce resources is never easy, but when availability could mean the difference between life and death, it becomes almost impossible.
Global production, distribution and social equality present dependent yet conflicting realities that will demand global supply chains provide complete transparency and an immutable chain of custody imperative to vaccine distribution. The technology is available today – we just need to use it. We have the ability to track every batch, pallet, box, vile and dose along the supply chain. We have the ability to know with absolute certainty that the vaccine is approved, where and when it was manufactured, how it was handled and whether it was compromised at any point in the supply chain. Modern blockchain technologies should be applied so that every nation, institution, regulator, doctor and patient can have confidence in knowing that they are making an impact in eradicating COVID-19.
Jonathan Colehower is the CEO of CargoChain. CargoChain is one of the few supply chain solutions that has blockchain as an integral working part of its platform. CargoChain’s blockchain architecture provides immutable proof of all cargo events at any given point in time as cargo moves along the supply chain. CargoChain democratizes the information supply chain, powering applications that allow all participants, regardless of size, to make better business decisions. For more information, please visit www.cargochain.com.
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It is widely accepted that improving nutrition outcomes relies on sufficient financial resources to scale up and support high-quality nutrition-specific and nutrition-sensitive programming. However, measurement, analysis, and monitoring of financial resources for nutrition is a complex process. The 2014 Global Nutrition Report emphasized the importance of countries being able to track and monitor their domestic nutrition spending, since this information has important implications for policymaking, planning, budget monitoring, and advocacy.
As of 2015, 30 countries were able to report preliminary estimates of the proportion of national budget that is dedicated to nutrition in the Global Nutrition Report. Of these, 16 conducted the data gathering activity by themselves; 10 were supported by the Global Nutrition Report (GNR) secretariat; two by the Results for Development Institute (R4D); and two by SPRING. During a series of regional budget analysis workshops in 2015 that were supported by UNICEF on behalf of the UN Network for the SUN Movement, it was found that the countries conducting nutritional financial analysis used very different methods of data collection and analysis. The countries involved in the workshops requested technical support to standardize the terminology and methodology to improve the quality and comparability of nutrition financial data.
|Objectives of the Technical Consultation on Nutrition|
|1. Facilitate global information sharing on budget analysis and expenditure tracking to estimate government investments on nutrition.|
|2. Harmonize technical assistance/guidance for tracking nutrition budget allocations and expenditures related to—
|3. Discuss guidelines and tools for governments (policy makers and technical advisers), donors, and researchers responsible for analyzing nutrition financing.|
|4. Discuss policy implications and coordinated actions for this work.|
Recognizing the important role of financial analysis for nutrition, SPRING partnered with the SUN Movement, R4D, and MQSUN to organize a technical consultation to harmonize guidance for researchers and countries wishing to conduct a nutrition financial analysis (additional objectives in the table above).
The consultation consisted of three meetings, attended by experts in nutrition financial analysis and representatives from countries that have undertaken nutrition budgeting and expenditure tracking.
The first meeting was held in conjunction with the SUN Global Gathering in October 2015 in Milan, Italy. Meeting attendees included representatives from SPRING, SUN, R4D, Save the Children (UK), OPM, ACF, AIR, and WB (see annex 1). In this is one-hour session, the 13 participants—
- agreed to conduct two more meetings in the consultation series
- began to develop the concept note for the series
- began to define topic areas and parameters for global harmonization.
The second meeting was held at SPRING’s headquarters in Washington, DC, in November 2015. This two-day meeting included participants at the October meeting and others working directly on nutrition costing and financing estimation. The 22 participants included representatives from SPRING, SUN, R4D, Save the Children (UK), OPM, AIR, USAID, and the World Bank (see annex 1).
The meeting began with a stock-taking of relevant data on nutrition financial analysis. Participants discussed the current work in Nepal and Uganda, where SPRING is conducting Pathways to Better Nutrition case studies; several countries that have used SUN’s three-step approach to budget analysis; countries with live nutrition monitoring systems such as Guatemala and Peru; Save the Children case study countries of Malawi and Zambia;, the World Health Organization’s efforts to analyze national health accounts data; and Results for Development’s case study in Rajasthan.
Meeting participants discussed differences in the nutrition data collection and analysis methods currently employed by the various practitioners. They agreed that some variation across countries and projects is acceptable; but that certain areas (discussed below), require consensus. In addition, important questions about whether current financial analysis data can or should be compared on a global level, and whether it will be possible to formulate a comprehensive set of guidelines for this work, were posed.
Key topics discussed at this meeting were—
- disaggregating data for integrated line items
- identifying and categorizing nutrition-sensitive programs
- weighting nutrition-sensitive programs
- tracking personnel costs
- communication of budget estimates for policy impact
- harmonizing government budget data with external sources
- tracking nutrition budget allocation and expenditures at a sub-national level.
Participants met in small groups to work through these and other key issues, identify areas of consensus or contention, and formulate initial recommendations on topics such as as minimum quality data standards, terminology, and balancing country and global nutrition financial analysis priorities. The results of these breakout sessions were reported to the full group in a plenary discussion toward the end of the meeting.
Amanda Pomeroy-Stevens drafted a slide deck that summarizes group consensus on the key questions, provides guidance to improve nutrition financial analysis, and describes outstanding issues with harmonization (annex 2). The organizers of the technical consultation series reviewed and approved the slide deck.
The Technical Consultation Series culminated in a February 2016 meeting at R4D’s headquarters. At this meeting, participants presented findings to regional stakeholders, donors, and UN representatives. The 32 participants included representatives from SPRING, SUN, R4D, Save the Children (UK), OPM, AIR, WB, UNICEF, FANTA, FHI 360, PATH, Development Gateway, USAID, FAO, ICF International, Action Against Hunger UK, and Guthrie Consulting (see annex 1).
The day-long meeting began with a review of the consultation series process and the outcomes of the first two meetings in October and November. After Ms. Pomeroy-Stevens presented the aforementioned slide deck, participants talked about how budget analysis and expenditure tracking information from India, Ethiopia, Uganda, Nepal, and Malawi could influence nutrition policy and programming within countries.
This technical consultation series should move the topic of nutrition financing forward by providing answers to key challenges with estimating and tracking nutrition budget and expenditures. Findings from this series are informing the current round of technical consultations by SUN as countries continue to collect and refine these data.
- Powerpoint summarizing group consensus on key question areas, which can guide future SUN budget workshops and other technical assistance on budgeting and expenditure (annex 2).
- SPRING news item (annex 3, published online November 2015).
- Panel describing the consultation, to be published in the 2016 Global Nutrition Report.
To view the annexes, please download the full report above.
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Class 3. Market Definition & Market Power I
“Market definition focuses solely on demand substitution factors, i.e., on customers’ ability and willingness to substitute away from one product to another in response to a price increase or a corresponding non-price change, such as a reduction in product quality or service. The responsive actions of suppliers are also important in competitive analysis. . . .
Customers often confront a range of possible substitutes. . . . Some substitutes may be closer, and others more distant, either geographically or in terms of product attributes and perceptions. Additionally, customers may assess the proximity of different products differently. When products or suppliers in different geographic areas are substitutes for one another to varying degrees, defining a market to include some substitutes and exclude others is inevitably a simplification that cannot capture the full variation in the extent to which different products compete against each other.” –-2010 Horizontal Merger Guidelines § 4.
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The more things change, the more they are the same — Alphonse Karr
We’ve heard it repeated countless times since shortly after the official end of the Great Recession: things are getting better.
Indeed, although “better” is a relative term and causation can certainly be debated, there have been signs of structural, sustained economic improvement within the U.S. economy, including:
- Positive economic growth during 15 of the past 16 quarters.
- Unemployment (at least by official government calculations) falling in July to its lowest level in almost five years at 7.4%.
- The budget deficit shrinking to nearly half the level seen just four years ago.
Despite the seemingly positive signs, the U.S. government is still actively promoting “help for difficult financial times.” Aren’t we out of the woods in that regard? The answer depends largely upon how one defines “we.”
Macroeconomics versus Microeconomics
In a nutshell, macroeconomics represents the big picture (for example, the U.S. economy), whereas microeconomics measures numbers within a much smaller scope (the family budget). The principle isn’t solely related to countries versus individuals, however; industries can either be macroeconomic when compared to their individual companies, or microeconomic in contrast to the entire spectrum of the overall economy. One could argue that an individual state’s economy could be compared similarly as well.
Utilizing the argument that an individual state’s economy can be considered an example of microeconomics as compared to the whole clearly demonstrates just how disparate the economic recovery has been over the past four years.
Energy-producing North Dakota, for example, boomed during 2012, growing by 13.4%.
Connecticut, on the other hand, saw its economy shrink by .1%.
The west and the southeast, perhaps rebounding more strongly after having been hit disproportionately hard by the Great Recession, seemed to lead the way in 2012, with 11 out of the 19 states which grew at least 2.2% during the year coming from the area.
Income Stratification Within the Economy
An economic theory popularized during the Reagan administration entitled “supply-side economics”(colloquially referred to as “trickle-down economics“) espouses stimulating production by lowering taxes, which ultimately benefit the entirety of the population.
This approach has been largely utilized in recent years during Republican presidencies, whereas Democratic administrations have preferred the Keynesian principles of government spending leading the way toward sustainable growth.
Regardless of the theory, one of the more pervasive talking points of any political climate, but particularly that of the past four years, is the oft-cited “rich are getting richer” mantra.
Without question, much of the available data lends support to the concept. According to the State of Working America, median real income has fallen steadily since 2000. From 2009 through 2011, real growth for the top 1% of income earners was 11.2%, versus -4% for the remaining 99%, according to Light of Moyers and Company.
The math isn’t slanted in favor of the top 1% just during the Obama presidency, however, as the disparity has been pronounced for at least the past 20 years. The difference, however, lies within the fact that we not only saw declines among all classes during recessionary periods, income has also remained stagnant for the majority of Americans during this economy — an economic first.
Decoding Science. One article at a time.
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Schmitz (2016) summarises how constituencies have gathered and aligned around climate-relevant policies in China, India, Brazil and South Africa. These cases highlight that framing renewable energy policy around non-climate co-benefits ‒ such as more abundant energy supply and electricity access, the growth of domestic manufacturing of renewable energy components and job creation ‒ are often effective in widening the coalition in support of climate policy. When energy demand exceeds supply, windows of opportunity for renewable energy are created and, based on these cases, incumbent energy industries are less likely to be organised in opposition.
These incumbent interests are historically more likely to be carbon-based fuel sources. However, the case of hydropower in Brazil shows that renewable incumbents may oppose policies that benefit more nascent renewable energies seen as competitors.
China, which overtook the US as the world’s largest emitter in 2006, also leads the world in installed wind capacity, reaching 100GW in 2015 (Schmitz, 2016). To date, its most climate-relevant policies have focused on increasing renewable energy production to meet increased energy demand. Its INDC pledges to reduce carbon intensity (GHG emissions per unit of GDP) by 60–65% below 2005 levels, increase non-fossil fuel energy sources to 20% by 2030 and increase its carbon stocks through reforestation (People’s Republic of China, 2015).
China’s Renewable Energy Law of 2006 established the legal foundation and national strategic importance of renewable energy, while assigning responsibility for regulation and policy incentives such as feed-in tariffs, grid connections and research and development (Schmitz, 2016). Renewable energy goals have also been part of China’s five-year strategic plans (Henderson et al., 2016). While the Renewable Energy Law has succeeded in increasing the renewable energy supply, Spratt et al. (2014) find carbon reductions did not play a major motivating role. Instead, the development of the policy was driven by aligned government and business interests in energy security and by developing the manufacturing sector around renewable energy components. Local governments were incentivised to support implementation through opportunities for local economic development, jobs and increased public revenue (Dai, 2015). According to Shen (2016), a coalition of the state and business actors has pushed renewable energy policy in China, including the Energy Bureau of the National Development and Reform Commission, state-owned utility companies and wind and solar parts manufacturers. Notably, they did not encounter political resistance from fossil fuel companies because of China’s rapidly growing energy demand creating a ‘growing pie’ scenario whereby new markets were less contested. Grid companies, local governments and investors have also played intermediary and implementing roles.
While these analyses show that renewable energy policy in 2006 was not driven by climate concerns, environmental concerns ‒ specifically air pollution ‒ were major reasons for China’s 2014 amendments to its Environmental Protection Law (EPL). The amendments removed a cap on fines for polluters, enabled established non-governmental organisations (NGOs) to bring environmental suits against polluters and increased accountability measures for local governments. China’s central government has declared a ‘war on pollution’ (Worland, 2015) in response to increasing evidence of the human health (Rohde & Muller, 2015) and economic costs (Crane & Zhimin, 2015) of air pollution.
The institutional aspects of the EPL amendments and their implementation have relevant implications for climate policy. From an emissions standpoint, older coal plants are being shut down as part of efforts to meet air quality targets (McGarrity, 2015). China’s coal production fell for the first time in 2014 and 2015 (Wong, 2016). The amendments also sent local governments and other implementing authorities a signal that the Ministry of Environment was serious about enforcing pollution standards, both through the increased fines and, somewhat remarkably for an autocratic country, through promoting bottom-up accountability from civil society (Tianjie, 2015). The appointment of Chen Jining as Minister of Environmental Protection marks the first time an environmental scientist has held this position. The Under the Dome documentary produced by a Chinese journalist was ultimately censored by the Chinese government but not before it was viewed at least 150 million times and was publicly praised by Minister Chen (Gardner, 2015). The reaction demonstrates that the Chinese government is sensitive and increasingly responsive to public frustration over the continuing air quality crisis. But it is also a reminder of competing objectives and interests within the central government, where observers perceive the Ministry of Environmental Protection as striving to shift priorities towards greater environmental enforcement. However, the effectiveness of enforcement at the local level will depend on national and local institutional capacity, incentives for local authorities and the technical capacity and independence of courts that hear environmental cases.
In recent years, India’s climate-relevant policies have been driven by concerns over climate change adaptation, secure energy access and job creation (Schmitz, 2016), with emission reductions considered a co-benefit. Chaudhary et al. (2014) and Spratt et al. (2014) document the political support that the solar energy sector has attained at both the state and central government levels, as well as from businesses and investors. This can be seen in the creation of the National Solar Mission, part of the National Action Plan on Climate Change. Political support for wind energy has a central role in India’s Action Plan on Climate Change. Key institutional actors in support include the National Ministry of New and Renewable Energy, but the framing of energy security, growing a domestic solar manufacturing industry and job creation were widely attractive to the state and private sector. While wind energy has not gathered the same level of political momentum, neither has been strongly opposed by incumbent fossil fuel interests, given unmet demand for energy to provide electricity access. In this sense, the energy security narrative has critical implications for increasing resilience as well.
Unlike China and India, Brazil’s GHG emissions have come predominantly from land use change, particularly deforestation. For decades, Brazil has met its energy needs with a high share of renewables ‒ primarily large hydropower and ethanol ‒ which account for nearly 45% of energy demand today (IEA, 2015). According to Schaeffer et al. (2015) and Viola and Franchini (2014), the government’s support for climate-relevant policies was motivated in part by a desire to be viewed internationally as a progressive rising power. While the majority of emission reduction goals focused on reducing deforestation, more recent climate policies have cut across additional sectors, creating power struggles and conflicts between ministries and rent-seeking industries (Schmitz, 2016). Wind and solar have not taken off in Brazil, despite considerable resources. Wind and solar proponents have found adversaries in the more established hydropower and ethanol producers, demonstrating that the political dynamic is more complex than low-carbon versus high carbon sources, skewing more towards incumbent energy supply interests versus new entrants (Schaeffer et al., 2015). In 2007, Brazil discovered offshore oil reserves, which have been in production since 2011, creating more pressure on the space for renewables. Brazil’s NDC does call for non-hydro renewables to increase to 23% of the energy supply by 2030; however, its overall renewable goal for 2030 is just 45%–which it has already met (Romeiro & Biderman, 2015).
The political economy of renewable energy policy in South Africa is heavily influenced by its longstanding coal reserves, which dominate its energy supply (Schmitz, 2016). Referred to as the ‘minerals and energy complex’, a coalition of business, government and trade unions has supported coal power, with the most prominent actor being the vertically integrated state-owned monopoly Eskom (Baker et al., 2015). However, when Eskom was unable to adapt to rapidly growing electricity demand, it created political space for renewables to enter (Morris & Martin, 2015). Morris and Martin describe a heavily contested space that has divided governmental ministries and the private sector, with civil society mostly on the sidelines. The following actors, with their adjacent interests, have supported renewable energy growth:
- The Clean Energy Branch of the Department of Energy and the Department, which supports greater choice and reliability in energy supply as well as the Department of Treasury, which is also supportive of greater reliability;
- The Department of Environmental Affairs, concerned with climate action;
- Portions of the Department of Trade and Industry and independent power producers and associated businesses that stand to benefit from a greater market for wind and solar.
This multi-sectoral constituency is aligned under the Renewable Energy Independent Power Producer Procurement Programme (RE-IPPPP), which is inter-ministerial. The main opposition to renewables comes from Eskom and its allies in the Departments of Public Enterprises and of Minerals and Energy. Morris and Martin (2015) note that the political space was pried open by the international spotlight of COP17, the electricity crisis and the inability of Eskom to promptly respond. A 2013 case study of renewable energy projects procured through RE-IPPPP found that only 4% of potential jobs in operations would go to South Africans, despite RE-IPPPP criteria for local economic development (McDaid & Wood, 2013). Ensuring that green growth benefits actually do reach local populations can be essential in building resilience through poverty alleviation and strengthening political constituencies for implementation.
Zimmer et al. (2015) investigate the political drivers of Vietnam’s recent commitments to decarbonise its economy and find economic restructuring and modernisation, energy security and access to new pools of available international finance are much more salient than carbon mitigation or air quality improvements. The roles of different actors supporting and opposed to climate policies within Vietnam’s Communist Party were not apparent; however, interest group opposition weakened previous environmental policies, such as the Environmental Protection Tax. Vietnam’s Green Growth Strategy includes gradual liberalisation of the power sector and the phase-out of fossil fuel subsidies, which, while ultimately necessary, may present political risks in a country where a sizable portion of the population is vulnerable to electricity price increases.
These cases illustrate that renewable energy policy implementation can become more achievable when multi-stakeholder coalitions recognise their interests are aligned and they can act collectively to strengthen institutions and foster a better enabling environment for implementation. This suggests development partners can work to clarify anticipated impacts from different implementation outcomes to a wider range of actors. Coalitions may need support to seize windows of opportunity when vested interests are politically vulnerable because of energy price volatility, new political narratives or external pressure. Additional factors are emerging that may shift the political landscape and provide opportunities ‒ and risks ‒ for such coalitions. The first is availability of significant increases in climate finance, which will create new incentives (or strengthen existing ones). On the other hand, as climate impacts become more pronounced, they may disrupt existing political narratives and destabilise institutional arrangements.
- Schmitz, H. (2016). Who drives climate-relevant policies in rising powers (Evidence Report 180). Brighton: IDS.
- Schaeffer, R., Lucena, A., Rathmann, R., Szklo, A., Soria, R. & Chavez-Rodriguez, M. (2015). Who drives climate-relevant policies in Brazil. (Evidence Report 132). Brighton: IDS.
- Baker, L., Burton, J., Godinho, C., Trollip, H. (2015). The political economy of decarbonisation: exploring the dynamics of South Africa’s electricity sector. Energy Research Centre: Cape Town, South Africa.
- Chaudhary, A., Narain, A, Kirshnan, C. & Sagar, A. (2014). Who shapes climate action in India? Insights from the wind and solar energy sectors (Evidence Report 46). Brighton: IDS.
- Crane, K. & Zhimin, M. (2015). Costs of selected policies to address air pollution in China. Santa Monica, CA: Rand Co.
- Dai, Y. (2015). Who drives climate-relevant policy implementation in China? (Evidence Report 134). Brighton: IDS.
- Gardner, D. (2015, March 18). China’s silent spring moment? Why ‘Under the Dome’ found a ready audience in China. The New York Times.
- McGarrity, J. (2015, January 27). China’s coal output falls for first time this century. ChinaDialogue.
- McDaid, L. & Wood, D. (2013). Open Climate Network case studies in climate/low carbon policy implementation: South Africa’s Renewable Energy Independent Power Producers Programme. Washington, DC: WRI.
- Morris, M. & Martin, L. (2015) Political economy of climate-relevant policies: The case of renewable energy in South Africa. (Evidence Report 128). Brighton: IDS.
- Rohde, R. A. & Muller, R. (2015). Air pollution in China: Mapping of concentration and sources. PLoS ONE, 10,8.
- Romeiro, V. & Biderman, R. (2015). A closer look at Brazil’s new climate plan (INDC) (Insight). Washington, DC: WRI.
- Henderson, G., Song, R. & Joffe, P. (2016). 5 questions: What does China’s new five-year plan mean for climate action? (Insights). Washington, DC: WRI.
- Shen, W. (2016). The role of business in driving and shaping renewable energy policies in China (Evidence Report 166). Brighton: IDS.
- Spratt, S., Dong, W., Krishna, C., Sagar, A. & Ye, Q. (2014). What drives wind and solar investment in India and China. (Evidence Report 87). Brighton: IDS.
- Tianjie, M. (2015, December 23). China’s environment in 2015: A year in review. ChinaDialogue.
- People’s Republic of China, (2015). Enhanced Actions on Climate Change: China’s Intended Nationally Determined Contributions.
- Viola, E. & Franchini, M. (2014). Brazilian climate politics 2005-2012: Ambivalence and paradox. WIREs Climate Change, 677–88.
- Worland, J. (2015, December 19). China issues ‘red alert’ over devastating air pollution. Time.
- Zimmer, A., Jakob, M. & Steckel, J.C., (2015). What motivates Vietnam to strive for a low carbon economy? On the drivers of climate policy in a developing country. Energy for Sustainable Development, 24, 19–32. Ungated at http://www.icpublicpolicy.org/IMG/pdf/panel_46_s2_zimmer.pdf
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A cheque is one of the most popular financial instrument used for performing financial transactions. Although it is a very popular financial instrument yet many people are not aware of types of cheques and its importance. Recently I come across one incident where a person was not aware of “cancel cheque”. He was asking about “What is Cancel Cheque? & How to Cancel the Cheque?” I helped him in understanding about cancel cheque. So, if you are one of them and looking for information about Types of Cheques you are at right place. In this post, I will share complete information about Cheque and types of Cheques.
What is Cheque?
A cheque is a form or negotiable instrument. Once you open a saving bank account, a bank will issue a cheque book which contains a number of cheques. A cheque is a document which guarantees the payment of a specific amount of money on demand to a certain person or to the bearer of instrument. You can use the cheque to withdraw deposited money or issue cheque in favor of person you want to transfer money. You need to write the name of a person, amount, date and sign on the cheque. The person needs to deposit the cheque to the banker. A banker verifies the signature and makes the payment.
After going through a definition of a cheque, let’s take a look at 10 Types of Cheques.
10 Types of Cheques – Definition
Bearer Cheque is cheque where word bearer is mentioned on the cheque and it is not crossed or made account payee. Bearer cheque is generally used of a cash transaction. Bearer cheque can be encashed by the person specified therein or any other person who present it to the bank for payment. These types of cheques are risky in nature.
Order cheques are cheques where word “bearer” appearing on the cheque is canceled and the word “or order” is written on the face of a cheque. Order cheque is payable to the person specified therein as a payee. The payee can transfer an order cheque to someone else by signing his or her name on the back of it.
Uncrossed / Open Cheque
When a cheque is not crossed, it is known as an “Open Cheque” or an “Uncrossed Cheque”. The payment of such a cheque can be obtained at the counter of the bank. An open cheque may be a bearer cheque or an order one.
A crossed cheque is one where two lines are made on the top right corner of the cheque. Amount mentioned on such cheque is only transferred to the bank account of the payee. No cash payment is made.
Anti-dated cheques are one on which date earlier than current date is mentioned. Such a cheque is valid up to 6 months from the date of a cheque.
Post Dated Cheque
If a cheque is issued with a date which is yet to come (future date) it is called as a post-dated cheque. These types of cheques are taken as a security deposit.
If the cheque is produced to a bank after the validity period it is called as a stale cheque. No payment will be made by banks against that cheque. The cheque validity is three to six months.
When a cheque is cut into two or more pieces and presented for payment, such a cheque is called a mutilated cheque. The bank will not make payment against such a cheque without getting confirmation.
Account Payee Cheque
Account Payee Cheque is one where two lines are made on the top right corner of the cheque and “Account Payee” is written. Amount mentioned on the cheque is only transferred to the bank account of the payee whose name is mentioned on the cheque. No cash payment is made.
Cancel cheque is one where two lines are drawn across cheque and the word “CANCELLED” is written inside the two lines. The Cancel cheque holds no monetary value. It cannot be used for transferring funds from one account to other. The basic purpose of Cancel Cheque is for KYC and for verifying bank account.
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Evolution of Money II “The Age of Shylocks and Banking”
Evolution of Money Part II: And we move on with our exciting series about the history of money and its evolution until today with The Age of Shylocks and Banking. CRYPTOMEDICS just delivered the next part of it and in this episode, we are progressing to paper money. Take a cup of tea/bottle of wine and enjoy this educational piece. Trading & Money education is, by the way, just one of the many strengths by the trading group.
The success of Lydian Stater spread to Europe, and in particular, Greece, where the potential of money as a system of mutual trust was copied, adapted, and rapidly improved in the 6th century. The result was the profound transformation of the Greek economy, the growth of its cities, and the emergence of a more sophisticated society. Before the arrival of the coin money, the ancient Mediterranean world used a primitive currency that would not have powered the kind of revolution that Greece underwent.
Over 4,000 years ago, people in ancient Mesopotamia used clay tablets to commit themselves to particular financial transactions. With the success of agriculture came the need for people to exchange the surplus goods they produced for those they did not have. These transaction promises edged on clay did not have inherent value, not like bars of gold or silver coins, but they functioned as money because the parties involved in the transaction trusted it. It is justifiable to say that money has evolved to be what it is because people trust it.
The money counting problem of Europe
Evolution of Money II: The use of coins as money was quickly embraced across Europe and Asia, becoming a big hit where it was introduced. In some societies, coins were minted out of precious metals such as gold and silver and wherever it was accepted, commerce thrived and the economies boomed. The age of shylocks was coming soon!
By 1200 AD, independent states in Europe that arose with the fall of the Roman Empire were co-existing and even engaging in commerce with each other. There was however the problem each state developed its own coinage, and this hindered smooth trading to a large extent. For instance, in popular commercial cities such as Pisa and Venice, it was not uncommon for traders to use as many as seven different types of coins. This really complicated business such that even the smallest transactions required complicated calculations.
Further, these states used the Roman numerical system which was ill-suited for complex mathematical and financial calculations. With this development arose the need for merchants to keep records of their money as they traded, and this led to the invention of the Abacus, the first computer.
In the East, the Suni Muslim Caliphate, the Indians, and the Chinese Empire were far more advanced in money technology than those in Europe. In fact, Europe only began to catch up with them with the introduction of the Hindu-Arabic numeral system after the publication of the book Liber Abaci (Book of Calculation) by Leonardo of Pisa, best known by his nickname Fibonacci in 1202 AD. The new number system was more practical when applied to bookkeeping and currency conversion. It, however, led to the introduction of one new function of money that changed the history of finance: credit and interest.
The emergence of credit and money lending
Evolution of Money II: Coin money served limited functions when it was introduced to feuding states in modern-day Northern Italy. Fibonacci’s publication unlocked more potential for money as it was discovered how one person can rely on another to borrow money and pay it back at some future date. By the time Giovanni Medici established the Medici bank in 1397, the new number system had taken root. It was much easier to calculate percentages, dates, and other factors of finance and for this reason, money lending emerged as a trade. The Latin word ‘Credo’ means ‘I believe’, which evolved to be ‘Credit’, was first used by money lenders when advancing money to merchants. Venice, the hometown of Shylock, the moneylender popularized in Shakespeare’s The Merchant of Venice, grew to become the greatest money lending city in the world. The true age of shylocks was upon us.
The early money lenders were not respected and nobody thought in the begining of the age of shylocks as a derogatory term. If anything, they were seen as pariahs because lending money at an interest was a sin according to the Bible. Because of this, the Jews, who were exempt from the commandments of the Bible, were the only people who could lend money at interest to the majority Christian merchants as far back as 1516. In the age of shylocks this created jealously. With the increase in the number of merchants borrowing money from the Venetian Jews, these ventures grew to become the first banks. The word ‘Bank’ evolved from Banco Rosso, the name of the building the Jews operated from at the entrance of their ghetto in Venice.
Money as the new tool of power
The price that the Jews had to pay for money lending was social exclusion. They were confined to the Ghetto because while their service was a sin to the Christian world, it became increasingly necessary to the economy of Venice. With time, however, money lending spread from the Jewish ghettos to become a preserve of the most affluent merchants in the city. Money lending was the most rewarding financial activity in the city of Venice. This created notoriety in the age of shylocks.
With the increase in the number of borrowers, the number of people risking eternal damnation just to provide loans at an interest increased. This led to competition among money lenders and eventually decreased interest rates. As more and more individuals entered the banking business, one particular family, the Medici of the Republic of Florence (present-day Florence City in Italy), emerged as the most successful money lenders to usher in the age of shylocks.
No other name in history better symbolizes the success of the money business, and in particular, credit services. Money lending ceased to be irrefutable; it became the most glorious business anyone could get into. Within a short time, those in the banking business became the new power brokers because they had the most influence over the economy of a city and even state. Unlike in the past where Kings had absolute say in the running of a state, bank owners established a kind of legacy that no one could have anticipated. To understand just how influential the bankers became, in just over 400 years, the Medici family produced two queens of France and three became popes in Rome. As a matter of fact, the Medici family played a significant role in the French Renaissance between the 15th and 17th century AD.
The money changing business
Evolution of Money II: By early 16th century, as money became increasingly accepted as a measure and storage of value, almost every kingdom and states across Europe and Asia began producing its own money. This was also a period when commerce bloomed, the shipping industry took shape, and credit enabled more merchants to take bigger risks and travel more widely to trade. The banking business, though still frowned upon, was the most lucrative trade that only those with the money to lend succeeded in. Bankers made even more money charging a small commission to convert money from one currency to another.
With time, the church relaxed the anti-usury laws that made it a sin to charge interest on money lent and banks, which meant the business became legitimate and even more profitable. Gradually, the technology of bookkeeping evolved and within no time, banks were using the double-entry system to maintain their checks and balances. Under Giovanni, the Medici bank remained a trailblazer in the banking business and soon spread from Florence to Venice and Rome. This scale of diversity meant that more regions benefited from the banking services and the bank owners had greater influence on how cities grew.
Evolution of Money II: Paper money was first used by the Chinese around 618 AD during the Tang Dynasty. The money was mostly in the form of private bills of credit and later exchange notes. However, due to the overproduction of notes, inflation soared and their value eventually plummeted around 907 AD. Paper money was completely eliminated in China in 1455 and replaced with a kind of round coin with square corners called kai-yuans, the origin of the word cash.
The literature of the travels of Marco Polo to China introduced the idea of paper money to Europe in the year 1290 AD. Before this, the most developed states in Europe still used coins minted from precious metals such as gold and silver. Florence, the most industrious financial state at the time, used the Florin, a gold coin that was most widely accepted as currency across Europe and in overseas kingdoms where merchants frequented for trade.
Because inflation was not so bad at the time, paper money did not catch on until around 1661 when the Swedish Stockholms Banco began issuing the first paper money in response to the Swedish kingdom minting new coins that were lighter in weight than the previous ones.
Conclusion: The Gold standard of money & banking
Evolution of Money II: With the evolution of the banking business arose the need to standardize money for the sake of its value. The 17th century Europe was a more connected region that thrived in commerce, and the wealthiest members in the society were judged by how much money they had. Having more money meant having greater influence to determine the outcome of wars, who became king, and which state the world could do business with.
In the next article, we will delve deeper into the emergence of currency into modern money: the first stable currencies (like Byzantine gold coin and the Frankish denarius penny and the roles The Roman Empire and the British played in its evolution.
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France emerged from World War I with very large debts. See the comparison, using the International Monetary Fund’s debt database, with Greece, the country the deficit scolds use to scare us nowadays on the chart here. The striking thing, of course, is the sharp decline in the debt to gross domestic product ratio. How did that happen? Actually, it happened thanks to speculators, who turned on France in 1926, sending the franc sharply lower. This in turn led to a large rise in prices, eroding the real value of the debt.
So, how did this affect the real French economy? Actually, France grew strongly during the 1920s. It suffered a severe but brief recession associated with the Poincarè stabilization of the franc — largely, I believe, because of the sudden fiscal austerity — but it didn’t last.
Then came the Great Depression, but that’s another story.
Now, France was far deeper in debt than we are, and its politics were arguably even more dysfunctional than those of early 21st-century America. Even so, however, French debt didn’t cause anything like the kind of apocalypse that deficit scolds routinely promise unless we do what they say. There was no sustained economic downturn — nothing at all like the hell Greece, Spain, Portugal and Ireland are going through; and while there was a burst of inflation, there was nothing like Weimar or Zimbabwe either.
I know that the scolds want their apocalypse; they really, really want to believe that unless we do their bidding, incredibly terrible things will happen.
But the most relevant historical example I can find offers no support at all for their scaremongering.
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Goats are not merely important in the wellness associated with the environment but also in the economy. Financial goat farming is a good attempt practiced today by simply many in particular those in the rural districts. Goats are strong animals that are able to resist various diseases and even adapt to unfavorable settings. This information will mainly tackle on goat rearing, its advantages and even significance.
Commercial goat harvesting entails a low primary expense. Since goats will be somewhat small in dimension, the features and conveniences to support choices furthermore minimal. Goats usually love being with humans and they are extremely friendly. They possess a higher fertility level achieving maturity with just simply 10 to 12 weeks of maturation and by 16-17 months, they can start providing milk. The likelihood of producing twins will be excessive.
Risk associated with drought is much less in professional goat farming compare to help other livestock breeds. Also, both male and feminine kinds of goats are of the same value compared to additional wildlife.
Commercial goat farming is extremely flexible since that could be modified to consist of other grazing kinds just like sheep and even cows. Goats are good equipment to enhance the wellness with the grazing land and limit encroachment of bushes.
Farming goats is a real survivor in the enterprise industry. Goat animal meat is a great appeal for you to the public because of the health benefits it provides to help its consumers. It is usually extremely reduced in fat, hypercholesteria and calories from fat. This is definitely good for people which have low vitality diet plan scheme.
The ongoing future of commercial goat farming might also rely on the type connected with goats being reared. Many common sorts of goats can be the Angora, Boer, Jamunapari and Tellichery. Every one of these goats entails some sort of different kind of breeding and each and every possesses it is own niche. Pelote for instance specializes in soluble fiber wherever Boer for animal meat.
Two raising methods are applied throughout today’s goat ventures: semi-intensive and intensive. A semi-intensive system entails an atmosphere along with less grazing grounds and intensive feeding regarding efficient fodders. An extensive system conversely consists of some sort of no-grazing territory and often the green fodders are given to help the goats in garden sheds. The housing facility could possibly have a good raised platform technique.
If Damascus Goat finds the idea tough to acquire investment for a commercial goat farming business, banking institutions could very well be an option. The height institution named NABARD helps eager goat maqui berry farmers to get started their own company. The establishment helps give investment together with credit with regard to agriculture and goat gardening.
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Leonardo Fibonacci was a mathematician born in 1170 AD. From his work, we get the Fibonacci sequence of numbers, and also the well-known Fibonacci golden ratio. The Fibonacci sequence is a series of numbers where the next number is simply the sum of the two preceding numbers. So for example, it would run 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 and so on, with the sequence continuing indefinitely.
It is based on the rate of reproduction of two theoretical rabbits and the subsequent population growth if the following generations continued to reproduce. At first glance, it may seem somewhat confusing to find that there is a connection between a 12th century mathematician, the rate at which rabbits reproduce and predicting the future direction of the financial markets using technical analysis. So, why is this series of numbers so important for traders?
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U.S. insurers have taken another hit these past few weeks as tornado season continues to wreak havoc on the nation. The tornadoes, which swept across parts of the U.S. from May 2-11, have the potential to be the costliest in U.S. history, according to the Insurance Information Institute (I.I.I.).
Boston-based AIR Worldwide, which uses a computer modeling program to estimate insured losses from catastrophes, has put the damages at $2.2 billion. Actual claims filed now exceed $1 billion, with damage assessment continuing in the affected areas. The 412 tornadoes during the first 10 days of May were the most since the National Oceanic and Atmospheric Administration began record keeping in 1950. The previous record for the first 10 days of May was 177 tornadoes set in 1999. More than 300 counties affecting 19 states suffered losses and more than 40 deaths were blamed on the storms.
The largest tornado-related loss in U.S. history was in April 2001, when tornadoes and storms struck 16 states including Missouri, Nebraska, Texas, Kansas, Illinois and Pennsylvania, costing insurers $1.93 billion (adjusted to 2002 dollars). Prior to 2002, the largest tornado-related loss was in May 1999, when tornadoes and storms struck 18 states including Kansas and Oklahoma, costing insurers $1.6 billion (adjusted to 2002 dollars).
The recent increase in homeowners insurance rates has been attributed, in part, to the frequency and severity of catastrophes, which began to increase dramatically during the 1990s. Over the past 12 years, insurers paid out more than $100 billion in catastrophe-related losses — about $700 million per month — many times more than in previous decades. Catastrophes include well- known events such as Hurricane Andrew and the Northridge earthquake, but also hundreds of smaller disasters associated with tropical storms, tornadoes, wildfires, hail, ice and snow.
“While the industry has the capacity to pay these claims, these latest storms substantiate what the industry has been seeing for years,” said Robert Hartwig, senior vice president and chief economist, I.I.I. “Homeowners insurance rates in many parts of the country continue to rise because of the extraordinary costs associated with paying these claims. In fact, virtually every part of the country is now at risk for billion dollar disasters,” he said. “Because of increased catastrophes and other factors, insurance companies have changed the way they approach the underwriting, pricing and marketing of their insurance coverage. They have also changed the way they plan for their response to the claims that are generated in huge numbers by catastrophic events.”
According to the I.I.I., homeowners insurers over the past decade paid out $1.18 in losses and expenses for every $1 they earned in premiums. In 2001 alone, homeowners insurers paid out $8.9 billion more in losses and expenses than they received in premiums, the second worst year on record (1992, the year of Hurricane Andrew, produced losses of $11.5 billion). Losses in the homeowners insurance line over the past three years (2000 through 2002) are estimated at $19 billion, rivaling the $20.3 billion in insured property losses from the September 11 terrorist attack.
Official insurance industry property loss estimates from the tornadoes will be available from Insurance Services Office (ISO) in the weeks to come.
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There’s no shortage of misconceptions about money. Well-meaning but mistaken people spread them to family and friends and sometimes even try to convince their financial advisors. In this series of articles about financial myths and realities, we’ll share some of what our advisors hear on the job, and aim to separate fact from fiction. Let’s start with investing.
Myth #1: Investing doesn't cost anything
“Some of my clients who invest in mutual funds believe they're not paying for investment services, but that's not true,” says mutual fund representative Nathalie Jacques.1 “When you go to the dentist, you pay for her services. It's the same for an advisor who will be taking care of your finances and making recommendations tailored for you.”
“Fees for investing in most mutual funds are calculated on the value of the account, and average between 1.5% and 2.5%2 per year. Commonly known as ‘annual management fees,’ they appear on the fund fact sheets investors receive when they open an investment account, so it's important to read these documents carefully,” she explains.
“And there’s good news for investors: Compensation paid to the mutual fund dealer is now indicated clearly in a dollar amount on annual statements issued by providers such as Sun Life Financial Investment Services (Canada) Inc., starting in January 2017,” notes Jacques. “Be sure to take a look.”
Myth #2: It's safer to invest your money at the bank
“Some clients think that keeping their money in the bank means that fraud can't happen. This is wrong,” says Jacques. “When you purchase mutual funds, your advisor invests your money with a recognized mutual fund dealer on your behalf.”
To find out whether your advisor has the right to pursue activities with respect to advising or selling financial products, check with your provincial regulator. You can also check out the Investment Funds Institute of Canada website for information about existing protection based on the type of investment you're considering.
Fraud can happen, however, notes the Autorité des marchés financiers, the regulator in Quebec. One opportunity for fraud happens when investors make out cheques to the advisor or to a firm the advisor owns, like a numbered company. “Whenever you write a cheque to deposit money to your investment account, be sure you make it out to the mutual fund dealer, like Sun Life Financial Investment Services (Canada) Inc., not to your advisor,” cautions Jacques.
Reading the prospectus for the proposed mutual fund helps you learn about the product your advisor is recommending, so you can make an informed decision. If you're still not sure, ask for a second opinion.
- To find out more about fraud prevention, visit the Competition Bureau of Canada.
1 Financial Security Advisor, Group Insurance and Group Annuity Plans Advisor and Financial Planner, Solutions financières N. Jacques inc.†, Financial Services Firm, Distributor authorized by Sun Life Assurance Company of Canada and firm partner of Sun Life Financial Distributors (Canada) Inc.†
Mutual Fund Representative, Sun Life Financial Investment Services (Canada) Inc.†, Group Savings Plan Brokerage Firm
†Subsidiaries of Sun Life Assurance Company of Canada
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When the Great Recession struck the nation in 2008, it decimated the economy. Many people lost their jobs and homes. Many people struggled to get by for years.
While politicians and Wall Street claim the economy has recovered, Main Street has a vastly different view of its current state.
Today, more than one in five children live in poverty, according to the 2015 KIDS COUNT Data Book, an annual publication that assesses child well-being nationally and across the 50 states, as well as in the District of Columbia and Puerto Rico. It uses an index of 16 indicators to rank states on overall child well-being and in economic well-being, education, health and family and community. Of all 16 indicators, the one that carries the most weight and has the largest social impact is child poverty.
The report found that 22% of children live in poverty, up from 18% in 2008. Hardest hit were African-Americans and American Indians, whose rates of poverty had nearly doubled. The South and the Southwest were the regions most impacted by child poverty.
The reasons for this are multitude and complex, but things like slashed social safety nets, decreased incomes, decreased income stability, and single-parent (and therefor, single income) homes have all contributed to the rise in child poverty.
According to the KIDS COUNT report, 1 in 3 children from Mississippi live in poverty. The state with the best overall child well-being, based on indicators including economic standing, education and health, was Minnesota.
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Differences in Quality of LifeMeasuresExtra home assignmentHealth Economics
1. IntroductionEconomic evaluation is concerned with the analytical approaches to describe and compare thebenefits and costs of competing uses of resources (Morris, Devlin, Parkin & Spencer, 2012). Itis normative in nature, since it is concerned with the measurement and valuation of benefits,and involves value judgements about the extent to which trade-offs between people areacceptable and desirable. Economic evaluation of health care is of importance because of twofactors. First, health care is scarce and opportunity costs are always present, and second,health care is mainly financed by governments or third parties, which implies that marketmechanisms are not present. This gives rise to the need of economic evaluation of health careto reach cost-effective solutions (Gerdtham, 2015a). To come to these cost-effective solutions,economic evaluation is dominated by the measurement of benefits in the form of improvedhealth. One of the most important measures of improved health is quality of life (QoL)(Morris et al., 2012). QoL is often measured on a 0 to 1 scale, with 1 representing ‘fullhealth’, which implies that this value is as good health as a person can experience, and 0representing lowest possible health state, which can imply the absence of life but also a verypoor health state. A distinction can be made between direct and indirect QoL measures. Directmeasures already yield a value between 0 and 1, whereas indirect measures need betransformed to a value between 0 and 1. In this paper, the different direct and indirectmeasures and their advantages and disadvantages will be compared and discussed. Anoverview of direct and indirect methods of QoL is given in figure 1.
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What Does Tx In Crypto Wallet Mean – Merely put, Cryptocurrency is digital money that can be used in location of conventional currency. The difference between Cryptocurrency and Blockchains is that there is no centralization or journal system in location. In essence, Cryptocurrency is an open source protocol based on peer-to Peer transaction technologies that can be executed on a distributed computer network.
As an open source procedure, the protocol is extremely flexible. This indicates that unlike Blockchains, there is an opportunity for the community at large to modify the core of the procedure to fit their needs. A lot of innovation has actually taken place around the world with the objective of supplying tools and techniques that help with smart agreements. One specific method in which the Ethereum Project is trying to solve the issue of smart agreements is through the Foundation. The Ethereum Foundation was established with the objective of developing software options around clever agreement performance. The Foundation has launched its open source libraries under an open license.
What does this mean for the broader neighborhood interested in taking part in the advancement and application of wise contracts on the Ethereum platform? For starters, the major distinction in between the Bitcoin Project and the Ethereum Project is that the former does not have a governing board and therefore is open to factors from all strolls of life. However, the Ethereum Project delights in a far more regulated environment. Anybody wanting to contribute to the project should adhere to a code of conduct.
As for the tasks underlying the Ethereum Platform, they are both making every effort to offer users with a brand-new way to participate in the decentralized exchange. The significant distinctions between the two are that the Bitcoin procedure does not use the Proof Of Consensus (POC) process that the Ethereum Project uses. In addition, there will be an effort to integrate the latest Byzantium upgrade that will increase the scalability of the network. These 2 distinctions might show to be barriers to entry for prospective business owners, but they do represent important differences.
On the other hand, the Ethereum Project has taken an aggressive method to scale the network while also taking on scalability problems. In contrast to the Satoshi Roundtable, which focused on increasing the block size, the Ethereum Project will be able to implement enhancements to the UTX procedure that increase deal speed and reduction costs.
The decentralized element of the Linux Foundation and the Bitcoin Unlimited Association represent a standard design of governance that places a focus on strong neighborhood involvement and the promo of consensus. This design of governance has been adopted by several dispersed application teams as a way of handling their jobs.
The significant distinction in between the two platforms originates from the truth that the Bitcoin community is mostly self-sufficient, while the Ethereum Project anticipates the involvement of miners to subsidize its advancement. By contrast, the Ethereum network is open to factors who will contribute code to the Ethereum software application stack, forming what is referred to as “code forks “. This feature increases the level of involvement preferred by the neighborhood. When it was utilized in forex trading, this design also differs from the Byzantine Fault model that was embraced by the Byzantine algorithm.
Just like any other open source technology, much controversy surrounds the relationship in between the Linux Foundation and the Ethereum Project. Although both have actually embraced various perspectives on how to best utilize the decentralized aspect of the technology, they have both nevertheless striven to establish a favorable working relationship. The developers of the Linux and Android mobile platforms have openly supported the work of the Ethereum Foundation, contributing code to protect the functionality of its users. The Facebook team is supporting the work of the Ethereum Project by providing their own framework and producing applications that incorporate with it. Both the Linux Foundation and Facebook view the heavenly task as a way to enhance their own interests by providing a cost reliable and scalable platform for users and developers alike.
Merely put, Cryptocurrency is digital cash that can be utilized in location of conventional currency. Essentially, the word Cryptocurrency comes from the Greek word Crypto which suggests coin and Currency. In essence, Cryptocurrency is simply as old as Blockchains. The distinction between Cryptocurrency and Blockchains is that there is no centralization or ledger system in location. In essence, Cryptocurrency is an open source procedure based on peer-to Peer transaction technologies that can be performed on a dispersed computer network. What Does Tx In Crypto Wallet Mean
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Which of the following is the correct order of the stages in a business cycle?
KEY TAKEAWAYS. Business cycles are identified as having four distinct phases : peak, trough, contraction, and expansion.
What are the 5 stages of the business cycle?
The business life cycle is the progression of a business in phases over time and is most commonly divided into five stages: launch , growth , shake-out, maturity , and decline . The cycle is shown on a graph with the horizontal axis as time and the vertical axis as dollars or various financial metrics.
What are the four phases of the business cycle quizlet?
The four phases of the business cycle are peak , recession, trough , and expansion .
What are the four phases of the business cycle How long do business cycles last?
There are four phases to a business cycle : peak, contraction or recession, trough and recovery or expansion. A recession is defined as a decline in economic activity, lasting more than a couple of months.
What are the 4 phases of business cycle?
The four stages of the economic cycle are also referred to as the business cycle. These four stages are expansion , peak , contraction, and trough . During the expansion phase, the economy experiences relatively rapid growth , interest rates tend to be low, production increases, and inflationary pressures build.
What is it called when GDP figures decline but prices rise?
Stagflation is called when GDP figures decline but prices rise .
What is business process life cycle?
Stages of the business process lifecycle In order, there is a cycle to follow to implement continuous improvement into an organization. It’s called the business process lifecycle . The steps are modeling, implementation, execution, monitoring and optimization.
What is business cycle and its stages?
Throughout its life, a business cycle goes through four identifiable stages , known as phases : expansion, peak, contraction, and trough. During an expansion, businesses and companies are steadily growing their production and profits, unemployment remains low, and the stock market is performing well.
What are the six stages of a business?
In all, there are six distinct stages: Planning , Presence, Engagement, Formalized, Strategic, and Converged. With Planning , companies set out to create a strong foundation for strategy development , organizational alignment, resource development , and execution .
Who measures the labor force and how is it defined?
The Bureau of Labor Statistics (BLS) measures the number of people in the labor force through survey of random households each month.
What is an example of business cycle?
The Business Cycle . This is an example of a typical business cycle showing expansion, recession, then recovery. The growth trend is the average growth rate over time. A private think tank, the National Bureau of Economic Research, is the official tracker of business cycles for the U.S. economy.
How does the business cycle affect you as an individual?
Business cycles are the “ups and downs” in economic activity, defined in terms of periods of expansion or recession. During expansions, the economy, measured by indicators like jobs, production, and sales, is growing–in real terms, after excluding the effects of inflation.
What 4 factors affect the business cycle?
Variables affecting the business cycle include marketing , finances , competition and time. Finances . Sales growth is usually slow during the introductory stage of the business cycle because the consumer market needs time to learn about and consider buying the product. Marketing . Competition. Time.
Why is it impossible to predict when and how long a business cycle will last?
Economists cannot predict the timing of the next recession because forecasting business cycles is hard . Most economists view business cycle fluctuations—contractions and expansions in economic output—as being driven by random forces—unforeseen shocks or mistakes, as Bernstein writes.
What is the first phase of a business cycle?
The first stage in the business cycle is expansion . In this stage, there is an increase in positive economic indicators such as employment, income, output, wages, profits, demand, and supply of goods and services.
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China: a critical decade
China’s consumption of coal could reach a peak by 2020, or even earlier, as part of its plans to pursue more sustainable economic growth.
The policy paper by Fergus Green and Nicholas Stern notes that discussions are already taking place in China about the possibility of setting a target for ending the rise in its annual consumption of coal before the end of its 13th Five-Year Plan, which will cover the period from 2016 to 2020.
The paper states: “China could intensify its efforts to reduce its reliance on coal, in the form of a plan to peak its coal consumption by 2020 (or earlier), as has been suggested as a possibility in some discussions occurring in China, and phase it out thereafter”.
Paper based on a presentation by Lord Stern to the China Development Forum in March 2014, points out that limiting coal consumption could have substantial benefits for China’s economy, including a cut in the risk of shocks to the supply of energy, reduced pressure on its water supplies, an improvement in air quality, and the mitigation of climate change.
Phasing out the use of coal could be achieved through clear planning regulations and a coal tax, which could potentially raise revenue equivalent to between 7 and 9 per cent of China’s GDP to invest in low-carbon innovation and infrastructure, to protect poorer people from the impacts of the transition to low-carbon economic growth, and to reduce other taxes.
The paper also suggests that effective planning to promote the growth of compact and energy-efficient cities with good public transport “is likely to be essential to China’s future environmental and economic success”.
The paper states: “China’s ambitions for more sustainable growth, its urbanisation plans, and its strategic emerging industry policy suggest the potential for a powerful vision: over a billion people living and working in appealing cities, in which services, high-technology industries, and innovation are the engines of growth and prosperity”.
However, the paper also warns that “achieving these benefits will require major structural changes, with some inevitable dislocation, in the short term” in China’s economy.
It concludes: “At present there is ignorance in many places over China’s plans and achievements. China can develop its influence by informing the world of its plans as its 13th Five-Year Plan is developed. China’s contributions are credible given past performance and do not necessarily have to be expressed in formal treaty terms. They could be expressed in terms of a range of outcomes, the upper bound of which could reflect ambitious yet likely achievable goals on emissions, coal consumption and low-carbon technology, although it would be recognised that these could not be guaranteed.”
“Contributions of this nature by China could raise substantially the likelihood of more ambitious mitigation action by developed and other emerging economies. China would be well-positioned to both lead and share in much of the resulting global growth and would benefit immensely from the associated reduction in risks from climate damages.”
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Ethics and morality are created by our society. It is the society which establishes whether we are perceived positively or negatively. We will feel better if our behavior is the source of ethically perceived outcomes. The following example shall be an explanation.
Janusz has recently established a new partnership which deals with the distribution of farming machines. Since the enterprise is not easy and the competition is great he invited a few friends to co-operate. One of them was a friend’s friend who had great experience in similar business enterprises and was considered a solid investor on the local market . Due to this fact he was perceived by the rest of the partner as a solid foundation. One day Janusz was rang by a customer whom he’s done business with for a long time. The customer had a problem and didn’t really know how to solve it. He contacted Janusz out of the belief that he has great knowledge and experience. That’s why he phoned him and asked for advice. Janusz proposed a meeting and so they met. Having listened to the customer Janusz suggested that he would contact him again once he’s discussed the problem with his business partners. And this is what he did. The partners proposed help to the customer specifying their fee for their services and advice concerning the matter in question. Janusz was glad that they had found a solution. He called the customer and told him that they had found a solution and that this advice wouldn’t be too costly. A few days later he consulted the case with yet another partner who was the greatest expert in the problematic matter. The partner confirmed that indeed the customer may be helped, however he asked Janusz to consider the maximum fee the customer could actually pay. The rate proposed by the last partner was three times greater than the one calculated by the rest of the partners.
During the shareholders’ meeting Janusz confirmed that the company needs to earn as much as possible. He also promised to calculate the maximum fee they can charge for the service as the company. Finally Janusz concluded that the most experienced partner is right and the highest rate would be the most appropriate. The thing is that the amount of the fee isn’t the problem. It is absolutely right. We need to take a look at another aspect Janusz did not considered whatsoever. Why did he increase the charge for the services? Was it only for the sake of the company’s profit? No. What was more important for Janusz was how he as a president of the board would be perceived by his best partner- his guru and the remaining partners. Will he gain their esteem? How will he look in their eyes? What would his most experienced partner think about him? This is what business ethics and morality are all about.
Ethics is created by society. It is ethics that establishes whether we are perceived positively or negatively. Ethics always embraces human aspect. Where there are human factor and approval of others there are ethics and morality which are built on the basis of social principles and beliefs. Whereas in one society some behavior may arouse disgust and even repugnance, in others it may be extolled. It means that our ethical and moral actions may be assessed correctly by our environment, however the question remains whether they decrease separation among us?
What can we do then besides helping others as much as we can?
Let’s take a look at our history, for instance fallen communism and kibbutz. They were doomed to failure from the start even though their intentions towards others were good and transparent. A person who decided to stay in kibbutz looked after the rest of the members and this was reciprocal. So what went wrong? Aren’t we supposed to help each other? Yes, we are. It is the only way allowing us to shorten the time between our plan and its final effect. So what’s the problem?
Let’s suppose that Radek went to kibbutz with an intention to help others. There are 40 people in the commune. Radek is to look after plants and vegetables and advise people on water purification. Radek is excellent at his job which he does conscientiously. After some time he learns that some people from the commune don’t discharge of their duties. Some of them are ill. Some of them cannot do their jobs full time. Others complain about their tasks more and more frequently. There are also those who do not dedicate their time to Radek as much as before. Radek used to get coachings on internal development three time a week. Now they happen only once a week or every fortnight. He can no longer keep it to himself and reconsiders the question why he should pay the contribution. Why should he dedicate his whole time to people who don’t appreciate it? It’s a matter of time before Radek leaves the kibbutz.
This type of behavior cannot persist, because it solely draws upon energy received for oneself. Even though the initial intentions are good, it’s the matter of time before the individual gets annoyed by something. It’s because the heart doesn’t only give. The heart takes in order to be able to give. The problem is that we often define such behavior as ethical and morally pure. It may , however contribute to negative effects we won’t be conscious of. Why do we fail then if our intentions are good? Why did Radek burn out? It stems from our wrong belief (shaped by our society) that approval of others is our best reward.
Imagine that you received an order which you performed, but your boss didn’t give you any acknowledgment. Nothing, not even a word. No thank you. No acknowledgement. How do you feel? I don’t want to say that you ought not to receive such acknowledgement from your superior or client. I just want you to think about why you did something, why you behaved in this or that way.
So when do we decrease or remove the separation? Every time we act against our nature for the sake of others. Here lies the greatest paradox. This is something that we have been learning for centuries. We are convinced that if we help our friends or even an unknown person we score points above. But think about it for a moment. We may as well be helping out of fear of losing our job or acknowledgement of our superiors or friends. The problem is that we are unable to define what we are after. We cannot differentiate between egoistic and proactive behaviour.
Let’s suppose that a person wants to decrease separation in his/her business and make a success as fast as possible. Let’s do a quick test and see where the person generated the greatest separation and where the separation was narrowed to the minimum.
Imagine Magda having an appointment with a customer who has visited the company for the first time. Following the presentation of her product, she proceeds to details. She knows that the customer has capital. He is very much involved and excited about the presented product. Magda is convinced that he may already buy her product. All she has to do now is to complete the sale formally. What does she do:
- She suggests that the customer makes an advance payment towards the product of interest,
- Bearing in mind that the customer has money, she suggests that he pays the whole price now.
- She presents the advantages and disadvantages of the product and leaves the customer for him to decide.
Which scenario generated the greatest and the least separation? Professional sales people would say: Make hay while the sun shines. They’ll choose answer “1” or “2”. This, however, doesn’t’ answer the question which action facilitates the process of obtaining a positive final effect the most. In fact, it is option “3” that is the most desirable. It has to do with the level of difficulty which is the highest here.
Considering the remaining scenarios we would certainly face such questions as: The deal was almost done so why was she to wait? She may have sold the product but it would have been by way of reactive behavior which, as we’ve learnt, only increases the separation. Yes, she would have got a commission but how long would it suffice her? Financial problems would certainly reappear. Magda would have to sell another product in the same way.
Are we then to earn more or not? Yes, we are. We are supposed to earn as much as possible, however we need to do this in a way which decreases the separation between the cause and effect. The problem is that we don’t see the difference between the two. Because if we endeavor to earn a lot, our focus narrows down to
the technical issues and know-how which are mere final effects. We don’t think about the cause, the consciousness we have during these actions. We assess people’s intentions on the basis of what they do externally. We often disregard the unseen.
We frequently say: “I am not interested in what other people think about me”. But this is also egoistic. If I pay no attention to how others view me, it means I don’t care about them. There is only me and I only concentrate on myself.
This, in contrast to what I have described earlier, boils down to the fact that a person who thinks that she is not interested in what other people think about her has the same problem as the person who reacts towards what other people may think about her. If we asked this person if she would make a room in a queue when she doesn’t feel like it, she would certainly refuse to. It is because she doesn’t care about other people, what they may think about her. Therefore it may be said that the situation controls her. She is unable to overcome herself for the sake of others. She is unable to do this just like the person who always seeks acknowledgement and approval. Both persons act then like robots. They have no idea that they are being controlled by external factors. They are unable to let go of their egoism. They believe that they make their own free choices. Nothing more erroneous.
What we might like to consider then is our every day behavior, which externally may look moral and ethical, however its cause may result in adding atoms, time and chaos to our final effect.
Every time we say: “Why does it happen to me? Why me? What did I do to earn it?” it is as if we said: “I have nothing to do with that. I am not responsible for this. It must be a mistake that has no connection with me.”
If, instead we accept what happens to us, then we become the cause rather than the effect. Every time we don’t allow a situation to control us, we create our own future and we shorten the time to the minimum.
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How does Student Loan Work
Student loans make it possible for college — and, increasingly, a middle-class life. But before you take them out, you should understand how student loans work.
Higher education becomes a must quickly. In the job market, graduates have better odds, the right degree is a great way to follow a passion and at the same time make themselves marketable. Nevertheless, the cost of college and graduate school is only rising. So what are you going to do?
You may be able to enter the student loans of 40 million Americans. It may seem overwhelming to borrow to pay for an education, but lending can be economical and manageable. Only you can decide if loans are your best choice. First, read the answers to the FAQ.
What are the loans for students?
Student loans are sums of money that you borrow for your education and, in most cases, payback with interest over time.
Loans will often be part of your school financial assistance deal. First, seek grants and scholarships because they don’t have to be reimbursed. But if you don’t get a full ride, the difference can be made by loans.
How are you applying for credit?
You must fill out a FAFSA or Free Application for Federal Student Aid when applying to class. Pay attention to the time limits of FAFSA, which vary each year. (For 2016, it’s October 1.) The FAFSA will usually be available for the next autumn school year starting in the fall.
Application for public loans
If you are a dependent student, use the financial information of your parents or guardians. Use your own if you are an independent student.
The website of the Federal Student Assistance has a FAFSA4caster tool to predict what your expected contribution could be. Combine all federal tax information, bank statements, and pay stubs or job information. For the application, you will need these documents.
If you are admitted to a program, your school will send an offer of financial assistance that may include federal loans (federal government loan money).
Private loan application
A different application process includes private loans (money loaned by a bank, credit agency or other organization). On websites such as finaid.org and alltuition.com, you can compare private loans.
You will get federal loan funds before you receive them.
Full admission consultation with a financial advisor, either in person or online. As a creditor, you’ll know your rights and duties.
Sign a Note of Permission or Master Note of Permission. This is a legally binding document that lists the conditions for reimbursing the loan. Keep the document copy! Later on, you will need it
What are the available types of loans?
Two categories of loans are available in the US: private and federal.
Direct Subsidized Loans
The government pays the interest with a subsidized loan while you are at school and during any deferment time (“subsidizing” your schooling by offsetting the cost). Subsidized loans are only available to undergraduates with proven financial need. The amount is limited, as determined by the FAFSA, to cover only your financial need.
Direct Unsubsidized Loans
With an unsubsidized loan, the borrower is responsible for any interest that happens when and after they are in class. Any undergraduate or graduate student is given unsubsidized loans. The amount is determined by your school attendance cost and any other assistance you receive.
You can hear the so-called Stafford Loans Direct Subsidized and Unsubsidized Loans.
Direct PLUS Loans
These loans are available to U.S. graduates or professionals. The Ministry of Education. We need a decent credit check and a history of credit. The sum is intended not to cover any other assistance expenses.
Such loans are for undergraduate and graduate students, who are lenders directly from the university, with extraordinary financial needs. Many schools offer Perkins credit and others don’t. After September 30, 2017, the loan program for Perkins expires. After that date, no new loans are issued.
Direct Consolidation Loans
You can combine these into a single loan from a single servant if you have several federal loans. The new loan is called a direct loan for consolidation.
You can learn the so-called Stafford Loans Primary Subsidized and Unsubsidized Loans.
Facts regarding federal credit:
You will not need a co-signer in most situations.
You will not need a credit check unless you take a PLUS loan
Usually, interest rates (the same over the life of the loan) are fixed.
Since private loans offer much less flexibility, federal loans are your best option.
Private student loans come from non-government lenders such as a bank, a credit union, a school, or a government organization. The amount you can withdraw and the repayment options are up to the lender.
Some private loan facts:
While still in class, you may have to start payments.
Loans may need a credit check and a co-signer.
Many private loan service providers will only give you a rate of interest after you apply, so shopping around is fine.
Interest rates may vary (with the financial market fluctuating). Some interest rates for private loans may be as high as 18 percent.
Interest may not be deductible from taxes.
How much money are you able to borrow?
Loans from Perkins
Students with an extraordinary financial need can borrow up to $5,500 per year until the plan ends in September 2017.
Direct Subsidized Loans and Direct Unsubsidized Loans Students can borrow from $5,500 to $12,500 annually.
Loans from the Perkins
Students with an exceptional financial need can borrow up to $8,000 annually until the program expires in September 2017.
Direct Unsubsidized Loans
Every year, students are able to borrow up to $20,500.
Direct PLUS Loans
The remaining costs of your college are not covered by financial assistance
How much are you going to borrow?
Just because the maximum amount you can borrow doesn’t mean you will.
The financial assistance offered will estimate your living expenses, and if you feel their estimate is too high you can turn down a loan or ask for a lower amount. Just borrow what you need. Buying a cover for the unexpected is a good idea to measure your future living expenses yourself.
One rule of thumb is not to take out more loans in your profession than the planned first-year income. Also, even if you can’t find work in your profession, or your plans change, you’ll still be forced to pay back the loan.
Check at the terms and conditions of any loans given to you — such as interest rates (better lower) and the date you need to begin repayment.
How are interest rates working?
Remember to calculate middle or high school math class interest rates? You don’t have to dust off your SAT prep book, but before you borrow, you should know how interest rates affect your loan.
Interest is money paid to the lender in exchange for borrowing a larger amount at a particular rate. The interest rate is calculated as a percentage of your amount of outstanding debt, also known as the interest (or principal) number. For any unsubsidized loans, you are responsible for paying interest.
Federal loan interest rates are set, which means that the rates will not change over the life of the loan. Congress will determine the rates.
Direct Undergraduate Subsidized and Unsubsidized Loans: 5.05 percent.
Direct Unsubsidized Student and Professional Loans: 6.6%
Direct plus Loans:7.6 percent
The creditor sets the interest rates of private loans. Such levels may vary or be set. The price would change over the life of the loan with a variable interest rate.
Calculation of interest
To calculate the amount of interest accruing on your loan or accumulating it, divide the interest rate of the loan by 365.25—the number of days in the year, including the Leap Year. This number is the factor of interest rates or your loan’s daily rate.
A loan with an interest rate of 5 percent (.05 divided by 365.25) would have a daily rate of 0.00013689253, for example.
You can calculate how much interest accrues on your loan from month to month using the interest rate factor.
Use the formula of daily interest: outstanding principal balance (how much of the loan remains unpaid)x number of days from your last payments interest rate factor above= interest amount
Assuming your outstanding student loan amount is $40,000—the average amount of a graduate’s student debt in 2014. It’s been 30 days since your last payment and you have a 5 percent interest rate.
40000 (unpaid principal)x 30 (days from the last payment)x 0,00013689253 (interest rate factor)= around 16427 or 16427 dollars in interest that month.
Our loan calculator can also be used to determine the amount of interest a loan receives.
When and how are you going to pay back loans?
Repayment options are flexible and may change as your life situation changes (especially federal lending).
You can apply for postponement or forbearance— a time period when you don’t have to pay back the loan — on federal loans and some private loans. The debt will continue to accumulate during deferment if you have an unsubsidized mortgage.
Returning federal loans
If you have federal loans, you will not have to pay them back at least half-time while you are in school. If you choose to, you can start paying back early. There are no penalties for advance payment.
Generally, you will have a six-month grace period following graduation before your repayment schedule starts. Your lender will then ask you to select an option for repayment.
You need to pay a different amount each month for each option. The more you are able to pay per month, the less overall you are going to pay.
Remember the daily interest formula above — if you make larger payments, the unpaid principal will be chipped away faster, resulting in lower interest accrued. In the same way, you are likely to pay more money overall if you make smaller transactions, as the interest will add up.
All federal loans except Perkins Loans are covered by the plans below. If you have a Perkins loan, you should be told about repayment options by the school (your lender), which will vary.
The standard plan for repayment.
With the goal of paying off your loan in 10 years (30 years for a Direct Consolidation Loan that tends to be larger), you pay a fixed monthly amount. Overall, this option saves the most money, but at one time costs more.
Graduated Repayment Plan
You begin with smaller payments every two years — again, in order to pay the loan in ten years.
Extended Repayment Plan
In 25 years ‘ time, you pay for a fixed or graduated plan monthly to pay the loan. Only holders who have a debt of $40,000 or more can use this option.
Plan for Income-Based Repayment
Your monthly payments are either 20% of your discretionary income or the monthly amount you paid for over 12 years with a fixed payment, which is lower.
Income-Sensitive Repayment Plan
You make monthly payments for up to 15 years on the basis of your annual income.
Federal Student Aid offers a repayment estimator to allow you to type in the amount of your loans, interest rates and revenue to see which alternative will better work.
Whenever you find your payments can not be afforded, please contact your loan officer and check whether you can change to a cheaper scheme. Failure to pay damages your credit and may lead to default eventually.
Paying back private loans
Know what repayment options you have before you take out a private loan. You can require payment during school time for certain private loans. Some of these options are more flexible than others. They may allow deferment or abstention or can negotiate an interest rate that is highly variable.
With tuition rising and a college degree becoming more needed for a medium-sized life, student loans play an increasingly important and important role in most people. Student borrowing can be terrifying, frustrating, and painfully repetitive.
But you can use some fear from lending large sums to help finance your future if you know what you are doing — in terms of interest rates and payments systems.
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There is a growing consensus that extreme poverty can be ended by 2030.
The truth is that we cannot meet this goal without international aid. In sub-Saharan Africa alone, 400 million people live in extreme poverty and require interventions that are targeted and complementary to existing support to lift them out of it.
If we want to maximize the impact and reach of international aid, we need to ensure that every dollar is spent as efficiently as possible. We can only do this with better information. Then policymakers in both donor and recipient countries can make better and more informed decisions, and civil society can better monitor progress and hold them to account.
Now, for the first time ever, thanks to a major new report that analyzes international aid, we can see just how much aid flows between specific countries and, crucially, what that aid consists of. Investments to End Poverty is a report that analyzes international aid in all of its complexity.
At Development Initiatives, each individual record of foreign aid from OECD donors over the period 2006-2011 was analyzed. The results are striking. For example, according to our calculations, Italy and Denmark both gave very similar levels of bilateral aid, just above $2 billion, in 2011. But almost 70% of Italy’s aid stayed in the country, spent on refugee costs and debt relief; whereas around 70% of Denmark’s aid resulted in a transfer of resources to developing countries.
On the recipient side, some countries that appear to receive considerable funds in fact receive a lot less than advertised. Our research found that of the $7.5 billion in aid reported as given to the Democratic Republic of Congo in 2011, more than $5 billion was not transferred to that country, and consisted instead of debt relief.
[Charles Lwanga Ntale, Africa director of Development Initiatives, writing in CNN]
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Overview of the HEMO study
The Health Economics MOdelling of Blood Donation study (the HEMO study) aims to determine the cost-effectiveness of the different ways of maintaining the future supply of blood to the NHS. The study brings together a team with experience in health economics, statistics, trial design, qualitative research, and strategic development of the blood service.
A reliable supply of blood and its products is essential to NHS care. NHS Blood and Transplant (NHSBT) is the main supplier of these products to the NHS. It is important to ensure that in the future, there will continue to be enough blood donated.
One way to increase the blood supply is to ask blood donors to give blood more frequently. However, some time is required between blood donations to allow the body to replace its iron stores. NHS Blood and Transplant (NHSBT) has funded the INTERVAL study involving about 50,000 blood donors, aiming to find the optimum interval for which it is safe for different donors to give blood.
- Will donors who have donated blood more often in the INTERVAL study be willing to continue giving blood more often in the future?
- Are there other changes to the blood service that would encourage more frequent blood donations, such as different opening times?
- What is the value for money of alternative strategies for maintaining the blood supply?
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This report came after Ledger experimented on cold wallets like Coinkite and Shapeshift to demonstrate the loopholes in their hardware.
While these vulnerabilities have since been fixed, security risks remain albeit minimal. What further mitigates the risk is that hackers still have to get a hold of the hardware before they are able to exploit it.
The chief technology officer from Ledger, Charles Guillemet allayed the fear of the cryptocurrency community. According to him, it is still safe to put huge sums of funds in a hardware wallet. The only concern that remains is if these wallets are physically lost to attackers.
According to Guillemet:
“This is definitely a big thing if an attacker has physical access to a hardware wallet and the wallet is not secure. Some cryptocurrency exchanges are even using hardware wallets for cold storage.”
According to the report, cold wallet provider Shapeshift has already addressed the risk of PIN code hacking. Its KeepKey wallet has received a firmware update in order to ensure greater security for the hardware.
Hacking cold wallets are not an easy task to do, however. Hackers would have to depend on the information that is inadvertently accessible to the KeepKey wallets before they can carry out such an attack.
According to ShapeShift:
“The fact is that there’s no way to prevent a highly sophisticated attacker with physical possession of the device, and lots of time, technology, and resources, from completely ‘pwning’ that device—eventually.”
ShapeShift also urged that the security of the device is also a key to prevent the device from being hacked. “Protect your KeepKey like it could be stolen tomorrow,” ShapeShift adds.
Other hardware wallets that have been put to the test were more sophisticated. CoinKite, for one, had to be forced into triggering an automated “insecure debugging mode.”
During this state, attackers can execute “brute force” attacks where they can try all possible combinations of the hardware’s PIN without limitations.
But in order to do this, the researchers have to open the wallet, expose the chip, grind its silicon carefully, and use a high-powered laser with maximum precision.
While cold wallets can be vulnerable to attackers too, keeping it secure from hackers is also a shared responsibility with the user. After all, the attackers will still have to physically access the hardware before they can execute such attacks.
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The three falling peaks chart pattern as the name suggests has three peaks with each peak having a price that is lower or almost equal to the previous one. It is depicted by a falling staircase formation and a short-term bearish reversal of the price trend. The pattern begins with an uptrend in prices, with two valley-like formations between them.
Traders should understand that the peaks denote a break towards the downside. The first peak’s high position is slightly higher than the second, while the second peak’s high is higher than the third peak. In a research done by Bulkowski, the three falling peak patterns have a break-even failure rate of 4% in a bear market as compared to 12% in a bull market. This situation means that the appearance of the pattern mostly denotes a downward breakout as compared to an upward breakout.
1. Found at the end of an uptrend
The first peak of the falling peak pattern is always located at the end of a price uptrend. It acts as the first reversal point before it recedes and forms peak 2. The first peak is followed by a stair-step decline.
2. Peak formation and proportion
The first peak is higher than the remaining two. The peaks recede in size and they should not be mistaken for triple or double tops that have an equal proportion. In appearance, the falling peaks have similar shapes and magnitude. However, the two last peaks have minor highs and operate with different volumes. If a trader is interested in wider peaks, the 3 peaks should have a higher volume to help in establishing the trade pattern.
Figure 1: Japan’s 10-Year Government Bond
Figure 1 shows the three falling peaks present in Japan’s 10-year government bond from December 2020 to January 2021. The first peak A is highest at 100.924, the second B, is at 100.791 while the third C is at 100.659.
The first peak begins from an uptrend in prices and joins the second peak through the valley. The second and third peaks are formed from upward retracements. The peaks also form near the yearly highs. The position of peak A 100.924 is the highest annual position of the bond as viewed in the trading chart. This peak position should prepare the trader to sell short. We expect to see a downward breakout that will confirm the bearish position.
The pattern is confirmed as valid if the closure of the price occurs below the lowest valley. In the case of figure 1, the price should close below 100.600 for it to be a three-falling peak pattern.
1. Measure to get the target price
Compute the target price by getting the difference between the heights of the highest peak (the first peak) with the depth of the lowest valley position.
Figure 2: Target Price Computation
The target price according to figure 2 has been placed at 100.152. The difference between the highest peak and the lowest valley is 0.354. This amount should be subtracted from 100.507. To ensure no substantial loss is incurred the trader should place a stop loss at 99.400, the same distance below the target price.
Putting the stop loss the same distance after the target price has proven to be a safe bet especially if we consider trend movement in figure 1. Price has moved to 99.431 before it began rising again to the high of 100.306. The target price can range from 20-100% of the height of the highest peak.
In the case of figure 2, the high volume of peak 1 gives room to a stronger bearish turn. The trader should be prepared to sell to achieve more profits immediately after the downward breakout is confirmed.
Before a 20% retracement takes place the average maximum decrease of the price is mostly 17%. Prices will also pull back at least 59% of the time towards the breakout signal within a month or 30 days. In figure 2, there was a pullback in prices that confirmed the sell position. There was a decline from 100.570 to 100.507 from mid-January 2021 to February 2021.
2. Identify the valley short
Short the stock after identifying the confirmation line. This point is located in the valley below the prior price trend line. The selling position as shown in figure 2 is at 100.507 slightly below 100.570 where the first peak began to rise. The trader should identify this location as central in calculating the price target and setting up the short position.
Remember to place a stop loss if any of the prices rises above any of the three peaks. This situation will signal an upward breakout and not a downward breakout. In such an instance, the short should be covered with a stop loss slightly above the peak position.
We can also use this valley to calculate the downward target of the security price. Here is the formula
- Compute the height of the second valley (L2)
- Get the price of the height of the first valley (H1)
Subtract L2-H1, then multiply the result by 33%.
Figure 3: Using the Valleys to compute the target price
In the case of figure 3, it should appear as follows:
We should then subtract this amount from 100.507- the pullback position. The answer is 99.781. The valley, as we have seen in figure 2, goes deeper than the measure rule. It is then better to use the valleys of the falling peaks to get the target price. Use the stop loss to ensure the trade is covered in case the price continues to go lower.
Using the valley price positions to determine the target price for securities is more effective than computing using peak positions. The 3 falling peak pattern is essential in determining the shorting positions of stock. Traders should first get the confirmation line based on the prior price analysis. This line will then be subtracted with the valley short position to get the target price. The pattern is identified by 3 peaks with declining positions that indicate a downward breakout.
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Purchasing Power Parity - Definition
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Purchasing Power Parity (PPP) Definition
Macroeconomic analysis is based on various metrics that are used to compare standards of living and economic productivity between countries across time. One such widely used metric is purchasing power parity (PPP). Purchasing power parity (PPP) compares countries' currencies via "basket of goods" approach. This theory states that two currencies are said to be in equilibrium or at par when the basket of goods (considering the exchange rate) is priced equally in both countries. Similar to the PPP, the law of one price (LOP) is an economic theory, projecting, after accounting interest rates and exchange rates differences, that the cost of a good in country X must be the same as that in country Y in real terms.
How to Calculate Purchasing Power Parity
The PPP (relative version) is computed by the following formula: Purchasing Power Parity (PPP) : S = P1 / P2 Where: S is the exchange rate of currency 1 to currency 2 P1 is the cost of good X in currency 1 P2 is the cost of good X in currency 2
How PPP Is Used
A broad range of goods and services is taken into an account to make the comparison of prices across countries. The process is difficult since it involves huge data collection and complex analysis. The International Comparisons Program (ICP) was formed 1968 by the University of Pennsylvania and the United Nations, to facilitate this process. Purchasing power parities resulted by the ICP are reliant on global price survey comparing the prices of hundreds of different goods. This data, thus, helps global macroeconomists make the estimates of global growth and productivity. The World Bank develops and publishes a report in every three years, which compares various countries in terms of the PPP and U.S. dollars. Both the International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) apply weights based on PPP metrics to develop predictions and suggest economic policy. These actions usually influence the financial markets, especially in the short run. PPP is also used by forex traders to determine potentially undervalued or overvalued currencies. Investors having stock or bonds of foreign businesses often survey PPP numbers to project the effect of exchange-rate changes on a country's economy.
PPP: The Alternative to Market Exchange Rates
PPP is the alternative to market exchange rates. The real purchasing power of the currency is the amount of that currency required to purchase a definite unit of a good or a basket of goods and services. Purchasing power is measured in each country on the basis of its relative cost of living as well as inflation rates. Purchasing power as well as parity equalizes the buying power of two varying currencies by considering the differences in cost of living and inflation rates.
The Big Mac Index: An Example of PPP
The Economist conducted the PPP annual test by tracking the McDonalds Corp.s Big Mac burger in various countries, from 1986. The Big Mac index determines the PPP between countries using Big Mac price as a benchmark. The Big Mac index recommends that theoretically the fluctuations in the exchange rates between currencies impact the price paid by a consumer in a country, replacing basket with a popular hamburger. For instance, if the Big Mac price is $4.00 in the U.S. and 2.5 pounds sterling in Britain, we expect the exchange rate as 1.60 (4/2.5 = 1.60). If dollars to pounds exchange rate is any greater, the Big Mac index will show that pound was overvalued, any lower and it will be undervalued. It means the index is not free from flaws. First, the price of Big Mac is determined by McDonald's Corp., which can greatly impact Big Mac index. Moreover, the Big Mac varies across the countries in terms of its size, ingredients as well as availability. Hence, this index is called light-hearted and makes an ideal example to be used academically to teach about PPP.
GDP and PPP
In modern macroeconomics, gross domestic product (GDP) implies the total monetary value of the final goods and services manufactured/developed within a country. Nominal GDP computes the monetary value in absolute, current terms. Real GDP takes into an account the nominal GDP and makes adjustment for inflation. Further, few accounts of GDP are also adjusted for PPP. This adjustment is made to change nominal GDP into a number, which makes it easier to compare countries having different currencies. One way to recognize how GDP with PPP represents is to think about the net collective purchasing power of Japan if it is used to make the same purchases in the U.S. markets. It will only work when all yens are exchanged for US dollars. Otherwise, no comparison can be made. The example given below explains this point. Let's say it costs $10 to purchase a shirt in the U.S., while the same shirt costs 8.00 in Germany. To make an accurate comparison, the 8.00 in Germany must be first converted into U.S. dollars. If the exchange rate is like that the shirt in Germany costs $15.00, the PPP will be 15/10, or 1.5. For each $1.00 spent on a shirt in the U.S., it will take $1.50 to get the same shirt in Germany.
Which Nations Have the Highest Purchasing Power?
The five nations having the highest GDP in terms of market exchange are the U.S., China, India, Japan and Germany. Upon applying PPP, this comparison changes. As per 2017 data published by the International Monetary Fund (IMF), China has superseded U.S. as the world's biggest economy based on the buying power with 23,122 billion present international dollars. The U.S. ranks the second with 19,362 billion. Japan, India and Germany are on 3rd, 4th and 5th rank with 9,447 billion, 5,405 billion, and 4,150 billion, respectively.
The Downfalls of PPP: Short-Term vs. Long-Term Parity
Based on empirical evidence, we have observed that a lot of goods and baskets of goods dont have PPP in the short-term, and uncertainty prevails if PPP is applied in the long run. A popular paper Burgernomics, (2003) comprehends the Big Mac Index and PPP, wherein the authors Michael Pakko and Patricia Pollard quote various factors as to why PPP theory is not closely related with reality: Transport costs: Goods not available locally are to be imported, which leads to transport costs. Imported goods are therefore sold at a comparatively higher price than the same goods obtained from the local sources. Taxes: When government sales taxes, like value-added tax (VAT), are high in a country as compared to another, it implies that goods will sell at a higher price in the high-tax country. Government intervention: Import tariffs increase the imported goods. Where tariffs restrict supply, the demand increases, causing the goods price to rise as well. In countries having the same good as unrestricted and abundant, the price will be less. Non-traded services: The Big Mac's price consists of input costs, which are not traded. Hence, those costs are to be parity internationally. These costs may include storefront, utility expense, insurance, and the labor cost. As per PPP, the countries having non-traded service, have relatively higher costs and relatively more expensive goods, causing the currencies to be overvalued as compared to the currencies in countries having low costs of the non-traded services. Market competition: Goods are intentionally priced higher in a country as the company enjoys a competitive advantage, either because of its monopoly or it is part of a group of price setting companies. Inflation: The rate based on which the price of goods (or baskets of goods) changes in the countries. It shows the value of those countries' currencies.
While not ideal, PPP does let us compare the pricing between countries having differing currencies.
Reference for Purchasing Power Parity (PPP)
- https://www.thebalance.com Investing US Economy Glossary Trade Policy
- https://economictimes.indiatimes.com Definitions Economy, Budget
Research articles for Purchasing Power Parity (PPP)
Modeling deviations from purchasing power parity (PPP), Aizenman, J. (1984). International Economic Review, 175-191.An empirical investigation of purchasing power parity (PPP) for Turkey, Alba, J. D., & Park, D. (2005). Journal of Policy Modeling, 27(8), 989-1000.Purchasing-power-parity (PPP) approach to energy-efficiency measurement: implications for energy and environmental policy, Birol, F., & Okogu, B. E. (1997). Energy, 22(1), 7-16.[DOC]Purchasing Power Parity (PPP) for International Comparison of Poverty: Sources and Methods, Data, P. (2005). [PDF]International migration, purchasing power parity (PPP) and the money metric of welfare gains, Timmer, H., & van der Mensbrugghe, D. (2001). In 9th Annual Conference on Global Economic Analysis, Addis Ababa, Ethiopia (1517 June).[PDF]Explaining the long-term real equilibrium exchange rates through purchasing power parity (PPP): An empirical investigation on Egypt, Jordan and Turkey, Abumustafa, N. I., & Feridun, M. (2010). African Journal of Business Management, 4(7).Covered Purchasing Power Parity, ex-ante PPP and Risk Aversion, Moore, M. J. (1992). CEPR Discussion Papers.An Empirical Investigation Of Purchasing Power Parity (PPP) For NORDIC Countries: Evidence From Linear And Nonlinear Unit Root Tests., GR, B., YAGL, Y. S., & TIRAOLU, M. (2016). International Journal of Economic Perspectives, 10(1).A test of Purchasing Power Parity (PPP) theory and the International Fisher Effect: A case of the US dollar and the Japanese yen, Kulkarni, K. G. (1990). The journal of applied business research. Vol, 7.
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What is the Total Solar Income?
Sustainability of civilization (for many millenia) implies that humanity learns to live on its renewable energy income. That income of energy is that which comes from the sun. Therefore, the most fundamental question here is: how much solar energy income is available? And what does human civilization use today? The fact is, all of humanity today - primarily via fossil fuels - uses about 0.01% of the energy that is available - on a renewable basis - from the sun. See this basic calculation below - and convince yourself that the long term transition to renewable energy is not only possible - but inevitable - if civilization is to survive for more than 500 years from 2020.
Note that known fossil fuel reserves are estimated to last abput 150 more years. . Further, known reserves of nuclear power feedstocks will last approximately 200 years . This is expandable to thousands of years if other techniques for extracting uranium are developed . And - what about the unlimited reserves of hydrogen for fusion power? Practical fusion on earth is only 10 years away - it always was - and it always will be! That is a joke among fusion physicists. But the reality is that extracting fusion successfully - outside of the sun that is 93 million miles away - is not an easy thing to do.
Note also that humanity used 135 billion barrels of oil to date . Known reserves are approximately 10x this . So for perspective - the facts are that the supply is not unlimited. In fact, all of the energy from all fossil fuels ever used and still remaining in reserve - is equivalent to about 10 days of available solar income! Take that for perspective: all the confilict that is waged over scarce fossil fuels worldwide can vanish - if we decided to shift to renewable energy.
Please go through the basic calculations below to convince yourself that renewable energy is preferred for human prosperity - as indicated above. So that you can understand that these numbers are very compelling to act upon a renewable energy future - today.
- Area of earth's surface perpendicular to sun - 130 trillion (1.3x10^14) square meters.
- Radius of Earth - 6371 km -
- Pi Arr Squared is 1.3x10^14 square meters
- Average insolation - 1000W
- Solar income is 130 quadrillion (1.3x10^17) watts upon the earth surface at any time.
- In 2017, we used 162,000 TWh of energy.
- There are 8,760 hours per year.
- Thus, average power use is 18 TW (18 terawatts)
- 1.3E17/18E12 = 7222.
- This is a ratio of power. This is also a ratio of energy used (per given time)
- Thus, the energy of solar income is over 7000x greater than current primary energy used
- In other words, we are at 0.00014 on the Kardashev scale. That is about 1/100 of 1 percent, or 0.01%.
- In other words - solar energy can provide all the energy to humanity - many times over - with no implication for scarcity for anyone anywhere in the world.
All fossil fuels, generated over millions of years - and used up over a few centuries by humans - are equivalent to only about 25 days' worth of the energy coming to the earth from the sun.
Humans use 7000x less power than available from solar radiation. This means that only a small fraction of the earth covered with solar panels can meet global energy demand. But that can be distributed - with planning, we don't even need to go to deserts and natural areas - just cover areas already used up by humans such as rooftops, parking lots, highway rights-of-way.
Say we have about 500 years of fossil fuels total. That is 25 days of energy - of that which comes to the earth from the sun (500 years/7000 x 365 days/year = 25 days).
So if we use solar photovoltaics - at 15% efficiency - that means that all the energy content of fuels could be generated in about 25*7 days = 175 days. Or 1/2 year - to produce all known fossil fuel reserves using available modern technology - solar panels. This does not consider that there are only 6 or so solar hours available per day - so it could take as much as 2 years to generate the equivalent of all fossil fuels from photovoltaics (PV).
So the implications are significant:
- Don't worry about global warming. If you are really concerned, start an open source PV panel manufacturing operation - and stop all global warming from CO2 emissions today. The embodied energy is not an issue - The Fraunhofer report of 2014, based on data collected between 2010 and 2013, concludes that, depending on the type of panel used and the solar irradiation where installed, that the embodied energy in the panels can be produced by them in two-to-four years.
- Use solar hydrogen to store solar energy for night-time use.
For OSE, the proposition is awesome - in 5 years or so, cut global carbon emissions to zero via viral replication of open source PV manufacturing and hydrogen generation and storage worldwide. This can be done using collaborative design and swarm builds - techniques that OSE is developing for purposes of global regeneration. This is a distributed alternative to centralized funding.
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CHANGES IN AGGREGATE demand are the fundamental source of changes in the price level. In the long run, the supply of resources determines the volume of real output, the quantity of money determines the nominal value of output, and the price level is the ratio of the two. Economists who disagree with Milton Friedman's famous dictum that "inflation is everywhere and always a monetary phenomenon" have doubts mainly about the mechanism linking monetary expansion to inflation. Underlying my discussion of the role of labor markets in the process of inflation is the hypothesis that an increase in aggregate demand raises employment and reduces unemployment. The economy then moves up and to the left along the Phillips curve and wages start to rise more rapidly. Finally, prices rise in the face of increasing costs. If aggregate demand is stabilized at the new, higher, level, the economy comes to rest with a correspondingly higher wage and price level. The inflationary bulge in real aggregate demand disappears as the process reaches its conclusion.
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In our earlier blog on SBT, we looked at the background to their development and the various methodologies which have been developed to achieve them. Below we discuss some of the broader frameworks to which the principle of SBT might be applied, and finish by considering some of the key considerations for real estate owners.
Broader science-based frameworks
There are a number of broader science-based frameworks that are well established and which are used by companies to frame their own sustainability goals and priorities. These encompass a range of issues and indicators which, at their heart, seek to steer businesses to operating below the ceiling of environmental limits and above the foundation of social justice and equity.
Notable examples include:
- Vision 2050 and the Action2020 platform which stems from it, led by the World Business Council for Sustainable Development. It defines a number of societal “must-have” issues for 2020 across the themes of climate change; release of nutrient elements; ecosystems; exposure to harmful substances; water; basic needs and rights; skills and employment; sustainable lifestyles; and food, feed, fibre and biofuels.
- The framework of Planetary Boundaries 2.0, developed originally in 2009 and updated by the Stockholm Resilience Centre in 2015, uses scientific data to set precautionary boundaries for nine critical processes of human-driven environmental change, four of which have already been surpassed.
- One Planet Living, a framework of ten principles based on ecological and carbon footprinting as its headline indicators, was developed by BioRegional and WWF and has been adopted by several organisations (both public and private sector). It has particular provenance in the context of property development projects, but is applicable more broadly too. Those in the One Planet Living Network have each developed Action Plans either at the corporate level or to be applied to projects.
- Perhaps the most significant framework in terms of its political capital is the UN Sustainable Development Goals. Updated in 2015 and agreed by 193 Heads of State and High Representatives, the SDGs are a framework of 17 goals focused on people, planet and prosperity which is underpinned by 169 global targets. The Heads of State call upon businesses to apply their creativity and innovation to solving sustainable development challenges; identifying those goals and targets that are of particular relevant to the activities of an individual organisation can be a useful basis for defining a corporate sustainability framework and action plan.
Implications for real estate companies and owners
As expectations of businesses’ approaches to sustainable development, and tackling climate change in particular, become stronger amongst an array of stakeholders, so too does the need for clarity of approach and transparency in performance and impact. It is therefore clear to see why attention is turning to the principle of science-based target setting. They certainly command a strong hypothetical rationale. For real estate owners, this brings both opportunities and challenges. Amongst the myriad considerations for those exploring the efficacy of science-based targets for their organisation, the following might be pertinent:
- selecting the most appropriate methodology, scope and metrics will be key to driving performance and ensuring relevance – careful thought is needed to ensure that the approach to target-setting is grounded in the drivers of business and asset value (which may included the use of existing non-financial reporting systems);
- the need to communicate the meaning of any science-based targets clearly to both internal and external stakeholders – some approaches can appear to be something of a black art, and many involve complex analysis, so distilling key messages through impactful communication is paramount;
- science-based targets are typically associated with long-term goal-setting and are proving to be a catalyst in pushing organisations to think further ahead than has often been the case with sustainability or ‘ESG’ targets and objectives in the past – this can bring particular challenges for asset owners with short-term holding strategies whose ability to influence or control long-term performance outcomes across a portfolio might be limited;
- having systems for, and approaches to, data management which are rigorous and navigable is vital – tracking and reporting progress reliably is critical to credibility and effectiveness; and
- adopting science-based targets requires organisations to accept that they should be just that – based on the science of climate change, planetary limits and social boundaries, and not just a creative use of mathematics to derive arbitrary numbers!
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Delay discounting is a term psychologists and psychiatrists use to describe the human tendency to favor tangible short-term rewards over potentially greater long-term rewards. The same term applies to the human tendency to weigh obvious short-term losses against potential long-term losses. In a study slated for publication in 2014 in the journal Addictive Behaviors, researchers from the Johns Hopkins University School of Medicine examined the ways in which people addicted to cocaine calculate the short- and long-term rewards and losses associated with the consumption of this powerful stimulant drug. Delay Discounting Throughout early childhood and adolescence, humans gradually develop the ability to do such things as think logically, compare past experiences to present experiences, control momentary impulses, make decisions, make plans for the future and take the steps required to turn previously established plans into reality. By the time any individual reaches his or her 20s, this ability - referred to as executive function - typically reaches its full development. Executive function is necessary to weigh the pros and cons of short- versus long-term rewards and short- versus long-term losses. For example, a person who has a long-term goal of getting healthy must measure the ultimate rewards of achieving this goal against the immediate rewards of eating high-fat or high-sugar foods, an activity that can undercut the quest for health if undertaken with any regularity. Similarly, a person must decide if acceptance of a short-term financial loss is preferable to the looming but potentially avoidable possibility of a larger financial loss at a later time. The basic principle of delay discounting holds that humans naturally prefer immediate, short-term outcomes and de-emphasize or discount the worth of long-term outcomes. Discounting, Substance Abuse and Substance Addiction All classic substances of abuse access the brain\u2019s pleasure center and produce varying degrees of an intense sensation called euphoria. As a rule, the euphoria associated with substance use far outweighs the pleasure associated with such typically desirable activities as having sex or eating satisfying food. In practical terms, this means that a certain percentage of substance users will repeatedly seek out the rewarding feelings linked to drug or alcohol intake and ultimately undergo changes in brain function that trigger a reliant state called physical dependence. Depending on the substance in question, physical dependence is either synonymous with substance addiction or the precursor to substance addiction. In a substance abuser or substance addict, delay discounting can heavily sway behavior toward the short-term rewards of drug or alcohol consumption and lead to relatively extreme de-emphasis of the physical and mental costs of abuse and addiction. Impact on Addicted Cocaine Users In the study scheduled for publication in Addictive Behaviors, the Johns Hopkins University researchers examined the delayed discounting behaviors of 89 adults affected by cocaine dependence\/addiction. In addition to employing standard psychological testing procedures\u2014which use financial incentives to measure preferences for short- versus long-term rewards\u2014the researchers also directly tested the study participants\u2019 willingness to trade off short-term intake of relatively small amounts of cocaine for the later opportunity to consume larger quantities of the drug. They also tested the participants\u2019 willingness to lose small quantities of money or cocaine in the present in order to avoid potentially losing larger quantities of money or cocaine in the future. The researchers chose to directly measure drug-related delay discounting, in part, because most addicted users value drugs more than they value the money required to pay for drugs. The researchers concluded that the addicted cocaine users were far more willing to accept smaller, short-term financial rewards and cocaine rewards than they were to accept short-term losses of money or cocaine. The willingness to accept short-term (versus long-term) cocaine rewards was greater than the willingness to accept short-term (versus long-term) financial rewards. Conversely, the participants displayed roughly equal unwillingness to accept short-term losses of money or cocaine in order to avoid larger losses at a later date. The study\u2019s authors believe their findings may indicate that the delayed discounting addicted users apply to cocaine intake may be part of a more general pattern of preferring tangible short-term rewards over possible longer-term rewards. They also believe their findings may indicate that, when it comes to determining the immediate behavior of addicted cocaine users, the desire to avoid losing even relatively small amounts of the drug may play a more important role.
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The state list in the VII schedule of the Indian Constitution provides for the levy of property tax. The tax is designated as “Taxes on lands and buildings”. In the Government of India Act of 1935 the parallel entry was “Taxes on lands, buildings, berths and windows”. Property tax is by far the main stay of Municipal finance in the State. This tax possesses the essential characteristics of a good tax.
LEVY OF TAX :
In any system of taxation three stages are attendant on the imposition of any tax. They are
First is a legislative function, the second is quasi-judicial and the last an executive function.
Wide publicity has to be given tot he intention to impose the tax. The views of the persons to be taxed require to be ascertained. There views are to be considered by the authority imposing the tax. These processes must come to a imposed. This is the common procedure for imposition of taxes.
When a local authority resolves to levy Property tax, the council or the authority has to pass a resolution to levy, the council or the authority has to pass a resolution determining to levy the tax and the resolution should also specify the rate at which and the date from which the tax shall be levied. But before passing a resolution imposing a tax for the first time or increasing the rate of an existing tax, the council shall publish a notice declaring its intention.
The property tax my comprise
i) a water and drainage tax
ii) a lighting tax
iii) a scavenging tax
Properties liable to Tax :
All buildings and lands unless exempted under the statutes are liable to property tax. In deciding liability building will have the meaning given in the definition of Building in the Act.
Calculation of Property Tax :
1. Reasonable letting basis :
GUIDELINES FOR DETERMINATION OF THE ANNUAL VALUE
1. Basis value :
Basis value has been fixed in all the Municipalities and Town-ship Committees for different zones for purpose of Taxation of Annual Rental value of buildings and lands. The basic value is the probable rental yield per sq. ft. per month of residential properties. For fixing the basic value, instructions have been issued to adopt the rent obtained per months for newly constructed residential R.C.C. buildings measuring 1000sq.ft. and to convert it into rental value per sq.ft.
2. Depreciation :
The following discount depending on the age of building should be given towards depreciation.
Upto 5 years ….. No discount
From 5 to 15 years ….. 10%
From 15 to 25 years ….. 15%
Above 25 years ….. 20%
3. Occupation :
It has been decided to provide discount of 30% in respect of buildings occupied by the owners themselves.
4. Nature of building :
Buildings are broadly classified as thatched, tiled and R.C.C. ones.
For RCC Buildings ..... No allowance
For tiled, Ac sheet and GA sheet, etc. roof buildings ..... 25%
For thatched roof buildings ..... 50%
The overall enhancement of tax in quinquennial revision should not be exorbitant as to cause, serve hardship to the assesses. Therefore, the following ceiling is fixed for the enhancement of taxes consequent on the quinquennial revision of property tax.
: Not exceed
: Not exceed
For Industrial Buildings : Not exceed 100%
: Not exceed
............................ Town Panchayats
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12 May Business Valuation Basics: Four Key Questions
Business valuation can be complex. But as with most projects a good start is to build a solid foundation. The foundation of a good appraisal will be the answers to four simple questions:
The first step is to clearly define what is being valued. If the subject of the appraisal is a going concern (an ongoing operating business), then it is the income stream of the business that is being valued.
A business is nothing more than a group of assets – people, ideas, processes, products, equipment, etc. – that produce an income stream. To the extent there are assets not necessary for the generation of the profit stream, these assets should be excluded from the appraisal. If there are assets not actually owned by the business but necessary for the generation of the profit stream, then these assets need to be contributed to the business by the owner or the cost of acquiring the assets must be subtracted from the value.
It must also be determined whether the appraisal is of the assets or the equity of the business. An appraisal of the assets assumes the seller would retain all non-working/non-interest bearing liabilities of the business and, in a hypothetical sale, pay them off with funds received from the purchaser of the business. If the equity of the business is being valued, it is assumed the hypothetical buyer would get all assets of the business and assume all liabilities as well. This should not be confused with how the business is purchased as in the legal question of whether it is an asset purchase or stock purchase.
Value to Whom?
The answer can be an individual, investment group or another company. Once this question is answered, all the factors contributing to or detracting from the value of the subject business for the particular buyer must be considered. This type of value is referred to as investment value.
Example: To determine the value of XYZ Company for Mr. Tenor, we need to consider all the objective and subjective characteristics of XYZ Company as they relate to Mr. Tenor and his own particular assets, interests, situation, capabilities, fears, etc. Mr. Tenor may have a lifelong dream of owning XYZ Company and may have a particular aptitude that would allow him to place substantial value on the business. On the other hand, Mr. Tenor may see ownership of XYZ as a burden he has no interest in bearing at any price.
What Definition of Value?
The value definition explained above is investment value. An alternate value definition is fair market value. To explain, Mr. Seller may only be willing to sell his business if he is offered more than the value that it has to him. This is simply the investment value to Mr. Seller. However, Mr. Seller may want to receive “as much as I can get.”
Selling a business for maximum value can be a frustrating task. First, what is the maximum value of a business? The reality is nobody knows. How will Mr. Seller know if a particular offer he receives is the highest obtainable? If the price is the highest obtainable offer today, what about tomorrow?
Business sellers enter into a confusing and frustrating dilemma when the goal is value maximization. Add the possibility that the maximum value might include some seller financing. Mr. Seller must then consider, assuming the buyer’s ability to pay will to some degree come from future profits of the business, whether the buyer will be able to run the business successfully. Faced with the “what is maximum value” dilemma, many sellers decide to go for fair market value.
Fair Market Value
The price at which an asset would change hands between a willing buyer and willing seller, both of whom are reasonably knowledgeable of the pertinent facts and neither under any compulsion to act.
The technical process for estimating fair market value can be complex. However, the definition is straightforward. The essence of the meaning can be readily understood by simply taking a few moments to ponder the definition.
Value as of What Date? The fourth basic question to be answered before a business can be valued is “value as of what date?” Of course, one could always assume the answer is today. However, this is not always the case. In litigation, we often want to know what the value was on a particular date in the past. For instance, the date of damage, breach, loss or death. Conversely, in finance we often need to predict what the value will be at some date in the future, such as when we expect a business or asset to be sold.
This article was written by the experts at Acquisition Advisors, all rights reserved. Acquisition Advisors is the M&A firm of choice for buyers and sellers of mid-size U.S. companies. They can be reached at (918) 748-7995 or visit www.AcquisitionAdvisors.com for more information.
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A data scientist at India’s prestigious Vellore Institute of Technology has outlined a method for how to purportedly predict crypto prices in real-time using a Long Short-Term Memory (LSTM) neural network.
In a blog post published on Dec. 2, researcher Abinhav Sagar demonstrated a four-step process for how to use machine learning technology to forecast prices in a sector he purported is “relatively unpredictable” as compared with traditional markets.
Machine learning for crypto price prediction has been “restricted”
Sagar prefaced his demonstration by noting that while machine learning has achieved some success in predicting stock market prices, its application in the cryptocurrency field has been restricted. In support of this claim, he argued that cryptocurrency prices fluctuate in accordance with fast-paced technological developments, as well as economic, security and political factors.
Sagar’s four-step proposed method involves 1) collecting real-time cryptocurrency data; 2) preparing the data for neural network training; 3) testing the prediction using the LSTM neural network; 4) visualizing the results of the prediction.
As software developer Aditi Mittal has outlined, LSTM is an acronym for “Long Short-Term Memory” — a type of neural network that is designed to classify, process and predict time series given time lags of unknown duration.
To train his network, Sagar used a dataset from CryptoCompare, making use of features such as price, volume and open, high and low values.
He provides a link to the code for the complete project on GitHub and outlines the functions he used to normalize data values in preparation for machine learning.
Before plotting and visualizing the results of the network’s predictions, Sagar notes he used Mean Absolute Error as an evaluation metric, which, he notes, measures the average magnitude of the errors in a set of predictions, without considering their direction.
Sagar’s visualization of his cryptocurrency predictions in real-time using an LSTM neural network. Source: towardsdatascience.com
From the markets to outer space
Beyond market predictions, the convergence of new decentralized technologies such as blockchain with machine learning has been gaining ever more traction.
As reported this fall, NASA recently published a listing for a data scientist role, singling out cryptocurrency and blockchain expertise as “a plus.”
The agency — whose primary function is the construction and operation of planetary robotic spacecraft and conducting Earth-orbit missions — further required qualifications in one or more related fields including machine learning, big data, Internet of Things, analytics, statistics and cloud computing.
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The increase in advocacy for a living wage is not only happening in Canada, but in the U. A living wage is calculated based on a family of four with both parents working full-time for 37.5 hours a week and does not cover finances needed for owning a home, savings accounts or paying off debts.
Living wages will also vary from each community, as the cost of living in Toronto ($18.52), for instance, will be far more than Windsor ($14.15).
This study also found that along with an overall reluctance to hire individuals who have or are experiencing homelessness, stereotypes surrounding homelessness were pervasive and cast considerable doubts on the ability for individuals experiencing homelessness to obtain or maintain employment.
It is also important to note that individuals experiencing homelessness are not a homogenous group, and that those experiencing homelessness that also face hiring discrimination based on race, citizenship status, disability, sexual orientation and gender are therefore even more vulnerable.
In light of the barriers identified above, it is clear that addressing and preventing homelessness through the eradication of poverty cannot be done by isolated interventions.
Child Poverty In Canada Case Study Essay Questions On The Necklace
Solutions such as reverting the decline in Canada’s social safety net, implementing a living wage, creating sustainable jobs, and providing affordable long-term housing supports to those who desperately need them are all necessary as we move to approach homelessness and poverty via a preventative framework.Access to society journal content varies across our titles.If you have access to a journal via a society or association membership, please browse to your society journal, select an article to view, and follow the instructions in this box.People that live in poverty are frequently unable to pay for housing, food, childcare, health care, and education.Difficult choices must be made when limited resources cover only some of these necessities.The Government of Canada met its first poverty reduction target a full three years ahead of schedule.Between 20, the poverty rate fell by more than 20% to 9.5%.A second view is that poverty arises mainly from systematic inequities in the economy and society, and is largely the result of factors (lack of work, low wages, or discrimination) beyond the control of individuals, factors that implicate some populations more than others.For instance, Canada without Poverty provides a helpful snapshot on the state of poverty and homelessness at this time: One important factor to be pulled from these statistics is that poverty occurs on a wide scale across race, gender, ability, citizenship status and space.Contrary to popular belief, many individuals experiencing homelessness are employed, where one study found that out of 3.5 million Americans experiencing homelessness, 25% have jobs.Yet overwhelmingly, individuals experiencing homelessness often face barriers to attaining and maintaining employment that include: Other studies have found that for parents experiencing homelessness, inaccessibility to childcare is a barrier to employment.
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Since December 2017, the nonprofit sector has been buzzing with speculation about how the increase in the standard deduction, resulting in a decrease in the number of people who itemize their taxes from 30% of the population down to 10%, will impact charitable giving. The prediction by economists is that people who do not itemize their tax return will not make charitable contributions. In fact, some are estimating this could cause a decline of as much as 5%, or $20 billion, in 2018 contributions. Economists have developed complex formulas that predict this decline. I believe they are wrong.
How can I disagree with someone with a Ph.D. in economics when it comes to money? Over 30 years of professional fundraising experience and a degree in psychology lead me to the conclusion that economists’ mathematical formulas completely discount what really drives giving.
Doing The Math
For starters, let’s look at the math. According to one study, approximately 96% of American households planned to give to charities in 2017. Yet, according to the Internal Revenue Service, only 30% of Americans itemize their deductions. There is a clear disconnect in the logic. If only 30% of Americans are receiving the tax deduction for giving by itemizing, and the tax deduction is the driver of giving, then the other 66% should not be giving, and yet they do.
Next, let’s look at this tax deduction issue itself and how it benefits donors. Let’s say a donor gives $100 to a charity. They get to remove that $100 from their taxable income and, if they are in a 25% tax bracket, will pay $25 less in taxes. What’s important to remember is they don’t get that $25 back — it and the other $75 are gone. The charity has the entire $100, the donor no longer has $100, and the government does not get $25 it would have otherwise received in tax revenue.
The point being, giving money to charity is not a tax loophole. It is not a tax saving strategy, nor is it a tax avoidance strategy. The donor is out $100 when they make the contribution. If they didn’t make the contribution, they would still have $75 after taxes. So, they actually have less than they would if they had just paid taxes and kept the rest of the money. Simply put, giving away money is not a strategy to avoid taxes and have more money.
The Motivation To Give
So, if tax deductions aren’t the motivation, what is the motivation to give? Emotion.
Giving to charity is a decision born from an emotional desire to help solve a problem. A recent study found the following to be the top motivations for giving: passion for the cause, personal experience with the issue, religious beliefs and the desire to give back. Even “other” was ranked higher than a tax deduction. In fact, the same study indicates only 2% of people who itemize taxes reported tax deduction as a primary motivation, and they found the exact same percentage for non-itemizers. Contrary to popular economist belief, tax deduction is reported merely as a benefit of charitable giving, not a motivation.
Consider your own philanthropic behavior and how you make decisions. Is tax deduction a high motivating factor for you?
Last year, my children came to me and asked if we, as a family, could make a donation to the Atlanta Humane Society. My children were 14 and 17 at the time, and I can promise tax deduction was not motivating them to give to the Humane Society. What was motivating them was a TV commercial about an injured puppy that touched them emotionally.
In my 30-year career in fundraising, I have known multimillionaires who gave so much money to charity, they were never able to deduct some of it because they were already at the contribution limits and had carryforwards that would last years. Yet, they were still giving. I have also known equally wealthy people who gave little to no money to charity. Both had the same resources and would benefit equally from the tax deduction. If the tax deduction were the motivation, these two people should behave similarly.
Based on the data, studies and my professional experience, I do not think giving will decline in 2018 as a result of fewer people itemizing their deductions. While the internal emotional motivation that drives philanthropic behavior does not fit neatly into the formulas, statistics and mathematical analysis that economists prefer, I am convinced they have it wrong. No matter how the tax code changes, no one will change the emotional impact an injured puppy has on my children. It is emotion — not tax deduction– that drives philanthropic behavior.
This article originally appeared on Forbes.com.
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Featured Journal Content
Volume 574 Issue 7778, 17 October 2019
Editorial | 16 October 2019
Counting the hidden $12-trillion cost of a broken food system
The world’s food system costs trillions in poor health and ecological damage. On World Food Day, governments and researchers must commit to more-regular audits of these unseen expenses.
There’s an unfolding tragedy at the heart of the world’s food system and its cause lies mainly at the door of governments, food manufacturers and agribusinesses.
The situation is urgent. One-third of all food goes to waste, and yet governments and other players in the food system are unable to prevent 820 million people from regularly going hungry. The food industry, especially, bears responsibility for the fact that 680 million people are obese, but it is largely governments and their citizens who have to pick up the costs of treatment.
When industrial-scale farms draw copious quantities of water to irrigate crops, again it is taxpayers who foot the bill for the water scarcity that can follow. It’s the same for agrochemicals and their effects on the health of people and ecosystems. Governments find themselves shouldering the costs of biodiversity loss, and mopping up agriculture’s contribution to greenhouse-gas emissions.
These hidden costs — or externalities — must be met, and last month a landmark report estimated them to be somewhere in the region of US$12 trillion a year, rising to $16 trillion by 2050. That is a staggering figure — equivalent to the gross domestic product of China.
What is equally alarming is that these costs are not being regularly counted, and the food and agriculture industries seem to assume that the bill will be paid. That isn’t right and has to change.
The report, which is the work of an organization called the Food and Land Use Coalition — which includes business groups and research institutions as well as the United Nations — also calculated the costs that governments and businesses would need to pay to transition to a more sustainable food system. That estimate comes to somewhere between $300 billion and $350 billion annually. In addition — and after taking account of hidden costs — a more sustainable food system could yield a further $5.7 trillion a year by 2030 in new economic opportunities, offsetting the $350-billion price tag by many multiples.
For example, a transition to plant-based diets containing less salt, sugar and processed foods is estimated to cost $30 billion. But the resulting economic benefits are predicted to be around $1.28 trillion. Cutting food waste is similarly estimated to cost $30 billion, with an estimated $455 billion expected to flow in commercial opportunities from waste reduction.
So if there’s money to be made, it is reasonable to ask what is holding companies back. Why aren’t they queueing up for a slice of the pie? Some undoubtedly are, but more could be persuaded, or compelled, to act.
Governments have several levers when it comes to getting companies to change behaviour. One is taxation, a function of which is to fund public services, including clean-up efforts. Another lever is regulation — although in recent years, the fashion among some governments, in developed countries at least, has been to avoid imposing strong regulations. Instead, there is a move towards using softer methods to change practices in industry, drawing on the work of researchers in the behavioural sciences, for example.
A third lever is financial incentives — such as promoting the idea that companies can make profits from sustainability. Such an approach has had a measure of success following the influential 2006 publication of The Economics of Climate Change: The Stern Review, from development economist Nicholas Stern of the London School of Economics and Political Science. Among other things, this report and others that followed paved the way for several climate-change funding initiatives.
Whichever lever is used — and the most effective route is likely to involve a combination of all three, and more — there must be more-regular accounting and publishing of these hidden costs. That could be a task for national ministries of finance, or national statistics offices, working closely with researchers.
The Food and Land Use Coalition has performed an important service, but its calculations cannot be a one-off exercise, and governments, in turn, need to use these data to compel industry to act.
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Nov 24, 2015
The UK government has granted an £11m investment for Edinburgh-based firm Celtic Renewables to build a facility which can produce up to a million litres of biofuel per annum, with the facility expected to be fully functional by 2018.
Thankfully, the heightened urgency being displayed in our global economy to combat the alarming issue of the Earth’s ecosystem has seen a bigger push towards renewable energy sources and a harsh reduction on CO2 emissions.
Apart of this, the automotive industry is facing its biggest ever surge to convert from traditional fuel powered vehicles to those of the electric car, with charging motorways being tested as we speak, and even hydrogen powered cars, with the UK’s first hydrogen charging station set to be opened in October. Hence, this biofuel proposition is only the latest in a growing line of schemes the government is unrolling in current times.
The biofuel will be created by utilising the waste material from whisky fermentation, namely the barley kernels and pot ale, the yeasty liquid which remains after distillation. The waste will then be converted into fuel.
The UK Transport Minister Andrew Jones has said: “Advanced biofuels have the potential to save at least 60% of the greenhouse gas emissions from the equivalent fossil fuel.”
Hence, Celtic Renewables joins fellow biofuel producers Nova Pangaea and Advanced Plasma Products in an overall £25 million investment in biofuels. The government grant follows on from private investments from the Scottish Investment Bank and Celtic Renewables have already attracted attention from private investors as they look to build the framework for a new UK industry.
This is potentially heart-warming news as the UK was previously warned by Toyota’s Head Of R&D Seiji Sano that the UK risked falling behind global technology if we did not invest more in infrastructure soon.
For the full article from The Spirits Business, see here.
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A Massive Food Shortage Is Looming, Food Banks Warn
As coronavirus cases are rapidly on the climb nationwide, Americans are depending on food banks and pantries across the country more so than ever before. Unfortunately, such heavy reliance also means these places are being depleted of resources—and quickly.
Food banks across Texas, for example, are already preparing for food shortages between now and the early months of 2021. In addition to more Texans needing consistent access to food, three key federal and state programs that enabled food banks in-state to keep up with the demand this year are about to end. (Related: 8 Grocery Items That May Soon Be in Short Supply.)
"Food insecurity is twice as high as before the pandemic. We've had a lot of federal aid and that's all going away at the end of the year," Celia Cole, CEO of Feeding Texas—which coordinates the 21 food banks in the state—said to the Texas Tribune. "We are facing a kind of a food cliff and we are worried of how long we are going to be able to keep up with demand without the help of the federal government."
Feeding South Florida is currently facing similar challenges. Starting this week, food banks in the region will no longer have access to about 8.4 million pounds worth of produce, dairy, dry goods, and meat to give to patrons in need. The CARES Act program, which has provided the food bank with $5 million per month in food since April, is set to expire on Dec. 31.
"There's about to be a huge, huge need in South Florida," Paco Vélez, president and CEO of Feeding South Florida, said to the Sun-Sentinel. "What we received from the [U.S. Department of Agriculture] fed an extra 50,000 families. So we're going to buy $2 million worth of food in bulk today, and that will last us a couple of weeks. We can, realistically, do that one more time in mid-December, and then that's it."
At the beginning of October, Feeding America warned that it could face a deficit of up to 10 billion pounds of food between that month and June 2021—that's a shortage of about 8 billion meals. As the coronavirus continues to exacerbate job losses nationwide, but especially so in major, densely-populated cities.
In New York City, an estimated 1.5 million people currently cannot afford food. The New York Times reports that tens of thousands of residents have at some point, if not regularly, lined up outside of food pantries for the first time in their lives this year. And pop-up pantries are beginning to appear in vacant buildings to help keep up with the growing demand. For example, in Gardner, Kansas, a restoration church is now hosting "The Hope Market" food pantry twice a month to help families in the metro area.
Bottom line, if federal funding isn't renewed in the near year, the nation could be in for a devastating hunger crisis. Feeding America currently projects that more than 50 million people could experience food insecurity—a 50% increase from 2019.
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What is Monetary Policy?
Monetary policy is a fundamental pillar of any country’s economy. The money supply is a spring from the central bank or monetary entity of that country.
Some regions have a single central bank in charge of defining monetary policies. This is the case of the European Union, which has a single currency, the euro. The definition of the policies that affect it is in charge of the European Central Bank. Monetary policy is decisive for traders and investors. For example, in the Forex market, we can say that it is impossible to make a decision without knowing the policies of the central banks that make up the pair. Let’s learn more about this topic.
Central banks and monetary policy
The monetary policy of a country refers to the set of actions the economy adopted for a period. The definition, drafting and implementation of these policies are generally the responsibility of the central bank.
In the United States, it is the Federal Reserve. In the European Union, it is the European Central Bank. When these two entities make decisions, they are likely to affect the currency of the rest of the countries.
In this sense, monetary policy consists of defining the money supply and interest rates. Monetary policy must be in tune with the main objectives of a central bank:
- Control inflation
- Boost consumption
- Promote economic growth
- Maintain adequate levels of liquidity
Additionally, to meet these objectives, central banks have a set of tools that are part of monetary policy.
The authorities of a central bank meet regularly to analyze a set of macroeconomic data:
- Inflation levels
- Evolution of the Gross Domestic Product
- Unemployment rate
- Industrial growth and consumption levels
- International economic panorama
With these data, officials define the monetary policy in force, at least, until the next meeting. Each central bank has its annual meeting calendar.
Analysts, investors, and policymakers pay particular attention to monetary policy definitions. Furthermore, it is common for financial markets to react in different directions after announcements.
Different types of monetary policies
Central banks have two paths to carry out monetary policy. For instance, they can be expansive or contractive. These are linked to the general state of the country’s economy.
A country that enters a contraction stage or in a recession may require an expansionary policy. Subsequently, the central bank will try to reactivate the economy, based on spending and investment. It will also seek to reduce the unemployment rate that tends to grow in recessionary periods.
One of the traditional measures to carry out an expansionary monetary policy is to lower the interest rate or reference rate. In this way, the central bank seeks to discourage saving and promote spending. The money supply is greater. In fact, it is expected that with low-cost credits, companies will invest and consumers will acquire goods.
As a result of the financial crisis of 2008, central banks had sharp cuts in interest rates. The Federal Reserve reached 0. Meanwhile, the ECB and the Bank of Japan set negative rates.
A broad money supply can cause the economy to overheat and inflation to skyrocket. In fact, the leading countries’ central banks try to sustain themselves at an inflationary level of 2% per year. Contractive policies are also used to prevent the cost of living from rising beyond the limits. The rise in interest rates is the leading resource. Moreover, the objective of this monetary policy is to raise the cost of money.
Credits become more expensive, consumption is reduced, and prices tend to stop rising. This type of policy’s negative results is an increase in unemployment and a fall in business investment.
In the United States, an inflationary spiral became registered in the 1980s, which climbed 15% per year. Consequently, the FED raised the benchmark rate to 20%. As a result, inflation managed to be contained. Within a few months, it was already around 4% per year. Also, the recession was one of the consequences of the fight against inflation.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.
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There is a ‘perennial divide between heritage conservers and commercial interests. Development proposals; in particular, perhaps, those in the centre of our towns and cities where development land is usually scarce and therefore expensive, frequently bring this issue into sharp focus. On the one hand, conservationists fight to protect and preserve what they perceive to be priceless historic assets which, they contend, often serve both to preserve important elements of local or national history and culture and also to provide a community focus through the preservation of what has come to be termed ‘collective memory’. On the other hand, developers and property owners seek to maximise the commercial worth of their investment. Although the balance which is struck between these potentially opposing views tends to shift over time as society’s values ebb and flow. Compare the present vogue for the adaptive reuse of historic buildings with the wholesale demolition resulting from the ‘brave new world’ approach espoused by the town centre developers of the 1970s’. (ref 5)
Our heritage is rich and diverse and it includes buildings, monuments, gardens, cemeteries, landscapes, shipwrecks archaeological sites and other places and objects. The heritage places and objects included in heritage registers contribute to the attractiveness and liveability of our cities, towns and regions. They provide a broad range of economic, social and environmental benefits. Heritage listing and heritage protection is ultimately a ‘public good’ driven by the broader community (Ref 2), but what precisely, are the benefits?
A recent publication (2017) entitled; ‘Heritage Regulations – Regulatory Impact Statement’ issued by the Victorian State Government in Australia, sets out the benefits of heritage as follows;
Heritage is one of the most rapidly expanding tourism segments in terms of visitor numbers globally and is a major attraction for our cities and regions. Studies have shown that ‘cultural tourists’, which include those visiting historic and heritage places, tend to stay for longer and spend more than ‘non-cultural tourists’. Research undertaken in the United Kingdom also finds that investment in historic visitor attractions provided a range of benefits to the local community by attracting visitors to an area and spending money in local hotels, pubs, shops and restaurants as well as generating employment in the heritage sector and related fields (Ref 2).
A recent study (Ref 2) shows that heritage contributes to economic / business activity in local areas in five different ways: (a) the impact associated with the day-to-day operations of a heritage attraction / facility; (b) the economic benefits associated with heritage-based recreation and tourism; (c) the impact associated with capital works, including restoration and repair / maintenance; (d) how heritage and cultural institutions make a place more attractive for non-tourism businesses and workers to locate; and (e) economic security. In the case of research that looks at operational, tourism and restoration/repair, a further variable across reports is their geographic scale of analysis – ranging from impacts at a national scale to the localised impact of single heritage sites and attraction.
Most people consider that the historic houses in their area are an important part of the area’s character and identity. Similarly, the vast majority of people consider heritage to be an important part of Australia’s identity and culture (Ref 2).
Socially, heritage assets have the ability to make contributions to an area’s liveability and identity. In many cases, they are places that are a focus for community activities, such as public halls, schools, mechanics institutes, places of religious worship and parks. Heritage assets also often include local landmarks that people identify with a town or area, such as significant buildings, monuments and bridges (Ref 2).
Heritage conservation projects often also provide social benefits through community involvement and raising the community’s awareness of its heritage. Once completed, heritage conservation projects are often accompanied by community events, further enhancing the community’s sense of identity Ref 2).
Conserving buildings rather than demolishing them can also provide a significant reduction in the amount of landfill. Studies have indicated that waste from building demolition makes up nearly 30 per cent of landfill. Environmentally, finding new ways to re-use heritage buildings – rather than erecting new buildings – can have significant savings for the environment Ref 2).
Typically, the amount of embodied energy in a house is equivalent in amount to its energy consumption over 10 years and the amount of embodied energy in an office building equivalent to its energy consumption over 30 years. Heritage buildings also tend to be more energy efficient than new buildings (Ref 2).
‘The benefits of most goods and services, including heritage property, usually accrue to those who own them or pay for them; not to those who use them. In the case of many heritage properties the reverse is true. An area with architectural or heritage significance may benefit those who reside in it, those nearby or those who just pass through or visit it, as in the case of a heritage property or precinct drawing tourists to the area. These indirect benefits can be extremely difficult to measure, are really static and can apply to an area or a single building. Benefits can be dynamic and can be reflected in higher returns in the form of increased overall value and rents. The returns may be greater than the cost of restoration and maintenance. The market however, may view the cost as prohibitive and the end market consumer may not be prepared to meet the rental levels required. This could be said to be true of any property/development situation, but may erroneously appear to be accentuated in the case of heritage properties’ (Ref 4).
The historic environment
According to Values and Benefits of Heritage (Ref 2), heritage sites and buildings are seen as important to local communities. Heritage sites and buildings play an important part in how people view the places they live, how they feel and their quality of life. People are interested in how the built environment looks.
The natural environment
People want to live near green spaces, such as parks and commons. In addition, when asked what makes somewhere a good place to live, respondents to a survey, selected green amenities (e.g. open spaces, trees and greenery) ahead of transport, jobs, housing and local services (Ref 3).
‘The concept of public value appears to be an interesting idea for assessing the worth of cultural heritage, and could also, in the fullness of time, evolve into a useable tool. It is, however, important that, as competition for scarce resources becomes ever more fierce, we are able to quantify the value of heritage in realistic, responsive, easily understandable and robust ways’. (Ref 5)
Paul Rappoport – Heritage 21 – 12 July 2017
(Ref 1) Heritage Regulations – Regulatory Impact Statement, Victorian State Government, 2017
(Ref 2) Values and benefits of heritage – A research review compiled by the Heritage Lottery Fund Strategy and Business Development Department, Gareth Maeer , Amelia Robinson, Marie Hobson – April 2016.
(Ref 3) Scottish Centre for Social Research, Scottish Social Attitudes Survey 2009: Sustainable Places and Greenspace, 2010.
(Ref 4) Heritage Australia: A Review of Australian Material Regarding the Economic and Social Benefits of Heritage Property by Peter Wills and Dr. Chris Eves (undated)
(Ref 5) The Value of Built Heritage, College of Estate Management by Adrian Smith, CEM Occasional Paper Series, 2010
How often is it said that we view the past through our own eyes. Here we are in 2018 viewing…Read more
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More companies are looking toward fuel cells for achieving zero emissions in long-haul trucking, and two industry heavyweights have just joined forces in developing the technology.
Daimler and Volvo Group (separate to the Volvo car company) on April 21 established a joint venture to develop and produce on a large scale fuel cell-electric powertrains for trucks and buses.
As part of the deal, Daimler will invest its current fuel cell technology in the joint venture while Volvo Group will invest 600 million euros (approximately $652 million), with each entity receiving a 50-percent stake. Daimler already has a fuel cell vehicle in production, in this case the Mercedes-Benz GLC F-Cell.
Daimler is one of the world's biggest truck manufacturers and operates numerous brands including Mercedes-Benz, Fuso, Freightliner and Western Star. Volvo Group has a number of brands itself including Volvo and Mack.
Both Daimler and Volvo Group have introduced battery-electric trucks, though the range on these models are limited to about 250 miles. For interstate travel, the companies see fuel cell-electric trucks as a better option. They're not alone in this thinking. Toyota and Kenworth have partnered on fuel cell trucks, and Hyundai has shown a concept of one. America's Nikola also has plans to launch extended-range electric trucks that rely on hydrogen fuel cell stacks for range-extending duty.
“Truly CO2-neutral transport can be accomplished through electric drivetrains with energy coming either from batteries or by converting hydrogen on board into electricity,” said Martin Daum, head of Daimler's truck division. “For trucks to cope with heavy loads and long distances, fuel cells are one important answer.”
As for the question of where the hydrogen will come from, Daimler and Volvo Group are looking at using renewable energy to split water into hydrogen and oxygen. Another option is to source hydrogen from natural gas, utilizing carbon capture technology to create a carbon-neutral fuel.
The companies haven't said when their first fuel cell-electric trucks will be available.
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Estimated reading time: 6 minutes
A well-defined bid management and tender process provides a positive evaluation approach that is mutually beneficial to both suppliers and vendors. A wholly balanced and highly efficient bid and tender management process improves the quality of the supply chain while reducing costs and managing risks.
What is Tendering?
A tender is a submission made by a prospective supplier in response to an invitation to tender. It makes an offer for the supply of goods or services. As procurement routes have become more complex, tenders may be sought for a wide range of goods and services (for example, on a construction management contract the works are constructed by a number of different trade contractors each contracted to the client) and contractors may take on additional functions such as design and management.
Tender request documents (also known as invitations to tender or Request for Tender (RFT)) are submitted by organisations and often include the specific project requirements, criteria and instructions that needs to be fulfilled by the supplier. Future tenders are generally commonly advertised to offer opportunities to a larger pool of suppliers while encouraging fair competition.
What are the most common types of tender and tendering process?
The 4 main types of tenders are:
- Open tender
- Selective tender
- Negotiated tender
- Single-stage and two-stage tender
Open tendering is the main tendering procedures employed by both the government and private sector. Open tendering allows anyone to submit a tender to supply the goods or services required and offers an equal opportunity to any organisation to submit a tender. This type of tender is most common for the engineering and construction industry.
Open tendering provides the greatest competition among suppliers and has the advantage of creating opportunities for new or emerging suppliers to try to secure work. However, not all those who bid may be suitable for the contract and more time is required to evaluate the tenders.
Selective tendering only allows suppliers to submit tenders by invitation. These suppliers are those who are known by their track record to be suitable for a contract of that size, nature and complexity required. Selective tendering gives clients greater confidence that their requirements will be satisfied. It may be particularly appropriate for specialist or complex contracts, or contracts where there are only a few suitable firms. However, it can exclude smaller suppliers or those trying to establish themselves in a new market.
Negotiated tenders are extensively used in the engineering and construction industry commencing from tendering till dispute resolutions. Negotiating with a single supplier may be appropriate for highly specialist contracts, or for extending the scope of an existing contract. Costs are reduced and allows early contractor involvement. Since the contractor is part of the project team at a very stage of the project, this results in better communication and information flow.
Single-stage and two-stage tender
Single-stage tendering is used when all the information necessary to calculate a realistic price is available when tendering commences. An invitation to tender is issued to prospective suppliers, tenders are prepared and returned, a preferred tenderer is selected and following negotiations they may be appointed.
Two-stage tendering is used to allow early appointment of a supplier, prior to the completion of all the information required to enable them to offer a fixed price. In the first stage, a limited appointment is agreed to allow work to begin and in the second stage a fixed price is negotiated for the contract.
With proper preparation and understanding, any business can master its bid management and tender evaluation approach. Once the project has been evaluated to be a good opportunity for the business, there are various factors one should consider before entering the tender process.
Bid Management & Tender Evaluation is a 3-day training course 24-26 August 2020 (Kuala Lumpur) designed to fully equip delegates with the necessary understanding, skills, tools and templates to swiftly and effectively implement world- class tendered procurement strategies and processes. Gain an understanding and leverage the relationships between commercial requirements and contractual frameworks in supplier negotiation. Ensure your organisation is able to capitalise on the many opportunities available when utilising a class leading approach to a well-structured and thought out, tender process.
Unable to make it for the course? Contact us for other available dates.
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Avoiding starvation: how beneficial are the effects of speculation and futures trading on commodity markets
Outline, including interdisciplinary dimension
Trade in commodity futures has been accused of perverting price determination processes and causing food price increases that lead to mass starvation. Modern critics point at the alleged effect of commodity futures trade in aggravating scarcity that was originally caused by rapid population growth and limited additional farmland.
In 2012, leading scientists authored an open letter to the former German Federal President, Joachim Gauck, addressing his generalised condemnation of commodity futures trading, and asked him to encourage an ‘objective dialogue’. Supporters of trading commodities on futures markets emphasise that this is an essential tool to hedge price risks. Its absence would expose producers, traders and consumers to increased price volatility, eventually inducing reduced supply and rising prices.
This innovative, interdisciplinary project will combine the theoretical framework of economics with the archival approach of history in order to address the alleged indispensability of commodity futures trading. It will investigate this theme across a broad-ranging historical context, from early future contracts in the medieval world through to the more formal introduction of a commodity futures trade in the nineteenth century. The research team will examine pre-modern suspicion of future contracts in staple commodities and whether this inhibited the early development of a commodity futures trade.
Existing series of grain price data for north-western Europe, thirteenth to nineteenth centuries, as well as UK and US cotton data will be analysed to understand the role of commodity futures trade. To what extent can price risks be hedged without the potential to use futures? The project will look further at the transition from a regulatory regime where price risks were managed without this technique to a regime in the nineteenth century where it was available. What was the differential effect on price volatility and the behaviour of market participants?
History and economics, economic history, grain, cotton, food security
Secondary supervisor from a complementary discipline
Supervisors’ track record of PhD completions, plus excellence and international standing in the project area
Blum, an economist, has previously co-supervised three PhD students in the field of economics. He has top publications in economic history, agricultural economics and resource economics on topics relating to nutrition, food production and living standards in historical perspective.
He worked as an economist at the TU Munich’s agricultural campus and has additional publications in the field of resource, agricultural and development economics. Davis, a specialist in pre-modern socio-economic history, 'has first-supervised three PhD students to completion and currently co-supervises three students in interdisciplinary research.
He has published a book on medieval and early modern markets, regulation and ethics with Cambridge University Press, as well as in journals such as Economic History Review and the Journal of Historical Research in Marketing.
Intersectoral exposure and/or international mobility
(e.g. secondments to/collaboration with partner organizations)
Blum has close existing ties to colleagues in the field of resource economics (St Andrews), agricultural economics (TU Munich) and economic historians in various research departments in Europe and the United States. Part of the PhD would be spent at these institutions. The student would use this as a base to acquire specific expertise in relevant fields and to interact with specialists in aforementioned fields.
Similarly, Davis has close links with economic historians in a variety of institutions. In particular, he is currently working with the ‘Crises in the Middle Ages’ research project at the University of Lleida, Spain, and has hosted and mentored one of their PhD students at QUB in 2016. He also has close existing links with the Centre of Urban History at the University of Antwerp. Both institutions can provide short-term secondments for
PhD students to work with experts in the field and present their research.
Describe briefly the international profile of the partner
The University of St Andrews is home to one of the leading research clusters in agricultural and environmental economics in the UK. Its faculty include Nicholas Hanley and Eoin Mclaughlin, both leaders in their fields. The Technical University of Munich hosts one of Europe’s leading research centres in agricultural economics, located in Freising, Germany.
Relevant staff our PhD student will benefit from include Johannes Sauer, Gertrud Buchenrieder, and Justus Wesseler, all experts in their field. The Centre for Urban History at the University of Antwerp has a number of specialists in pre-modern trade and markets (with a focus on urban-rural grain supplies), such as Peter Stabel, Tim Soens, and Bruno Blonde.
The research group at the University of Lleida is run by Pere Benito i Monclus and has hosted a number of international conferences on famine, food supplies and grain merchants in premodern Europe.
Training that will be provided through the research project itself
Depending on the profile of the applicant, training in either economics, econometrics or history can be provided inhouse at Queen’s. Especially important will be the interface of history, historical methods (especially archival work and palaeography), economics and the statistical analysis of datasets - - a rare, if not unique, mix of expertise available at Queens.
Examples of additional training in non-research transferable skills
Both the Management School and the School of HAPP offer regular workshops on career development, leadership training and the soft skills
demanded by the employers of PhD students. The new Graduate School will also offer a roster of skills-based workshops for PhD students.
Expected dissemination of results: peer-reviewed journals, seminars, workshop and conferences at European/international level
Output will be presented at top international conferences such as the Economic History Society and the European Historical Economics Society. PhD chapters would form the basis for submissions to top field journals in economic history such as Economic History Review or the Journal of Economic History.
Expected impact activities
(e.g. public talks, visits to schools, open days, QUB impact showcase)
The policy implications of this research are potentially significant. The research will offer valuable insights into a world before commodity futures trading and associated infrastructure, such as appropriately sized storage facilities, and the consequent responses in demand and supply.
By looking at the historical origins of futures markets, we will better understand why we have highly formal institutions today and how they can be adapted to solve the problems faced by developing economies. The findings of the research will be communicated through an open workshop and conference (inviting a variety of interested groups from modern policymakers to commodity speculators).
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Ministry of the Treasury
The Ministry of the Treasury (大蔵省, Ōkura-shō) (lit. the department of the great treasury) was a division of the eighth-century Japanese government of the Imperial Court in Kyoto, instituted in the Asuka period and formalized during the Heian period. The Ministry was replaced in the Meiji period.
|Minister of the Left||Sadaijin|
|Minister of the Right||Udaijin|
|Minister of the Center||Naidaijin|
The nature of the ministry was modified in response to changing times. The ambit of the Ministry's activities encompasses, for example:
- administration of public accounts
- oversight of tax collections and of offerings to the Emperor
- regulation of weights and measures
- control of the functuations in prices of commodities
- regulation and oversight of the coinage of gold, silver, copper, and iron money
- maintenance of the lists of artisans engaged in coinage-related activities
- regulation of activities in the manufacture of lacquer ware, weaving, and other kinds of industries
The duties, responsibilities and focus of the ministry evolved over time. It was established as part of the Taika Reforms and Ritsuryō laws. Since 1885, Ōkura-shō has been construed in reference to the Ministry of Finance, also called the Ōkura no Tsukasa.
The court included a ministry dealing with military affairs.
Amongst the significant daijō-kan officials serving in this ministry structure were:
- Chief administrator of the ministry of the treasury (大蔵卿, Ōkura-kyō). This official supervises the receipt of tributes from the provinces and imposes tribute on others.
- Chief administrator of the ministry of the treasury (大蔵大輔, Ōkura-taifu)
- First assistant to the chief of the ministry of the treasury (大蔵少輔, Ōkura-shō)
- Second assistant to the chief of the ministry of the treasury (大蔵丞, Ōkura-no-jō), two positions
- Alternate assistant to the chief of the ministry of the treasury (大蔵録, Ōkura-no-sakan), two positions
- Collector of taxation from manufacturers and dyers (織部正, Oribe-no-kami)
- Assistant collector of taxation from manufacturers and dyers (織部佑, Oribe-no-jō)
- Alternate assistant collector of taxation from manufacturers and dyers (織部令史, Oribe-no-sakan)
- Kawakami, Karl Kiyoshi. (1903). The Political Ideas of the Modern Japan, pp. 36-38., p. 36, at Google Books
- Kawakami, p. 38 n2,, p. 38, at Google Books citing Ito Hirobumi, Commentaries on the Japanese Constitution, p. 87 (1889).
- Ministry of the Treasury, Sheffield.
- Nussbaum, Louis Frédéric et al. (2005). "Ōkura-shō" in Japan Encyclopedia, p. 749., p. 749, at Google Books
- Titsingh, Isaac. (1834). Annales des empereurs du japon, p. 432., p. 432, at Google Books
- Kawakami, Karl Kiyoshi. (1903). The Political Ideas of the Modern Japan. Iowa City, Iowa: University of Iowa Press. OCLC 466275784. Internet Archive, full text
- Nussbaum, Louis Frédéric and Käthe Roth. (2005). Japan Encyclopedia. Cambridge: Harvard University Press. ISBN 978-0-674-01753-5; OCLC 48943301
- Titsingh, Isaac. (1834). Nihon Odai Ichiran; ou, Annales des empereurs du Japon. Paris: Royal Asiatic Society, Oriental Translation Fund of Great Britain and Ireland. OCLC 5850691
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Added on – 20 feb 2021. introduction in business world, the term financial accounting is related to the preparation and development investor business plan template of useful, authentic and reliable annual statements at the end of financial year so that actual research paper writer free performance and position of www.critical thinking.com a company can be determined by stakeholder (ball, 2013).this basically support financial accounting assignment to analyse, summarise, report each important business dealing of a company within a. was incorporated on 1/15/12. was incorporated on 1/15/12. purpose. take accounting help financial accounting assignment from our professionally qualified accounting tutors and become an expert in financial accounting works cited page in apa mbusad 201 financial accounting chapter 1 assignment. we provide help 24×7 writing a financial accounting assignment is no easy feat. preferred antigone research paper stock: hire dissertation thesis top phd academic writers from australia at affordable prices. how to write a persuasive introduction the financial accounting assignments can journal critical thinking be highly challenging for the students bao2202 financial accounting assignment questions: 7%, par value $100 per share, 100,000 shares. the following transactions occurred during the year:. accounting assignment help. financial accounting assignment purpose.
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Describes the profit on a sale, or the difference between the Sales Price and Cost of manufacture. Eg, Sales Price $15, Cost of Manufacture $10, then Margin = 33% being the $5 Profit divided by the $15 Sales Price. NOT the same as Mark Up (50%).
Not to be confused with Mark Up - but invariably is! It's the percentage rate of profit calculated by comparing the profit on a deal (Revenue - Cost) with the Revenue and expressing it as a percentage. Eg, Sales Price $50, Cost $25 then Margin = $25 or 50% of the Sales Price.
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Silver coins have been minted since ancient times and are considered the oldest mass form of coinage. Silver mass coins can date back to the 1500’s but crude shapes were also used before this time. Silver coins are one of the most popular ways to circumvent against price increase and balance selection risk in these turbulent financial times we live in.
Ancient Greeks minted the famous Drachmas as a silver trade coin. Ancient Romans minted the silver Denarii coins in Rome but did not let their provinces mint silver coins as they considered silver a prestigious political coin. The Romans went to considerable effort to mine silver. They were experts at separating silver from lead. The Romans mined the ore deep underground and used huge 40 feet diameter water wheels to keep water out of their deep silver mines. Some of these three system wheels were only discovered in 2010 and still in good condition. The Roman Aquifer system was also very long and extensive. Romans also used similar methods to mine Gold in Spain in 25 AD.
The Ancient Spanish made the famous silver 8 Reale coin in its silver rich colonies of South America. Many countries produced silver coins known as crowns and the most standardized size was 38 mm.
From the US silver Trade Unit Dollars including strategic silver stockpiles to British, Chinese, Japanese, Austrian silver coins USA produced popular silver trade dollar coins. Congress approved the minting of silver trade coins in 1873 to trade with China. At this time the silver Mexican peso was the recognised trade unit so the US trade dollar does have similar reverse to the peso coin.
The Chinese traders would stamp these coins with advertisement for their business. Japan minted trade dollars from 1875 to 1877 of 27.22 grams each of 900 silver. But because of their high bullion content they were with drawn from circulation.
In Mexico the peso was originally the name of the eight-real coins issued by Spain in Mexico. The first peso was minted in 1823 of .903 silver In 1920 Mexico changed silver content to 72%silver of .720 and kept this percentage for 25 years, in 1918 silver Mexican coin were 14.5 grams This silver peso coin was a powerful trade coin til in 1957 they were only only 10% silver or 16 gram coin with 1.6 grams silver.
For 173 years silver coinage was an everyday usage in the USA until 1964 when the US mint stopped minting silver coinage. In 1789 silver coinage was mandated as legal tender in the Constitution and the first mint in the US was established in 1792 in Philadelphia and to deface or make fake coins you would be sentenced to death!
The US trade dollar surpassed this coin eventually as the worlds most trusted trade coin. Interesting how the silver ratio was calculated at one gold unit to fifteen silver units. The Coinage act of 1834 raised the silver to gold ratio from 15 : 1 to 16 : 1.
Some most famous silver coinage includes:
It is interesting to see the Mint making higher value silver coinage each year as Americans loved these silver coins. The Coinage Act of 1864 had words E Palabras Unum replaced with In God we trust on all silver coinage. Trade Dollar in 1873 to 1885 was in response to popularity of the Spanish Silver Dollar in International Trade.
MORGAN DOLLAR was the design that cemented Silver in America and was minted 1878 to 1904 and for one year after in 1921 when the Peace dollar took over.
The Morgan dollar was named after its designer GT Morgan and was minted in 1878 to 1904 and then skipped years till 1921. The silver coin is .900 silver, 90% silver and 0.77344 troy ounces per coin. The famous Trade dollar was also produced at this time but that was intended for international trade and the Morgan dollar for home consumption.
Coin dealers and coin collectors of the Morgan Dollars like mints where those coins found with deep mirror proof like (MPL or proof like PL surfaces.
This silver dollar was heavily melted down, so mintage dates are not an accurate indication of coins worth or coin value as obviously uncirculated coins are highly in demand. The key mintage date for Morgan silver dollars is 1893 which had mintage of only 100,000 silver dollars in the San Francisco Mint.
In 1904 there was an over abundance of silver coins and silver mining had slowed down so they ceased production till 1921 when 270 million silver coins were minted.
After 1921 the Peace dollar was minted on and off till 1935 and was the last silver coin minted for circulation in the United States. The 1923 the peace dollar had the highest mintage and is stamped TRVST instead of TRUST as the designers’ felt creative and used Latin spelling so TRVST stands for Trust. American Silver Eagle was first minted in 1986 with one troy ounce of 99.9% silver. Today this coin is one of the worlds most highly recognized silver coin as a hedge against inflation and current economic problems. Even in 2008 The mint suspended temporarily orders from its agents as silver coin orders were so high and production was months behind. Then again in 2009 the mint temporarily stopped excepting orders for its proof and uncirculated silver Eagles.
Next mintage date for coin value is 1889 -CC silver dollar with mintage at Carson City of only 350,000 trade silver dollars. 1921 was the highest mintage year with 86,730,000 silver dollars minted in Philadelphia, Denver and San Francisco Mints. A total of 305,437,547 Morgan dollars were minted in five US Mints.
In 1964 the United States treasury called halt to payouts for silver dollars in treasury vaults as they had over 100 million Morgan dollars in storage since 1920s.These coins were known as GSA Morgan dollars or Government Services Administration.
The now famous Peace silver dollar was the last silver dollar minted and the design was to represent PEACE. The Peace dollar was minted from 1921 to 1928 and then again from 1934 to 1935 to symbolize the end World War 1 and is popular coin dealers worldwide. Most coins have a mint mark below the tail of the eagle.
The first Peace dollar design had a broken sword but was rejected a defeatist symbol before the design of eagle at rest on an olive tree branch was approved.
A coins worth and price is determined by its condition with uncirculated or certified in highest demand and many well worn have lower coin value, and if badly worn just over the spot price for silver.
A Total of 190,577,279 silver peace dollars were minted with 1922 the highest mintage year of 51,737,000 silver dollars and 1928 the lowest mintage year of only 360,649 silver coins.
Most years have no mint mark but others have mint mark D or S for San Francisco Mint and D for Denver Mint and others at Philadelphia Mint.
People were hording silver coins due to the increase in silver value, so the act stopped silver content in dimes and quarters. Kennedy half dollars were reduced from 90% to only 40% silver content from 1965 to 1970 and in 1971 silver was ceased for coin circulation mintage in USA. In 1992 the Mint produced proof silver coin sets. The war years always had an impact in USA as the Peace Dollar demonstrates. Australia and United Kingdom and Great Britain also changed silver content due to World War 2.
British silver coins were first minted in 886 AD as silver pennies and in 1603 with many private mints and in 1630 Civil war mints made silver coinage.
The United Kingdom produced trade dollars when founding Singapore in 1819 and Hong Kong in 1842 to stop reliance on the many different currencies that were used in these country . The Opium Wars of 1839-1843,1856,1860 increased use of the British trade dollars silver coin. Austria 1780 Maria Theresa Trade coin of Austria was one of the most popular silver trade coins of Europe and over 800 million were minted and each minting had same date 1780 and has been described a s one of the worlds most beautiful silver coins! Arab countries would only trade with Europe for these recognized coins above any European coin.
Silver coinage included three pence, sixpence, shilling, crown and half crown.
Great Britain had a war debt of 21,000,000 billion Pounds. So, both countries changed silver content down from 92.5 % to 50% in 1946 to help pay off war debts. British coins after 1971 had no silver content. The British even made pennies up to 1997 till silver was worth more than the coinage value. Britannia minted silver bullion coins from 1997.
The Australian Florin was a very popular silver coin, first minted in 1910 and same weigh 11.31 grams as English florin and minted to 1963. During war years 1942 to 1944 florins were minted in the San Francisco Mint in the United States. Mint marks are H : Birmingham ,M : Melbourne, S : San Francisco.
The one shilling coin was also minted in 1910 till 1963 and had the same circumstances as the Florin silver coin. Crown silver coin was minted 1937 to 1938 and worth 5 shillings, it was originally popular till it fell out of pockets so in 1938 coins were not popular. Over million crowns were minted in 1938 but only 101,600 1938 crowns, so coin dealers value this coin higher value.
Australia’s last silver coin, the 50 cent, in 1966 had 80% silver content so was worth more than the face value of 0.50 cents so huge quantities were melted purely for silver or hoarded and this was the last silver coin minted in Australia. Now only the Peth Mint makes silver bullion coins for investors and collectors.
The Perth Mint coins in Australia has a solid reputation of quality and well recognized silver coin equal to the USA and Canada. The Lunar silver coin series first released in 1999 are 99.9% pure silver and has been favourite amongst silver collectors due to series available each year with different reverse to follow the Chinese zodiac over 12 years. The most recognized silver coin is the famous Kookaburra and koala series. Both these coins have easily recognized Australian marsupial and are available in following sizes- one ounce, two ounce, 5 ounce,10 ounce and one kilo.
Production at the mint has been modified a few times and in 2010 due to high demand for silver coins from European buyers in that some months they only produce one kilo silver coins so to catch up with European orders due to euro crisis.
Most silver coins are 99.90% pure silver but the Canadian silver maple leaf coins is 99.99% pure so favoured as an investment against inflation.
The mint minted some 28 million silver eagles in 2009 smashing the 9 million mintage in 2008 Canadian Silver coins Canada minted its first silver coin in 1858 and has currency based same as its strong neighbour USA 100 cents to one dollar. In 1870 the 25 and 50 cent silver coins were more nationalist coins and the Royal Canadian mint gained world reputation as highly professional mint. The Canadian mint produced striking quality silver coins from 1935 to 1966 that are 80% pure silver and now the Voyagers design is recognized world wide.
Today the Maple Leaf silver coin has one of the highest silver purity in the world of 99.99% silver so is considered a highly desirable silver coin. First minted in 1988 the one ounce silver coin has face value of $5.00 and 31.1 grams silver. Most mints produce silver coins at 99.90 % purity as it needs specialized heat exchange to obtain such high purity. The Maple leaf is in many investors collections for this purity reason and easily exchangeable for cash.
The Mexican silver liberated is also popular at 99.90% silver as well as the Chinese silver panda.
Austria has always been a strong silver coinage producing country from the popular kreuzor and Mary Theresa silver coin to the 2008 Austrian Silver Vienna Philharmonic coins. Today the most popular silver coins are one ounce silver around 39-42 mm diameter.
Do not clean old silver coins as if they are valuable it will decrease their price. Silver coins can be cleaned in Baking Soda, Electrorolysys method, using ammonia or commercial cleaning jewelry products.
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Governments Agree That Human Capital Matters. Now It’s Time to Act.
Here’s how the World Bank, entrepreneurs, and governments are prioritizing human capital
Last fall, following an announcement at Global Citizen Festival New York 2018, the World Bank released its new Human Capital Index as a part of its Human Capital Project, a global effort to accelerate and improve investments in the welfare of people for greater global equity and economic growth.
The Human Capital Index quantifies how health and education contribute to the productivity of the next generation of workers. A country can use it to determine how much income it is foregoing by failing to invest in its people, and how much faster it could turn these losses into gains if it acted now.
(L-R) Rachel Brosnahan, Global Citizens CEO Hugh Evans, and Jim Yon Kim speak onstage during the 2018 Global Citizen Festival: Be The Generation in Central Park on Sept. 29, 2018 in New York City.
Globally, the Human Capital Index found that many countries are foregoing over half of their economic potential. According to the World Bank, for example, “children born in Sub-Saharan Africa today will be only 40% as productive when they grow up as they could be if they had access to a complete education and full health.”
By the time of the Global Citizen Festival: Mandela 100 in Johannesburg in December last year, 19 individuals from various backgrounds had signed up to be Human Capital champions. Today, 63 countries and counting have embraced the project and are working closely with the World Bank and partners to improve their human capital.
At Mandela 100, (then) President Kim made a significant commitment of an additional $1 billion to be spent across the 2019-2020 financial year on health and education projects. This adds to the World Bank Group’s existing work across Africa and beyond, significantly increasing the budget meant for grants and credits to governments for spending on projects that cover health, education, social protection, and jobs, fundamental pillars to building human capital.
.@WorldBank President @JimYongKim announces a massive commitment to the African continent, telling Global Citizens that by urging their leaders, even more is possible. #GlobalCitizenFestivalSA#BeTheGenerationpic.twitter.com/rxZ6mOJIp4— Global Citizen Impact (@GlblCtznImpact) December 2, 2018
Earlier this year, the World Bank elaborated on the Human Capital Project.
The World Bank’s session at the Spring Meetings, Building Human Capital in Africa: The Future of a Generation, brought together youth and political leaders alike, as well as civil society organisations such as Global Citizen, to connect on the prospects and power of investing in human capital in Africa.
Let us imagine a continent where all girls & boys arrive at school well nourished & ready to learn, acquire real learning, & enter the job market as healthy, skilled, & productive adults. https://t.co/jGOzXJYwxQ#AfricaCan#InvestinginPeople#WBGMeetings @ADixon_WB @GlblCtznpic.twitter.com/nva3HukuHz— Hafez Ghanem (@HafezGhanem_WB) April 11, 2019
“With more than 1.2 billion people, 43% of which are below the age of 15, Africa is well endowed with human resources,” the World Bank wrote in a report.
Since then, the World Bank has released a comprehensive Human Capital Plan in Africa, which Global Citizen is told includes the $1 billion commitment that was first announced at Mandela 100, and also extends far beyond. The plan now aims to improve child survival, reduce stunting rates, increase learning adjusted years of school, as well as social protection. It also aims to reduce fertility rates with the support of $15 billion in investments over 3 years through 2023.
At the Spring Meetings, His Majesty King Letsie III King of the Kingdom of Lesotho made a powerful statement in defense of investing in human capital throughout sub-Saharan Africa. He called on governments around the continent to step up. His dedication to human capital investment echoed the commitment that the World Food Programme announced at Mandela 100, on behalf of the Kingdom of Lesotho.
“I now know, as you all do, that well-nourished children grow up healthy and perform well at school ... I have, therefore, made it my mission to raise awareness among leaders worldwide, and particularly on our continent, about the deleterious effect of this development challenge — the challenge of malnutrition and stunting,” said King Letsie III of Lesotho.
The session also shared Global Citizen’s Mandela 100 campaign, and our call to governments around the continent to invest in their people. In particular, the event showcased our ask to the South African Government to invest in menstrual hygiene access and education, which President Cyril Ramaphosa acknowledged on stage at Mandela 100. In South Africa’s recently released budget, 157 million South African Rand has been allocated to this, which Minister Jeff Radebe confirmed was a response to this commitment.
Global Citizen Vice President and co-founder Michael Sheldrick also shared Kenya and Lesotho’s commitments at the festival in Johannesburg in context of this discussion on human capital.
“We will always applaud those who stand up and put their citizens first,” he said.
Wawira Njiru, Founder of Food4Education and winner of the inaugural Global Citizen Youth Prize at Mandela 100 in Johannesburg, shared her experience as an entrepreneur for nutrition in Kenya, bringing midday meals to students through innovation.
“We're using technology, we're using supply chain logistics to bring nutritious food to children across Kenya, and scaling towards across Africa, because as we've heard, nutrition is a big crisis across the continent," said Njiru.
Ruth Kagia, Deputy Chief of Staff, Office of the President of Kenya, also lent her voice to the mission of radically improving human capital.
“This is an idea whose time has long come. Let’s just get on with it,” she said.
Ms Kagia’s statement emphasized the significance of education, and reinforced the commitment that President Uhuru Kenyatta of Kenya made at Mandela 100 to increase the country’s allocation to education up to 30% of the national budget.
The Spring Meetings' event was a packed few hours, filled with passionate support for investing in improving human capital across the African continent. But that was a moment in time, and we need to keep taking action calling for the prioritization of human capital everywhere.
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Jang Hyun Kim, Associate Professor, Department of Interaction Science & Department of Applied Artificial Intelligence, Sungkyunkwan University, Seoul, Republic of Korea. (Email: [email protected])
Hao Jiao, Professor, Department of Business Administration, Beijing Normal University, Beijing, China (Email: [email protected])
The outbreak of the COVID-19 pandemic is giving momentum to diverse technological innovations and the gaming industry is no exception. Rising as a core contact-free activity that people could participate in during lockdowns, the gaming industry has shown remarkable growth during the pandemic despite the worldwide recession. According to a monthly report by Super Data, the total revenue of the digital game industry in April 2020 was $10.5 billion which was a record breaking high (Forde, 2020). Global gaming platform Steam also broke its all-time record with 20 million concurrent users on March 15th, 2020 (Gough, 2020). In the long run, the industry is estimated to surpass the market volume of $200 billion by 2023 (Wijman, 2020).
At the same time, the discourse on video gaming is becoming more complicated. On the one hand, as shown by the WHO’s decision to define game addiction as a mental disorder, there are still negative views on video games. On the other hand, core sectors like healthcare and education are actively utilizing video games as a tool, such as to help people quit smoking (Song, 2013) or to motivate students to participate in certain activities (Papastergiou, 2009). Ironically, the WHO also has supported the gaming industry during the pandemic acknowledging that gaming can be a healthy way of spending time while maintaining social distance (Canales, 2020). Such a mixed view is also closely intertwined with the dynamics between social policy and gaming industry. In line with the negative view towards gaming, multiple governments around the world are implementing regulations on video games both in terms of their contents and accessibility (Király et al., 2018). Simultaneously, they are also supporting game industry through policy and funding, acknowledging its potential as the main source of national revenue. For example, as implied in Tian et al. (2019), there may be a need for exploring game industry-government relations in the pandemic.
Moreover, as the gaming industry vigorously incorporated innovative technologies, video games diversified into various categories based on their platforms and contents. From traditional console games like PlayStation and Xbox, the video game industry has expanded its territory to PCs and hand-held devices like Nintendo DS and cell phones. This led to a flourishing in online video games. Nowadays, the industry has achieved a hybridization of these categories, such as with the Nintendo Switch, and is now seeking its way into alternative reality (AR) and virtual reality (VR) technology. Also, in terms of content, there is a greater variety of genres like simulation, strategy, action and role playing which have brought about new areas for analysis (Apperley, 2006).
Therefore, it is becoming more and more important to understand the video game on a deeper level. One effective way to analyze this can be through using big data (e.g., San Kim and Sohn (2019); Teso et al. (2018)). Combined with systematic constitution of database and diverse analytical tools, using data for creating knowledge and wealth has become an irreversible trend. In addition, due to the high level of digital literacy among gamers, the amount of data that video game players are creating in online spaces is outstanding. There are multiple channels for reviewing games like Twitch and Steam, and video gaming is a big category in more general online platforms like Reddit and YouTube. The cultural aspects derived from gaming communities such as memes and slangs are widely spread as well.
In this context, this special issue is searching for papers presenting novel approaches to analyzing video games. That is, this issue focuses on the studies which use data science approaches (e.g., natural language processing, machine learning, and deep learning) and multi-approaches integrating qualitative (e.g., Rong et al. (2019)) and quantitative (e.g., Rong et al. (2018)) methods to explore the video game industry (e.g., Lee et al. (2017)) and users’ gaming behaviors. It will be open to papers that examine all forms of video games that were stated above, and any unresolved or undiscussed topics in the field of video games will be potential topics.
Possible subjects of submissions could be, but not limited to:
- Game industry analytics using meta-frontier analysis
- Game user behaviors such as online interactions
- Game user’s mental conditions such as overdependency (addiction)
- User experiences revealed online (e.g., game reviews)
- Social policy support for video games
- Social regulation on video games
- Video games during the Covid 19 pandemic
- Interaction among individuals in virtual (game) worlds
- Future of the game industry after COVID-19
- Dark side of AR / VR-based games
- User experience in playing AR /VR games
- User adoption of game devices
- Market analysis of mobile game companies
- PC game VS Mobile game
- Exploring individuals’ perspectives of certain games via big data approach
The timeline of this special issue is as follows:
- Submission dates: April 1st, 2021 — May 31st, 2021
- Review process: On a rolling basis from April 2021 to December 2021
Kindly submit your paper to the Special Issue category (VSI: Game & People) through the online submission system of Technological Forecasting & Social Change. All the submissions should follow the general author guidelines of Technological Forecasting & Social Change.
Apperley, T. H. (2006). Genre and game studies: Toward a critical approach to video game genres. Simulation & Gaming, 37(1), 6-23.
Canales, K. (2020, April 01). The WHO is recommending video games as an effective way to stop the spread of COVID-19, one year after adding 'gaming disorder' to its list of addictive behaviors. Retrieved September 13, 2020.
Forde, M. (2020, May 26). SuperData: Games spending cracks $10.5 billion in April, mobile up 14%. Retrieved September 13, 2020.
Gough, C. (2020, June 18). Global Steam user increase due to coronavirus 2020. Retrieved September 13, 2020.
Király, O., Griffiths, M. D., King, D. L., Lee, H. K., Lee, S. Y., Bányai, F., ... & Demetrovics, Z. (2018). Policy responses to problematic video game use: A systematic review of current measures and future possibilities. Journal of Behavioral Addictions, 7(3), 503-517.
Lee, D., Lee, S., & Kim, J. H. (2017). Analysis on the evolution and innovation of online game industry using meta-frontier analysis. Asian Journal of Technology Innovation, 25(1), 158-167.
Papastergiou, M. (2009). Digital game-based learning in high school computer science education: Impact on educational effectiveness and student motivation. Computers & education, 52(1), 1-12.
Rong, K., Ren, Q., & Shi, X. (2018). The determinants of network effects: Evidence from online games business ecosystems. Technological Forecasting and Social Change, 134, 45-60.
Rong, K., Xiao, F., Zhang, X., & Wang, J. (2019). Platform strategies and user stickiness in the online video industry. Technological Forecasting and Social Change, 143, 249-259.
Song, H., Kim, J., Kwon, R. J., & Jung, Y. (2013). Anti-smoking educational game using avatars as visualized possible selves. Computers in Human Behavior, 29(5), 2029-2036.
San Kim, T., & Sohn, S. Y. (2020). Machine-learning-based deep semantic analysis approach for forecasting new technology convergence. Technological Forecasting and Social Change, 157, 120095.
Tian, Y., Wang, Y., Xie, X., Jiao, J., & Jiao, H. (2019). The impact of business-government relations on firms' innovation: Evidence from Chinese manufacturing industry. Technological Forecasting and Social Change, 143, 1-8.
Teso, E., Olmedilla, M., Martínez-Torres, M. R., & Toral, S. L. (2018). Application of text mining techniques to the analysis of discourse in eWOM communications from a gender perspective. Technological Forecasting and Social Change, 129, 131-142.
Wijman, T. (2020, May 08). The World's 2.7 Billion Gamers Will Spend $159.3 Billion on Games in 2020; The Market Will Surpass $200 Billion by 2023. Retrieved September 13, 2020.
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This article appeared first in The State of Fashion 2021, an in-depth report on the global fashion industry, co-published by BoF and McKinsey & Company. To learn more and download a copy of the report, click here.
When it comes to protecting the environment, the fashion industry knows that “less is more,” meaning the less impact we have on our planet, the more benefits will accrue for businesses, people and natural life. One promising way for fashion to reduce its environmental impact is by scaling circular business models, through which companies employ a range of strategies to reduce waste and make more efficient use of resources, as well as help their customers to do so, too. In 2021, we see circularity moving from the fashion fringes towards centre stage.
The impetus to act on the environment is emphasised by shifting consumer attitudes. More than three in five consumers in a recent McKinsey survey said environmental impact is an important factor in making purchasing decisions. Regulators and policy-makers are also on board, amid a raft of upcoming initiatives to promote circular practices (such as in the EU) and prohibit the destruction of luxury goods, as can be seen in France. More generally, measures such as the EU’s carbon border tax will promote circularity by making the economics of onshore recycling and other circular models more attractive.
An industry-wide circular business model is a lofty ambition — and is a long way from being realised. Despite efforts by some players, as much as 12 percent of fibres are still discarded on the factory floor, 25 percent of garments remain unsold, and less than 1 percent of products are recycled into new garments. Given these metrics, action is an imperative and an inevitability. Indeed, circularity may become the biggest disruptor to the fashion industry over the next decade.
As the industry makes progress with the “Rs” — reducing, recycling, refurbishing, reselling, renting and repairing — few decision-makers are under any illusion about the scale of the challenge. Despite good intentions on the part of some players, garment production volumes are predicted to grow by 2.7 percent annually between now and 2030. The priority, therefore, must be to set circular strategies, tackle scalability challenges and take concerted action to scale solutions.
The Challenges in Scaling Circularity
The way in which value is created in circular systems is radically different to the way it is created in linear systems. In essence, a single garment can create value repeatedly — through sale and resale, repeated rental, or being sold, repaired, returned, refurbished or recycled, and resold again to start the loop over. This value-multiplier effect has prompted several leading retailers to get involved. Selfridges’ Project Earth initiative aims to help customers buy “pre-loved” items (in its Resellfridges range) or rent (through partner Hurr Collective) and repair. Peer-to-peer social shopping resale app Depop saw a 300 percent year-over-year increase in items sold during the Covid-19 pandemic, reflecting rising consumer demand for pre-owned purchases.
More than three in five consumers said environmental impact is an important factor in making purchasing decisions.
With some of the industry’s leading names showing interest, there is little doubt that circularity is gaining momentum. However, three key barriers are preventing adoption at scale:
Capturing value requires durability or recyclability. Without durability or recyclability, there is likely to be significant erosion of product value. Refurbished products can command relatively high prices if the refurbishment is carried out reliably, which is not always easy when clothes are stretched or stained and accessories scratched or marked. Similarly, with most garments composed of a mix of materials, recycling is not easy.
Enabling circularity involves a complex web of logistics. Resale transactions are currently mostly peer-to-peer, with individuals deciding whether the resale value is worth the time and energy required to wash, photograph, describe, package and send. In “Fashion on Climate,” our analysis showed that, to align with the 1.5-degree pathway in 2030, 20 percent of garments need to be traded through circular business models, so greater scale is required. The subscription rental model, for example, requires many users for the economics to make sense — and again, the key challenges are logistical, including laundry and delivery.
Engaging consumers requires overcoming stigmas. While circularity is winning fans among some consumer groups, it is still an abstract idea to most and terms such as recycled, upcycled, repaired and refurbished still have negative connotations. Similarly, consumers are willing to return recent purchases with the incentive of a refund, but struggle when a garment of unknown value sits forgotten at the back of a wardrobe.
What Will It Take to Scale Circularity?
The apparel ecosystem is fragmented, with no single player accounting for more than 1 percent of the market. Standardised solutions, therefore, are unlikely to emerge anytime soon. More probably, we will see a variety of strategies led by a diverse cast of actors and predicated on three foundational capabilities:
Embracing Sustainable Design. Circularity starts on the drawing board, and with the textiles and materials that designers use for their creations. One company that has embraced the sustainable design ethic is London-based Dai Wear, which employs recycled and recyclable fabrics to produce performancewear. The company uses biodegradable yarns for seams and air-dried fabrics to reduce washing needs.
“Sustainability is obviously more important than ever, but it is also becoming the baseline requirement for all apparel companies,” Dai Wear Chief Executive Joanna Dai said. “We find increased organic engagement and followers slightly outside of our core target niche who align with our values and buy into our brand.”
As much as 12 percent of fibres are still discarded on the factory floor, 25 percent of garments remain unsold, and less than 1 percent of products are recycled into new garments.
Designing for zero waste requires material and product innovation. Scotland-based Johnstons of Elgin recently introduced EveryYarn, a material made from used yarns. “Our objective is that every yarn that we make is made into a finished product,” says Chief Executive Simon Cotton. “Demand for the range has certainly passed our expectations, but it requires channels where the limited-edition nature of the product is accepted and the availability of colours drives a certain idiosyncratic design. That said, we do get some brilliant designs working this way but it’s not suitable for conventional merchandising or stock-supported wholesale models.”
Invest in, incubate, pilot and test alternative materials and processes for a circular system;
Radically reduce production waste and support, train and incentivise suppliers to reduce and reuse fibre, chemicals and packaging;
Reskill designers and stimulate circular design innovation;
Create momentum by collaborating and developing tools.
Ramping-Up Reverse Logistics. Through reverse logistics, companies can recover items from disposal or secondary resale and thereby continue to derive value. Brands often partner with intermediaries to operationalise the process. Patagonia works with start-up Trove to buy-back items and sell them at a reduced price. Trove can purchase, process, price and photograph second-hand goods before putting them up for sale on clients’ websites. Used-clothing platform ThredUp has partnered with companies including Reformation and Amour Vert to enable customers to send clothes (from any label) in exchange for shopping credits. In the rental space, US-based logistics company CaaStle manages the entire process for companies, from warehousing and cleaning garments to gathering customer feedback.
Some companies are leveraging their own store networks for circularity, although very few also rent, repair or resell in store. UK-based Mulberry has maintained a leather library since it launched in 1971, offering repair and refurbishment for all its products. In 2020, the company launched Mulberry Exchange, a buy-back initiative under which customers can return bags to be repaired and resold alongside the current collection.
Design reverse logistics to optimise value retention, either by partnering with a trusted intermediary or — more likely in the luxury space — taking direct control;
Leverage store networks to create in-store circularity hubs;
Build out non-store collection points and home pick-ups to improve accessibility;
Optimise sorting facilities and recycling technology, either in-house or with partners;
Eliminate single-use packaging.
Supporting Customer Adoption. For younger consumers born into the sharing economy, adopting circularity is a natural step. However, older consumers may require education and encouragement. Some consumers believe there is a hygiene issue with second-hand clothes, and others struggle to translate their sustainable values into actions for a wide range of reasons.
Circularity is likely to be one of the key business trends of the next decade. However, it is not the kind of revolution that can be led by a few leaders, while others wait and see.
Some brands are responding by marketing circular items alongside conventional ranges, for example Patagonia. Zalando and Selfridges, meanwhile, are scaling a range of circular offerings in their core businesses, helping to normalise circularity in the minds of shoppers.
As circularity grows, digital enablement will be critical. As the traditional linear fashion value chain transitions into a circular system, consumers will be incentivised to engage beyond an initial purchase in order to engage in circular business models, which in turn will support data collection that can shape a brand’s business going forward.
Offer rental options such as subscription services and the option to buy rented products at a discount;
Borrow online marketplace techniques to filter, sort and group assortments, or leverage retailer-curated collections;
Enable peer-to-peer business, including resale and rental, and sweeten the deal with logistics and digital solutions;
Create timeless collections, reflecting the declining prominence of seasonality;
Offer tips for care and repair;
Enable returns and recycling;
Develop data strategies to inform business decisions.
Driving the Future of Circularity
Circularity is likely to be one of the key business trends of the next decade. However, it is not the kind of revolution that can be led by a few leaders, while others wait and see. Rather, a collective effort is required, in which fashion companies, customers and all participants in the value chain collaborate.
To date, players that feature sustainability in the centre of their branding have been at the forefront of circular practices, as well as some established luxury brands owing more so, perhaps, to the resale value of their stock rather than their eco aspirations. However, looking forward, we expect mass-market brands to scale their efforts. In addition, aggregators are well-placed to launch resale and repair programmes, combined with an enhanced in-store experience. Marketplaces can build on their size and logistical capabilities. As consumers become more engaged with sustainability issues, circularity will be the key that unlocks the door to a more sustainable future.
The authors of this article focus on Sustainability in Apparel, Fashion and Luxury, including McKinsey’s research partnership with the Global Fashion Agenda on ‘Redesigning Growth’.
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Happy New Year!
The federal minimum wage in the US, $7.25 per-hour, hasn't gone up for a long time (as of tomorrow/next year, it will be a decade), but many states and cities have taken the issue into their own hands, and each of their specific increases will take effect tomorrow, on the first day of 2019.
According to Inc., one of the biggest changes in wage is in New York, where the minimum per-hour rate has already jumped by two dollars from $13 to $15 (New York's legislation takes effect today rather than tomorrow). Alaska, on the other hand, is rising its state-wide wage from $9.84 to $9.89, a whopping five cent increase, which lands the Northernmost state more than six dollars behind the minimum wage in Seattle, which is $16.
The reason for Alaska's tiny change is their automatic inflation-adjustment policy, where the minimum wages is tweaked as the US Dollar changes value. Florida, Minnesota, Montana, New Jersey, Ohio, South Dakota, and Vermont also have this in place but the federal government does not (the minimum wage in 1968, $1.60, is actually more than $11 in today's money). The minimum wage in the US has been pretty steadily decreasing since the late 60s, even though if you look at the numbers side-by-side, they increase.
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What Is White Paper In Crypto World – Simply put, Cryptocurrency is digital cash that can be used in location of traditional currency. The difference in between Cryptocurrency and Blockchains is that there is no centralization or journal system in location. In essence, Cryptocurrency is an open source protocol based on peer-to Peer transaction innovations that can be performed on a distributed computer system network.
One particular way in which the Ethereum Project is attempting to fix the issue of smart agreements is through the Foundation. The Ethereum Foundation was developed with the goal of establishing software application options around smart contract performance. The Foundation has released its open source libraries under an open license.
What does this mean for the larger community interested in participating in the advancement and implementation of clever contracts on the Ethereum platform? For starters, the significant difference between the Bitcoin Project and the Ethereum Project is that the former does not have a governing board and for that reason is open to factors from all strolls of life. Nevertheless, the Ethereum Project takes pleasure in a far more regulated environment. Anyone wanting to contribute to the project should adhere to a code of conduct.
When it comes to the projects underlying the Ethereum Platform, they are both aiming to provide users with a new way to participate in the decentralized exchange. The major distinctions between the 2 are that the Bitcoin protocol does not utilize the Proof Of Consensus (POC) procedure that the Ethereum Project makes use of. In addition, there will be a hard work to integrate the newest Byzantium upgrade that will increase the scalability of the network. These two differences might show to be barriers to entry for possible business owners, but they do represent crucial differences.
On the one hand, the Bitcoin neighborhood has actually had some battles with its attempts to scale its network. On the other hand, the Ethereum Project has taken an aggressive method to scale the network while also dealing with scalability issues. As a result, the 2 tasks are intending to provide different means of case. In contrast to the Satoshi Roundtable, which concentrated on increasing the block size, the Ethereum Project will be able to implement enhancements to the UTX procedure that increase transaction speed and decline costs. In contrast to the Bitcoin Project ‘s plan to increase the overall supply, the Ethereum group will be working on reducing the rate of blocks mined per minute.
The major distinction in between the two platforms originates from the operational system that the two groups employ. The decentralized element of the Linux Foundation and the Bitcoin Unlimited Association represent a conventional design of governance that puts an emphasis on strong community involvement and the promotion of agreement. By contrast, the ethereal structure is devoted to constructing a system that is flexible enough to accommodate changes and include brand-new functions as the needs of the users and the market modification. This design of governance has actually been adopted by several dispersed application teams as a means of managing their projects.
The significant difference between the two platforms originates from the fact that the Bitcoin community is mainly self-dependent, while the Ethereum Project anticipates the participation of miners to support its advancement. By contrast, the Ethereum network is open to factors who will contribute code to the Ethereum software application stack, forming what is referred to as “code forks “. This function increases the level of involvement desired by the community. This design likewise varies from the Byzantine Fault design that was adopted by the Byzantine algorithm when it was utilized in forex trading.
Just like any other open source technology, much controversy surrounds the relationship between the Linux Foundation and the Ethereum Project. Both have adopted different point of views on how to finest use the decentralized element of the technology, they have actually both nonetheless worked tough to develop a favorable working relationship. The developers of the Linux and Android mobile platforms have actually openly supported the work of the Ethereum Foundation, contributing code to protect the performance of its users. The Facebook group is supporting the work of the Ethereum Project by supplying their own framework and creating applications that incorporate with it. Both the Linux Foundation and Facebook see the ethereal job as a method to advance their own interests by providing a cost scalable and reliable platform for developers and users alike.
Merely put, Cryptocurrency is digital cash that can be utilized in location of traditional currency. Basically, the word Cryptocurrency comes from the Greek word Crypto which suggests coin and Currency. In essence, Cryptocurrency is simply as old as Blockchains. The distinction in between Cryptocurrency and Blockchains is that there is no centralization or journal system in place. In essence, Cryptocurrency is an open source procedure based on peer-to Peer transaction innovations that can be carried out on a distributed computer network. What Is White Paper In Crypto World
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This paper aims to examine the negative effects of events on residents’ quality of life. Click here to find out more about the PESTLE Analysis and what to expect over the coming weeks.. According to the economic effects on the local economy, expenditures made by both groups – locals and non-locals – are categorized as positive, neutral, or negative. S. and mathematical thought (the constructing of a solution of mathematical problem) in particular. Economic impacts can be direct, arising from the staging of the event itself or indirect, for example delivering a positive experience for event visitors will increase the likelihood of repeat visits and positive recommendations on and offline.As mentioned above, the level of local sourcing will also contribute to the economic benefit derived from the hosting of your event, indeed local sourcing of food and drink is … There are many options for estimating economic impacts of events, ranging from simplistic methods based on expert judgment, to stringent use of surveys and impact assessment models. Festivals play an important role in rural communities, and they are typically embedded in the local ecosystems of sports, culture, business and other types of associations, where they might deliver elements of coherence, commitment and meaning, as well as occasional economic benefits. In response to the increasing debate on the relative worth of small events compared to large events, we create a theoretical model to determine whether smaller events are more likely to create positive economic impact. lyzed on a regional level. 3. When local economic conditions are brought into the analysis, the framework determines how a city resource deficiency or surplus affects the economic impact of an event. The personal values of management 2. Social implications Results. Conclusions. For larger and more expensive events, planners have often made promises of economic benefit which post-event analyses have found may not have been fully realised. The respective published reports are rarely double-checked by, tential biases. They include the following: using sales instead of household income multipliers; misrepresenting employment multipliers; using incremental instead of normal multiplier coefficients; failing to accurately define the impacted-area; including local spectators; failing to exclude “time-switchers” and “casuals;” using “fudged” multiplier coefficients; claiming total instead of marginal economic benefits; confusing turnover and multiplier; omitting opportunity costs; and measuring only benefits while omitting costs. First, event size and city size are redefined as continuums of resources. This essay has been submitted by a student. In 2017, there were 8.3m overseas visits to the UK in the three months to March, up 9.9% compared to the same period in 2016, because of this the money spent in the economy grew 15.6%. Indeed economic benefits are often proffered as the justification for sport subsidies. However, scant research has examined visitors to those events, particularly in terms of their profile characteristics and expenditure patterns. Economic Impacts Economic impact studies provide a dollar-value assessment of an event, attraction, business or industry. Furthermore, based on a theoretical discussion based on the review, a practical framework for determining the composition of event attendees according to their primary economic stimulus to a host region is presented. The direct impact measures the direct or actual revenues generated by the ceived as an accessible, cost-effective tool that acts as an, Abelson again contradicts this opinion due to the fact that, vestments designed to create economic stimulus in other sectors, The question whether large-scale and mega, sweep the various and often occurring negative effects such as, approaches or political pressure. A fall in unemployment brings benefits on the events industry. Against this backdrop, this study aims to shed more light on the characteristics of visitors to such events and their spending patterns by using primary data from 1011 attendees to the German sailing event Warnemünder Woche held in Rostock in summer 2013. The scarcity of tax dollars has led to growing public scrutiny of their allocation; in this environment there is likely to be an increased use of economic impact analysis to support public subsidy of these events. Several potential courses of action are proposed. Not all hotels play nicely and most like to protect their data. The countries involved were the U.S. and most nations located in Western Europe, along with their allies, versus the Soviet Union, China, and their allies. The economic impacts of events on the macroeconomy of a region are categorised into primary and secondary economic impacts. Care is needed to count only that expenditure that would not have occurred in the absence of the event. Regarding the second, by providing a clear-cut picture of event visitors’ profile and spending patterns, this research offers a fertile agenda for further marketing inquiries and practical endeavors for Warnemünder Woche’s organizers and marketers. Insights offered by this research are important from both an economic and a marketing standpoint. economic impact Total economic impact is calculated by aggregating the direct, indirect and induced impacts derived from the expenditure of three stakeholder groups â spectators, participants and event organisers: ⢠Direct impact: The expenditure within the Hong Kong economy as a direct result of major sports events. Material and methods. penditures represent a recycling of money that already existed. This study examines three World Cup ski-jumping events in Norway during the winter of 2012-2013. Environmental Modelling & ⦠In a short period of time, world output and standards of living dropped precipitously. The assumption that events can have positive economic impacts has increased interest in their hosting by many destinations worldwide. Therefore, these effects were immediate and short-lived. The costs associated with acting in a more environmentally-friendly manner 2. View Academics in Economic Impacts of Events on Academia.edu. Research Essay on the Economic Impact of Cultural Events This is not an example of the work written by professional essay writers. Network meetings, serving as a forum for exchanging best practices and experiences for educationa, Introduction Even though diagrammatic representations play an important role in the discovery and development of mathematical proofs, they are generally thought to be illegitimate and dangerous if integrally used in the final product. From Linda Tillman's presention at the Australian Event Symposium on the special relationship between tourism and events. Specifically, we find small events have a higher potential for positive economic impact and hosting multiple smaller-sized events is a better strategy than hosting a big event. The main objective of this article is to review international literature on economic impact of sport events, and in particular, to give a special thought to key features of primary economic impact studies and potential sources of bias. This article consolidates the pros and cons of the two common modelling techniques for economic impact analysis: the inputâoutput multiplier and the computable general equilibrium (CGE) technique. However, events have the … Develop intensive short-term courses for partner institutions (and beyond), geared at NT Constraints . Tall Ships’ Races and other sailing events hosted along the coast in Scandinavia and Baltic countries). The economic benefits of festivals are easiest to see and most often cited–festivals attract visitors, which stimulates the growth of tourism and other businesses in a town or region. Some of these events include sporting events and festivals (music, food/beverage, heritage, and art). There are positives and negatives to a decreased value in pound for the events industry within the UK. Accordingly, several cases for action are highlighted. But the average values of the items in the "entertainment experience" dimension varied greatly (between 2.50 and 4.22 for the primary purpose group Pol. For the case of the 2012 Eurovision Song Contest (ESC) in Baku, Azerbaijan, this study combines an economic impact study and two country image assessments carried out before and after this mega-event in an emerging tourist destination. tax payers and governments that public subsidies are justied. Secondary impacts are those that result from the introduction of new money into the economy. Reviewing the economic impact of the annual event will display the economic effects the event has on Cedar Falls. I’ve spoken before about the economic impacts of events, and of course, well-managed, ticketed events always have the capacity to be profitable. All rights reserved. This means avoiding lated literature on economic impact assessments of events and, concluded that in general economic impact analyses are a use, 6. This blog brings you the next instalment on the six part series to the PESTLE impacts on the events industry. Many events occur each year in rural and urban communities. An economic impact analysis (EIA) examines the effect of an event on the economy in a specified area, ranging from a single neighborhood to the entire globe.It usually measures changes in business revenue, business profits, personal wages, and/or jobs.The economic event analyzed can include implementation of a new policy or project, or may simply be the presence of a business or organization. of spending patterns of visitors of three W, al Journal of Event and Festival Management, Modelling tourism and travel using tourism satellite ac. There are tons of economic impact calculators out there and almost all of them are so cumbersome that you need one staff member just to input data as a full-time job. The economy can impact businesses in both positive an negative ways, of which the following factors can be applied to any business - However, here we highlight how these issues can be seen impacting the events industry specifically. The Cold War was a political, economic, and military confrontation between capitalism and communism that lasted from 1945 to 1991, but it continues to influence our lives today. promote the use of CGE modeling, Abelson rather, seen as a derivative of the I-O model due to the fact that it his, torically originates from the eld of I-O, but was in turn devel, only indirect effects but also induced effects . The models related to the representation theory (representative dynamics) are specially investigated in detail, they correlate with the hypothesis on the dialectical features of human thinking in general. Promote & advance student/staff mobility amongst partners for learning, innovation and R&D activities within NT. The article focuses on the methodological issue of estimating spectator attendance at free-to-view events and the consequences for impact evaluation. According to the RAC, 2018 has seen the biggest monthly increase in the price of fuel since 2000. 2. facilities and events: Eleven sources of misapplication. Next, we consider the impact of a mega-event on a regionâs brand and image in the international community with the idea of testing if hosting the competition will impact future tourism. Access scientific knowledge from anywhere. The current study surveyed attendees (locals and tourists) at a 5-day special event (festival) in Miami Beach, Florida. Moreover, in his, Dwyer et al. Our objectives are: Much emphasis is often placed on the economic impact partly due to the fact that the organizers of the event and government must meet budget targets and to justify the cost, and partly because these impacts are easiest to assess (Pasanen et al, 2009). Economic Magnitude of Sport in Perspective. For example, cities which host the Olympics can be assured of a persistent increase in recognition and tourism. The economic im. Barcelona, Sydney, Beijing have all seen this from hosting the Olympics. The industry also employs more workers than the telecommunications sector or oil and gas. Thus, key questions of who visitors to small-scale events are and how much money they spend on-site require further examination, as their understating is crucial for the long-term economic viability of events and the destinations in which they are hosted, TourNord’s goal is improving tourism education in the Nordics. Great Depression - Great Depression - Economic impact: The most devastating impact of the Great Depression was human suffering. Prior research has estimated that the proportion of spectators contributing to a positive economic impact is between 10% and 60%. 3. Késenne S. (2005). © 2008-2020 ResearchGate GmbH. Introduction. London has long been recognised as a magnet that draws tourists to the UK thanks to its attractions, transport links, retail offer and broad range of … Many of these analyses report inaccurate results. Increasing the profile of a city can lead to lasting economic benefits. It is not the intention of this guide A feature of many non-elite sports events, especially those conducted in public places, is that they are free-to-view. This article explores the use of computable general equilibrium (CGE) analysis in evaluating the economic impacts of special events. However, even though a weaker pound is currently good for events within the UK, it inevitably means travelling to events outside of the UK will be costlier with increasing travel prices. Downloadable! The case is analysed via a comprehensive desk research of secondary data from industry and academic sources. Major events included the Russia–Saudi Arabia oil price war that resulted in a collapse of crude oil prices and a stock market crash in March 2020. Indirect impact comprises the in. Economic impact in sporting events can be defined as the net change in an economy resulting from a sport event. An economic impact analysis (EIA) examines the effect of an event on the economy in a specified area, ranging from a single neighborhood to the entire globe. These include erroneously dened, Another issue that bears potential errors refers, two approaches to measure economic quantities. Particularly, the paper analyses the specific negative effects generated via “overtourism” for the duration of large-scale music festivals. The main objective of this article is to review international literature on economic impact of sport events, and in particular, to give a special thought to key features of primary economic impact studies and potential sources of bias. local community and thereby create another ripple effect . Click here to find out more about the PESTLE Analysis and what to expect over the coming weeks. This can be seen having a large impact on the cost of travel, in particularly air travel, as companies are now needing to increase their ticket prices to cover costs. Source: Crompton, Lee & Shuster, 2001 p. 80. impact applicable to an event, multiplier analysis, economic activity in other sectors and, therefore, create a multi, tors of an event, the respective economic impact in the form of, estimated by multiplying the initial visitor spending with a lo, cal multiplier. Finally, we consider if mega-events lead to increases in the capacity of a city or country to welcome future tourists as a result of improved airport infrastructure, accommodations, and/or transportation ⦠In 1973, Middle Eastern states placed an embargo on oil trade, in response to the US involvement in Israel’s Yom Kippur… Conclusion. how to conduct economic impact assessment in a reliable manner. While research purporting the effectiveness of tourism in driving socio -economic change in communities has been around for decades, the same cannot be said of festivals as a tourism niche (. This resource-based approach assists public officials and event organizers in making more rational decisions for hosting events when they pursue positive economic impacts. The research was conducted using an a priori segmentation of event attendees as casual visitors and primary purpose event visitors that is based on a well-established theoretical background. While tourism has a long history of use as a, money terms such as creating a certain civic pride among resi, funds of public nature are the expected economic benets that, some light on this particular issue , the results still remain, countries and its surrounding regions . It is argued that CGE analysis is preferred to input-output (I-O) approaches for assessing other than local economic impacts. This blog brings you the next instalment on the six part series to the PESTLE impacts on the events industry. Although, small town festivals are an eye-catching tourist attraction, festivals impact the city economically hence generating attractive revenue. CGE, changes as well as supply side constraints and production and. This side event presented the results of the latest survey work by the Asian Development Bank and the Asian Development Bank Institute (ADBI) to assess these impacts. A better understanding of these two aspects is crucial for any kind of economic impact assessment. Join ResearchGate to find the people and research you need to help your work. Despite its success and the positive economic impact UNTOLD festival had on the host city, several issues have a negative impact on residents’ quality of life and well-being. But it can be so much more than that. The desire to educate and encourage others to become environmentally-aware Barriers to corporate greening also emerged. public money in events and/or facilities with economic intent, tial sources of bias. This is. The cumulative economic impact of face-to-face meetings and events is hard to deny. Song and Dance Festival, and secondly, study about the economic impacts of sport and cultural events in Estonia. The main theoretical fields that were connected to this research contain literature about event tourism; different event types; key components in event tourism; collaboration and impacts of events. This paper examines the negative impacts events may have on residents’ quality of life and discusses the case of a large-scale music festival, an under-researched context. Sport Tourism 2016, ... As event tourism continues to grow rapidly. 1. On the one hand, the results show that very few of the surveyed festivals are entirely commercial and that commercial objectives are, due to ideological and relational reasons, generally low-ranked by organizers. Employment, currency exchange, imports and taxes are just a few of the ways that tourism can bring money into a destination. A Practitioner's Guide. A large number of business people travel on long-haul flights to attend events such as trade shows and conferences. events; sport, economic impact assessments, potential sources of bias, Basic principle for undertaking economic impact, An economic impact analysis is designed to study the econom. People overseas are also taking advantage of the weaker pound. From the X-Games to the Olympic Games, from bush league ballparks to state-of-the-art major-league stadiums, governments spend large amounts of public money to lure sporting events or host teams. It is hoped that the processes involved in Economic Impact Assessment are made clearer through the use of this guide, and that it is a useful starting point for planning a research project to calculate the economic impacts of events and festivals in local and regional areas. Introduction. Finally, avenues for future research are identified. Every meeting and event professional knows events can be powerful. The event, hosted through Zoom and available to anyone interested in the talk, focused on global economic approaches to the pandemic, as well as the pandemicâs short- and long-term effects. Third, while hotel room nights are a large chunk of the economic impact, there are other factors to consider. Giro D'Italia Grande Partenza 2014 Event Report Perception of benefits of G8 Summit This paper provides an overview of studies on economic impact of events as well as it serves as a reference guide for further studies including empirical attempts. The COVID-19 pandemic has, as we all know, hit the business events industry with unprecedented force. counts and tourism policy and forecasting models. Economic impacts Event industry is one of the fastest growing industry, it is becoming increasingly popular because its relationship with local economy. The United Nations Development Programme expects a US$220 billion reduction in revenue in developing countries, and expects COVID-19's economic impact to last for months or even years.
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A well-calibrated Foreign Trade Policy is key to helping import competing industries. Higher import tariffs will hurt exports
An overarching goal of the forthcoming national Foreign Trade Policy (FTP) will be to turn trade into an engine of economic growth that is also sustainable. Trade induced economic growth occurs through different channels including trading greater volumes and products of higher value.
Both growth and sustainability, in turn, have employment implications. For instance, greater exports will support employment, while the use of modern production techniques to save on the rising labour costs can impact adversely. Thus, trade policy is often evaluated for its employment impact. However, tweaking FTP for an employment outcome can be counter productive in the long run.
Impact on jobs
Often a liberal import policy is criticised for its employment displacing effect. This simplistic view is misleading and fails to consider the full range of factors through which exports and imports can affect employment. The overall effect of trade on employment is what matters in the end. Imports are considered as a leakage in the circular flow of income within the domestic economy and hence expected to reduce employment. A thorough and deeper understanding is necessary.
The available estimates based on Input-Output analysis confirm the positive effect of exports and negative effect of imports on employment. The net trade generated an employment surplus of 2.3 per cent of total employment, during 1993-94, a period closely reflecting the pre-liberalised economy. By the end of the following two decades, this transformed into an employment deficit of (-) 1.5 per cent from net trade; trade flows being measured at the prices prevailing during the pre-liberalised period (to account for inflation).
It is relevant here to note that the employment effects are a composite of direct employment and indirect employment (generated within the upstream suppliers), with the latter being more significant. Prior to the trade liberalisation, an indirect employment–to–direct employment ratio of 1.08 was registered for exports, signifying that the indirect employment effects of export were greater and the exports benefit other producing sectors through employment support.
Over the following two decades, the ratio increased to 1.4, emphasising the indirect employment potential of exports, which was 40 per cent more than the direct employment. With regard to imports, the indirect employment foregone therein other sectors of the economy has been comparably high at 1.73 times the direct employment during the pre-liberalisation period. The ratio increased further to 1.94 indicating that the indirect employment foregone has been nearly double the (direct) employment foregone due to imports.
However, the static linkages are just one of the several channels through which exports and imports can affect employment. Policy prescriptions should be based on an understanding of the full range of the channels through which trade can affect employment.
While the direct and static effect may well be negative, imports can positively contribute to employment growth through a number of indirect and dynamic channels. In general, in a world of global value chains (GVCs), export growth is found to be complementary with import growth. Further, imports of intermediate and capital goods are an important channel through which domestic firms can acquire the benefits of foreign technology, and improve their efficiency and competitiveness.
Boosting domestic competition
In fact, import liberalisation is often used to strengthen domestic competition, which ultimately benefits the consumer through lower prices. Greater competitive pressure from imports as well the access to better quality intermediate inputs would exert a positive influence on the productivity levels of domestic firms, which, in turn, would lead to higher production, export and employment growth. Lower tariffs on intermediate inputs would also encourage MNCs to undertake export promoting investments in the country and domestic industries to participate in GVCs. Greater participation in GVCs in turn would lead to higher exports and employment.
In short, under a dynamic setting, not only exports but also imports help output and employment growth through channels such as learning from exporting, exploitation of economies of scale, knowledge spill-overs from foreign market participation etc.
Keeping the dynamic gains from trade liberalisation aside, and considering just the static perspective, a high volume of exports can still more than offset the employment foregone due to imports. The relative (high) employment intensity of exports further underscores their role in employment generation and hence the continued impetus on export promotion is necessary.
On the import front, the increasing employment forgone, as also through its stronger indirect impact should not be interpreted to advocate for (continued or higher) import protection. Past experiences have shown that import protection through a trade policy, without an industrial policy in place, can be only a temporary guard against unemployment.
Although raising tariffs can be a source of interim employment relief, an industrial policy must be used simultaneously to strengthen the domestic industry. It needs to be unmistakably recognised that employment forgone from imports is due to the inability of domestic producer to compete. And, eternally higher tariffs are not a solution.
In fact, resisting imports without a domestic competence can be a severe restraint as observed in the post-Covid period where many domestic industries, such as tyres and pharmaceuticals, suffered either from limited or costlier supplies, when the Chinese imports were opposed. Therefore, the domestic industry must be brought on a strong footing; which cannot be expected through raising the tariffs alone.
The experience of Indian economy is found in contrast to the experience of smaller economies such a Vietnam where employment in both exporting and importing sectors increased under conditions of increasing liberalisation and greater competition. So catching-up on the exports under an import-constraining regime will not be an effective mechanism to achieve Atmanirbharta. In fact, import competing industries should be supported through a policy to improve their competitiveness comparable with international standards. Raising tariffs will impact the export(ers), eventually hurting export-supported employment.
Tandon is Associate Professor, Institute for Studies in Industrial Development, and Veeramani is Professor, Indira Gandhi Institute of Development Research
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Analyse prédictive : prédire ou périr?
Inaugurated on June 3, 2019, the Joliot-Curie supercomputer hosted by the French Alternative Energies and Atomic Energy Commission CEA) can carry out 9.4 million billion operations per second at full capacity.
The supercomputer is used for such things as predicting weather changes and analyzing air turbulence inside aircraft engines (to reduce noise at takeoff), and its petaflop computing power (1 petaflop = 1 million billion floating point operations per second) enables it to perform ultra-complex modelling using huge volumes of data.
The supercomputer uses Intel Xeon 8168 2.7 GHz processors with 24 cores per processor, and Intel Xeon Phi 7250 1.4 GHz processors with 68 cores per processor. That makes a total of 79,488 computing cores for a computing power of 6.86 petaflops, and 56,304 cores for a computing power of 2.52 petaflops, respectively.. Imagine 75,000 desktop computers humming in unison over 600 square metres.
The investment made by France (and, by extension, Europe, the U.S. and China, the main leaders in a global market worth around $10 billion per year), demonstrates that strategic issues in high-performance computing and data analytics are crucial. Computer simulation and hyper-intensive computing for predictive purposes have become essential tools for the advancement of knowledge and basic and applied research in a growing number of sectors.
Most sectors, including aeronautics, oil and energy, epidemiology and medical research, prevention of natural disasters and insurance, and even large-scale electronic marketing and management (profiling?) of users of digital social platforms cannot do without supercomputers to direct their innovation strategies. Their objective: to build models that use past events, trends and behaviours as a basis for extrapolating and predicting events, trends and behaviours that are yet to come.
A good example of high-performance data analytics at work is the self-driving car, which must assimilate huge volumes of data to manage its performance on the road in real time. This example also brings to light certain real‑world constraints – and their associated risks.
Assisted driving or self-driving cars: society’s choice
Two options exist:
- The vehicle provides driver assistance in the form of automatic parallel parking and integrated automatic guidance systems.
- The vehicle drives itself. In this case, the vehicle has to predict all the things that might happen on the road, as a human would.
To do this, the vehicle has to:
- manage the multitude of data it captures from the environment (pavement markings, road signs, signals by persons directing traffic, illuminated arrows and cones at construction sites, road barriers, etc.) and understand what it means;
- make decisions (maintain a safe distance, determine the appropriate braking distance in snow conditions, yield, make a detour if possible, stop, slow down, recognize a false positive, etc.) based on accurate interpretation of the data that is collected; and
- anticipate the behaviours of other road users (vehicles, pedestrians, motorcycles, cyclists, users with reduced mobility) and “occasional users” (deer, moose, groundhogs) and react, if necessary.
In addition to using processors, software components and learning algorithms, self-driving cars perform such operations with the help of four types of sensors:
- cameras for seeing what is around them;
- LIDAR Laser Light Detection and Ranging) laser systems, which produce three-dimensional images of objects in the environment;
- radar, which enables the car to calculate the distance between itself and other vehicles using radio waves; and
- sonar, which detects nearby objects using ultrasound.
Although self-driving shuttles and cars have been tested in Canada and elsewhere with impressive results, these vehicles raise issues that go far beyond automated data management in the field of transportation.
In 2018, a woman walking her bicycle across a street was hit by a self-driving car being tested by Uber at 60 km/h. She died from her injuries shortly afterwards: More recently, a team from Radio-Canada raised the stark question of whether self-driving vehicles could be made to decide who should live and who should die in the event of a brake failure or inevitable collision. Can we trust these vehicles’ reactions in emergencies? Can we even agree on how they should react?
It’s not surprising that 84% of respondents to the Evolution of Mobility: Autonomous Vehicle survey said that they would prefer to drive their cars themselves, even if the car had self-driving features.Car manufacturers will have to consider the low social acceptability of self-driving cars in their promotional campaigns.
Profiting from predictive analytics
Despite the well-founded concerns surrounding self-driving cars, predictive analytics has many applications that cannot be ignored if organizations want to perform and innovate, including:
- inventory management and optimization;
- calculation of cash flow;
- talent planning and, more generally, talent supply chain management;
- risk and compliance management;
- evolution and maintenance of IT systems;
- proactive management of customer relationships (customer intelligence);
- automated testing that allows organizations to increase conversion rates or detect gaps in quality;
- detection of anomalies through a preventive maintenance approach; and
- identification of the target group for a marketing campaign and of the best communication channels for effective contact with such groups.
If properly executed, predictive analytics allows organizations to overcome the physical constraints that might prevent them from testing scenarios. This is because predictive analytics can be used to digitally simulate how something or someone functions in a controlled environment. When it comes to developing a business, or new products and services, who can say no to predictive analytics?
Imagine you sell pools and garden furniture.
- Can you establish a reasonably reliable statistical correlation between a type of product to be promoted among existing or potential clients, and weather forecasts for the following summer?
- Can you use your data to establish a relationship between a type of pool (above-ground, in-ground), a neighbourhood, the average purchasing power of that neighbourhood’s residents, and the profile of consumers who can be effectively targeted?
- Is the quality of your data (freshness, accuracy, coherence, intelligibility, relevance) high enough for you to make the right offer to the right customer at the right time?
- Would you know what to say right now?
Predictive analytics makes all of the above possible. Better yet, it confirms the old adage that a good businessperson makes sure that people buy what they need to sell
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Regional gross value added using production (GVA(P)) and income (GVA(I)) approaches. Regional gross value added is the value generated by any unit engaged in the production of goods and services. GVA per head is a useful way of comparing regions of different sizes. It is not, however, a measure of regional productivity.
In November 2018, the balanced measure of regional gross value added (GVA), along with both of its constituent parts, was awarded National Statistics status, following an assessment by the Office for Statistics Regulation.
In 2017, GVA for the UK, in chained volume measures, increased by 1.9%; the highest annual “real” growth of NUTS1 areas was in London at 3.0% and the lowest annual growth was in Yorkshire and The Humber at 0.7%.
GVA for the UK in current basic prices grew by 3.6% between 2016 and 2017; the highest annual nominal growth of NUTS1 areas was in London at 4.2% and the lowest annual growth was in the North East at 1.4%.
Annual estimates of balanced UK regional gross value added (GVA(B)). Current price estimates, chained volume measures and implied deflators for UK countries, NUTS1, NUTS2 and NUTS3 regions, with a detailed industry breakdown.
Annual estimates of economic activity by UK country, region and local area using balanced regional gross value added (GVA(B)). Estimates are available in current basic prices and in chained volume measures.
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Understanding Book Value When Evaluating Stocks
A growing business should be worth more than its book value
How can you determine how much a company is worth and whether that value is reflected in the price of its stock? There are several ways to define a company's worth or value, and one of the ways you define value is referred to as market cap. How much money would you need to buy every single share of stock at its current price?
Another way to determine a company's value is to go to its balance statement and look at the book value.
What Is Book Value?
The book value of a company is simply its assets minus its liabilities. This means the total value of its assets not including intangible assets with no immediate cash value, such as goodwill. Liabilities include monies owed and operating expenses. So Book Value = Assets - Liabilities.
In other words, if you wanted to close the doors of the business, how much money would be left after you settled all the outstanding obligations and sold off all the assets? That's the company's book value. A company that is a viable growing business will always be worth more than its book value because of its ability to generate earnings and growth.
Using Book Value in Investing
Book value appeals more to value investors who look at the relationship to the stock's price by using the price to book ratio. If you want to compare companies, you can convert to book value per share, which is simply the book value divided by the number of outstanding shares.
Other Components of Investing
A company's book value and its book value per share are just two small components of an overall investment calculation and strategy. You won't want to jump in with both feet until you understand all of these components. Here are a few other common terms you might want to look into and make sure you understand.
- Earnings per share (EPS): The percentage of a company's profit that is dedicated to each share of stock.
- Price to earnings ratio (P/E): This measures the current price of a share against per-share earnings.
- Projected earnings growth (PEG): A method of evaluating the price to earnings ratio in comparison to the growth ratio.
- Price to sales ratio (P/S): A company's market cap divided by its most recent yearly revenue. P/S can also be determined by dividing the price of a stock per share by per-share revenue.
- Price to book ratio (P/B): This compares a stock's book value to its market value.
- Dividend payout ratio: The number of dividends paid to stockholders versus the company's total net income.
- Dividend yield: This is a percentage of the current price of a share.
- Return on equity (ROE): A company's profitability in relation to the book value of each shareholder's equity.
NOTE: Please consult with a financial advisor for the most up-to-date advice and answers to any specific questions you might have. The information contained in this article is not intended as investment advice and it is not a substitute for investment advice.
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What Is a Recession?
Definition & Examples of Recessions
A recession is a significant decline in economic activity, lasting more than a few months. There's a drop in the following five economic indicators: real gross domestic product, income, employment, manufacturing, and retail sales.
Learn more about what a recession is, how you can sense if a recession is impending, plus the one benefit that recessions tend to bring.
What Is a Recession?
People often say a recession is when the GDP growth rate is negative for two consecutive quarters or more. But a recession can quietly begin before the quarterly gross domestic product reports are out. That's why the National Bureau of Economic Research measures the other four factors. That data comes out monthly. When these economic indicators decline, so will GDP.
Additionally, the National Bureau of Economic Research (NBER) defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months…” The NBER is the private non-profit that announces when recessions start and stop. It is the national source for measuring the stages of the business cycle.
The NBER uses the skill, judgment, and expertise of its commissioners to determine whether the country is in a recession. That way, it isn't boxed in by numbers. It can use monthly data to determine when a peak has occurred and when the economy has just started to decline. That allows it to be more precise and timely in its measurements.
The textbook definition of a recession was first suggested by Julius Shiskin, then-Commissioner of the Bureau of Labor Statistics, in 1974. He was a great deal more precise, though:
- Decline in real gross national product for two consecutive quarters
- A 1.5% decline in real GNP
- Decline in manufacturing over a six-month period
- A 1.5% decline in non-farm payroll employment
- A reduction in jobs in more than 75% of industries for six months or more
- A two-point rise in unemployment to a level of at least 6%
Commissioner Shisken suggested this quantitative definition because many people weren't sure if the country was in a recession in 1974. That's because it was suffering from stagflation. Although GDP was negative, prices hadn't fallen. Stagflation was caused by President Richard Nixon's economic policies, which mainly took the United States off of the gold standard. That, along with wage/price controls, created double-digit inflation. A clearer picture of these economic events over time may be seen by looking at the nation’s GDP by year.
How Recessions Work: 6 Economic Indicators
The most important indicator is real GDP. That comprises everything produced by businesses and individuals in the United States. It's called "real" because the effects of inflation are stripped out.
When the real GDP growth rate first turns negative, it could signal a recession. But sometimes growth will be negative then turn positive in the next quarter. Other times the Bureau of Economic Analysis might revise the GDP estimate in its next report. It's difficult to determine if you're in a recession based on GDP alone.
That's why the NBER measures the following monthly statistics. These give a timelier estimate of economic growth. When these economic indicators decline, so will GDP. These are the indicators to watch if you want to know when the economy is in a recession.
Real income measures personal income adjusted for inflation. Transfer payments, such as Social Security and welfare payments, are removed. When real income declines, so do consumer purchases and demand.
Employment and real income together tell the commissioners about the overall health of the economy.
The commissioners look at the health of the manufacturing sector, as measured by the Industrial Production Report.
Manufacturing and wholesale-retail sales adjusted for inflation tell commissioners how firms are responding to consumer demand.
Monthly GDP Estimates
The NBER also looks at monthly estimates of GDP provided by Macroeconomic Advisers.
Note that the stock market is NOT an indicator of a recession. Stock prices reflect the anticipated earnings of public companies. Investors' expectations are sometimes too optimistic or too pessimistic. This makes the stock market more volatile than the economy.
When there is a recession, the stock market could enter a bear market indicated by a decline of 20% or more over at least a two-month period. A stock market crash can also cause a recession because a large number of investors lose confidence in the economy.
What Are the Warning Signs of a Recession?
During a recession, a quarter of negative growth could occur, followed by positive growth for several quarters, and then another quarter of negative growth.
A recession is short, typically nine to 18 months. But its impact can be long-lasting.
The first sign of an impending recession occurs in one of the leading economic indicators such as manufacturing jobs. Manufacturers receive large orders months in advance which is measured by the durable goods order report. If that declines over time, so will factory jobs. When manufacturers stop hiring, it means other sectors of the economy will slow.
A fall-off in consumer demand is normally the culprit behind slowing growth. As sales drop off, businesses stop expanding. Soon afterward they stop hiring new workers. By this time, the recession is underway.
How a Recession Affects You
Recessions are destructive in that they typically create wide-spread unemployment, which is why so many are typically impacted when they occur. As the unemployment rate rises, consumer purchases fall off even more. Businesses can go bankrupt.
In many recessions, people lose their homes when they can't afford the mortgage payments. Young people can't get a good job after school which can throw off a person's entire career.
Examples of Recessions
A good example is the Great Recession. Beginning in December 2007 and ending in June 2009, real GDP declined in the first, third, and fourth quarters of 2008 and in the first quarter of 2009.
The recession started in the first quarter of 2008 when GDP shrank 2.3%. The economy lost 17,000 nonfarm jobs in January 2008.
When measured by duration, only the 30-month employment downturn from February 2001 to August 2003 was longer than the most recent dow That's another sign the recession was already underway.
Unlike most recessions, demand for housing slowed first. As a result, most experts thought it was just the end of the housing bubble, not the start of a new recession.
The NBER declared the Great Recession over as of the third quarter of 2009. It was the worst recession since the Great Depression, with five quarters of economic contraction, four of them consecutive, in 2008 and 2009. It was also the longest since the Great Depression, lasting for 18 months.
Another good example was the 2001 recession. It didn’t meet the textbook definition of recession because there were not two consecutive quarters of contraction. But the NBER said it lasted from March 2001 to November 2001. GDP contracted in the first and third quarters of 2001.
Recession vs. Depression
A recession can become a depression if it lasts long enough. In a recession, the economy contracts for two or more quarters. A depression will last several years. In the last recession, unemployment rose to 10.8% in October 2009. During the Great Depression, which lasted from 1929 to 1939, the unemployment rate peaked at 25.59% in 1933.
Benefits of Recessions
The only good thing about a recession is that it cures inflation. The Federal Reserve must always balance between slowing the economy enough to prevent inflation without triggering a recession. Usually, the Fed does this without the help of fiscal policy.
Politicians, who control the federal budget, try to stimulate the economy as much as possible through lowering taxes, spending on social programs, and ignoring the budget deficit. That's how the U.S. debt grew to $10.5 trillion before even a penny was spent on the 2009 Economic Stimulus Package, known formally as the American Recovery and Reinvestment Act.
- A recession is a significant decline in economic activity, lasting more than a few months
- In the business cycle, a recession is the period between the peak and the trough.
- The National Bureau of Economic Research analyzes the United States economy to determine where it is in the business cycle.
- The NBER uses many different economic indicators other than real GDP to determine when a recession begins.
- The 2008 recession was the biggest United States economic downturn since the Great Depression.
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It helps to have some background into how Mortgages used to work (like for the last two hundred years).
1) A Bank would loan a homeowner money.
2) The homeowner would sign a promissory note (note or IOU) promising to pay the money back and pledge or secure the note with real property (usually his home).
3) The bank would take the original documents to the land registrar (County Recording Office) and they would make a copy of the Note and the Mortgage, and place it in the Official Records of the County, and note the Book and Page numbers of the documents. This was done so is someone was to buy the home from the homeowner, they would know that there was a lien against the property which would have to be paid off before the buyer could get a “clear title” to the property.
4) Now, suppose the bank for any reason wanted to transfer that Mortgage and Note to someone else? What they would do is prepare an “Assignment of Mortgage” in essence transferring or assigning the mortgage to Bank #2, so that the Mortgage payments from the homeowner would now go to bank #2 instead of Bank #1. They would record that Assignment of Mortgage with the County Recording Office so that the world would know that Bank #2 was the entity to deal with regarding that mortgage.
5) Now these recordings of the Mortgages and Assignments cost money. The county Recording Offices would usually charge anywhere from $10 to the hundreds of dollars for each recording, so it wasn’t a cheap process. But it allowed everyone to know which parcels of land were free and clear, and which had Mortgages against them, and who owned that Mortgage.
But that all changed in the last ten years.
During that period hundreds of thousands of residential mortgages were bundled together (often in groups of about 5,000 mortgages and investors were offered the opportunity to buy shares (or a part) of each bundle. This was called Securitization.
In essence, Wall Street figured out a way to turn a 30 year mortgage, with small monthly payments, into instant, large sums of cash. Sometimes these were sold even before the homeowner’s signed the notes and Mortgages, and they were then sold many times over.
Now each “Bundle” of Mortgages had to be given a name like “XYZ Home Loan Trust 2007 OPT-1” The name of the bundle gives the investor certain information about the bundle. The year usually tells us when the bundle was created. The OPT-2 would mean that the mortgages were originally made by Option One Mortgage and the -2 would the second bundle that year.
Each bundle is strictly controlled by a Pooling and Servicing Agreement. This is a crucial document for the bundle as it lays out the rules that the Trustee needs to live by to administer the bundle. It must have a Cut0ff Date, which is the last date that Mortgages can be added to the bundle. That’s the day that the Trustee has to identify all of the Mortgages that are contained in the bundle. So how do they get there?
The bundle custodian, or the Trustee must certify that for each and every Mortgage in his bundle as of the cutoff date, he has a Note (and actual piece of paper, which is signed IOU, from the homeowner) which is endorsed in blank. He also must have proof that the ownership of the Note has been transferred, which most often takes the form of an Assignment of Mortgage. The Pooling and Servicing Agreements say that these Assignment of Mortgages don’t have to be in the name of the bundle custodian, but specifically state that:
“Assignments of the Mortgage Loans to the Trustee (or its nominee) will not be recorded in any jurisdiction, but will be delivered to the Trustee in recordable form, so that they can be recorded in the event recordation is necessary in connection with the servicing of a Mortgage Loan.”
Now that sort of destroys the way we kept track of these Mortgages for the last few hundreds of years, so to create some sense of normalcy, the Mortgage Companies created MERS.
MERS – Mortgage Electronic Registration Inc. – holds approximately 66 million American mortgages and is a Delaware corporation. The way MersCorp works, is that its specified members have agreed to include the MERS corporate name on any mortgage that was executed in conjunction with any mortgage loan made by any member of MersCorp. The members trust MERS to keep track of the Mortgages they place in MERS’ name. Since the members make the entries into the MERS database themselves, then the process should work, right?
What they do, instead of the original lender being named as the Mortgagee, MERS is named as the “nominee” for the lender who actually loaned the money to the borrower. In other words MERS just acts as a document custodian.
As we pointed out earlier, MERS was created solely to simplify the process of transferring mortgages by avoiding the need to re-record liens – and pay county recorder filing fees – each time a loan is assigned. Instead, the servicer records these loans only once, and MERS’ electronic system monitors transfers and facilitates the trading of notes. It has very conservatively estimated that as of February, 2010, over half of all new residential mortgage loans in the United States are registered with MERS and recorded in county recording offices in MERS’ name.
More to come on this subject….
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Agricultural Adjustment Act, 1938 Law and Legal Definition
The Agricultural Adjustment Act,1938 (“Act”) is a federal legislation in the U.S. This Act came into existence as an alternative for the farm subsidy policies. The Act facilitated in making price support compulsory for corn, cotton and wheat. The Act helps in maintaining self sufficient supply during low production periods. The Act also helps the farmers by reducing the production of staple crops and encouraging more diversified farming. Th Act a facilitates in making loans to farmers to purchase and store crops in order to maintain farm prices.7 USCS § 1282 states the following purposes of the Act:
1.To conserve national resources, by preventing the wasteful use of soil fertility, and of preserving, maintaining, and rebuilding the farm and ranch land resources in the national public interest;
2.To accomplish the above purposes through the encouragement of soil-building and soil-conserving crops and practices; 3.To assist in the marketing of agricultural commodities for domestic consumption and for export; and<4.>To regulate interstate and foreign commerce in cotton, wheat, corn, and rice to the extent which is necessary to provide an orderly, adequate, and balanced flow of such commodities in interstate and foreign commerce
5. To assist consumers to obtain an adequate and steady supply of such commodities at fair prices.
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Saskatchewan and Alberta, or Western Canada, offer better job and career prospects for young Canadian adults while Quebec and Ontario have become as economically stagnant as Atlantic Canada, says a new report published by the Fraser Institute, a Canadian public policy think-tank.
Study author and senior fellow at the Fraser Institute, Mark Milke, said:
“Western Canada is the land of opportunity while Ontario and Quebec, the two most populous provinces, now resemble Atlantic Canada with its gloomy economic outlook and relatively poor prospects for young people.”
The study – “Go West, Young Adults: The 10-Year Western Boom in Investment, Jobs and Incomes” – looked at a range of economic indicators to compare all ten provinces, including private sector investment, income levels, employment rates, and population patterns, to determine levels of opportunity for young adults.
Alberta had a net influx of 60,855 young adults aged 25 to 34 years between 2003 and 2012 from other parts of Canada. Over the same period British Columbia had a 10,643 net influx and Saskatchewan 581.
Infographic: The Fraser Institute.
Ontario, on the other hand, had a net exodus of Canadians of the same age over the same period, while Quebec lost 24,355.
Mr. Milke said:
“The statistics clearly show a steady exodus of young Canadians from provinces in Central and Eastern Canada to the greener pastures of the West.”
The main reason young adults have been migration west has been jobs. Over the 2004-2013 period, average annual unemployment rates among young adults (25-34 years) in Alberta was 4.2%, and in Saskatchewan 4.8%. In Quebec and Ontario, rates were 7.3% and 7.1% respectively.
Ontario’s long-term unemployment rate is higher than in Labrador and Newfoundland. Long-term unemployment or hardcore unemployment refer to people who have been jobless for over 12 months.
In 2012, the latest statistical year available, average per person income in Alberta was $52,207, compared to $37,106 in Quebec and $40,838 in Ontario.
Private sector investment in Alberta in 2012 was $60.5 billion, versus $25.7 billion in Quebec and $43.1 billion in Ontario.
Mr. Milke said:
“Clearly, where there’s more private sector investment there are more jobs and greater opportunities for young Canadians to enjoy a middle-class lifestyle.”
Labrador’s and Newfoundland’s fortunes appear to be improving – both provinces have reported an increase in private sector investment, per person income and weekly wage rates, but they cannot compare to what the West has to offer.
A young Canadian looking for full-time employment and the possibility of a middle-income salary or better “has a much better shot in Western Canada,” Mr. Milke concluded, “Ontario and Quebec are not providing opportunities for young adults and have been losing their best and brightest to the dynamic, opportunity-rich economies of Western Canada.”
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What Is FSMA? Everything You Need to Know
If you’re starting a business in the food and beverage industry, you need to be aware of a lot of things. You have to manage the economic factors of the business, the
On top of that, you have a lot of regulatory headaches to deal with. The food industry is heavily regulated and with good reason. There are plenty of good actors that had products recalled for bacterial contamination.
One of the main regulations you need to know inside and out is FMSA. What is FSMA?
Keep reading to find out.
What is FSMA?
FSMA stands for the Food Safety Modernization Act. It was an act signed into law by President Obama in 2011 that represented the most sweeping food safety reform in a couple of generations.
These changes shifted the focus of the Food and Drug Administration (FDA) from an authority to ensure food safety compliance and response to one that is largely trying to prevent largescale bacteria outbreaks in the food supply.
The legislation changes how the FDA acts and operates in preventing foodborne illnesses. The FDA’s response is to enact changes to focus on prevention.
The changes affect every single part of the food supply chain, from growers to transporters. It’s a massive and complex piece of legislation that is hard to comprehend.
The Basics of FSMA
The FSMA is so large, that the Food and Drug Administration developed 7 major rules to help food-based businesses comply.
For example, there’s an FSMA certification program to ensure compliance. There are also rules that target transporters and rules for importers.
Underneath these major rules lie dozens of smaller rules that the FDA is proposing and rolling out. As you can see here, these guidance rules started in 2013 and they are continued to be proposed.
That means that the FSMA is a dynamic piece of legislation. It’s going to continue to evolve as the FDA continues to adapt and change, along with the globalization of the food supply.
The biggest mystery surrounding FSMA is when your operation has to be within compliance. There are different dates according to the size of the business and the types of business.
You’ll want to review the latest compliance information to see where your business falls.
You’ll need to read a lot to truly understand what is FSMA and how it impacts your business. There’s a good chance that you don’t have the time or energy to read thousands of pages of legislation.
In a nutshell, the Food Safety Modernization Act was a necessary law in order to respond to the increase in foodborne illnesses. That required that a huge government agency, the Food and Drug Administration, changes the way it operates.
Those changes are meant to prevent illnesses and bacteria in food, rather than reacting to an outbreak. The FSMA is constantly changing as the FDA adopts new rules. You want to make sure you keep up with those changes.
Head over to the business resources page for more great business tips.
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The effectiveness of theoretical economic models to describe the behavior of the different agents has been consistently questioned. Some scholars suggest that the main difference is that these models consider that all the participants will always act correctly and infallibly, in Richard Thaler’s words: as econs.
In this installment, I will address some popular elements in Behavioral Economics (a branch of the economy that is responsible for studying how we make our financial decisions) and some of its applications in the day to day of a trader.
Some of these phenomena were described by Richard Thaler as anomalies, and treated in several deliveries in the late 1980s and early 1990s in the Journal of Economic Perspectives of the American Economic Association.
Among these anomalies there are several topics ranging from the — irrational — seasonality observed in stock market prices, randomness, and reactions of individuals in a variety of everyday circumstances.
For the moment, I would like to introduce some concepts that I consider to be of general interest for all kinds of investors, but that could specifically address to traders and have a relevant eco as an element of consideration in the implementation of their own strategies.
- Endowment Effect. This phenomenon refers to the fact that individuals would demand a greater amount in return in order to sell a good that they already have compared to the amount that they would be willing to pay to obtain it if they did not have it. People often grant a higher value to something that they already possess in contrast to the value that people who do not have it would assign to the same object.
- Status Quo Bias. individuals have a strong tendency to prefer the status quo, by perceiving the disadvantages of abandoning it more than the advantages.
- Loss Aversion. The “utility loss” in giving up a good is stronger than the “utility” associated with acquiring it. Referring to the term “utility” in the academic sense of economists (Daniel Bernoulli defined it as perceived satisfaction when consuming a good or service). In other words, people often prefer not to lose rather than win.
A summary of these effects is illustrated in a famous example where an economist buys several bottles of wine (specifically Bordeaux) whose price experiences a considerable appreciation along the years. In that example the market price goes up from US$10 to US$200 a bottle. While this economist occasionally enjoys a glass from such bottles, he is reluctant to sell the rest of his stash at market prices. When questioned why, the economist replies that he would not pay that price for them to restock.
On a daily basis, traders face situations where these anomalies are reflected. Buy, buy more, hold, sell? Some investors prefer to hold their current position and remain in the status quo. In this case, I do not suggest that undoing your position is the best option, I only consider that it is diligent to reassess your stance objectively, without over pondering the benefits of inaction.
It is very important to maintain discipline in defined strategies, but we must recognize that the reality in companies, markets or economy, can change suddenly, and in these scenarios, an active trader must be prepared to make a regular review of their central hypotheses, and determine their action based on a rational framework.
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New data by Lazard, a financial advisory firm, shows that prices for renewable electricity declined again this year, continuing their downward trend. But the data, released last month, miss another critical clean energy resource. Energy efficiency–the kilowatt-hours we avoid by eliminating waste–remains, on average, our nation’s least-cost resource.
Efficiency also delivers a host of other benefits. It improves electric grid reliability and resilience, can target savings where and when needed the most, creates jobs, spurs other economic development, reduces customer utility bills, makes homes and buildings more comfortable, and reduces harmful pollution.
Levelized Cost of Electricity Resources
What do the data show?
ACEEE research published this summer shows that energy efficiency programs cost utilities, on average, about 3.1 cents per kilowatt-hour nationally. It examines program costs and performance incentives for the 49 largest US electricity utilities in the 2015 program year (the data do not include additional participant costs). Lawrence Berkeley National Laboratory (LBNL) has found similar results in an analysis of 2009-2015 program year data (with a few differences in approach). It has also examined the total cost of efficiency programs, including participant costs.
The average cost of efficiency to utilities is still generally less than that of wind or utility-scale solar. And overall, energy efficiency and clean energy continue to come in at a lower cost per kilowatt hour than more traditional resources.
Worth noting, these are national data; regional data will vary. Also, the levelized cost data in the Lazard analysis and our paper are a simplified and limited metric and they do not tell the full story of the benefits of energy efficiency (or other resources) to utilities. For example, the Lazard data do not include costs for needed storage or transmission and distribution.
How big are efficiency investments?
Investments in energy efficiency can have a big impact. Those made between 1990 and today have helped us avoid building the equivalent of 313 large power plants and have delivered cumulative savings of nearly $790 billion to customers nationwide. The need and opportunity for efficiency as a utility resource will continue in the coming years as states and utilities will need to meet evolving goals.
For example, investments in transmission and distribution have grown significantly over the past decade. This trend means higher costs for customers. Energy efficiency can help keep these costs in check by serving as both a broad-based resource and a distributed energy resource that meets specific time and locational needs on the grid. Efficiency also has a large role to play in reducing emissions and meeting aggressive climate goals for many states and cities.
The good news: Utilities are increasing efficiency investments, helping their customers use energy more efficiently, and meeting demand by saving energy rather than generating it. A recent LBNL analysis projects, in its medium case scenario, that utilities will increase efficiency investments from $5.8 billion in 2016 to $8.6 billion in 2030, a jump of more than 45%.
But will this, or even the LBNL study’s high scenario, be enough to meet states’ growing energy and climate policy needs? Not likely. New and refined policy tools will be needed, such as the next generation of energy efficiency resource standards, utility business models aligned with efficiency, and financing options that help businesses and households leverage public and ratepayer funding to drive deeper savings. Check out our State Policy Toolkit, which can help state policymakers and regulators increase use of our nation’s least-cost energy resource.
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First, let’s talk about why consumer credit is so important before discussing consumer credit data. The availability of credit supports consumer spending for larger items that can’t as easily be bought with cash, such as vehicles, furniture, appliances, and other large durable goods. Financing for other types of consumer spending, everything from tuition to vacations, is also affected by the availability and cost of credit. Thus, credit availability directly affects consumer spending, which in turn accounts for around 70% of gross domestic product (GDP) or the total output of the U.S. economy.1
Monitoring trends in consumer credit
From Dr. Econ’s perspective, one of the best sources for monitoring the dramatic changes in consumer credit in 2008 is the Federal Reserve’s Consumer Credit Report. This report, also known as the monthly G.19 Release, tracks overall consumer credit outstanding both by lender type and by the prevailing terms (such as interest rates) on key types of consumer credit (defined as loans not secured by real estate). Moreover, since these data are normally published only five business days after the end of the month being reported, they are a valuable source of current information on consumer credit conditions. Monthly interest rates for several categories of loans from commercial banks are reported: 48-month new car loans, 24-month personal loans, and credit card loans. Automobile finance companies report key information about new car loans: interest rates, maturity of loans, loan-to-value ratios, and the amount financed in dollars.
These data provide a wealth of information. Changes in total consumer credit outstanding provide an important measure of credit growth. Terms on interest rates, loan size, loan-to-value ratios, and maturity of loans can give economists and borrowers important insights into the ease or difficulty of obtaining credit.
It is important to point out that the Consumer Credit Report does not include loans made as home equity loans and home equity lines of credit, a category of credit that is an important vehicle for providing financing for consumers who have equity in their homes. In fact, in the early 2000s, as house prices appreciated rapidly many homeowners were able to increase their borrowing by using home equity lines of credit or by ‘cash out’ refinancing that allowed them to convert some housing equity into cash. Those avenues of consumer finance have played a larger role in consumer borrowing in recent years, as can be seen in Figure 1, which shows trends in both outstanding consumer credit (blue series), home equity loans and home equity lines of credit (red series), and the total for both types of credit (green series). However, the long upwards trends in both types of lending to consumers came to an end with the financial crisis and ensuing recession.
Figure 1. Growth Trends for Consumer Credit and Home Equity Lending
Analyzing the credit crunch
The financial crisis that started in August 2007 resulted in a “credit crunch” that made it more difficult for many consumers to finance purchases.2 Households faced more stringent credit standards from lenders and had to pay higher interest rates on credit. In addition, the declines in house prices and equity (stock) prices in recent years greatly reduced household wealth. In their efforts to realign their balances sheets, consumers have increased their saving rate and reduced their spending. The negative impact on consumer credit outstanding became apparent in 2008, as credit outstanding began to fall dramatically in the second half of the year (Figure 2). Terms on new car loans from auto finance companies illustrate one factor contributing to the decline: on average it became more difficult and more costly for households to get auto financing. Interest rates on new car loans increased late in the year (Figure 3), rising from an average of under 5% in the first quarter of the year to a peak of 8.42% in December. Terms on consumer loans became more restrictive from the first quarter of the year to the last: loan-to-value ratios (see Figure 4), the amount of the purchase price financed, fell from about 94% to only 86% on average. Over the same period, the typical new car loan fell from $28,200 to $24,400 (see Figure 5). These changes tended to make it more expensive to finance a new car and certainly contributed to the dramatic slowdown in light vehicle sales in 2008. First-quarter 2008 vehicle sales totaled 3.8 million units, but by the fourth quarter of 2008 fewer than 2.6 million units were sold.
Slower sales and reduced production of vehicles in turn contributed to the sharp decline in GDP in the last quarter of 2008. Finally, many consumers faced higher rates and more restrictive terms not only on consumer loans but also on home equity borrowing,3 further amplifying the impact on the real economy.
During this period the economy faced an “adverse feedback loop” in which financial distress reduced credit availability and helped push the economy into a deeper recession. As the economy weakened and jobs were lost, the recession led to further rounds of credit restrictions that resulted in even less spending on consumer goods and services than before. This, in turn, led to further reductions in output and jobs. The Consumer Credit report provides evidence of how lending terms tightened and consumer credit contracted in 2008 as this process unfolded.
Figure 2. Total Consumer Credit Started Falling in the Second Half of 2008
Figure 3. Interest Rates on New and Used Car Loans Spiked in 2008
Figure 4. Loan-to-Value Ratio for New Car Loans Also Tightened in 2008
Figure 5. Average New Car Loan Size Fell as Loan Terms Tighten
Which lenders are lending?
The Consumer Credit report provides a breakdown of consumer credit outstanding for both revolving (credit card) and nonrevolving loans by major categories of lenders, including commercial banks, finance companies, and others.
So, you can see that the vast amount of information on consumer lending gathered in the Consumer Credit report makes it a valuable resource. By carefully looking at the behavior of consumer credit in the aggregate, trends in loan terms, and lending patterns by key holders of credit, economists can paint a much clearer picture to help evaluate movements in other key economic variables like consumer spending. Going forward, economists and analysts will continue to watch the report for signs of improvement in consumer credit that could benefit the overall economy.
Consumer Credit. Federal Reserve Statistical Release, G.19. Board of Governors of the Federal Reserve System.
Flow of Funds. Federal Reserve Statistical Release, Z.1. Board of Governors of the Federal Reserve System.
2. For additional information, please link to the Federal Reserve Bank of San Francisco website: The Economy: Crisis & Response.
3. Home equity loans and lines of credit are not reported as part of consumer credit in this report. A good source of information on these is the Federal Reserve’s Flow of Funds Release, Z.1 Release, Outstandings, Table L.218, Home Mortgage.
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Off-balance sheet financing is an accounting method whereby companies record certain assets or liabilities in a way that prevents them from appearing on their balance sheet.
It is used to keep debt-to-equity and leverage ratios low, especially if the inclusion of a large expenditure would break negative debt covenants. These are agreements between a business and creditor that the business will operate within the rules established by the creditor as a condition for receiving a commercial loan.
Because a large purchase may cause the business to be non-compliant with their debt covenants and consequently trigger a default, they could decide to use off-balance-sheet financing.
Businesses also know that a healthier-looking balance sheet is likely to attract more investors and that banks will charge highly leveraged firms more to borrow money as they are considered more likely to default on payments.
It is a legitimate and permissible accounting method that is recognised by generally accepted accounting principles (GAAP), as long as GAAP classification methods are followed.
Off-balance sheet financing methods
Methods of off-balance-sheet financing include selling receivables under certain conditions, providing guarantees or letters of credit, participating in joint ventures, research and development partnerships and operating leases.
Operating leases have proven to be one of the most popular methods of off-balance-sheet financing. To avoid buying equipment or property outright, a company can rent or lease it and then purchase it at a minimal price at the end of the lease period. Choosing this method allows the company to record only the rental cost. Booking it as an operating expense on their income statement results in lower liabilities on their balance sheet.
Partnerships are another popular method of dressing up balance sheets. When a company creates a partnership, it doesn’t have to show the partnership’s liabilities on its balance sheet, even if it has a controlling interest in it.
Sometimes a company will purchase small ownership positions in special purpose vehicles (SPVs) or special purpose entities (SPEs) that have their own balance sheets, and place any assets of liabilities in question on those balance sheets. As SPEs may have higher credit ratings than the sponsoring firms that create them, this allows the company to receive cheaper financing.
Example of when an off-balance-sheet goes wrong
Enron, the major American energy, commodities, and services company based out of Texas, went bust in 2001 after using SPVs to hide its mountains of debt and toxic assets from investors and creditors.
Enron traded its fast-rising stock for cash or notes from the SPVs, which in turn used the stock for hedging assets on Enron’s balance sheet.
When Enron’s stock began falling, the value of the SPVs dropped and Enron was financially liable for supporting them. But because it could not repay its creditors and investors, Enron was forced to file for bankruptcy in late 2001.
The SPVs were disclosed in the notes on Enron’s financial documents, but few investors knew to look for them and didn’t grasp the gravity of the situation.
Since the ill-fated collapse of Enron, off-balance-sheet financing has been seen as more controversial and subsequently attracted closer regulatory scrutiny.
Off-balance sheet financing reporting requirements
Companies must follow generally accepted accounting principles (GAAP) and Financial Conduct Authority (FCA) requirements by disclosing off-balance-sheet financing in the notes of their financial statements.
Savvy investors know to look at these notes for information and insight, and study them to decipher the depth of potential financial issues.
We can help
If you’re interested in finding out more about fixed overhead volume variance, then get in touch with the financial experts at GoCardless. Find out how GoCardless can help you with ad hoc payments or recurring payments.
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If your house burns to the ground because of a wildfire, an insurance agent can estimate how much it was worth based on its market value.
But if an animal or plant goes extinct because its habitat is destroyed as a result of climate change, there is no way to assign an “existence value” to it.
“Understanding the Coupling Between Climate Policy and Ecosystem Change,” a collaboration with Frances C. Moore, Ph.D., and Xiaoli Dong, Ph.D., both assistant professors in the Department of Environmental Science and Policy at the University of California, Davis, seeks to update and expand the current estimates of the cost of carbon on society.
Helping Leaders Make Better Decisions
Conte, a co-principal investigator, said the goal of the study is to give government leaders better tools as they debate policies such as carbon taxes.
“We’re trying to motivate climate change policy through an understanding of the benefits and costs of those policies, acknowledging that when we suggest reducing greenhouse gas emissions, we’re going to be imposing costs on certain industries that will then be passed on to different households,” he said.
“Because of that, we want to make sure we are creating a policy with benefits that exceed its costs. The way we can do that is by understanding the full damage of each additional unit of greenhouse gas that we emit into the atmosphere.”
Recent findings by the scientific community have made apparent the need for a better understanding of the economic benefits of say, a white rhinoceros or American pika.
Last year, the United Nations predicted in a report that the world is on track for an increase in greenhouse gas emissions. A separate report found that around 1 million animal and plant species are now threatened with extinction, many within decades.
Building On Previous Research
Conte said reports such as these have made plain the need to expand upon the foundational integrated assessment models (IAMs) that economists have used for nearly 30 years to link economic activity and climate outcomes. The best known example is the Dynamic Integrated Climate Economy (DICE) model, for which William D. Nordhaus, Ph.D., of Yale University was a co-recipient of the 2018 Nobel Prize in Economics and which is described in Managing the Global Commons: The Economics of Climate Change.
When Nordhaus initially calculated how high a tax should be to offset the damages caused by carbon emissions, there was greater uncertainty about the timing and impacts of climate change, and the ecological effects of climate change were omitted from the model, due to both the uncertainty about the magnitude of these effects and the challenge of valuing these impacts in dollar terms, Conte said.
In subsequent years, technological advances have reduced the costs of mitigating greenhouse gas emissions, so economists have adjusted the cost functions in climate IAMs accordingly. Additionally, progress has been made in valuing nonmarket environmental amenities, which can include the existence of various plant and animal species as well as the benefits that accrue to humans from functioning ecosystems.
“The intent of this project is to provide policymakers with a more comprehensive understanding of the tradeoffs associated with greenhouse gas emissions, which we will attempt to do by incorporating the ecological damages of climate change into the damage functions used by climate IAMs,” said Conte.
A Challenge Both Daunting and Necessary
If the idea that assigning a dollar amount to all the flora and fauna that might be affected by climate change sounds like an impossibly complicated task, Conte does not disagree.
“These values are controversial and difficult to measure, but we plan to utilize the best-available methods, and to introduce some novel approaches to generate credible estimates,” he said.
To do that, the team is assembling a large database of existing studies, to get a sense of how much value people attach to environmental amenities, including wild animals. Many studies have been conducted by researchers, government agencies, and conservation groups to inquire about the dollar value that people attach to these amenities, including so-called “charismatic mega fauna” like grizzly bears, tigers, and whales.
“These studies attempt to answer several questions, including: What is the value that you assign to either the existence of elephants in general, or maintaining the elephant population at its current level? What is it worth to you to prevent a decrease of some amount, or to achieve a population increase?” Conte said.
“There are numerous ways to pose these questions, and we’re going to do our best using a large database of these studies to try to come up with a credible means of assigning value to as many different species and environmental amenities as we can.”
A Global Perspective
A big challenge inherent in this approach is that most of this kind of data has been collected in North America or Europe. Climate change, however, affects every corner of the globe.
“If we are interested in valuing changes in the function of wetlands in Vietnam or Bangladesh but lack existing estimates in these regions, how should we proceed?” he said.
“Can we modify the estimated value of wetlands in Indonesia in a way to make it relevant to conditions in Vietnam and Bangladesh? What about estimates from wetlands in New Jersey? Is there a point at which the differences between the study sites and the places impacted by climate change are sufficiently large that we are not comfortable transferring values across sites?”
And of course, Conte noted, there are still species on the planet that haven’t even been discovered yet, making it impossible to be comprehensive.
“Our estimated values will be lower-bound estimates, based on the information that we have available. The emphasis will be to highlight the implications of presenting a more comprehensive and accurate accounting of the impacts of climate change to policymakers,” he said.
“We hope to offer some methodological contributions that might be of use as we continue to improve our understanding of the complexities and interdependencies in our world and their implications for climate policy.”
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This article is English version from article that published in Koran Sindo 21 December 2019
Indonesia with a population of 270 million people need food supply every day. The need increases consistent, sustainable and ensured to increase annually due to high growth on its population. Underlying the fact, there are six food challenges in general should be faced by the government of the ‘ Jokowi-Ma’ruf namely the improvement of data, human resources in the food sector, climate change, institutional, shifting food demand from carbohydrate to non-carbohydrate and land consolidation.
The first challenge is the data. The validity of important food data is needed in making proper food data policy. Food data in the junction makes the policy of food inflation control ineffective regard to poor information about production and demand. The lack of data between production data and the demand makes the difficulty for government to intervene its price, especially on the commodity of nine basic materials.
At least it happened to raise rice polemic imports in 2018 ago. The rowdy raises two polar views between Minister of Agriculture and Minister of Trade. The Minister of Agriculture insisted that the rice production be safe, but on the other hand, the Minister of Trade stated it needed to import rice amid rising rice prices. Finally, imported rice was done with a magnitude of 2.25million ton of rice, the highest since 2000.
The second question the new government should face is seeking millennial farmers. The agricultural Census Data 2013 shows that the majority of Indonesia’s farmer (60 percent) are more than 45 years old. This fact is a crucial thing that needs to be resolved immediately to allow the availability of manpower in the agricultural sector with affordable wages can be overcome.
The third problem is the climate change. The climate change is the exogenous factor where we have to adapt it. This adaptation is certainly not cheap because it has to be coupled with a variety of research related to the invention of superior seeds and agricultural technologies adaptive to climate change.
The climate change also threat the availability of calories and nutrients for children. The report of the international Food Policy Research Institute (IFPRI) titled Climate Change Impact on Agriculture and Costs of Adaptation (2009) said it required an additional investment of 7.1 to 7.3 billion U.S. dollars to improve calorie intake for children’s health in 2050. The increase in investment is aimed at replacing and preventing the impact of climate changes to the output of agricultural crops.
Making peace with climate change is not only the work of Ministry of Agriculture as a leading sector in the field of food, but also work with other stakeholders such as BMKG, Lapan, LIPI and private sectors in producing agricultural technologies that are adaptive to climate change. The new agricultural minister must be very open to coordinate with other K/L so that the solutions will be climate change and also other problems, can be obtained with comprehensive.
The fourth issue is institutional that manifested in the form of consolidation. Connecting the three points above, Ministry of Agriculture must consolidate with other institutions, especially the Ministry of Trade and Ministry of Industry. Ministry of Trade for domestic distribution affairs and export/import, while the Ministry of Industry for the affairs of how to develop domestic agro-industry.
Fifth challenge, switching on food demand from carbohydrate source to noncarbohydrate. This shift will have an impact on shifting the source of inflation from carbohydrate (rice) inflation into protein inflation (egg, chicken, beef, and horticultural products ). This shift is in line with increasing public income (especially middle class).
The simple example is when we become students. For most students, the utility in consuming food for the author is full. Along with the income after school/collage, the pattern of consumption will change to a non-carbohydrate variant.
The consolidation of the Land became the sixth of the reign of paddy fields in Indonesia are mostly small-sized plots < 0.5 hectares. As a result, each tile tends to have different production functions. There are different production function, so the results of each small tile vary and can be in an unoptimal result.
Examples are as follows. There are 5 plots of rice fields < 0.5 ha. Each tile is dominated by different farmers. Each farmer has different intencing in treating his fields (there are 5 production functions). First farmer, third and fifth diligent in managing his land. On the other hand the second and fourth farmers are not diligent in managing their land. This will give different result between odd paddy field plot with even Paddy field.
If the 5 rice field tiles are merged into one, and processed in 1 supervision of farmers/farmer groups, there will only be 1 production function with a wider area of land. The harvest of the paddy fields can be optimal. Land consolidation like this allows agricultural mechanization to be more effective.
The solutions for the various challenges above are: first, the establishment of a valid food data especially for nine food items (sembako). Secondly, mechanization of agriculture in order to cope with the least farmers in Indonesia. This mechanization is also one of the alternatives of increasing agricultural land productivity when land consolidation is carried out well.
Mechanization can also be coupled with the usage of information technology for the agricultural sector. In addition to efficiency in the agriculture sector, the use of information technology in the field of food can at least attract the millennial to contribute more to the agriculture sector. It is based on the reality of millennials having a great interest in the things that smell information technology.Third, increase the consolidation between minister or other institutions. This consolidation is especially important in order to develop an off-farm part with industrialization and distribution of crop yields that are effective and efficient. Fourth, increasing the productivity of non-carbohydrate food production to anticipate the shifting of people’s consumption patterns from heavy to carbohydrate to non-carbohydrate.
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Metals Recycling Facts
- Scrap has been an important export commodity from the United States for over 120 years.
- $15.7 Billion worth of scrap commodities were exported in 2007.
- Scrap metal was the 2nd largest export to China in dollar value in 2007.
- Recycling 1KG of Aluminum saves up to 6KG of bauxite, 4KG of chemical products, and most importantly 14 kwh of electricity.
- A recycled Aluminum can saves enough energy to run a television for three hours.
- If all the aluminum cans in the United States were recycled there would be 14 million fewer dustbins annually.
- Each household in the United States used approximately 600 steel cans per year.
- During Christmas time there are over 300 million cans used per week.
- The recycling rates of steel packaging is at 46%, in comparison to aluminum at just under 24%.
- Recycling one ton of steel scrap saves more than 80% of the CO2 emissions produced when making steel from Iron ore.
- Recycling seven steel cans saves enough energy to power a 60 watt lightbulb for 26 hours.
- Every year the United States saves enough energy, by recycling steel, to supply Los Angeles with nearly a decade’s worth of electricity.
- Recycling aluminum saves 95% of the energy used to make the material from scratch. That means you can make 20 cans out of recycled material with the same amount it takes to make one can out of new material. Energy savings in 2007 were enough to light a city the size of Detroit for 8 years.
- American throw away (dispose, not recycle) enough aluminum every month to rebuild our entire commercial air fleet.
- Americans use 100 million cans per day.
- American throw away (dispose, not recycle) enough iron and steel to supply all the nation’s automakers on a continuous basis.
- A steel mill that recycles scrap reduces related water pollution, air pollutants, and mining wastes by about 70%.
- When you toss out one aluminum can you waste as much energy as if you filled the same can half full with gasoline, and just threw it on the ground.
- The 36 billion Aluminum cans land-filled last year had a scrap value of 600 million dollars.
- There are 7-8 Million vehicles that are recycled every year, auto recycling supplies the nation’s scrap industry of about 37% of its ferrous scrap processing, making it one of the major sources of scrap metal.
- 97% of all beverage cans are aluminum.
- North America is currently recycling 2/3 of aluminum cans, no where close to the amount we should be recycling.
- America alone, uses 80,000,000,000 aluminum cans every year.
- It takes 90 days for a beverage in an aluminum can to return to a grocer’s shelf, after collection, smelting, rolling, manufacturing, and distribution.
- Making cans from recycled aluminum cuts air related pollution by 95%.
- Everyday Americans use enough steel to run a steel a pipe line from New York to Los Angeles and back to New York.
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Definition: A cash flow statement is a financial statement which serves the inflow and outflow of the cash and cash equivalents by the company. It consists of all cash receipts and cash payments transactions of the company during the year. It aims to determine the difference between the company’s cash-in-hand at the beginning and the end of the year.
A specified protocol of divergent stock exchanges demands corporate entities to urge cash flow statement to the various stock exchanges. Thus, listed companies are constrained to prepare a cash flow statement.
Content: Cash Flow Statement
Structure of Cash Flow Statement
Shifts of cash associated with all these fields and cash movement are self-reliant on activity in the other field. It involves three spheres of activities. They are as follows:
1. Operating activities: Operating activities are those activities which deal with the daily operations of the business, such as increase/ decrease in current stock. Inflow and outflow in such activities can be easily understood with the following examples:
Examples of cash inflows in operating activities
- Revenue from selling goods and delivering services.
- Royalties, earning from fees, and brokerage increases the inflow of the cash.
- Cash proceeds concerned with a prospect, forwards, option and swap obligation where the arrangement is held for the exchange purpose.
Examples of cash outflows in operating activities
- Remittance to suppliers for goods and services acquired.
- Outflow through the disbursement of the cash to the employees or on the favour of the employees.
- Cash deposited for income tax, excluding distribution tax.
2. Investing activities: Inflow and outflow of cash for buying and selling the long-term assets comes under the company’s investing activities. Shifts of cash in this segment comprises of:
Following are some of the cash inflow activities:
- Cash proceeds from the disposition of fixed assets and investments apart from cash corresponding.
- Income received from interest and dividend returns.
- Cash proceeds from loans contrived to third parties and reimbursement of advances.
Following are some of the cash outflow activities :
- Cash disbursement to bring in fixed assets, shares, and other bonds apart from cash equivalents.
- The outflow of cash for settling loans and advances accustomed to third parties.
.3. Financing activities: Financing activities are related to the capital of the company. Inflow and outflow of cash under this activity involves cash movements combined with issuing and buying back shares in the company, serve dividends to shareholders and finance and compensate loans.
Some of the sources of cash inflows in financing activities are as follows:
- Cash revenue from the distribution of debentures, shares, etc.
- Cash inflow of the company increases by permanent financing from financial institution/ banks.
Some of the sources of cash outflows in financing activities are as follows:
- Restoration of loans
- Repurchase of shares and debentures
- Amount of Interest paid in cash
- Dividend amount paid in cash
- Dividend tax paid in cash
Format of Cash Flow Statement
1. Direct Method
XYZ Co. Ltd
Cash flow statement
For the period ending 31 March 2017
|A. Cash flows from operating activities:|
1. Profit before tax
|2. (+) Non- operating |
(-) Non- cash items
|3. Operating profit before working capital changes(1+2)||xx|
|4. Working capital changes (excluding bank and cash balances)||xx|
|5. Cash achieved from operations ( 3+/- 4)||xx|
|6. Payment of taxes||xx|
|7. Net cash flow from operating activities (5-6)||xxx|
|B. Cash flow from investing activities:|
1. Acquisition of assets/investments
|2. Reduction of assets /investments||xx|
|3. Dividend/Interest paid||xx|
|5. Net cash used in Investing activities (1+2+3+4)||xxx|
|C. Cash flow from financing activities:|
1. Income from issue of shares
|2. Income from financing||xx|
|3. Share repurchase||xx|
|4. Dividend/interest paid|
|6. Net cash flows from financial activities (1+2+3+4+5)||xxx|
|D. Net change in cash and cash identical ( A+B+C)||xx|
|E. Cash and cash identical at the beginning of the year||xx|
|F. Cash and cash identical at the end of the year (D+E)||xx|
2. Indirect Method
XYZ Co. Ltd
Cash flow statement
For the period ending 31 March 2017
|A. Cash flow from operating activities:|
1. Net profit before tax and exceptional items:
|2. (+/-) Adjustments for non-cash and non operating items||xx|
|3. Operating profit before working capital changes||xxx|
|4. Adjustments for|
(i) Increase/decrease in trade and other receivables
|(ii) Decrease in trade and other payable||xx|
|(iii) Cash obtained from operating activities||xx|
|(iv) Payments of direct taxes||xx|
|5. Net cash flow from operating activities||xxx|
|B. Cash flow from investing activities: |
(i) Purchase of fixed assets
|(ii) Investments for addition of subsidiaries||xx|
|(iii) Removal of investments in subsidaries||xx|
|(iv) Loans to others||xx|
|(v) Decrease/ Increase in miscellaneous expenses||xx|
|6. Net cash flow from financial activities||xxx|
|7. Net cash flow during the year( A+B+C)||xx|
|8. Cash and cash equivalents at the beginning of the year||xx|
|9. Cash and cash equivalents taken over on addition during the year.||xx|
|10. Cash and cash equivalents at the end of the year||xx|
Uses of Cash Flow Statement
This statement can be used by companies for the following reasons:
- Explicit Planning: To do clear-cut planning, companies consider their cash flow statement as a base as it provides the definite status of the company’s cash. It is fruitful for an enterprise for generating short-term planning.
- Study of Liquidity and Solvency: Periodical cash flow statement helps determine the company’s liquidity and financial competence at the end of the year.
- Governance of Cash: It provides the exact position of the surplus or deficit of the cash and results in efficient cash management.
- Forecasting: It helps in forecasting the soundness and monetary status of the company in the near future.
- Allocation of Cash: It is profitable in adapting the cash budgets of the company.
- Position of Cash: It clearly shows the actual position of the cash and also justifies the reasons behind the inflow and outflow of cash.
- Planning Tool: It plays a vital role in planning for all future investments thereby, acts as a hindrance against imprecise decisions.
- Dividend Policy: It guides the company in framing the profitable dividend policy.
Limitations of Cash Flow Statement
Following are the limitations of this statement:
- All non-cash activities are not enclosed; therefore, this statement is established on the restricted concept of cash and cash equivalents.
- It is not an appropriate alternative as this statement announces the net cash flow only, and it may not be useful as an alternative for the income statement.
- It is not an effective means since this is not a reliable indicator of the financial position of the company as it generally neglects the working capital part.
- As it is established on the prior records, no consequent planning can be accurately planned except if some other document follows it.
- It is of a factual nature.
Companies prepare a cash flow statement to show the exact position of the cash-in-hand at the end of the year. It indicates the movement of both inflow and outflow of cash and cash equivalents for the time being. The inflow of cash indicates the escalation in cash from all the transactions, and outflow of cash indicates the reduction of cash from the transactions took place during the year.
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Where you grow up matters, says Stanford professor Raj Chetty
The chances of children achieving the American Dream are now almost twice as high in Canada than in the US, according to Raj Chetty, Professor of Economics, Stanford University.
Speaking at a Wheeler Institute for Business and Development event, he told London Business School (LBS) students, academics and others that he hoped business leaders and policymakers would make changes based on his Equality of Opportunity Project findings.
A defining feature of the American Dream, said Professor Chetty, is the “classic” rags-to-riches story: “The chance that a child born to parents in the bottom fifth of the income distribution makes the leap to the top fifth of the income distribution.
“How common is it that a child can make that leap?”
Differences across countries – take, for instance, the US, UK, Denmark and Canada – reveal that the odds depend on where children grow up. The chance of such a child reaching the top is 7.5%, 9%, 11.7% and 13.5% respectively.
“You might think that even in Canada your odds of success aren't all that high,” said Professor Chetty. “But remember, you can't have more than 20% of people in the top 20%. If you make the assumption that we're never going to live in a society where your odds of succeeding are negatively related to your parent’s income, then the upper bound possible statistic is 20%.”
A 7.5% or 9% shot at earning more than your parents, relative to the maximum of 20%, reveals that countries such as the US and the UK are lagging behind. “There’s a concern that these countries are no longer lands of opportunity for people growing up in low-income families,” he said.
Professor Chetty and his colleagues have studied how to increase social mobility, looking at a range of issues and categories – such as housing policy, education, race, gender and age ranges – using big data. He has compared upward mobility between countries as well as within nations.
“There are very sharp differences in kids’ chances of climbing the income ladder even within countries,” said Professor Chetty.
One area of focus involves the differences in children’s chances of climbing the income ladder across areas within the US.
By tracking seven million families who moved across areas, Professor Chetty mapped the geography of upward mobility in the US. He looked at the average household income for children with parents earning US$25,000 (in the 25th percentile).
He pointed to a difference in upward mobility between neighbouring boroughs within New York City, such as Manhattan (where there is less upward mobility) and Queens (where there is more).
“A low-income kid growing up in Manhattan will earn on average $32,000 a year aged 30. In Queens it’s $40,000 a year. So the question is, why does it vary so much?
“First, it's about the causal effect of growing up in different places,” he said. It is not that the type of people in Queens are different from the type of people in Manhattan. “If you take a given child and put them in Queens instead of Manhattan you see different outcomes.”
“Second, this is about childhood environment.” Professor Chetty’s first hypothesis was whether there was a variation in the jobs available in different areas. “In fact what you see is that it's really about the differences in what's going on around you while you're growing up.”
Through further statistical analysis, he found that the earlier children moved to better neighbourhoods, the more they earned as adults. “Kids in Manhattan from birth earn about $32,000 on average when we measure their incomes at aged 30. Kids that move from Manhattan to Queens at age two earn on average $37,000.
“You see a clear declining pattern. The later you make that move from Manhattan to Queens, the less of a gain you get.”
He suggested three takeaways.
• Where you grow up really matters. “I see this as a very encouraging result because it shows that this problem is actually changeable and malleable. You can change people’s outcomes.”
• Childhood environment counts. “The data shows that when adults make the move, it doesn’t have a big impact on them.”
• Early exposure to good environments adds up. “Every extra year of exposure to a better environment creates an incremental impact and better outcomes in the long run.”
“A cornerstone of the American Dream is the aspiration that children have a higher standard of living than their parents,” said Professor Chetty. But after estimating rates of “absolute income mobility” – the fraction of children who earn more than their parents in the US – since 1940, he found that earning potential over the years has waned. Absolute mobility fell in all 50 states.
Percent of Children Earning More than their Parents, by Year of Birth
“You can see that for kids born in the 1940s, in the middle of the last century, there's a virtual guarantee that you were going to achieve the American Dream of moving up relative to your parents.
“The American Dream has faded over the past 50 years.”
The key message, said Professor Chetty, is that national trends are at local levels. “They start at our schools and in our neighbourhoods. These are things we can change in our communities that add up to a very different picture. My hope is that with the type of precise data we now have, we'll be able to tackle these problems globally.”
View the upcoming events with Wheeler Institute for Business and Development
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For over 300 years, Americans have been making and perfecting wine. At present, wine is being produced in all fifty states, with California-made wine supplying 89 percent of all U.S. wine but they are still behind France, Italy, and Spain, The United States has claimed its place as the fourth-largest wine producing country in the world.
It takes passion, determination, and understanding of the science behind fermentation and a fair amount of money to get a fledgling vineyard and winemaking operation off the ground. But if you know where to look, there are quite a few options for vineyard financing that can help take care of the capital needed when it comes to starting your own vineyard.
Click here to get a Vineyard Loan.
Wine Tasting Bill
In early July 2014, a wine tasting bill allowing winemakers to give instructional wine tastings at farmers’ markets passed into California state law. The bill allows underage vintner students to taste the wine they produce, sipping wine under instructor supervision, but not swallowing it.
Current state laws, which are out of sync with similar laws in major wine-producing regions like New York, Colorado, and Florida, have hindered students studying winemaking, sometimes preventing them from graduating on time and hurting viticultural programs in California schools.
It is laws like these that demonstrate the shift in today’s society to educate and cultivate a brand new crop of entrepreneurs looking to break into the wine business with their own wineries and vineyards.
For decades, American wine, particularly wine made from California grapes, have outsold and outranked a variety of wines from Europe. With American winemaking in its ascendency, farm-lending companies specializing in
Vineyard financing have been quick to offer financial support to vineyards all over the country.
Winemaking has long been an important part of The United States cultural and economic life. The first reports of wine production in California date back to 1683, when a Spanish missionary and cartographer named Eusebio Francisco Kino arrived in the Spanish colony of California.
It was due to this man that California vineyards and the state’s winemaking industry were deeply connected to the Spanish mission system for the next hundred years. First planted in 1769, the Mission grape (whose name arose from its prominent role in the missionary economy) quickly became the most popular grape in the state and remained so until the nineteenth century.
The Wine Industry
The wine industry continued to expand, capitalizing on Europe’s misfortune with their crop, severely reducing the number of European wineries. While European producers struggled, American (particularly Californian) producers flourished.
By the turn of the century, California had more than 800 wineries being supplied by more than 300 grape varieties across the state. However, the industry, poised to make its name on the international stage, was crippled by the enactment of Prohibition through the 18th amendment.
While many wineries managed to stay in business by producing non-alcoholic grape juice and other managed to switch to producing sacramental wine (exempt from Prohibition restrictions), the number of wineries severely declined and was on the verge of extinction in 1933 when
Prohibition was repealed.
Though the wine industry did start to recover, it took decades for American wineries and vineyards to fully bounce back from the damage done to their industry. The biggest boost to modern day american winemaking, though, came as the result of a 1976 international wine competition held in Paris.
The blind taste test ranked two Napa Valley wines (a white and a red) higher than the finest French wines, establishing California as a major competitor in the realm of wine production. Since then, California wine production has continuously expanded.
Click here to get matched with a lender.
Evaluating A Vineyard
Given the importance of vineyards and wineries to the American economy (especially in California), it is understandable that farmers, financial institutions, and state agricultural organizations would be deeply concerned with the financial health and well-being of farmland, vineyards, and wineries.
Unlike traditional farms, vineyards are inextricably linked to the health of the wine market. As such, appraising and valuing vineyards requires evaluating the strength of wineries looking for vineyard financing.
A major part of evaluating a vineyard depends on understanding its characteristics. Given the variety of wine grapes in a certain region, the demand for wine made from specific grapes is the first step in pricing a vineyard.
Valuing grapes, according to most experts, is typically calculated at 100 times the retail value of a bottle of wine. Wine that costs $10 a bottle, for example, typically defines those grapes as being worth $1,000 a ton. The value of the grapes grown on a vineyard plays a major factor in determining the value of said vineyard.
Climate, soil, and region are also critical factors in determining the value of vineyards. To determine the quality and desirability of a region’s climate, most appraisers and vintners use the heat summation method (also known as the Winkler scale).
Wine vines generally do not grow in temperatures below 50 degrees. The Winkler system works to evaluate how many days the temperature exceeds that minimum.
Soil and water sources are also major characteristics that determine vineyards’ values. Soil properties are important in determining the value and desirability of grapes and the quality of wine that can be produced from them.
Water resources also play a major role in appraising vineyards. Access to water, local restrictions on water usage, sprinkler systems, and adequate drainage to avoid erosion all help boost the value of vineyards.
Find A Vineyard Loan Lender Here.
In addition to considering vineyard characteristics and resources, appraisers compare vineyards to one another, looking at sales, costs, and income. They look, for example, at the value of neighboring vineyards (particularly looking at real estate costs there) and examine the value of grapes per ton of vineyards that grow similar crops.
They also factor in the cost of the land, the cost of needed improvements (such as irrigation systems), and the cost of operating the vineyard. Finally, they compare these numbers to estimate potential income a grower could make in possession of the vineyard in question.
California vineyards and wineries have painstakingly developed a reputation for excellence. California’s diverse climate and superb soil conditions have made it, in addition to a center of American agriculture, the unquestioned leader in the American wine industry.
As a result, vineyard prices, particularly in places like Napa Valley, are often significantly higher than the national average. There is a similar trend in property and land prices related to vineyards and winemaking across the country.
Because of these higher prices, banks are able to provide vineyard financing for smaller acreage properties throughout California’s Central Valley and the rest of the county.
Most vineyard financing options range from $400,000 to $25 million and are intended for startup, established, mid-scale and large-scale farm and vineyard operations with the required collateral (allowing federal farm programs to help those without agricultural land to be used as collateral). The high price of most American vineyards allows many banks to finance plots as small as 5 acres.
With winemaking looking to take an ever-increasing role in the U.S. economy, local businesses and government agencies will likely pay closer attention to the needs of state vintners and grape growers.
Vineyard financing is a growing market, with millennials looking for alternative ways to make a living and many of those ideas stemming from a job in the alcohol producing industry. In addition to refinancing vineyard loans, vintners and vineyard owners have many options in vineyard financing regarding the startup or expansion of their vineyard business.
Many banks offer a variety of loans that can be used to purchase new agricultural property, expand your vineyard and
farm operation or just to cover day-to-day operating costs.
Click Here To Get Matched With A Lender
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The power we provide is 97% carbon-free, meaning it was generated without putting carbon into the air. That last 3% is a mix, often more carbon-free hydropower purchased from utilities in Washington, but the Bonneville Power Administration which sells us our power, assures us nearly none of it comes from burning coal.
We have 98 customers who’ve installed solar power to supplement our already super-clean electricity. But some customers can’t install solar, because they don’t own the home they live in, or the roof isn’t robust enough to support a solar panel system, or the orientation of the home isn’t suited for solar (south-facing is best), or there are too many trees obscuring their roofs.
To support those who want to buy solar power, we’ve been looking at how best to install a “community solar” project, giving customers an opportunity to purchase their own part of the larger system.
We initially looked at installing a community solar project east of Newport. We had land available, and considered putting a ground-mounted system on that property, but the project didn’t “pencil out,” meaning it was too expensive and would take too long for buyers to see a solid return on their investment.
We then looked at the potential for putting a system on the roofs of our two buildings in Florence at the corner of Highways 101 and 126 when we remodeled last year, and made certain they would be ready for solar. We applied for and received a $50,000 grant from the Bonneville Environmental Foundation and will receive a grant of 35% of the purchase and install costs from the Oregon Department of Energy. The system will be 81 kilowatts, costing about $169,700.
This fall, our customers will be able to “buy” up to five panels for about $330 a panel. The energy output of their panels will then offset some of their monthly billed usage. We’ve calculated a payback of 9-10 years for customers to recover their $330/panel investment, and project the system will generate 85,000-90,000 kWh per year for at least 20 years, which may prove to be an excellent investment long-term. However, power generated will be entirely dependent on the weather—the number of grey days will impact output—so we can’t guarantee how much power will be generated each year.
To give everyone the same chance to participate, postcards will go out to every customer on the same date in the near future, and we will be taking orders at that time. In the meantime, please don’t contact our offices about the project as we won’t be ready to offer participation or more info until the postcards are mailed out.
–Written by Central Lincoln Board Treasurer, Judy Matheny, for the August 2019 issue of Boardlines
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Ever since the advent of cryptocurrency, there’s been amazing potential in the technology behind those transactions–it’s blockchain, a digital ledger that’s fast, global, and transparent. Small businesses are using it, and coins like Ethereum make it easier for attorneys like lawyer Aaron Kelly to draw up reliable smart contracts. Blockchain technology is being used by the UN while dealing with the refugee crisis in Europe, health blockchain startups with the goal of using international health data to tackle the illnesses that plague us, and the US freight network so trade is more efficient and trackable.
Considering blockchain’s vast potential, it’s no surprise one of the greatest solutions blockchain could solve is global poverty. Our world is filled with problems, but with blockchain, it might change the way we understand developing countries and how to help populations experiencing poverty. Here’s how:
One of the biggest problems that the poor face, especially in developing countries, is the ability to gain property rights. That’s the reason why cities as rich as Rio De Janeiro in Brazil, for example, still have favelas full of illegal housing and gang warfare surrounding its outskirts. It’s nearly impossible for poor Brazilians to have the money they need to pay rent, let alone get mortgages, which means that they end up in a cycle of poverty, often owing money that they’ll never be able to recover. But with blockchain, this problem can end.
According to Datafloq, “Registering property ownership, such as land titles, on the blockchain has multiple advantages, such as significantly reducing manual errors while improving security processes for transferring documents, mortgage or contracts. Blockchain enables irreversible records of ownership, because once data is on the blockchain, it can no longer be tampered with. In addition, the usage of smart contracts will enable automatic transfer of ownership if the right conditions have been met, protecting the seller as well as the buyer from fraudulent actions.”
Considering that the total number of poor people worldwide increased by 2.5 million from 2016 to 2017, and the number of extremely poor continued to be the same percentage of 10.7 percent, the use of blockchain to fight the property rights battle is going to make a huge difference in the world.
Another problem poor people around the world face–which also has a direct effect on the above problem of lack of property rights–is that many of them don’t have access to financial services. Without this accessibility, it’s nearly impossible for them to save money, and they even face problems such as robberies since they’re keeping all their money at home.
This also creates a problem with brain drain: anyone who’s creative or entrepreneurial is more likely to move away (if they have the means) to make money abroad. With blockchain, however, all of this can change, by giving even the poorest of people the ability to open up bank accounts and be empowered financially by the freedom and efficiency that blockchain provides.
One such example that’s going to be quite effective is the Gates Foundation’s Level One Project, which, according to Technology Review, “gives governments and central banks a framework for creating national digital payments systems that anyone can use, even those who live on a few dollars a day. The systems tap digital technologies, such as simple, 2G cell phones and wireless networks, to reduce processing costs and connect a country’s existing financial infrastructure to a new digital payment platform. Once the system is up and running, people can send and receive money via their phones the same way they trade text messages.”
Even though global growth was projected to rise 3.7 percent by the International Monetary Fund this year, poorer countries are still being left behind–which means that projects such as this one can make a huge difference on the micro level.
Finally, one of the most exciting ways that blockchain can be applied–not only in developing nations but all nations, therefore making the cost of being legally protected much lower–is that it can be used to enforce smart contracts. Smart contracts, according to Mark van Rijmenam, “are software programs that use Boolean expressions and algorithmic determination to perform certain actions. Smart contracts automatically execute and, as a result, cannot be ignored. Too often contracts are simply ignored, payments delayed or bluntly refused and disputes need to be resolved in court, costing a lot of time and money for parties involved.”
When it comes to the poor people in a country, this means that they’ll be more protected when they create contracts, which means that it’s harder for them to be taken advantage of by corrupt governments or organized crime groups. Considering that there was a high corruption burden in more than two-thirds of countries in 2017, this can make a big difference for citizens simply trying to live their lives.
As you can see, the potential blockchain technology has to change the world is incredible. What other uses for blockchain are you excited about?
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Yesterday’s version of manufacturing is predominantly based on identifying cheap ways to produce parts overseas. A local manufacturer spends months and years developing a trustworthy relationship with a production partner on a different continent because their nation utilizes cheap labor to produce parts. In turn, these parts are shipped around the world, inevitably adding to the cost of doing business, and eventually arrive at their final destination. The Widget company depends on a singular or limited number of suppliers and becomes reliant on warehouses filled with spare parts in case of an emergency. Not to mention the logistical nightmares that come with the traditional manufacturing network are painful and costly. Simply put, the global supply chain is cumbersome and outdated.
Distributed manufacturing is the future
Distributed manufacturing is the future and the advantages are seemingly endless. The novel coronavirus exploits the weaknesses of the supply chain and why companies are transitioning to a distributed, or local manufacturing approach. Distributed manufacturing is the process of using global and remote expertise, diversifying the supplier network and producing parts locally. 3D printing (AM) is the key component that enables a local engineering team to print on-demand and eliminate unnecessary inventory. The key benefits of distributed manufacturing are as follows:
Producing locally removes expensive transportation costs, taxes, and tariffs. In addition, manufacturers are realizing that it makes financial and moral sense to the local community by adopting the distributed manufacturing method—68% of every dollar spent with a local retailer goes back into the community vs. 48% spent with larger or corporate retailers.
- Leverage Expertise
The globalization of intellectual talent has proven to be a significant advantage for small, medium, and large enterprises. Distributed manufacturing removes various limitations and further improves a company’s ability to leverage a larger and remote network of talent and expertise. Through supply chain diversification, a manufacturer can distribute workloads and reduce the risk of failure.
Sustainability in this scenario references company longevity and environmental stewardship. Adopting the agile manufacturing concept enables a company to limit the number of permanent facilities which, in turn, saves on capital expenditures or risky investments. In addition, the distributed manufacturing model relies on local productivity, which eliminates the need for transportation—thus reducing emissions and negative environmental impacts.
Additive manufacturing is disrupting the way we design and manufacture while forcing us to consider alternatives to the traditional supply chain structure. Why stock unnecessary replacement parts in an expensive warehouse on a different continent? Why spend months and years developing relationships with overseas production facilities that will become outdated in the near future?
Distributed manufacturing is the answer to these questions and more. When your team decides to adopt this methodology, what challenges will you face? The 3YOURMIND team of experts presents the 5 Keys to Success in a Distributed Manufacturing Model.
1. Improve Supplier Transparency through Streamlined Communication
- Challenge: We’ve all been there. Compartmentalized teams, departments operating in silos and dotted lines of management. The complexity of every organization leads to lackluster internal communications and various departments measure success differently. The distributed manufacturing model requires coordination amongst several facilities typically operating in different time zones. Although this is common amongst all manufacturing facilities entering the next generation of industrialization, streamlined communication and role identification is a specific challenge for each organization.
- Solution: Improving traceability, reporting and measurement requires an integrated communication tool. Similar to Salesforce Chatter or Microsoft Teams, these tools were built to improve communications which leads to better defined roles and group productivity. Streamlining communication must never be overlooked.
2. Eliminate Security Threats and Protect Intellectual Property
- Challenge: Referred to as the oil of the 21st century, intellectual property is typically the most valuable asset a company can own. Protecting IP and ensuring file security is of utmost importance, and must be considered when adopting the distributed manufacturing model. What if the file is interrupted or modified somewhere throughout the process? What if the wrong file is sent for print and shipment?
- Solution: Security will require a fluid and evolving approach but there are some immediate solutions. Integrating traceability software with versioning and custom user access are valuable tactics that exist today. As the industry progresses, an interesting alternative with the use of blockchain technology could become a viable option. Currently in experimentation, the encryption capabilities of blockchain are attractive to many companies that wish to improve 3D file security and intellectual property.
3. Embrace Complexity and Ensure Repeatable Results Across Multiple Facilities
- Challenge: This graphic represents the complexity of producing identical parts in separate facilities, across the globe and with different standards and regulatory requirements. It takes one weak link in the chain to disrupt the entire process. The distributed manufacturing methodology relies on a seamless system of qualified materials, system calibrations, pre-defined parameters and constant training to the engineering staff. Creating a consistent process is already a challenge, so what does that say about the roll-out to facilities across the globe?
- Solution: Numbers never lie, and data is the lifeblood of every manufacturing facility. Integrating a tool that eliminates confusion and operates purely on data transparency allows for actionable and measurable processes to thrive. Human error will always exist and garbage data input will lead to less than favorable output. Remove the thinking and let the numbers speak for themselves.
4. Empower Your Leaders
Challenge: Those who do not learn from their history are doomed to repeat it. This famous quote references the value of learning from one’s mistakes and taking a proactive stance to eliminate future problems and concerns. Although distributed manufacturing is a likely candidate to solve many supply chain problems in the near future, it’s still a developing concept. Additionally, specific solutions will be required for individual companies, and customization is inevitable. The question isn’t whether or not distributed manufacturing will be a viable solution—the question is who will your company assign to manage it? This inevitable shift in manufacturing will include every department of your organization. From product development to manufacturing, from operations to legal council, this requires a coordinated effort.
- Solution: Regardless of who becomes responsible for managing your company’s leap into the next generation of industrialization, one thing is certain: they will need an integrated tool that can measure performance and workflow efficiency. A communication software that can monitor volume production orders from multiple service locations and track material utilization. Data aggregation, transparent process management and streamlined communication will be the most valuable components to a successful distributed manufacturing network.
5. Simplify IT Infrastructure
- Challenge: Similar to streamlining communication and identifying roles, the IT infrastructure poses another unique challenge across multiple facilities. It’s not uncommon for different sites within your organization to operate with disparate technology platforms. Congregating data, sharing of assets and basic functionality rely on an integrated IT infrastructure. How does your company share assets and information?
- Solution: The value of integrating a streamlined communication tool across multiple facilities and departments can save management teams time, money and headaches. In addition, employees often use unauthorized third-party file sharing tools to transfer information due to poor IT infrastructures, which may lead to a security breach.
To learn more about the Distributed Manufacturing Network - attend or watch the replay of our upcoming 3D FRIDAY TALK SHOW on August 28th, 2020.
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You might have had heard Mark Zuckerberg, Elon Musk, and Jeff Bezos talking about Artificial Intelligence. The term first appeared in a program— DENDRAL written by Carl Djerassi in 1965. AI is the latest buzz around industries. After powering Netflix recommendations, Google’s search algorithms, Alexa, and Siri, AI is all set to enter the eCommerce domain.
Yes, a couple of decades ago, the world wasn’t sure about the success of the eCommerce business. We were not sure about pulling out our credit or debit cards and shop online. But now, with global eCommerce sales expecting to touch $4.88 trillion by 2021, it is clear to see that the sector is growing at a decent pace.
And with the introduction of AI in this domain, it is likely to go beyond that. Before we jump into how AI will make an impact on eCommerce let’s understand what Artificial Intelligence is.
What is meant by artificial intelligence or AI?
Artificial Intelligence (AI) refers to the creation of smart software and hardware that are capable of replicating human behavior.
It belongs to computer science and has always been a matter of interest to people’s imagination. Even, it’s been a central catalyst for sci-fi flicks for decades. Although the idea appeared in 1965, it became a common term for movie directors and producers.
The A.I. Artificial Intelligence movie and many others highlight the use of robots acting like humans. They have been portrayed doing specific tasks for their human masters and living with them side-by-side.
If you may remember the American comedy sci-fi sitcom— “Small Wonder.” The sitcom portrayed an android humanoid named V.I.C.I. (Vicki) living with its robotic engineer’s family. Yes, that’s the display of AI.
On the fictional front, AI is limited to movie screens; but on the actual front, it’s an integral part of our daily lives. It already empowers machines to take on different human tasks for example — driverless cars, even in driver-bound cars and vehicles, AI reacts to the environment and offer virtual assistance, plays games and more.
It has already made its presence in various industries and is projected to expand its reach in the consumer market in a couple of years. Even, restaurants have started using robots for order processing and serving. And, hospitals have begun implementing AI for data collection and surgeries. While in banking sectors AI is used to avoid fraudulent activities, fortify security and enhance user experience.
Now, let’s focus on how AI is reshaping the eCommerce industry?
Let’s admit it, in today the success of brand lies in a full-proof eCommerce strategy. Effective eCommerce doesn’t mean about having a wide audience-base or sending hundreds of emails to subscribers or bombarding the target audience’s Facebook timeline with almost anything. It is all about sticking to fundamentals, and that’s being relevant.
Customers want quick access to their favorite products or services that too with ease. However, brands hardly pay attention to that or have enough time to prioritize individual preferences.
This is where AI kicks in. It can do a lot more for your online store right from taking on SEO services for your store to managing inventory and boosting sales. Let’s understand it one by one.
1. Improved and flexible visual search
According to Janrain research, about 74% of online customers get irritated with sites when they find content that is irrelevant. If a brand’s search function isn’t up to the mark, it’s definitely going to disappoint the customer. Later on, this accounts to increased bounce rate and early site abandonment.
Thanks to AI technology that gives eCommerce stores a competitive edge. Businesses of any size or budget can use it. Pinterest introduced its latest update for Chrome extension. It allows users to pick a specific item in any online pictures, and ask it to provide matching items with the help of an image recognition tool or software.
It’s not about Pinterest only that introduced AI-powered search engine for a better experience. Shoppers are frequently saying ‘NO’ to impulse restriction as the latest software platforms that boost eCommerce stores create revolutionary visual search abilities.
Besides bringing the exact matching products, AI enables shoppers to find complementary items as per the shape, size, color, fabric, and brand. These tools or software come with outstanding visual capabilities. It first obtains visual cues as and when an image is uploaded. Then it successfully assists the shoppers in finding the exact product(s) that they need.
The shoppers no longer need to buy something beforehand to see an item that they would like to get. Let’s take an example— you love your friend’s new pair of Nike’s sports shoes or a new dress. If you have got a visual, AI enables you to find similar products on eCommerce websites.
It simply means that eCommerce stores can bring you relevant items through its flexible search ability powered by AI.
2. Interactive voice search
How many websites do you know optimized for voice-based searches? Having an attractive web page design is just half job done. It needs to include some functionalities that today’s tech-savvy users need frequently. Voice search is as such functionality, that’s taking the world by storm. It uses artificial intelligence to search for products or services with the help of speech.
By 2022, voice commerce sales are expected to reach $40 billion. Though the time is still experimental for such functionalities, brands are looking for ways to capitalize on it. Amazon, Apple, Google, and other voice-controlled assistants allow users to look for best deals and buy online.
Even Google and Walmart agreed on a partnership that lets Google Assistant to remind you to restock or reorder products that you bought earlier. According to your response, it places the order on your behalf through Walmart.
3. Personalized experience
Once upon a time, personalization for any online store was limited to only knowing the customer’s name. Remember, the emailers with our names? It’s still in trend, but a few decades back, it was the extent of personalization.
But now, the scenarios have changed. It may sound a little bizarre, but robots are here to make your shopping experience more improved and personalized than humans.
See it in this way— you meet a salesperson, he or she greets you and asks about your basic requirements.
Artificial Intelligence, on the other hand, engages you with at each touchpoint. It understands your shopping behavior and preferences than a real salesperson.
Previously, essential data were either unknown or weren’t huge. But now, even a small business has big data including customers’ details, their preferences, shopping behavior and more not during their purchase but afterward too.
Thanks to artificial intelligence, businesses have access to big data that allows them to put all this information in creating a personalized experience. From product suggestions to deals and promotions, it customizes everything accurately.
Whether a shopper is using a particular app, website, or email, the AI software is continuously monitoring the devices and channels to bring you smart data. That unified data enables eCommerce websites to provide a seamless experience irrespective of the platform.
For companies like Netflix and Amazon, personalized marketing based on AI has proven to be thriving. These are the brands that adopted AI-based technology while it was in its initial state.
While Amazon experienced a 29% boost in sales due to product recommendations, Netflix garnered a 75% jump in its personalized recommendations. And, you know what; Netflix saves about $1 billion every year through customer retention due to personalized content.
That’s how AI-based personalization works and adds to a brand’s revenue.
4. Inventory management
There is no eCommerce without inventory or stock. However, if you have understock, you will miss a sales opportunity. An overstock, on the other hand, will get you cash-strapped and tied funds.
Even, statistics show the same scenarios. About $1.1 trillion capital is stuck in inventory that is equal to 7% of the US GDP. The stats don’t end here. About 45% of Small and Mid-sized Businesses (SMBs) either do not keep track of their inventory or manage it manually.
And, that’s a dominant factor in affecting an e-store’s overall growth as well as success. AI can tackle inventory challenges via a highly automated process. For example— it will initiate creating purchase orders for items that are high in demand.
It also notifies the vendor about the products that run out of stock in real-time. Unlike time-consuming and manual reports, it creates automated reports as per market demand. This all indicates less time consumption in stock estimation. Leveraging machine learning algorithms with natural language processing, AI-based chat bot allows you to automate your communication with the buyers too. AI can also design models based on predictive analytics.
Do you know what problems lie within traditional methods? The problem is it uses observation-based perspective. And, as demand and competition keep changing, it hardly is accurate. However, to reach their operational best, retailers need to be capable enough. They have to foresee demand with the help of predictive analytics.
Artificial intelligence, as said earlier, designs analytics models to discover key factors influencing demand. It includes varying levels of demands for different items and different times.
Once artificial intelligence comes into foreplay, it makes future forecasts (for the demand of course) more precise and accurate. This helps you in controlling your supply chain. It also gives you a clue about your customer’s behavior. Accordingly, it reduces the shrinkage and saves your valuable time and money.
5. Customer-focused pricing
Be it eCommerce trends or real-time scenarios, pricing a product isn’t a guess game. With the help of sophisticated machine learning algorithms, AI evaluates market dynamics and other relevant factors for pricing. Keeping optimal prices helps a company stay relevant and outperform competitors.
Likewise, artificial intelligence taps on the right point and facilitates well-organized inventory management. It can only be achieved by analyzing a huge volume of data generating actionable business-insights.
But, it’s not that easy. eCommerce is a big challenge. If you see statistics, you will find that people have started trusting online shopping more than ever. And their interest in it is increasing day by day.
As for any retailer, more demand means more competition; it signifies that the price of every particular product will change frequently considering market dynamics. As retail is going online and the market is getting Omnichannel, retailers need to put their focus on market dynamics analysis. They need to do it on a smaller level where they measure operations in minutes and hours than days and weeks.
Doing a thorough analysis of dynamic data points in a time-restrictive and the intensive environment is nearly impossible for human resources. However, artificial intelligence does it with ease.
6. Revs up cybersecurity
In 2018, about 60 million Americans were affected by identity theft. Breaching cybersecurity and stealing customer data isn’t new. It’s been around for decades. And, to identify or detect a breach, earlier companies used to take 100 to 200 days.
As eCommerce is a platform that stores customer information, hackers and cybercriminals always look for ways to steal that data. To prevent unauthorized access, AI and machine learning algorithms come together in mitigating the chances of fraudulent activities.
It can empower a website to take real-time decisions along with risk scoring. And, it does it by detecting even the subtle patterns that are hard for humans to identify. As it features a constant learning cycle, the software keeps analyzing transactions to make sure the authorized person is shopping on the site or performing the transaction.
7. Automated customer service
The primary focus of any eCommerce store is to make its customers happy. And the best way to do is to provide unmatched customer support whenever needed. But not all businesses have the required workforce to deal with customers’ queries round the clock.
For example— a customer browsing your store needs some help at 3:00 AM. You may not find anyone there to help him or her in the wee hours.
This is where chatbots come to the rescue. Powered by artificial assistance, chatbots are programs that take on frequently asked questions and provide you with the needed information.
As these aren’t human, they are sure about the questions. However, they may fail if you ask a complex question. Remember, the Netflix movie Tau?
So to handle such a situation, a hybrid agent and artificial intelligence come handy. The agent gives the AI required training during the operational process. It makes the Chabot smarter with every interaction.
Domino’s and other brands started answering to customers queries using chatbots. Visit their Facebook page or social media campaigns, and a Chabot will greet you.
The great benefit of using a virtual assistant or chatbot is that it can store more data as compared to a human brain. It can also dispense the details related to specific items, delivery dates or others at a fast pace.
Duplex is yet another example of AI-based virtual assistant launched by Google. It can help businesses enhance customer service.
eBay is yet another brand that joined the Chabot bandwagon. It introduced a simple version of Messenger bot to remind is bidders. At present, the brand owns ShopBot. It is an advanced version that allows customers to find Father’s Day gifts within their budget. It even locates a listing by uploading a picture. You can see similar bots from brands like H&M, Pizza Hut, Sephora and Burberry.
8. Automated Shipping and supply chain
No eCommerce company can grow further if its shipping or supply chain is third rated. Warehousing and logistics if seen closely are the grave issues for online stores. But if integrated with AI, the industry poses combined growth.
Not only the boom in IoT (Internet of Things) or web-enabled devices, but a boost in digital marketing has also stimulated the growth of eCommerce sites. And it has led to the challenges in ecommerce logistics and warehousing too.
Therefore, it becomes essential to automate these sections. Though it still in its initial state, implementing automation can bring 100% accuracy, cut cost by 25% and increase transaction speed by 30% with improved compliance as stated by McKinsey Digital Reports.
Businesses all over the world have started to see an increased demand for action-based intelligence to decipher big data and make quick decisions. That’s exactly where AI would revolutionize the logistics landscape.
AI is now ready to reshape the supply chain and make it seamless as well as effortless. It’s because of AI and machine learning that Amazon eyes on starting drone-based shipping services. FedEx is yet another name that unveiled autonomous delivery robot (a bot) for same day delivery purposes and last-minute eCommerce deliveries.
It can help brands and customers with accuracy, speed, conception, analysis, supplier selection, implementation, and delivery. The goal of such innovations is to reduce operational cost, gain revenue and provide better customer service.
There is no doubt that AI in logistics is going to be a game changer in eCommerce businesses.
As we see, AI has the power to revolutionize the eCommerce sector. The impact can already be felt as it has streamlined the sales process enormously, and enhanced customer experience by cutting off irrelevant information that customers were given earlier. It has also reshaped the searching with voice and visual searches.
The changes that we have seen are just the top of an enormous iceberg. Many other aspects of eCommerce are still on AI’s radar for innovation.
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Financial consultant and professor Dr. Anthony M. Criniti IV has some bold objectives for THE NECESSITY OF FINANCE. His book, he writes, “highlights the need to give full respect to finance as a separate science and clears up many of the confusions with related subjects such as economics.” Dr. Criniti also asserts that “If its message reaches the right places, I conjecture, there may be a major restructuring of how finance is taught.” His intention is to define finance as so important that, eventually, there will be a Nobel Prize awarded for its study, alongside the one for Economics (which is actually not a Nobel, but a special award of the Nobel Committee, since the five original prizes created by Alfred Nobel in 1895 didn’t include Economics). This, he writes, is because “finance today is about life and death” and because “Increasing wealth excites people of all ages”.
Criniti starts by defining or, as he puts it, re-defining finance as “the science of management of wealth for an individual, a group, or an organization”. His target audience are students of finance at the beginner and intermediate levels, as well as anybody interested in the subject. Some of the key questions addressed in the book are: What is the difference between money and wealth? What is the difference between investing and saving? What is risk and return? What is the time value of money? For the next 200-plus pages, Criniti then addresses such issues as the purpose and goals of finance, what a financial manager is (he coins the term “financialist” for anyone who works in any part of discipline), and investing (where, although “The most intelligent minds in economics and finance have wrestled with this term”, only he has come up with a definition that “may be as comprehensive as possible”).
Unfortunately, the book falls short of its lofty promises. Rather than rigorously arguing why finance should be considered one of the world’s most important disciplines, Criniti devotes most of his book to explaining the basic concepts of finance. And while he does so in a clear, if somewhat pedantic, manner, at no point does he go beyond what can be found in any undergraduate textbook.
Dr. Anthony M. Criniti ‘s argument about the importance of Finance boils down to semantics rather than new financial concepts, but, for understanding the fundamentals, THE NECESSITY OF FINANCE is useful.
~Kevin Baldeosingh for IndieReader
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“stimulus” is not a word you will commonly hear when talking about the economic stimulus act of 2021. Why? Mainly because people do not understand what it actually is. They have no idea that it is an official government plan to help stimulate the economy and make things better for the nation. If only they had an idea what it was, they might realize how important it is to them and how much it would benefit them in the long run.
So, what is the economic stimulus package? Stimulus packages are like grants or welfare handouts that are given to certain groups or individuals in order to help them cope with some sort of catastrophe. Sometimes, these disasters are natural like floods or earthquakes, but sometimes they happen because of human errors or government neglect. For example, the banks were given too much money even though they had already tightened their lending standards so that they can't get any more money from the financial institutions. This is one example of how the government can step in to improve things.
The purpose of the economic stimulus plan was to provide assistance to businesses and other institutions so that they can cope up with the recession. It is also meant to help people who have been affected by the crisis so that they do not spiral out of control. When there is a hit to the economy, this will have a negative effect on business and employment. There are many positive effects as well though, and this is what this stimulus package is all about.
First off, the stimulus money that has been pumped into the economy will increase overall economic activity. When there is more investment, more jobs are created, and more companies or households start to invest in something, they will see a positive effect on the economy. When more financial institutions, small or large, start lending money, this leads to even more investment, more jobs, and an eventual recovery of the economy.
Another good thing about this stimulus package is that it will be easier for companies to get loans and credit lines from the financial institutions. Banks and credit unions are now welcoming back people who have been forced out of business because of the financial crisis, and they are more willing to extend credit. This will result in more investment capital being generated and that leads to more jobs, and a recovery of the economy. This is exactly what the economists were waiting for – an increase in investment capital, more jobs, and the start of a recovery.
As long as the jobs are protected and the money that is given to the financial institutions does not cause inflation, there should be no reason why the recession will last longer than it has to. Of course, this is just a theory that was put forward by economists, but if they are correct, then this might just be the perfect time to take advantage of this economic stimulus package. It might seem a bit strange to use this stimulus money to bail out people who caused the problem in the first place, but it is all a part of their strategy. In other words, if these companies cannot continue to operate at a profit, then . . . . . . the government must step in to make them solvent again, and in this way, the government can gain some political popularity back, which it needs right now. All in all, this could be the best opportunity to come by in a long time. So, take advantage of it before it is too late.
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What is inflation? To really understand inflation, you need to know what money is and why we use it. Money represents the value of hard work and producing things that other people want to use. The measurement of this production or hard work is done with units of money. If I spend $20 to buy a can opener, that $20 represents an hour of work serving food at a restaurant as an example. You can see this by looking at a job that pays wages by the hour, and then taking those wages and buying things that you do not produce to obtain all of the things that you need to live. The backbone of this idea is exchanging and trading goods, because making everything you need by yourself may not be possible.
The assumption people make is that $20 today is $20 tomorrow. Actually it is not. The prices of things are constantly changing, and the value that this $20 can purchase depends on when you use it and what you buy with it. Want proof? Look at the price of food items, gasoline, education, rent, utilities and many household goods and services over time. Prices are going up most of the time for most items and this $20 is buying less and less every year. To see a drastic comparison, in 1920, $20 bought you a suit, a belt and a new pair of shoes. Today this $20 may buy you a belt only. Inflation is when the prices are rising and more money is needed to purchase things of identical quantity and quality. Deflation is when the same money is buying more things of identical quantity and quality. This has been happening with technology, clothing and internet shopping as some examples.
Inflation is also defined as the rate at which the prices are increasing, and the rate at which the value of the dollar is falling. What can you do about it? Back in the 1970s and 1980s, you would get raises at your job each year that were at least equal to the rate of inflation or the rate at which the value of the dollar was falling. This allowed you to buy the same things for the same amount of work that you were doing. As an example, if you made $20 per hour in 1970, you can purchase 5 litres of milk for $20. In the following year, the price of milk increased to $21, and your wage would increase to $21 and you can buy the same amount of milk for an hour of labour. If you are an investor, you would park money in a bank account with an interest rate that was the same or higher than inflation so that you can buy the same or more goods with the capital you had invested. If you were a landlord, you would increase your rent by 5% to counteract the increase in your expenses of 5% such that your rental property would create the same amount of profit in spite of inflation.
What happens if you don’t get this raise, or investments are not paying a return equal to inflation? The value of the work you are doing becomes worth less, or the amount of goods you can buy for your work becomes less. The value of the investment capital also becomes worth less over time. If this trend continues for a long period of time, your labour will not allow you to buy very much and you will be approaching enslavement. Once the capital diminishes to the point that nothing can be purchased with it, this is called insolvency.
The solution is to find labour, investments or assets that would retain their purchasing power in spite of inflation. For labour, it is to obtain wages that would rise each year. For investments, the income yield or rate of growth should be higher than inflation. For assets, these would be physical, tangible things that would still be useful in spite of what the currency is worth. These are assets that people always need: Food, water, shelter, land, productive capacity (tools, equipment), and precious metals for use as currency.
How do you know the effect that inflation is having on your purchasing power? You need to look at how much your income or capital is increasing each year versus how much the things you need are increasing in price every year. The government puts out an average number called the Consumer Price Index (CPI) which is supposed to capture this for the average person. To know your personal impact, you need to calculate what your income and spending amounts are as they change with time, preferences and income generating ability.
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In the two decades between 1989 and 2009, the percentage of working-age adults receiving Social Security Disability (SSD) in the United States has more than doubled to just under five percent. Concurrently, the cost of SSD programs has skyrocketed, tripling from 1989’s $40 billion to 2009’s $121 billion. These increases have culminated in a precarious existence for the program, with increasingly longer wait times for applicants and uncertainty about whether the government will be able to support the program financially for much longer.
In an effort to remedy the ever-worsening situation, a new report by the Brookings Institution’s Hamilton Project and the partisan Center for American Progress has proposed a sort of stop-gap solution. The report suggests that the federal government create incentives for employers who keep disabled workers on the payroll in an effort to avoid or postpone filing for SSD.
The employer and employee would be required to take out a private disability insurance policy, and it is anticipated that they would share the approximately $200 annual cost of such a package. If the employee ultimately decides to file an SSD application, he would first be required to file for benefits from the private policy taken out by the employer, which benefits would cover rehabilitation and other related services as well as partial income support. After receiving these private benefits for two years, employees would have the option of applying for SSD if they are unable to work due to ongoing disabilities.
According to the report, the effect of the proposed program would be to encourage employers to make a greater effort to help disabled employees continue to work. Report authors say that the increasing use of computers and other technology in the workplace has made jobs physically easier, and because of this, disability and employability are no longer “mutually exclusive states”.
Source: The Washington Post, “Report: Retain disabled workers for fiscal health“, Michael A. Fletcher, 27 November 2010
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The tool allows prospective users to insert information on the facility type, annual energy cost, equipment information and financial information. Results from the energy efficiency tool include Net Present Value, Internal rate of return, CO2 abatement cost, etc.
Although the energy efficiency calculator is a voluntary tool, it can be used as a quick indicator on the profitability of energy efficiency investments. However, the tool is limited to only electricity and does not consider financial analysis of other direct uses of energy such as furnace heating using diesel, etc.
Step 1: General Information
This is the name of the entity, whether a business, investment firm or government that is interested in investing or developing the Energy Efficiency Project.
The location of the building or industry where this energy efficiency technology/ project will be implemented.
Step 2: Facility Information
Facility Type (Res, Comm, Ind)
Select the facility type according to what activities the facility is used for, whether residential, commercial or industrial purposes.
Total Building Floor Area (sqm)
Insert the total gross floor area of the building(s) facility. This information is mainly needed for residential and commercial facility types in order to develop an Energy Cost Index but may be provided in the case of an industrial facility.
Total Number of occupants
This is the total number of occupants within the building(s) facility. This information is mainly needed for residential and commercial facility types in order to develop an Energy Cost Index but maybe provided in the case of an industrial facility.
Annual Revenue (₦)
This is the total amount of income generated by the sale of goods or services related to the facility’s operations. It is mainly needed for industrial facilities in order to develop an Energy Cost Index but maybe provided in the case of residential and commercial facilities.
Step 3: Energy Information
Total Annual Electricity Consumption (kWh)
This is the total number of electricity in kWh, consumed by the facility throughout the year. This electricity consumption includes all electricity consumed from the different energy resources (grid and generators).
Annual grid electricity (kWh)
This is the total amount of electricity (kWh) consumed by the facility via the grid/DISCO throughout the year. For facilities without access to the DISCOs meter, this can be gotten by summing all kWh indicated in monthly bills from the DISCO for the period of 1 year.
Annual diesel consumption (Litres)
This is the total amount of diesel consumed (litres) by the facility for the purpose of electricity generation throughout the year. Please note that only amount of diesel used for electricity generation should be used and do not include diesel used for other processes such as direct heating.
Grid Electricity Tariff (₦/kWh)
This is the amount of money charged by the grid electricity suppliers (also known as distribution companies or DISCOs) per kWh for the supply of electricity to the facility. This tariff differs by facility type and project location. The tariff is usually indicated in the electricity bills or receipts in the case of prepaid customers.
If you are not able to get access to electricity bills, please follow the link below to know which DISCO supplies electricity to the location of the facility.
Once the respective DISCO is identified, a link to the DISCO website is available on the left side of the page where the tariff can be gotten.
Diesel Price (₦/Litre)
This is the amount of money it cost to purchase and deliver diesel to the facility. This cost differs by location as a result of the cost incurred to transport the fuel. In case you do not have access to this cost, reliable cost information can be gotten from the Nigerian Bureau of Statistics. See link to updated diesel prices (NBS) nigerianstat.gov.ng/elibrary
Step 4: Financial Information
Interest Rate (%)
If the total or part of the investment will be provided by external lenders such as banks or other financial institutions as loans, then insert the rate in which the lender charges for a loan/ debt investment. The rate must be expressed as an annual percentage and not monthly rates. A default value is shown here, however a more appropriate input that reflects the actual cost of capital from the lender should be used.
Debt Investment (₦)
This is the money provided by a financial institution such as a bank or any other lender for a particular period (years), specifically for developing the energy efficiency project. This is the amount of money in which the interest rate above applies to.
Rebates / Grants / Incentives (₦)
If a sum of money is given by a government, development agency or any organisation for the purpose of developing the energy efficiency project, it should be inserted here. Note that money provided as rebates or grants are not required to be paid back.
Equity Investment (₦)
This is the money invested in the specific energy efficiency project by the sponsors or in partnership with other investors by purchasing shares which results in rights to ownership of the project.
Discount Rate (%)
This refers to the interest rate used to determine the present value of future cashflows. In case this rate is unknown, the inflation rate for Nigeria can be used. A default value representing Nigeria’s inflation rate at the time of building this tool is shown here. Please visit the Central Bank’s Website for a more updated value.
Debt Tenor (years)
This is the length of time (in years) until the debt investment such as a loan from the bank, is due. The number of Debt Tenor years should typically be lower than the equipment’s useful life in years.
Step 5: Equipment Information
Equipment Cost (₦)
The existing equipment cost refers to the cost of the equipment to be replaced by the energy efficient alternative. This cost only focuses on the cost to purchase the existing equipment. The new equipment cost refers to the cost of the equipment or appliance that will replace the existing equipment. This cost only focuses on the cost to purchase the new equipment or appliance.
Other cost (₦)
The existing other cost refers to all related costs that would have been associated with developing and implementing the project with the old equipment or appliance. The new other cost refers to all related costs that will be associated with developing and implementing the project with the new equipment or appliance. These costs include logistics, installation, permits, etc.
Annual O&M Cost (₦)
The existing annual O&M Cost is the total cost associated with operations and maintenance for the old equipment or appliance to be replaced. The new annual O&M Cost is the total cost that will be associated with operations and maintenance for the new equipment or appliance. These costs may include routine maintenance, salaries of personnel managing the equipment during its operational years, etc. This cost should be an annual cost and not monthly.
Annual Energy Consumption (kWh)
The existing annual energy consumption refers to the total amount of energy in kWh that is consumed the equipment to be replaced, over the duration of a year. The new annual energy consumption refers to the total amount of energy in kWh that will be consumed by the new equipment, over the duration of a year. Please note that the kWh consumption refers to electricity only.
Equipment Useful Life (years)
The existing equipment life refers to the total number of years provided by the manufacturer which estimates how long the old equipment to be replaced is likely to remain in service. The new equipment life refers to the total number of years provided by the manufacturer which estimates how long the new equipment is likely to remain in service.
Salvage Value Today (₦)
This is the expected monetary value of the old equipment/appliance if sold today. If no monetary value is expected, input here is 0
Salvage Value after Operating Life (₦)
This is the expected monetary value of the new equipment/appliance if sold after its useful life. If no monetary value is expected, the value is 0
Blended Rate of Electricity (₦/kWh)
Once all the required information under the energy information are inserted, then the blended rate of energy is calculated. Blended rate of energy is the cost of electricity that represents a combination of grid electricity and diesel generators costs. It is a calculated value and is limited to just the costs of energy and does not consider other costs related to generating electricity such as maintenance, operations and management costs.
Return on Investment (%)
This is a metric used to measure the performance (profitability or loss) of the project. It is a calculated value
Net Present Value (₦)
This is a project evaluation metric that shows future net cash flows over a period of time from the project, in today’s value. It is a calculated value
Internal Rate of Return
This is a measure showing the expected future annual rate of return of the project investment. It is a calculated value
Discounted Payback Period (years)
This is the amount of time (in years) it takes for the investment to break even by discounting the cashflows of the project, recognising the time value of money. It is a calculated value
CO2 Offset (tonnes)
This is the amount of carbon dioxide emissions that will be reduced by implementing this project.
CO2 Abatement Cost (₦/tCO2e)
This is the cost effectiveness of the project investment in reducing CO2 emissions. A green highlighted figure indicates that the CO2 is abated at a negative cost which means the project saves money while reducing emissions. A red highlighted figure indicates vice versa. It is calculated value
kWh per sqm per year
This is an indicator for benchmarking energy use in buildings in relation to the total occupied floor area, which helps to measure performance against its past performance or compared to other similar buildings. It is a calculated value
kWh per person per year
This is an indicator for benchmarking energy use in buildings in relation to the total number of people within the building, which helps to measure performance against its past performance or compared to other similar buildings. It is a calculated value
Energy use per unit revenue (kWh/₦)
This is an indicator for benchmarking energy use in industries in relation to total revenue from production, which helps to measure performance against its past performance or compared to other similar buildings. It is a calculated value
This is the total amount of money needed for the development and implementation of the project. It is a calculated value
Annual Energy Cost (₦)
The existing annual energy cost refers to the total cost associated with delivering energy to be consumed by the equipment over the duration of the year. It is a calculated value.
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By Karen Mracek, Public Affairs Staff
Imagine if you didn’t have reliable access to the internet to read this blog post. Or access to a computer to apply for a new job.
For a lot of Americans, this still a reality—and not having access to broadband internet services impacts their ability to find jobs, develop new skills and gain upward economic mobility. A recently released chapter of a new book, Investing in America’s Workforce: Improving Outcomes for Workers and Employers, highlights the lingering digital divide: the gap between people who have access to broadband services and know how to use the Internet and those who do not have such access or knowledge.
“Despite incredible advancements in broadband technology, these innovations are not available to all Americans,” writes Jordana Barton of the Federal Reserve Bank of Dallas in the chapter, titled “Preparing Workers for the Expanding Digital Economy” (PDF).
Broadband is commonly used interchangeably with “high-speed internet.” Consumers’ ability to receive—or upload—data over broadband is measured in megabits per second (Mbps). For context, here’s an example of the speed you’d need for some common activities.
|Activity||Minimum Download Speed|
|Telecommuting for work||5-25 Mbps|
|Student activities||5-25 Mbps|
|Downloading files||10 Mbps|
|Streaming HD video||5-8 Mbps|
|Online multiplayer gaming||4 Mbps|
|General browsing and email||1 Mbps|
The Federal Communications Commission’s benchmark for “advanced telecommunications capability” for broadband is 25 Mbps for downloads and 3 Mbps for uploads. As of year-end 2016, 92.3 percent of all Americans had access to fixed terrestrial broadband at speeds of 25 Mbps/3 Mbps, up from 89.4 percent in 2014, according to the FCC’s 2018 Broadband Deployment Report. Nonetheless, over 24 million Americans still lacked broadband at those speeds.
“Those who find themselves on the wrong side of the digital divide—including low-income people, those with less formal education, rural populations, the elderly and older workers, and minorities—suffer further economic, social, health, and political disparities resulting from disconnection,” Barton writes.
This divide limits workforce development and advancement potential in rural areas and in low-income areas of cities.
“It's a real problem for people within our District,” said Samantha Evans, a community development advisor at the St. Louis Fed who specializes in workforce development. “Closing the digital divide is so important to the workforce and overall to our communities in the Eighth District.”
This interactive map, using the latest data available from the FCC’s Wireline Competition Bureau, shows whether there are providers of fixed residential services of at least 25 Mbps/3 Mbps using a specific technology.
Just finding a job without online access is hard. Almost 80 percent of Americans used the Internet in their most recent job search, a Pew Center report showed.
Access to the internet and having digital skills is critical when looking for jobs in a 21st century global economy, Evans said. Word processing and spreadsheet proficiencies have become a basic requirement for most jobs, even positions that require less education.
“Closing the digital divide is an essential step toward capturing the economic benefits of a skilled workforce,” Barton writes. “Workforce opportunities are hindered when low- and moderate-income (LMI) communities lack broadband access.”
This is particularly true in areas where a large number of new jobs are middle skilled jobs—those that require more training than a high school degree, but not necessarily a four-year degree.
“The majority of the jobs in the South are within that middle-skills area, and a high percentage of those jobs have a digital component,” Evans said. “These jobs are going to outgrow other types of employment, particularly in the Southern part of our district. If people don't have access to the necessary training, or even a way to apply for these jobs, they’re at a disadvantage.”
A recent study (PDF) by the St. Louis Fed, the Atlanta Fed and the National Skills Coalition found that more than half of jobs in the South were middle-skills jobs, and there are not enough workers trained to fill these positions.
“These jobs do require some sort of digital knowledge, so it’s imperative for areas to be able to have access to that in order to close this skills gap,” Evans said.
In fact, 82 percent of middle-skill jobs require digital skills, according to a Burning Glass Technologies report. That same report finds that digitally intensive middle-skill jobs pay more than non-digital middle-skill jobs: Baseline digital skills alone pay a 17 percent premium over non-digital roles.
Access to broadband is also necessary to attract business and industry (i.e., jobs) to underserved communities. The digital divide limits business development in low-income areas of cities and in rural areas.
“Broadband infrastructure is a critical component of creating an ecosystem that supports entrepreneurship, enabling businesses to expand market reach and customer bases,” Barton writes in the recently released chapter.
The implication for rural communities is significant because access to high-speed broadband can help businesses thrive and no longer be dependent on physical proximity to a broad customer base, she writes. Having broadband infrastructure has the potential to make geography irrelevant for some types of businesses.
About the initiative: Investing in America’s Workforce is a Federal Reserve System initiative in collaboration with the John J. Heldrich Center for Workforce Development at Rutgers University, the Ray Marshall Center of the Lyndon B. Johnson School at the University of Texas, and the W.E. Upjohn Institute for Employment Research. “Preparing Workers for the Expanding Digital Economy” is a chapter in a new book called Investing in America’s Workforce: Improving Outcomes for Workers and Employers. It officially publishes Nov. 9, 2018.
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The phenomenon, such as pandemics and economic recessions, change the track of businesses, economies, and on a larger scale of government’s decisions thus change the course of history.
SARS Pandemic 2002-2004 similar to COVID-19
Talking about recent times, the pandemic of SARS of 2002-2004 brought about a spectacular growth of a then- not so big e-commerce company titled Ali Baba and aided in establishing it at the top of retail in Asia. This growth was made even larger by underlying eagerness around human contact and traveling, very close to the current situation of Covid-19.
Impact of Pandemic on Businesses
With the corona pandemic, we are already witnessing initial symptoms of a shift in how businesses and consumers behave. The remote working concept is being adopted by non-tech and tech companies identically. Supply chains are being disrupted all-around and retail reserves are running short of ibuprofen, toilet paper, and dry goods altogether.
Few changes are direct, a temporary rejoinder to the crises, and are expected to revert to structured levels once coronavirus is contained. Nevertheless, some of these changes will continue, generating a prolonged digital disruption that will shape the businesses for decades.
Innovative Approach of Business
The trick to pulling through any unforeseen disruptive incident in the market – major or minor – is to have the potential to discover innovation in the middle of a crisis. This pandemic has brought forth unexpected and new innovations that modify and remold the world.
Three Dimensional Pandemic Impact
Pandemics are ought to directly have an impact on psychological, biological, and economic dimensions. Its concentration differs and is determined by the mortality and morbidity rate of the infectious microorganism at hand, in addition to the time it consumes to spread.
Four Macro Innovations in Small Business
Keeping in mind these learnings, below is a list of four macro innovations we are expecting to stick all over post-Covid-19.
1. Supply chains will blend in resilient ecosystems and become reliable
Universal supply chains have always been harnessed towards maintaining relatively constant quality while driving baser costs at each step. As a result, there has been notable concentration risk to vendors and geographies for most organizations. For instance, China has been scaling down because of Covid-19, and producing a knock-on supply effect we are witnessing today has revealed the deficiency of flexibility in this approach.
Thus, there is an intense requirement for a more coordinated, trackable, and distributed supply of products across several vendors and geographies while carrying on with economies of scale.
Now, this would need global platforms to be uplifted that make use of sophisticated technologies like robotics, 5G, blockchain, and IoT to help connect numerous buyers with numerous vendors all over a ‘mesh’ of supply chains.
The normal B2B platform suspects like Ali Baba and Amazon are probable to intensify and compete in the decades to come for the possession of this supply chain ecosystem that is more sophisticated.
2. Heath Care will become Digital
It is quite easy to foretell that the Covid-19 will be a catalyst for online education and remote working. What is more difficult to decipher is what will happen once a bulk of the professionals need to function jointly remotely.
Probably this change will affect the mental health, morale, and productivity of workers across the globe, and businesses are required to prepare for it. For companies that are looking to give their workplace a human touch digitally, the options are restricted today — with Humu is a startup by Laszlo Bock (ex-google HR chief) standing in pole position.
For individuals functioning remotely, things are seeming to be much better. Some mental health startups like Moment Pebble and Braive can double down on working out on the issue of isolation whereas business networking applications like Ripple can aid in finding a solution for the mentoring and development challenges which follow you if you are a remote worker.
3. Heading towards Digital Bureaucracies
The coronavirus pandemic has made government bureaucracies take action faster than ever before. For instance, China broke records after building a 645,000 sq. ft hospital in only 10 days in Wuhan.
Such efforts, along with the transparency of biological effect, could have been upgraded if there existed a greater number of smart cities globally. As per the latest study by the University of Glasgow, at most 27 out of 5,500 large-sized cities re regarded chief in this area.
Now, as governments gain an understanding from this Covid-19 experience, there will be a shift in investment, which will be in favor of smart cities because it would be important to keep them to tackle the next pandemic like an event in a better way.
4. Moving towards Freelancing
Even though the freelance service section has been gravely hit in the private section, there still exists a great opportunity for freelancers in the public section if the required help is initiated by governments.
With public and governmental offices flooded with requests and information, workers would be overwhelmed and immediate response to all the issues would be challenging.
Thus, it is recommended that governments may use currently surviving platforms for freelancers and make use of these self-employed workers to lessen the burden of work. This could be advantageous to the government and would also give an opportunity to the self- employed workers.
A post-coronavirus world: Covid-19 is a horrible shock for the economy as well as for the thousands and lakhs of individuals affected by it. Firms need to make sure that the safety and health of their employees, suppliers, and partners come first.
Talking about things in the longer term, Covid-19 has irreversibly altered the way businesses will be competing in the coming decade. Companies that opt to capitalize on these basic shifts will succeed and those that don’t will remain unsettled. Do not miss your opportunity to make the most of this time, and make sure to work hard to innovate. You never know what could come next!
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Date: 4 August 2020
- A study has found that a poverty-alleviation program in Indonesia was just as successful as dedicated conservation programs in reducing deforestation.
- The researchers attribute this to the program serving as a sort of insurance against harvest failures, by guaranteeing rural communities cash transfers and making it less likely they will cut down forests as a source of income.
- The study calculates that the economic benefit from the avoided carbon emissions alone could be (at maximum) 10 times greater than the cost of administering the program.
- The researchers have called for similar studies to be done in other tropical rainforest countries, and insist that poverty alleviation and forest conservation aren't mutually exclusive goals.
Lifting people out of poverty in Indonesia has also helped slow the country's rate of deforestation, a new study finds.
The study looked for links between deforestation data and a government poverty-alleviation program launched in 2007 and known as PKH — at the time the biggest of its kind in the world.
"If we look at the countries with vast rainforests, they're developing or middle-income countries. Just based on that, the correlation is very clear," Rhita Simorangkir, a researcher at the National University of Singapore (NUS) and one of the authors of the study published in Science Advances, told Mongabay. "We already know the correlation, but we wanted to find the direction of the causation. We do not have enough evidence whether if we alleviated poverty, it had a negative impact [on the forest] or not.
"So this is an ideal setting for us researchers to see the effect of a poverty alleviation program on the environment", she added.
Nearly 10% of Indonesia's population lives below the poverty line. Under the PKH program, eligible households receive cash by taking specific health- or education-related actions, a concept known as conditional cash transfers.
The program was launched during the same period that Indonesia's carbon-rich rainforests were disappearing at an alarming rate to make way for oil palm plantations and other monocrops. The country lost more than 6 million hectares (15 million acres) of natural forest between 2000 and 2012; by the end of that period, Indonesia's annual deforestation rate had surpassed Brazil's for the first time.
Rhita and her co-author, Paul Ferraro from Johns Hopkins University, began their research five years ago. They analyzed 7,468 rural forested villages across 15 provinces that participated in the PKH program between 2008 and 2012. They found that the program, despite not being designed to benefit the environment, resulted in the reduction of forest cover loss in those participating villages by an average of 30%.
Nearly half of the reduction came from primary forest.
The researchers noted that the effect of the PKH program in reducing deforestation is comparable with programs designed explicitly to reduce deforestation. Those latter programs, however, often fall short of alleviating poverty.
"What's most surprising is the effect is roughly similar to the size of the effects that people have estimated for explicit conservation projects," Ferraro said as quoted by PRI. "Like national parks or payments conditional on protecting the environment."
Farmers work a potato farm near a geothermal plant on the Dieng Plateau, on the Indonesian island of Java. (Photo: Raditya Mahendra Yasa/Flickr)
Insurance for hard times
"So during these five years, we're trying to isolate the effect [of the PKH program on reduced deforestation]. That's the difficult part," Rhita said. "We did a lot of tests to see if the results were robust or not, because there could be other factors that decrease both" poverty and deforestation.
After removing other factors from the equation, the study found that the cash transfer program was most effective at reducing deforestation in years when a village experienced negative rainfall shocks and in communities with better access to markets.
The unintended benefit is likely because poor farmers are less inclined to clear forests when they receive funds, even though the PKH program doesn't include protection of the environment as a requirement for fund recipients.
What it does, instead, is provide ease of mind for impoverished farmers during hard times, with guaranteed cash transfers quarterly for between six and nine years. These cash transfers make up 15 to 20% of recipients' consumption, according to the World Bank.
Having this guarantee is especially crucial during times when farmers suffer from losses due to a late rainy season.
"So about 80% of our village sample indicate that agriculture is their main source of income," Rhita said. "When there's no rain at the beginning of the planting season, the harvest declines. The villages that suffer from delayed rain reduce their deforestation more when they have conditional cash transfers. So the PKH program serves as insurance."
The cash transfers also push poor households to use their money to buy goods from the market rather than relying on deforestation-sourced goods.
The researchers also noted the benefits the reduction in deforestation from the PKH program had on climate change through avoided CO2 emissions. Those economic benefits alone could be 10 times greater than the costs of implementing the PKH program, they calculated — as long as the recipients protected their forests permanently, even after the end of the cash transfer program.
If, however, they immediately cleared their forests after the PKH program (assuming every village received cash transfers for the full nine years), then the benefit-to-cost ratio would be roughly even.
"We're just measuring [the benefits] from above-ground biomass, but the benefit is already favorable compared to the cost," Rhita said. "We haven't included the benefit of biodiversity and hydrology."
Deforestation in Borneo. (Image: Rhett A. Butler/Mongabay)
Ferraro said that while fighting poverty and protecting the environment are often seen as conflicting priorities, this study indicates that that doesn't have to be the case.
"These debates come from those different groups who believe that it's a zero-sum game, that if money goes to anti-poverty, that's at the expense of the environment or if money goes to the environment, that's at the expense of reducing poverty," he said. "We hope that our study gives people some hope that these twin goals that we have globally don't necessarily need to be at odds."
To get more conclusive results, the study in Indonesia would need to be replicated in other countries that have different contexts, the researchers said.
Rhita said she knew of only one other study looking at the impact of a similar poverty-alleviation program on deforestation using a rigorous methodology. That was carried out in Mexico in 2013 and found that cash transfers to alleviate poverty resulted in increased deforestation. The study's authors concluded it was likely because when given more cash, people could afford more beef, and so they cleared more land for cattle pasture.
The study in Indonesia used a different methodology with more rigorous robustness tests compared to the one in Mexico, that might also contributed to the difference in results. What happened in Mexico "likely won't happen in Indonesia because we mostly import our beef and we don't have a big cattle ranching [industry] like those in Latin America," Rhita said. In Indonesia, the major driver of deforestation is the clearing of land for plantations, mostly oil palm and rubber, she said. "That's why we need evidence from other countries with different context," she added.
Rhita said ideally the same methodology should be applied in countries like the Democratic Republic of Congo and Cambodia, both of which are rich in rainforests but face a deforestation problem.
"But the problem for third world countries is the availability of data," Rhita said. "We already looked at Cambodia but the data isn't available. While we can find deforestation data from satellites, the problem is the data for the [poverty alleviation] program itself — we couldn't find the data."
Deforestation in Borneo. (Image: Rhett A. Butler/Mongabay)
Rhita said it's paramount to have a social safety net in place now, as restrictions imposed in response to the COVID-19 pandemic choke Indonesia's economic activity.
"It's true that during a pandemic, the economy is slowing down and people lose jobs and don't have money, and thus they go back to deforesting" to make money she said. "That's why a social safety net is more important than ever. Besides alleviating poverty, it also helps people to not deforest."
A study by the German chapter of WWF shows that the deforestation rate in Indonesia climbed in the first three months of this year. The study, which analyzed satellite data from 18 countries compiled by the University of Maryland, shows Indonesia lost the most forest area, at more than 130,000 hectares (321,000 acres), a 130% increase over the average deforestation rate in the first three months of 2017-2019.
WWF says there's ample evidence to suggest the increase is fueled by the COVID-19 pandemic, with illegal loggers taking advantage of physical distancing measures scaling back forest patrols.
The virus has also prompted massive job losses in many countries, leaving many newly unemployed people increasingly desperate for sources of income. Many have left the cities and returned to their home villages and are cutting down trees for firewood or a source of income.
"This WWF report emphasized that forests serve as an insurance," Rhita said. "So when the poorest are given money, they don't need to deforest."
Fitrian Ardiansyah, the Indonesia country director at the Sustainable Trade Initiative (IDH), said providing a good alternative form of livelihood could also help people to not clear forests even during an economic crisis.
"Village forests in West Kalimantan province have shown that if you can provide a good business model and economic return to local communities, they will gladly help protect the remaining forests and even reforest," he said. "They manage to regenerate and restore 500 hectares [1,240 acres of forests]. Within this pandemic, we see that as long as you can provide options for their products, linking to market and financiers, they're still committed to protect forests."
Ferraro, P. J., & Simorangkir, R. (2020). Conditional cash transfers to alleviate poverty also reduced deforestation in Indonesia. Science Advances, 6(24), eaaz1298. doi:10.1126/sciadv.aaz1298
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The market share (market share in English) represents the percentage of the total market that that company has. In other words, of the amount of sales generated in that market, what percentage does that particular business represent? As a general rule, the market share is calculated in a specific period of time.
For example, imagine that a company sells 100 million tractors a year in a specific country. That same year, 200 million were sold in that country. This means that the market share that the company has in the sale of that specific product is 50%
How is market share calculated?
Market share can be calculated in two different ways:
- Taking as reference the total economic value of the market (all sales) / the economic value of the company's sales
- Taking as reference the total number of units sold of that product / the number of units sold for the specific company.
The importance of market share
One of the main characteristics of market share has to do with the interest it generates in investors, who closely monitor changes (both rises and falls that can occur for a specific product or service. If the market grows and a company maintains its market share, that means that its profits also increase.
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- On July 2, 2020
- By Travis L. Palmer
Straight line depreciation — AccountingTools
Straight line depreciation — AccountingTools
Since the asset has 5 years useful life, the straight-line depreciation rate equals (100% / 5) or 20% per year. Apply the rate to the book value of the asset (cost subtracted by accumulated depreciation) and ignore salvage value.
Accountants point out that depreciation is an allocation process which does not result in reporting the asset’s market value. Also referred to as PPE (property, plant, and equipment), these are purchased for continued and long-term use in earning profit in a business. They are written off against profits over their anticipated life by charging depreciation expenses (with exception of land assets). Accumulated depreciation is shown in the face of the balance sheet or in the notes.
Over time, the accumulated depreciation balance will continue to increase as more depreciation is added to it, until such time as it equals the original cost of the asset. At that time, stop recording any depreciation expense, since the cost of the asset has now been reduced to zero. At the end of an accounting period, an accountant will book depreciation for all capitalized assets that are not fully depreciated. The journal entry for this depreciation consists of a debit to depreciation expense, which flows through to the income statement, and a credit to accumulated depreciation, which is reported on the balance sheet.
Accumulated depreciation is a contra asset account, meaning its natural balance is a credit which reduces the net asset value. Accumulated depreciation on any given asset is its cumulative depreciation up to a single point in its life. Since it is difficult to precisely match a productive asset’s cost to a company’s revenues, the asset’s cost is usually allocated to the years in which the asset is used. In other words, depreciation systematically moves the asset’s cost from the balance sheet to depreciation expense on the income statement over the asset’s useful life.
Its depreciation expense for year 1 is USD 1,000 (10,000 – 5,000 / 5). The journal entry for this transaction is a debit to Depreciation Expense for USD 1,000 and a credit to Accumulated Depreciation for USD 1,000. The carrying value would be $200 on the balance sheet at the end of three years. The depreciation expense would be completed under the straight line depreciation method, and management would retire the asset. The sale price would find its way back to cash and cash equivalents.
Importance of Depreciation in Tracking Fixed Assets
The amount of a long-term asset’s cost that has been allocated, since the time that the asset was acquired. The method of accounting used to allocate the cost of a tangible asset over its useful life and is used to account for declines in value is called depreciation. Business can deduct the cost of the tangible asset they purchase off their taxes but how and when the company can deduct depreciation is dictated by IRS rules.
The most commonly used method for calculating depreciation under generally accepted accounting principles, or GAAP, is the straight line method. This method is the simplest to calculate, results in fewer errors, stays the most consistent and transitions well from company-prepared statements to tax returns. In financial accounting, an asset is any resource owned by the business.
The balance sheet of a firm records the monetary value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business. If a company buys a piece of equipment for $50,000, it could expense the entire cost of the asset in year one or write the value of the asset off over the asset’s 10-year useful life. Most business owners prefer to expense only a portion of the cost, which boosts net income.
Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset. Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).
Depreciation is defined as the expensing of an asset involved in producing revenues throughout its useful life. Depreciation for accounting purposes refers the allocation of the cost of assets to periods in which the assets are used (depreciation with the matching of revenues to expenses principle). Depreciation expense affects the values of businesses and entities because the accumulated depreciation disclosed for each asset will reduce its book value on the balance sheet. Generally the cost is allocated as depreciation expense among the periods in which the asset is expected to be used. Such expense is recognized by businesses for financial reporting and tax purposes.
Example of Recording Depreciation
At the point where book value is equal to the salvage value, no more depreciation is taken. An example of how to calculate depreciation expense under the straight-line method — assume a purchased truck is valued at USD 10,000, has a residual value of USD 5,000, and a useful life of 5 years.
- Depreciation expense affects the values of businesses and entities because the accumulated depreciation disclosed for each asset will reduce its book value on the balance sheet.
- Depreciation is defined as the expensing of an asset involved in producing revenues throughout its useful life.
- Depreciation for accounting purposes refers the allocation of the cost of assets to periods in which the assets are used (depreciation with the matching of revenues to expenses principle).
Depreciation is the accounting process of converting the original costs of fixed assets such as plant and machinery, equipment, etc into the expense. It refers to the decline in the value of fixed assets due to their usage, passage of time or obsolescence. Double-declining balance is a type of accelerated depreciation method. This method records higher amounts of depreciation during the early years of an asset’s life and lower amounts during the asset’s later years.
In addition, the company can scrap the equipment for $10,000 at the end of its useful life, which means it has a salvage value of $10,000. Using these variables, the accountant calculates depreciation expense as the difference between the cost of the asset and its salvage value, divided by the useful life of the asset. The calculation in this example is ($50,000 – $10,000) / 10, which is $4,000 of depreciation expense per year. As stated earlier, carrying value is the net of the asset account and accumulated depreciation. The salvage value is the carrying value that remains on the balance sheet after all depreciation has been taken until the asset is sold or otherwise disposed.
Thus, in the early years, revenues and assets will be reduced more due to the higher depreciation expense. In later years, a lower depreciation expense can have a minimal impact on revenues and assets. However, revenues may be impacted by higher costs related to asset maintenance and repairs. To calculate depreciation expense, use double the straight-line rate. For example, suppose a business has an asset with a cost of 1,000, 100 salvage value, and 5 years useful life.
What is the concept of depreciation?
Depreciation allows for companies to recover the cost of an asset when it was purchased. The process allows for companies to cover the total cost of an asset over it’s lifespan instead of immediately recovering the purchase cost. This allows companies to replace future assets using the appropriate amount of revenue.
Depreciation is the gradual charging to expense of an asset’s cost over its expected useful life. Depreciation is an accounting convention that allows a company to write off an asset’s value over a period of time, commonly the asset’s useful life. Instead of realizing the entire cost of the asset in year one, depreciating the asset allows companies to spread out that cost and generate revenue from it. Depreciation offers businesses a way to recover the cost of an eligible asset by writing off the expense over the course of the useful life of the asset.
Example of Depreciation
It is based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important component in the calculation of depreciation. Neither side of this journal entry affects the income statement, where revenues and expenses are reported. In order to move the cost of the asset from the balance sheet to the income statement, depreciation is taken on a regular basis.
Depreciation expense can be calculated using a variety of methods. The depreciation method chosen should be appropriate to the asset type, its expected business use, its estimated useful life, and the asset’s residual value. The amount reduces both the asset’s value and the accounting period’s income. A depreciation method commonly used to calculate depreciation expense is the straight line method.
What is the importance of depreciation?
Purpose of Depreciation. The purpose of depreciation is to achieve the matching principle of accounting. That is, a company is attempting to match the historical cost of a productive asset (that has a useful life of more than a year) to the revenues earned from using the asset.
Any gain or loss above or below the estimated salvage value would be recorded, and there would no longer be any carrying value under the fixed asset line of the balance sheet. The depreciated cost method of asset valuation is an accounting method used by businesses and individuals. It allows for the books to always carry an asset at its current worth and to measurecash flows based on that asset in proportion to the value of the asset itself. Additionally, it also allows for even tax treatment of large capital assets like homes, factories, and equipment. Accumulated depreciation is an asset account with a credit balance known as a long-term contra asset account that is reported on the balance sheet under the heading Property, Plant and Equipment.
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Recently the fruit market started testing a new price policy. After buying an apple from a merchant, the price for that merchant’s next apples is increased by 1.
Today Vasya and Petya are the only merchants selling apples, they are selling their first apple for prices a and b rubles respectively. Due to the constant supply, the amount of apples for sale is virtually unlimited.
After finding out about the new price policy, Masha went to the market early in the morning to buy N apples. She is the first in the queue, and she is wondering what’s the minimal amount of rubles required to buy the necessary number of apples.
The first line contains one integer N (1 ≤ N ≤ 109) — the number of apples that Masha is going to buy.
The second line contains one integer a (1 ≤ a ≤ 109) — the price of Vasya’s first apple.
The third line contains one integer b (1 ≤ b ≤ 109) — the price of Petya’s first apple.
Output one integer — the minimal amount of rubles that Masha could spend on N apples.
Problem Author: Valentin Zuev, prepared by Daniil Zheludkov
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At the G20 summit that concluded last week, the world’s leading economic powers made what looked like a generous commitment to poorer nations: $1 trillion to help the developing countries weather the economic crisis, which will drive an estimated 50 million more people into dire poverty. But as Robert Weissman writes on the Huffington Post today, the apparent largesse might not be all it seems.
To begin with, the $1 trillion figure is overstated, and much of the funding is in the form of loans. Even more importantly, Weissman argues:
The entire purpose of the G20’s assistance may be thwarted by the institution through which the G20 countries chose to channel most of the money: the International Monetary Fund (IMF). The logic of providing assistance to developing countries is to help them adopt expansionary policies in time of economic downturn. Yet the IMF is forcing countries in financial distress to pursue contractionary policies–exactly the opposite of the stimulative policies carried out by the rich countries (and supported by the IMF, for the rich countries).
For decades now critics have excoriated the IMF for lending policies that tie financing to a country’s willingness to tighten its belt by cutting social programs, and pursuing a program of financial deregulation, privatization, and foreign investment–precisely the sorts of policies that created the financial mess in the first place, and precisely the kinds of changes will make suffering in the developing world even worse. The IMF says it is changing its approach–but as Weissman points out, Congress can hold them to this dubious claim by attaching conditions to U.S. funding.
One eminently practical suggestion for how some of this funding might be used comes from HelpAge International, a grassroots organization focused on the needs of older peoples of the world. HelpAge argues that to be effective, development policy “must respond to the intergenerational nature of poverty and to rapid population ageing.” As the G20 meeting concluded, HelpAge urged that funds be provided ”to build social security schemes that put money directly into the hands of the world’s poor and deliver long-term income security.’’
More than three quarters of the world’s population has no access to anything resembling social security. That includes 100 million people living on less than $1 a day. The economic downslide makes their survival even more tenuous. As HelpAge argues:
Providing a regular minimum income through social security schemes such as social pensions and child grants offers vulnerable groups predictability and protection against future shocks.
More importantly, putting cash directly into people’s hands will help to stimulate the economy. Thailand and Russia are just two of the latest countries to expand pension schemes as part of economic stimulus packages….In South Africa, the overall poverty gap has dropped by 20 per cent as a result of the introduction of a social pension.
For a fraction of what it costs to bail out the banks, a basic social safety net of this kind could be provided in the world’s poorest countries. The wealthy nations owe at least this to the developing world, considering the damage their economic policies have wrought.
This post also appears on Unsilent Generation, James Ridgeway’s blog on the politics of aging.
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Are preferred shares included in EPS calculation?
Preferred stock rights have precedence over common stock. Therefore, dividends on preferred shares are subtracted before calculating the EPS. When preferred shares are cumulative, annual dividends are deducted whether or not they have been declared. Dividends in arrears are not relevant when calculating EPS.
How do you calculate the EPS of a stock?
Earnings per share (EPS) is calculated as a company’s profit divided by the outstanding shares of its common stock. The resulting number serves as an indicator of a company’s profitability. It is common for a company to report EPS that is adjusted for extraordinary items and potential share dilution.
How do you find Earnings per share without preferred dividends?
To calculate the EPS for common shares, subtract the preferred dividends from the corporation’s net income and then divide the result by the number of common stock outstanding. You cannot calculate the EPS unless you know the number of preferred shares and the annual dividend payable to each preferred share.
Why do Preferred stock dividends appear in the calculation of earnings per share EPS )?
Why do preferred stock dividends appear in the calculation of earnings per share (EPS)? -Preferred stock may be converted into common stock at the option of the shareholder. … The preferred dividends must be subtracted from the net income, as that amount is not available to the common stockholders.
What is a good EPS value?
EPS is typically considered good when a corporation’s profits outperform those of similar companies in the same sector. For example, Gatorade (a Pepsico brand) has dominated the sports drink market for decades, trouncing its competitors with a 75 percent share of this niche market.
Is a high EPS good?
A high-quality EPS can mean that the number is a relatively true representation of what the company actually earned. This will usually come with very few non-GAAP earnings adjustments. It also may involve a company’s earnings recognition strategy. Earnings recognition strategies will vary by industry and company.
What is a good EPS for a company?
Specifially, stocks with EPS growth rates of at least 25% compared with year-ago levels suggest a company has products or services in strong demand. It’s even better if the EPS growth rate has been accelerating in recent quarters and years.
What is basic EPS formula?
Basic EPS = (Net income – preferred dividends) ÷ weighted average of common shares outstanding during the period.29 мая 2020 г.
What is EPS and how is it calculated?
Definition: Earnings per share or EPS is an important financial measure, which indicates the profitability of a company. It is calculated by dividing the company’s net income with its total number of outstanding shares. … The higher the earnings per share of a company, the better is its profitability.
What is a high earnings per share?
A company with a high earnings per share ratio is capable of generating a significant dividend for investors, or it may plow the funds back into its business for more growth; in either case, a high ratio indicates a potentially worthwhile investment, depending on the market price of the stock.14 мая 2017 г.
Why do you subtract preferred dividends from EPS?
It measures how much profit the company made for each common stock. … Since preferred shareholders must be paid in full before common stockholders can receive any dividends, you must subtract preferred dividends from the company’s net income to compute EPS for common stock.
Do dividends affect earnings per share?
Declaring and paying dividends has nothing directly to do with current earnings per share (EPS). Companies can pay a dividend per share that exceeds its EPS.
What is the number of shares to be used in computing basic EPS?
Divide the income available to common shareholders by the weighted average number of common shares outstanding to calculate the basic EPS. In this example, divide $4.5 million by 525,000 shares to get an EPS of about $8.57.
What is the difference between basic EPS and diluted EPS?
Earnings Per Share (EPS) vs. Diluted EPS: An Overview
EPS takes into account a company’s common shares, whereas diluted EPS takes into account all convertible securities, such as convertible bonds or convertible preferred stock, which are changed into equity or common stock.
How is TTM EPS calculated?
TTM figures can also be used to calculate financial ratios. The price/earnings ratio is often referred to as P/E (TTM) and is calculated as the stock’s current price, divided by a company’s trailing 12-month earnings per share (EPS).
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A digital ticket, additionally referred to as e-tickets, is basically the digital matching of a typical paper ticket. The term is more generally connected with train or bus issued tickets. Digital ticketing for rail or city public transportation is normally called digital pass or travel card. A ticket that is bought making use of a charge card and verified with a checked signature is thought about an electronic ticket. Digital reservation is just one of the major advancements in the area of digital ticketing. This modern technology has opened new methods of handling the appointments made by railway workers. These reservation details can be accessed by a firm’s booking personnel also when they are taking a trip abroad. This has actually made the entire booking process fast as well as effective, specifically for large organisations that have actually several departments spread over numerous cities. A digital ticket system can help to lower the prices associated with reserving appointments. For instance, a hotel that intends to publication rooms in a particular block, area or country will certainly have the ability to do so without any trouble. Resort appointments can be made promptly as well as the space rates supplied can be followed through a single online website. The very same regulations put on air lines as well, as all guests can schedule seats via a solitary website and save money on printing, shipping as well as other expenditures. Airline companies and train companies are taking on more recent technology like digital ticket systems to make their procedures much more efficient as well as streamlined. Airline firms have incorporated this with the reservation monitoring programs that enable guest details to be accessed at the touch of a button. This allows a traveler to access the essential information to reserve a flight utilizing a smart device. Travelers can check the condition of a trip making use of the application, which has an integrated GPS facility. All this data is stored in a protected, central location and can be accessed from any web connection, also while a passenger is taking a trip. Train firms too are taking advantage of electronic ticketing to cut operating expense as well as improve customer service. Clients can inspect train bookings, obtain e-tickets or track a train’s path using an app. Train business can release digital tickets to clients free of charge whenever they need to take a trip, which reduces waste of paper tickets as well as prevents extra expenditures. In addition to reducing operating expense, these systems permit faster as well as far better customer care, too. E-tickets are authorized digitally and also as a result, the consumer does not require to literally provide his ticket or ID when requesting for a train ticket. Digital ticket books can likewise be made use of by people. They can keep a document of all the flight information for future reference. With the advent of cellular phones, people can inspect their flight details and buy an airplane ticket online without going to a travel agent. E-tickets do not include individual details like a traveler’s name, address, call numbers etc as well as therefore, the opportunities of scams are also reduced. E-tickets are released by a business online after the customer agrees to it and the company’s protected payment system confirms the settlement. Hence, electronic ticket books not just streamline points for the consumer however also offer optimal safety to the airline company and the traveler as nobody can verify his identity using digital methods.
This post topic: Personal Product & Services
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Chances are good you’re already familiar with the idea of artificial intelligence (AI), but what about the concept of machine learning?
Machine learning is the process of using statistics to identify patterns out of large amounts of data. When you think about machine learning, think about every single data point you collect -- from customer interactions to internal processes and everything in between.
It then uses that data to make informed decisions on your behalf.
You experience the results of machine learning every day. When you sit down to watch a new show that Netflix recommended for you or receive an advertisement for a recently viewed product, it’s most likely fueled by machine learning technology.
So back to the idea of AI and machine learning. To put it into perspective, machine learning is a subset of the overarching AI structure.
While AI and machine learning are relatively new concepts for most businesses, the idea has been around for decades. In fact, the first AI program was developed in 1955. But in recent years, this technology has come a long way, and companies are starting to understand its value.
Companies in all industries are learning that there are plenty of benefits that come with machine learning. From simply tackling and interpreting mass amounts of data to make informed decisions based on that data -- machine learning is changing the way businesses operate.
In this article, we’ll take a look at a few of the many benefits that come with machine learning technology and provide you with four Pittsburgh companies to help get you started.
Already know the basics? Skip ahead to the top Pittsburgh machine learning analytic companies:
Machine learning can be an extremely valuable tool for businesses across all industries. Whether you’re in the retail space, manufacturing, healthcare, or somewhere in between -- there’s a use case for you.
The benefits of machine learning can vary for everyone, but one thing remains certain: companies that make the investment are getting the return they want.
While there are always pros and cons when it comes to investing in new technology, machine learning has a long list of pros. In this section, we’ll take a closer look at a few of the ways that machine learning can help benefit your company.
From finding new trends to automating processes to free up valuable time, there’s something for everyone.
Machine learning presents a great opportunity for companies to identify trends and patterns and use these to make valuable improvements.
Your business is collecting mass amounts of data every day. This data can provide you with insights into your customers, industry, and how your business is performing. Having the ability to sort through this data and identify those trends is nearly impossible -- unless you have machine learning on your side.
While it might be possible for a team of data scientists to sift through some of this data, they will inevitably miss many of the different patterns and trends that machine learning can catch. This is because the technology can quickly analyze all of your data at once and pinpoint these trends.
Here are a few examples of how you can use machine learning to identify and turn trends into actions:
By implementing machine learning into your business process, you’ll be able to continue to learn and grow based on real-time data. You’ll continue to be at the forefront of the trends happening in your space -- providing you with a competitive edge.
This idea goes hand in hand with the ability to identify patterns and trends in your data. Having the ability to continuously track and monitor all of your data in a scalable manner provides you with the insights you need to continue to improve.
Through the data outputs you receive, you can identify gaps and areas of opportunity. With this knowledge, you can then put data-driven plans into action. Using machine learning to have a continuous improvement process will allow you to stay agile and adapt to changing industry conditions.
An added benefit to the idea of continuous improvement is that the technology itself will continue to improve over time. As your technology continues to learn, it will adapt and continue to make better decisions.
That means that not only will it help you identify areas of improvement, but it will also improve itself over time based on real-time data.
Machine learning capabilities allow you to automate your daily processes and focus on new initiatives.
When machines have the ability to learn, they can interact and predict future behaviors. This means that you don’t have to sit in front of your computer monitoring every interaction and to react to it -- the machine can do this all on its own.
This presents plenty of opportunities for businesses that might not have the capacity to take on more projects. By finding areas to automate, you can then focus on new initiatives and put your efforts toward something new. It’s also a great way to eliminate the tedious and unexciting parts of your job.
Beyond just that, there are plenty of ways that automation can help improve your daily process, but here are just a few examples of how automation can directly benefit you:
Whether you use this technology to better engage with customers via marketing campaigns, track employee productivity, or identify potential security threats -- it can all be done without manual intervention. Choosing to invest in machine learning will allow you to get more done in less time and more efficiently than ever before.
The next step is to find a partner that can help you implement machine learning in your daily process. But it would be an understatement to say there is a bit of a learning curve when it comes to getting started with this technology.
Luckily, there are plenty of companies out there that you can partner with to take advantage of machine learning. These companies will bring their expertise to develop and manage your data to make the most out of your machine learning transition.
In this section, we’ll take a look at four Pittsburgh machine learning companies to get you started on your machine learning journey. Some of these companies service customers across various industries, while some are much more specialized -- so skip ahead and find the one that fits your business needs.
UXAX is an analytics agency in Pittsburgh that can help your business move into the machine learning world. By helping you cleanse and manage your data to put it to work to improve your user experience -- UXAX has you covered.
Better understanding your data will allow you to do more with your time and improve your efforts. The right partner can help you with data input, management, and reporting to make the most out of your machine learning capabilities. Image courtesy of UXAX.
Location: 5424 Walnut St. Pittsburgh, PA 15232
If you’re looking to elevate your current efforts with machine learning capabilities, UXAX is a great, local option.
Petuum is a Pittsburgh based AI solutions agency that helps businesses across all industries move into the digital world. Petuum has experience working with industries, including industrial, healthcare, and more.
Location: 2555 Smallman Street Pittsburgh, PA 15222
Petuum will bring a wide range of AI and machine learning expertise to your business, which is why it’s a great option for any business looking to expand its technology.
Marinus Analytics is a local, women-owned company that focuses on using AI to turn big data into actionable insights. This company focuses on a few specific industries, including law enforcement, government, and the private sector.
While Marinus Analytics provides a very specialized service, the AI and machine learning technology can help shed light on and identify criminals.
Cognistx is an applied AI company located in Pittsburgh that helps businesses develop multistrategy AI systems. Cognistx provides services for various industries including cybersecurity, logistics, manufacturing, and more.
Location: 606 Liberty Avenue Pittsburgh, PA 15222
No matter what AI services you are looking for, Cognistx has the ability and knowledge to help grow your business.
Machine learning is a great tool for companies looking to go to the next level.
The best part is, you already have everything you need to get started. By leveraging the data you already have and using that to make data-driven decisions, you can improve customer-facing interactions, internal processes -- and even fight crime!
While it’s probably best to find yourself a partner with experience in AI and machine learning, it’s an investment you won’t regret. It will open your eyes to new opportunities, expand your capabilities, and make your business more efficient in the long run.
So now that you know a few of the key benefits and have a list of local companies to get you started, what are you waiting for? Now’s the time to get started with your machine learning journey.
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3 edition of HOW TO START, FINANCE, & MANAG (The Random House Personal Finance Library) found in the catalog.
HOW TO START, FINANCE, & MANAG (The Random House Personal Finance Library)
May 25, 1993
by Random House Information Group
Written in English
|The Physical Object|
|Number of Pages||630|
Personal finance is the most valuable self-help topic. It is one of the few areas of your life where simple process improvement will directly affect your money. This makes personal finance books like the ones on this list incredibly valuable. These books are designed for everyone. They can help those who make a lot of money get a better handle on their cash flow. Successful retirement is more than just achieving financial independence. It’s also about finding meaning and happiness in a new chapter of life, and maximizing the financial resources to fund this quest. These six books offer some great advice and practical tips on how to chart your own path. Courtesy of Wiley.
Financial Management Lecture Notes. Financial management is about analysing financial situation making financial decision setting financial objectives. Topics covered includes: The Finance Function, The Investment Decision, Capital Structure Decisions, Dividend Decisions, Management Of Current Assets. Author(s): Dr. Lakshmi. First Things First: A Few Financial Basics. 1. Create a Financial Calendar. If you don’t trust yourself to remember to pay your quarterly taxes or periodically pull a credit report, think about setting appointment reminders for these important money to-dos in the same way that you would an annual doctor’s visit or car tune-up. A good place to start?
Living at home can give the financial flexibility you need to shore up your finances, make a plan for paying back student loan debt and creating a budget you can live with. 3. Limit credit card debt. With MoneyStrands you can get access to your all your account balances, financial transactions, spending habits and budgets, and take all that information to start making smarter decisions and achieve your financial goals. Follow money management resources. Knowledge is power. Every financial guru we know today started off like you and me.
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Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. To get the free app, enter your mobile phone by: 6. The book contains & MANAG book of the basic industry knowledge needed and advanced information to assist you in charting your career path, negotiating for a position and reaching career success.
Kenney is a Finance Professional with a proven history of success in Banking and Brokering Management/5(5). Finally, Accounting and Finance covers financial analysis, giving you the tools you’ll need to FINANCE where your business is headed and what you can do to change its course.
The one caveat to all this is that the information in here is dry. Rich Dad, Poor Dad certainly ranks as one of the all time classics in personal finance books. Rather than focus on concrete steps for what people can do to fix their financial life, the book.
With an updated, version, 20 years since it was first published, this read is one of the bestselling personal finance books ever. Kiyosaki walks readers through some childhood reminiscences, a contrast between his not-very-wealthy father and the dad of his friend who happened to be one of the richest residents of Hawaii.
Parents of younger children can get a head start with 6 Finance Books Every Child Should Read and 10 Tips to Teach Your Child to Save Money. Take. Financial management helps you decide what you can afford in terms of store or office location, inventory purchases, employees, and equipment.
You need sound financial information to set your prices and select your vendors. Financial management gives you the tools to plan for overall business growth, for diversification of.
Proper financial management is crucial to surviving a volatile economy and the industry competition. Small businesses, especially, need to exercise caution with their financial decisions from the very beginning. It takes more than just a good idea to run a business. Every business needs a financial structure that generates a profit to stay.
Learn how to become an auto finance manager. Research the education requirements, training information, and experience required for starting a career in the field of automotive finance.
Best Takeaway from this best book on financial management. This book on financial management is very good for readers to help them understand financial jargon, statement of finance, performance measures, management accounting, costing, budgeting, pricing, investment appraisals, along with helping in decision making, etc.
book >> #4 – Financial Management: Theory & Practice. Wealth Perspective Top 10 Personal Finance Books of All Time These ten books have ten different (and powerful) approaches to accumulating personal g: MANAG.
Knowing the state of your financial affairs back to front is one of the best ways to make sure the cash keeps flowing. Staying on top of your finances means you can avoid unforeseen business debt and have enough money to invest in and grow your business. Stay on top of the day-to-day money management.
Properly manage your accounting. The Total Money Makeover is a classic personal finance book written by Dave Ramsey. If you need a practical step-by-step guide to paying off debt and building wealth, this book is a must-read. Over the years, Dave has received some criticisms for his ideas beyond tackling debt (including investing and insurance), but when it comes to getting out of debt, there is really no better mindset and.
These 10 personal finance books can help you get started on your journey into personal finance. The internet is a great source for information about personal finance.
If you want to know how an index fund works, which debt repayment method is most effective or how to save money on groceries, you can find ten articles with the information you need to know.
There are different books available which gives understanding about the finances to the non-finance managers and includes books such as Finance for Non-Financial Managers by the author Gene Sicilliano, Finance for Non-Financial Managers and small business owners by author Lawrence Tuller, Finance for the Nonfinancial Managers by author Herbert T.
Spiro. The Index Card by Helaine Olen and Harold Pollack. If you’re feeling overwhelmed by debt and don’t know where to begin, take a deep breath and pick up The Index Card, a personal finance book that is all about keeping it focuses on ten simple pieces of financial advice that can make a world of difference, and they all fit on a single index card (hence the title).
Personal finance books can empower you to budget, save for retirement, get out of debt and tackle many other money-related decisions with confidence. We’ve. Finance can also assist you when you have to make a decision about whether to expense an item through your operating budget or capitalize an item in a fixed assets : Mary Shacklett.
Here are eight tips to help you avoid some of the common financial mistakes entrepreneurs make when starting a new business. Cash flow management is key. Entrepreneur Books. Life is much easier when you have good financial skills. How you spend your money impacts your credit score and the amount of debt you end up carrying.
If you’re struggling with money management, for example, you’re living paycheck to paycheck despite making more than enough money, here are some tips to improve your financial habits. Any recommended books on finance & accountings for startups?
Basically covering: balance sheet, income statement, cash flow, budget, financial modeling, etc. I come from an engineering/product background and trying to get a quick crash course in startup finance/accounting side of the house.
The first step in developing a financial management system is the creation of financial statements. To manage proactively, you should plan to generate financial statements on a .Awesomely Simple is a management book that gives the small business owner and department managers a clear and easy roadmap to follow in building the business and then planning for growth.
John Spence delivers an MBA in a management book that is easy to read and follow. Ultimately it’s a guide you can turn into management practices in your.
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The Consumer Sentiment Index is a measure of consumer confidence in the United States that has been measured and reported by the University of Michigan every month, starting in the early 1950s.
Consumer sentiment, which often is called "consumer confidence," is cited by government officials, business executives, the media, and by ordinary citizens to describe national economic conditions. It has become so much a part of the national economic dialogue that many people think that consumer confidence has a specific and widely agreed-upon definition. Nonetheless, the definition of consumer confidence has remained elusive, since the confidence of consumers can never be directly observed; it is only the behavior of consumers that can be observed. Interest in consumer confidence is thus denned by an interest in the ...
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