Use tables or graphs to illustrate the price stability performance of Japan Essay Example

Use tables or graphs to illustrate the price stability performance of Japan Essay Japans economic slump, which began with a stock market crash in 1989, now lies in its fourth recession in ten years. The Asian banking and financial crisis has had a profound effect on this, the second largest economy in the world. Japanese under performing banks are carrying Yen150 trillion ($1.3 trillion) of bad loans. State-run corporations are dragging productivity down, unemployment is rising and Japanese consumer confidence remains low. Macroeconomic policy is proving highly unstable as Japans illness that of deflation remains predominant. Price stability is defined as the sustained absence of both inflation and deflation. (Mc Aleese: p.294, 2001). Further economic agents can make decisions regarding economic activity without being concerned about the fluctuation of the general price level. Along with effective fiscal policy, the control of government spending, low unemployment levels, controlled interest rates and hence inflation rates, macroeconomic policy is maintained. The most serious aspect of Japans economic sickness is deflation. Japans paralysis, where ineffective control measures have had many negative results, will now be discussed. Price Stability: We will write a custom essay sample on Use tables or graphs to illustrate the price stability performance of Japan specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Use tables or graphs to illustrate the price stability performance of Japan specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Use tables or graphs to illustrate the price stability performance of Japan specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Price stability, or rather instability in Japans case, is characterised by the prolonged presence of deflation. The stock market is hovering around a 19 year low. The Nikkei 225, the most commonly used Share Price Index, had stood at 14 times the Dow through the 1980s. However in February 2002 it dropped below the Dow Jones Industrial for the first time since 1957. Japans persistent decline in the general price level is again indicated by the Consumer Price Index. Prices have shown a 1% fall per annum. These falling price levels have increased real debt burdens. National debt stands at over 130% of GDP (www.economist.com). Also Japans banks are chronically weak and burdened by duff loans of Yen37 trillion, about 7% of GDP. So Japanese banks have been left carrying excess bad loans, forcing them to cut lending. Together with depressed consumer spending it has proved impossible for the Bank of Japan to deliver the negative real interest rates that the economy needs to revive demand. Interest rates in Japan stand at virtually 0%. However most companies are not investing but paying down their debts (mentioned above). This adverse impact on investment is also due to the fact that real long-term interest rates in Japan have reached high percentages. The fact that interest rates stand at zero has kept inefficient firms afloat and delayed restructuring. This has contradicted Japans bust advantage. Structural adjustment and creative destruction can prove positive outcomes of negative fluctuations. However, rigid labour and product markets, along with the Japanese keiretsu relationship have hindered the weeding out of inefficient firms. Simultaneously, low interest rates have led to low inflation rates (-0.6% in 2001). This has reflected weak demand and thus the economic slowdown. These supply-side factors, such as the intensification of global competition and deregulation, have put additional downward pressure on prices. This is contributing to the high debt ratio and subsequent price destruction. This bout of recession and deflation has not only had negative impact on CPI, share prices, investment and inflation but also on property prices. Since 1991, commercial property prices have dropped by an average of 84% in Japans six biggest cities (www.economist.com). Housing demand has also collapsed since 1996. Analysis: It remains evident that Japans economy lies in uncertainty, where consistent unstable price performance has given rise to the lost decade. Its current situation comprises of internal factors (e.g. buyer uncertainty) and external factors (e.g. the U.S. current bubble burst). These counter-cyclical variables have had the following negative effect the decrease in economic activity in Japan has led to the increased unemployment rate (+5.3%), bankruptcies, non-performance loans etc. Analysing Japans current prolonged crisis, it becomes evident that it displays attributes of Keynesian economics. The existing shifts in aggregate demand, the low rate of investment and price rigidities, all clearly display this. Price stability is an indispensable prerequisite to ensure sustainable development of the economy (Masaru Hayami, Governor Bank of Japan). 77 year-old Mr. Hayami however has failed so far to deliver such a position. This political paralysis, where political resistance to reform is demonstrated, is hindering Japans recovery. Again, the current Japanese Prime Minister, Junichiro Koizumi (elected April 2001), who unveiled a series of economic reforms has met with little success against this rigid political system, resistant to reform. Furthermore his termination of Makiko Tanaka (his Foreign Minister) in January 2002, along with his lack of co-operation with Economics Minister, Heizo Takenaka, has left Japan still in search of a cure. Is there Evidence of Inflation or Deflation in Japan at the moment? What problems might be associated with very low inflation or deflation? Deflation is defined as the persistent decline in the general price level of goods and services1. The most common measure of inflation statistics is the Consumer Price Index (CPI). In Japan, this has fallen at a rate of about 1% since 1999. If the GDP Deflator is used this deflationary trend can be traced back to 1995. The difference between potential and actual GDP is called the output gap. This is another indicator of price stability (or instability). Price stability is defined as the sustained absence of deflation (falling prices) and inflation (rising prices). It is fundamental to the second pillar of the new consensus, macroeconomic stability. Therefore policy makers welcome disinflation and low inflation. Owing to the bias2 in constructing CPI indices, an inflation rate of 0-2% has become acceptable. There are certain costs of changing prices regardless of whether these are due to high inflation or deflation. There is a loss in efficiency as menu costs and shoe leather costs are incurred. Additionally, the necessary fiscal and monetary policies required to attain stability are costly. More specifically, why is deflation problematic? Initially, falling prices seem like a good thing and people feel as if they have more money in their pockets to spend. Even those on a fixed income, (state pensions, social welfare) benefit from an increase in real income. In spite of all this, the far-reaching contagion effects of deflation mean it is a phenomenon to be avoided. Rather than spending more on the goods, which they can now afford, a continuous fall in prices means that consumer and investor spending actually slows down. Consumers and businesses are reluctant to buy goods, which they expect to drop in value in the near future. Such speculation curbs investment and saving increases. In an effort to encourage borrowing for investment, nominal interest rates fall and approach zero. Since the nominal interest rate is the opportunity cost of holding money, savings further increase. This fall in investment demand and activity retards economic growth. Furthermore, since the nominal interest rate cannot fall below zero, the real interest rate will always be positive. In times of deflation, the burden of debt therefore increases. It would seem that lenders gain and borrowers lose. The problem for lenders occurs when debt rises too high and borrowers cannot afford repayments. Banks who earn profits through loan repayments cannot attract big borrowers. T his type of debt deflation is the main problem in the Japanese economy today but is also reminiscent of the Great Depression in the 1930s. In times of low economic growth, it is typical to lower the currency value thereby making exports more attractive to foreign investors. However, the low nominal interest rates induced by deflation have caused foreign demand for the Yen to rise. The Yen remains strong and exports remain relatively expensive. On the whole, wages are accepted to be ratchet. This means that even if prices are falling, the nominal wage rate will not fall. Higher debt repayments and squeezed profits mean that the pressure on companies to cut costs is twofold. This leads to a Darwinian shake-out as companies see job cuts as the only option to save on costs. Deflation is clearly at the root of Japans failing economy. Policy makers must now look to the formulation and implementation of an effective plan to fight deflation if there is any hope of a recovery.

Roe vs Wade Ruling

Roe vs Wade Ruling This refers to the 1973 controversial case where the Supreme Court declared unconstitutional all state laws that prevented women from procuring an abortion. In many states, abortion was considered the killing of the unborn hence it was unconstitutional.Advertising We will write a custom essay sample on Roe vs Wade Ruling the Result of the Supreme Court specifically for you for only $16.05 $11/page Learn More The states regulated abortion since they only allowed it when the life of the mother was in danger. The Dallas court ruled that women had to be allowed to procure an abortion at any stage. The court observed that a woman would conduct an abortion at the first trimester, as well as the second, but it outlawed abortion at the third trimester. However, the decision of the court was that abortion could still be conducted at the third trimester provided the health of the mother was in danger. The ruling of the court was controversial since it divided the nat ion into two factions, with one side supporting the decision while another faction was opposed to the decision. The culture wars that are currently experienced in the country are the result of the Supreme Court on Roe v. Wade ruling. The states restricted abortion mainly because women had no right to make decisions on reproduction. The decision came at the time when feminism was taking root in the country. Some of the feminist law scholars claimed that the constitutional rights of Roe had been violated since the Texas law could not allow her to procure an abortion, yet she was uncomfortable with it. Roe observed that she could not tour a different state since she was pregnant. In this regard, she had to be permitted to end the pregnancy in a safer setting. The District Attorney, Wade, was mentioned as the correspondent. The jury established that the Texas law had violated the rights of the complainant, Roe. The state attorney was not satisfied with the decision of the Dallas Court a nd he decided to appeal to the Supreme Court to review the case once more. The Supreme Court conducted an assessment on the decision of the Dallas court in 1971 and 1972. The Supreme Court gave a decision that upheld the previous ruling, claiming that the Texas law had violated the constitutional rights of Roe. It was established that her right to privacy had been compromised hence she had to be allowed to procure an abortion. The Supreme Court invoked the First, Fourth, Ninth, and Fourteenth Amendments in issuing the ruling. In the constitution, the above amendments suggest that issues related to marriage, the use of contraception, ant the upbringing of children are private. In this regard, the court upheld that women have the right to decide whether to keep the pregnancy or terminate it.Advertising Looking for essay on administrative law? Let's see if we can help you! Get your first paper with 15% OFF Learn More The ruling of the Supreme Court on Roe v. Wad e is still under review among societal members since some individuals believe that life is sacred and should be preserved under all conditions. Some are of the view that abortion should only be procured at some stages, but once a fetus is five months old, it should not be disturbed unless the life of the mother is in danger. Some conservatives suggest that abortion should not be allowed to go on in society since it amounts to murder. In this regard, it should be illegalized and all those found doing it should be prosecuted. On the other hand, liberals argue that abortion should be legalized and the government should offer free abortion to all women since it is their constitutional right.

ESSAY To what extent has the nature of power in Western liberal

To what extent has the nature of power in Western liberal democratic states changed in recent decades In your answer, ex - Essay Example Modern democracy can be dated from the late 18th century although medieval Poland and some states of the Greek cities had democratic aspects. Democracy as the rule by people. In order for a country to be considered democratic, it should choose its leaders using competitive and fair elections. It should adhere to the constitution and ensure fundamental civil liberties. While some analysts assert that a democracy needs to have a strong civil society, civic culture, and capitalist economy, others do not include these criteria when defining democracy. Democratization is therefore the process by which a country adopts such a regime as defined above. This means that when a country is democratized, it is democratic. It also means that every other person is entitled to his or her opinion regarding matters that concern governance. Unlike dictatorial regimes where one voice speaks and others follow, in democratic regimes it is the voices of the majority rule. This means that in case of electio ns or matters that bring disagreement, every person is given an opportunity to stand by what he or she thinks is the right option. As stated above democratization is a relatively recent practice. In the early days, monarchs ruled nations. These were kings and queens and in some cases, the church. The king’s word was final. ... There however seems to be little agreement among political analysts regarding how the process of democratization occurs, including the criteria used to ascertain if democratization has indeed occurred. Many countries adopt democratic governments only to watch them collapse through military coups and other revolts that lead to authoritarian regimes. The first pointer is that citizens should be able to govern themselves by conducting regular elections, which determine their top leaders periodically. This is referred to as representative democracy. These regular elections also serve as avenues through which policies that govern the people are chosen. An example is the voting process which determines if a constitution is to be passed or not through a referendum. Secondly, the right to vote is accorded to all adults. This however has been a recent addition since governments that were referred to as democratic not so long ago used to exclude women, slaves, and free males who did not meet c ertain literacy or property requirements. If a country restricts this franchise from the voting process, then it cannot be considered as democratic. A perfect example is the apartheid regime in South Africa whereby the only people who voted were minority whites. The third indicator is the acceptance of democratic rights. These particular rights include the right to contest for the highest office, the right to have everyone’s vote count equally, the right to vote and the right to create and form political parties and groups. Then there is a law, which is above the state. All authorities on the particular country should adhere to this law. It provides the framework for democratic rule and protects the democratic rights of the people. Therefore,

Macroeconomic Influences and Future Trends Essay

Macroeconomic Influences and Future Trends - Essay Example For instance, the effects of factors like gender, marital status or ethnicity could either be strong or weak depending on their interactions with each other. It is like they borrow something from other factors in order to reinforce the strength of their impacts. Income is important for one simple reason. It determines peoples capability to purchase health care products and services. Wealthy people or wealthy countries are in a better position to secure better health than those from poorer class and countries because they can afford it. Fuchs pointed this out when he explained the relationship between health and income in a cross country analysis, where it was found that life expectancy is related to Gross Domestic Product per capita (Fuchs, 2004, p. 655). The high income class or those people who have the purchasing power also exert influence in the performance of the health care market within several economic principles such as perfect competition. Consumers could help drive up demand for certain products and services. The fact is that strong and capable consumer sector means vibrant health care market that necessitates best performance from all stakeholders such as the government and health care producers. The economic status of countries is also significant in the differences in medical standards followed both in education and in practice. In higher income societies, the health care industry can reach its most ideal condition because most elements are present and working. Such capability also launches several variables such as political pressure. The collective strength of consumers could help shape policymaking as engagement or activism can assume the role of a pressure group. This is significant given the fact that governments h ave the power to intervene, control and regulate health care. In cases of budgetary gaps, for example, the macroeconomic conditions are significantly altered, say, when the government

The god-like Achilles Essay Example for Free

The god-like Achilles Essay In the Iliad, there were many characters that exhibit god-like or superhuman qualities. But one character stood out. He has this god-like strength and superhuman courage to fight and risk his life for his people and allies. He has also been a descendant of the god themselves. And it was no other than Achilles.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Achilles was the hero of the famous Trojan War where Helen of Troy is said to be the main reason for that bloody war. Achilles parents were Peleus and Thetis. Peleus, the king of Myrmidons, was a mortal. Thetis was an immortal sea nymph. From Achilles’ parents, it can be seen that Achilles belongs to the line of gods.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Throughout the epic poem, Achilles portrayed anger which resembles the gods. In the first part of the epic poem, Achilles’ anger was described. This shows how much revenge he wants to those who have done wrong to him. â€Å"Sing, O goddess, the anger of Achilles son of Peleus, that brought countless ills upon the Achaeans. Many a brave soul did it send hurrying down to Hades, and many a hero did it yield a prey to dogs and vultures, for so were the counsels of Jove fulfilled from the day on which the son of Atreus, king of men, and great Achilles, first fell out with one another.†(Book 1 Verse 1)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Also in Book 1, during the intense argument exchange of Agamemnon and Achilles, Achilles got angry and tried to attack Agamemnon. Achilles’ rage was uncontrolled and this drives him to attack and tried to kill Agamemnon. This show how prone to anger Achilles was. It is a good thing that Minerva was sent to stop the raging Achilles.It is shown through the following lines in Book 1: â€Å"The son of Peleus was furious, and his heart within his shaggy breast was divided whether to draw his sword, push the others aside, and kill the son of Atreus, or to restrain himself and check his anger. While he was thus in two minds, and was drawing his mighty sword from its scabbard, Minerva came down from heaven and seized the son of Peleus by his yellow hair, visible to him alone, for of the others no man could see her.†(Book 1 verse 19) Achilles’ overwhelming strength is also described by Agamemnon when he said that:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   â€Å"That man (Achilles) is worth an entire army,/ the fighter Zeus holds   dear with all his heart..(Book 9)† Achilles was compared to an entire army which is commonly described when mortals would battle a god. Gods are like an entire army and is very hard to defeat.   His great strength is truly feared by many and so like the gods who are also feared by many mortals. Achilles also showed no mercy when Book 21, Lycaon asked for mercy to spare his life. But the outraged Achilles answered: Idiot, said he, talk not to me of ransom. Until Patroclus fell I preferred to give the Trojans quarter, and sold beyond the sea many of those whom I had taken alive; but now not a man shall live of those whom heaven delivers into my hands before the city of Iliusand of all Trojans it shall fare hardest with the sons of Priam. Therefore, my friend, you too shall die.† (Book 21 verse 6)   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Achilles’ rage led him to give no mercy to the devastated Lycaon. This instance shows how fiery Achilles just like the other gods.   During Hector’s death, he asked Achilles that his body shall be returned to the Trojans. But Achilles refused and said to Hector:   Ã¢â‚¬Å"Dog, talk not to me neither of knees nor parents;    would   that I could be as sure of being able to cut your flesh into pieces and eat it raw, for the ill you have done me, as I am that nothing shall save you from the dogsit shall not be. (Book 22 Verse 22) Achilles, just like the other gods, showed great pride. Achilles stated that even the wealth of Egypt shall be offered to him, he would no change his decision. This can be seen through the following statements he said:   Ã¢â‚¬Å"he may offer me gifts as the sands of the sea or the dust of the plain in multitude, but even so he shall not move me till I have been revenged in full for the bitter wrong he has done me.† (Book 9 verse 20)    Achilles was also described to be godlike through symbolisms. One is when he wore his armor in Book 1 and was described to be blazing like the sun. His comparison to the sun was just like that of the god Helios. The brightness of the fire would signify great divinity and power. Another is the manner of the creation of Achilles’ armor and shield. They were both created by the smith Hepaesthus, the god of fire. The shield was filled and forged with intricate designs suitable for a god and the armor were made indestructible and were also suitable for a god. These items were made special and deserve only the rightful owner and that was the mortal Achilles. This shows that Achilles has god-like qualities that made Hepaesthus create an armor and a shield for him. From the above examples and citations, we can say that among the characters in The Iliad, one mortal stood-out to possess superhuman and god-like qualities such as selfishness, great rage due to anger, and overwhelming pride, and that was Achilles.    References Homer. The Iliad Trans. Robert Fagles: Penguin Group, 1990.

Correcting Librarian Stereotypes Essay -- Library Career Profession

What do picture when you think of librarians? Librarians are often stereotyped as being conservative, orderly, thorough, and passive (1, 2, 3)? Perhaps the best known librarian stereotype is the "spinsterly and authoritarian naysayer over-concerned with regulations and maintaining a hushed library environment" (4). But where do these stereotypes come from, and are they really true? Perhaps librarians' professional invisibility is to blame for some of the stereotypes. Most people think that everyone who works in libraries is a librarian, and that librarian duties consist mainly of shelving and checking out books (5, 6). Think again! Librarians are not usually involved in shelving and circulation responsibilities. Much of the work librarians do isn't visible to library users. And even a children's story time involves behind-the-scenes work and knowledge. The history of libraries and librarianship may also contribute to these stereotypes. Public libraries were often started to "improve" working people, and librarians often really were "goody two shoes" (7). But although they still take their social responsibilities seriously, the librarians (and libraries) of today are very different. Keep reading to find out what librarians really do and who they really are. But first, follow me on a technological history of librarians. Where did the original stereotype of librarians as bun-wearing "shush-ers" come from? Let's think low tech--before the days of advanced communication technology, ideas were spread through word of mouth and writing. So did these traditional images come from interactions with real librarians which were then communicated amongst people and accepted into our society's lore of the librar... ...w.outsights.com/systems/dikw/dikw.htm>. In "Module 3: Introduction to Information and Digital Representations." LIBR 500: Foundations of Information Technology, Web CT Reading, Mary Sue Stephenson. 22. Stephenson, Mary Sue. "Module 3: Introduction to Information and Digital Representations." LIBR 500: Foundations of Information Technology, Web CT Reading. 23. Rybash, John M., Paul A. Roodin, and William J. Hoyer. Adult Development and Aging, 3d ed. Boston: McGraw-Hill, 1995. 24. Scherdin, Mary Jane, and Anne Beaubien. "Shattering Our Stereotype: Librarians' New Image." Library Journal 12 (1 July 1995): 35-8. 25. Houdyshell, Mara, Patricia A. Robles, and Hua Yi. "What Were You Thinking: If You Could Choose Librarianship Again, Would You?" Information Outlook 3 (July 1999): 19-23.

Language Background and the Speech Community

Being born in Russia, Russian is my native language. According to the Refugee Council, Russian is extensively used as a language for communication of all the Slavic languages. Statistically speaking, most people in the Russian Foundation and other independent federations are speakers of the Russian Language. (Refugee Council, 2008) Moreover, the Russian language is distinguished by the United Nations as one that belongs to the list of six official languages all over the world. (Today Translations, 2008) To illustrate the far-reaching influence of the Russian language, let us enumerate the countries with major Russian speaking populations, such as Belarus, Estonia, Kazakhstan, Kyrgyzstan, Latvia, Moldova, not to mention Russia, Tajikistan, Ukraine, and Uzbekistan. Russian is not considered as the official language in Kazakhstan and Tajikistan, however it is popularly used in, most especially in business and government communications. Other countries, like Finland for example, also have a Russian speaking population composed of the minority inhabitants. (Infoplease, 2008) The Russian language does not follow a formal system or rules. It concentrates on the reproduction of sounds and stress that is stated in variation with the attached denotative or connotative meaning of the words in a statement. Russian language, together with the Ukrainian and Belarusian languages have emerged from the Slavonic language that originated from the East. (Today Translations, 2008) Since the Russian language is more focused on the phonetic aspect of speaking, the language is primarily based on the Russian alphabet or what historians call the Cyrillic Alphabet. Apparently, the alphabet originated not from Russia, but from Greece. The onset of Greek missions who happened to arrive at Istanbul proliferated the use of the Cyrillic alphabet that is primarily based on the Greek alphabet. Needless to say, the Russian language traces back its influences from Greece. (Orbislingua, 2008) I belong to a community that upholds discipline within the self and as a citizen of Russian and the maintenance of the good of all the citizens, not just oneself. Just like our political system, everything is organized and judged in our every day life according to what is good for all. Close relationships between others is evident in how we deal with others and our way of welcoming them with affectionate actions and gestures. In addition to this, most of us are cynical and distrustful. The uniqueness of the Russian language may be traced to the distinct sentence patterns and sounds and stress produced in speaking Russian. The structure of the sentences does not follow a particular rule or pattern, but is dependent on how the speaker wants to say it. For instance, to emphasize an adjective, it goes first in the sentence. On the other hand, if the noun is emphasized in the sentence, then it goes first. (Orbislingua, 2008) In addition, the use of articles, transitional or connecting phrases and words (such as is, are, a, an, the, etc.), does not really apply in speaking the Russian language. Therefore, if a native Russian speaker attempts to speak in English, then it would be difficult for native Russian speakers to create a complete and a grammatically sound and correct English statement due to certain deficiencies.   Furthermore, most consonants in the Russian language produce sounds that are almost similar to the â€Å"s† sound and utilizes the movement of the tongue in speaking. This greatly contributes to the unique nature and phonetic aspect of the use of the Russian Language. (Orbislingua, 2008) The similarities of the Russian language to the English language, for instance, is evident in the three tenses of English verbs that also applies to the verbs of the Russian language. At times, it also follows the order and structure of the sentences in the English language, however the Russian sentence order and structure is more accommodating to the situation in which two Russian speakers are talking. (Orbislingua, 2008) References Infoplease. (2008). Languages by Countries. Retrieved March 14, 2008, from HighBeam Orbislingua. (2008). Russian language. Retrieved March 14, 2008, from Orbislingua.com. Website: http://www.orbislingua.com/eaha.htm Refugee Council. (2008). Language background of major refugee groups to UK. Retrieved March 14, 2008, from Refugee Council. Website: http://languages.refugeecouncil.org.uk/top_navigation/Language_profiles.htm Today Translations. (2008). Russian Language History. Retrieved March 14, 2008, from Today