Ben Franklin and Nathanial Hawthorne essays

Ben Franklin and Nathanial Hawthorne essays Benjamin Franklin and Nathaniel Hawthorne were both very important to Americas early literature. Franklins Autobiography and Hawthornes My Kinsman, Major Molineux represents the extremes of leaving home. Franklin makes accomplishing the American dream of the self-made man look easy. Hawthorne, however, revises and critiques that dream, showing the harsh realities of the real world. Franklin reveals his life story as a way to show the people of America that determination, hard work, and intelligence lead to success, while Hawthorne describes the harsh world waiting once youth and innocence are gone. Benjamin Franklin and Robin, Hawthornes main character, leave home for different reasons. Franklin, in his autobiography, explains how he journeys to Philadelphia in search of a job and to start life on his own. Franklin wants independence and he knows he will find what he seeks. Franklin states, I took it upon me to assert my Freedom (194). Robin leaves his home with the idea of depending on his second cousin, dependence not independence. Robin journeys from his familys country farm to the city in search of his kinsman, Major Molineux, with hopes that his kinsman will help him get started in life. Hawthorne writes, The Major... had thrown out hints respecting the future establishment of one of them in life. It was therefore determined that Robin should profit by his kinsmans generous intentions (801). Franklin and Robins arrival to the new towns embody the two authors feelings toward the idea of the self made man. Franklin and Robin arrival to their new destinations are drastically different. Franklin arrives in Philadelphia during the day, hungry, and dirty. Franklins determination keeps him going. He buys bread to eat, cleans himself up, and sets out straight away to find himself a job. He finds one within short time, I return...

Deductive and Inductive Reasoning in Sociology

Deductive and Inductive Reasoning in Sociology Deductive reasoning and inductive reasoning are two different approaches to conducting scientific research. Using deductive reasoning, a researcher tests a theory by collecting and examining empirical evidence to see if the theory is true. Using inductive reasoning, a researcher first gathers and analyzes data, then constructs a theory to explain her findings. Within the field of sociology, researchers use both approaches. Often the two are used in conjunction when conducting research and when drawing conclusions from results. Deductive Reasoning Many scientists consider deductive reasoning the gold standard for scientific research. Using this method, one begins with a theory or hypothesis, then conducts research in order to test whether that theory or hypothesis is supported by specific evidence. This form of research begins at a general, abstract level and then works its way down to a more specific and concrete level. If something is found to be true for a category of things, then it is considered to be true for all things in that category in general. An  example of how deductive reasoning is applied within sociology can be found in a 2014 study of whether biases of race or gender shape access to graduate-level education. A team of researchers used deductive reasoning to hypothesize that, due to the prevalence of racism in society, race would play a role in shaping how university professors respond to prospective graduate students who express interest in their research. By tracking professor responses (and lack of responses) to imposter students, coded for race and gender by name, the researchers were able to prove their hypothesis true. They concluded, based on their research, that racial and gender biases are barriers that prevent equal access to graduate-level education across the U.S. Inductive Reasoning Unlike deductive reasoning, inductive reasoning begins with specific observations or real examples of events, trends, or social processes. Using this data, researchers then progress analytically to broader generalizations and theories that help explain the observed cases. This is sometimes called a bottom-up approach because it starts with specific cases on the ground and works its way up to the abstract level of theory. Once a researcher has identified patterns and trends amongst a set of data, he or she can then formulate a hypothesis to test, and eventually develop some general conclusions or theories. A classic example of inductive reasoning in sociology is  Ãƒâ€°mile Durkheims study of suicide. Considered one of the first works of social science research, the  famous and widely taught book, Suicide, details how Durkheim created a sociological theory of suicide- as opposed to a psychological one- based on his scientific study of suicide rates among Catholics and Protestants. Durkheim found that suicide was more common among Protestants than Catholics, and he drew on his training in social theory to create some typologies of suicide and a general theory of how suicide rates fluctuate according to significant changes in social structures and norms. While inductive reasoning is commonly used in scientific research, it is not without its weaknesses. For example, it is not always logically valid to assume that a general principle is correct simply because it is supported by a limited number of cases. Critics have suggested that Durkheims theory is not universally true because the trends he observed could possibly be explained by other phenomena particular to the region from which his data came. By nature, inductive reasoning is more open-ended and exploratory, especially during the early stages. Deductive reasoning is more narrow and is generally used to test or confirm hypotheses. Most social research, however, involves both inductive and deductive reasoning throughout the research process. The scientific norm of logical reasoning provides a two-way bridge between theory and research. In practice, this typically involves alternating between deduction and induction.

'Give an account of the main mosques of Samarra' and al-Fustat in the Essay

'Give an account of the main mosques of Samarra' and al-Fustat in the early 'Abbasid period.' - Essay Example Through a discussion that begins with first developing a basic understanding of the function and form of Mosques from the medieval period, then moving through a discussion of specific structures, an exploration of the Mosques from the Abbasid period can be made in order to better understand the importance of these great structures. Function In attempting to study the architecture of the Islamic world, Hillenbrand suggests that one of the primary difficulties lies in the terminology that is used. This is due to the multiplicity of purposes that each building would serve as a function within the culture. He states â€Å"Small wonder that one and the same building could be designated by a string of descriptive terms if each did in truth refer to some aspect of its regular function†.1 In examining the ways in which the buildings of the Islamic middle ages were used it is clear that that mosques were not only used for worship, madrasas were not only used for education, and neither were mausolea used just for burial. The many needs of the culture were fit into the buildings through multiple functionalities, thus the first understanding of such buildings must be made through the idea of function. In discussing function, the first problem that can be seen in studying Islamic buildings is that there is little in the way of written information on the building of these structures. Technical renderings and information about the circumstances of how these buildings came into being are few and far between, allowing for only the buildings themselves to serve as objects of study on their construction.2 Although there is suspicion that the Islamic religious aesthetics influenced the building of Mosques during the medieval period, there is no explicit reference known or accessible to Western cultures that suggest that this is the case. Therefore, in studying the function of such buildings, one must look at the building itself to try and access this aspect and the culture in order to understand the development of needs for which the building served as a solution for cultural needs. According to Meri and Bacharach, however, most Mosques of the medieval period were designed after the creation of house that was build for Mohamed in Medina, which is located in Saudi Arabia. Literary evidence of the form of this house is more relevant than the archaeological as it is described as having a â€Å"large walled courtyard with entrances on three sides and two covered porticos, the larger of which functions as a sanctuary for the faithful where they may find shelter from the sun during prayer†.3 The original orientation of the qibla wall, the wall of the larger portico, was originally facing towards Jerusalem, and then later towards Mecca, thus providing for the importance of orientation when building a Mosque. The small portico was used as a place of shelter for those who were poor, thus setting up the division of classes within the Mosque cultural usag e. The three basic elements developed from this original structure were the courtyard for the gathering of the followers of Islam, the sanctuary for prayer, and the qibla wall.4 Form Hillenbrand lists three distinct areas in which form can be discussed. The first is in hierarchy, the second is in

Product use for a resendential application Essay

Product use for a resendential application - Essay Example Vinyl flooring has become very popular because of its durability and quality. They create a stylish and long-lasting beauty for every constructor that uses them in polishing up a floor. Being a tile, vinyl gives its clients a variety of options on the number of ways it can be laid down. The tiles can be custom cut in different shapes to form variety of patterns and designs depending on what the constructor wishes to have. Because of this flexibility, any look can be attained in setting up the design of the floor (Kapsin, 1). The different colours that the tiles are available in make it possible for the flooring to suit any room decor. Vinyl flooring has been known for its resilience. The flooring cuts down on the level of noises in the room and also gives a lot of comfort underfoot. Their resilience, compared to other floors such as terrazzo or wood, gives the vinyl floors an edge and makes it the most preferred choice for the customers. Other than being resilient, the vinyl floors are actually very durable. Even when subjected under a lot of heavy foot traffic and loads, the floor still maintains its beauty. It is resistant to moisture and stains, which give it an upper hand when it comes to handling of spills on the floors (Vinylflooring.com, 1). Thus, it gives the owner of the apartment a polished and outstanding look over a long period of time. When it comes to health issues the vinyl floor offer a great deal on this. The floors are designed to basically be slip resistance. Vinyl floors are enhanced with the slip-retardant surfaces to make them less slippery and avoid accidents (Kapsin, 1). The floor is also very easy to clean without causing the spread of germs, such as mold, all over the apartment. Vacuum cleaners clean the vinyl floors very easily. Vinyl floors are very economical. They are easy to install and maintain as they do not require frequent upgrading. Most of the other flooring options such as wood always

The Upcountry Look Essay Example for Free

The Upcountry Look Essay â€Å"Lose it girl, block shoes are long gone,† came a sneer.   Ã¢â‚¬Å"And the voluminous, billowing gown with metallic threads should be spared for the evenings.† Those made me look up. A girl in jeans had thrown that one at me. I felt a hot flash of shame sweep throughout my body.   Ã¢â‚¬Å"Use a deodorant,† a handsome young man who stood next to me hauled that one as a fresh waft of perfume filled my nose.   I felt angry, ostracized and humiliated but I managed a chuckle, after all what you think is an embarrassment does pale into insignificance once you laugh it off.   Everyone looked so smart and jolly, uttering just the right words without mincing them. I knew I would flop but I had to give it a go. The premonition to be, I lost it. It was a job interview for news anchors in a highly rated local Television station. I lacked presence and charisma, they had told me with a dismissal. I swore to myself that I had to loose that look; dress right and pursue whatever counted in order to fit and belong. Meanwhile I had a bus to catch back to the village.   Two hours later the bus ground to a halt. I set off on the winding dusty road that led home. I felt low, especially when a flash of the incident at the audition room came to my mind, but I was looking forward to the look my sister would wear on her face as she drunk to every word I would use to describe the big city.   Ã¢â‚¬Å"The buildings tower high on the sky and stand erect without a sway even if a Manhattan wind came.†Ã‚   She would leave her mouth agape.    â€Å"The people move hurriedly without acknowledging each other.† I expected a squirm, it’s a taboo not salute anyone you cross roads with according to our culture.   Ã¢â‚¬Å"How are you, Mariamu?† I knew that voice. It was Mzee Bura an elderly man from our village. His back was stooped and walked with a hobble supported by his walking stick.   Never mind he mispronounced my name which is Miriam because every person I knew did that. My sister’s name is Grace but they called her Grathi. Mzee Bura’s right shoulder was stooping under the weight of a parcel. I offered to help as out traditions dictated.   Ã‚   My nose twisted involuntarily as a strong unpleasant smell of smell of smoke, dirt and sweat hit me with a revolting effect, but what to do. I went ahead with my pleasantries as we filed along the path exchanging a polite conversation although he did most of the talking. I felt tortured by the swift evening breeze which brought the murky odour to my direction. I wondered what the city people would have made of us then.   Ã¢â‚¬Å"Lose him girl, he is ancient.† That sounded like the most probable reaction from them. We walked on and calling the journey a long distance is an understatement. Our village is literally at the other side of the globe. The learned would call it a sleepy village because of its lack of civilization but it was home. I loved it.   Ã¢â‚¬Å"Mariamu, you did me proud. Mzee Bura told me about your help yesterday.† I imagined my mother’s proud voice complementing me.   Darkness had fallen by then and there a comfortable silence between us as we trotted on.   A flickering light from a distance confirmed that we had indeed arrived in our home turf. A drunken man was shouting but although it happened all the time his words were cutting my conscience.   Ã¢â‚¬Å" I sent my Mariamu to the city . . . aah . . . you’ve always taken me for a fool . . . the next time she comes to this village she will be driving a car.† That was my father’s slurred talk.   Apparently my mother’s token of gratitude ( to her husband for sending their eldest daughter – me to the city)   in the name of a drink was not a viable idea because my father was making a spectre of me in the village.   Ã‚  It made me fiery at the thought of facing questioning stares from the people the following day. He was yelling everything about his household to all and sundry and never mind he had counted his chicks too early when it came to me. I glared and hissed in the darkness to let go the turmoil inside me.   Ã¢â‚¬Å"Did you say something?† the old man’s hoarse voice enquired with concern. I held my breath. It was a spontaneous unpremeditated sound of annoyance. How could my father do that?   When I woke up the following morning I spotted my father immediately. He was lounging in our smoky kitchen holding a bowl of porridge. He was sober and it was hard to even think he had taken a drink of muratina, the local traditional beer, and last night. He looked a man so easy to be with, a man one can like or even admire as he spoke so eloquently on the normal issues which had nothing to do with the previous night. He appeared affectionate as he politely listened to my mother explaining what had become of my visit to the city.   Ã¢â‚¬Å"Mariamu, you should go to the river then come fetch me some firewood.† My mother instructed me.   Ã¢â‚¬Å"You should lose this river and firewood crap. It’s time to go tap and at least a charcoal stove . . .† I felt like telling my mother. I was bare footed. This look! I did not like it at all. I smiled at my mother and took a metallic jerican that has been with us for as long as I can recall. My older brother is basking in the morning sun waiting for his peers to call him for a hunting game. Domestic chores are for women or so I was made to believe as I was growing up. It made me wonder why the masculine young man had no chore to attend to, yet house hold work is the hardest work in the word, but all the same that occurred to me was the reason they never help.   The morning air was fresh. I rubbed my calloused feet on the soft grass that still had the morning dew to give them a clean look, avoiding the foot path. The women were already in the fields singing their hearts out and swinging their hips with moves that increased the pace at which they worked. As they stood to salute me, I could see their faces were glistening with sweat.   Ã¢â‚¬Å"Do they use a deodorant?† I wondered.   The water was sparkling clean and I could tell that it had not been disturbed that morning. I decided to sit by the river bank and let my legs dangle in the water to rid off some dry grass that had stuck between my toes. The water felt warm on my skin and I decided to take my time. The sun started beating on me and the black nylon skirt started feeling like a furnace on my thighs. It was time to move on to the next chore.   The bushes scraped and scratched my skin as I weaved my way underneath the thickets searching for some dead branches which we used as firewood. The smell of green vegetation was overwhelming and it made me feel nauseated. I had to lose this upcountry way of life, sorry, look.   That twenty something years ago and today from the high storey building where my office located, I glance through the window at the ever busy city and everything seem so normal but my first encounter with the city is unforgettable, and more so the ideas it gave me.

Comparing Measure for Measure and The Merchant of Venice, As You Like I

Parallels between Measure for Measure and The Merchant of Venice, As You Like It, and Twelfth Night What is comedy?   Funk and Wagnalls New Encyclopedia says: "A comedy depicts the follies and absurdities of human beings."   Webster's Dictionary defines comedy as: "A drama or narrative with a happy ending."   Shakespeare's play, Measure for Measure, fits both of these descriptions.   Follies and absurdities are present in the play: Lucio slanders the Duke, not realizing that his crude remarks are being spoken to the Duke himself; Angelo abuses his power thinking that the Duke is not present to know; and Ragozine happens to die in prison the day a head is needed to substitute for Claudio's.   The play also ends on several merry notes, consistent with the definition of comedy.   For example, Angelo's life is spared and he is forgiven; Mariana is married to Angelo; the Duke punishes Lucio humorously with marriage; Barnardine is pardoned; and Claudio is saved.   The parallels between Measure for Measure and three other Shakespearean comedies, The Merchant of Venice, As Yo u Like It, and Twelfth Night, also help to classify Measure for Measure as a comedy.   In Measure for Measure, like in The Merchant of Venice, As You Like It, and Twelfth Night, an arbitrary law or obstacle is eventually overcome; a disguised character affects the outcome of the play; a clown adds humor to the plot; a female character bears a large responsibility for the final resolution; and forgiveness and reconciliation mark the conclusion of the action.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Some critics consider Measure for Measure a "dark" play because of the serious obstacles encountered by the characters.   However, doesn't The Merchant of Venice also have near-tragic hindrances that af... ... only does Measure for Measure fit the definition of comedy, it also parallels Shakespeare's other comedies.   Like The Merchant of Venice, As You Like It, and Twelfth Night, the plot of Measure for Measure overcomes an adversarial obstacle, possesses a disguised character who affects the denouement, touches the audience with the humor of a clown or ruffian, endures the influence of a powerful a female character, and ends with forgiveness and reconciliation.   The similarities between Measure for Measure and The Merchant of Venice, As You Like It, and Twelfth Night help to place Measure for Measure in the same category with Shakespeare's other comedies.   Furthermore, the "problems" many critics single out in Measure for Measure are also present in The Merchant of Venice, As You Like It, and Twelfth Night, and further help to classify Measure for Measure as a comedy.

Partnership Law

The Law of Partnerships:Scott Osborne The applicable law: Partnership Act 1892 (NSW) The relevant law is contained in the Partnership Act (PA) of each of the jurisdictions. All are based on the PA (1890) UK Act. The contractual nature of Partnerships Partnerships are essentially contractual. Defining a Partnership [s. 1 PA 1892 NSW] The PA defines a partnership as â€Å"the relation which exists between persons carrying on a business in common with a view of profit† Partnerships are unincorporated bodies without any separate legal identity of their own.As Justice Barton put it in Cribb v Korn (1911), â€Å"to be partners, they must have agreed to carry on some business†¦. in common with a view to making profits and afterwards of dividing them, or of applying them to some agreed object†. SO†¦.. whether a particular relationship is, in law, deemed a partnership will depend on the parties showing that it exhibits all THREE ELEMENTS that the PA 1892 require. They MUST show that they are; 1 CARRYING ON A BUSINESS; 2 IN COMMON; 3WITH A VIEW TO PROFIT. Defining â€Å"business† [s. PA 1892 NSW] In Hope v Bathhurst City Council (1980) Justice Mason defined the term business as â€Å"activities undertaken as a commercial enterprise in the nature of a going concern for the purpose of profit on a continuous and repetitive basis†. Difficulties can arise at common law whether a particular activity constitutes â€Å"carrying on a business†. It seems to be a question of fact and degree, for example, Evans v FCT (1989) where Evans won $800k from gambling. FCT said he was â€Å"carrying on a business† for claiming tax from him.Held: Evans had not been â€Å"carrying on a business† of punting as his activities lacked system and organization. Justice Hill made the point that â€Å"all indicia to be considered as a whole†. Defining â€Å"carrying on† Seems to mean that there must be a degree of continuity eith er in fact or intention. Normally an isolated transaction will not be â€Å"carrying on a business† as in Smith v Anderson (1880) where LJ Brett said: â€Å"carrying on implies a repitition of acts and excludes doing one act which is never repeated†.The NSW Supreme Court used similar reasoning in Hitchins v Hitchins (1999) where Justice Bryson said: â€Å"it was characterized as an investment rather than a trade and flow of transactions which could be thought of carrying on a business. BUT– a P CAN be entered into for a single venture if that is what the parties intend as in Minter v Minter (2000) where court said: â€Å"Today, a single purpose joint venture does not escape being a partnership IF otherwise it satisfies the criteria for a partnership in the sense of a commercial enterprise with the object of gain or profit†.SO†¦.. while continuity/repetition of operations may be a strong indication of â€Å"carrying on a business† it is probab ly no longer a â€Å"critical† consideration: Chan v Zacharia (1984), Justice Deane. Contemplated Partnerships A mere agreement to carry on a business as partners at some, (even specified), time in the future does not make the participants partners UNTIL THAT TIME ARRIVES. If one of the intending partners starts the business early without the consent of the others this will still NOT constitute a partnership.Engaging in merely preparatory activities will not constitute â€Å"carrying on a business† : Pioneer Concrete Services v Galli (1985) BUT Everything will depend on whether the activities are really merely preparatory: Khan v Miah (2000) – Lord Millett said, â€Å"they did not merely agree to take over and run a restaurant they agreed to find suitable premises, fit them out as a restaurant and run it once they had set it up. It was what they had jointly agreed to do. Definition of â€Å"in common† There must be some joint participation in a common bu siness: Checker Taxicab Ltd v Stone (1930)A driver rented a taxi from the owner and paid him a % of the fares as commission was held NOT to be carrying on a business in common as no joint participation, no shared rights or duties and each person in reality carried on his own separate and distinct business. The â€Å"in common† requirement does NOT mean that all the alleged partners must take an active part in the business. The test seems to be: â€Å"Does the person who carries on the business do so as agent for the persons alleged to be partners? † – Lang v James Morrison & Co Ltd (1911) Definition of â€Å"with a view of profit†Minter v Minter (2000) made clear that â€Å"a view to ultimate profit is essential in a partnership† BUT noted that it has not been essential that there be a profit-making motive in the short term. This means that even though the partners are carrying on their business in the expectation that there could be losses INITIAL LY – the business will still be carried on â€Å"with a view of profit† IF the parties INTEND that it will ULTIMATELY earn profits. SO†¦.. even where an enterprise does operate at a loss, the parties INITIAL INTENTION will invariably have been to run it at a profit (even if the intention was hopelessly optimistic! N. B. Stekel v Ellice (1973) – parties’ stated intention may be overruled. How the contract of Partnership arises 1. formally by deed; 2. more informally but still in writing; 3. by word of mouth agreement; 4. partly written and partly oral; 5. can be implied from the conduct of the parties; Because partnerships are essentially business contracts the law relating to their formation etc is THE LAW OF CONTRACT. There is NO requirement that a WRITTEN AGREEMENT to evidence parties intention to operate as partners†¦ BUT a formal Partnership Agreement has FOUR clear advantages such as: 1. ritten agreement will set out unequivocally who are p artners; 2. it will clearly detail each partners duties, rights and responsibilities; 3. if a dispute arises the written agreement can be referred to or should prescribe some pre-agreed solution or means or arriving at the solution; 4. the written agreement will allow the parties to make express and undeniable provision for things that are not covered by the Partnership Act or which although provided for in the Act canbe altered by some express agreement to the contrary if the parties choose to do so. Relationship of Partners to Each otherThe relationship is both CONTRACTUAL and FIDUCIARY. 1. partners are not normally permitted to act except for the common good; 2. their relationship is governed mainly by parties’ own agreement rather than Statute. The parties’ fiduciary obligations are subject to their obligations under the Partnership Agreement – Justice Mason in Hospital Products Ltd v United States Surgical Corp (1984) when he said â€Å"the fiduciary relat ionship cannot be superimposed upon the contract in such a way as to alter the operation which the contract was intended to have† Duty to act for the common goodMust not carry on another business in competition with the partnership: Lawfund Australia Pty Ltd v Lawfund Leasing Pty Ltd (2008) BUT If they obtain their fellow partners’ fully informed consent they may retain the benefit for themselves: Farah Constructions Pty Ltd v Say-Dee Ltd (2007) Duration of the â€Å"Duty† Fiduciary duties, in some circumstances, can arise before the partnership formally commences AND they will continue even after dissolution UNTIL the final accounts have been taken. Therefore – the obligation not to pursue personal gain can both pre-date and, to a limited extent, survive the partnership itself as in :United Dominions Corporation Ltd v Brian Pty Ltd (1985) UD and B were partners in a shopping centre development project with a third party SPL. UD was a major financier of th e project and SPL had granted it a mortgage over the land. The mortgage apparently secured not only the borrowings for the shopping centre but also borrowings for other projects in which Brian had no interest whatsoever. The mortgage was granted before the shopping centre partnership had formally come into being but well after negotiations for it had commenced (and at a point when it was clear that B would participate).Notwithstanding this, neither UD or SPL told B of the mortgage’s â€Å"collateralisation† clause. When the shopping centre had been completed and sold UD tried to retain all the proceeds of sale (including all the profit) to reduce SPL’s indebtedness to it for the other loans. B objected. HELD: A fiduciary duty exists between prospective partners. As a fiduciary, UD had a positive duty not to seek a private advantage without B prior knowledge and consent. The same reasoning was applied to: Battye v Shammall (2005) Both parties entered into an agre ement to train and race three horses in partnership.The plaintiff agreed to pay the defendant $25,000 for a half-share in the horses, not knowing that he had bought them for a total of $30,000. He therefore made a secret profit of $10,000. This profit had arisen as a direct result of the defendant’s breach of fiduciary duty and he was therefore liable to account for it to the plaintiffs. In terms of surviving the partnership (until final settlement of the accounts) see: Chan v Zacharia (1984) The parties were partners in a medical practice. They dissolved it in 1981.The premises was leased and the option to renew the lease had to be exercised by the doctors jointly. After dissolution, but before final settlement of accounts, Dr Chan not only refused to join Dr Zacharia inexercising the option, he actively sought and gained a new lease of the premises in his own name alone. Because consulting rooms were difficult to obtain in the area and because the renewal was therefore a ve ry valuable asset Dr Zacharia sued for a declaration that Dr Chan held his interest under the new lease as constructive trustee for all members of the former partnership.HELD: Because their fiduciary obligations continued after dissolution, at least as far as was necessary to wind up the firm’s affairs, Dr Chan had NOT been entitled to usurp for his own private profit an asset and opportunity which had properly belonged to the partnership as a whole. He was, therefore, required to account for that private profit. In terms of once the partnership’s affairs have been completely wound up and final accounts have been taken: Metlej v Kavanagh (1981) The parties had practiced as solicitors in a partnership.They had used rental premises and, when they dissolved their partnership, they agreed to continue occupying the premises together but to operate separate practices. Kavanagh subsequently bought the premises and Metlej sued arguing that he was entitled to participate and to buy a one-half interest in the property. HELD: While Kavanagh would have been liable to account to Metlej for the opportunity during their partnership – he was NOT LIABLE after its dissolution. The same reasoning was applied to:Sew Hoy v Sew Hoy (2001) Bindingness of the Partnership Agreement [s. 5 PA 1892 NSW] + [ss. 6-9] The Partnership Agreement is only binding on the partners themselves SO the terms in it do not normally have any effect on the rights or entitlements of third parties doing business with the firm. EG: a Partnership Agreement states that any one partner can sign partnership cheques UP TO $50,000 but cheques in excess need to be counter signed by another partner – That provision would have no effect on the rights of the erson who accepted the cheque for more than $50,000 bearing only ONE signature UNLESS he had been made aware of the restriction before accepting it. TWO KEY POINTS HERE : Restrictions in Partnership Agreements have this limited effect on third parties because of the doctrines of: 1. Privity of Contract; 2. Ostensible (apparent) Authority Under the doctrine of Privity of Contract the terms of the Partnership Agreement (the contract) are only binding on and CAN ONLY BE ENFORCED by the actual parties to that contract i. e. the partners.Under the doctrine of Ostensible (apparent) Authority third parties are entitled to assume that those who occupy positions that normally carry certain authority will have that authority UNLESS there has been some express notification to the contrary. Each partner is the de jure agent of his fellow partners for the purpose of doing those things that are usual for carrying on the business of the partnership in the normal way – therefore each partner has ostensible authority to do everything that might be regarded as part of the everyday normal functioning of the business.THIS CONCEPT IS NOW ENCAPSULATED IN THE PARTNERSHIP ACT (1892) NSW s. 5 BUT – knowledge of the third pa rties IS relevant : Construction Engineering (Aust) Pty Ltd v Hexyl Pty Ltd (1985) Construction Engineering contracted to build houses for Tambel on land that Tambel appeared to own. Construction Engineering was not aware that Tambel was in partnership with Hexyl Pty Ltd. However, their partnership agreement specifically said Tambel was to negotiate and sign the building contract as sole principle (not as agent for Hexyl or the partnership) and that the partnership’s legal interest in the property was not to arise until after he completion of the building. When a dispute arose about payment Construction Engineering alleged that Tambel had entered into the contract on behalf of the partnership and therefore both Tambel AND Hexyl were liable. Held: Hexly was not liable – while partners can bind one another in contract Tambel had been EXPRESSLY PROHIBITED from entering into the building contract as the firm’s agent. AND – partners’ actions must be wit hin the type of business carried on by firm: Polkinghorne v Holland (1934)Thomas Holland and his son Harold and Louis Whitington were partners in a law firm. Claimant Florence Polkinghorne was one of Thomas Holland’s long time clients but much of her business was attended to by his son Harold Holland. Harold advised Florence Polkinghorne to invest money in a Trust Investment Company that he had formed (which he knew was little more than a shell). Harold later advised her to lend ? 1000 to another of his companies called Secretariat Ltd (which again was little more than a shell).Finally, he persuaded her to become a Director of Secretariat Ltd and to guarantee an overdraft in exchange for a share of the profits. All investments failed! Mrs Polkinghorne lost the ? 5000 that she invested plus ? 5475 for which she became liable under her guarantee. Harold disappeared! Mrs Polkinghorne sued his father Thomas Holland and Louis Whitington alleging that as partners they were liable f or her losses. They argued they were not liable because giving financial advice was not part of the â€Å"ordinary course of the business of the firm†.Held: Harold’s partners were liable for the ? 5000 she had lost in the investments BUT NOT LIABLE fir the ? 5475 she had lost by guaranteeing the overdraft. They were liable for the first loss as providing advice WAS a normal part of the business of the firm. They were not liable for the losses on the guarantee as this had NOT INVOLVED HAROLD ACTING IN HIS PROFESSIONAL CAPACITY – THEREFORE NOT IN THE ORDINARY COURSE OF THE BUSINESS OF THE FIRM. BUT – partner’s actions will be looked at subjectively AND objectively when courts decide whether the other partners are liable:There are two limbs: 1. The subjective test is – what kinds of business does this firm actually carry on (and then look at any actions taken by a partner that were not actually authorized) 2. The objective test is – what kinds of business do other firms actually carry on in the same line of business (a sort of reasonable expectation point) It seems that the courts have favoured this approach as in: Mercantile Credit Co Ltd v Garrod (1962) Garrod and Parkin operated a garage in partnership. Parkin ran the business.Garrod was a sleeping partner with no interest in the firm’s day to day running. Their agreement specified that buying and selling cars was NOT to be part of the firm’s activities. In breach of their agreement and without authority from Garrod Parkin fraudulently sold a car to Mercantile Credit who discovered the fraud and sued for the return of its ? 700 purchase price. Garrod denied liability arguing that Parkin had had no actual or ostensible authority as selling cars was not â€Å"business of the kind carried out by the firm†. Held: Garrod WAS liable.Even though what Parkin had done had been without Garrod’s authority (thereby eliminating any liability under the first limb it was AN ACT WITHIN THE SCOPE OF THE FIRM’S BUSINESS. Therefore, Parkin had had the necessary OSTENSIBLE AUTHORITY and both partners were liable under the second limb. Justice Mocatta looked at the type of business that could be expected in garages generally. â€Å"Holding Out† as Partners [s. 6(1) PA 1892 NSW] Authority of those held out as partners Even non-partners can bind the firm if the firm or some of its members hold them out as partners (this is part of the Doctrine of Ostensible Authority).By representing that a particular person is a partner, the partnership is effectively saying, either to the world or to an individual that the person has all the powers of a partner and that he has authority to bind the firm. If someone then deals with that person (in the belief that they are a partner) the firm may not disassociate itself from liability just because that person was not, in fact, a partner. By representing that that person was a partner the firm becomes liable for any actions which it would have been reasonable for him to have taken as a partner: s. 6(1) PA 1892 NSW. Liability of those â€Å"held out† as Partners s. 4 (1) PA 1892 NSW Third parties deceived by a holding out can therefore sue not only the real partners but also all those who were held out, exactly as if they had been real partners, provided they had at least acquiesced in the holding out. Estoppel Those who allow themselves to be held out as partners, knowing or suspecting that this might induce third parties to alter their position in reliance on that representation, will be estopped from denying the fact of partnership if the denial is to avoid liability to those third parties as in: Waugh v Carver (1793) Liability in General Liability of â€Å"general† partnersA general partners liability is unlimited – liable to the full extent of their personal resources for partnership debts and obligations. If called upon they can ONLY seek a contribution from the other general partners. Their rights against the limited partners are restricted to the limited partners’ agreed contribution. A general partner CAN change status to become a limited partner SO LONG AS there is still at least ONE GENERAL PARTNER left. Liability of â€Å"limited† partners Only liable for the firms debts and obligations to the extent of his contribution or agreed contribution to the firm’s capital : ss. 0, 61 and 65(2) PA 1892 NSW. In NSW they can either be in cash or property valued at a stated amount. (In QLD those contributions must be in cash). THIS LIMITED LIABILITY ONLY RELATES TO LIABILITIES THE PARTNERSHIP OWES THIRD PARTIES. THE LIABILITY TO THE OTHER PARTNERS IS GOVERNED BY THE PARTNERSHIP AGREEMENT AND THE RELEVANT PARTNERSHIP ACTS. Losing Limited Liability Can and will be lost – 1. if there are defects in the Partnership Agreement; 2. if the limited partners participate in management; 3. if a limited partn er’s contribution to capital is withdrawn; 4. if the partnership ceases to be a limited partnership . if there is a failure to describe the partnership as a â€Å"Limited Partnership† in business documents; Key point about limited partnerships: They must be registered : s. 50 PA 1892 NSW Terminating a Partnership Can be dissolved in any number of ways. They may terminate their relationship: 1. by agreement; 2. or if they have provided for it in their original Partnership Agreement – one partner may simply give notice of termination; 3. court intervention (in the event of relationship breakdown. Remember†¦. because partnerships are contractual relationships any change in the composition of the partnership (i. e. ny change in the â€Å"parties†) will technically terminate it: Rushton (Qld) Pty Ltd v Rushton (NSW) Pty Ltd (2003). If some or all of the remaining partners want to continue after a change they can – provided there is both an appropri ate agreement and some arrangement to pay out those partners who are leaving. N. B. any continuation will involve a new partnership; the old partnership will have terminated when the change took place. Therefore – at its lowest level termination will occur whenever there is any voluntary (or involuntary) change in the composition of the partnership whether or not the busiess continues after the change.Such changes include changes initiated by: 1. the death of a partner; 2. the expulsion of a partner; 3. the retirement of a partner; or 4. the introduction of a new partner Dissolution and Winding Up At its severest level termination can involve a formal dissolution of the partnership followed by a winding up of the partnership’s affairs. Winding up means that the partnership’s assets are sold, its debts are paid and any residue that remains is then split among the (now former) partners in accordance with either the terms of their Partnership Agreement or the provi sions in the Partnership Act: s. 4 PA 1892 NSW. Difference between â€Å"Dissolution† and â€Å"Winding Up† Critical difference between dissolution and subsequent winding up is described in: Rushton (Qld) Pty Ltd v Rushton (NSW) Pty Ltd (2003) . Death of a Partner s. 33(1) PA 1892 NSW The PA 1892 NSW provides that: â€Å"subject to any agreement between the partners, every partnership is dissolved as regards all the partners by the death of any partner† SO†¦. in the absence of a contrary agreement, the death of any partner must automatically bring the partnership to an end.The firm’s business may then be formally wound up, its assets and undertaking may be sold, its debts will be paid and any balance will be distributed between the deceased’s estate and the surviving partners in accordance with either the terms of the partnership agreement or, if there are no specific terms, the provisions of the Act. Why automatic dissolution? It is designed to protect the deceased’s interest in the partnership. N. B. The Partnership Agreement can stipulate by agreement that the death of a partner is not to result in automatic dissolution.Expulsion of a Partner s. 25 PA 1892 NSW s. 25 PA 1892 NSW provides that: â€Å"no majority of the partners can expel any partner unless a power to do so has been conferred by express agreement between the partners† The â€Å"express agreement† referred to, while it need not be in writing, should be part of the original Partnership Agreement. Partners have no inherent right to expel co-partners. It is not enough that all the partners get together and agree agree to put a power of expulsion into their agreement just to get rid of the disfavoured partner.The â€Å"normal† way of resolving irreconcilable differences is to dissolve and wind up the partnership. There are a number of â€Å"fiduciary safeguards† which include: 1. the expulsion must be exercised in good faith and it must not be improperly motivated; 2. any power to expel a partner will be strictly construed; but 3. unless the Partnership Agreement expressly or impliedly provides for it, a partner being expelled need not generally be told the reason for the proposed expulsion nor given an opportunity to speak in his defence. How the good faith requirement operates is well illustrated in:Blisset v Daniel (1853) – â€Å"where a power of expulsion exists it must be used for the benefit of the partnership as a whole and not for the benefit of particular partners†. Retirement of a Partner s. 26 PA 1892 NSW The effect of one partner retiring (as with death or explulsion) is to dissolve the partnership in its then form. This is the case even so the business of the firm may continue :Hadlee v Commissioner of Inland Revernue (1989). The practical effect raises some sort of indebtedness between all or some of the continuing partners (those who are buying out the retiring partner).The retiring partner loses all rights to have any continuing say in how the business is run. If the firm is going to continue as a new firm after the partner has retired they may well incur an obligation to indemnify the retiring partner against any action by the firm’s creditors after the effective date of his retirement. This will be important to the retiring partner because under the PA NSW he remains liable for all debts and obligations of the partnership before the effective date of retirement unless the remaining partners and the firm’s creditors agree otherwise : s. 7(3) PA 1892 NSW. The Introduction of a New Partner s. 24 (1)(7) PA 1892 NSW s. 24 (1)(7) PA 1892 NSW provides that: â€Å"no person may be introduced as a partner without the consent of all existing partners† This provision follows naturally from the fact that partners have an unlimited liability for partnership debts and obligations and therefore there is a mutual trust, confidence, understandi ng and goodwill presumed to exist. Incorporated Limited Partnerships s. 49 PA 1892 NSW defines them as â€Å"an incorporated limited partnership formed in accordance with the Act† – NOT VERY HELPFUL!Better defined as, â€Å" an association of persons carrying on business as partners where the liability of at least one of them is limited and the funds and business are managed by one or more general partners for the benefit of all the partners collectively† – s. 995-1(1) Income Tax Assessment Act 1997 (Cth). SO†¦these partnerships have a corporate identity, a separate legal personality and perpetual succession. ONLY the limited partners are protected though – unlike all limited liability companies! Therefore the general partners remain liable without limit!Why have an Incorporated Limited Partnership? (ILP) ILP’s were the direct result of the Commonwealth Government’s Venture Capital Act 2002 (Cth) to facilitate non-resident invest ment in Australia. The Act provides concessional tax relief!! This is restricted to those involved in venture capital investments AND REGISTERED under the Act. Limited Liability Issues Normal (unincorporated) limited liability partnerships do not provide VC with the certainty of limited liability as they are NOT incorporated and have no independent legal status. Formation of an ILPThey MUST be REGISTERED – in NSW the Registrar of Business Names. How to Register [s. 54 PA 1892 NSW] Must lodge an application with above signed by existing or proposed partners detailing: 1. that the partnership is to be registered as an ILP; 2. the firms name, address and principle office; 3. full name and address of each partner; 4. status of each partner i. e. â€Å"general† partner or â€Å"limited† partner; 5. for registered VCLP either evidence of registration or a statement outlining the intent; 6. anything else prescribed as required, under regulation or otherwiseOnce REGISTE RED an ILP is in most cases will be subject to the rules of the Corporations Act 2001 (Cth) regarding matters such as directors’ duties and the prohibition of disqualified persons taking part in management. Assumptions those dealing with an ILP are entitled to make: The PA 1892 NSW provides a number of assumptions that those who deal with an ILP are entitled to make (UNLESS they know or suspect that the assumption is incorrect! ) These assumptions are: 1. the Partnership Agreement has been complied with; 2. anyone on Register as a â€Å"general† partner has authority to perform duties; 3. nyone held out as a â€Å"general† partner in, or as agent of, an ILP is a â€Å"general†partner and has such powers/authority; 4. the â€Å"general† partners, and agents of, an ILP properly perform their duties to the ILP; 5. that a document executed by an ILP has been duly executed; 6. that a â€Å"general† partner in an ILP who has authority to issue a d ocument on its behalf has authority to warrant that the document is genuine or a true copy. How are ILP’s Regulated? Not governed by the general partnership rules! Most important perhaps is when it comes to joint/several liability.Partnership Act NSW provides that general law of partnership does NOT apply to ILP’s OR to the relationship between the ILP and its partners: s. 1(C) PA 1892 NSW. Partnerships & Companies – Generally The reason for the distinction between P and C is quite simple. A P is an ASSOCIATION of persons ACTUALLY â€Å"carrying on a business†. Together the partners decide what business will be carried on, they are usually entitled to get involved in the day-to-day operations and they are personally liable for the partnership’s debts and obligations. With C this is not the case.C are INDEPENDENT LEGAL ENTITIES WITH A PERPETUAL EXISTENCE. They obtain their funds from shareholders who are generally, both in fact and in law, passive i nvestors. The difference between P and C can be very important even in small closely held companies where the directors are also the company’s sole shareholders and operate like a P – the legal position is that they are not a P and therefore have NO right to be treated as such by the law. This can have very unfortunate circumstancesas in: Friend v Brooker (2009) The parties incorporated a company and they were equal shareholders.Brooker borrowed funds personally to help the business. The C later went into liquidation and there was not enough money to repay the loan. Brooker claimed that the C had merely been a corporate vehicle for a P between the two men and therefore P law should apply. Held : Brookers action failed. Court said he and Friend had taken a deliberate commercial decision to adopt a corporate structure for their business instead of operating as a partnership therefore no fiduciary duty owed. Advantages of Partnerships Simple and cheap to set up Can be sim ple and cheap to dismantle ConfidentialityParticipation in management and decision-making Flexibility Partners owe a fiduciary duty to one another Can be used to reward and retained skilled/valued staff Disadvantages of Partnerships Have no separate legal existence Continuity problems Limited numbers Capital may be more difficult to raise Unlimited liability Statutory Agency Partnership interests are not freely transferable Some Partnership decisions require unanimity Partnership In Tort [PA 1892 NSW ss. 10-13] The basic provision concerning the way in which tortious (and criminal) wrongs committed by a partner are to be treated reads as follows: where by any wrongful act or omission of any partner†¦. acting in the ordinary course of the business of the firm, or with the authority of the partner’s co-partners, loss or injury is caused to any person not being a partner of the firm, or any penalty is incurred, the firm is liable therefore to the same extent as the partner so acting or omitting to act†. Therefore, all partners will be collectively liable but that is not all. The PA 1892 NSW makes clear that partners’ liability is both joint and several s. 12 PA 1892 NSW – therefore the injured party can sue the whole firm OR partners that he chooses.If he sues only some of the partners – THEY WILL BE PERSONALLY LIABLE (they will also be entitled to seek a contribution from the other partners). If recovery in full cannot be obtained from the sued partners by the injured party they may later sue partners who were not sued for the shortfall!! Breaches of Contract – the partners are simply â€Å"jointly† liable for the firm’s debts and obligations so the injured party generally only gets one opportunity to sue collectively : Kendall v Hamilton (1879) – partners are â€Å"jointly† liable for partnership debts.To succeed the injured party must prove FIVE things: 1 . there was a wrongful act or om ission; 2. it was committed by a partner; 3. partner was acting in ordinary course of firms’ business or with actual or implied or apparent authority of his co-partners; National Commercial Banking Corp of Australia Ltd v Batty (1986) 4. injured party suffered loss or injury; 5. loss or injury resulted from the wrongful act or omission. Also see: Polkinghore v Holland (1934) – SEE ABOVE FOR FACTS AND DECISION

John Proctor Cruicible

The hysteria of witchcraft fills the streets of Salem, Massachusetts with rumors and accusations leading to the hanging of nineteen innocent people. Arthur Miller uses this tragedy to resemble the same stupidity of the accusations of the infiltration of communists in the United States throughout the sass's.To display the absurdness of the accusations, Miller had to create a protagonist with non-conformist views that would defy the Insanity raised by the fictitious experiences of witchcraft. Miller creates the character John Proctor, a fictional character who does not conform to the madness of Salem. At times he may seem like a bad man trying to do a good deed, but, on the contrary, Is quite a good man. Through the actions after his affair with Abigail, by defending his wife, and by standing up for his religious and personal viewpoints, John Proctor proves that he is indeed a good man.It cannot be denied that John Proctor had an affair with Abigail Williams. He did something wrong and his actions haunt him throughout the play. He did break the sixth commandment, but because he is a sinner does not mean he is a terrible man. Everyone has sinned, and they cannot try and change that. It is how they deal with sin that defies who they are. John Proctor shows that he Is not bad by having the feeling of guilt. For without guilt, it would mean that what he did, in his eyes did not feel wrong. This Is not the case because during act one, while Proctor Is Introduced,Abigail tempts him while they are alone. Abigail: Give me a word John. A soft word. Her concentrated desire destroys his smile. John: No, no, Baby. That's done with. (Miller 22) Proctor denies all temptations that would lead to the feeling of guilt later on, showing his good morals as well as his love for Elizabeth still exists. Even though John betrayed Elizabeth, he still loves her and will protect her no matter the circumstances. One Instance that Proctor could easily be ridden of his wife Is let her be tak en and then eventually get with Abigail.It seems a bit preposterous, but is reactions are those of any good man in that he defends his wife. Cheaper asks, Cheaper: Now, woman, will you please to come with me? John: She will not! (73) He defends Elizabeth as well in court by giving up his good name to try and soil Abigail. Even when they tell him that Elizabeth has been given a year for pregnancy to have a baby, this does not stop him because he wants to try and free all of the wrongly accused. Although, even after he confesses to the affair, his wife defends him by not telling the truth.This shows that throughout everything that happens an intelligent woman such as Elizabeth still loves John. She knows that John made a mistake, but he is still the good man that she fell in love with. In loving Elizabeth, John cares for her when she is sick. The care for his wife leads to many absences in church. Only attending â€Å"twenty-six time in seventeen month† (64) can be assumed that it is not only Just because he cared for his wife, but because he did not care for the reverend. John's defiance of Reverend Paris at first seems to Just match Proctor's personality of rebelliousness.On the contrary, his defiance shows the DOD side of him. This shows that he believes that Paris' greed should have nothing to do with the church that he was so involved in before. He also is a strong believer that the place of worship does not matter, it's the quality of worship that usurps the location. This reveals that he truly cares enough about his religious beliefs that when he felt that Paris was not a good religious influence on his children he slowly began to go to church less and less. This ideology is shown during act two. Hale: Mr.. Proctor, your house is not a church; your theology must tell you that.John: It does, sir, it does; and it tells me that a minister may pray to God without he have a golden candlesticks upon the altar. (65) Proctor's first impression on the reade r is one of a flawed man. He slowly has to earn the reader's respect and becomes the good guy of the story. He supports his wife in her times of need. He defies all attempts by Abigail to spark another affair. He risks all he has to try and stand up for what he believes is right. Through his actions in The Crucible, John Proctor earned the respect he deserves and is shown as the good man that he truly is.

Free Essays on Euripedes

Title of work- Medea Country/Culture- Greek Literary Period- Classical Type of literature (genre)- Drama/Tragedy Author- Euripedes Authorial information- Euripedes lived from ca. 485 to ca. 406 B.C. making him younger thank Aeschylus and Sophocles, and making him the last of the great writers of tragedy in the golden age of Athens. His emphasis on human emotions and the psychology of individuals has proven more widely popular than philosophical beliefs shown in his older contemporary works. Medea, first produced in 431 B.C., features strong dramatic situations and is focused on the heroine Medea. Medea’s attitude of feminine pride and is a contradiction of tradition. Author’s unique style- Euripedes was a revolutionary during his time, portraying women in a light never before seen in literature. He preferred to dignify women and show men as the villains. Euripedes also used the factor of the women’s role to show the weakness in humans and their believe systems. He would use the common people as characters rather then heroes, as shown in most epics. Euripedes preferred situations that showed characters torn between conflicting desires. For instance in Medea, the plot to kill Medea’s two children attracts mixed feelings. Her great love for her sons causes her to question, which is greater, revenge or love. The violent obsessions prevail though, bringing the death of her sons and her acquiring revenge upon her husband. Setting- Medea was based in 5th century B.C. Greece during an age when women were seen as inferior to men. Yet Medea is portrayed as the heroine and the as being more clever then the two male characters, Creon and Jason. The story of Medea takes place in Corinth, in front on Medea’s house. Though many events do take place in other regions of the city, we only obtain knowledge of them through hearsay. Euripedes used this tool in theaters for the audience to visualize the ... Free Essays on Euripedes Free Essays on Euripedes Title of work- Medea Country/Culture- Greek Literary Period- Classical Type of literature (genre)- Drama/Tragedy Author- Euripedes Authorial information- Euripedes lived from ca. 485 to ca. 406 B.C. making him younger thank Aeschylus and Sophocles, and making him the last of the great writers of tragedy in the golden age of Athens. His emphasis on human emotions and the psychology of individuals has proven more widely popular than philosophical beliefs shown in his older contemporary works. Medea, first produced in 431 B.C., features strong dramatic situations and is focused on the heroine Medea. Medea’s attitude of feminine pride and is a contradiction of tradition. Author’s unique style- Euripedes was a revolutionary during his time, portraying women in a light never before seen in literature. He preferred to dignify women and show men as the villains. Euripedes also used the factor of the women’s role to show the weakness in humans and their believe systems. He would use the common people as characters rather then heroes, as shown in most epics. Euripedes preferred situations that showed characters torn between conflicting desires. For instance in Medea, the plot to kill Medea’s two children attracts mixed feelings. Her great love for her sons causes her to question, which is greater, revenge or love. The violent obsessions prevail though, bringing the death of her sons and her acquiring revenge upon her husband. Setting- Medea was based in 5th century B.C. Greece during an age when women were seen as inferior to men. Yet Medea is portrayed as the heroine and the as being more clever then the two male characters, Creon and Jason. The story of Medea takes place in Corinth, in front on Medea’s house. Though many events do take place in other regions of the city, we only obtain knowledge of them through hearsay. Euripedes used this tool in theaters for the audience to visualize the ...

Introduction to Elasticity in Economics

Introduction to Elasticity in Economics When introducing the concepts of supply and demand, economists often make qualitative statements about how consumers and producers behave. For example, the law of demand states that as the price of a good or service increases, the demand for that good or service decreases. The law of supply states that the quantity of a good produced tends to increase as the market price of that good increases. While these laws are useful, they dont capture everything that economists would like to include in the supply and demand model; as a result, economists have developed quantitative measurements such as elasticity to provide more detail about market behavior. Elasticity, in short, refers to the relative tendency of certain economic variables to change in response to other variables. In economics, it is important to understand how responsive quantities such as demand and supply are to things like price, income, the prices of related goods, and so on. For example, when the price of gasoline increases by one percent, does the demand for gasoline go down by a little or a lot? Answering these sorts of questions is extremely important to economic and policy decision making, so economists have developed the concept of elasticity to measure the responsiveness of economic quantities. Types of Elasticity Elasticity can take a number of different forms, depending on what cause and effect relationship economists are trying to measure. Price elasticity of demand, for example, measures the responsiveness of demand to changes in price. Price elasticity of supply, in contrast, measures the responsiveness of quantity supplied to changes in price. Income elasticity of demand measures the responsiveness of demand to changes in income, and so on. How to Calculate Elasticity Measures of elasticity all follow the same basic principles, no matter which variables are being measured. In the discussion that follows, well use price elasticity of demand as a representative example. Price elasticity of demand is calculated as the ratio of the relative change in quantity demanded to the relative change in price. Mathematically, the price elasticity of demand is just the percent change in quantity demanded divided by the percent change in price: Price elasticity of demand Percent change in demand / Percent change in price In this way, the price elasticity of demand answers the question What would be the percent change in quantity demanded in response to a one percent increase in price? Notice that, because price and quantity demanded to tend to move in opposite directions, the price elasticity of demand usually ends up being a negative number. To make things simpler, economists will often represent price elasticity of demand as an absolute value. (In other words, the price elasticity of demand could just be represented by the positive part of the elasticity number, eg. 3 rather than -3.) Conceptually, you can think of elasticity as an economic analog to the literal concept of elasticity. In this analogy, the change in price is the force applied to a rubber band, and the change in quantity demanded is how much the rubber band stretches. If the rubber band is very elastic, the rubber band will stretch a lot. If its very inelastic, it wont stretch very much, and the same can be said for elastic and inelastic demand. In other words, if demand is elastic, it means a change in price will result in a proportional change in demand. If demand is inelastic, it means a change in price will not result in a change in demand. You may notice that the equation above seems similar, but not identical to, the slope of the mand curve (which also represents price versus quantity demanded). Because the demand curve is drawn with the price on the vertical axis and quantity demanded on the horizontal axis, the slope of the demand curve represents the change in price divided by the change in quantity rather than the change in quantity divided by the change in price. In addition, the slope of the demand curve shows absolute changes in price and quantity whereas price elasticity of demand uses relative (i.e. percent) changes in price and quantity. There are two advantages to calculating elasticity using relative changes. First, percent changes dont have units attached to them, so it doesnt matter what currency is used for the price when calculating elasticity. This means that elasticity comparisons are easy to make across different countries. Second, a one-dollar change in the price of an airplane ticket versus the pr ice of a book, for example, are likely not viewed as the same magnitude of change. Percentage changes are more comparable across different goods and services in many cases, so using percent changes to calculate elasticity makes it easier to compare the elasticities of different items.

Business Ethics Essay Example | Topics and Well Written Essays - 1500 words - 12

Business Ethics - Essay Example Along with this the management accountants also use the financial statements and the statements like cash flow, fund flow (which are not published in the annual reports) and they formulate a plan about the further steps that should be taken by the management so that the company can use the available resources optimally and can perform better. If the accountants doing fraudulent while preparing the statements then the objective of the company can be hampered. The external stakeholders would fail to take the right decisions and the management accountants can’t plan successfully. So protecting the interest of the stakeholders it is necessary to maintain the accounting ethics properly by the company management. The accounting bodies has prepared some rules, the companies are bound to maintain those rules for protecting the interest of the stakeholders. The paper describes the issue of ethics in accounting; the importance of the ethics rules of AICPA is also discussed. A case study will also be discussed by the researcher for depicting the importance of ethics in accounting. Doing fraud in the financial statements is an intentional activity for making the balance sheet stronger, for showing higher profit of the company in the financial year. For showing higher profit than the actual the accountants shows higher value, higher revenue. Enron, the company in the energy sector started its business in 1985. In the 1990s the company’s growth was fine. The growth of the company made it one of the best companies in the world. In Standard and Poor 500 index the growth of the company was also good. But the lack of transparency was the cause of the downfall of the company. Their business model was complex and they used to do unethical practices. The company used to recognize the revenue even when the deal was signed between the two parties. Government deregulation was also a factor for their downfall. Enron used the Special Purpose Entities for accessing