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Topic:4Saving and Investment Definition and Kinds of Investment; Autonomous and Induced etc. Determinants of investment. Present Value Criteria for Investment. Investment Demand and Output Growth. Tobin’s Q-Theory. Lags in Investment Demand. Derivation of IS-curve, Shape of IS-curve. Volatility of Investment. Investment Demand and Fiscal Policy. Shifts in Investment Demand Curve and output determination. Topic:5 Money Market: The Demand and Supply of Money Money Demand and its Determinants, Regressive Expectation Model. Portfolio Balance Approach, Empirical Estimation of Income and Interest Elasticities.Supply of Money, Determinants of Money Supply. Measurement of Money Supply and its implications, Instruments of Monetary Policy. Interest Sensitivity of Money Supply. Quantity Theory of Money and its Critical Review. Fischer effect, Money, Prices and Inflation. Derivation of LM Curve and its Slope. LM Curve and Money Market Equilibrium. Interaction of IS-LM and Equilibrium. Top ic:6. Aggregate Demand, Supply and Stabilization Policy Keynesian Models: Liquidity Trap. Effectiveness of Policy and Price Rigidity. Slope of Aggregate Supply and Demand Curves. Liquidity Trap. Grand Aggregate Demand Curve.Interaction of IS-LM and Determination of output: Short-run and Long-run analysis: Aggregate Demand and Supply and their Slopes. Slope of IS-LM in Short-run and Long-run. Vertical / Horizontal Shapes of these Curves. Classical and Keynesian Models. Shocks to Aggregate Demand and Supply and Stabilization Policy. Supply Side Economics. Stagflation and Stabilization Policies, Shocks to IS-LM and its Outcomes and Policy Implications. Short-run – Long-run Philip Curves. Long-run and Vertical Aggregate Supply Curve. Ineffectiveness of Keynesian Policies, Technical Change and Shift in Vertical Aggregate Supply Curve.Part B: Topic:7. Open Economy and Macroeconomic Stabilization Exchange Rates and their Determinants: Mundell – Fleming Model (MFM): Small open Economy with perfect Capital Mobility. IS-LM: Goods and Money Market. Small Open Economy, Floating Exchange Rate and Fiscal Policy. Fixed Exchange Rate and Fiscal Policy. Flexible and Managed Exchange Rates. Monetary Policy, Devaluation and Recovery from great depression. Trade Policy: Mundell-Fleming Model (MFM) with changing Price Level. MFM and large open Economy. Depreciation and its impacts. Income Absorption Approach and exchange Adjustment and Balance of Payment.Topic:8. Labor Market, Price Expectation and Unemployment Demand and Supply of Labour, Equilibrium in the Labour Market. The Sticky Wage Model, Insider-Outsider Models. The Workers – Misperception Model, The Imperfect – Information Model, The Sticky Price Model. Rational Expectation (RE), Adaptive Expectations, RE and Painless Disflation, Hysteresis and challenge to Natural rate Hypothesis. Topic:9. Macroeconomic Policy Debate Policy Actions: Active or Passive, Ignorance, Expectations and the Lucas Crit ique. Conduct of Policy: Rule vs. Discretion, Distrust of Policy makers and Political Process.Macroeconomics Policy: Rules for Fiscal Policy, making Policy in uncertain World. Seignorage and Inflation: What can Policy Accomplish? Monetarists vs. Activists debate. Phillips Curve: Short run and Long run analysis. The expectation augmented Phillips Curve. Money Inclusion and output. Short Run and Long Run Adjustment. Perfect Foresight and Adjustment. Topic:10. Government Debt and Budget Deficit The size of Government Debt, Measurement Problem: Inflation, Capital Assets, Business Cycle etc. Ricardian view of Debt: Ricardian Equivalence, Consumers and Future Taxes.Tax shooting, Delayed Stabilization, Ricardo and Ricardian Equivalence and Debate. Model of Debt Crises. Topic:11. Economic Fluctuation and Its Sources The Theory of Real Business Cycles: Interpretation: Labor Market, Technology Shocks. Household Behaviour, the persistence of output Fluctuations. Limitations of the Model. The C hallenges:What we know and what we don’t know? Long-run and Country’s Capacity to Produce. Short-run and influence of Aggregate Demand. Random Walk Model. What Determines Inflation Rate, Unemployment Rate and Output Growth? Can we revise Natural Rate of Output?Should we stabilize the Economy? The cost of Inflation? The problem of Budget Deficit? Topic:12. Long-Term Growth and Full Employment †¢ Basic Neo-Classical Growth Model and Equilibrium Capital / Output Ratio, Wage – Profit Relative Shares. †¢ Neo-Classical Model with Technical Progress: ? Capital Embodied Technical Progress. ? Neutral Disembodied Technical Progress. ? Labor-Augmenting Disembodied Technical Progress. †¢ Kaldor Saving Function and Neoclassical Production Function. †¢ Golden Rule and Optimal Growth Models. †¢ New Growth Theory / Endogenous Growth. Recommended Books: 1.Branson, William H. , (1979), Macroeconomic Theory and Policy, Harper and Row Publishers, New York / London. 2. Branson, William H. , and Litvack James M. , Macroeconomics*, (Latest Edition), Princeton University. 3. Glahe, Fred R. , (Latest Edition), Macroeconomics, Theory and Policy, Harcourt Brace Jovanovich Inc. 5. Mankiw, Gregory N. , (2000) Macroeconomics*, Worth Publishers, New York. 6. Peel D. and Minfow P. , (2002). Advance Macroeconomics, Edward Elgar, Cheltenham, U. K. 7. Romer, David, (2001). Advanced Macroeconomics*, McGraw Hills, New York / London. 8. Sargent, Thomas J. (1988) Rational Expectations and Inflation*, Harper and Raw Publishers, New York / London. 9. Rosalind Leveic and Alexander Reborens, Macro-economics: An Introduction to Keynesian Neo-Classical Controversies; Macmillan (Latest edition). 10. Denison, Edward F. 1985. Trends in American Economic Growth, 1929-1982. Washington: The Brookings Institution. *Strongly Recommended Additional Reading Material / Research Papers: 1. Ball, Laurence, Mankiw, N. Gregory, and Romer, David. 1988. â€Å"The New Keynesi an Economics and the Output-Inflation Tradeoff. † Brookings Papers on Economic Activity, No. , 1-65, Reprinted in Mankiw and Romer (1991). 2. Barro, Robert J. 1976. â€Å"Rational Expectations and the Role of Monetary Policy. † Journal of Monetary Economics 2 (January): 1-32. 3. Barro, Robert J. 1989. â€Å"Interest-Rate Targeting. † Journal of Monetary Economics 23 (January): 3-30. 4. Barro, Robert, J. , and Gordon, David B. 1983b. â€Å"Rules, Discretion and Reputation in a Model of Monetary Policy. † Journal of Monetary Economics 12 (July): 101-121. Reprinted in Persson and Tabellini (1994). 5. Bernheim, B. Douglas. 1987, â€Å"Ricardian Equivalence: An Evaluation of Theory and Evidence. NBER Macroeconomics Annual 2: 263-304. 6. Blanchard, Olivier J. 1984. â€Å"The Lucas Critique and the Volcker Deflation. † American Economic Review 74 (May): 211-215. 7. Fischer, Stanley. 1993. â€Å"The Role of Macroeconomic Factors in Growth. † Journal of Monetary Economics 32 (December): 485-512. 8. Friedman, Milton, 1968. â€Å"The Role of Monetary Policy†. American Economic Review 58 (March): 1-17. 9. Genberg, Hans. 1978. â€Å"Purchasing Power Parity under Fixed and Flexible Exchange Rates. † Journal of International Economics 8 (May): 247-276. 10. Long, John B. , and Plosser, Charles I. 983. â€Å"Real Business Cycles. † Journal of Political Economy 91 (February): 39-69. 11. Mankiv, G. , N. (1990), A quick Refresher Course in Macroeconomics, Journal of Economic Literature, Vol. XXVIII, 1645-60. 12. Romer, Christina D. 1999. â€Å"Changes in Business Cycles: Evidence and Explanations. † Journal of Economic Perspectives 13 (spring): 23-44. 13. Romer, Paul M. 1990. â€Å"Endogenous Technological Change. † Journal of Political Economy 1998 (October, Part 2): S71-S102. Paper 3. MATHEMATICAL ECONOMICS Topic 1:The Nature of Mathematical Economics Ingredients of mathematical models.Derivations: Equ ation of a straight line and its forms: Two point, intercept, point slope and slop intercept. Types of functions: constant, polynomial, rational, non-algebraic. Relationships and functions. Indices & their rules. Functions of more than two independent variables. Logarithms & the rules of logarithms. Topic 2:Equilibrium Analysis in Economics A linear partial equilibrium market model. The effect of an excise tax in a competitive market. Non linear market model. General Market Equilibrium. Equilibrium in a linear National Income Model. Topic 3:Linear Models and Matrix AlgebraTheory of matrix multiplication. Laws of matrix operations. Types of matrices: Square, identity, null, idempotent, diagonal, transpose and their properties. Conditions for non singularity of a matrix. Minors and cofactors. Determinant & its properties. Solution of linear equations through Gaussian method, Cramer’s rule and Inverse of a matrix method. Properties of inverse of a matrix. Use of matrix approach in market & national income models. Topic 4:Input-Output Analysis Input-output model, its structure and its derivation. The use of input output model in Economics. Topic 5:DifferentiationRules of differentiation. Differentiation of a function of one variable. Sum-difference, product, quotient, chain, power, inverse, logarithmic & exponential functions Combinations of rules. Higher order derivatives. Economic applications of derivative. Concept of maxima & minima, elasticity and point of inflection. Profit & revenue maximization under perfect competition, under monopoly. Maximizing excise tax revenue in monopolistic competitive market, Minimization of cost etc. Topic 6:Partial & Total Differentiation Partial differentiation & its rules. Higher order & cross partial derivatives (young’s theorem).Total differential & total derivatives. Implicit functions rule of differentiation. Optimizing cubic functions & their economic application. Topic 7:Economic Applications of Partial & T otal Differentiation Comparative static analysis: a linear Partial equilibrium market model, a linear National Income model. Partial elasticities. Production functions Analysis. Maximization & Minimization of unconstrained functions & their economic applications: Profit maximization by a multi-product firm under perfect Competition & monopoly, Price discrimination, Multi-plant monopoly, input decisions etc.Topic 8:Optimization: Constrained & Extrema Free and constrained optimization, extrema of a function of two variables: graphical analysis, Lagrange method. Utility maximization & Cost minimization. Homogenous Production function, Cobb Douglas Production function. Jaccobian determinants. CES Production Function. Translof Function. Topic 9:Linear Programming Ingredients of linear Programming. Graphical approach, simplex method, economic application of linear programming. Concept of primal & dual. Duality theorems. Solving of Primal via dual.Economic interpretation of a dual. Recomme nded Books: 1. Chiang, A. C. , Fundamental Methods of Mathematical Economics, McGraw Hills, (Latest Edition). 2. Baumol W. J. , Economic Dynamics, Macmillan, (Latest edition). 3. Budnick, Frank, Applied Mathematics for Business, Economics and Social Sciences. 4. Dowling E. T. , Mathematics for economists, Schum Series (latest edition). 5. Weber E. Jean, Mathematical Analysis, Business and Economic Applications (Latest Edition) Harper and Row Publishers, New York. Paper 4. STATISTICS FOR ECONOMISTS Topic 1:IntroductionDescriptive and inferential statistics; Variable and constant, population and sample, parameter and statistic; The four basic activities in statistics: Designing a plan for data collection, Exploring the data, Estimating an unknown quantity, Hypothesis testing; Type of measurement scales: Nominal, Ordinal, Interval and Ratio; Types of data: Univariate, Bivariate and Multivariate data, Primary and secondary data, Quantitative data and qualitative data, Time series, Cross -sectional and pooled data; Significant digits and rounding off numbers; Errors: Biased and unbiased.Topic 2:Presentation of Data and Measure of Central Tendency Introduction; Classification; Tabulating numerical data: The frequency distribution, The cumulative frequency distribution, The relative frequency distribution, The percentage frequency distribution; Graphic and diagrammatic representation: Bar chart, Pie chart, Histograms, Frequency curves and Histo-grams; Histograms by Hand: Stem-and-leaf.Measure of central tendency; Introduction; Types of Averages: Mean: Arithmetic mean, Geometric mean, Harmonic mean, Trimmed mean and Winsorized mean; Quintiles: Median, Quartiles, Deciles, Percentiles; The mode; Box plot and detailed box plot; Empirical relation between Mean, Median and Mode; The cumulative distribution function: Finding the percentile ranking for a given number, Finding the percentile for a given percentage; Summary measures and type of data. Topic 3:Measures of Dispers ion, Skewness and KurtosisAbsolute and relative measure of dispersion; Different measures of dispersion: The Range, Quartile deviation, Mean deviation, Variance and standard deviation: Definition and interpretation of variance and standard deviation, Computation of variance and standard deviation, Step deviation method or coding method, Coefficient of variation, Standardized variable, Properties of standard deviation and variance; Skewness: Karl Pearson’s coefficient of skewness, Bowley’s coefficient of skewness; Kurtosis. Topic 4:Probability and Probability DistributionA survey of probability concepts: Classical probability, Empirical concept, Subjective probability; Some rules of probability: Rules of addition, Rules of multiplication; Tree diagrams; Conditional Probability, Bayes Theorem; Counting rules: The multiplication formula, The permutation formula, The combination formula. Discrete probability distribution, Random variables, Discrete random variable, Continu ous random variable; The mean, variance and standard deviation of a probability distribution; Binomial probability distribution, and its computation.Cumulative probability distributions, Properties of Binomial probability distribution. The normal probability distributions: Properties of normal distribution, Applications of the standard normal distribution, Areas under the normal curve, Finding areas under the normal curve; The normal approximation to the binomial; Continuity correction factor. Topic 5:Survey Sampling and Sampling DistributionsSampling the population, Advantages of sampling, Representative samples, Sample design and sample survey, Sampling frame, Probability and non-probability sampling, Sampling with and without replacement, Sampling and non-sampling error, sampling bias; Probability sampling and non-probability sampling methods; Sampling distribution of the mean; The central limit theorem; Sampling distribution of differences between means; Sampling distribution of sample proportion; Sampling distribution of differences between proportions.Topic 6:Estimation and Confidence Intervals Point estimates and confidence intervals; Estimation by confidence interval: Confidence interval estimate of a population mean (Known Variance), Confidence interval estimate of a population mean (Unknown Variance) Confidence interval for differences of means, Confidence interval for differences of means; Confidence interval for population proportion, Confidence interval for differences between proportions; One sided confidence interval; Sample size for estimating population mean.Topic 7:Hypothesis Testing One sample test of hypothesis; One Sample; One tail and two tails tests of significance; Testing for a population mean with a known population standard deviation: Two-tailed test, one-tailed test; P-Value in hypothesis testing; Testing for a population mean: Large sample, Population standard deviation unknown; Testing hypotheses about population proportion when s ample size is large; Type II error. Testing of two Sample Hypothesis: Population means, Population proportions; comparing populations with small samples.Topic 8:Chi Square Applications Introduction; Goodness-of-fit test: Equal expected frequencies; Goodness-of-fit test: Unequal expected frequencies; Limitations of Chi  square; Using the goodness-of-fit test to test for normality; Contingency Table Analysis. Topic 9:Analysis of Variance Introduction, The F distribution; Comparing two population variances; ANOVA assumptions; ANOVA test; Inferences about pairs of treatment means; Two-way analysis of variance. Topic 10:Simple Linear Regression and Correlation AnalysisScatter diagram; Standard methods for obtaining regression line: (i) Inspection, (ii) Semi average, (iii) Least squares principle; Assumptions underlying linear regression; Measures of variation: Standard error of the estimate, Coefficient of determination; Prediction in Regression Analysis; Interpolation verses extrapola tion; Correlation analysis; Scatter diagram; The coefficient of correlation: Properties/characteristic of coefficient of correlation, Correlation and causation; The relationship among the correlation coefficient, the coefficient of determination and the standard error of estimate; Inference about the slope and correlation coefficient; t-test for the slope, F- test for the slope, t-test for correlation coefficient; Estimation of the mean values and predication of individual values; Confidence interval and predication interval estimate; Rank correlation. Topic 11:Multiple Linear Regression and Correlation AnalysisMultiple linear regression model, Interpretation of partial regression coefficients; Estimation of multiple linear regression model with two explanatory variables by using Least squares principle, Matrix approach, Deviation form; Pitfalls and problems in multiple regression: Multicollinearity, Variable selection, Model misspecification; Multiple standard error of estimate; Co efficient of multiple determination (adjusted and unadjusted); Evaluating the regression equation: Using a scatter diagram, Correlation matrix, Global test, Individual variable significance test, Qualitative independent variables; Multiple regressions in terms of linear correlation coefficients; Multiple correlation and partial correlation; Nonlinear regression models; Dealing with nonlinear relationship and unequal variability. Topic 12:Applied Statistics Index Numbers, Un-weighted index numbers; Simple aggregative index; Weighted indexes; Laspeyre’s price index, Paaseche’s price index, Marshal- Edgeworth price index; Fisher’s ideal index; Consumer Price Index (CPI), Producer Price Index (PPI), CPI versus GDP Deflator; Issues in constructing and using index numbers; Application of index numbers to business and economics.An overview of time series analysis; Component Factors of the classical multiplication time series model and their estimation: Secular trend; C yclical variation, Seasonal variation, Irregular variation; Smoothing the annual time series and using it in forecasting: Moving averages, Weighted moving averages, Exponential smoothing; Using trend and seasonal component in forecasting; Time series and forecasting; The multiplicative model, Calculating the seasonal indexes, De-seasonalization the time series, Using deseasonalized time series to identify trend, Seasonal adjustments, Model based on monthly data, Cyclical component; Modeling cyclic behavior using box-Jenkins ARIMA processes; Using regression analysis in forecasting; Qualitative approach to forecasting: Delphi method, Expert judgment, Scenario writing, Intuitive approaches; Choosing an appropriate forecasting model; Some observations on time series analysis. Recommended Text books: 1. Lind, Douglas A. , Marshal, William G. and Mason, Robert D. , Statistical Techniques in Business and Economics (11th edition). Boston: McGraw Hill, 2003. 2.Chaudhry, Sher Mohammad and Ka mal, Shahid, Introduction to Statistical Theory (7th edition). Lahore: Ilmi Kitab Khana, 2002. 3. Siegel, Andrew F. , Practical Business Statistics (5th edition). Boston: McGraw Hill, 2003. 4. Newbold, Paul, Carlson, William L. and Thorne, Betty M, Statistics for Business and Economics (5th edition). New Jersey: Prentice Hall, 2002. 5. Keller, Gerald and Warrack, Brian, Statistics for Management and Economics (5th edition). Boston: Duxbury Thomson Learning, 2000. Additional Readings: 1. Berenson, Mark L. , Levine, David M. and Krehbiel, Timothy C. , Basic Business Statistics: Concepts and Applications (9th edition). New Jersay: Prentice Hall, 2004. 2. Barron, Michael M. Statistics for Economics Accounting and Business Studies (Latest Edition), New York, Prentice Hall. 3. Carlson, William L. and Thorne, Betty, Applied Statistical Methods for Business Economics and Social Sciences (Latest edition). New Jersey: Prentice Hall. 4. Moore, David S. , The Basic Practice of Statistics (2nd e dition). New York: Freeman,2000. Paper 5. ISLAMIC ECONOMICS Note: The instructor concerned may assign additional and latest literature on the subject matter. The references provided at the end of the course are just helping literature. Students must consult additional literature on each topic. Topic 1:Introduction: Islamic Economics i) Nature, and Importance of Islamic Economics.Islamic Economics Versus Economics of Secular Economy and Mixed Economic System. ii) Brief Introduction of Basic Values of Islam; Taqva, Halal and Haram, Justice, Benevolence, Equality, Brotherhood and Cooperation as Determinants of Economic Behaviour and Policies. Topic 2:Major Economic Thoughts: Contribution of Scholars Contribution of some Earlier Muslim Scholars in the Development of Islamic Economics (Imam Abu Yousuf, Imam Abu Ubaid Al Qasim,, Ibn-e-Khaldoon, Imam Ibn-e-Taimiah, Shah Waliullah Dehlvi, Baqar-al-Sadar). Topic 3:Islamic Economic System Silent features of Islamic Economic System; objectives , Economic Freedom, Property and Ownership Rights. The Concept of Equality and Efficiency.The Relative Importance of Capital and Labour. Priority to Basic Needs. Concepts of Ownerships and Implication. Welfare and income Distribution. Comparison of Islamic Economic System with Capitalism and Socialism, with respect to above cited principles / values of Islam. Topic 4:Microeconomics in Islamic Framework The Consumer Behaviour in Islam. Utility, Moderation, optional Consumption Behaviour. Organization of Production and Behavioural Theories of Firms. Objectives and Behaviour of Firm in Islamic Economy. Business Ethics in Production and Marketing. Hoarding and Gains. Market Structure – Monopoly and Competition, Resource Allocation in Islamic Environment and Cartels.Concepts of Fair Trade. Stockists / Wholesales, determination of Prices and Rate of Normal Profit / Meeting of Losses. Price Mechanism and State Role in Regulation of Markets. Topic 5:The Modes of Financing In Islam Mo darba and Musharka Types of Bai. (Bai-Salam, Bai Muajjal, Morabaha. ) Saving and Investment in Islam. Investment of Savings for Gains. Topic 6:Distribution in Islamic Economy Islamic Stress on Circulating of Wealth. Steps against Concentration of Wealth. Social Justice in Islam. Rights of Labour, Distributive Justice Use of Land and Other Natural Resources and their Rewards. Role of State in Distribution of Wealth.Topic 7:Some Basic Macroeconomic Concepts Consumption, saving and Investment Functions in Islamic Environment. Determents of Islamic Consumption Function, Concept to Help others, Welfare and Religious believes. Zakat and Usher. Topic 8:Demand and Supply of Money and Banking Gold Money, Paper Money and Credit Money. Western Justification of interest. Islamic Concept of Riba, its Implications and Alternatives. Functions of Commercial Banks in Islamic Framework. Central Banking and Monetary Policy in Islamic Framework. Central Banking and Monetary Policy in Islam. Inflation V s. Design of Capital Market. Monetary Policy in an Islamic Framework. Topic 9:Zakat, Social Justice and StateMeaning of Zakat, Nisab, Introductory Hints about items of Zakat. Distributive Role of Zakat and Social Justice. Zakat as a tool in Fiscal Policy. Economic Role of Islamic State. Welfare consumption and limits. Revenue and Expenditure Items in Modern Islamic States. Beneficiaries of Zakat. The Tax Policy of Islam. Nature and Scope of Fiscal Policy in Islamic State (Taxation Policy). Expenditure Principles. Burden of Taxes. Topic 10:Economic Planning and Development Concepts and Objectives of Economic Development in Islam. Resources for Development. Nature of Economic Planning in Islam. Topic 11:The Islamisation Process In Pakistan The Islamisation of Banks. Implementation of Zakat / Usher in Pakistan.A brief Survey of Changes in Economic Structure and Conditions Since the Holy Prophet (regarding Transport / communication, Business Forms, Production of Goods, Money and Banking ). Topic 12:New Emerging Issues and Challenges Current Situation and Proposed Changes. Islamic View of International Economic Institutions and Modes of International Cooperation. Islamic View of Globalization. Quality Identification of Goods, Merits and Trade. Fair Prices Vs. Market Price etc. Books Recommended: Basic Texts: 1. Islamic Economics: Theory and Practice, A Comparatice Study, M. A. Mannan, Cambridge, Hodder and Stoughton, 1986 (or latest ed. ) 2. Islamic Economics: Dar A. H & M.. Akram Ilmi Kitab Khana, Lahore (latest ed. 3. Macro Consumption Function in an Islamic Economic Framework, M. Fahim Khan, International Centre for Research In Islamic Economics, King Abdual Aziz Univ, KSA. References: 1. Ahmad, Khurshid, (latest edition), Fiscal Policy and Revenue Allocation in Islam, International Islamic University, Islamabad. 2. Anf A. Q. Mannan M. A. (1995), Developing a System of Financial Instruments IRTI, Islamic Development Bank, Jeddah. 3. Badawi, Imam Abu Abaid Al-Qasi m Muhammad A. Zaki, Kitab ul Amwal: , Zakat and Social Justice, Islamic Council of Europe, London, 1979. 4. Chapra T M. , The Economic System of Islam, University of Karachi, 1991. 5.Chapra, Umer, Monetary Policy in an Islamic Economy, in Money and Banking in Islam, Institute of Policy Studies, Islamabad. 6. Ghazanfar S. M. , (2003), Medieval Islamic Economic Thoughts, Routledge Publishers. 7. Khan M. Fahim, (1995), Human Resource Mobilization Through the Profit, Loss Sharing Based Financial System, IRTI, Islamic Development Bank Jeddah. 8. Khan, Tariq ullah, (1996), Practice and Performance of Mudarba, A case study of Pakistan, IRTI, Islamic Development Bank, Jeddah. 9. Khurshid, Ahmad, Elimination of Riba: Institute of Policy Studies, Islamabad. 10. Mahdi, M. Ahmad, (1995), Islamic Banking Modes for House Building Finance, IRTI, Islamic Development Bank, Jeddah. 11. Mannan M.A, (1996), Financing Development in Islam, IRTI, Islamic Development Bank, Jeddah. 12. Naqvi Syed Nawab Hyd er Ethics and Economics: . Leicester, The Islamic Foundation. 1981. 13. Nomani, Farhad & Rehnuma. , Ali, Islamic Economic Systems: – Zed Books Ltd. , London, 1994. 14. Nuti, D. Haris, (1995), The Economics of Participation, IRTI, Islamic Development Bank, Jeddah. 15. Siddiqui, M. N. , Muslim Economic Thinking, Leicester, The Islamic Foundation. 1985. 16. Tago, Usman, Justice: Introduction to Islamic Finance, (2000), Idara-tul- ma’arif edition. 17. Yusaf , Imam Abu, Kita bur Kharaj, Lahore, Islamic Book Centre, 1979. Paper 6. MAJOR ISSUES IN PAKISTAN ECONOMY Topic 1:Overview of Pakistan EconomyDevelopment Experience, Approaches, Policies and Outcomes. Identification of Issues: The era of 1950’s, 1960’s, 1970’s, 1980’s 1990’s and 2000’s. Structural Change and Sources of Growth. Emergence of Economic Issues, Human Resource Development, Unemployment, Poverty, Income Distribution, Debt, Deficit etc. Growth with limited development i n Pakistan. Topic 2:Development Planning and Resource Mobilization Agricultural Development Policies and Priorities, Major Targets of Develop Plans and Emerging Issues; Neglects and Successes: Mobilization of Domestic Resources; Shortages, Deficits and Role of Foreign Aid. Agricultural Vs. Industrial Development Debate. Agricultural Adequacy.Topic 3:Agriculture and Industrial Development: Emerging Issues Pattern of Agricultural and Industrial Development, Land Reforms and Its Impacts, the Role of Green Revolution and its Impacts: Present Status. Agricultural Price Policy and Income Tax. Sectoral Terms of Trade. Industrial Development Policies and Strategies. Development of Large and Small Industries. Value Added: Manufacturing Goods Vs. Primary Goods Production. Agriculture Vs. Industry: Development Debate. Topic 4:Sectoral Development, Employment Pattern and Unemployment Sectoral Priorities and Development Issues. Human Resource Development and Emerging Issues: Population Growth, L abor Force Participation Rate and Employment Pattern, Unemployment and Underemployment, Forecasting Manpower Needs and Employment. Strategies to combat unemployment.Criteria to Measure Unemployment / Underemployment: Time Criterion, Productivity Criterion and New Index of Unemployment: Application to Pakistan and Empirical Evidences. Good Goverence, Social Action Plan and its Impact. Role of Institution in Development. Social Sectors development Vs. High Retun Sectors: Growth trade off. Topic 5:International Debt and Dependency Concepts of Foreign Aid and Debt. Borrowing Vs. Domestic Reserve Mobilization (failure). Size of Foreign Debt, Debt Saving and its Impacts. Strategies to combat with High Debt: Saving Policy, Foreign Trade Promotion, Cutting non-development Expenditures, Rescheduling and its Impacts.Debt Management in Pakistan and Its Impacts. Debt Modeling and Future Implications. Topic 6:Poverty and Income Distribution Pattern of Income Distribution: Rural and Urban. Defini tions and Approaches to Measure Poverty: Income Approach, Expenditure Approach, Basic Needs Approach, Poverty of Participatory Index (POPI). How to Combat Poverty; Growth Strategy, Basic Needs, Labor Intensive Investment: Education / Training etc. and Social Action Plan (SAP) , its Role and Critical Review, Evasion of Policies / Strategies to Combat Poverty and Improving Income Distribution: Critical Evaluation. Neglect of Human Resource Development. Child Labor. Factors Productivity Issues.Topic 7:Inflation, Foreign Trade Deficit and Emerging Issues Sources of Inflation in Pakistan. Policies to Combat Inflation and their Impacts. Trade Performance, Instability and its Impacts. Policies to Combat Deficit and Trade Instability. WTO and Its Impacts. Reforms and Further Needs. Expected Impacts of WTO and Challenges. Terms of Trade Issues, Market Access and Health Related Rates. Recommended Books: 1. Aslam M. , Perspective on Development Planning In Pakistan, Allied Book Centre, Lahore, 2001-2002. 2. Chaudhary M. Aslam and Ahmad Eatzaz: Globalization, WTO and Trade Liberalization in Pakistan, FerozSons, Lahore (2004). 3.Chaudhary M. Aslam, Human Resource Development and Management in Pakistan, Ferozsons, Lahore (1989). 4. Ishrat Hussain, Pakistan: The Economy at the Gross Roads – Past Policies and Present Imperatives, Oxford Univ. Press, Karachi, 1988. 5. Khan, Shahrukh R. , 50 Years of Pakistan’s Economy – Traditional Topics and Contemporary Concerns. Oxford Univ. Press, Karachi (2000). 6. Mahbool-ul-Haq Centre for Human Development (MHCHD), Poverty Profile of Pakistan, (1989) Oxford University Press. 7. ————– Human Development In South Asia, Annual Report. 8. Saeed, Khawaja Amjad, The Economy of Pakistan, Karachi: Oxford University Press, 2004. 9.Zaidi, Akbar, (1999), Issues in Pakistan Economy, Oxford Univ. , Press, Karachi. 10. World Development Reports, World Bank. (Note:Teacher(s) must assign latest res earch papers pertaining to each topic) M. A. Part II Paper 1. INTERNATIONAL TRADE THEORY AND FINANCE A)International Trade Theory Topic1. Importance and Bases of Trade Why Study International Economics? The Changing World and Interdependence: Basis of Trade, Gains from Trade. Absolute Advantage, Comparative Advantage, Overview of Comparative Advantage and Pattern of Trade. Offer Curves and Free Trade Equilibrium. Disagreements on Free Trade: Overview of Emergency of International Trade Issues.The Elasticity of Exports Demand and Balance of Payment. Substitution and Income Effects, Impacts of Rise in Exports Demand. Topic 2. Growth and Trade International Trade and Shift in Production Function, Immerizing Growth, Output Growth and Terms of Trade (T. O. T) / Deterioration: Uniform Growth at given T. O. T. The Transfer Problem: Marshall Plan and Transfers, Transfer of Resources: Neutral Case. Topic 3. Technology and Factor Endowment Ricardian Trade Model, World Production and Gains. Co mparative Cost and Trade Pattern. National and World Gains from Trade. International Wage differentials and Productivity. Technical Progress and International Gains.WTO and Gains from Technical Progress: Impacts on Prices. Equilibrium Production and Consumption: Non-traded and Tradeables, Costs, Marginal Physical Product and Production Possibilities. Production Possibilities with Diminishing Returns, Increasing Opportunity Cost. Free Trade and Income Distribution, Relative Demand, Supply and Pattern of Trade. Dutch Disease and its application. Topic 4. Factor Endowment and Heckscher – Ohlin Theory Output and Factors Rewards in 2*2 Model. Factor Intensity Comparison. Heckscher- Ohlin (H. O) Model, The Role of Demand, Factor’s Prices and Commodity Prices, Factor Price Equalization, and Factor Intensity Reversal.Newly Industrializing Countries (NIC’s) and Footloose Production Process. NIC’s and H. O Theorem. The Product Cycle, Critical Analysis of Traditiona l Trade Theories. Rypecksy Theorem and its critical review. Topic 5. Markets, Cartels and International Trade Monopoly and Import Competition, Export Opportunities. Product Differentiation and Monopolistic Competition. Dumping / Discrimination and WTO, Competitiveness and Market Share, Gains from Migration. WTO and Factor’s Movements and the Commodity Movement. Multinationals Firms and Foreign Direct Investment, Transfer of Capital, Technology, Skill and other Gains, Transfer of Resources and Transfer Problem. Topic 6. Tariff, Quota and Trade PoliciesTariff and Small Country: Effects of Tariff, Price and Demand for Imports, Welfare impacts. Impacts of Tariff on Government Revenue, T. O. T Production and Welfare. Impact of Tariff on Domestic and World Welfare. The Optimal Tariff. Tariff and Distribution of Income. Brief Introduction of Tariff and WTO Laws, Tariff and Second Best Choice, Subsidies and Quota, Voluntary Quota, Growth with Protection vs. Free Trade Gains and WTO. Managed Trade, Quantitative Restrictions, Voluntary Export Restrictions and Their Impacts. Trade Diversion and Preferential Arrangements. WTO: Injury, Anti-dumping Duties, Tariff and B. O. P Support. Success and Failure of WTO Agenda. B)International Monetary Economics and Finance Topic 7.Foreign Exchange Market and Exchange Rate Determination Foreign Exchange Rates (F. E. R): What it represents? Real, Nominal and Effective Rates. Determinants of Foreign Exchange Rate. Efficient F. E. R Market. Dynamic Theory of Interest and Exchange Rate. The Theory of Spot Exchange Rate Determination. Capital Flow and Speculations. Forward Exchange Market, Interest Arbitrage, Interest Parity Theory, Speculators, Hedgers and Traders, Forward Exchange Rate Policy. Topic 8. Purchasing Power Parity, Exchange Rates and Balance of Payments (B. O. P) Purchasing Power Parity (PPP): Non-Trade Goods, Balance of Payment Effect. Test of Exchange Rate Instability.Impacts of F. E. R. Rate Instability. B. O. P: Income Absorption Approach to B. O. P. Elasticities of Exports and Imports and Impact on B. O. P. The Marshall- Larner Conditions. Monetary Approach to B. O. P. Monetarist Critique to the Keynesian Closed Economy Model. B. O. P. Effects of Stabilization Policies. Empirical Tests of Monetary Approach to the B. O. P. WTO and B. O. P Support. Adjustment with Short-run capital Flow. Methods dealing with undesired Short-run Capital Flow. Topic 9. Open Economy: Monetary and Fiscal Policy Monetary and Fiscal Policies: Internal and External Balance. Monetary and Fiscal Policy with Fixed Exchange Rates.Problems of Small Country: Fixed Exchange Rate, Free Floating Exchange Rate, Managed Exchange Rate and Critical Review of The Fiscal – Monetary Mix Models. Fiscal Policy and Temporary Payment Imbalances. Monetary Policy and Permanent Payments Imbalances, A Random Walk Model of Payment Imbalances. Critical Review of the Modern Theory and Adjustment Mechanism. Topic 10. International Inst itution: Trade, Capital and B. O. P. Introduction of International Institutions, Role and Major Activities of IMF. IMF Credit Facilities. Loan Mechanism, Value of SDRs. The Optimum Quantity of Reserves, Optimum Interest Rate. Euro-Dollar, Dollar Exchange and Impacts. Role of IMF in B. O. P Support and Stabilization. Topic 11.International Movements of Factors and Welfare: Impacts / Issues Facts on International Capital Flow: ASEAN Crisis and Role of International Institution and Criticism. Motive for Capital Movement: Return and Risk Diversification. Why disagreement on International Movement of Labour? Welfare Impacts of Labour Movements. Factors of Production and Price Equalization Issues. Losses of National Sovereignty. Can Developing Countries Compete and Gain from Trade: Terms of Trade due to Demand Pattern and its Impacts. What Counts for wage Differential Between Primary Goods Producer and Value Added Goods Producer, Competitiveness Issue. WTO: GATT and Emergency of WTO. Why necessary to Join WTO?WTO: Expected Impacts on Trade, Liberalization and B. O. P; Special Status of Developing Countries and Net Food Importing Countries. Protections under WTO Rules. Are Free Trade Gains more than Restricted Trade? Gains for whom; how much and how long? Centre-Periphery Theory. WTO Rules: Sanitary, Phytosanitary, Dumping, Anti-Dumping etc Rules and Emerging New Issues and Their Impacts. Topic 12. Major Contemporary International Economic Issues: WTO: GATT and Emergency of WTO. Why necessary to Join WTO? WTO: Major Trade Rules and Their Expected Impacts on Trade, B. O. P Deficit. WTO and Fair Trade / Free Trade. Free Trade will it be?Issue of â€Å"Are Free Trade Gains more than Restricted Trade†? Emerging Regional Trading, Blocks, Special Preference and their Impacts. Issues relating to the Contributions of International Financial Institutions and Their Evaluations. Is there need to Reform International Institutions? Monetary Integration and Their Impacts. T erms of Trade Issue. International Debt Problem, Growth and Competitiveness. Issues of Developing Countries: Level of Development, Competitiveness and Trade Stability: World Income Distribution and Free Trade. Basic Readings: 1. Caves Richard, E. , and Jones Ronald W. , World Trade and Payments: An Introduction, Latest Editions.Little, Brown and Company, Boston, Toronto. 2. Chacholiades, Miltiades, International Trade Theory and Policy (Latest Edition). McGraw Hill Book Company, New York, London. 3. Donomick Sal Vatore B. , International Economics (Latest Edition), Prentice Hall. 4. Grubel Herbert C. , International Economics, (Latest Edition) Richard D. Irwin Inc. , Honewood, Illinois. 5. Peter Holinder & Thomas A. , Pugel. , International Economics. 9th Edition 1996. 6. Sodersten B. and Geoffry Read. , (1994). International Economics, MacMillan Press Ltd. 7. The Global Competitiveness, Report 1999, World Economic Forum, Oxford University Press, Oxford, New York. 8.World Bank. Worl d Development Report, 1986. Oxford University Press. Additional Readings: 1. Baldwin Robert L. and Richardson David J. , (1986). International Trade and Finance, Little Brown and Company, Boston, Toronto. 2. Moran Theodore H. , (1985). Multinational Corporations: The Political Economy of Foreign Direct Investment. Lexington Books. Toronto, Massachusetts. 3. Krugman and Obstfeld, International Economics: Theory and Policy, Addison Willey (1998). Paper 2. ECONOMETRICS: THEORY AND APPLICATIONS Topic 1:Introduction Definition and scope of econometrics, Econometric models vs. Statistical models Ingredients of econometric modelingSpecification, estimation, verification or evaluation and forecasting. Topic 2:The Classical Linear Regression Model (a)The Simple Linear Regression Model (SLRM) Estimation of SLRM by Ordinary Least Squares (OLS) Interpretation of Estimated Coefficients and their Economic Meanings. (b)The Multiple Linear Regression Model (MLRM) Estimation of MLR model by OLS and its assumptions Interpretation of estimated coefficients and their economic meanings, Computation of elasticities and standardized coefficients Using R2 as a measure of ‘Goodness of Fit’ and some roblems with its use. (c)The General Linear Regression Model (GLRM)Estimation of GLRM by OLS through Matrix Approach Var-Cov matrix of estimated coefficients. (d)Evaluating an Estimated Linear Regression Model Testing the significance of individual coefficients. Testing the significance of the model as a whole. Topic : 3 Multicollinearety What is Multicollinearety? Distinction between perfect Multicollinearety and less than perfect Multicollinearety (Multicollinearety problem). Consequences of Multicollinearety problem, methods for detection of Multicollinearety problem. Remedial measures for Multicollinearety problem. Topic: 4 Heteroskedasticity What is Heteroskedasticity and what are its causes?Consequences of Heteroskedasticity for OLS estimation. Methods for detection of He teroskedasticity. Remedial measures for Heteroskedasticity. Topic: 5 Autocorrelation What is Autocorrelation and its Causes? Consequences of Autocorrelation for OLS estimation. Methods for detection of Autocorrelation. Remedial measures for Autocorrelation. Topic 6:Forecasting with a Single Equation Regression Model What is forecasting and what are its various types? Important features of a good forecast. Variance of unconditional forecast error. Variance of conditional forecast error. Measures for evaluating the forecasting power of a model.Topic 7: Errors in Variables, Time as a Variable, Dummy Variables, Grouped Data, Lagged and Distributed-Lag Variables Errors in variables. Time as a variable. Dummy variables. Estimation from grouped data. Exogenous lagged variables. Endogenous lagged variables. Methods of estimation of lagged models. Topic 8: Identification The problems of identification. Implications of the identification state of a model. Formal rules for identification. Iden tifying restrictions. Tests for identifying restrictions. Identification and Multicollinearity. Topic 9:Simultaneous Equations Models Why Simultaneous Equation Models? Various Types of simultaneous equation Models. The identification problem.Checking the identification state of a model or of a particular equation in the model by Order Condition, bogus equation and reduced from approaches. Identification and methods of estimation. Topic 10:Consistent Estimation of Parameters of Simultaneous Equations Models Indirect Least Square Estimation. Two-stage Least Squares Estimation. Instrumental variables method of estimation. Topic 11:Varying Coefficient Models: Causes of Coefficient Variation. Randomly Varying Coefficient Models. Systematically Varying Coefficient Models. Topic 12:Time Series Econometrics ARIMA Models. Comparison of forecasts based on ARIMA and Regression Models. Unit Roots and Co-integration.Dummy Trap and its detection. Suggested Books: 1. Gujrati, D. Basic Econometrics , 3rd Edition, † McGraw Hill, 1993 2. IntrilligatorEconometric Model, Techniques and Applications, N. J. Printice Hall, 1978 . 3. Johnston, J. Econometric Models, McGraw Hill, 1984 4. Koutsoyiannis, A. Theory of Econometrics, McMillan, 1978 5. Maddala, J. S. Econometrics, McGraw Hill, New York, 1978 6. Wonnacot, R. J. Econometrics, John Wiley, New York & Wonnacot, E. 7. Madnani, G. M. KIntroduction to Econometrics Principles and Applications, (Latest Edition) 8.Pindyck &Econometric Models & Economic Forecasts, 3rd RubenfeldEdition, McGraw Hill Inc. 1992. 9. Maddala, J. & Kim Unit Roots, Co-integration and Structural Change, Cambridge University Press, 1998. 10. Griffiths, Judge, The Theory and Practice of Econometrics, John Willey and Sons, Latest edition. Research Articles: 1. Abadir (2002) Notation in Econometrics: a proposal for a standard. Econometric Journal, Vol. 5, issue 1, pages 76-96. 2. Abadir and Jan R. Magnum (1993) OLS Bias in a Nonstationary Autogregression, Eco nometric Theory, Vol. 9, issue 1, pages 81-93. 3. Don Andrews (2003). A Bias-Reduced Log-Periodogram Regression Estimator for the Long Run, Memory Parameter, Econometrica, 71, (2), 675-712. 4.Gunnar, Bardsen, (1999), Economic theory and econometric dynamics in modeling wages and prices in the United Kingdom, Empirical Economics, 24, (3), 483-507. 5. Joshua, Angrist, (2001), Estimation of Limited Dependent Variable Models with Dummy Endogenous Regressors: Simple strategies for Empirical practice. Journal of Business and Economic Statistics, 19, (1), 2-16. 6. Luc, Bauwens, (1994), Estimating End Use Demand: A Bayesian Approach. Journal of Business and Economic Statistics, 12, (2), 221-31. 7. Manuel, Arellano, (1992), Female Labour Supply and On-the –Job Search: An Empirical Model Estimated Using Complementary Data Sets. Review of Economic Studies, 59, (3), 537-59. 8.Stephen, Roy, Bonal, (1991), Some Tests of specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equation. Review of Economic Studies, 58 (2), 277-97. Paper 3. DEVELOPMENT ECONOMICS: THEORY AND POLICY Note: Students are expected to study latest editions of the recommended books. At least two research papers pertaining to each topic must be comprehended. Each topic must be prepared and analyzed critically. Any aspect of the topics may be asked in the examination. The course content provides a guideline. Students must prepare critical review of topics. Part: A Theoretical Foundations and Sector Specific Issues: Topic: 1 Scope and New DevelopmentsDefinitions: Economic Development and Growth, Identification of Development variables. Scope and Significance of Development Economics. Characteristics of LDC’s. Measurement of Economic Development and Growth. Per Capita Income approach, Quality of Life Index / HDI etc. Historical overview of world development and emerging major issues pertaining to Less Developed Countries (LDC’s). Why the whole world is not d eveloped? Topic: 2 Major Theories of Development – Classical and Neo-classical Theories, Adam Smith and Competitive Capitalism, Vicious Circle of Poverty, Stages of Economic Growth, Balanced and Unbalanced Growth, Big Push Theory. Dependency Theory, Structuralist’s View Point.Endogenous Growth Theory: New growth Theory. Income Convergence/ Divergence, New Growth Theory. Market Friendly Approach. Topic: 3 Agriculture and Industry Agriculture vs. Industry: Development Debate. Lewis’ Model of surplus Labor. Rains’ Fei Model and its critical review. Transforming Agriculture, Underemployment problem. Role of Agriculture: Market for Industrial Output, Provision of Input, food, Complementarity, productivity growth. Terms of Trade Issue and Subsidies, etc. and Competitiveness. Land Holdings, Green Revolution and it’s Performance. Need for Industrialization. Industrialization and its financing mechanism. Problem of Sectoral Dualism. Why Green Revolution?The Spread of Green Revolution in Pakistan and its Status / Contributions. Topic: 4 Population, Education and Human Capital Demographic Transition, Human Resources as a source of growth and their contributions. Investment in education and returns. Models of Employment & Unemployment: Time Criterion, Productivity Criterion and New Index etc. , and Employment generation Strategies/Techniques. Part B: International Development Issues and Debates Topic: 5 International Debt, Aid / Assistance Why international borrowing? Two Gap Model, Aid commitments and disbursement. Sources of borrowing. Debt Cycle Theory/Stages. Debt Burden: Debt Servicing, Debt laffer Curve, Debt buy back etc. Latin American Debt Crises, ASEAN Crises, Debt Problem of LDC’s and South Asia, Debt Overhang and threat to growth. Policies to combat debt problem: Forecasting debt and solution for debt burden, saving mobilization/Domestic resource mobilization, Debt rescheduling etc. Debt Modeling and Forecasting Future Implication. Topic: 6 WTO, Liberalization and International Trade Trade vs. Aid. Liberalization of Trade and its impacts/gains etc. , Foreign Exchange Constraints and Balance of Payment deficit. Role of GATT and its Failure. WTO and LDC’s. Trade Instability, Distribution of gains from Trade liberalization. Regional Trade Associations (RTA’s): their role and contributions. Basis for trade and benefits: Gains from Trade: Static and Dynamic Gains.Comparative Advantage, Revealed Comparative Advantage and Competitiveness. Trade as an engine of growth. Product Cycle. Determinants of exports growth. Transfer of Technology: Sources & Need. Technology Centered Development and Appropriate technology issue. Topic: 7 Transnational Corporations (TNC’S), FDI and Development Transnational Corporations (TNC’s): Objectives, Role and Contributions, Long term cost of TNC’s. Transfer of Technology: Ways and Means. Global integrated production system: TNC’s and Globalization, Foreign Direct Investment (FDI) and Its Determinants/Role. Foreign Direct Investment (FDI) and TNC’s. Flow of FDI and its contributions.Topic: 8 Poverty and Income Distribution Definitions and Measurement of Poverty/Poverty Line. Poverty concepts/definitions. Absolute Poverty, Relative Poverty, Income approach, Expenditure approach, Basic needs approach, Poverty of Opportunities Index (POPI) and Calorie-based approach etc. Poverty Indicators. Poverty by socio-economic groups. Sources, impacts and policies to combat poverty. Strategies and tools to combat poverty. Growth and Income Inequality in the world. Empirical evidences on poverty. Redistribution with growth. How to combat income inequality. Basic Needs, Social Action Programs and Poverty alleviation. Topic: 9 Environment and DevelopmentModel of Environment and Economic Activity. Market Based Approach and Externalities. Deforestation and Renewable Resources, Measuring environment values. Deforestation and Macroeconomic Environment. Industrialization and its environmental cost, Use of Pesticides and Environmental Impacts. Natural resources degradation. Cost of Pollutions/Environmental degradation. International awareness about environment, production and need for Reforms. Economic thoughts and Environment. International Agencies: Environmental concerns and programs. Urbanization and environmental issues. Sustained development, Ecology and economic progress. Topic: 10 Growth ModelsHarrod-Domer Model, Technical Change and growth Model, Kaldor’s Model of Distribution, Joan Robinson’s Model of capital accumulation, Model of Steady State Growth. Saving-Investment and Golden Rules. Recommended Books: 1. Balasubramanyam V. and Lall, S. (1992, eds), Current Issues in Development Economics. McMillan , London. 2. Chaudhary M. Aslam and Hamid, A. , (1999). Human Resource Development and Management in Pakistan. Ferozsons, Lahore. 3. Chenery H. B. and Srinivasen. Hand Book of Develo pment Economics,* vol. I & II, Amsterdam (1988, eds. ). North Holland. 4. Cypher J. M. and Dietz James L. , (2004), The Process of Economic Development, Routledge.Tayl or Francis Group, London/New York. 5. Ghatak Subarta, (2003), Introduction to Development Economics, Routledge, Taylor and Francis Group, London/New York. 6. Herrick B. and Kindleberger C. , (latest eds. ). Economic Development. McMillan, New York. 7. Hirshman A. O. , (1960). Strategy of Economic Development, Yale University, Press. 8. Jones H. G. , An Introduction to Modern Theories of Economic Growth, (Latest Edition), McGraw Hills. 9. Mahboob-ul-Haq Center for Human Development (MHCHD). Human Development in South Asia, Annual Reports, Islamabad. 10. ————- (1999), A Profile of Poverty In Pakistan, (In Collaboration with UNDP). 11. Meier Gerald M. Leading Issues in Economic Development, (Latest Issue), Oxford University Press. 12. Thirlwall, A. P. , (2003), Growth and Development, With Spe cial Reference to Developing Economies 7th edition, Palgrave Publisher. 13. Todaro M. P. , Economic Development in the third World. Latest Edition, Heinemann, London. 14. UNDP, Human Development Reports , Annual Reports. 15. Van Den Berg H. , (2001), Economic Growth and Development,* McGraw Hills. 16. William, Easterly, Growth without Development, A Case Study of Pakistan, World Bank. 17. World Bank, World Development Reports, Annual reports, 1986, 1987, 1990, 1991, 1992, 1994, 1995, 1998/99, 2000/2001 and 2004. 18. Yotopolous Pan A. and Nugent Jeffery B. Economics of Development, Empirical Investigation (Latest Issue). Harper and Row Publishers, London/New York. Paper 4: RESEARCH METHODOLOGY Importance of Research Methodologies. Research techniques in social sciences and their limitations. Theory and basis of research. Empirical and theoretical research. Stages of research process. Identification of problem/issue, data, theory and estimation and related problems. Thinking, Field Re search Designs; the process of field research, Exploratory Research, Casual Inference. Methods of communication in survey. Vision survey and communication techniques. Art of asking questions and getting quality information.Preparation of Research Proposal Questionnaire, Sample Design; the Nature of Sampling, Measurement and Scaling; Measurement, Measurement Scales, the Characteristics of Sound Measurement, the Development of Measurement Tools, Scaling, the Nature of Scaling, Response Methods, Scale Construction. Data Collection Methods, Survey Instruments and Field Procedures; Survey Instrument Designs, the Survey Situations, the Instrument Development Process, Questionnaire Development, Field Procedures, Personal Interviewing, Telephone Interviewing, Interviewing by mail, observations. Data collection, Observation, Experimentation and Simulations; Experimentation and Simulation.Choice of Research Technique, Experimental Research Design, Simulation, Observation, Observation Designs. Use of Secondary Data; the Nature of Secondary Data Sources, the Use of Secondary Data, Types of Secondary Data Sources, Statistical Sources, Data Research Procedures, Evaluating Secondary Data. Vision Survey: Interpretation of Replies. Data Presentation and Analysis: Elements of Analysis, Data Preparation, Special Data Problem, Tabulation, Data Presentation, and Data Analysis. Report Writing; the Questions and analysis of Research Proposal. Organization of Research Paper. How to format and Write country Research Report. Executive summary and abstract of a report.Conclusion and its basis. Evaluation of Research Work. The Research Report, Research Report Format, Writing and editing of research Report. Recommended Books: 1. Birchenhall C. and Grout P. , (latest edition), Mathematics for Modern Economics, Herifaq Publishers, New Delhi. 2. Holt, Rinehart and Winston, Holt-Sounders Japan Ltd. Tokyo (Latest edition). 3. Johnson, Glenew Research Methodology for Economists: Philosophy and Practice, McMillan Publishing Co. (Latest edition). 4. Kidder Louise H. , Research Methods in Social Relations. 5. Lambert, P. , (1985) Advanced Mathematics for Economists. Static and Dynamic Optimization, Basil Black Well. 6. Neuman W.Lawrence, (1997) Social Research Methods, Qualitative and Quantitative Approaches, Allyn and Bacon; Boston. 7. Sckaran Business Research Methods 8. Uma, Sekarn, (1992), Research Methods for Business. A Skill Building Approach, John Willey & Sons, Inc. 9. Young Pauline V. , (latest edition), Scientific Social Survey and Research, Prentice Hall Inc. 10. Zikmund William, G. , (1994), Business Research Methods, The drydem Press. OPTIONAL PAPERS Paper 5. 1: ADVANCED MATHEMATICAL ECONOMICS Topic 1:Complex Number and Circular Functions Imaginary and Complex Numbers. Complex Roots. Circular Functions. Properties of Sine & Cosine functions. Eular Relations.Alternative Representation of Complex Numbers. Topic 2:Integral Calculus Dynamics and Integration. The Na ture of Indefinite Integrals, Basic Rules of Integrations & Rules of Operation. The Substitution Rule and the Rule of Integration by Parts. Definite Integrals. Major Properties of Definite Integral. A Definite Integral as an Area Under a Curve. Improper Integrals. Economic Applications of Integrals – Finding Total Functions from Marginal Functions, Investment & Capital Formation, Present Value of Cash Flow. Present Value of a Perpetual Flow, Domar Growth Model. Topic 3:Differential Equations: Continuous Time: First Order Linear Differential EquationsMeaning and Definition; Homogenous & non-Homogenous Cases. Solution of First Order Linear Differential Equation with Constant Coefficient & Constant Term and its Verification. Economic Application: Dynamics of Market Price. Solution and its Verification of First Order Differential Equation with Variable Coefficient and Variable Term. Exact Differential Equation, its Solution and Verification. Non-linear Differential Equations of t he First Order and First Degree. Bernoulli Equation, Separable Variables. The Qualitative Graphic Approach. Concept of Phase Diagram, types of Time Paths and their Dynamic Stability. Economic Application: Solow Growth Model.Topic: 4 Differential Equations: Higher Order Differential Equations Solution and Verification of Second order Linear Differential Equations with Constant Coefficient and Constant term-Distinct Real Roots, Repeated Real Roots and Complex Root Cases. Dynamic Stability of Equilibrium. Economic Applications. A Market Model with Price Expectations. The Interaction of Inflation and Unemployment. Solution of Higher order Differential Equations with Constant Coefficient and Constant Term. Convergence and the Routh Theorem. Topic 5:Difference Equations; Discrete Time: First Order Difference Equations Solution and its Verification of First Order Difference Equations. The Dynamic Stability of Equilibrium.Economic Applications – The Cobweb Model, A Market Model with Inventory. Nonlinear Difference Equations – The Qualitative-Graphic Approach. Phase Diagrams Types of Time Path. A Market with a Price Ceiling. Topic: 6 Higher Order Difference Equations Solution and Verification of Second-Order Linear Difference Equations with Constant Coefficients and Constant Term-Distinct Real Roots, Repeated Real Roots and Complex Roots cases. The Convergence of the Time Path. Economic Applications, Samuelson Multiplier-Acceleration Interaction Model. Inflation and Unemployment in Discrete Time. Higher Order Linear Difference Equations and their Solutions. Convergence and Schur Theorem Again.The Solution of Simultaneous Differential Equations. Topic 7:Non-Linear Programming The Nature of Non Linear Programming Non-Linearities in Economics. Kuhn Tucker Condition. Interpretation of Kuhn Tucker Condition. Kuhn Tucker Sufficiency Theorem: Concave Programming. Arrow Enthoven Sufficiency Theorem: Quasiconcave Programming. Economic Application-Utility Maximizat ion, Least Cost Combination. Solving a Nonlinear Program via the Kuhn-Tucker Conditions. Recommended Books: 1. Chiang A. C. Fundamental Methods of Mathematical Economics McGraw Hill (3rd Edition) 1984. 2. Dowling Edward T. Mathematics for Economics Schaum Series, 1981. 3. Glass Colin J.An introduction to Mathematical Methods in Economics McGraw Hill. 4. Haung David, S. , Introduction to the set of Mathematics in Economic Analysis Graphical Approach, Simplex Method, Economic Application of linear Programming N-Y John Wiley and Sons, latest edition. 5. Hoy M. , Livermois J, Rees R, Stengos T. , Mathematic for Economics, 1996. Addison0Wesley Publishers limited. 6. Weber E. Jean, Mathematical Analysis, Business and Economic Application (latest edition), Harper and Row Publishers, New York. 7. Yamene, Taro, Mathematics for Economists, Prentice Hall, latest edition. Additional Readings: 1. Allen R. G. D. , Mathematical Economics, London, Macmillan English Language Book Society. 2.Edey & P eacock, National Income and Social Accounting London, Hutxchinson University Library, 3rd Edition. Paper 5. 2: APPLIED ECONOMICS AND COMPUTER APPLICATION Topic 1:Introduction to Windows 2000 and Ms-Word Operating System, Performance Management, Desktop Management, Printer Management, Internet Explorer, E-mail. MS-Word, using Advanced Formatting Features, Sharing data with Word, Word Macros, Composing Models and Mathematical Equations. Topic 2:PowerPoint and MS-Access (XP) Database Concepts, File Linkages, Data Retrieval, Data Editing / Updating. Data Transferring. Topic 3:SPSS and E-View Menu, Tool Bars, File Linkages, Dialog Boxes. Data Analysis, Analysis of Variance.Simple and Multiple Regression Analysis, Formatting Reports, Creation and Modification of Chart, Line Area and Pie Chart. Output Navigator Printing, Data Editor Printing, Command Syntax Printing. Use of E-view for Model Estimation. Topic 4:Estimation of Production Function Use of Computer, SPSS, E-View to Estimate Prod uction Functions. Cob-Douglas Production Function, Constant Elasticity Production Function etc. Topic 5:Computer Applications: Demand – Supply & Equilibrium Estimation of Demand and Supply using E

A Snowflake Is Winter’s Butterfly

A snowflake is winter’s butterfly. When I awakened, very early, the ground was covered with little pearly snowflakes. They had floated gently from the sky, twirling and whirling. Millions in flight, blanketing the ground with sparkling little pictures traced in a line, and shining whitely. Some magician must have come and by the starlight, worked through all the quiet darkness. I must be dreaming, after what happened†¦ Daddy told me he had a surprise for me, boy do I like surprises! We were going to hunt for reindeers in the mountains near our house. My eyes immediately set aglow, my heart felt warm and excitement rushed through my body.I was finally going to kill my first reindeer and he will fall before me after my finger pulled that trigger. Although I was just a little girl, I always wanted to go and hunt with my daddy and now was my opportunity so I packed a full picnic basket with lots of freshly baked cookies. I gazed in wonder at my first coat as we were leaving t he house. We walked and talked for hours. Although the air was crisp and stirring, love kept me warm and laughter filled me with unspeakable joy. We had a map and when dad said he was just going to peek if the river was nearby, as indicated on the map, I saw something and ran after it.I ran till my lungs burnt and finally came to a sudden stop. I looked around in horror for my daddy but he was now where to be found. After minutes of searching, which felt like hours, the sun said good bye and the night sky greeted with a very chilly, thin wind. I was freezing, shivering and shaking like a pudding in a mould. I was colder than the contents of a million ice cream cones. Oh, I could not feel my fingers neither my toes. Wait, there was something but I couldn’t move. It has been hours in this snow storm. It came closer and closer†¦ A reindeer approached me, pushing his nose against me.I was scared to death and therefore prayed for help. A sudden relief swept over me and the re indeer pushed his nose against me for the second time as if to tell me – â€Å"You’re going to be all right†. A sound escaped it’s throat, and the second reindeer came closer, watching, guiding and then in seconds, the two reindeers came lying beside me, covering me, and warming me. I fell asleep as graceful beauty came raining down, each snowflake like a falling star, smiling beauty that spun afar. I felt peace and serenity before me for the first time in hours.The sun rose higher and higher with his wand of golden fire. I was suddenly awake after the most beautiful dream. DADDY!!! He was calling for me. He searched all night and when he saw me lying there he joyfully embraced me. I told him the miraculous story and he smiled down at me with love and happiness. A snowflake is winter’s butterfly. It doesn’t have the intention of harming you, nor trying to kill you with a snowflake-thunderstorm. It touches your soul lightly until finally you are saved by love. Even by the love of an animal you were so excitedly ready to kill. Charlene Total words: 553

Is Competition Good or Bad??

A continuing concern within physical education is the proper role and level of competition. Many of the abuses associated with organized sport are assumed to be the result of an overemphasis on competition, of a win-at-all -costs perspective. It is not uncommon for physical educators to advocate reducing competition, to replace competitive activities with cooperative activities, and to modify competitive activities in ways that reduce competitiveness.In its most extreme form, this kind of criticism within the physical-education profession suggests that competitive activities are harmful for children. The issue can be viewed from another perspective. The issue is not whether competition is all good or all bade, but rather is how we can eliminate bad competition and emphasize good competition. Good competition creates a festival atmosphere, with all the attending traditions, rituals, and celebrations.Good competition creates a forum within which children and youth can test themselves a gainst accepted standards of excellence. Good competition involves rivalry, but never the kind of rivalry in which one side can win only to the extent that the other side loses. Good competition also means striving within the rules and traditions to do the best you can and then, when the competition is over, understanding that the winning or losing have little meaning outside the competition itself.Bad competition, on the other hand, should be eliminated. Using the rules to gain an advantage, assuming that the only way to win is to have the best score, disregarding the traditions and rituals of the activity, and letting the outcomes affect you after the competition is over are all indications of inappropriate competition. Students in physical education should learn the differences between good and bad competition. The only way they can do this is to have these things pointed out to them as they experience good competition.

Summary essay Example | Topics and Well Written Essays - 750 words - 4

Summary - Essay Example In order to convince the public, she used facts, statistics, and name calling to present her arguments. Emma Watson delivered a game-changing and persuasive speech about feminism at the United Nations assembly (â€Å"Emma Watson’s UN speech: has it been effective?†). The much talked about speech was highly admired and went viral in the social media, as well as elicited mixed reactions. She delivered the speech six months after her appointment as the Goodwill Ambassador to the United Nations. She did this in an attempt to promote and push the new United Nation’s HeForShe project. The primary reason for the speech was to discourage stereotyping of women in the society. In addition, Emma’s motive was not only advocate the empowering of women, but also liberate some men in the society. Her sole mission was to encourage both sexes to identify as feminists. This speaker addressed all forms of violence and discrimination faced by women and girls in the society. She argued that not only women, girls and transgender that suffered discrimination, but some men too fell victims to these acts. She invited men to join the conversation of feminists since this issue concerns them as well. Her sole intention was to get a large number of men and boys to commit to joining the gender equality campaign. In addition, according to Hashempour (â€Å"Emma Watson’s UN speech: has it been effective?†), she told the world that in order to achieve gender equality and eliminate harmful and destructive stereotypes the idea of masculinity must change. Moreover, Watson used one of the strategies of propaganda to convince the public of her ideas. She adopted the name-calling to get the attention of her audience and project her ideas as favorable (Class Notes Week 8). She mentioned statesman Edmund Burkes and quoted his condemning words that aimed at

New Venture Formation Research Paper Example | Topics and Well Written Essays - 1250 words

New Venture Formation - Research Paper Example New venture development In order to easily interpret the process of new venture or business development, it is better to split the term ‘business development’ into two such as business and development. The term business constitutes certain significant elements like finance, managerial activities, competition, marketing, and prices. In addition, the basic idea behind the term business is that it largely relates to risk and entrepreneurship. At the same time, the term ‘development’ can be linked with some other aspects such as technological improvement, improved relations, cost reduction, and general welfare. According to conventional views, business development is considered as gradual development of business ideas and business operations; and although the techniques used to promote the business expansion may differ, all of them constitute traditional marketing (â€Å"New venture development†). The traditional marketing was mainly concerned with how to find, approach, and customer retention using the given lines of product. It is obvious that this traditional business development concept has limited scope as it covers only marketing views. Hence, the modern corporate entrepreneurship concept redefines the new business development in a broad manner. ... Recently, scholars have identified that new venture development process has a close relationship with technology and business networks. In other words, the major purpose of the business development process is to recognize opportunities in a fast changing technological world. Phases of new venture formation New venture formation or development includes a series of processes including idea generation and development, market research methodologies, financial forecasting and spread sheet formulation, and new venture funding. These processes/phases are briefly described below. 1. Idea generation and development As Mallett points out, idea generation is the most important phase of a new venture development process as this phase determines the direction of flow of the whole business performance (149). While forming a business idea, an entrepreneur must take different factors into account. He has to ensure that his business idea well suits with persisting market trends and possesses adequate financial sources to successfully launch the product into the market. It must be also emphasized that the business idea should be novel enough to survive the market competition. Idea generation is a very challenging task but putting it into practice can be much harder. Once an idea strikes a person (entrepreneur), he has to chart all the details of what he wants to achieve and how he is going to proceed with it. The entrepreneur must be very careful at this stage since spending too much time in the idea generation phase would stunt the entrepreneur’s creativity. The entrepreneur may seek assistance from managerial experts to make necessary

Mitosis Lab Report Example | Topics and Well Written Essays - 1250 words

Mitosis - Lab Report Example The prepared and preserved slides were observed under the microscope. The different stages of the mitosis such as interphase, prophase, meta phase, anaphase and telophase of the cell along with the cytokinesis were identified and the stages were differentiated. Introduction: All the living things are made of cells. In a multi-cellular organism, two types of cell division occur: they are mitosis and meiosis. Mitosis or Somatic cell division is the process in which one cell divides into two equal cells with genetic identity. The cell division is necessary for the growth and development of the cells. The transformation of information from one generation to another is called heredity and the genes which are the fundamental part of the chromosome are responsible for the transformation. The chromosomes are present in pairs. Each pair is responsible for a specific part or function in the cell. These chromosomes are distributed equally in new cells during mitosis. Mitosis is thus described a s the chromosomal division. This chromosomal division is accompanied by the cytoplasmic division called as cytokinesis. The mitosis along with cytokinesis results in the formation of two daughter cells. This is also called as cell cycle. Cell cycle is the period in which the cell divides and becomes two daughter cells. ... There are four stages in mitosis. They are prophase, metaphase, anaphase and telophase. (Allen and Harper 2011). Prophase is the first stage of mitosis which is visible. The chromosomes, which are randomly distributed in the cytoplasm condense to form the distinct part. They are held in a single line. Metaphase is the stage in which the chromosome is attached to the centromere through the spindle fibril. The centromeres are connected to the centrioles and the centrioles pulls the chromatids to the opposite directions. This step initiates the cell division. Anaphase is the stage where the chromosomes move to the position of centriole. The chromosomes are seen as complete sets in the opposite side of the cell. Telophase is the last stage of mitosis in which the chromosomes begins to loosen itself from the thicker rigid structure into thin filaments. The division of the cytoplasm starts at this particular point. Materials required: Prepared slide of Allium root tip Prepared slide of whi te fish blastula. Microscope. Method: 1. The prepared slide of allium (onion) root tip was mounted on the microscope. 2. The 4x objective lenswas used to focus the centre of the slide. 3. The cells undergoing the four stages of mitosis such as prophase, metaphase , anaphase and telophase were identified in the slide using the 10x magnification. 4. Using the 40x magnification in the microscope, the distinct chromosomes and the other cell structures were identified. 5. Similarly, the whitefish blastula slide was mounted on the microscope and the blastula sections were observed using the 4x magnification. 6. Then 40 x magnification was chosen to examine the chromosomes. The cells in each phase of mitosis were identified. Result: For the Onion Root tip: 1. In the interphase stage, nucleus,

British Airways Essay Example | Topics and Well Written Essays - 1250 words - 1

British Airways - Essay Example Apart from scheduled airline, the organisation also operates both domestic and international carriage of mail and freight and ancillary services (Brownsell 2010). BA flies to over 300 destinations carrying over 33 million passengers in its 238 aircrafts (British Airways 2013, Table 1). From the time of its privatisation in the year 1987, the company has beaten the competition in the market to grow worldwide. The entry of its former Chief Executive, Willie Walsh in 2005 saw BA complete Terminal 5 at Heathrow in addition to various other accomplishments. In spite of suffering from the global economic recession, the airline looks forward to being the most responsible airline globally. As such, the firm dedicates much effort to the development of strategic direction and guiding principles to enable it attain its objectives. Key among them includes efforts geared towards the development and sustenance of effective marketing. With the ever changing marketing environment (Haberberg & Rieple 2007), there arises the need for continuous detailed and structured analysis of core dimensions. With the increase in complexity and frequency of terrorist attacks such as the September 11 New York attacks and the July 2005 London attack, there has been unprecedented political instability. As such, deregulated firms like BA need systems that enhance quick decisions. The open skies agreement has significantly changed the regulatory framework. Considering legal factors, BA suffers from Trade Unions’ actions including numerous strike actions in 2004 and 2005. As such, the firm has to consider various legislations on employee rights, environmental concerns and customer rights. Economically, with demand for air travel being highly income elastic, there exists a positive correlation between global economy and air travel demand. The rising cost of oil due to the political climate

Common sources of success or failure of startup firms Essay

Common sources of success or failure of startup firms - Essay Example While it is important for the economy to have influx of new, innovative, and entrepreneurial companies the actual success rate of new companies is dismally poor. In fact, 90% of all new companies launched in the UK will fail within the first two years (ibid). There are proven strategies and models available which can help increase success and growth rates, and one such strategy consists of thinking the project through and preparation of a business plan. 'Perhaps the most important step in launching any new venture or expanding an existing one is the construction of a business plan.'(Barrow et al, 2001:6). Although a business plan has several purposes and target audiences, most are produced with a limited view of enabling the raising of finance. Raising finance is critical for the success of the venture and 'the business plan is the minimum document required by a financing source' (Kuratko and Hodgetts, 2001: 289). More than three-quarters of business angels require a business plan before they will consider investing (Mason and Harrison, 1996). However, at the core of a successful enterprise is a planning and control effort that must recognise the needs of the venture and reduce it to a plan for systems that will help monitor and control execution as well as to milestone progress, or lack of it. Uncertainty and change are the norm and a successful business plan must have the inbuilt flexibility to manage change and meet exigencies that arise during the course of operations. This report looks at the most common reasons for failure of start-up businesses and this is used to inform suggested strategy for the preparation of a good business plan. A plan that will address not only the need of submission to banks and potential investors but also to the other audience, such as suppliers, distributors, major customers etc. Above all it will guide decision making in new ventures and lay a clear path to be followed for success of the new venture. This study limits itself to small and medium sized enterprises. Success and Failure While success is easy to understand, i.e. it implies that the projections of performance have not only been met but may have been exceeded as well. Definition of failure is more difficult and has been variously defined as discontinuance of ownership' of the business (Williams, 1993); discontinuance of the business' itself (Dekimpe and Morrison, 1991); and bankruptcy' (Hall and Young, 1991). In the following passages we explore what fundamental causes help a newly started business flourish and conversely what are the main reasons for failure. Different authorities have analysed the prime reasons for success and failure of start-up ventures. Quantitative studies by Lussier and Corman (1995); Everett and Watson (1998); Lau and Boon (1996); Lussier (1996); and Van Gelderen and Frese (1998) (quoted in Riquelme & Watson, 2002) have been used to formulate the reasons for the failure of new business ventures. The primary reasons are placed in a tabulated format as an appendix to this report. The highlights of the findings of the studies cited are discussed briefly below. The most important criterion appears to be the managerial team. For example, Macmillan et al (1985) conclude that the quality of the entrepreneur ultimately determines the investment decision of venture capitalists, notably a thorough

The Owner of Roseland - Jean Essay Example | Topics and Well Written Essays - 2000 words

The Owner of Roseland - Jean - Essay Example A profit à   prendre is the right to go on to someone else's land and acquire natural materials from it and include the right to mine, quarry, fish, and hunt, graze animals or cut turf. It is important for Jean to understand that order to ascertain whether there is a profit a prendre, it is not necessary to show that the relevant right that has been granted gives an appreciable benefit to the dominant land. Gale suggests that the question of whether a right can be a profit depends upon the nature of the right and its relevance to the dominant land. Profit of pasture is an ancient right but still generally claimed today. It is a profit because grazing animals take grass and other plants from the land. This cannot exist as a right to graze an unlimited number of animals as this would wear out a land, and the traditional limit is the maximum number of animals which can be supported through the winter, as mentioned in Mellor v Spaceman, 1669. Unlike an easement, a profit may not be appu rtenant to land, in which case it may be exercised for the personal benefit of its owner. Profit appurtenant can change character. Bettison v Langton, 2001, is the authority of the rule.   In the unregistered land system, a legal profit is enforceable against any purchaser, under the principle that legal rights bind the whole world. However equitable profit has to be registered as a charge through some passages in E. R. Ives Investment v High, 1967, suggest that some equitable profits may be enforceable without registration.  And in  Carr v Lambert  1866, 1 Ex 168, 175 relevancy and couchancy was described as a "measure of the capacity of the land to keep cattle out of artificial or natural produce grown within its limits".

Education, No child left behind act Article Example | Topics and Well Written Essays - 1500 words

Education, No child left behind act - Article Example Supreme Court banned racial segregation in public schools and determined that the "separate but equal doctrine" was unconstitutional. On Jan. 8, 2002, President Bush signed the No Child Left Behind Act of 2001 into law with tremendous bipartisan support. The final votes were 87-10 in the Senate and 381-41 in the House. Senators Ted Kennedy (D-MA) and Judd Gregg (R-NH) and Congressmen George Miller (D-CA) and John Boehner (R-OH) were its chief sponsors in the Senate and the House. (US Department of Education). The main proponent of the Act was President George W. Bush. President Bush wanted to expand the educational opportunities for all students, including students who are just learning the English language and students who are new to the US. The law ensures that all children regardless of their ethnic and cultural origin can receive a quality education and enhance their academic potential. The Act reflects the President's education reform plan and contains changes to the Elementary and Secondary Education Act (ESEA). The NCLB Act enhances the federal government's role in K-12 education by focusing on school success as measured by student achievement. The Act also contains the President's four education reform principles: stronger accountability for results, increased flexibility and local control, expanded options for parents, and an emphasis on teaching methods that have been proven to work. With this law, American taxpayers will derive benefits from their heavy investment in education. (Paige and Gibbons, 2004) No Child Left Behind was the successful culmination of a standards-and-testing movement that began with A Nation at Risk report by the Reagan administration in 1983. This push for a standards-based reform gained further support during the 1989 education summit in Charlottesville, Virginia. In that summit, President George H. W. Bush together with the nation's governors set performance goals for American schools. By 1991, President Bush's "America 2000" proposal included voluntary national testing tied to world class standards. President Clinton signed into law "Goals 2000," which provided grants to help states develop academic standards. With the 1994 reauthorization of the Elementary and Secondary Education Act, the states were required to develop content and performance standards for K-12 schools. Congress adopted the adequate yearly progress that became the linchpin of accountability in No Child Left Behind. States were mandated to make substantial progress toward the goal of aca demic proficiency for all students. However, at that time, there was no deadline for these standards to be met. Several states which were supposed to pass the standards failed to meet these standards. (Paige and Gibbons, 2004). Features of the Legislation The first feature of the NCLB is that it demanded greater accountability by increasing the annual goals for student achievement. Schools and districts register adequate yearly progress (AYP) toward meeting set targets. Educators must meet their targets. NCLB has set minimum standards for teacher quality. These standards assist local educational agencies such as districts on decisions covering curriculum, textbooks and materials. These standards constitute a starting point for developing assessments to measure student mastery. Annual assessments are done and all students are classified into one of these performance levels. NCLB requires all

A Retrospect of the Hong Kong Handover Essay Example for Free

A Retrospect of the Hong Kong Handover Essay Slide 2 Hong Kong’s handover to the Chinese government after 150 years of British colonial rule is a major historical event My paper analyzes whether or not China handled Hong Kong well 10 years after the Handover occurred. It also aims to look at the changes that have taken place since the Handover, and how they have affected the situation in Hong Kong. Important questions regarding this issue are:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   After 10 years, did China handle Hong Kong well?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Has China fulfilled its promise to maintain Hong Kongs status quo as a leader in Asian economy?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Have the policies and changes that the Handover has brought been beneficial to the people of Hong Kong? My position is that China did a good job in the sense that they did not do harm to Hong Kong and was able to preserve the liberal economic and political spirit of the place. My conclusions are based on the following parameters: One, the economic situation of the territory, and two, the political situation of the territory. Slide 3 Background of the Issue Why was the Handover a source of anxiety to Hong Kong citizens?   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Hong Kong way of life is different than that of Mainland Chinas   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   China is under a Communist System while Hong Kong adopts a free market economy The Impact of the Hong Kong handover can be brought to light with the following facts: Geography Hong Kong is a small piece of coastal island below Mainland China. Its strategic location made it an important port for the trading of goods and is regarded as an ideal base for military and tactical operations. When it comes to its economy, Hong Kong is a force to contend with. Hong Kong: Is one the modern world’s most important financial hubs Enjoys one of the world’s highest gross domestic products Provides jobs to millions in Mainland China as well as in neighboring countries Slide 4 Aftermath of the Handover Accounts of life in Hong Kong right after the Handover were promising. Generally, it was â€Å"life as usual†. The general consensus is that the Handover did not cause the major political and economic upheavals that many feared it would. While there was a slowing down in the economy, it was not at the level expected. The changes were milder and subtler than expected The reaction of the business community to the Handover reflects the reaction of the locals: Businesses were able to ride the change without much difficulty. Multinational companies based in Hong Kong have been loyal, and were able to transcend political upheavals. Slide 5 The most important policies implemented after the Handover included â€Å"One country, two policies† and â€Å"Hong Kong people administering Hong Kong†. China also increased public spending and reduced tax. These policies have allowed Hong Kong’s Special Administrative Region (SAR) government a free hand to implement decisions with respect to Hong Kong’s political and economic environment. Such a moves also proved to be effective because it kept businesses in Hong Kong. Hong Kong’s Performance under China’s rule has been on the large part, successful. The following are evidence of China’s good handling of the Hong Kong Handover: Hong Kong was one of the least affected during the Asian economic depressions Hong Kong was one of the first to bounce back from the depression. Hong Kong survived the health problems of SARS, bird flu and mad cow disease.

First Solar Turns Sunshine into Profits Essay Example for Free

First Solar Turns Sunshine into Profits Essay Case Summary: First Solar was founded in 1999 from the Walton family. According to the Marketing Sun Power, First Solar’s mission is â€Å"to create enduring value by enabling a world powered by clean, affordable solar electricity.† (p. 90) The company manufactures solar modules, which have razor-thin cadmium telluride. They are manufactured this way because it can still produce electricity even when clouds are blocking the sun. With this product First Solar wants to promote that it is socially responsible. It not only markets its cost efficiency through solar energy, but it also helps maintain sustainability by reducing the use of fossil fuel. First Solar products have advantages with rival companies because its product does not depend on silicon wafers. Silicon wafers is the preferred product from other solar companies. Silicon wafers is a costly product and it’s also a scarce resource. Key Marketing Issues †¢Competition: In the business world competition is when businesses or firms enter the market with similar products. Per the article First Solar does not seem to have great threat of other firms, as it is the leading manufacture of solar power. First Solar uses razor-thin cadmium telluride material, while other companies use silicon wafers. Silicon is a scarce material and expensive as well. †¢Oligopoly: I would consider First Solar to be an oligopoly. Since it seems that there are few sellers that control the solar panel market. I would also say that since First Solar uses different material it has an upper hand when it comes to solar modules. This can change if different innovations enter the market. †¢Political Forces: Political force can always influence the wellbeing of a company. For example Germany and other European nations are encouraging  alternative energy and that is why Germany has become First Solar’s target market. †¢Technological Forces: Technological forces will continue to change the marketing perspective, because technology changes. Marketing strategies change to adapt and become appealable to consumers. †¢Government: Governments from various nations can influence with providing subsidies that help corporations maintain a decreased rates for solar energy. A problem that First Solar and other solar companies will have to tackle, because Germany will be reducing its subsidies soon. Personal Case Analysis As a personal analysis I was intrigued by the product differentiation between First Solar and other solar companies. Most solar companies use silicon wafers for their solar cells and panels. First Solar uses a razor-thin cadmium telluride solar cells and panels, which makes them an innovator of this product (what makes them marketable). They expect to decrease its cost to .50 cents per watt by 2014, which is 50% less than what is being paid at this moment. First Solar is not only based out of Tempe, Arizona, but it’s also marketed globally. Germany use to be its primary market, but now it is moving to the North American market. Case Questions 1-Which marketing environment forces are likely to have the greatest impact on First Solar? The greatest impacts from environmental forces are Economic Conditions (buying power), Political Forces, and Technological Forces. Economic conditions change in which can affect the buying power. A perfect example would be the subsidies that are being received in Germany. Buying condition can decrease when the subsidies are lost. Unless there is a political agenda or lobbying involved. This is when technological advancement can be improved  to provide a less costly product. 2-What types of organizations are most likely to exert the strongest competitive forces on First Solar? In order for a competitor to compete against First Solar, they would need to develop a superior product then what First Solar has produced. First Solar has produced a razor-thin cadmium telluride product that even works on cloudy days. One company that I think could bring competition would General Electric. General Electric is a well-established company that is looking into being a sustainable company and has the wealth to pursue solar panels. 3-How did technology affect First Solars responses to the changes in the marketing environment? How can it continue to maintain its technological edge in its industry? First Solar started out because of high oil prices, environmental concerns with natural resources. First Solar does not use expensive material like silicon wafers, which is a scarce material and very costly. It will continue to maintain its technological edge because it is aware that it needs continuous assessments in every aspect of the market (fossil fuel, government, technologies, innovation, and consumer demand). Conclusions: First Solar has developed a product in which reduces the use of fossil fuel and creates alternative energy. Its marketing strategy has been focused on its unique development of technology (cadmium telluride cells) and the need to provide consumers and businesses a more sustainable product with a lower cost. Due to these advantages the company can attack the market aggressively. First Solar is aware of the challenges that will arise in the future. Environmental forces keep companies always on edge, which makes them continue to improve with new technological innovations. Marketing plans need to be adjusted on a continuous basis due to changes that may arise from government, natural resources, political views and social views.

The American Recovery And Reinvestment Act Politics Essay

The American Recovery And Reinvestment Act Politics Essay The act is based on the proposals of President Obama in effort to jump-start the economy after the economic crisis of 2007-2009. In his first weekly address since sworn in as president of the United States, President Obama claimed that the act will invest in our most important priorities like energy and education; health care and a new infrastructure that are necessary to keep us strong and competitive in the 21st century (Weekly Address, 2009). Vice President Joe Biden is in charge of overseeing the implementation of the act, which includes working closely with cabinet members, governors, and mayors (About the Recovery Act, 2009). The problems of economic crisis are severe and have resulted in recession, closing of businesses, job loss, and families losing their homes. The Recovery Act is said to be a major milestone in helping to resolve the economic crisis, but President Obama admits that there is still a large amount of work that needs to be done. The act has three immediate goals it hopes to achieve in response to the economic crisis. The first goal is to create new jobs and save existing ones; the estimated number of jobs saved or created is 3.5 million in the next two years (About the Recovery Act, 2009). Next, the act hopes to spur economic activity and invest in long-term economic growth. The last immediate goal of the act is to foster accountability and transparency in government spending. Along with these three immediate goals the act hopes to achieve several long-term goals. Some of these goals include igniting spending by both businesses and consumers. The act also hopes to create a new foundation for economic growth and prosperity (Track the Money, 2009). Health care has been a serious problem in this country, but this act aims to modernize the entire healthcare system, saving millions of dollars and countless lives. Increasing access to health care is also something the act hopes to accomplish. Upgrading classrooms, libraries, and labs for childrens schools as well as connecting rural homes, businesses, and schools to the Internet is another goal of the act (About the Recovery Act, 2009). There is also a major emphasis on modernizing infrastructure, including repairing bad roads, dams, bridges, and levees. Unemployment benefits and protecting peoples healthcare are other main focal points of the act. In addition, the act will work to stabilize, reform, and repair the banking system; this would get credit flowing to families and businesses (Track the Money, 2009). Last, the act hopes to stop the foreclosures on homes, and intends to help homeowners stay in their homes. Clearly the Recovery Act hopes to accomplish many things, but these are all things that this country needs in response to the economic crisis. The internal stakeholders of this policy include the Departments Governance Board for Recovery Act Compliance, program managers, and individuals responsible for daily operations related to the act. The external stakeholders are the recipients of the Recovery Acts funds, the Congress, the Executive Office of the President, the Recovery Act Accountability and Transparency Board, and the American public. One of President Obamas main concerns in developing the Recovery act was to ensure accountability and effectiveness. To accomplish this goal the United States Department of Justice has developed mechanisms to ensure both accountability and transparency of stakeholders as well as monitor the distribution of funds. The Department of Justices accountability framework is based on top-down governance, management accountability and effectiveness, top-down communications strategy, performance monitoring, corrective action implementation, and evaluation of the internal control activities (Unite d States Department of Justice, 2009). The act is based on the proposals of President Obama, and was formulated by the House of Representatives and the Senate. The main debate exists between Democrats and Republicans in Congress. No Republicans in the House and only three Republican in the Senate voted for the bill. Republicans fear that the tax cuts are insufficient, and that in the long-run the country will drown even further into debt. They instead insist on larger tax cuts and less spending on government programs. Republican Senate minority leader Mitch McConnell argues, This isnt Monopoly money. Its real. It adds up, and it has to be paid back, by our children and by their children (U.S. Congress passes, 2009). Obama and the Democrats hold to the notion that the bold actions of the policy are necessary to transform the United States economy and carry us into the twenty-first century. The final plan split into 36% for tax cuts and 64% in spending, and money for government programs and is funded on borrowed money. The main theory of the debate is the political systems theory, which stresses the way the political system responds to demands that arise from its environment (Kraft and Furlong, 2009). The Republicans favor limited government and low taxes, and these beliefs are dominant in their argument against the Recovery Act. In contrast, the Democrats believe that the government must take intrepid actions to fix the economic crisis and ensure the well-being of the average citizen. Each of these beliefs is developed from the larger economic context: the economy is failing, and the government must meet the demands of the public and the political parties that support their interests. There is a classic liberal-conservative battle over the American Recovery and Reinvestment Act. The left is of course pushing for more government spending and a bigger government, where the right claims that a bigger government creates more of a problem. Although the Recovery Act was passed by congress republicans still feel that it is not helping and are offering several different alternatives. Senators John McCain, David Vitter and John Thune all offer several different suggestions and amendments to the American Recovery Act. John McCains alternative stimulus plan was the closest to getting passed by the Senate of the three senators plan. However, the amendments were defeated in a 40 to 57 vote along party lines. McCain stimulus package includes changes to the home loan modification program and tax breaks for home purchasers (Human Events, 2009). He also suggests dues for rehabilitating military facilities and equipment. Similar to the recovery act, he wants to restore American infrastructure, mainly roads and bridges. McCain also believes that cutting the two lowest tax brackets by 5 percent and lowering the corporate tax rate by 10 percent for small businesses would drastically help with the economy (Human Events, 2009). The last element to his proposed plan was to accelerate depreciation for capital investments by small businesses. Although the amendments were not passed by the Senate, McCains plan did receive the most support and a similar plan will have potential to be passed in the future. Senator David Vitter, a republican from Louisiana, proposed amendments to the Recovery Act that would save the government an estimated 48 billion dollars (Human Events, 2009). He proposes a different way to spend government money and suggests prevailing-wage provisions that impact infrastructure projects, making them far more expensive. He also recommends spending 1 billion dollars to fund a census, 600 million dollars to invest in fuel-efficient vehicles by the government, and 400 million dollars for the construction of an FBI facility (Human Events,2009). Vitter also suggests spending 34 million dollars for management of bureaucrats at the department of commerce and a 75 million dollar training facility for the State Department. Last he advocates for spending 55 million dollars for the National Park Service and 125 million for repair and restructure of the D.C. sewer system. Clearly this Stimulus package is very different from President Obamas; however, it is far less expensive. Ne vertheless, the amendments were defeated in the Senate by a vote of 32 to 65 (Human Events, 2009). Senator McCain and Vitter were not the only republicans to offer amendments to the American Recovery Act. Republican Senator John Thune of South Dakota also suggested several alternatives to the act. In contrast to the previous senators, Thunes alternatives mainly focus on creating a smaller government to deal with the economic crisis. Thune recommends a reduction in corporate tax rates as well as individual tax rates (Human Events, 2009). He also suggests the removal of the alternative minimum tax, but he does want to incorporate an estate relief tax. Lastly, he calls for an increase in child tax credit and some restrictions on deductions, which would then cause a broader tax base. Although Thunes suggestions differ greatly from his republican colleagues, he still suffers the same fate; his amendments were voted down 37-60 in the Senate. Congressmen are not the only actors offering alternatives to the Recovery Act. Katzy and Puentes(2009) of The Brookings Institute offer their own criticism, asserting that the federal response has been mostly to keep throwing money at the problem, without any meaningful attempt to update our policies to the realities of today. They find that a more meaningful policy would place more emphasis on infrastructure investments. Experts of the Metropolitan Policy program, Katz and Puentes (2009) find that infrastructure investments addressed toward global warming could lead the way for a lower carbon future. They point out that transportation alone accounts for 28 per cent of U.S. emissions. The experts also stress that in order for the U.S. to compete in the globalized economy, they must work toward developing high-functioning global ports and transportation hubs by holding government responsible for maintenance and improvements. Countries in Europe and China have already done so. Finally, the U.S. should stop subsidizing the excessive decentralization of people and jobs, for household spending on transportation has risen to the second largest expense for most American households. They suggest we place the responsibility of transforming infrastructure investment in federal leadership. Leaders should include plans for freight movement, the electric grid, and water infrastructure across state borders and between metropolitan areas. The current policy on infrastructure centers on job creation which will create short term job success; however, the act should focus on creating productive and sustainable infrastructure that will create long-term growth. One thing that most economists agree on is that the money had to be spent. We agree with the bold actions taken by the president and congress to bring the economy out of recession and we favor and support the Recovery Plan. We do find that an alternative solution would spend the money more wisely, with more emphasis on infrastructure and better planning for the full scope of national needs. First, we agree with the experts of the Brookings Institution that in order to maintain development, we must take the focus off of job creation in infrastructure and focus on updating policies that dramatically improve infrastructure and establish economic competitiveness. Secondly, we find that program spending is too directed toward programs in local districts. While this is important for bringing the country out of recession and improving the condition individual, we believe that congress should work together to develop more national efforts that better serve the country as a whole, thus sustai ning long-term development. We also anticipate a coming crisis in the second wave of commercial real estate; we fear that there will be another real-estate bubble across the world. We find that more actions should be taken in the act to prevent such a crisis. In conclusion, large spending on public programs was necessary for bringing the country out of recession, but further action should look toward maintaining the long-term economic condition. But has the American Recovery and Reinvestment Act, really fulfilled all of its promises to the citizens of the United States? The key to Obamas first year in office was the Recovery Act. But the Recovery Act, which should have set the pace for a year of strong reforms. Instead, for reasons partly having to do with the construction of the bill, its effects were nearly invisible-ninety-four per cent of Americans dont think it created jobs in their area-and Republicans quickly called it a failure. The American people were thinking radical change-not the status quo. Just the way Obama blamed Bush after 9/11, saying, You told America to go shopping, people are going to point the finger at him and say, You had an opportunity and you wasted it. We should have gone in and done the kind of stimulus that would actually turn the economy around. We ended up with something that was strong enough to prevent a depression. But it just wasnt strong enough to stimulate the recovery. Obama was trying to be favorably viewed by seventy per cent, and Reagan was willing to settle for fifty-seven per cent. He understood an intense fifty-seven was better than a sort of feel-good seventy. So in conclusion to that, I think that the Act could have been a much bigger success if they wouldnt have settled with what everyone wanted. But instead passed what was necessary to boost us out of the depression and get our economy back on the rise.