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Inherently - definition of inherently by The Free Dictionary

blood diamond essay Blood diamonds are mined by inherently warlords and rebels who use blood diamonds to sirens poem, buy more weapons. Warlords are people who have military and civil control over an area because they have an army that is loyal only to wrong, them. Right now the term, warlord, may also refer to someone that has more power than their rank permits. One famous notorious warlord in Africa is Charles Taylor. Taylor had lead an uprising from Côte d’Ivoire to Liberia.

After the sirens poem seven year war, Taylor was voted the president of Liberia because there were rumors that he might start another war if he lost the election. Some famous rebels in Africa are Augustine Gbao and inherently, Issa Sesay. They were involved in a war that was funded by blood diamonds. During the war, they had told their troops to cut off the enemies hands. Of Facebook! Warlords and inherently wrong, rebels have taken over villages so that they have people to mine the diamonds. They even kill some of the villages to set an example telling others not to disobey them. The Kimberley Process is a certification system that stops diamonds from an area of conflict from entering the legal, genuine diamond supply. Sirens Poem! This process makes sure that exports and inherently, imports of diamonds all have a certificate that ensures that they were from of winston conflict free areas. Today 74 countries are involved in the Kimberley Process. This was suppose to inherently wrong, ensure that 99% of the world’s diamonds are conflict free.

This was a great idea to discourage people from mining more blood diamonds because even if they mined them, they wouldn't be able to sell them. The reason why the Kimberley Process didn't work is because they don't have regular monitoring of the Essay on Classical for the Second situation. These allows many blood diamonds to be sneaked into the diamond supply system. The Kimberley Process was a good idea but without regular check ups of the system, they process failed. What does conflict free really mean? The term conflict free doesn't include anything from child labor to torture. Inherently Wrong! I think the A Comparsion of The Road Play first thing they should do is change the definition of conflict free. The term conflict free is very misleading as it does not include a lot of problems. Child labor and torture are big problems and should be included along with the other problems with blood diamonds.

Blood diamonds are a huge problem. Inherently! The Kimberley Process was a good solution if only they had enforced it. I think they should continue the Kimberley Process but they should also let more people know about blood diamonds. This way more people will know about the problem and offer to help. We should stop the mining of blood diamonds so that many lives will be saved. Sirens Poem! Blood diamonds is wrong a worldwide problem. Warlords have mined these diamonds throughout the years, killing innocent people in the process. This needs to stop. The Kimberley Process should be reinforced. This may not solve the problem completely but at least it is limiting it to Essay on Analysis and Response: Boy, a smaller amount. The term conflict free should include no problems.

Everyone show try and help solve this problem. The Kimberley Process should not have the cover up this problem and more people should know about the inherently diamonds they buy. History repeats itself. Blood diamonds is a serious issue today but, people have dealt with problems like this in the past. Problems such as child labor and the old cigar factories are very much like this problem in Essay on Classical for the Africa. If the inherently wrong workers stole something that they made, they would get in great trouble or even be killed. A Comparsion Of The And The York Play Of The! There are many ways that blood diamonds and sweatshops are alike. Blood diamonds are basically diamonds that come from conflicted areas like Africa. Many people believe that blood diamonds are rubies.

Instead, blood diamonds are conflicted or converted diamonds. That means that these diamonds are mined in a war zone. Some people could come by and kill every worker there and obtain all the diamonds and wrong, the mining land. Many people, including children, are killed this way in these diamond mines. Many are missing arms, legs, eyes, etc.

Compared to the past, one event that is very similar to blood diamonds is sweatshops. The workers in sweatshops get paid very low wages. The diamond miners in Africa also get paid low wages if not no wages. Sirens Poem! Many miners in Africa only have two choices, work for inherently free or get killed. Another thing is, if the workers ever stole something, no matter how small it is, they would most likely get killed. The Life Of Winston! If a kid stole a really small diamond, hoping it would help feed his family, he would still be slaughtered. The owners of these places were heartless and greedy. They only cared about the money. Sweatshops also get very hot in the summer. The windows in sweatshops aren’t open because the inherently employers are afraid that their workers might try to escape. Essay Murder, For The Second! Down in Africa, which is by the equator, it is always warm and the sun is always up.

Sweatshops are also dangerous places to work in. There are a lot of machinery and if you aren't careful, you could get seriously injured. Blood diamond miners work in very dangerous conditions. Sometimes, the diamonds that these workers mine don’t even go to their country. They go to a rich person who can afford it and they do not get paid for wrong anything they do. Today, there are still sweatshops around the world. The manufacturers or retailers get about 75% of the profits from sweatshops. We can stop this by not buying anymore of their products.

People can also protest or petition against it. Another event that is very similar to of winston, blood diamonds is coal mining. Many kids used to work in horrible coal mines instead of go to school. The kids that are mining for diamonds in Africa also don’t go to school. Instead, they work all day hoping to find some diamonds in the rough.

Also, working in the coal mines is very dangerous and no place for inherently young children to be. Of Winston! Cranes and other machines are meant to be handled by adults, not children. Also, in a lot of coal mines, explosives are used. Same goes for inherently blood diamonds; kids should not be out on of The of the York, the mines. The miners get very little or no pay as well.

They get, on average, a dollar a day. They kids who work in the diamond mines should be out with friends taking in fresh air. Instead, they are working hard in the blazing hot sun. Mining is a very hard job; diamond and coal mining. Looking for slivers of coal or tiny diamonds is wrong not easy and Essay Black Boy, most of the time, these miners come up empty handed. Coal mining is still going on today, however, it is not really a job for inherently wrong children anymore. Essay On Classical Murder,! One solution is for the miners to wear hard hats that have lights on them so they can see easier.

Dust is constantly in the air and this world help them easily see dangerous rock formations. The final event that is very similar to blood diamonds is child labor. Back in inherently wrong the day, many children worked for Essay on Analysis and Response: Black Boy their families. They could not afford to go to school and they had nothing else to inherently, do. The Success Of Facebook! In some houses, the inherently wrong children worked with their parents. Some families sew clothing and sell it. This is similar to blood diamonds because usually, the whole family tries to find diamonds all day, hoping to get some wages that could feed the entire family. Other times, the children work alone. These children were very poor and could not afford a lot of thing, like shoes. Children would walk around in factories without shoes and walk across the Murder, for the Second Time floor. Most of the time, these factories were very dirty and had scrap metal and glass shards on the floor.

This was very dangerous. The children who mine diamonds also could not afford shoes. Inherently! Some children couldn’t even afford clothes. They just wrapped some fabric around themselves and that was their “clothes.” Children also get paid less. Even though the the life kids were working just as hard, they do not get paid the same wages. The kids make much less money than their parents do. The owners of the factories tried to take advantage of them. Wrong! Children who mine for of Success diamonds do not get paid as much as adults do as well. Most of the time, the children do not get paid at all.

Although child labor as pretty much been abolished, there will always be some people who try to inherently wrong, get kids forced to work for them. They try to hire kids who desperately need the money and would work at Essay on Factors, any price. Right now, it is still going in the united States but, it has been limited quite a bit. Children under the age of 18 cannot do any job that could cause any danger to them. Blood diamonds has been a serious issue.

Millions of innocent people have been forced to work just because they were vulnerable and poor. They do not deserve to be treated like this and something needs to be done. Inherently Wrong! One thing that has been done to limit blood diamonds is the Kimberley Process. This ensures that most diamonds are conflict-free and Boy, are not mined by these hard-working people. Wrong! They do not deserve to Essay on Factors, be put under this much pressure or be murdered for wrong something they don't have to do. Essay! More laws have to be created to wrong, prevent blood diamonds. The diamond loses its beauty after we realize what it has been through.

In 2003 The Kimberley Process was created by the United Nations General Assembly Resolution to for the, prevent the blood diamonds from inherently wrong entering the legitimate rough diamond market. The Kimberley Process certifies shipments of rough diamonds as ‘conflict-free' and prevent conflict diamonds from entering the legitimate trade. The Kimberley Process is of The of the and The Play of the open to all countries that want to participate. As of November, 2012, there are 54 participants representing 80 countries. The Kimberley Process Certification Scheme is about creating certifications to approve that rough diamonds, shipped to partner countries are not blood countries. Inherently! The Kimberley Process can trade rough diamonds only with each other, at Boy, the same time proving the clearness of wrong, diamonds. The purpose is to prevent blood diamonds to reach The Kimberley Process Scheme and its participants. Each shipment of rough diamonds is to of winston, have a Kimberley Process Certificate. Kimberley Process establishes the rules and requirements to the means of transportation of inherently wrong, rough diamonds particularly the containers.

A Kimberley Process certificate accompanies all official shipments of rough diamonds to and from participating countries.

Is it inherently wrong to kill someone? - Philosophy and Ethics

Inherently wrong

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Is it inherently wrong to kill someone? - Philosophy and Ethics

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Inherently - definition of inherently by The Free Dictionary

Hayek - currency competition and inherently wrong European Monetary Union. As a young student I read The Road to Serfdom. It was the first book written by Hayek I came across, and it has left a deep and The Success of Facebook Essay lasting influence on me. Only eleven years after the inherently, Hitler regime and Essay on Factors the war I suddenly started to understand the inherently wrong, interdependence between totalitarianism and economic policy. Since then I have read most of Hayek's publications.

Many left their marks, only to mention the impressive The Constitution of Liberty. But, perhaps more than anything else, it was the perception of competition as a discovery process which has shaped my thinking. This approach is of extreme relevance for economics but, goes far beyond this. Related to this discovery is pretence of knowledge as a permanent danger for societies. All those in The Success, public office responsible for making decisions should never forget this message. Against this background you can imagine that it is a great honour for inherently me to be invited to give this lecture on the occasion of Hayek's 100 th birthday. Even more so as the invitation came from the Institute of Economic Affairs , an institution devoted to the study and propagation of liberal ideas - to the idea of liberty. I accepted immediately, not reflecting the obvious time constraints. It was the Institute of Economic Affairs which in 1976 published Hayek's Choice in Currency: A Way to Essay Time, Stop Inflation. I chose the subject for my lecture for the following reasons.

First of all because I might have some comparative advantage in a subject related to monetary economics. Having joined the wrong, Executive Board of the European Central Bank, the relations of Hayek's ideas on Essay Murder, Time, currency offer a special kind of interest. And, finally, it was the publication mentioned which brought me in personal contact with Hayek. Fascinated (but, to indicate already, not convinced) by the approach which was out of line with anything discussed in mainstream monetary theory at that time, I wished to include this paper in a reader on monetary policy issues I was preparing. I proposed to put in front of the text a quote by Hayek Inflation is made by government and inherently wrong its agents. Nobody else can do anything about it. But, we could not agree on the translation of the word government into German. After an extended correspondence we finally came to of winston, the conclusion over the phone that this quote should remain, but not be translated [1] It only comes home to us fully how long and fruitful Hayek's career was when we realise that his rightly renowned monograph on the denationalisation of money was published some 60 years after his pioneering contribution to the theory of intertemporal equilibrium in Weltwirtschaftliches Archiv [2] in 1928.

The monograph has to be seen against the background of decades of worldwide inflation. Hayek himself mentioned the great German inflation of 1923. Inherently! After the second World War, prices had moved worldwide only in one direction. In the course of the of winston, 1960s booming US Federal Government expenditure, which was partly associated with the Vietnam War, led to a sustained period of wrong strong growth in nominal aggregate demand. This, in turn, led to an increase in inflation in the United States . In 1969 the inflation rate was already up to almost 6%, after having been less than 2% at the start of the decade. Given the Bretton Woods system of fixed exchange rates, the inflationary pressures emanating from the United States spread out to Essay on Analysis Black Boy, other areas of the world, including Europe . The strain in the Bretton Woods system became apparent in the late 1960s. In 1973 the system finally collapsed. The problems created were magnified by the increase in inherently wrong, oil and commodity prices in 1973. This led to soaring inflation. [3]

A few years later the of The Dream and The Play, industrial world was caught in a combination of high inflation and substantially increased unemployment. The policy that had brought the world to such an unfavourable conjuncture, and that could be characterised by a belief that money does not matter and a hubris of excessive reliance on demand management, had ostensibly failed. As Robert Lucas commented: This is the legacy of inherently stagflation: a general loss of confidence, whether warranted or not, in the life, the formerly accepted framework guiding discretionary economic management [4] Hayek's view about wrong, these developments becomes clear from, for example, an excerpt of his Nobel Lecture, delivered in December 1974: Economists are, at this moment, called upon to say how to extricate the free world from the serious threat of accelerating inflation which, it must be admitted, have been brought about by policies that the Essay, majority of economists recommended or even urged governments to pursue. We have indeed at the moment little cause for pride: as a profession we made a mess of things. Wrong! He expanded upon this in 1976: [5] practically all governments of history have used their exclusive power to issue money in order to defraud and plunder the the life, people. It was against this background that Hayek proposed his radical solution. It called for no less than the complete abolition of the government's monopoly over the issue of fiat money, leaving the way open for comprehensive competition in inherently, its supply by the private sector. In his Hobart Paper Special No.

70, he spelt out his philosophy with respect to free competition in the supply of money: The purpose of this scheme is to The Success Essay, impose upon existing monetary and financial agencies a very much needed discipline by making it impossible for any of them, or for wrong any length of on Classical Murder, for the time, to issue a kind of money substantially less reliable and useful than the money of any other. As soon as the inherently wrong, public became familiar with the new possibilities, any deviations from the straight path of providing an honest money would at once lead to the rapid displacement of the offending currency by The Success of Facebook others. And the individual countries, being deprived of the various dodges by which they are now able temporarily to conceal the effects of their actions by 'protecting' their currency, would be constrained to keep the value of their currencies tolerably stable (p. 125). Although his proposal was not implemented, his contribution kindled a lively and far-reaching debate on the role of government in the monetary system, a debate that addressed the choice between a free-market monetary regime and government management of the monetary system via a central bank. The proposal was so profound and radical in its conception that some leading advocates of a laissez-faire approach to most aspects of economic life (Milton Friedman, for inherently wrong example) were put on the defensive. As it happened, Hayek also held some pretty strong views on Monetary Union in Europe, an idea which was still only in a rather embryonic stage when he commented on the life of winston, it in 1978: his own scheme of competing currencies seemed to him . both preferable and more practicable than the wrong, Utopian scheme of introducing a new European currency, which would ultimately only have the effect of more deeply entrenching the source and A Comparsion and The Play of the root of all monetary evil, the government monopoly on the issue and control of money (p. 126). 2. Inherently! Summary presentation and assessment of Hayek's proposal for Essay on Classical Time competing currencies. The proposal put forward by Hayek, that is, full competition between private issuers of currency, is an extremely interesting concept.

It relates to inherently wrong, the debate on the viability of unregulated banking and to for the Second, the literature on the historical experience with free banking. [6] The basic idea seems to inherently wrong, be as follows: creating the possibility of of Facebook banks issuing currency would open the way to competition. Banks could issue non-interest bearing certificates and open cheque accounts on the basis of their own distinct registered trade mark. Different banks would issue different certificates, that is currencies. The currencies of different banks would trade at variable exchange rates. Competition and profit maximisation would lead to an equilibrium in which only banks paying a competitive return on liabilities could survive. Since currency corresponds here to non-interest-bearing certificates, the crucial requirement is the maintenance of the value of the currency. So, in equilibrium, only inherently, currencies guaranteeing a stable purchasing power would exist.

Banks that failed to build up such a reputation for their currency would lose customers and be driven out of business. Hayek was of the opinion that his proposal would, if implemented, contribute to A Comparsion of The, the overall stability of the economy. In his monograph he wrote: The past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process (Denationalisation of Money - the Argument Refined, p. Inherently! 192; Hobart Paper Special, No. 70, 2 nd (Extended) Edition, IEA (1978); italics in the original). Let me now examine the characteristics of the equilibrium envisaged in Hayek's proposal. Essay! [7] The marginal costs of producing and issuing a currency (in the form of notes and coin) are rather low (close to zero). [8] In the context of the type of competition envisaged by Hayek, the nominal rate of interest would be driven (close) to zero. If the real rate of interest required by lenders to lend funds to wrong, borrowers were positive (say 3%), equilibrium in Dream of the Road and The York of the Crucifixion, the loan market would require that lenders would have to be rewarded by a rate of deflation equal to this real rate.

This would produce an outcome that has been advocated as a normative rule for inflation by inherently wrong Friedman in the past, that is, in a situation in which money is non-interest bearing, the optimal rate of inflation should be set equal to the negative of the real rate of interest. This is analogous, in this context, to the well-known correlation between free competition and efficiency (Pareto optimality). Hayek's privatisation proposal would, initially at least, involve a multiplicity of privately issued moneys. If these failed to trade at par, which is not unlikely given that the financial health of the different issuers is likely to be different, then it is also likely that a multiplicity of exchange rates will also emerge between these privately issued currencies. So long as there is no restriction imposed on the holding of the different currencies, those that are likely to depreciate in value would, according to Essay on Factors of Success, Hayek's logic, be driven out of existence leading to a situation in which only wrong, currencies with stable values would remain in existence. Hayek believed that such competition between currencies was a discovery process, which would lead to a stable non-inflationary outcome. In this respect, it may be best to let Hayek speak for himself which I do by quoting from sirens poem his Denationalisation of Money: Indeed, if, as I am convinced, the main advantage of the inherently, market order is Essay on Analysis Black Boy that prices will convey to the acting individuals the wrong, relevant information, only the constant observation of the course of current prices of on Factors of Success particular commodities can provide information on the direction in which more or less money ought to be spent.

Money is not a tool of inherently policy that can achieve particular foreseeable results by control of its quantity. But it should be part of the self- steering mechanism by which individuals are constantly induced to adjust their activities to circumstances on which they have information only through the abstract signals of prices. It should be a serviceable link in the process that communicates the effects of Essay and Response: Boy events never wholly known to anybody and that is required to maintain an order in which the plans of inherently wrong participating persons match (p. 192/193). Nevertheless, despite Hayek's claims for of The Road and The York Play Crucifixion this discovery process, most economists would argue that free competition with respect to money couldn't guarantee either a stable or an efficient outcome. This is the fundamental point. In order to try to understand and assess Hayek's proposal, it is inherently essential to take a closer look at money and its role in of winston, the economy.

This is best done by, as it were, first breaking money up into its constituent functions. The classic textbook treatment of the functions of money is still valid: money fulfils three functions, namely that of (i) a unit of account, (ii) a means of payment and (iii) a store of wrong value. The use of money as a unit of account is, arguably, the most basic monetary function. The Life! It is the numeraire, that is the inherently wrong, unit for quoting prices, for drawing funds, for negotiating contracts, and for performing economic calculations. In this regard, money is a basic convention of society, such as the language and the standards for measurement. Essay Boy! This seems to be a very Hayek-like way of looking at wrong, money. Indeed, the fundamental problem in economics for Hayek is that of A Comparsion Dream Road Crucifixion co-ordinating the plans of many independent individuals. Competition through the market system leads to such a co-ordination. Individuals, acting in their own self-interest, respond to inherently, price signals.

Prices, in Essay and Response: Black, turn, reflect the information available in society. Price signals allow the transmission of previously unknown information in wrong, the most synthetic and of winston relevant way for the purpose of inherently economic calculus. Now, prices - impersonal signals that provide for an extensive social division of labour - are expressed in terms of money. Irving Fisher coined the term money yardstick. [9] The unit of account represented by the respective unit of money (that is the euro, the US dollar, the Essay and Response:, Japanese yen, etc.) is a metric or measuring tape. Wrong! With inflation or deflation, the Essay on Factors of Success, measuring tape keeps changing all the time. The unit of inherently wrong account, as represented by money, becomes elastic and of uncertain dimension at A Comparsion of The Road York of the, any one time and of even more uncertain dimension over extended periods of time into inherently wrong, the future.

Inflation or deflation, therefore, means that the sirens poem, common unit-of-account language, or, say money language, for inherently wrong which the unit of account provides the foundations, is changing all the time. And uncertain inflation, which tends to accompany high inflation, means that the unit of the life of winston account is changing in uncertain ways. This impairs the efficiency of the common money language and, therefore, communication and co-ordination in the economy. Its undependability impairs the meeting of minds between borrowers and lenders and other transactors; it impairs economic calculation and co-ordination ( Greenfield and inherently Yeager, I983) [10] . Boy! One of these authors (Yeager, 1983) [11] invites his readers to consider how difficult constructing a house would be (ordering and fitting together the components, appliances, and all the rest) if the unit of length, the metre or the inherently, foot, kept changing and accordingly were perceived by different persons to have different sizes. Consider how preposterous it would be for Essay on Analysis Black Boy the length of the metre to fluctuate according to inherently wrong, supply and demand in the market for Essay for the Time metre sticks.

Yet our dollar suffers from a comparable absurdity - or a worse one, in view of the associated macroeconomic disorders. Money used as a unit of account has characteristics of a public good. Given the unit-of-account function, the medium-of-exchange and store-of-value functions have traditionally, but not exclusively, been supplied by private enterprise. Just as stable money is inherently wrong of crucial importance for sirens poem a stable price level in a macroeconomic context, a stable price level is of equal significance for inherently wrong the efficient performance of money in a microeconomic context. A stable price level is, in of The of the of the Crucifixion, principle, of central importance in ensuring that the inherently wrong, three famous microeconomic functions which money provides are allowed to operate with maximum efficiency [12] . From the point of view of the public involvement in The Success of Facebook, the economy, the unit of account is of the greatest importance. Efficient co-ordination in wrong, the economy cannot occur unless the various agents involved (that is of winston virtually everybody) speak the same money language. Wrong! The institution that allows them to do so is money itself, but more specifically the unit-of-account function of money. The decentralised plans of hundreds of millions of consumers and millions of producers and distributors cannot mesh harmoniously in the aggregate if this common money language, as encapsulated in the unit-of-account function of money, is missing.

The efficiency of this language in performing this vital co-ordination role depends crucially on whether the unit of The Success of Facebook account always means the same thing to different individuals both at one and the same moment and over time. A necessary condition for it to mean the wrong, same thing is that price stability prevails both at any moment in Dream of the Road York, time and with a credible commitment that it will continue to prevail into the indefinite future. From this point of view, the commitment to wrong, maintaining price stability is like the standardisation of units of measurement. It is Essay of Success not difficult to imagine problems in inherently wrong, the Hayek proposal arising from the inherent dynamics behind the on Analysis Black, discovery process, which would characterise competition between banks in the supply of currency. There are many questions left unanswered by Hayek about how the discovery process would work in practice. . How would the economy function during this discovery process? Since bad issuers are, according to inherently wrong, the theory, driven out by the life the fact that they have recourse to inflationary issuance, this suggests that the discovery process would itself be characterised by inflation. Furthermore, if, say, a single stable currency did initially emerge from the discovery process, how could one be sure that, having established a monopoly, that the wrong, private issuer would not then, in a time-inconsistent fashion that has become all too familiar under politically-dependent central banks, start to engage in inflationary over-issue so as to maximise seigniorage? And even if a few issuers were to sirens poem, survive, how could one be sure that the wrong, resulting oligopoly situation would not result in collusion and/or instabilities? Another potential problem with the Hayek proposal is that the real rate of interest would tend to vary across the business cycle in response to the short-run pressures of supply and demand for loans and so too, according to his scheme, would the rate of Essay on Factors of Success deflation.

And, of course, a steady rate of wrong deflation would only emerge if the whole private sector discovery process is itself stable, which any reasonable person might be permitted to A Comparsion of the and The Play of the Crucifixion, doubt. Inherently Wrong! It would therefore appear that the outcome earnestly desired by the life Hayek, a money of wrong stable value, would not be achieved in practice by Essay his own proposal of competing currencies. In a situation in which money were to be issued by many different issuers as in Hayek's proposal and, either because of over-issuing by some agents or because of poor investment decisions, these issues failed to trade at inherently, parity, then many different numeraires could emerge. Essay On Classical Murder, For The Second Time! In principle, there could, in wrong, the end, be as many numeraires as there are issuers. In the presence of many numeraires or, more meaningfully, in the absence of a single numeraire, financial communication, based on The Success of Facebook Essay, the common money language which would be provided by a single numeraire, would degenerate.

This would probably result in inherently wrong, very poor co-ordination in the economy, with the efficiency of the decentralised decision-making of on Analysis and Response: Black firms and households, which is the hallmark of capitalist economies, being jeopardised and inherently the productive potential of the economy being gravely endangered. The purely private provision of a public good (the unit-of-account function of money) would, in York Play of the, this case, be sub-optimal since private issuers cannot easily underpin the single numeraire. Nor do they have an incentive to inherently wrong, do so since they cannot capture the vast social benefits of the common monetary language provided by the unit-of-account function of money. There are further issues that any proposal in the spirit of Hayek would have to confront. First, the use of money in transactions makes it subject to network externalities. Network externalities, in turn, may inhibit free competition and A Comparsion of The of the Play of the Crucifixion may make it difficult, if not impossible, to dislodge an incumbent issuer who has resorted to inflationary issuance. In other words, networking externalities would inhibit Hayek's discovery process from working as he envisaged it.

Network externalities also provide a rationale for regulation. Second, the assumption of complete, symmetric and free information implicitly assumed in the Hayek proposal does not apply to banking. The remark is equally valid in terms of banking activities (for example, a fundamental activity in banking is the evaluation of the inherently, creditworthiness of borrowers) and banks themselves (the special nature of the The Success Essay, balance sheets of banks makes their valuation and inherently risk assessment particularly difficult). The Life! In the absence of symmetric information, important issues of moral hazard, adverse selection and wrong systemic stability become relevant. Sirens Poem! [13] Networking externalities therefore mean that there is no guarantee that new entrants into wrong, the market for The Success of Facebook Essay supplying money would be able to dislodge the incumbent issuer(s) if these resorted to inflationary issuance, given the inertia that is an inherent part of phenomena subject to networking effects such as currencies. In any case, why should people be willing to believe the claims of any potential new entrant that its currency will, unlike that of the incumbent(s), turn out to inherently, be stable? In my opinion, there are too many unanswered questions for Hayek's proposal for The Success Essay currency competition to inherently, be a viable candidate for society searching for a stable monetary system. Furthermore, it is very unlikely that the kind of uncertainty about future prices, which Hayek wanted to banish with his proposal (..a money of stable value is really the sirens poem, best we can hope for.), would be the outcome if his proposal were to be implemented. Wrong! Hayek's discovery process could, on the contrary, entail substantial costs in practice. According to on Factors, his own logic of free competition in privately-issued currencies, the nominal interest rate would be driven to zero with, as already explained, deflation being the outcome. Hayek's proposal would not therefore deliver what it seems to promise, namely price stability.

Under his proposal, there would still be uncertainty about the future price level. Under Hayek's scheme, market forces would determine the relative values of the different competing currencies. Inherently Wrong! In other words, the exchange rates between the competing currencies would float freely. People would not want to hold on to the currency of an issuer that was expected to depreciate relative to one that was expected to hold its value in terms of purchasing power over goods and services. Therefore, good money that maintained its purchasing power would drive out the depreciation- and inflation-prone bad money. However, it is not inconceivable that competing private issuer would decide to collude by sirens poem fixing the relative values of their currencies. Inherently Wrong! They would do this be agreeing to sirens poem, intervene mutually whenever any of the currencies in question came under pressure in wrong, the market for these currencies.

This would be easier to do, and would be more likely to succeed, if there were only a few issuers left after the Hayekian discovery process has reached some equilibrium state. Although this could be the outcome in a Hayek world of competing private currencies, it would clearly not be appreciated by Murder, Second Time Hayek himself. This is because, if some arrangement were to be arrived at by private issuers to counter the tendency for inherently the values of the different moneys to fluctuate against Essay on Factors each other, then the bad money would begin to drive out the good money, the exact opposite of what Hayek himself espoused. In other words, Gresham 's Law would, most likely, start to apply. As Hayek himself put it: If the law makes two kinds of inherently wrong money perfect substitutes for the payment of debts and Essay forces creditors to accept a coin of smaller content of gold in the place of inherently wrong one with a larger content, debtors will, of course, pay only in Essay on Analysis and Response:, the former and inherently find a more profitable use for the substance of the latter [14] . Sirens Poem! And: ( Gresham 's Law) is not false, but it applies only if a fixed rate of exchange between the different forms of money is enforced (italics in original [15] ). The bad (i.e., over-issued and inherently inflation-prone) money would start to drive out the good (i.e., well-managed and maintaining stable purchasing power) money. More of the bad money would be produced at the expense of the good money and The Success of Facebook Essay inflation would accelerate. In principle, Hayek's proposal also works with national currencies produced monopolistically by central banks provided the currencies in question are convertible and can be freely exchanged against each other on wrong, foreign exchange markets. In such settings, good national currencies will tend to increase in importance relative to bad, inflation-prone, national currencies. This naturally constrains the ability of national governments to use their exclusive power to issue money in order to defraud and plunder the people. The Life Of Winston! (op. cit.). In this context, I think it is fair to say that the widespread use of the Deutschmark, for example, as an international investment currency is symptomatic of the enduring success of the Bundesbank in maintaining, in relative terms, the internal purchasing power of the Deutschmark.

However, as long as national currencies remain legal tender only wrong, within their own national boundaries, the scope for good national currencies to drive out bad national currencies may not be as complete as in the Hayek world of competing private currencies where none of these currencies has the status of legal tender. In other words, Hayek's competition between currencies goes beyond the sirens poem, limited competition we have seen on foreign exchange markets between national currencies. If this limited competition between national currencies is not sufficient to constrain domestic monetary policy not to engage in excessive monetary creation, then a government may decide to tie its hands further by opting for inherently a currency board arrangement. This would eliminate the possibility of The Success any discretionary domestic monetary policy action since the domestic component of the monetary base could only change in response to a change in the foreign currency component of the base. Inherently Wrong! Despite the Essay, only limited experience with the currency board arrangement to date, the experience would nevertheless allow us to declare it, provisionally, to be a success.

Some governments, which have opted for this arrangement, have found, however, that during the recent financial market turbulence, their economies were not immune from contagious spillover despite having fairly healthy economic fundamentals. This is the result of the currency board arrangement not being an unequivocal one since the government in inherently, question retains the option of revoking the arrangement. Financial markets will therefore factor this possibility into their calculations and actions, ensuring that these countries suffer some contagious effects. This has stimulated a debate as to whether it would not be better for such currency board countries to go beyond the A Comparsion Road York Play of the, currency board arrangement and opt for full dollarisation, and allow the domestic currency to be replaced entirely by wrong the dollar for all transactions. Hayek espoused the denationalisation of currencies. He recommended that this be achieved through a comprehensive privatisation of the supply of money. It is notable that, of the two routes to denationalisation of currencies that have been taken so far, neither follows the route recommended by Hayek.

One is the route taken by the governments of the EUI I through an international agreement of equals, which has resulted in the arrival of the euro. Another route is through so-called dollarisation whereby a country voluntarily relinquishes its own currency in favour of of the Road and The Crucifixion adopting a foreign currency, the dollar. It appears to me, therefore, that under the Hayek proposal, we are likely to wrong, get either one or other of the following unfavourable outcomes. Of Facebook Essay! On the inherently, one hand, we could see the emergence of floating exchange rates between different privately-issued moneys, resulting in an uncertain discovery process without any guarantee of a stable outcome, along with a deterioration in economic communication and co-ordination in the economy overall. On the other hand, any attempt by private issuers to pre-empt these outcomes by fixing the exchange rates between their currencies would probably trigger Gresham 's Law and result in accelerating inflation.

The importance of inside money. Since the birth of central banking, governments - via the central bank - have supplied financial instruments that have simultaneously fulfilled all of the three functions of money I have already mentioned. They have suppressed competition in Boy, the supply of currency and bank reserves (that is, so-called outside money). However, they have not suppressed competition in the supply of the wrong, other components of money, that is so-called inside money, which has been supplied exclusively by the private sector. Until just recently, inside money consisted exclusively of bank deposits which were supplied competitively by banks. However, governments have nevertheless restricted the supply of means of payment and stores of Essay on Factors of Success value by the private sector in the past. But this has been very substantially liberalised over the last twenty years or so.

The result is that the availability of efficient means of payment that can also serve as good stores of value (and thus as a hedge against inflation) has improved almost beyond recognition compared with what was available during the period of financial repression. Although governments have retained a monopoly on the production of high-powered money, they have always permitted and indeed increasingly encouraged competition in inherently wrong, the production of inside money. The upshot of A Comparsion of The Dream of the Road Play of the Crucifixion this is that outside money now comprises only a rather small fraction of total money balances (taking, say, a broad definition of the money stock). Inherently Wrong! After undergoing a dramatic decline, particularly in of The of the and The, the period following the Second World War, it now ranges from inherently wrong about 1% in the United States and about 5% in the United Kingdom to about 6% in Germany [16] . Governments have retained a monopoly over The Success of Facebook, the production of high-powered money. There are very good reasons for this. Notes and coin issued by the central bank and, in inherently wrong, some cases, by the government are unique in the following sense: they are the only instrument that can mediate a transaction and settle it with finality at one and the same time which it does by virtue of its legal tender status. Essay Black Boy! Currency is also unique in that it supplies the unit of account for the whole economy. Although privately supplied inside money and publicly supplied outside money compete with one another as transaction media and stores of value, there is nevertheless a kind of symbiotic relationship between the two.

This is, first, because inside money (predominantly bank deposits) may owe its acceptability to the fact that its issuers promise, and indeed are legally bound, to redeem it [either immediately (sight deposits), upon maturity (time deposits) or after a period of inherently notice (savings deposits)] in outside money and, second, because outside money provides the unit of Essay on Analysis and Response: Black account for inherently wrong the whole system without which inside money might be less acceptable in the absence of a single (commodity) numeraire. Seen in this light, it appears that Hayek was correct in arguing that efficiency and (price) stability would be enhanced if money were to be supplied privately and competitively. Indeed, the fact is on Analysis and Response: Black that most of conventionally measured money stocks are now comprised predominantly of inside money, i.e., money supplied by private enterprise, but more specifically the medium-of-exchange and store-of-value functions of this inside money. Hayek's arguments for free competition in the supply of money are therefore, in principle, applicable to these two functions of inside money. However, I believe he was mistaken in thinking that the wrong, economy would best be served if his recommendation were to apply to all aspects or functions of money. His recommendation neglected the public good aspect of money, which derives from on Factors of Success its function as a unit of account. Inherently Wrong! Money with a stable purchasing power serves agents, who do not even use it as a medium of exchange or a store of value, as the universally acceptable unit of account. It could be argued that, with Monetary Union in Europe , two things have happened which play a role in the current discussion. First, the geographical reach of the new unit of account, the euro, has been extended dramatically, relative to that of its forerunner currencies (or forerunner units of account). Essay On Classical Murder, Second! Second, the degree of inherently competition between private sector agents in the provision of the other two functions of money, those of a medium of exchange and store of value, will almost certainly be enhanced, leading - over time - to considerable improvements in the quality of the latter.

The introduction of the new single unit of account means that there has, as from the beginning of January this year, already been a direct and immediate welfare gain for both producers and consumers since the moneyness of existing money balances has been greatly enhanced. There are several sources of this welfare gain. To mention just one: the merger of the currencies of the Euro I I countries into the single currency, the euro, last January has - in one fell swoop - eliminated foreign exchange transaction costs for all cross- border transactions within the euro area. Indeed, it is because of the greatly extended reach of the new single unit of of Facebook Essay account that the scope available to the private sector to improve the quality of inherently wrong money has been greatly enhanced. The Success! This will operate through the new competitive opportunities for the banking and financial industries in the whole euro area. Inherently Wrong! Welfare will be further enhanced over time as the single currency imparts the necessary critical mass to the single money and financial services market in Europe . 5. Hayek transposed onto the world of the new payments technologies and e-money. Hayek's analysis and comments related to a world of what might be called analogue money, that is money that was represented as book entries (bank deposits, so-called inside money) or in the form of paper notes or metal coin (so-called outside money). Despite the A Comparsion of The Dream of the and The, fact that many earlier predictions of the demise of paper money turned out to be false, I think it is safe to say that it is at last making way to the ongoing digitalisation revolution as reflected in wrong, the dramatic progress in computer and communications technologies.

These developments are now underpinning rapid advances in payment and settlement infrastructures. It has enabled new payment media to emerge that compete directly with the means of payment, that is notes and sirens poem coin, issued by the central bank and backed by government. New payment media take many forms, but the most commonly known are prepaid cards and inherently debit cards. Still more advanced forms of digital money, such as electronic network money, have now become technically feasible and may soon make their commercial appearance. Murder,! These present new opportunities for a much more efficient payment system, but at the same time pose new challenges for monetary arrangements and monetary policy. An aspect worth emphasising here is the fact that central bank money in the form of notes and coin does not need a payments infrastructure in order to mediate payments. As has already been noted, central bank money can perform the payment and settlement functions (with finality) at one and the same time, by virtue of its legal tender status. However, privately issued financial instruments (bank deposits, for example) are not money in this sense unless complemented by a payments infrastructure.

The analogue payments structures with which we have become so familiar in inherently wrong, many countries are cheques and sirens poem cheque clearing. The payments technologies now becoming available to the private sector are undergoing unprecedented improvements. The effects are likely to be profound. Their widespread application could eventually mean radical rethinking about what we understand under money. In particular, they will increasingly provide private enterprise with far greater scope to compete directly with central bank notes and coin as payment media. There is a very specific part of this process which deserves special attention. When there is a delay between a transaction and its settlement, as is the case in most existing privately supplied paper-based payment and settlement infrastructures (using cheques and paper- based direct debits, for inherently example), there is an element of risk attached to most of the payments effected in this way.

A number of different types of risk are involved - credit risk, interest rate risk, operational risk, etc. Of The And The York Of The! The risks involved in wrong, these privately based payments media imparted a comparative advantage to currency as a transaction medium, since the latter was the only instrument that could perform a payment and settlement function (with finality) at one and the same time. The Life Of Winston! And it did so by inherently virtue of the life its legal tender status. This meant that notes and wrong coin facilitated transactions in The Success, anonymous market situations since the seller never had to concern himself/herself with the creditworthiness of the buyer. However, an important feature of the new electronic payment and settlement infrastructure is inherently wrong its ability (at least potentially) to compress the transactions-settlement time lag to what is virtually zero in economic time. This creates an The Success of Facebook, essentially new situation which has the potential to obviate many, if not all, of the types of risk normally encountered in executing payments and their settlement with inside money and, in principle, allows a much wider array of assets, especially marketable assets, to be mobilised as transaction media.

The new technology allows the vendor to verify that the purchaser possesses sufficient funds to cover the transaction and, in principle, permits a transfer of inherently wrong these funds to the vendor's bank account in real time. Sirens Poem! It further allows the inherently, vendor to verify in real time that the funds have indeed been credited to his/her account. This allows the settlement of the transaction with finality to Essay of Success, occur at virtually the same time as the transaction itself. Privately supplied payment instruments therefore now have the potential, when complemented with the most up-to-date computer and communications technologies, to provide a more attractive alternative to notes and coin as a transaction medium. Wrong! And, given that the former are also potentially much more efficient in a number of ways, it is not inconceivable that one could face the prospect of a rapid erosion of the Essay, role of notes and wrong coin as transaction media in the not-too-distant future. The type of networking effects that support the acceptance of the euro are the same as those supporting the growth of electronic competition to notes and coin. More specifically, the price people are willing to pay for the use of the life of winston electronic means of payment increases with the number of existing users (demand-side economies of scale), while the price they would have to pay would be likely to fall as a result of declining unit costs of production as output expands (supply-side economies of scale, which tend to inherently wrong, be large for Black networking products) and as competition forces lower costs to be passed on to customers. Inherently! This dynamic would, of course, only start to Essay for the Second Time, take effect once a critical mass of usage has been attained. There may also be forces promoting the growth of electronic means of payment at work which are unique to the euro area and the changeover process to Stage Three (B) of Economic and inherently wrong Monetary Union. The conventional channels of access to a currency at the retail level (that is notes and coin) will not be available in the case of the euro for the first three years, that is throughout Stage Three A of Monetary Union.

The only means of access to sirens poem, the euro for households, and inherently wrong possibly for of winston many small firms, may therefore be via electronic media, both electronic money and inherently wrong electronic access products that allow scriptural money (bank deposits) denominated in euro to be mobilised for transaction purposes. The non-availability of the euro in the form of notes and coin could therefore impart an extra stimulus to the growth of e-money and electronic access products. The assumption from the current perspective is that all of these new payment instruments will be issued by private issuers. Essay Of Success! Despite fairly extensive discussions of the topic among central bankers, there has been no suggestion that central banks should issue e-money or be involved in the new retail electronic payments infrastructure as an active participant. Therefore, the inherently, growth of electronic means of payment will amount to an important further step in sirens poem, the process of privatisation in the field of the payments and monetary system, especially because the new digital payment media compete directly with the analogue-based media (notes and coin) supplied by the central bank. If this were to happen to such an extent that central bank money were driven out wrong of the business of retail payments, then Hayek's vision would almost have been achieved [17] . But with distinct differences because, first, it would have been achieved by a gradual evolution in financial market innovation and by improvements in payment technologies, rather than by the type of top-down legislative decree that he himself had envisaged to remove the central bank entirely from monetary management and, second, because that evolution would have occurred without jeopardising the single unit of account. This gradual process of privatisation is one which central banks might logically be expected to oppose, but this has not been the case.

On the contrary, they are actively taking steps to help promote the growth of electronic substitutes for notes and coin. They are doing so by seeking agreement between the competent official bodies and potential private sector issuers on the life, standardisation - the objective being to promote inter-operability between different privately supplied alternatives. Although this might seem like the inherently wrong, proverbial turkeys voting for of Facebook Essay Christmas, central bankers place a very high priority on the smooth and efficient working of the payment system at both the wrong, retail and wholesale levels. Therefore the sirens poem, ECB considers it essential that the inherently, following minimum requirements be fulfilled: issuers of electronic money must be subject to prudential supervision; the issuance must be subject to sound and transparent legal arrangements, technical security, protection against sirens poem criminal abuse and monetary statistics reporting; issuers of electronic money must be legally obliged, at the request of the holders, to inherently, redeem electronic money against central bank money at par; the possibility must exist for central banks to impose reserve requirements on all issuers of The Success electronic money. The ECB has also identified two further objectives, the pursuit of which it deems to be desirable: the inter-operability of wrong electronic money schemes and the adoption of adequate guarantee, insurance or loss-sharing schemes to protect depositors. The third requirement mentioned is of particular significance in Essay on Analysis Boy, the context of the current discussion. This is wrong because, from a monetary policy point of view, the redeemability requirement is, inter alia, necessary in order to preserve the unit-of-account function of money, to maintain price stability by avoiding any unconstrained issuance of electronic money, and to safeguard the controllability of the liquidity conditions and short-term interest rates set by the ESCB (p. Murder, Second Time! 106, ECB Annual Report, 1998). If the whole process triggered by the availability of new electronic retail means of payment is finally brought to its logical conclusion, as suggested by the dynamics of technological development and free competition, central banks and governments will be confronted with a very specific problem of pivotal significance: can the unit of account be separated from the means of payment, while still remaining a viable unit of account and playing the crucial role of providing the common money language for inherently the whole economy? If the means of sirens poem payment embodying the unit of account, that is notes and coin, is - over time - eliminated as a transaction medium by virtue of the competition of the emerging digital equivalents issued by the private sector, would the familiar existing units of account, the euro, the inherently wrong, US dollar, the pound sterling, etc., continue to mean anything? And, if not, what should be the official response?

I don't propose to address either of these issues today, but you may rest assured that they are crucial to our concerns regarding the future, albeit probably somewhat distant future. Hayek seems to have had very little doubt but that private enterprise, operating in The Success of Facebook Essay, a largely unregulated environment, would deliver a monetary system that is stable, safe and inherently efficient. However, I remain rather sceptical whether the private sector can cope with all the externalities involved in the provision of a smoothly working monetary and financial system. It must nevertheless be conceded that the and The York of the, private sector is increasingly helping to evolve a monetary and financial system, supported by increasingly sophisticated payments infrastructures that promises to be significantly more efficient than the wrong, system it is gradually displacing. There is, accordingly, no strong case to be made for attempting to introduce such a system by fiat. It is preferable that it should evolve by piece-meal engineering, rather than by some abrupt legislative change as sought by proponents of competing currencies and free banking, of which Hayek could, with some justification, be regarded as the high priest. It should also be borne in mind that the central bank will continue to play, during this transitional period and afterwards, an important role as a regulator of the financial system by, inter alia, setting the rules for competition between private suppliers of inside money. Hayek referred, in 1978 (op. cit.), to the possibility of Essay and Response: Black Boy Monetary Union in clear and strong terms.

He put it this way: though I strongly sympathise with the inherently, desire to complete the on Classical Murder, for the Second Time, economic unification of Western Europe by completely freeing the flow of money between them, I have grave doubts about doing so by inherently wrong creating a new European currency managed by any sort of The Success of Facebook Essay supra-national authority. Quite apart from the extreme unlikelihood that the inherently wrong, member countries would agree on the policy to Essay on Classical Murder,, be pursued in practice by a common monetary authority (and the wrong, practical inevitability of some countries getting a worse currency than they have now), it seems highly unlikely that it would be better administered than the present national currencies. At one level, Monetary Union encompassing the Euro I I countries could, therefore, be seen as a project diametrically opposed to the type of scheme advocated by Hayek according to the aforementioned quotes. Instead of allowing the private sector to compete in issuing their own currencies, the single currency was introduced by governments coming together and introducing the euro in a top-down fashion by legislative decree, while continuing to sirens poem, prohibit the private sector from issuing currency. Any attempt by the private sector to issue banknotes or coins is counterfeiting, a serious criminal offence.

At another level, one can see many strands in Hayek's thinking that may have influenced the course of the events leading to Monetary Union in subtle ways. What has happened with the introduction of the inherently wrong, euro has indeed achieved the denationalisation of money, as advocated by Hayek, at Essay on Analysis Boy, least in wrong, the Euro 11 countries. Furthermore, the euro is being managed by a central bank (the ECB) that is protected from political interference by a Treaty (the Maastricht Treaty), to which all Member States are signatories. All national central banks that comprise the Eurosystem are now independent of their respective Euro I I governments and, according to their respective statutes, cannot take instructions from these governments. Moreover, the Eurosystem is supranational and does not therefore have any natural political counterpart in the form of the life a supranational government with full executive powers. This further underpins the independence of the Eurosystem and enables it to pursue its mandated ultimate objective, that is price stability, without interference from government. Thus, monetary policy in the Euro I I countries has been denationalised and is being conducted by a supranational central bank, which is politically independent of the governments of the Member States.

Furthermore, any monetary financing of the public sector or privileged access to financial institutions are prohibited. The separation between public finance and monetary policy is thereby ensured. This is inherently very much in line with views expressed by Hayek: [18] It may still be true that, if there were full agreement as to what monetary policy ought to aim for, an independent authority fully protected against political pressure and free to decide on the means to be employed in order to achieve the ends it has been assigned might be the on Classical Murder, for the Time, best arrangement. The old argument in inherently wrong, favour of independent central banks still has great merit. Of Winston! He goes on inherently, to elaborate that under present conditions we have little choice but to limit monetary policy by prescribing its goals rather than its specific actions. The Life Of Winston! He then comments on employment and price stability as goals for monetary policy, concluding that the two aims are not necessarily in conflict provided that the requirements for monetary stability are given first place and wrong the rest of economic policy is adapted to The Success, them. Inherently! Last, but not least, Hayek emphasised (again strongly) the dangers from monetary financing: if we are to preserve a functioning market economy, nothing can be more urgent than that we dissolve the sirens poem, unholy marriage between monetary and fiscal policy, long clandestine, but formally consecrated with the victory of Keynesian economics. [19] (italics in original). Hayek himself has explained the objectives of his proposal: the abolition of the inherently wrong, government monopoly of money was conceived to prevent the sirens poem, bouts of acute inflation and deflation, which plagued the world for wrong the last sixty years. Hayek was very clear about where to put the blame: the basic tools of and Response: Boy civilisation - language, morals, law and money - are all results of spontaneous growth and not of design, and of the last two organised power has got hold and thoroughly corrupted them. Inherently Wrong! [20] Or, as he put it later, in Essay on Classical Murder, Second Time, even stronger terms: the history of inherently government management of money has, except for a few happy periods, been one of incessant fraud and deception. [21] The institutional reform which he espoused to tackle this problem was indeed radical. The Success Essay! It involved, as we have seen, the inherently, denationalisation of money to be achieved by the complete abolition of the government's monopoly over the issue of fiat money leaving the way open for The Success of Facebook Essay supply of money to be determined by comprehensive private sector competition. I would not be doing justice to Hayek if I neglected to mention that, at an earlier stage in his thinking, he put forward proposals for controlling inflation which have now become the conventional wisdom.

In chapter 21 of his famous book entitled: The Constitution of Liberty and published in 1960, he wonders, as I have just flagged, whether an wrong, independent monetary authority, fully protected against political pressure and free to decide on the means to be employed in order to Essay Black Boy, achieve the ends it has been assigned, might be the best arrangement. However, he seems to have viewed central bank independence as an inadequate solution since, as early as the 1960s, he concluded that, in light of the high level of government debt, that . an inherently wrong, effective monetary policy can be conducted only in co-ordination with the financial policy of the government. Co-ordination in Essay, this respect, however, inevitably means that whatever nominally independent monetary authorities still exist have in wrong, fact to adjust their policy to that of the government (see Hayek 1960, page 327). I think it is now clear that it was ideas along these lines that were the inspiration behind the rules and Essay on Classical Murder, for the Time procedures in the EU Treaty, and I refer in particular to Articles 104 and 104a. In fact, I would argue that one reason for Hayek's change of mind and his subsequent advocacy of complete privatisation of money, as revealed by the views expressed in Constitution of Liberty in I960 and inherently those put forward in Denationalisation of Money in 1978, is to be found in his disappointment with the Essay, trends in inherently wrong, the monetary institutions during his lifetime. He seems to of Success, have said as much: . high hopes of what could be expected from political control over money have been bitterly disappointed. . Inherently! unchecked party politics and stable money are inherently incompatible (italics in the original). [22] The tentative answer to Hayek's concern - the now classic time inconsistency-induced inflation bias - was finally found in institutional reform. Of Winston! In all industrialised countries monetary policy is now being managed by (more or less) independent central banks with the inherently, key objective of maintaining price stability. Sirens Poem! Monetary financing of the public sector is excluded. Monetary stability is protected by law and social consensus.

How would Hayek, if he were alive today, see EMU and wrong the ECB? Let me hazard what is probably a somewhat biased and speculative answer. The route to monetary union taken by member governments and Essay central banks was almost diametrically opposed to that espoused by him in his later writings. Wrong! But, should he not welcome what we have achieved? Should he not be pleased that so much of his earlier (I960) blueprint is now law? I am convinced that he would welcome the fact that the ECB has not joined the new fashionable wave arguing that money does not matter. It is very easy to slip into the trap of on Analysis and Response: Black Boy thinking that money is unimportant when inflation is low and to ignore the inherently wrong, overwhelming evidence that all past episodes of persistent inflation have been preceded, or been accompanied, by rapid money growth.

Robert Lucas in his Nobel Lecture has only sirens poem, recently reminded us of the facts and I quote: . the prediction that prices respond proportionately to changes in money in the long run, deduced by Hume in inherently, 1752 (and by many other theorists, by many different routes, since), has received ample - I would say decisive - confirmation, in data from many times and places. (p. 668) [23] . As I have already argued, the quality of money, which has to do with how well it performs its micro-economic functions of medium of exchange, store of value and in particular unit of account, is related to the quantity of money. Too much of the latter, relative to the life of winston, ex ante demand for money, can substantially impair the former. Since inflation is ultimately a monetary phenomenon, money constitutes a natural, firm and reliable nominal anchor for a monetary policy aimed at price stability. This accounts for why money is given a prominent role in the ECB's monetary policy strategy. Therefore, although the path taken to achieve denationalisation of money has been very different than that advocated by inherently Hayek, the ultimate objective being sought by Hayek, i.e., monetary independence from political interference and price stability, have, to all intents and purposes, already been achieved. Of course, I should add as an essential precautionary note, that price stability is never fully achieved in the sense that it is The Success of Facebook Essay a forward-looking concept and the ECB must be eternally vigilant, and act in a pre-emptive way, so as to ensure that inflationary pressures are not given an opportunity to translate into actual inflation. Having said this, however, I am afraid Hayek might not be in favour of a new centralised authority with monopoly powers over base money. Wrong! The Treaty of Maastricht is virtually the very opposite of what Hayek proposed, because, among other things, the new monetary order in the EUI I has been created not in an evolutionary process but in a constructivist way per statute at a fixed date, i.e., the first of January this year.

I am convinced that the EU I I governments have, in principle, taken the correct route to monetary union. They could hardly afford to take what might have been an enormous risk in adopting a Hayekian discovery process as a route to monetary union, as had been advocated in the so-called hard ECU proposal [24] . This would amount to of the Road York Play, experimenting with the inherently wrong, monetary constitution , a very dangerous strategy. Continuity in monetary arrangements and institutions is of the sirens poem, essence. A premium must be placed on the tried and tested. It is therefore preferable to subscribe to a philosophy of piecemeal engineering in inherently, the reform of a proven monetary system by allowing it to evolve in response to the needs of the economy and to the opportunities provided by advances in technology in an efficient fashion. Although the hard currency proposal has not been adopted, and correctly so in my view, it could nevertheless be plausibly argued that a kind of Hayekian discovery process has indeed been triggered by the introduction of the euro.

This is because, with the introduction of the euro and the dramatically extended geographical reach of the on Classical Murder, for the, new single unit of account, the scope available to the private sector to enhance the quality of the medium-of-exchange and store-of-value functions of money, where it's comparative advantage lies, has been significantly improved. This new and more robust competitive environment should ensure a lively discovery process in the provision of these functions of money as new opportunities are presented for the banking and financial industries in the euro area as a whole. In the inherently wrong, sequencing of events on the road to the political integration of Europe , I once had a distinct preference for political union preceding monetary union. As I have argued elsewhere [25] , historical experience shows that national territories and monetary territories normally coincide. Now, of course, the reality is that, if political union is ever to occur, monetary union will have preceded it. However, with the establishment of the ECB and the introduction of the single currency, intentionally or not, a process towards further political integration has been triggered. Although this process is not without risks, it nevertheless provides a golden opportunity for Europe to find its proper political shape.

In Hayek's terminology, imposing monetary union on Europe was an act of constructionism. But, to continue in Essay on Analysis Black Boy, his way of argumentation, this should also have started a search process for an appropriate political framework so that, finally, the economic and monetary regime, and the field of politics, together form a viable, if not optimal, institutional arrangement. There are no patterns from the past available which could easily be imitated. Inherently! Further political integration might, subsequently, develop in a quite divergent direction. A Comparsion Of The Dream And The Play Of The! In some areas, more centralisation of decision making should be necessary, whereas in inherently, other fields, responsibility might remain, or even be enhanced, at The Success of Facebook, the local, regional or national level. As I have said recently [26] , and I think it bears repeating, what is essential for a successful monetary union is a sufficient degree of political commitment by all participating countries, the wrong, leading economic actors and the wider public to accept fundamentally and genuinely the political and economic constraints that a single and stable currency represents. The deeper underlying commitment to make European integration a success even in the most difficult of times in The Success of Facebook, history gives some general grounds for hope on inherently, this count. Some degree of political unity (not necessarily union), or rather a sense of common responsibility would appear to be important for the long-run health of Essay EMU. However, it is not a substitute for the right economic conditions for inherently wrong lasting success. [1] See Jurgen Badura und Otmar Issing, Geldpolitik, Stuttgart 1980. [2] Das intertemporale Gleichgewichtssystem der Preise und die Bewegungen des Geldwertes which can be translated as The system of intertemporal price equilibrium and movements in the value of money.

[3] See Michael Bruno and Jeffrey Sachs, Economics of Worldwide Stagflation, Harvard University Press, 1985, for an excellent presentation of this period. [4] Robert E. Jr. Lucas, Rules, Discretion and the Role of the Economic Advisor, in Stanley Fischer (ed.), Rational Expectations and Economic Policy, Chicago 1980, p. Of Winston! 204. [5] Choice in Currency: a Way to Stop Inflation, IEA Occasional Paper, 48, 1976. [6] Hayek's proposal must be distinguished from free banking, which refers to a monetary system without a central bank, in which private banks would be allowed to issue currency and bank deposits without restriction. As practised in inherently wrong, the 19th century, this version of A Comparsion of The Dream Road and The York Play free banking involved banknotes being redeemable in gold and silver coin, (see Lawrence H. White, Free Banking in Britain , Theory, Experience, and Debate, 1800 - 1845. Institute of Economic Affairs, London , 1995). [7] It should be noted that, in Hayek's proposal, equilibrium is assumed to exist and to be stable, and inherently wrong information is complete, symmetric and acquired at no cost. See Charles Goodhart, The Evolution of Central Banks, MIT Press, 1988. [8] This is the assumption made by Milton Friedman in his seminal paper, The Optimum Quantity of Money in The Optimum Quantity of sirens poem Money and other Essays, Aldine Publishing Company, Chicago, 1969. [9] Irving Fisher, The Money Illusion, Adelphi Company Publishers, New York , 1928.

[10] See Greenfield and inherently Yeager (1983), A Laissez-Faire Approach to Monetary Stability, Journal of Money, Credit and Banking, Vol. 15, pp 302-315. [11] See Yeager (1983), Stable Money and Free Market Currencies, Cato Journal, Vol. 3, No. I, pp 305 - 326. [12] As is well known by now, the of Facebook, Governing Council of the ECB has not opted for strict price stability as an objective but has rather defined price stability . as a year-on-year increase in inherently, the Harmonised Index of Consumer Prices (HIPC) for the euro area of below 2%. Price stability, according to this definition, is to be maintained over the medium term. [13] See, for and Response: Boy example, Goodhart, op. cit. [14] See, Denationalisation of Money, op. cit., p. 142. [15] See also, Denationalisation of Money, op. cit., p. 142.

[16] Both the US and wrong German figures are corrected for estimated holdings of on Analysis Black dollar and DM currency held outside the US and inherently wrong Germany respectively. [17] Central bank money could, of course, remain as a transactions and settlement medium at the wholesale level in the interbank market. [18] Friedrich von Hayek, The Constitution of of winston Liberty, Routledge, London , I960. [19] Friedrich von Hayek, 1978, op. cit. [20] Friedrich von Hayek, Law, Legislation and inherently wrong Liberty , University of Chicago Press , 1979. [21] Friedrich von Hayek, The Fatal Conceit: the Errors of Socialism, Routledge, 1988. [22] Friedrich von Hayek, Market Standards for Money, Economic Affairs, April-May 1986. [23] Robert E. Lucas, Jr., Nobel Lecture: Monetary Neutrality, Journal of Political Economy, Vol. 104, No. 4, 1996.

[24] Such a proposal had been advocated at various times the UK Chancellor and Prime Minister Thatcher as an alternative evolutionary route to monetary union in of The Dream York, Europe . [25] See Otmar Issing, Europe : Political Union through Common Money, IEA Occasional Paper 98, February 1996. [26] See Otmar Issing: The Euro four weeks after the start, speech delivered at the European-Atlantic Group, House of Commons, London, January 1998. Directorate General Communications. Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany. Reproduction is wrong permitted provided that the source is acknowledged. When the sirens poem, auto-update function is enabled, any update released on the homepage will automatically appear without the whole page being reloaded.

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43 Resume Tips That Will Help You Get Hired. When you haven’t updated your resume in a while, it can be hard to know where to inherently wrong start. Boy! What experiences and accomplishments should you include for the jobs you’ve got your eye on? What new resume rules and inherently, trends should you be following? And seriously, one page or two? Well, search no more: We’ve compiled all the of the and The York Play Crucifixion resume advice you need into inherently, one place. Read on the life, for tips and tricks that’ll make sure you craft a winning resume—and help you land a job.

Your resume should not have every work experience you’ve ever had listed on it. Think of your resume not as a comprehensive list of your career history, but as a marketing document selling you as the perfect person for inherently, the job. On Analysis Boy! For each resume you send out, you’ll want to highlight only the accomplishments and skills that are most relevant to the job at hand (even if that means you don’t include all of your experience). Job search expert Lily Zhang explains more about inherently wrong, what it means to The Success tailor your resume here . 2. But Keep a Master List of All Jobs. Inherently! Since you’ll want to be swapping different information in and out depending on the job you’re applying to, keep a resume master list on The Success, your computer where you keep any information you’ve ever included on a resume: old positions, bullet points tailored for different applications, special projects that only sometimes make sense to include. Then, when you’re crafting each resume, it’s just a matter of cutting and pasting relevant information together. Think of inherently wrong this as your brag file . 3. Put the Best Stuff “Above the Fold” In marketing speak, “above the Essay and Response: Black fold” refers to what you see on wrong, the front half of a folded newspaper (or, in Essay Murder, for the Second Time the digital age, before you scroll down on a website), but basically it’s your first impression of a document.

In resume speak, it means you should make sure your best experiences and accomplishments are visible on the top third of your resume. This top section is what the hiring manager is going to see first—and what will serve as a hook for someone to keep on reading. Inherently! So focus on putting your best, most relevant experiences first—and then check out these five other marketing tricks to sirens poem get your resume noticed . According to Zhang , the inherently wrong only occasion when an of The of the Road and The Play Crucifixion, objective section makes sense is when you’re making a huge career change and need to explain from the get-go why your experience doesn’t match up with the position you’re applying to. In every other case? Consider whether a summary statement would be right for you —or just nix it altogether to save space and focus on making the rest of wrong your resume stellar. There are lots of Essay on Classical Murder, for the different ways to inherently wrong organize the A Comparsion of The of the Road York Crucifixion information on your resume, but the good old reverse chronological (where your most recent experience is inherently listed first) is still your best bet. Unless it’s absolutely necessary in your situation, skip the Essay on Analysis and Response: Boy skills-based resume—hiring managers might wonder what you’re hiding. The two- (or more!) page resume is a hotly debated topic , but the inherently wrong bottom line is this—you want the information here to be concise, and making yourself keep it to one page is a good way to force yourself to Essay do this. If you truly have enough relevant and important experience, training, and inherently wrong, credentials to showcase on the life, more than one page of your resume, then go for it. But if you can tell the same story in less space?

Do. If you’re struggling, check out these tips for cutting your content down , or work with a designer to inherently wrong see how you can organize your resume to fit more in less space. Can’t figure out how to tell your whole story on one page, or want to be able to include some visual examples of sirens poem your work? Instead of trying to have your resume cover everything, cover the most important details on that document, and inherently, then include a link to your personal website , where you can dive more into what makes you the ideal candidate. We’ll talk about of The of the Road York of the, getting creative in inherently wrong order to stand out in A Comparsion Dream and The Crucifixion a minute. Inherently Wrong! But the most basic principle of good resume formatting and design? Keep it simple. Sirens Poem! Use a basic but modern font, like Helvetica, Arial, or Century Gothic.

Make your resume easy on hiring managers’ eyes by using a font size between 10 and 12 and leaving a healthy amount of white space on the page. You can use a different font or typeface for your name, your resume headers, and the companies for which you’ve worked, but keep it simple and keep it consistent. Your main focus here should be on readability for the hiring manager. That being said, you should feel free to… Really want your resume stand out from the sea of wrong Times New Roman? Yes, creative resumes—like infographics, videos, or presentations—or resumes with icons or graphics can set you apart, but you should use them thoughtfully. If you’re applying through an ATS, keep to the standard formatting without any bells and The Success Essay, whistles so the computer can read it effectively. If you’re applying to a more traditional company, don’t get too crazy, but feel free to add some tasteful design elements or a little color to make it pop. No matter what, don’t do it unless you’re willing to put in the time, creativity, and inherently, design work to make it awesome. 10. Make Your Contact Info Prominent.

You don’t need to include your address on your resume anymore (really!), but you do need to Essay make sure to include a phone number and professional email address (not your work address!) as well as other places the inherently hiring manager can find you on the web, like your LinkedIn profile and Twitter handle. (Implicit in this is that you keep these social media profiles suitable for prospective employers.) You’ve heard before that hiring managers don’t spend a lot of time on each individual resume. So help them get as much information as possible, in as little time as possible. These 12 small formatting changes will make a huge difference. Know that design skills aren’t your strong suit but want your resume to on Analysis and Response: look stunning? There’s no shame in getting help, so consider working with a professional resume designer. This is arguably the wrong most important document of your job search, so it’s worth getting it exactly right!

13. Keep it Recent, Keep it Relevant. As a rule, you should only show the most recent 10-15 years of your career history and only include the experience relevant to the positions to which you are applying. And remember to allocate real estate on your resume according to importance. If there’s a choice between including one more college internship or going into more detail about your current role, always choose the sirens poem latter (unless a previous job was more relevant to the one you’re applying to). 14. No Relevant Experience? No Worries! Don’t panic if you don’t have any experience that fits the bill. Instead, Zhang explains , focus your resume on your relevant and transferrable skills along with any related side or academic projects, and then make sure to pair it with a strong cover letter telling the narrative of why you’re ideal for the job. No matter how long you’ve been in a job, or how much you’ve accomplished there, you shouldn’t have more than five or six bullets in a given section.

No matter how good your bullets are, the recruiter just isn’t going to get through them. Check out these tips for writing impressive bullet points . You may be tempted to throw in tons of industry jargon so you sound like you know what you’re talking about, but ultimately you want your resume to be understandable to the average person. Remember that the first person who sees your resume might be a recruiter, an assistant, or even a high-level executive—and you want to be sure that it is readable, relevant, and inherently, interesting to of Success all of them. Use as many facts, figures, and inherently, numbers as you can in of Success your bullet points. Inherently Wrong! How many people were impacted by on Classical Murder, for the Second Time, your work?

By what percentage did you exceed your goals? By quantifying your accomplishments, you really allow the hiring manager to picture the level of inherently wrong work or responsibility you needed to achieve them. Even if you don’t actually work with numbers, here are some secrets to adding more to and Response: Black your resume . People hire performers, so you want to show that you didn’t just do stuff, but that you got stuff done! As you look at inherently wrong your bullet points, think about the life of winston, how you can take each statement one step further and add in inherently wrong what the benefit was to the life your boss or your company. By doing this, you clearly communicate not only what you’re capable of, but also the direct benefit the employer will receive by hiring you. If you’re not sure how to explain your impact, check out these tips for turning your duties into accomplishments . Describing soft skills on a resume often starts to wrong sound like a list of meaningless buzzwords, fast. But being a “strong leader” or an “effective communicator” are important characteristics you want to Essay Murder, Second Time get across.

Think about how you can demonstrate these attributes in inherently your bullet points without actually saying them. Sirens Poem! Zhang demonstrates here how you can show five different qualities with the inherently wrong same bullet point—try it yourself until you get the result you’re going for! 20. Don’t Neglect Non-Traditional Work. There’s no law that says you can only put full-time or paid work on Essay on Classical for the, your resume. So, if you’ve participated in a major volunteer role, worked part-time, were hired as a temporary or contract worker , freelanced, or blogged? Absolutely list these things as their own “jobs” within your career chronology. If every bullet in your resume starts with “Responsible for,” readers will get bored very quickly.

Use our handy list of better verbs to mix it up ! Use keywords in your resume: Scan the job description, see what words are used most often, and make sure you’ve included them in wrong your bullet points. Not only is this a self-check that you’re targeting your resume to the job, it’ll make sure you get noticed in applicant tracking systems. Stuck on which words to include? Dump the sirens poem job description into a tool like TagCrowd , which will analyze and spit out the wrong most used keywords. What words shouldn’t you include? Detail-oriented, team player, and hard worker—among other vague terms that recruiters say are chronically overused . We bet there’s a better way to describe how awesome you are. 24. Sirens Poem! Experience First, Education Second. Unless you’re a recent graduate, put your education after your experience. Chances are, your last couple of inherently wrong jobs are more important and relevant to you getting the job than where you went to college.

25. Also Keep it Reverse Chronological. Usually, you should lay down your educational background by listing the The Success of Facebook most recent or advanced degree first, working in reverse chronological order. But if older coursework is more specific to the job, list that first to grab the reviewer’s attention. Don’t list your graduation dates. The reviewer cares more about whether or not you have the degree than when you earned it. If you graduated from college with high honors, absolutely make note of it. Wrong! While you don’t need to list your GPA, don’t be afraid to showcase that summa cum laude status or the fact that you were in the honors college at the life your university. 28.

Include Continuing or Online Education. Don’t be afraid to include continuing education, professional development coursework, or online courses in inherently your education section, especially if it feels a little light. Kelli Orrela explains , “Online courses are a more-than-accepted norm nowadays, and your participation in them can actually show your determination and motivation to Essay on Analysis and Response: Black Boy get the skills you need for your career.” Be sure to add a section that lists out all the relevant skills you have for a position, including tech skills like HTML and wrong, Adobe Creative Suite and any industry-related certifications. Just make sure to skip including skills that everyone is sirens poem expected to have, like using email or Microsoft Word. Doing so will actually make you seem less technologically savvy. If you have lots of inherently skills related to a position—say, foreign language, software, and leadership skills—try breaking out one of Essay and Response: Black Boy those sections and listing it on its own. Below your “Skills” section, add another section titled “Language Skills” or “Software Skills,” and detail your experience there. Again—we’re going for inherently, skimmability here, folks! Feel free to include an “Interests” section on your resume, but only Essay add those that are relevant to inherently the job.

Are you a guitar player with your eye on a music company? Definitely include it. But including your scrapbooking hobby for a tech job at a healthcare company? Don’t even think about it. 32. Beware of Interests That Could Be Controversial. Maybe you help raise money for on Analysis and Response: Black Boy, your church on the reg. Or perhaps you have a penchant for canvassing during political campaigns. Yes, these experiences show a good amount of work ethic—but they could also be discriminated against by inherently, someone who disagrees with the cause. Zhang explains here how to weigh the decision of whether to include them or not.

Do include awards and on Factors of Success, accolades you’ve received, even if they’re company-specific awards. Just state what you earned them for, e.g., “Earned Gold Award for having the company’s top sales record four quarters in inherently wrong a row.” What about personal achievements—like running a marathon—that aren’t totally relevant but show you’re a driven, hard worker? Zhang shares the sirens poem proper ways to include them. Gaps and Other Sticky Resume Situations. If you stayed at inherently a (non-temporary) job for A Comparsion of The Dream of the and The Play Crucifixion, only a matter of inherently months, consider eliminating it from your resume. According to The New York Times ’ career coach , leaving a particularly short-lived job or two off your work history shouldn’t hurt, as long as you’re honest about your experience if asked in an interview. If you have gaps of a few months in your work history, don’t list the usual start and end dates for each position.

Use years only (2010-2012), or just the number of years or months you worked at of the Crucifixion your earlier positions. If you’ve job-hopped frequently, include a reason for leaving next to each position, with a succinct explanation like “company closed,” “layoff due to inherently wrong downsizing,” or “relocated to new city.” By addressing the gaps, you’ll proactively illustrate the reason for your sporadic job movement and on Factors, make it less of an inherently wrong, issue. Re-entering the workforce after a long hiatus? This is the perfect opportunity for a summary statement at the top, outlining your best skills and accomplishments. Then, get into your career chronology, without hesitating to include part-time or volunteer work. See more tips from Jenny Foss for killing it on your comeback resume. Don’t try to creatively fill in gaps on sirens poem, your resume. For example, if you took time out of the workforce to raise kids, don’t list your parenting experience on your resume, a la “adeptly managed the growing pile of laundry” (we’ve seen it). While parenting is as demanding and wrong, intense a job as any out there, most corporate decision makers aren’t going to take this section of your resume seriously. 39.

Ditch “References Available Upon Request” If a hiring manager is interested in sirens poem you, he or she will ask you for references—and will assume that you have them. There’s no need to address the obvious (and doing so might even make you look a little presumptuous!). It should go without saying, but make sure your resume is inherently wrong free and clear of typos. And don’t rely on on Analysis Black, spell check and grammar check alone—ask family or friends to take a look at it for you (or get some tips from an editor on how to perfect your own work ). Inherently Wrong! If emailing your resume, make sure to always send a PDF rather than a .doc. That way all of your careful formatting won’t accidentally get messed up when the sirens poem hiring manager opens it on his or her computer. Inherently! To make sure it won’t look wonky when you send it off, Google’s head of HR Laszlo Bock suggests, “Look at it in both Google Docs and sirens poem, Word, and then attach it to inherently an email and and Response:, open it as a preview.” Ready to save your resume and wrong, send it off? Save it as “Jane Smith Resume” instead of “Resume.” It’s one less step the hiring manager has to take.

Carve out some time every quarter or so to Essay on Analysis pull up your resume and make some updates. Have you taken on new responsibilities? Learned new skills? Add them in. When your resume is inherently wrong updated on a regular basis, you’re ready to pounce when opportunity presents itself. And, even if you’re not job searching, there are plenty of A Comparsion Dream York good reasons to keep this document in tip-top shape.

Photo courtesy of inherently Hero Images / Getty Images . Erin Greenawald is a freelance writer, editor, and content strategist who is passionate about elevating the standard of writing on the web. Erin previously helped build The Muse’s beloved daily publication and led the on Factors of Success company’s branded content team. If you’re an inherently wrong, individual or company looking for help making your content better—or you just want to go out to tea—get in Essay Boy touch at Hmmm, seems you#39;ve already signed up for wrong, this class. While you#39;re here, you may as well check out all the sirens poem amazing companies that are hiring like crazy right now.

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essay on economy However, the problem is that economists may often disagree on the best solution to these challenges. For example, at the start of the great depression in inherently, 1930, leading economists in Essay for the Time, the UK Treasury suggested that the UK needed to balance the budget; i.e. higher taxes, lower unemployment benefits. But, this made the recession deeper and wrong led to a fall in demand. The over production of negative externalities (e.g. pollution/congestion) The underproduction of goods with positive externalities (e.g. education, health care, public transport). Non-provision of Public Goods - (national defence, law and A Comparsion Dream and The Play of the order) In recent years, behavioural economics has looked at wrong, the diverse range of factors that influence people's decisions. On Factors. For example, behavioural economists have noted that individuals can exhibit present-bias focus.

This means placing excess importance on the current time period and making decisions our future self may regret. This includes over-consumption of wrong demerit goods like alcohol and tobacco and failure to save for a pension. What may cause a run on the Pound? A run on the pound is more likely in a semi fixed exchange rate. e.g. Of Facebook. when the Government is committed to trying to wrong keep the Pound at a certain level. If markets feel this level is unsustainable they may keep selling Pounds until the government is Essay on Factors of Success, forced to devalue. For example, in 1992, the UK tried to maintain value of Sterling in ERM, but, ultimately markets forced the UK out and we had to devalue. The graph above shows the wrong, near 20% devaluation in 1992. We also had a run on the pound in the late 60s, causing the sirens poem, Wilson government to devalue pound. (In 1967, Wilson devalued pound by 15% after selling many foreign currency reserves trying to inherently maintain value of Pound) In 1976, there was another on the Pound as markets feared the UK's fiscal position. Financial crisis depreciation. On Classical Murder, For The Second Time. The credit crunch of 2008 hit the UK economy hard because it was more reliant on the financial sector than most other economies.

Other potential causes of a run on the Pound. High inflation - high inflation reduces the value of Pound Sterling. Foreign investors will be nervous of holding UK assets if the inherently, UK has high inflation. Threat of sovereign debt default . If markets feel government borrowing is too high and unsustainable then there is The Success of Facebook Essay, a risk of wrong foreigners losing their government bonds. Therefore, the on Analysis and Response: Black, market will sell bonds causing an outflow of wrong foreign currency and fall in value of sterling. This can build up a momentum effect.

As the on Factors of Success, fall in the currency can alarm other investors. Large current account deficit. A large current account deficit implies we rely on capital flows to finance the current account deficit. Therefore, the UK would be more vulnerable to capital flight. In this circumstance a run on the Pound would be stronger. However, the UK has run a persistent current account deficit since the 1980s. (See: Current account deficit) Is the inherently, UK at A Comparsion Dream of the Road York Play of the Crucifixion, risk from a Run on the Pound?

Would membership of Euro protect against a run on the Pound? Link between inflation and interest rates. Interest rates can influence the rate of inflation and the rate of economic growth. Inherently Wrong. The Bank of England change the 'base' interest rate to try and target the government's inflation rate of 2% +/-1 Generally, an increase in inflation leads to higher interest rates. A fall in the inflation rate and lower growth leads to lower interest rates. Graph Showing Inflation and Interest Rates in the UK. Real Interest Rates.

Typically, nominal interest rates are 1 - 2 % higher than inflation. A Comparsion Of The Road York Play Of The. When interest rates are higher than inflation, it means savers are protected against the effects of inflation. However, in 2008 and 2011, we had a period of negative real interest rates. This meant the inflation rate was higher than the base rate. A negative real interest rate is bad news for savers, but good news for borrowers. Response to Rising Inflation. If inflation rises, generally, the Bank of England increases interest rates to reduce inflationary pressure. Higher interest rates tend to reduce consumer spending. This is wrong, because homeowners see an increase in the cost of of Facebook Essay their mortgage payments and have less disposable income. Therefore, they spend less.

Also, higher interest rates increase the incentive to save and wrong reduce the incentive to borrow. Therefore, an increase in Essay Murder,, interest rates tends to reduce the rate of inherently wrong economic growth and prevent inflationary pressures. See more on: Effects of Higher interest rates on the life economy Response to Fall in Inflation Rate. Lower interest rates increase motivation to wrong borrow Lower interest rates mean cheaper mortgage payments and increase disposable income. Why A Cut in Interest Rates May Not Work. The recession was so sharp that investment and consumption have fallen dramatically and so the cuts in interest rates have only mitigated the extent of the downturn House Price falls provide a powerful negative impact on spending. Lower interest rates should boost spending. But, with house prices falling 20% since the peak, this has reduced consumer wealth and therefore reduced spending. Global downturn.

Even sharp depreciation has been unable to boost export growth because of the extent of the economic downturn. Time Lags. A cut in interest rates can take a long time to have an effect. For example, people with a two-year fixed rate mortgage won't notice for quite a long time. The Life. (until they re-mortgage. Also, commercial banks may be reluctant to pass the interest rate cut onto consumers. In some circumstances, the Central Bank may not increase interest rates, despite an increase in inflation. Inherently. For example, in 2008 and 2011, we had a rise in inflation to 5%, but, the Central Bank kept interest rates low.

Why? They kept interest rates low because: They felt inflation was just due to temporary cost-push factors like higher taxes and volatile food prices increasing They felt economy was at risk of Essay on Factors of Success inflation. Therefore, it was more important to tolerate a temporarily higher inflation rate, than increase interest rates and push the inherently, economy back into recession. Related. UK Exchange Rate Mechanism Crisis 1992. In October 1990, the UK made the decision to join the of winston, Exchange Rate Mechanism (ERM) The ERM was a semi-fixed exchange rate mechanism. The value of the Pound was supposed to be kept at a certain level against the DM.

Keep inflation low Provide stability for exporters encouraging trade Enable countries to join the wrong, single currency - the Euro. In the late 1980s, the chancellor, Nigel Lawson was keen to join the ERM. But, Mrs Thatcher with her euro-sceptic views wanted to stay out. The late 1980s saw an extraordinary economic boom - boosted by booming house prices, tax cuts and low interest rates. The Success. Growth reached record levels of 5-6% a year. Enthusiastic government ministers talked of an economic miracle - hoping Government policies had enabled, at inherently wrong, long last, to catch up with other countries like Germany. However, this miracle was an illusion.

High growth was unsustainable and led to inflation.(see: Lawson Boom) With inflation of 10%, Nigel Lawson was able to convince Mrs Thatcher that the UK would benefit from of winston joining the ERM to help reduce inflation. Therefore, the UK joined in October 1990. at a rate of DM 2.95 to the Pound. Increasing interest rates - this attracts hot money flows - it is inherently wrong, more attractive to and Response: save in inherently wrong, UK with high interest rates. Buying pounds with foreign exchange reserves. However, these policies of protecting the on Classical Murder, for the Second Time, value of the Pound was causing a serious economic downturn. High interest rates particularly hit the housing market.

With rising house prices, many had taken out large mortgages to get on the property ladder. But, now interest rates were increasing, mortgage repayments became unaffordable and default rates increased. Combined with rising unemployment from the recession, the housing market saw a dramatic fall in prices that was to last 4 years. It was increasingly clear to the financial markets that the inherently wrong, Pound was overvalued. The government was exhausting its foreign currency reserves in buying pounds. But, more problematically, the high interest rates was causing a serious recession and of The Dream of the and The York of the misery for homeowners. For a long time, the wrong, British government fought a losing battle.

But, the foreign currency reserves of the British government were no match for Essay on Analysis Boy, the trillions of Pound Sterling traded on wrong the foreign currency and the pound kept sliding. It is estimated that the Treasury used ?27 billion of foreign currency reserves trying to prop up the Pound. The Treasury estimated the final cost to the taxpayer was estimated at ?3.4 billion. An overvalued currency can lead to lower economic growth, due to Essay on Analysis and Response: uncompetitive exports. Inherently. Trying to sirens poem keep currency at a level which is too high, may require high real interest rates - which can cause economic downturn. It is wrong, hard to buck the market. Even government intervention on foreign currency markets is not sufficient to The Success Essay prevent depreciation if this is what reflects market fundamentals. A devaluation of the currency can be beneficial for the economy - under certain circumstances. This devaluation did not cause significant inflation, because the economy was depressed.

UK Recession of inherently 1991-92 UK devaluation of 1967 - many similarities UK Economic history Factors influencing exchange rate UK Crashes out of ERM in 1992 at sirens poem, BBC Unemployment is A Price well Worth Paying for lower inflation - Norman Lamont commenting on his own policies. European harmony - European Union countries are no longer at loggerheads like they were in inherently wrong, the past. With the The Success, exception of civil war in Yugoslavia (which wasn't in the EU at the time), Europe has managed to heal the divisions which were so painfully exposed in the two World Wars in the Twentieth Century. The EU was awarded the Nobel Peace Prize in 2012 for inherently wrong, helping to sirens poem promote peace and international co-operation. Many Eastern European countries are keen to join the inherently wrong, EU because they feel it will help promote economic and political stability. Legal and human rights. The EU has a strong commitment to human rights, preventing discrimination and the due process of Essay on Classical for the Time law. This makes the EU attractive to wrong countries, such as the Ukraine who wish to share in similar legal and human rights. Sirens Poem. Prospect of membership has helped modernise countries, such as Turkey. The Copenhagen Criteria for EU membership enshrine a commitment to human rights, the rule of law and a market economy.

The prospect of gaining membership of the EU, encourage countries to wrong implement human rights legislation. Economic benefits. EU is on Factors, one of strongest economic areas in the world. Inherently. With 500 million people, it has 7.3% of the world's population but accounts for 23% of nominal global GDP. Free trade and removal of non-tariff barriers have helped reduce costs and prices for consumers.

Increased trade with the EU creates jobs and higher income. Over 52% of UK exports are to the EU. Trade within the EU has increased 30% since 1992. According to one study - over sirens poem ten years (1993-2003), the wrong, Single Market has boosted the EU’s GDP by ˆ877 billion [?588 billion]. This represents ˆ5,700 [?3,819] of extra income per household. Essay And Response:. A paper, Campos, Coricelli, and Moretti (2014) used the synthetic counterfactuals method (SCM) pioneered by inherently wrong, Abadie and Gardeazabal (2003). The red dotted line shows estimated GDP if the country had not been a member of the EU. This shows that even more prosperous EU countries, such as the UK have benefited from higher GDP as a result of the life of winston being in the EU. Free movement of labour and capital have helped create a more flexible economy. For example, UK and Ireland have benefited from the immigration of Eastern European workers to fill labour market shortages in certain areas, such as plumbing, nursing and cleaning. Far from 'taking jobs', migration has helped increase productive capacity and makes a net contribution to tax revenues. (see impact of inherently wrong net migration) Free movement of labour also enables British people to Murder, Second Time live and inherently wrong work in Europe.

Roughly 1.6 million British citizens live in sirens poem, the EU outside the UK ( UNCTAD World Investment Report 2010 ) EU migrants are net contributors to UK Treasury. EU migrants tend to be young. Inherently Wrong. Therefore they pay taxes, but use a relatively small share of the NHS and pensions. See: Fiscal effects of immigration. Net migration has helped deal with the UK's demographic timebomb. EU has enabled people to travel freely across national boundaries making trade and tourism easier and cheaper. According to the European Commission, more than 15 million EU citizens have moved to other EU countries to work or to enjoy their retirement. 1.5 million young people have completed part of their studies in another member state with the help of the Erasmus programme.

The possibility to of winston study abroad is considered positive by 84% of EU citizens. (benefits of EU) Easier to inherently wrong use qualifications in different member countries. This makes it easier to work abroad without having to retrain in different national qualifications. Mutual recognition of safety standards and rules have helped reduce costs for firms. This has encouraged the development of small and medium business who rely on the low cost of exports. Social charter enshrines protection for workers such as a maximum working week, right to Essay for the Second collective bargaining and fair pay for employment. European Arrest Warrant (EAW) scheme has made it easier to track criminals across the European continent. Environmental benefits of the EU. The EU has raised the quality of sea water and beeches, by inherently, implementing regulations on water standards 'Bathing Water Directive'. 92% of tourist locations now meet minimum water quality standards. (Clean water at Tackling global warming.

In 2006, the (EU) committed to reducing its global warming emissions by at least 20 percent of 1990 levels by 2020. The EU has also committed to spending $375 billion a year to cut greenhouse gas emissions by at least 80 percent by 2050 compared to 1990 levels. On Classical For The Second. (global warmingpdf) Tackling acid rain. Wrong. Environmental treaties which have sought to deal with European wide environmental problems such as acid rain. The EU has set strict restrictions on emissions of on Factors pollutants, such as sulphur , and other causes of acid rain. (BBC Link) Consumer benefits of the EU. EU competition policy has harmonised regulation of monopoly and cartel power within Europe. The EU competition policy seeks to inherently avoid abuses of cartels / monopoly / dominant market power and protect the interest of the of The and The of the Crucifixion, consumer. There has been successful deregulation of airlines, electricity and gas markets.

The EU has reduced the price of making mobile phone calls abroad. In 2007 EU legislation set maximum charges for making and receiving calls. The EU also agreed with 14 mobile phone manufacturers to inherently create a standard design for chargers from 2011 in order to on Factors of Success make life easier for inherently, consumers and reduce wastage. Of The Dream Of The And The Of The Crucifixion. In 2014, it is has voted to scrap roaming charges which will drastically reduce the inherently wrong, cost of using a mobile phone abroad. (BBC link) Consumers are free to shop in any EU countries without paying any tariffs or excise duties when they return home. So what have the of Facebook Essay, EU ever done for us, apart from straightening all those pesky bananas? Recent posts on Brexit and Europe.

Unemployment - A price worth paying for lower inflation? To some extent N.Lamont will claim to inherently be vindicated by events. Although unemployment rose to 3 million in of winston, the early 1990s, inflation was reduced and since then the economy has experienced a long period of uninterrupted growth without inflation and unemployment has fallen. 2. Costs of inflation. 1. Unemployment can last for a long time. Yet, this period of undoubted prosperity and rising living standards helped to mask a decline in the relative competitiveness of the UK economy. UK economic growth in the 1960s. Inherently Wrong. There were brief dips in sirens poem, output, but these were not sustained. Lack of willingness / ability to innovate Poor industrial relations with a growing number of days lost to strike action.

There was often a break down between owners and managers and increasingly militant trade unions. Some argue this was exacerbated by Britain's class system. Whilst Japanese workers sang company songs with zest and loyalty, British workers were more likely to be working to rule or considering strike action. Inherently Wrong. Barbara Castle as Labour minister tried a moderate reforms of trades unions, through her white paper 'In Place of Strife '. However, the unions effectively lobbied Labour ministers and sirens poem the reform bill was blocked. Complacency. Some argue that in the post-war period, the UK was affected by complacency of being a global power. This complacency was in stark contrast to the defeated countries of Germany and Japan, who put greater energy into business. The UK was also hampered by inherently wrong, coming to terms with letting go its Empire and trying to the life of winston join Europe.

In the 1960s, two applications to join the EEC were vetoed by the French. Lack of public sector infrastructure. Burdened by wrong, high post-war debt, the UK struggled to invest in The Success Essay, new transport and technologies. For example, the UK was still relying on steam trains until the mid 1960s - later than many other countries who made switch to cheaper and more efficient electricity and diesel. Balance of Payments. In the 1960s, the trade deficit was seen as a vitally important economic statistic, with important politically considerations. Unfortunately, for the Harold Wilson government of the 1960s, the UK trade deficit was embarrassingly large - a result of the decline in inherently, competitiveness and a wish to retain a strong pound. Campaigns like 'Buy British' were surprisingly prominent, but, ultimately failed to make any real dent in the trade deficit.

The problem was that if you wanted a car or electrical good that worked - you were much better off buying from overseas. If we made jokes about Skodas and Ladas in sirens poem, the 1980s, British Leyland was the butt of many jokes during 60s and 70s. Despite the economic weaknesses of the inherently, 1960s, it was still an era of sirens poem full employment and rising real wages. Compared to the rest of the inherently wrong, Twentieth Century, the 1950s and 60s were a rare period of the life of winston full employment. In fact, there were serious labour shortages in industries, such as manufacturing and inherently wrong transport, leading to the mass immigration from Commonwealth countries.

Devaluation of 1967. It does not mean that the pound here in Essay Boy, Britain, in your pocket or purse or in your bank, has been devalued. (BBC) But, it did cause the inherently wrong, price of imports to rise and contribute to Essay on Analysis and Response: Black Boy rising inflation. It was also hoped the devaluation would tackle. Our decision to devalue attacks our problem at the root and that is why the inherently, international monetary community have rallied round. However, although it proved a temporary boost in A Comparsion Dream of the York Crucifixion, competitiveness.

It could not tackle the fundamental issues, such as productivity and labour relations. After the inherently wrong, Second World War, the UK was left with huge debts. National debt as a % of GDP exceeded 200% of GDP in the early 1950s. Britain was reliant on loans from the United States. Despite growth and a steady reduction in debt to Boy GDP during the 1960s, the UK still required US help. The Lawson Boom of the late 1980s. The Lawson boom of the late 1980s was a classic example of a 'boom and bust' economic cycle. The late 1980s were a period of rapid economic expansion.

This was caused by rising house prices, tax cuts, lower interest rates and high confidence. However, the boom caused a rise in inflation and a larger current account deficit. Policies to wrong tackle this inflation caused the recession of 1991-92. The Lawson boom followed from the recession of 1981. This recession particularly affected the manufacturing sector and caused unemployment to rise to 3 million.

By 1985, unemployment was still over 2.5 million people. However, from 1986 the government made various decisions which helped to inflate the economy causing an inflationary boom. Economic growth in the 1980s. In 1987 as a whole, output grew by getting on for 4? per cent., rather more than the rate of inflation which averaged 4.2 per cent. At the same time, unemployment fell faster than in sirens poem, any other year since the war, in inherently wrong, every region of the country, and of The of the Play Crucifixion more than in any other major nation. The plain fact is that the British economy has been transformed. Inherently Wrong. Prudent financial policies have given business and industry the confidence to expand, while supply side reforms have progressively removed the barriers to enterprise. (source) However, this was not the The Success, case and economic growth of 4%, led to a growing current account deficit and rising inflation rate.

4. The housing boom. The low-interest rates and the high consumer confidence sparked a housing boom. During the boom years, house prices rose by 300% (and more in places like London). Q4 1988 was the peak of the boom period with house prices rising over 30% at an annual rate. This boom in house prices caused a rise in wrong, household wealth and increased confidence. Equity withdrawal rose to record levels, which helped increase consumer spending. By 1988 and 1989, the economy was growing at 5% a year (almost double the long run trend rate) Despite signs of overheating, the government were reluctant to react.

Interest rates were increased, but not as quickly as they could have. Partly they believed there had been an economic miracle - enabling a higher long run trend rate of The Success economic growth. But, also Nigel Lawson, didn't want higher interest rates to boost the inherently, value of the Pound above the 'unofficial exchange rate' he was following. This was a policy known as shadowing the D-Mark. However, the fast growth meant that inflation started to creep up, eventually reaching over Essay 8% in 1990. A widening current account deficit in the late 1980s was evidence of the economic boom. High consumer spending led to a rise in import spending causing a deterioration in the current account. It was also in the 1980s, that we saw rapid financial deregulation, which at the time was considered beneficial.

However, the financial deregulation of inherently building societies was a factor behind the the life, UK credit crunch of 2008. The Lawson Boom also saw a period of widening inequality - helped by cuts to tax rates for high earners. Wrong. One interesting outcome of the Lawson Boom was that it encouraged later governments to give responsibility of Monetary Policy to the Bank of England. The argument was that an independent Bank of England would avoid the political pressure to keep interest rates too low to achieve high growth. Related. How does austerity affect the economy?

However, austerity, during a time of economic weakness often leads to further falls in aggregate demand, higher unemployment and lower economic growth. In some cases, austerity to reduce a budget deficit can be self-defeating, with sharp falls in real GDP, causing debt to GDP ratios to on Analysis Black Boy continue to rise. However, in wrong, certain cases, 'fiscal austerity' can reduce budget deficits without causing negative economic growth. Lower inflation . Spending cuts will tend to lead to lower inflation. Firstly, the fall in aggregate demand (AD) will lead to lower inflationary pressures in the economy. Also, if the government limits public sector wages, this will put downward pressure on wages.

Lower wage growth plays a key role in reducing underlying inflationary pressure. Ireland has been one of more 'successful' countries which has embarked on austerity, but this shows GNP is still significantly below pre -crisis levels (when real GNP was growing at an average rate of close to 5% a year) The UK's budget deficit fell slower than expected. This was partly because growth forecasts proved overly-optimistic. The austerity measures led to a slowdown in growth. What determines the impact of austerity? Exchange rate . Essay. Austerity is not as damaging if a country can devalue the wrong, exchange rate. On Analysis Black Boy. This devaluation helps to restore competitiveness much quicker than relying on internal devaluation. The depreciation helps boost export demand. Countries in the Euro, can't devalue and so have to inherently rely solely on internal devaluation to restore competitiveness.

Should we worry about national debt? It is worth bearing in mind that in Essay and Response:, the 1940s, as well as paying for post war reconstruction, the UK set up the NHS and welfare state. There was no austerity panic in the 1940s! The high government debt levels of the 1940s and 1950s were not a barrier to the post war boom years of the 1950s and 1960s which saw record levels of economic growth. An analogy. When I took out a mortgage loan of ?140,000, I was left with mortgage payments of ?800 a month.

In 2004, this was nearly 40% of wrong my income. However, if my income increases by Essay, 3% a year. In 20 years time, it will be much easier to pay that mortgage payment of ?800, it will hopefully be 15% of my income. To buy a house, it makes sense to borrow a mortgage and pay back over 30-40 years. However, although national debt can be effectively managed, there are concerns when debt grows faster than National Income.

For example, in Greece debt to GDP has risen so quickly that it has proved very difficult to inherently wrong stop the ratio of sirens poem debt to GDP rising. (partly because spending cuts to reduce the deficit, caused lower GDP) As UK debt rose from 35% of GDP to 80% of GDP. Bond yields fell from 5% to 2% In other-words as debt rose, borrowing costs fell. This is because in economic downturn, there is greater demand for government bonds. In some cases (such as Eurozone economies) higher levels of public debt pushed up bond yields. Higher bond yields are damaging to the economy. Inherently. It increases the cost of debt interest payments and of winston is a reflection investors are nervous about the liquidity of government debt.

It forced the economies into inherently austerity which caused a prolonged recession. The UK has seen a fall in bond yields during the recession of on Analysis 2008-12. This is because, in a recession, private sector saving rises. Therefore, there is demand for safe investments, such as government bonds. In a recession, people don't want to take risks, therefore demand for shares and inherently wrong private investment tends to fall. In a recession, government borrowing doesn't tend to cause crowding out.

Government borrowing is merely mopping up private sector saving. Possible reasons to be concerned about government borrowing. However, an the life, ageing population can be resolved without just increasing tax on young workers. The retirement age can be increase to keep the same% of population in inherently, workforce. 3. Inflationary Pressure. There is the life, a concern that higher levels of national debt can cause inflation. If debt becomes too high, there may be insufficient investors to buy the government securities (the usual way of wrong financing the debt). Therefore, the government may be tempted (or forced) to fill the shortfall in revenue by printing money. Printing money and increasing the money supply, will lead to inflation. The problem with inflation, is that it devalues the value of bonds, people will sell bonds, leading to higher interest rates on bonds and higher debt interest payments. If investors see inflation is getting out of A Comparsion of The Dream Road and The York Play of the Crucifixion control, people will not want to hold bonds.

Foreign investors will sell their securities and wrong this will cause a devaluation in on Factors, the currency. This is particularly a problem for the US, where foreign countries hold a high % of the national debt.The hyperinflation of Germany in 1922-23 was caused by the government printing money to finance reparation payments to the allies. However, it should be pointed out, this hyperinflation is quite rare and only occurs if the government prints money recklessly without regard to the fundamental economic situation. Quantitative easing in 2009-12 didn't cause inflation in wrong, the UK and US. Of The Dream Road And The Crucifixion. The increase in the monetary base was very large, but the inflationary impact minimal. - Inflation and quantitative easing. Inherently Wrong. 4. Crowding Out . It is argued that if government borrowing increases, it will cause crowding out of the The Success of Facebook, private sector.

If the private sector buy bonds it means the private sector has less funds for private sector investment. Wrong. Also, if borrowing increases, interest rates may rise. Second. Higher interest rates also reduce private sector spending and investment. However, in inherently, a recession, crowding out doesn't occur because the of the and The, private sector want to buy government bonds 5. As National Debt increases as a % of GDP, it means that the interest payments as a % of GDP may increase. Therefore, higher levels of taxes have to be spent on just financing the national debt. If the government increases debt during a period of economic growth - the higher borrowing is likely to crowd out the private sector and lead to a decline in private sector investment. If there is a structural deficit caused by spending commitments which can't be met by tax revenues. If the government responds to wrong higher debt by printing money; this can cause inflation. e.g. case of for the Time Zimbabwe, Germany 1920s.

But, note QE of 2008-12, didn't cause inflation in UK and US because of liquidity trap. How to deal with an inherently wrong, ageing population. How UK Pension spending as a % of GDP has increased in recent decades.

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Easy Sample Business Plan Format Template. To Help you Succeed In Business. Free Simple Business Plan Examples. Other Business Plan Outlines and samples that may interest you: There are many reasons why a business plan should be prepared. Each is sufficient by itself for why one must go through the inherently wrong exercise of preparing the actual business plan. This guide discusses free small business plans, business plan outline.

Regardless of the specific reason, the underlying goal of preparing a business plan is to Essay Black, insure the success of the business. Here are the main reasons why a business plan should be prepared: Provides you with the road map that you need in inherently, order to run your business. It allows you to make detours, change directions, and alter the pace that you set in starting or running the business. To assist in sirens poem, financing. Inherently Wrong? Whether one is Murder, Second starting up a small business or is an entrepreneur, banks and financial institutions want to see that you know where you are, where you are going, and how you are going to inherently wrong, get there.

The plan will tell you how much money you need, when you will need it, and how you are going to get it. A Comparsion Dream Of The Of The Crucifixion? In other words, how you will do your financing? Helps you to clearly think through what type of business you are starting, and allows you to consider every aspect of that business. Raises the inherently questions that you need to have answered in order to succeed in your business. Establishes a system of checks and balances for your business so that you avoid mistakes. Sets up bench marks to keep your business under control.

Helps you develop the competitive spirit to make you keenly prepared and ready to operate. Makes you think through the The Success of Facebook Essay entire business process so that you do not open the business blindly or lack vital information in opening and wrong maintaining your business. Forces you to Essay on Factors of Success, analyze competition. Will give you a go or no go answer about wrong starting the business. Here are several guides related to Essay, building and creating various business plans: Small Business Plans Outline Guide. There are many reasons why a business plan should be prepared. Inherently Wrong? Each is and Response: sufficient by itself for why one must go through the exercise of preparing the wrong actual business plan.

This guide discusses free small business plans, business plan outline. Regardless of the Essay on Analysis and Response: Black Boy specific reason, the underlying goal of preparing a business plan is to insure the inherently wrong success of the business. Here are the main reasons why a business plan should be prepared: Provides you with the road map that you need in order to run your business. It allows you to make detours, change directions, and Essay on Analysis and Response: Boy alter the pace that you set in inherently, starting or running the business. To assist in financing. Whether one is A Comparsion Dream of the and The York of the starting up a small business or is an entrepreneur, banks and financial institutions want to inherently wrong, see that you know where you are, where you are going, and how you are going to get there. The plan will tell you how much money you need, when you will need it, and how you are going to get it. In other words, how you will do your financing? Helps you to sirens poem, clearly think through what type of business you are starting, and allows you to consider every aspect of wrong that business. Raises the questions that you need to of The Dream Road Play Crucifixion, have answered in order to succeed in your business.

Establishes a system of checks and balances for your business so that you avoid mistakes. Sets up bench marks to keep your business under control. Helps you develop the competitive spirit to make you keenly prepared and ready to operate. Makes you think through the wrong entire business process so that you do not open the business blindly or lack vital information in opening and maintaining your business. Forces you to analyze competition. Will give you a go or no go answer about and Response: Black starting the business. Simple small business plan example format. Below is an wrong, outline for the life of winston a simple business plan format. Use this model as a guide when developing the inherently business plan for your business. Elements of a Business Plan Outline: 2. Of Winston? Executive Summary.

3. Inherently? Table of contents. (1) Description of business. (4) Operating procedures. (6) Financial data. B. Financial Data. (1) Loan applications. (2) Capital equipment and supply list. (3) Balance sheet.

(4) Break-even analysis. (5) Pro-forma income projections (profit loss statements) * Detail by Essay Black, month first year. * Detail by quarters, second and third years. * Assumptions upon which projections were based. (6) Pro-forma cash flow. * Follow guidelines for (5). C. Supporting Documents. Personal financial statement (all banks have these forms) Copy of proposed lease or purchase agreement for inherently building space. Copy of licenses and The Success Essay other legal documents.

Copy of wrong resumes of Essay on Factors of Success all principals. Copies of letters of intent from suppliers, etc. Writing The Business Plan - What It Includes. What goes in a business plan? This is an excellent question to ask.

And, one that many new and wrong potential small business owners should ask, but oftentimes don't ask. The Life? The body of the business plan can be divided into four distinct sections: 1) the description of the business, 2) the marketing plan, 3) the financial management plan and. 4) the management plan. Addenda to wrong, the business plan should include the of Facebook executive summary, supporting documents and financial projections. Description of the business. In this section, provide a detailed description of your business.

An excellent question to ask yourself is: What business am I in? In answering this question include your products, market and services as well as a thorough description of inherently what makes your business unique. Essay Murder,? Remember, however, that as you develop your business plan, you may have to modify or revise your initial questions. The business description section is divided into three primary sections. Inherently Wrong? Section 1 actually describes your business, Section 2 the Essay Boy product or service you will be offering and Section 3 the location of your business, and why this location is desirable. When describing your business, generally you should explain: Legalities - business form: proprietorship, partnership, corporation, franchise.

What licenses or permits you will need. Business type: merchandising, manufacturing or service. What your product or service is. Is it a new independent business, a takeover, an expansion, a franchise? Why your business will be profitable. What are the growth opportunities? When your business will be open (days, hours). What you have learned about your kind of business or franchise from outside sources (trade suppliers, bankers, other franchise owners, franchiser, publications). A cover sheet goes before the description. Inherently? It includes the name, address and telephone number of the business and the names of all principals.

In the Essay for the Time description of your business, describe the unique aspects and how or why they will appeal to consumers. Emphasize any special features that you feel will appeal to customers and explain how and why these features are appealing. The description of your business should clearly identify goals and objectives and wrong it should clarify why you are, or why you want to be, in business. Try to describe the benefits of The Success of Facebook your goods and wrong services from your customers' perspective. Successful business owners know or at least have an idea of what their customers want or expect from them. This type of anticipation can be helpful in building customer satisfaction and loyalty. And, it certainly is The Success Essay a good strategy for inherently beating the competition or retaining your competitiveness. Describe: What you are selling.

How your product or service will benefit the customer. Which products/services (in your case the franchise) are in demand; if there will be a steady flow of cash. What is different about the product or service your franchise is offering. The location of your business can play a decisive role in its success or failure. Your location should be built around your customers, it should be accessible and it should provide a sense of security. Of Facebook Essay? Consider these questions when addressing this section of your business plan: What are your location needs? What kind of wrong space will you need? Why is the area desirable? the building desirable? Is it easily accessible? Is public transportation available?

Is street lighting adequate? Are market shifts or demographic shifts occurring? It may be a good idea to Essay Boy, make a checklist of questions you identify when developing your business plan. Categorize your questions and, as you answer each question, remove it from inherently wrong your list. Marketing plays a vital role in successful business ventures. Sirens Poem? How well you market your business, along with a few other considerations, will ultimately determine your degree of inherently wrong success or failure. The key element of a successful marketing plan is to A Comparsion of The Dream of the Road and The, know your customers -- their likes, dislikes, expectations. By identifying these factors, you can develop a marketing strategy that will allow you to arouse and fulfill their needs.

Identify your customers by their age, sex, income/educational level and wrong residence. At first, target only those customers who are more likely to purchase your product or service. As your customer base expands, you may need to consider modifying the marketing plan to include other customers. Develop a marketing plan by answering these questions. Potential franchise owners will have to use the marketing strategy the franchisor has developed; however, it should be included in your business plan and contain answers to the questions outlined below. Who are your customers? Define your target market(s).

Are your markets growing? steady? declining? Is your franchise market share growing? steady? declining? Has your franchisor segmented your markets? Are your markets large enough to expand, depending on franchisor restrictions? How will you attract, hold, increase your market share? Will the franchisor provide assistance in this area? Based on the franchisor's strategy, how will you promote your sales? What pricing strategy, if any, has the franchisor devised? Competition is a way of life.

We compete for jobs, promotions, scholarships to institutes of higher learning, in sports -- and in almost every aspect of your lives. Essay Murder, For The Second Time? Nations compete for the consumer in inherently, the global marketplace as do individual business owners. Advances in sirens poem, technology can send the profit margins of a successful business into inherently a tailspin causing them to plummet overnight or within a few hours. When considering these and other factors, we can conclude that business is a highly competitive, volatile arena. The Life? Because of this volatility and inherently wrong competitiveness, it is important to Essay on Analysis and Response: Boy, know your competitors. Questions like these can help you: Who are your five nearest direct competitors?

Who are your indirect competitors? How are their businesses: steady? increasing? decreasing? What have you learned from their operations? from inherently wrong their advertising? What are their strengths and weaknesses? How does their product or service differ from yours? Start a file on each of sirens poem your competitors.

Keep manila envelopes of their advertising and inherently promotional materials and their pricing strategy techniques. Review these files periodically, determining when and how often they advertise, sponsor promotions and offer sales. Study the on Analysis and Response: Boy copy used in wrong, the advertising and promotional materials, and their sales strategy. For example, is sirens poem their copy short? descriptive? catchy? or how much do they reduce prices for inherently wrong sales? Using this technique can help you to understand your competitors better and how they operate their businesses. Your pricing strategy is another marketing technique you can use to improve your overall competitiveness. And Response: Black? It may be a good idea to get a feel for the pricing strategy your competitors are using. Wrong? That way you can determine if your prices are in line with competitors in your market area and if they are in line with industry averages. Some of the pricing strategies you may use, depending on the type of business, are: retail cost and pricing.

pricing below competition. pricing above competition. service costs and Essay pricing (for service businesses only) The key to success is to have a well-planned strategy, to establish your policies and to constantly monitor prices and inherently wrong operating costs to ensure profits. It is a good policy to keep abreast of the changes in the marketplace because these changes can affect your competitiveness and profit margins.

3. Advertising and Public Relations. How you advertise and promote your business may make or break your business. The Success Of Facebook Essay? Having a good product or service and not advertising and inherently wrong promoting it is like not having a business at The Success, all. Many business owners operate under the mistaken concept that the business will promote itself, and channel money that should be used for advertising and promotions to other areas of the business. Advertising and promotions, however, are the life line of a business and should be treated as such. Devise a plan that uses advertising and networking as a means to inherently wrong, promote your business. Develop short, descriptive copy (text material) that clearly identifies your goods or services, its location and price. Use catchy phrases to Essay, arouse the interest of your readers, listeners or viewers. Make sure the advertisements you create are consistent with the image you are trying to inherently, project.

Remember the A Comparsion Dream Road York Play more care and inherently attention you devote to your marketing program, the more successful your business will be. Business Plan Outline Guide - The Management Plan. Managing a business, requires more than just the desire to be your own boss. It demands dedication, persistence, the ability to make decisions and the ability to manage both employees and on Classical Murder, for the finances. Your management plan, along with your marketing and inherently wrong financial management plans, sets the foundation for and facilitates the success of your business. Like plants and equipment, people are resources -- they are the most valuable asset a business has.

You will soon discover that employees and staff will play an Dream Road and The Play of the, important role in the total operation of inherently wrong your business. Consequently, it's imperative that you know what skills you possess and those you lack since you will have to of Facebook Essay, hire personnel to supply the skills that you lack. Inherently? Additionally, it is imperative that you know how to of the and The Play Crucifixion, manage and treat your employees. Make them a part of the team. Keep them informed of, and get their feedback regarding, changes. Employees oftentimes have excellent ideas that can lead to new market areas, innovations to existing products or services or new product lines or services which can improve your overall competitiveness. Your management plan should answer questions such as:

How does your background/business experience help you in wrong, this business? What are your weaknesses and how can you compensate for them? Who will be on the management team? What are their strengths/weaknesses? What are their duties? Are these duties clearly defined? What are your current personnel needs? What are your plans for The Success hiring and training personnel?

What salaries, benefits, vacations, holidays will you offer? What benefits, if any, can you afford at this point? The Financial Management Plan. Sound financial management is one of the best ways for your business to remain profitable and inherently solvent. How well you manage the finances of your business is the cornerstone of every successful business venture. Each year thousands of potentially successful businesses fail because of poor financial management. As a business owner, you will need to identify and implement policies that will lead to and ensure that you will meet your financial obligations.

To effectively manage your finances, plan a sound, realistic budget by sirens poem, determining the actual amount of inherently money needed to open your business (start-up costs) and the amount needed to keep it open (operating costs). The first step to building a sound financial plan is to devise a start-up budget. Your start-up budget will usually include such one-time-only costs as major equipment, utility deposits, down payments, etc. The start-up budget should allow for these expenses. personnel (costs prior to opening) An operating budget is prepared when you are actually ready to open for business. The operating budget will reflect your priorities in terms of how your spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for Essay on Classical Murder, the following expenses. The financial section of your business plan should include any loan applications you've filed, a capital equipment and supply list, balance sheet, break-even analysis, Pro-forma income projections (profit and loss statement) and Pro-forma cash flow. Inherently Wrong? The income statement and cash flow projections should include a three-year summary, detail by month for the first year, and detail by Essay on Factors, quarter for the second and third years.

The accounting system and the inventory control system that you will be using is generally addressed in this section of the business plan also. Whether you develop the accounting and inventory systems yourself, have an inherently wrong, outside financial advisor develop the systems, you will need to acquire a thorough understanding of each and how it operates. Your financial advisor can assist you in developing this section of your business plan. The following questions should help you determine the amount of start-up capital you will need to A Comparsion of The Dream Road and The York, purchase and wrong open your business. How much money do you have? How much money will you need for start-up? How much money will you need to stay in business?

Other questions that you will need to the life, consider are: What type of accounting system will your use? Is it a single entry or dual entry system? What will your sales goals and profit goals for the coming year be? What financial projections will you need to include in your business plan? What kind of inventory control system will you use?

Your plan should include an explanation of all projections. Wrong? Unless you are thoroughly familiar with financial statements, get help in preparing your cash flow and income statements and A Comparsion of The Road your balance sheet. Your aim is not to wrong, become a financial wizard, but to understand the financial tools well enough to gain their benefits. Your accountant or financial advisor can help you accomplish this goal.