Insecure, Pressured, Over-taxed and Debt-ridden Youth (IPOD)

Insecure, Pressured, Over-taxed and Debt-ridden Youth (IPOD) THE IPOD GENERATION The young adults of today, the under-35s, are often referred to as the IPOD generation. This both connects them with the latest technology and design that the sleek IPOD represents, and according to David Smith in a recent article in the Sunday Times, stands as an acronym for insecure, pressured, overtaxed, and debt-ridden. Labels such as these designate a generation that is experiencing and environment and reaction both negative to itself and to the future prosperity of Britain. They call to question both whether the current situation could have been avoided, and what can be done to more fully integrate the IPOD generation into British prosperity now. It is perhaps easiest to consider the four labels of the IPOD acronym in reverse order. First, the generation is debt-ridden. This is due not only to an increase in ease of acquiring consumer credit, but also to changing attitudes about debt and an increase in educational costs. Credit is easier to obtain than ever before, with many if the IPOD generation having multiple credit cards and getting them whilst still in school. Various banks and lending institutions, who make high profits from consumers carrying credit balances on such cards, often target young adults who may not be ready to responsibly manage debt. Where once young adults assumed they would need to work and save to emulate their parents standards of living, todays young adults are encouraged towards immediate gratification. They can buy a car on credit, fill the tank on credit, furnish their first place on credit, and so on until their credit limits are reached. Then they are strapped, spending years paying off a quick path to a â€Å"higher† standard of living. Additionally, many young adults leave university with high student loan debt. This reflects both a change in education and a change in the overall British economy. At one time there were well-paying jobs for those chose not to attend university. Many could enter into manufacturing and similar positions with an expectation of job stability and reasonable pay and job security. However, in the past twenty years the British economy has shifted. Many of these â€Å"secure† manufacturing jobs have been transferred to Asia and similar countries, where companies can secure workers for much lower wages. Computers and technology have changed the face of many of the jobs that remain, requiring a higher educational level for those wanting a reasonable wage. As a result, the number of young adults going on to university has increased eight times over since the 1960s. Although they feel it necessary to extend their education to have any shot at a well-paying job, this has made university ed ucation more commonplace and therefore worth less in the marketplace. Most students have responsibility for some or all of their educational expenses, and resort to loans. Many of the IPOD generation are therefore leaving university having pounds ten or twenty thousand or more in student debt without the job prospects previous generations enjoyed. They spend years in unstable positions, combating their acquired debt and high rents. The property ladder is not even a consideration, at least not for many years. To make matters more difficult, the IPOD generation is also over-taxed. This is the first generation who is on the losing end of the welfare bargain, who will pay more into the system than they receive from it. First, the large number of aging baby boomers require greater expenditures by the government on health care and pensions. This requires current workers, including young adults, to shoulder a greater share of the tax burden. This is likely to only become worse over the next two decades, and politicians continue to be slow to cater to the needs of young adults, as the IPOD generation is both fewer and less likely to vote than their older counterparts. Young adults also receive fewer benefits from the state. They are not only expected to pay for their own education, as mentioned above, but health care and pension costs previously mentioned leave less money for other government programmes that might benefit them. Their tax burden, therefore, is disproportionate and a great hampera nce to their full integration into and enjoyment of economic opportunities. A combination of these high taxes and debt leave the IPOD generation pressured. There is a societal expectation that they should be exceeding their parents in lifestyle and success, yet good jobs are few and they have greater obligations from society economically. They must learn to juggle high debt and high taxes at increasingly an young age, often with little hope of escape from such a situation. For example, moving to another part of the country with lower taxes also typically means fewer job prospects and those jobs having lower wages. In addition, some believe the integration of the UK into the European Union also puts pressure on the IPOD generation. On one hand, British participation opens the opportunities for companies to sell product in a wider market. However, this is more likely to benefit business owners, whom are typically of the older generations, rather than entry-level workers. Increased opening of British job markets to other Europeans actually increases the number of potential workers. This also disproportionately affects younger adults, as workers from some other countries will compete for entry-level and less-skilled jobs, and are often willing to work at much lower wages. This means young adults from Poland, for example, can compete for British jobs, although British young adults are unlikely to benefit similarly from job opportunities in Poland. Such political changes in the both the UK and global environment put additional pressure on the IPOD generation. All the above leaves the young adults of today increasingly insecure. They can no longer count on job opportunities, even if they have invested the time and expense in additional education. Debt and high tax burdens leave todays young adults with less available capital, and less prospect of available capital. This makes them less inclined to risk or to venture into entrepreneurial activity. The IPOD generation in Britain are not only less likely to engage in entrepreneurial pursuits than previous generations, but, according to Smiths report in the Sunday Times, less likely than youth in America, Australia, New Zealand, or Ireland. This indicates such insecurity is particularly a British phenomena, even with the number of wider economic shifts that contribute. Concerns are rising of the impact of all of this on the future of the British economy. An insecure generation that does not create business also does not create jobs or a tax base. Over time, this further opens British markets to competition from non-British firms. The economy begins to slide, increasing the tax burden on those who are working or trying to develop business pursuits, which hampers their success and makes other potential British entrepreneurs even more insecure and adverse to risk. This has the potential to become a downward circle, with continuing negative impact on the UK economy as a whole and the IPOD generation in particular. Whilst there are certainly steps that could have been undertaken to lessen the pressure on the IPOD generation, as noted above some of the impact is simply the result of economic and demographic shifts in the economy. In regard to debt, tighter government regulation of credit and tighter credit requirements would reduce debt in the IPOD generation, as would increased government investment in higher education, and programmes to provide other job skills as an alternative to university. Certainly the government could have also anticipated rising health and pension costs and taken steps to alleviate some of tax burden on todays young adults. Instead, the government appears to be making decisions based on current votes, rather than future economic needs. Increasing affordable housing or programmes for new businesses would additionally address the pressure and insecurity experienced by the IPOD generation. However, all these require both advance planning and the willingness of the governme nt to make difficult decisions that will be also undoubtedly unpopular to older people. Politically, this appears unlikely, although such steps could still be undertaken now. Some possible avenues to address the needs of the IPOD generation, however, are being considered. A Reform study of the problems facing the IPOD generation contradict Tony Blairs agenda to increase school leavers who pursue additional education to fifty percent. That plan, the study contends, would flood the job market with over-educated workers who will not be able to get ample return on their educational investment. The Reform study instead recommends focusing on increasing job skills based on the countrys economic needs. Suggestions include changing recruitment of school leavers and job seekers to assist young adults in securing stable, reasonably paying employment, and implementing apprenticeship plans where young adults can develop job skills needed by the current and future economy without incurring high debt or investing potential earning years in university education that may not provide the same return that it did for previous generations. Both these suggestions would be a step towards assisting the IPOD generation in becoming more economically viable, but larger issues requiring government intervention, as discussed above, are additionally needed to truly address the situation.

Exploring Freedom in Edward Bellamys Looking Backward Essay -- Looking

The definition of freedom depends entirely on how the phrase â€Å"freedom from†¦Ã¢â‚¬  ends. Perhaps a most straightforward understanding of freedom is the laissez-faire emphasis on limiting the power of government to interfere in economic and social matters. In this state of absolute freedom, however, inequalities exist between people, so that freedom from a controlling government does not imply individuals’ freedom of contract, movement, legal protection, equal rights through citizenship, or political voice. In light of the persistence of slavery in the US through the 19th century, freedom as an individual’s legal status separated people who could be citizens from people who were lifelong slaves. Even among legally free people, economic inequalities restricted the practical freedom of many, particularly through voting requirements and dependence on a crop lien system that severely restricted mobility and freedom of contract and trade. In the boom of industr y, terms like â€Å"wage slavery† drew attention to the lack of freedom of working class people to assemble as unions, to contract for a family wage, to receive education and medical care, and to fulfill the â€Å"American Dream† of to improving their living conditions through hard work. These inabilities were imposed not by a government that infringed upon personal liberties, but from a harsh capitalist economy that created an increasingly poorer lower class and, despite capitalist rhetoric, restricted social mobility based on merit and sharpened the division between socioeconomic classes. By the turn of the twentieth century, groups like the Populists and Progressives were calling for radical changes in government oversight of business, expansion of national currency, and subsequent redist... ... repressive. Though our world is certainly more troubled than Bellamy’s in some ways, and though we still have plenty of room for improvement, our more moderate approaches to stabilizing the economy and providing for social welfare have improved the situation since the 19th century. Legislation establishing minimum wage, safety inspections in workplaces, workman’s compensation, a graduated income tax, welfare and social service programs, family medical leave and maternity leave, affirmative action, anti-discrimination statutes, public schools and universities, federal grants for post-secondary education, social security for retirees and those with disabilities, and a host of other reforms over the last century have proven that the democratic government structure that existed during Bellamy’s day was capable of bringing about significant, though gradual, change.

Econometrics Chapter Summaries Essay

2) Basic Ideas of Linear Regression: The Two-Variable Model In this chapter we introduced some fundamental ideas of regression analysis. Starting with the key concept of the population regression function (PRF), we developed the concept of linear PRF. This book is primarily concerned with linear PRFs, that is, regressions that are linear in the parameters regardless of whether or not they are linear in the variables. We then introduced the idea of the stochastic PRF and discussed in detail the nature and role of the stochastic error term u. PRF is, of course, a theoretical or idealized construct because, in practice, all we have is a sample(s) from some population. This necessitated the discussion of the sample regression function (SRF). We then considered the question of how we actually go about obtaining the SRF. Here we discussed the popular method of ordinary least squares (OLS) and presented the appropriate formulas to estimate the parameters of the PRF. We illustrated the OLS method with a fully worked-out numerical example as well as with several practical examples. Our next task is to find out how good the SRF obtained by OLS is as an estimator of the true PRF. We undertake this important task in Chapter 3. 3) The Two-Variable Model: Hypothesis Testing In Chapter 2 we showed how to estimate the parameters of the two-variable linear regression model. In this chapter we showed how the estimated model can be used for the purpose of drawing inferences about the true population regression model. Although the two-variable model is the simplest possible linear regression model, the ideas introduced in these two chapters are the foundation of the more involved multiple regression models that we will discuss in ensuing chapters. As we will see, in many ways the multiple regression model is a straightforward extension of the two-variable model. 4) Multiple Regression: Estimation and Hypothesis Testing In this chapter we considered the simplest of the multiple regression models, namely, the three-variable linear regression model—one dependent variable and two explanatory variables. Although in many ways a straightforward extension of the two-variable linear regression model, the three-variable model introduced several new concepts, such as partial regression coefficients, adjusted and unadjusted multiple coefficient of determination,  and multicollinearity. Insofar as estimation of the parameters of the multiple regression coefficients is concerned, we still worked within the framework of the classical linear regression model and used the method of ordinary least squares (OLS). The OLS estimators of multiple regression, like the two-variable model, possess several desirable statistical properties summed up in the Gauss-Markov property of best linear unbiased estimators (BLUE). With the assumption that the disturbance term follows the normal distribution with zero mean and constant variance ÏÆ'2, we saw that, as in the two-variable case, each estimated coefficient in the multiple regression follows the normal distribution with a mean equal to the true population value and the variances given by the formulas developed in the text. Unfortunately, in practice, ÏÆ'2 is not known and has to be estimated. The OLS estimator of this unknown variance is . But if we replace ÏÆ'2 by , then, as in the two-variable case, each estimated coefficient of the multiple regression follows the t distribution, not the normal distribution. The knowledge that each multiple regression coefficient follows the t distribution with d.f. equal to (n – k), where k is the number of parameters estimated (including the intercept), means we can use the t distribution to test statistical hypotheses about each multiple regression coefficient individually. This can be done on the basis of either the t test of significance or the confidence interval based on the t distribution. In this respect, the multiple regression model does not differ much from the two-variable model, except that proper allowance must be made for the d.f., which now depend on the number of parameters estimated. However, when testing the hypothesis that all partial slope coefficients are simultaneously equal to zero, the individual t testing referred to earlier is of no help. Here we should use the analysis of variance (ANOVA) technique and the attendant F test. Incidentally, testing that all partial slope coefficients are simultaneously equal to zero is the same as testing that the multiple coefficient of determination R2 is equal to zero. Therefore, the F test can also be used to test this latter but equivalent hypothesis. We also discussed the question of when to add a variable or a group of variables to a model, using either the t test or the F test. In this context we also discussed the method of restricted least squares. 5) Functional Forms of Regression Models In this chapter we considered models that are linear in parameters, or that can be rendered as such with suitable transformation, but that are not necessarily linear in variables. There are a variety of such models, each having special applications. We considered five major types of nonlinear-in-variable but linear-in-parameter models, namely: 1.The log-linear model, in which both the dependent variable and the explanatory variable are in logarithmic form. 2.The log-lin or growth model, in which the dependent variable is logarithmic but the independent variable is linear. 3.The lin-log model, in which the dependent variable is linear but the independent variable is logarithmic. 4.The reciprocal model, in which the dependent variable is linear but the independent variable is not. 5.The polynominal model, in which the independent variable enters with various powers. Of course, there is nothing that prevents us from combining the features of one or more of these models. Thus, we can have a multiple regression model in which the dependent variable is in log form and some of the X variables are also in log form, but some are in linear form. We studied the properties of these various models in terms of their relevance in applied research, their slope coefficients, and their elasticity coefficients. We also showed with several examples the situations in which the various models could be used. Needless to say, we will come across several more examples in the remainder of the text. In this chapter we also considered the regression-through-the-origin model and discussed some of its features. It cannot be overemphasized that in choosing among the competing models, the overriding objective should be the economic relevance of the various models and not merely the summary statistics, such as R2. Model building requires a proper balance of theory, availability of the appropriate data, a good understanding of the statistical properties of the various models, and the elusive quality that is called practical judgment. Since the theory underlying a topic of interest is never perfect, there is no such thing as a perfect model. What we hope for is a reasonably good model that will balance all these criteria. Whatever model is chosen in practice, we have to pay careful attention to the units in which the dependent and independent variables are expressed, for the interpretation of regression coefficients may hinge upon units of  measurement. 6) Dummy Variable Regression Models In this chapter we showed how qualitative, or dummy, variables taking values of 1 and 0 can be introduced into regression models alongside quantitative variables. As the various examples in the chapter showed, the dummy variables are essentially a data-classifying device in that they divide a sample into various subgroups based on qualities or attributes (sex, marital status, race, religion, etc.) and implicitly run individual regressions for each subgroup. Now if there are differences in the responses of the dependent variable to the variation in the quantitative variables in the various subgroups, they will be reflected in the differences in the intercepts or slope coefficients of the various subgroups, or both. Although it is a versatile tool, the dummy variable technique has to be handled carefully. First, if the regression model contains a constant term (as most models usually do), the number of dummy variables must be one less than the number of classifications of each qualitat ive variable. Second, the coefficient attached to the dummy variables must always be interpreted in relation to the control, or benchmark, group—the group that gets the value of zero. Finally, if a model has several qualitative variables with several classes, introduction of dummy variables can consume a large number of degrees of freedom (d.f.). Therefore, we should weigh the number of dummy variables to be introduced into the model against the total number of observations in the sample. In this chapter we also discussed the possibility of committing a specification error, that is, of fitting the wrong model to the data. If intercepts as well as slopes are expected to differ among groups, we should build a model that incorporates both the differential intercept and slope dummies. In this case a model that introduces only the differential intercepts is likely to lead to a specification error. Of course, it is not always easy a priori to find out which is the true model. Thus, some amount of experimentation is required in a concrete study, especially in situations where theory does not provide much guidance. The topic of specification error is discussed further in Chapter 7. In this chapter we also briefly discussed the linear probability model (LPM) in which the dependent variable is itself binary. Although LPM  can be estimated by ordinary least square (OLS), there are several problems with a routine application of OLS. Some of the problems can be resolved easily and some cannot. Therefore, alternative estimating procedures are needed. We mentioned two such alternatives, the logit and probit models, but we did not discuss them in view of the somewhat advanced nature of these models (but see Chapter 12). 7) Model Selection: Criteria and Tests The major points discussed in this chapter can be summarized as follows: 1.The classical linear regression model assumes that the model used in empirical analysis is â€Å"correctly specified.† 2.The term correct specification of a model can mean several things, including: a.No theoretically relevant variable has been excluded from the model. b.No unnecessary or irrelevant variables are included in the model. c.The functional form of the model is correct. d.There are no errors of measurement. 3.If a theoretically relevant variable(s) has been excluded from the model, the coefficients of the variables retained in the model are generally biased as well as inconsistent, and the error variance and the standard errors of the OLS estimators are biased. As a result, the conventional t and F tests remain of questionable value. 4.Similar consequences ensue if we use the wrong functional form. 5.The consequences of including irrelevant variables(s) in the model are less serious in that estimated coefficients still remain unbiased and consistent, the error variance and standard errors of the estimators are correctly estimated, and the conventional hypothesis-testing procedure is still valid. The major penalty we pay is that estimated standard errors tend to be relatively large, which means parameters of the model are estimated rather imprecisely. As a result, confidence intervals tend to be somewhat wider. 6.In view of the potential seriousness of specification errors, in this chapter we considered several diagnostic tools to help us find out if we have the specification error problem in any concrete situation. These tools include a graphical examination of the residuals and more formal tests, such as MWD and RESET. Since the search for a theoretically correct model can be exasperating, in  this chapter we considered several practical criteria that we should keep in mind in this search, such as (1) parsimony, (2) identifiability, (3) goodness of fit, (4) theoretical consistency, and (5) predictive power. As Granger notes, â€Å"In the ultimate analysis, model building is probably both an art and a science. A sound knowledge of theoretical econometrics and the availability of an efficient computer program are not enough to ensure success.† 8) Multicollinearity: What Happens If Explanatory Variables are Correlated? An important assumption of the classical linear regression model is that there is no exact linear relationship(s), or multicollinearity, among explanatory variables. Although cases of exact multicollinearity are rare in practice, situations of near exact or high multicollinearity occur frequently. In practice, therefore, the term multicollinearity refers to situations where two or more variables can be highly linearly related. The consequences of multicollinearity are as follows. In cases of perfect multicollinearity we cannot estimate the individual regression coefficients or their standard errors. In cases of high multicollinearity individual regression coefficients can be estimated and the OLS estimators retain their BLUE property. But the standard errors of one or more coefficients tend to be large in relation to their coefficient values, thereby reducing t values. As a result, based on estimated t values, we can say that the coefficient with the low t value is not statistically different from zero. In other words, we cannot assess the marginal or individual contribution of the variable whose t value is low. Recall that in a multiple regression the slope coefficient of an X variable is the partial regression coefficient, which measures the (marginal or individual) effect of that variable on the dependent variable, holding all other Xvariables constant. However, if the objective of study is to estimate a group of coefficients fairly accurately, this can be done so long as collinearity is not perfect. In this chapter we considered several methods of detecting multicollinearity, pointing out their pros and cons. We also discussed the various remedies that have been proposed to solve the problem of multicollinearity and noted their strengths and weaknesses. Since multicollinearity is a feature of a given sample, we cannot foretell which method of detecting multicollinearity or which  remedial measure will work in any given concrete situation. 9) Heteroscedasticity: What Happens If the Error Variance Is Nonconstant? A critical assumption of the classical linear regression model is that the disturbances ui all have the same (i.e., homoscedastic) variance. If this assumption is not satisfied, we have heteroscedasticity. Heteroscedasticity does not destroy the unbiasedness property of OLS estimators, but these estimators are no longer efficient. In other words, OLS estimators are no longer BLUE. If heteroscedastic variances ÏÆ'i2 are known, then the method of weighted least squares (WLS) provides BLUE estimators. Despite heteroscedasticity, if we continue to use the usual OLS method not only to estimate the parameters (which remain unbiased) but also to establish confidence intervals and test hypotheses, we are likely to draw misleading conclusions, as in the NYSE Example 9.8. This is because estimated standard errors are likely to be biased and therefore the resulting t ratios are likely to be biased, too. Thus, it is important to find out whether we are faced with the heteroscedasticity problem in a specific application. There are several diagnostic tests of heteroscedasticity, such as plotting the estimated residuals against one or more of the explanatory variables, the Park test, the Glejser test, or the rank correlation test (See Problem 9.13). If one or more diagnostic tests reveal that we have the heteroscedasticity problem, remedial measures are called for. If the true error variance ÏÆ'i2 is known, we can use the method of WLS to obtain BLUE estimators. Unfortunately, knowledge about the true error variance is rarely available in practice. As a result, we are forced to make some plausible assumptions about the nature of heteroscedasticity and to transform our data so that in the transformed model the error term is homoscedastic. We then apply OLS to the transformed data, which amounts to using WLS. Of course, some skill and experience are required to obtain the appropriate transformations. But without such a transformation, the problem of heteroscedasticity is insoluble in practice. However, if the sample size is reasonably large, we can use White’s procedure to obtain heteroscedasticity-corrected standard errors. 10) Autocorrelation: What Happens If Error Terms Are Correlated? The major  points of this chapter are as follows: 1.In the presence of autocorrelation OLS estimators, although unbiased, are not efficient. In short, they are not BLUE. 2.Assuming the Markov first-order autoregressive, the AR(1), scheme, we pointed out that the conventionally computed variances and standard errors of OLS estimators can be seriously biased. 3.As a result, standard t and F tests of significance can be seriously misleading. 4.Therefore, it is important to know whether there is autocorrelation in any given case. We considered three methods of detecting autocorrelation: a.graphical plotting of the residuals b.the runs test c.the Durbin-Watson d test 5.If autocorrelation is found, we suggest that it be corrected by appropriately transforming the model so that in the transformed model there is no autocorrelation. We illustrated the actual mechanics with several examples. 11) Simultaneous Equation Models In contrast to the single equation models discussed in the preceding chapters, in simultaneous equation regression models what is a dependent (endogenous) variable in one equation appears as an explanatory variable in another equation. Thus, there is a feedback relationship between the variables. This feedback creates the simultaneity problem,rendering OLS inappropriate to estimate the parameters of each equation individually. This is because the endogenous variable that appears as an explanatory variable in another equation may be correlated with the stochastic error term of that equation. This violates one of the critical assumptions of OLS that the explanatory variable be either fixed, or nonrandom, or if random, that it be uncorrelated with the error term. Because of this, if we use OLS, the estimates we obtain will be biased as well as inconsistent. Besides the simultaneity problem, a simultaneous equation model may have an identification problem. An identification problem means we cannot uniquely estimate the values of the parameters of an equation. Therefore, before we estimate a simultaneous equation model, we must find out if an equation in  such a model is identified. One cumbersome method of finding out whether an equation is identified is to obtain the reduced form equations of the model. A reduced form equation expresses a dependent (or endogenous) variable solely as a function of exogenous, or predetermined, variables, that is, variables whose values are determined outside the model. If there is a one-to-one correspondence between the reduced form coefficients and the coefficients of the original equation, then the original equation is identified. A shortcut to determining identification is via the order condition of identification. The order condition counts the number of equations in the model and the number of variables in the model (both endogenous and exogenous). Then, based on whether some variables are excluded from an equation but included in other equations of the model, the order condition decides whether an equation in the model is underidentified, exactly identified, or overidentified. An equation in a model is underidentified if we cannot estimate the values of the parameters of that equation. If we can obtain unique values of parameters of an equation, that equation is said to be exactly identified. If, on the other hand, the estimates of one or more parameters of an equation are not unique in the sense that there is more than one value of some parameters, that equation is said to be overidentified. If an equation is underidentified, it is a dead-end case. There is not much we can do, short of changing the specification of the model (i.e., developing another model). If an equation is exactly identified, we can estimate it by the method of indirect least squares (ILS). ILS is a two-step procedure. In step 1, we apply OLS to the reduced form equations of the model, and then we retrieve the original structural coefficients from the reduced form coefficients. ILS estimators are consistent; that is, as the sample size increases indefinitely, the estimators converge to their true values. The parameters of the overidentified equation can be estimated by the method of two-stage least squares (2SLS). The basic idea behind 2SLS is to replace the explanatory variable that is correlated with the error term of the equation in which that variable appears by a variable that is not so correlated. Such a variable is called a proxy, or instrumental, variable.2SLS estimators, like the ILS estimators, are consistent estimators. 12) Selected Topics in Single Equation Regression Models In this chapter we discussed several topics of considerable practical importance. The first topic we discussed was dynamic modeling, in which time or lag explicitly enters into the analysis. In such models the current value of the dependent variable depends upon one or more lagged values of the explanatory variable(s). This dependence can be due to psychological, technological, or institutional reasons. These models are generally known as distributed lag models. Although the inclusion of one or more lagged terms of an explanatory variable does not violate any of the standard CLRM assumptions, the estimation of such models by the usual OLS method is generally not recommended because of the problem of multicollinearity and the fact that every additional coefficient estimated means a loss of degrees of freedom. Therefore, such models are usually estimated by imposing some restrictions on the parameters of the models (e.g., the values of the various lagged coefficients decline from the f irst coefficient onward). This is the approach adopted by the Koyck, the adaptive expectations, and the partial, or stock, adjustment models. A unique feature of all these models is that they replace all lagged values of the explanatory variable by a single lagged value of the dependent variable. Because of the presence of the lagged value of the dependent variable among explanatory variables, the resulting model is called an autoregressive model. Although autoregressive models achieve economy in the estimation of distributed lag coefficients, they are not free from statistical problems. In particular, we have to guard against the possibility of autocorrelation in the error term because in the presence of autocorrelation and the lagged dependent variable as an explanatory variable, the OLS estimators are biased as well as inconsistent. In discussing the dynamic models, we pointed out how they help us to assess the short- and long-run impact of an explanatory variable on the dependent variable. The next topic we discussed related to the phenomenon of spurious, or nonsense, regression. Spurious regression arises when we regress a nonstationary random variable on one or more nonstationary random variables. A time series is said to be (weakly) stationary, if its mean, variance, and covariances at various lags are not time dependent. To find out whether a time series is stationary, we can use the unit root test. If the unit root test (or other tests) shows that the time series of interest is stationary,  then the regression based on such time series may not be spurious. We also introduced the concept of cointegration. Two or more time series are said to be cointegrated if there is a stable, long-term relationship between the two even though individually each may be nonstationary. If this is the case, regression involving such time series may not be spurious. Next we introduced the random walk model, with or without drift. Several financial time series are found to follow a random walk; that is, they are nonstationary either in their mean value or their variance or both. Variables with these characteristics are said to follow stochastic trends. Stock prices are a prime example of a random walk. It is hard to tell what the price of a stock will be tomorrow just by knowing its price today. The best guess about tomorrow’s price is today’s price plus or minus a random error term (or shock, as it is called). If we could predict tomorrow’s price fairly accurately, we would all be millionaires! The next topic we discussed in this chapter was the dummy dependent variable, where the dependent variable can take values of either 1 or 0. Although such models can be estimated by OLS, in which case they are called linear probability models (LPM), this is not the recommended procedure since probabilities estimated from such models can sometimes be negative or greater than 1. Therefore, such models are usually estimated by the logit or probit procedures. In this chapter we illustrated the logit model with concrete examples. Thanks to excellent computer packages, estimation of logit and probit models is no longer a mysterious or forbidding task.

Course Work on Greetings From Bury Park by Sarfraz Manzoor

Sarfraz Manzoor belonged to mediocre muslin family living in England. On June 25 1988 Sarfraz met with first Bruce Springsteen concert. He was living with his traditional parents who considered themselves overprotective there in Luton. Sarfraz liked the advance course in Springsteen studies. He liked the lyric songs of Bruce which changed his life in a different way to win in future. Since that time Springsteen has been constant and proved to be soundtrack of Sarfraz adult life. Being the fan of Bruce, he writes about the American culture in his writing. Sarfraz Manzoor embraced the opportunities of freedom that he perceived in United States. He loved the United States and wanted to visit top city there but the incident of World Trade Center made him disappointing when Muslims were declared responsible for this happening. He appeals much American as compared to Britain where he was living because he had much attraction of American people. Mohammad Manzoor father of Sarfraz worked to educate his children in white schools. He travelled to Britain when they required factory workers for Vauxhall car plant 50 Kilometers away north London. Mother of Sarfraz Manzoor also helped her family to earn more by sewing the dresses at home. References Sarfraz Manzoor. Asians in Britain – Second Generation (Spotlight 2/2004). 15-11-2010. World Wide Web http://www.gho-englisch.de/Courses/2005-2006/En-12/Postcolonial/Manzoor.pdf Blind faith in Bruce Almighty. The Observer 23/11/2003. World Wide Web http://sarfrazmanzoor.co.uk/index.php/articles/blind_faith_in_bruce_almighty/ Available Online http://www.independent.co.uk/arts-entertainment/books/reviews/greetings-from-bury-park-by-sarfraz-manzoor-452136.html

Martin Luther King Jr. and Nelson Mandela - 2298 Words

History is sated with some of our forefathers’ dreams and aspirations. Many of whom are now considered great leaders. Several of these dreams were realized either while these great leaders were alive or after they died. It should be borne in mind that these aspirations were materialized because of firm beliefs and philosophies which were indoctrinated into the minds and crafted on the brains of their followers. â€Å"I have a dream† as laid down in the profound speech of Martin Luther King Jr. in August 1963; Ghandi’s belief of a changed Indian society; Nelson Mandela’s firm belief in freedom, to name a few, were realized decades after. However, undoubtedly these beliefs ‘dictated actions’, Bennett (2009). Though not a great philosopher or†¦show more content†¦One outstanding trait is self- confidence. The description offered by Lunenburg and Ornstein (2012) suggests that a leader with self-confidence has a â€Å"belief in his or he r own leadership skills and ability to achieve goals†. Further, should followers be convinced that their leaders have a peeked level of confidence in their leadership? And should this level of confidence be transmittable for achieving goals? Similarly, the synergistic leadership theory also speaks to factors influencing one’s effective leadership. Among them is factor 1 which highlights the beliefs, attitudes and values of a leader (Lunenburg and Ornstein, 2012). Essentially, one’s outlook on leadership impacts the results that are achieved. In an attempt to understand these theories and the impact they have on effective leadership, it can be said that one’s philosophical views or beliefs have a profound influence on the outcome of a leader. A leader’s belief or philosophical views can either negatively or positively affect a desired outcome. That is, the leader may be considered effective or ineffective based on what drives their actions. Perso nal beliefs and Philosophies In a recollection of my childhood experiences my parents often remind me of my passion for assisting others and my tenacity for collaboratively working with my siblings to accomplish tasks assigned. They once mentioned myShow MoreRelatedMohandas Gandhi, Nelson Mandela, and Martin Luther King Jr. were True Inspirations608 Words   |  2 PagesA man known as the â€Å"father of the Indian nation†, Mohandas Gandhi, also known as Mahatma, was a man of true inspiration. He inspired well known civil-rights leaders Martin Luther King Jr. and Nelson Mandela, and also revolutionary scientist Einstein. Gandhi was well known for using peaceful methods such as peace marches, boycotts, and sit-ins. Most people could call Gandhi the father of peace, for it was he who help the world recognize the effectiveness of non-violence. Gandhi’s peaceful ideals helpRead MoreComparing Martin Luther King and Nelson Mandela1041 Words   |  5 Pagesthat are comparable in both the lives of Martin Luther King and Nelson Mandela. I. Martin Luther King Jr. and Nelson Mandela performed similar actions in their lives. A. In 1955, Martin Luther King, Jr., fought for the civil rights of the black population in America. B. Similarly, in South Africa, Nelson Mandela fought for the freedom of blacks from apartheid. II. Another similarity between King and Mandela is that they had the same beliefs. A. King firmly supported his nonviolence protestRead MoreGke 1 Task 21300 Words   |  6 PagesNelson Mandela was known as a world leader for his role in fighting apartheid and being the first multi-racial president of South Africa. His presidency created a significant change in the perception and building of a multiracial society in South Africa and around the world. Nelson Mandela was also known to be a leader of a civil rights organization known as the African National Congress. The purpose of the African National Congress was to demolish racial segregation and discrimination. The two mostRead MorePeople Who Changed THE World1142 Words   |  5 PagesUniversity People Who Changed the World Nelson Mandela was one of the greatest social and political peacemakers that ever lived. His accomplishments were world changing. Mandela was not always able to pursue his democratic dreams nonviolently but that was his desire. Unfortunately, the South African Government felt it necessary to punish nonviolent protestors to discourage their cause (Book, 2009). As a leader in the African National Congress, (ANC), Mandela had to stay strong to be a contender inRead MoreLeaders for Social and Political Change1007 Words   |  5 Pageswell as personal and political struggles. From the many injustices our predecessors have overcome, leaders have emerged. Individuals who will forever be revered by millions and will hopefully continue to inspire our youth. Nelson Mandela and Reverend Martin Luther King Jr. are two leaders that have greatly impacted not only their country, but the world. Both of these leaders had a significant impact on the people of their cause, both in a political aspec t as well as for social change. In 1948Read MoreDr. Martin Luther King Jr. Essay1134 Words   |  5 Pageshuman rights race relationships and power. In this paper, I will focus on the themes of racism, human rights, and power and how history makers such as Martin Luther King Jr., Nelson Mandela, and Mahatma Gandhi (just to name these few) helped to redress them to an extent and how theirs efforts shape contemporary events. Dr. Martin Luther King Jr. was born on 15 1929 in Atlanta, Georgia and is one of the most remembered Human Rights Activists in America history. He is remembered for his nonviolentRead MoreA Comparison of Dr. Kings I Have a Dream Speech and Mandelas Glory and Hope Speech1347 Words   |  6 PagesI Have a Dream and Glory and Hope were two speeches given, respectively, by Dr. Martin Luther King, Jr. and Nelson Mandela at times of great need; at times when ignorance and racially-based hubris intertwined themselves in the sparse gaps of human understanding. At first glance, the facets of humanity and blanket tranquillity seem to be in natural accord. Philosophers have struggled with the reason behind the absolute absence of peace as everybody, by definitions both classical and modern, longsRead MoreThe Bravery of Nelson Mandela1431 Words   |  6 Pageslife is free or arrives without trying. In alignment to be brave, a person should have courageous, persistent, and honest Nelson Mandel a, the previous leader of South Africa, did not choose to take an easy walk to flexibility. Mandela is highly regarded all through the phrase for his integrity, courage, and dignity to be able to help his people in South Africa. Nelson Mandela is well renowned in his homeland as a champion for his bravery to stand for what he believed was right, and endured yearsRead MoreThe Importance Of The Civil Rights Movement1692 Words   |  7 Pagessecure legal identification and federal protection of the citizenship rights of the African Americans. However, many South African activists or leaders were beyond rise to importance during the Civil Rights era, including Martin Luther King Jr., Sojourner Truth and Nelson Mandela. They all risked and lost their lives in the name of freedom and equality between human races. These significant civil rights leaders changed the route of history through their activism. Also, each of them stood up for everyoneRead MoreMahatma Gandhi, Martin Luther King, and Nelson Mandela1504 Words   |  7 Pagesï » ¿Mahatma Gandhi, Martin Luther King, and Nelson Mandela Non-violence is a concept that people participate in social and political change without violence. It is a form of social and political change between passive acceptances and armed struggle. Non-violence way to participate in the social and political change is including nonviolent civil disobedience against, acts of civil disobedience or other powerful influence uncooperative antagonistic form; it is similar with pacifism, but it is not

The International Organization Structure Of Organized And...

Majority of American citizens aren’t familiar with crimes that deal with funding for terrorism or the violation of human rights in America. These crimes have increased in terms of size of groups, offenders, and activities over the past ten years. Organized and white collar crime are two of the most underrated crimes in the world. Why is this important to me is the question that most citizens will ask? A lot of individual aren’t aware of legislations or regulations created that apply to organized and white-collar crimes. This paper will inform you on a brief overview of what organized and white- collar crime are, what crimes fall under in those category, charges against offenders, and previous cases in history that dealt with organized and white-collar crimes. Also, this paper will look into the international organization structure of organized and white-collar crime. Over the course of this paper there will be a compare and contrast between legislation or regulat ion of both organized and white-collar crimes. According to The Federal Bureau of Investigation (2016), organized crime is any group having some manner of a formalized structure and whose primary objective is to obtain money through illegal activities. These types of groups are national and international they have set up shop throughout the inner working of everyday citizen’s lifestyle. They are business owner, computer technician, bankers, etc. Those individual who partake in these types of activitiesShow MoreRelatedLiterature Review on Fraud/White Collar Crime, Organizations, and Individuals1801 Words   |  8 PagesFraud and white-collar crime are common forms of crimes that people commit in various aspects and positions in the corporate world. Fraud and white-collar crimes have similar meaning as they refer to the non-violent crimes that people commit with the basic objective of gaining money using illegal means. The cases of white-collar crimes have been increasing exponentially in the 21st century due to the adven t of technology because fraudsters apply technological tools in cheating, swindling, embezzlingRead MoreDefining Deviance1080 Words   |  5 Pagesï » ¿Defining Deviance Deviance- doing something different from the normal Sociological Perspectives on Deviance   Formal Deviance- breaking a law or rule example: crime   Informal Deviance- doing something different from the customary Social groups create deviance by applying rules to certain people, making them â€Å"outsiders† Behavior that is deviant or normal depending on the situation Deviance stabilizes society Durkheim thinks that societies use deviance to create and point out the standard norms TheRead MoreWhite Collar Crime And Organized Crime1805 Words   |  8 PagesIntroduction: This paper explores white collar crime and elaborates on the types of organized crimes through the analysis of case studies. Furthermore, I will also discuss the differences and similarities between professional crime and organized crime. White collar crime is the use of deceptive acts to solely benefit oneself, often leaving many victimized. Within this paper, I explain which theories best clarify why individuals partake in these criminal behaviors, and preventative methods. In additionRead MoreFederal Republic of Brazil1653 Words   |  7 Pagescountry in the world.† (Brazil, 2004) The government of Brazil is a Federal Republic. In this system the President is both the head of state and the head of government, as well as the head of a multi-party system. The political and administrative organizations of Brazil include federal and state governments, federal districts and the municipalities. The federal government controls the central government and is divided in three branches. Like America it is divided into the executive, legislative, andRead MoreEssay about Japanese, Russian, Chinese, and Mexican Organized Crime1042 Words   |  5 Pages Organized crime is an international issue and it exists in several different countries, such as; Italy, China, Japan, Russia and the United States of America. Although all these groups of organized crime have many things in common they tend to have different ways of doing something, or they may not do them at all. Many also commit similar types of crimes, and others commit crimes other groups would not. It is thought that the Russian Mafia has existed in Russia for several centuries. When RussiaRead More FBIs Unique Role in the United States Law Enforcement Community1135 Words   |  5 Pagesand first responders are organized under the national government. The FBI is purely an investigative and intelligence agency and focuses on cross jurisdictional crimes and national security issues. Its stated mission is â€Å"To protect and defend the United States against terrorist and foreign intelligence threats, to uphold and enforce the criminal laws of the United States, and to provide leadership and criminal justice services to federal, state, municipal, and international agencies and partners†Read MoreCRJ 110 Final Exam3676 Words   |  15 Pagespsychological. 2. What is the definition of crime that the authors of your textbook have chosen to use? A) Crime is human conduct in violation of the criminal laws of a state, the federal government, or a local jurisdiction that has the power to make such laws. 3. What is the difference between crime and deviance? A) Crime violates a law and deviance violates social norms. 4. What is the legalistic approach to the study of crime? A) The legalistic approach to crime yields the moral high ground to powerfulRead MoreU.s. Gangs And The Gangs1317 Words   |  6 Pagespopulation movement into the U.S. has made it a melting pot for people searching for a better life. Many of these individuals find a life of peace, serenity, growth, and stable work while others swing the opposite direction leading a life of rebellion, crime, and drug use or trafficking. S.H. Decker et al. (2009) suggest this theory is accurate claiming that â€Å"immigration, ethnicity, and culture matter insofar as fear, mistrust, threat, and conflict are present in the areas where ethnic groups are arriving†¦andRead MoreSiemens Ag Bribery1261 Words   |  6 Pagesoperated in the world. The present company was founded in 1847 in Berlin and is now headquartered in Munich, Germany. The discussion and the proper analysis of this bribery scandal will help to learn many effective lessons from this situation helping organizations and individuals to avoid such cases and experiences in the future. Siemens was considered one of the most powerful and productive companies in the field of electronics and that bribery scandal surely affected its business and popularity in theRead MoreEvolving Structure of Mexican Drug Cartels1494 Words   |  6 Pageslike Netflix, or Google. There are currently seven major Mexican drug cartels. Although, the cartels may all come from different backgrounds and have different approaches towards trafficking drugs, they all share a similar business style structure to their organizations and they all have well regulated rank and file systems. These drug cartels are adapting to the loss of their much enjoyed freedom to move illegal drugs through Mexico and across the border into the United States. They are adapting by

Drivers Ed Princess free essay sample

She wore soft green eyes, curly blonde hair, and velvet red lips that existed from eight to ten every tuesday night, for ten weeks. Normally shy guys like me can’t look at girls like her and it took me three whole weeks just to break the ice. She changed my whole perspective on love. Long gone were middle school daydreams of British Chemist bombshells, replaced by a driver’s ed princess named Isabella.Isabella did not share culinary or musical tastes with me, nor did I share her enthusiasm for paintings and opera. Differences in taste were fine because there was something more then that between us. There was love. Everything about her complemented me. I learned to love all of her whims, except for one. Germs scared Isabella to death and she even carried windex in her purse. Her fear of germs was extreme, but I could eventually love that, right?Over weeks our relationship had flourished into a soap opera. We will write a custom essay sample on Drivers Ed Princess or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Every conversation we had became a melodrama to our classmates. Drivers education was a boring class, and the gossip young love generated made the class tolerable. Isabella and I were a story that everyone followed and every great story needs a great climax. During the final class I would ask her out.Then it was all over. It happened. I had committed the ultimate sin for any germophobe. Any chance with Isabella evaporated the moment I truly â€Å"s*** the bed. † Ten weeks of hard work went down the drain because of one second of untamed flatulence. My thunderous boom spread over a fifty yard radius for three agonizing seconds, leaving nothing up to my classmates’ imaginations. Some laughed, some cried, some shrieked, all cringed. Isabella said it was the most disgusting thing she had ever heard, and the whole class would have agreed. Our future together was gone; I was a failure.Being a shy sophomore, rejection was devastating. I blew it, never again would I meet another Isabella. The perfect angel with Mexican genealogy was gone forever. Ten weeks of dreams of a future together were gone because of my own failure to hold it in.After two weeks I became scared of fate. Maybe it was just destiny for me never to find love? All my Moms soppy romantic comedies had lied to me; not everyone will find the one. I was defeated and needed someone to talk to. My eight-year-old sister was perfect because she held PhD in listening to my problems. After she had heard the whole story she paused, then erupted in laughter. That is the most ridiculous story I have ever heard! I cannot believe that someone with my name could be that dumb! Only then did I understand why it was so funny. My sister was named Isabella and that made me laugh. My perfect girl was blown away by my fart, while my Isabella laughed at it.Isabella and I laughed off the whole incident. Honestly I should have laughed it off right away. I hadnt seen the comedy because I was so worried that I had become a failure. I thought that being rejected made me a failure. Being rejected saved me the pain of being broken up with over some future fart. Rejection is not always bad. Being rejected by a college or girl only tells you that they werent for you anyway. If someone rejects you for being you then its good that they rejected you. If Isabella couldnt appreciate the humor that my own Isabella could, then I shouldnt date her. Drivers education taught me that sometimes rejection is good. Drivers education also taught me to learn to laugh at your failures. Being able to laugh at yourself makes you a happier person. Maybe I had failed to get a girlfriend, but I gained a funny story to get plenty of girlfriends in the future.