When the human virus, HIV, first appeared, the mortality rate was close to 100%. However, recent information shows some individuals are unaffected by the virus. Why is this not surprising?

When the human virus, HIV, first appeared, the mortality rate was close to 100%. However, recent information shows some individuals are unaffected by the virus. Why is this not surprising?

Humans are genetically diverse, and some are immune to the … Read More...
Module Overview Summary of Module Description For full details, go to Module Descriptor. Aims The aim of this module is to: • Develop individuals for a career in business and management • Enhance and develop employability , professional and lifelong learning skills and personal development Learning Outcomes Learners will be able to critically evaluate the acquisition of a range of academic and professional skills using a number of theoretical frameworks. Assessment – Summary Category Assessment Description Duration Word Count Weight (%) Written Assignment Essay 1 Reflective Essay N/A 3000 45 For full details, go to Assessment. Additional Information Remember that a variety of Resources is available to support your learning materials.Skills and character audit This document provides an initial picture of your skills and character. It will also provide the basis of further documents that make up the first assignment on the module. It is based on the skills statements that form a fundamental part of your Masters programme which were approved by a validation panel that consisted of members of staff in the Business School, academic staff from other higher education institutions and employers. The statements in the form are there for you and you will not be judged on whether your responses are positive or negative. The responses should enable you to identify what you are good or bad at from which you can create a personal SLOT analysis (Strengths, Limitations, Opportunities, Threats). From this SLOT analysis you can then concentrate on developing certain areas that will enhance your academic and professional development. We would very much like to” get to know” you through this document and would encourage you to also complete the notes section. In this you could give us a rationale for your responses to the questions. As a guide to how you should gauge your response consider the following: Strongly agree – I have a wide range of experience in this area and have been commended by a tutor or employer for my efforts in this area Agree – I am comfortable with this aspect and have been able to demonstrate my ability Disagree – I am Ok with this but realise that I do need to improve Strongly disagree – I know I am weak in this area and need to focus on this as I could fine this weakness to be detrimental to my progression Explain why – please take the room to consider the reasons for your answer as this is the reflection that is of most value. Do not worry if your section spills onto the next page.   Intellectual (thinking) skills Strongly Agree Agree Disagree Strongly Disagree I am a creative person who can adapt my thinking to circumstances I am able to organise my thoughts, analyse, synthesise and critically appraise situations I can identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms adequately and generalise appropriately Explain why: Professional/Vocational skills Strongly Agree Agree Disagree Strongly Disagree I use a wide range of techniques in approaching and solving problems. I am comfortable with a range of research techniques I am able to analyse and interpret quantitative data I am able to analyse and interpret qualitative data My leadership skills are well developed and I can adapt them to different situations I am able to manage people effectively Motivating myself and others comes easy to me I am aware of my responsibilities to myself, the organisation and other people I treat people with respect and consideration Explain why:   Key/Common skills Strongly Agree Agree Disagree Strongly Disagree I am able to use mathematical techniques to analyse data I can effectively interpret numerical data including tables and charts I am able to use a wide range of software on a PC I use a range Information Technology devices to communicate and access information I am a good listener I am able to communicate my ideas well in a face-to-face situation I can adapt my written style to suit an audiences needs I am comfortable presenting my ideas to an audience Whenever I have completed a task I always reflect on the experience with a view to seeking continuous improvement I manage my time effectively I am always prompt when asked to complete a task I am aware of the need to be sensitive to the cultural differences to which I have been exposed I am keen to learn about other people and their country and culture I enjoy working with others to complete a task I know my own character and am sensitive of this in a group situation I understand that a group is made of individuals and I am sensitive to the needs and preferences of others I will always ensure that I get my views across in a meeting I am willing to accept the viewpoint of others I always give 100% in a group task Explain why: SLOT Analysis Having responded to the statements above you should now be in a position to look forward and recognise those areas on which your development will be based. The SLOT analysis can help you to arrange this. Strengths – can be those skills and characteristics to which you have responded positively to in the previous section. It is worth noting that whilst you may be strong in these areas that does not mean you ignore their development. Indeed you may be able to utilise these strengths in the development of areas identified as weaknesses or to overcome strengths, this will enhance those skills and characteristics. Limitations – All of us can identify some sort of limitation to our skills. None of us should be afraid of doing this as this is the first stage on the improvement and development of these weaknesses. Opportunities – These arise or can be created. When thinking of this look ahead at opportunities that will arise in a professional, academic or social context within which your development can take place. Threats – Many threats from your development can come from within – your own characteristics e.g. poor time management can lead to missing deadlines. However we could equally identify a busy lifestyle as a threat to our development. Once again think widely in terms of where the threat will come from. Do not worry if you find that a strength can also be a limitation. This is often true as a characteristic you have may be strength in one situation but a limitation in another. E.g. you may be an assertive person, which is positive, but this could be negative in a group situation. Please try and elaborate this in the notes section at the foot of the table. SLOT Analysis (you may need to use two pages to set out this analysis) Strengths Limitations Opportunities Threats Analysis of the Bullet points in the SLOT table Objectives Having undertaken some analysis of your skills and characteristics the aim of this next section is to identify various aspects of your development during the course of this module, other modules on your course, and extra-curricular activities. Make sure the objectives are SMART:- S – Specific. Clearly identified from the exercises undertaken M – Measurable. The outcomes can be easily demonstrated (to yourself, and where possible others) A – Achievable. They can be done given the opportunities available to you R – Relevant. They form part of your development either on this award, in your employability prospects or in your current job role T – Timebound. They can be achieved within a given timescale Whilst there are 5 rows in the table below, please feel free to add more. However be sure that you need to do this development and that they fit within the scope of the above criteria. Area What I am going to do. How I am going to do it When I am going to do it by Force Field Analysis This technique was designed by Kurt Lewin (1947 and 1953). In the business world it is used for decision making, looking at forces that need to be considered when implementing change – it can be said to be a specialised method of weighing up the pros and cons of a decision. Having looked at your personal strengths and weaknesses we would like you to use this technique to become aware of those factors that will help/hinder, give you motivation for or may act against, your personal development. Whilst you could do this for each of your objectives we want you to think in terms of where you would like to be at the end of your Masters programme. In the central pillar, put in a statement of where you want to be at the end of the course. Then in the arrows either side look at those factors/forces that may work in your favour. Be realistic and please add as many arrows that you think may be necessary; use a separate page for the module if it makes it easier to structure your thoughts. Forces or factors working for achieving your desired outcome Where I want to be Forces or factors against working against you achieving your desired outcome

Module Overview Summary of Module Description For full details, go to Module Descriptor. Aims The aim of this module is to: • Develop individuals for a career in business and management • Enhance and develop employability , professional and lifelong learning skills and personal development Learning Outcomes Learners will be able to critically evaluate the acquisition of a range of academic and professional skills using a number of theoretical frameworks. Assessment – Summary Category Assessment Description Duration Word Count Weight (%) Written Assignment Essay 1 Reflective Essay N/A 3000 45 For full details, go to Assessment. Additional Information Remember that a variety of Resources is available to support your learning materials.Skills and character audit This document provides an initial picture of your skills and character. It will also provide the basis of further documents that make up the first assignment on the module. It is based on the skills statements that form a fundamental part of your Masters programme which were approved by a validation panel that consisted of members of staff in the Business School, academic staff from other higher education institutions and employers. The statements in the form are there for you and you will not be judged on whether your responses are positive or negative. The responses should enable you to identify what you are good or bad at from which you can create a personal SLOT analysis (Strengths, Limitations, Opportunities, Threats). From this SLOT analysis you can then concentrate on developing certain areas that will enhance your academic and professional development. We would very much like to” get to know” you through this document and would encourage you to also complete the notes section. In this you could give us a rationale for your responses to the questions. As a guide to how you should gauge your response consider the following: Strongly agree – I have a wide range of experience in this area and have been commended by a tutor or employer for my efforts in this area Agree – I am comfortable with this aspect and have been able to demonstrate my ability Disagree – I am Ok with this but realise that I do need to improve Strongly disagree – I know I am weak in this area and need to focus on this as I could fine this weakness to be detrimental to my progression Explain why – please take the room to consider the reasons for your answer as this is the reflection that is of most value. Do not worry if your section spills onto the next page.   Intellectual (thinking) skills Strongly Agree Agree Disagree Strongly Disagree I am a creative person who can adapt my thinking to circumstances I am able to organise my thoughts, analyse, synthesise and critically appraise situations I can identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms adequately and generalise appropriately Explain why: Professional/Vocational skills Strongly Agree Agree Disagree Strongly Disagree I use a wide range of techniques in approaching and solving problems. I am comfortable with a range of research techniques I am able to analyse and interpret quantitative data I am able to analyse and interpret qualitative data My leadership skills are well developed and I can adapt them to different situations I am able to manage people effectively Motivating myself and others comes easy to me I am aware of my responsibilities to myself, the organisation and other people I treat people with respect and consideration Explain why:   Key/Common skills Strongly Agree Agree Disagree Strongly Disagree I am able to use mathematical techniques to analyse data I can effectively interpret numerical data including tables and charts I am able to use a wide range of software on a PC I use a range Information Technology devices to communicate and access information I am a good listener I am able to communicate my ideas well in a face-to-face situation I can adapt my written style to suit an audiences needs I am comfortable presenting my ideas to an audience Whenever I have completed a task I always reflect on the experience with a view to seeking continuous improvement I manage my time effectively I am always prompt when asked to complete a task I am aware of the need to be sensitive to the cultural differences to which I have been exposed I am keen to learn about other people and their country and culture I enjoy working with others to complete a task I know my own character and am sensitive of this in a group situation I understand that a group is made of individuals and I am sensitive to the needs and preferences of others I will always ensure that I get my views across in a meeting I am willing to accept the viewpoint of others I always give 100% in a group task Explain why: SLOT Analysis Having responded to the statements above you should now be in a position to look forward and recognise those areas on which your development will be based. The SLOT analysis can help you to arrange this. Strengths – can be those skills and characteristics to which you have responded positively to in the previous section. It is worth noting that whilst you may be strong in these areas that does not mean you ignore their development. Indeed you may be able to utilise these strengths in the development of areas identified as weaknesses or to overcome strengths, this will enhance those skills and characteristics. Limitations – All of us can identify some sort of limitation to our skills. None of us should be afraid of doing this as this is the first stage on the improvement and development of these weaknesses. Opportunities – These arise or can be created. When thinking of this look ahead at opportunities that will arise in a professional, academic or social context within which your development can take place. Threats – Many threats from your development can come from within – your own characteristics e.g. poor time management can lead to missing deadlines. However we could equally identify a busy lifestyle as a threat to our development. Once again think widely in terms of where the threat will come from. Do not worry if you find that a strength can also be a limitation. This is often true as a characteristic you have may be strength in one situation but a limitation in another. E.g. you may be an assertive person, which is positive, but this could be negative in a group situation. Please try and elaborate this in the notes section at the foot of the table. SLOT Analysis (you may need to use two pages to set out this analysis) Strengths Limitations Opportunities Threats Analysis of the Bullet points in the SLOT table Objectives Having undertaken some analysis of your skills and characteristics the aim of this next section is to identify various aspects of your development during the course of this module, other modules on your course, and extra-curricular activities. Make sure the objectives are SMART:- S – Specific. Clearly identified from the exercises undertaken M – Measurable. The outcomes can be easily demonstrated (to yourself, and where possible others) A – Achievable. They can be done given the opportunities available to you R – Relevant. They form part of your development either on this award, in your employability prospects or in your current job role T – Timebound. They can be achieved within a given timescale Whilst there are 5 rows in the table below, please feel free to add more. However be sure that you need to do this development and that they fit within the scope of the above criteria. Area What I am going to do. How I am going to do it When I am going to do it by Force Field Analysis This technique was designed by Kurt Lewin (1947 and 1953). In the business world it is used for decision making, looking at forces that need to be considered when implementing change – it can be said to be a specialised method of weighing up the pros and cons of a decision. Having looked at your personal strengths and weaknesses we would like you to use this technique to become aware of those factors that will help/hinder, give you motivation for or may act against, your personal development. Whilst you could do this for each of your objectives we want you to think in terms of where you would like to be at the end of your Masters programme. In the central pillar, put in a statement of where you want to be at the end of the course. Then in the arrows either side look at those factors/forces that may work in your favour. Be realistic and please add as many arrows that you think may be necessary; use a separate page for the module if it makes it easier to structure your thoughts. Forces or factors working for achieving your desired outcome Where I want to be Forces or factors against working against you achieving your desired outcome

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List three different individuals who were influential in the development of the field of industrial engineering and manufacturing engineering. Describe their primary contribution to the disciplines of industrial and/or manufacturing engineering. Link the primary contribution of each individual with one of the areas of specialization discussed in class (Simulation, Operations research, Human factors/ergonomics, Information systems, Process engineering/control, Automation/Materials handling, Facilities/storage design, Management systems, and Engineering economics). Learning Outcome #1. List three different individuals who were influential in the development of the field of industrial engineering and manufacturing engineering. Describe their primary contribution to the disciplines of industrial and/or manufacturing engineering. Link the primary contribution of each individual with one of the areas of specialization discussed in class (Simulation, Operations research, Human factors/ergonomics, Information systems, Process engineering/control, Automation/Materials handling, Facilities/storage design, Management systems, and Engineering economics). Learning Outcome #1 check the file page #23 and choose 3 people and answer this question. time is one hr i will pay $20 you have to do a little search about the 3 chosen people.

List three different individuals who were influential in the development of the field of industrial engineering and manufacturing engineering. Describe their primary contribution to the disciplines of industrial and/or manufacturing engineering. Link the primary contribution of each individual with one of the areas of specialization discussed in class (Simulation, Operations research, Human factors/ergonomics, Information systems, Process engineering/control, Automation/Materials handling, Facilities/storage design, Management systems, and Engineering economics). Learning Outcome #1. List three different individuals who were influential in the development of the field of industrial engineering and manufacturing engineering. Describe their primary contribution to the disciplines of industrial and/or manufacturing engineering. Link the primary contribution of each individual with one of the areas of specialization discussed in class (Simulation, Operations research, Human factors/ergonomics, Information systems, Process engineering/control, Automation/Materials handling, Facilities/storage design, Management systems, and Engineering economics). Learning Outcome #1 check the file page #23 and choose 3 people and answer this question. time is one hr i will pay $20 you have to do a little search about the 3 chosen people.

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PART 1: (Total 350 pts – 35pts per hazard x 10 hazards) Each identified hazard should contain the following elements (Element 1 ~ 7 below). Furthermore, each student will need to provide his/her responses in a pragraph format for each element by JUSTIFYING/SUPPORTING his/her responses: ELEMENT 1) Explain Hazard you identified. What kind of exposure does each hazard have on employee ? What is the hazard? What could go wrong? Think in terms of “What ifs?” or “What could happen?” In this section, you are to describe a situation(s) and discuss what could happen (5pts). ELEMENT 2) Who would be at risk? Be specific group of individuals who would be at risk meaning don’t just say “employees” or “students” are affected. Rather be sure to JUSTIFY your position/response. (5pts) ELEMENT 3) Identify Risk Level for each hazard you identified. When you determine risk level, it is critical that you JUSTIFY as to why you selected certain Frequency and Severity level. (5pts) ELEMENT 4) Citation. If you were a Compliance Safety and Health Officer (CSHO), which SPECIFIC standard/regulation would you cite this hazard under and WHY? You must provide exact standard (eg: 29CFR 1910.261(a)(1)(i)….) and state what it says AND relate your identified hazards with the standard/regulation. Eg: What was violated, etc. (5pts) ELEMENT 5) What is/are the abatement(s) or control measure(s) for each identified hazards and why? In other words, what or HOW would you correct this situation and WHY? This is where you must discuss “Two Stage Approach.” (5pts) It is important for you to select an appropriate corrective measure(s) to protect your employees. Again, we are here to protect human, property, and the environment. We can’t just say “just because.” We will need to have a good reason(s) or justification(s) as to WHY we take a certain approach or a corrective measure to protect human, propert, and the environment. Therefore, strong justification is critical in this section – when you do so, make sure to cite follow APA format. ELEMENT 6) Once you applied your control measure(s), you are to reassess Residual Risk to make sure that you have either eliminated or lowered your risk level to an acceptable level. ELEMENT 7) Supprting Resources: Each student must use at least two (2) “credible” resources PER HAZARD to support his/her responses. This EXCLUDE OSHA/citations. (5pts) seven (7) elements. NOTE 2: APA format needs to be followed for this Part 1. (See attached Sample) PART 2: (Total 15pts) Once you identified 10 hazards (two hazards/standard), you are to prioritize those hazards from most critical to least based on item 2 you did in Part 1. Furthermore, each student will need to prepare ONE PAGE, STAND ALONE document which outlines PRIORITIZATION of those hazards he/she identified and provide the information as as to which hazards need to be control the most. PART 3: (Total 20pts) Based on the above findings, you are to create 1 page report that includes above findings. Remember, one page does not necessary mean a vertical view of 8 1/2 by 11 paper. When you submit this REPORT, think in terms of you submitting this report to your boss. (This is a hands-on practice as to how you will compile a report. If you don’t know how to develop a report, I encourage you to research to determine types of report and come up with your own version. Remember, you will most likely to submit a report in a future that is not more than one page……

PART 1: (Total 350 pts – 35pts per hazard x 10 hazards) Each identified hazard should contain the following elements (Element 1 ~ 7 below). Furthermore, each student will need to provide his/her responses in a pragraph format for each element by JUSTIFYING/SUPPORTING his/her responses: ELEMENT 1) Explain Hazard you identified. What kind of exposure does each hazard have on employee ? What is the hazard? What could go wrong? Think in terms of “What ifs?” or “What could happen?” In this section, you are to describe a situation(s) and discuss what could happen (5pts). ELEMENT 2) Who would be at risk? Be specific group of individuals who would be at risk meaning don’t just say “employees” or “students” are affected. Rather be sure to JUSTIFY your position/response. (5pts) ELEMENT 3) Identify Risk Level for each hazard you identified. When you determine risk level, it is critical that you JUSTIFY as to why you selected certain Frequency and Severity level. (5pts) ELEMENT 4) Citation. If you were a Compliance Safety and Health Officer (CSHO), which SPECIFIC standard/regulation would you cite this hazard under and WHY? You must provide exact standard (eg: 29CFR 1910.261(a)(1)(i)….) and state what it says AND relate your identified hazards with the standard/regulation. Eg: What was violated, etc. (5pts) ELEMENT 5) What is/are the abatement(s) or control measure(s) for each identified hazards and why? In other words, what or HOW would you correct this situation and WHY? This is where you must discuss “Two Stage Approach.” (5pts) It is important for you to select an appropriate corrective measure(s) to protect your employees. Again, we are here to protect human, property, and the environment. We can’t just say “just because.” We will need to have a good reason(s) or justification(s) as to WHY we take a certain approach or a corrective measure to protect human, propert, and the environment. Therefore, strong justification is critical in this section – when you do so, make sure to cite follow APA format. ELEMENT 6) Once you applied your control measure(s), you are to reassess Residual Risk to make sure that you have either eliminated or lowered your risk level to an acceptable level. ELEMENT 7) Supprting Resources: Each student must use at least two (2) “credible” resources PER HAZARD to support his/her responses. This EXCLUDE OSHA/citations. (5pts) seven (7) elements. NOTE 2: APA format needs to be followed for this Part 1. (See attached Sample) PART 2: (Total 15pts) Once you identified 10 hazards (two hazards/standard), you are to prioritize those hazards from most critical to least based on item 2 you did in Part 1. Furthermore, each student will need to prepare ONE PAGE, STAND ALONE document which outlines PRIORITIZATION of those hazards he/she identified and provide the information as as to which hazards need to be control the most. PART 3: (Total 20pts) Based on the above findings, you are to create 1 page report that includes above findings. Remember, one page does not necessary mean a vertical view of 8 1/2 by 11 paper. When you submit this REPORT, think in terms of you submitting this report to your boss. (This is a hands-on practice as to how you will compile a report. If you don’t know how to develop a report, I encourage you to research to determine types of report and come up with your own version. Remember, you will most likely to submit a report in a future that is not more than one page……

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Vulnerability of [NAME OF PLANT] At-Risk Score: [NUMBER] Described by [Your Name] Scored by [Name of past student] Background Write here about the how the plants is (and has been used) and anything else generally interesting about it. Use parenthetical (Author, Year) notation following Pechenik to note sources of information. End the background section with the score of the plant and a subtle (or not so subtle) transition to why the plant scored as it did, as broken down by subscore, emphasizing which sub-score makes it most vulnerable. Life History Score [Life History Subscore] Explain, in words, why the plant has the score it does for life history. Document following Pechenik. Effects of Harvest on Individuals [Subscore] Explain, in words, why the plant has the score it does for Effects of Harvest on Individuals. Document following Pechenik. Population Size [Subscore] Explain, in words, why the plant has the score it does for population size. Document following Pechenik. Include referenced figures (e.g. range maps) if they illustrate the point. Habitat [Subscore] Explain, in words, why the plant has the score it does for habitat. Document following Pechenik. Include referenced figures (e.g. maps of habitat loss) if they illustrate the point. Demand [Subscore] Explain, in words, why the plant has the score it does for demand. Document following Pechenik. Include referenced figures (e.g. graphs of changes in value or demand) if they illustrate the point. Special Considerations Describe any information that did not fit in the above that might make the plant more or less vulnerable. Also include information about conditions that could change that would warrant the plant being reassessed. References [List references alphabetically by first word following Pechenik] SAVE THE DOCUMENT WITH the title [Genus] score description by [your last name] 2017

Vulnerability of [NAME OF PLANT] At-Risk Score: [NUMBER] Described by [Your Name] Scored by [Name of past student] Background Write here about the how the plants is (and has been used) and anything else generally interesting about it. Use parenthetical (Author, Year) notation following Pechenik to note sources of information. End the background section with the score of the plant and a subtle (or not so subtle) transition to why the plant scored as it did, as broken down by subscore, emphasizing which sub-score makes it most vulnerable. Life History Score [Life History Subscore] Explain, in words, why the plant has the score it does for life history. Document following Pechenik. Effects of Harvest on Individuals [Subscore] Explain, in words, why the plant has the score it does for Effects of Harvest on Individuals. Document following Pechenik. Population Size [Subscore] Explain, in words, why the plant has the score it does for population size. Document following Pechenik. Include referenced figures (e.g. range maps) if they illustrate the point. Habitat [Subscore] Explain, in words, why the plant has the score it does for habitat. Document following Pechenik. Include referenced figures (e.g. maps of habitat loss) if they illustrate the point. Demand [Subscore] Explain, in words, why the plant has the score it does for demand. Document following Pechenik. Include referenced figures (e.g. graphs of changes in value or demand) if they illustrate the point. Special Considerations Describe any information that did not fit in the above that might make the plant more or less vulnerable. Also include information about conditions that could change that would warrant the plant being reassessed. References [List references alphabetically by first word following Pechenik] SAVE THE DOCUMENT WITH the title [Genus] score description by [your last name] 2017

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2. Career development process is complex and rapidly evolving and new theories are continually developing presenting challenges to traditional understandings. Discuss why an understanding of career development processes is critical to management, employee and organizational success.

2. Career development process is complex and rapidly evolving and new theories are continually developing presenting challenges to traditional understandings. Discuss why an understanding of career development processes is critical to management, employee and organizational success.

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HST 102: Paper 7 Formal essay, due in class on the day of the debate No late papers will be accepted. Answer the following inquiry in a typed (and stapled) 2 page essay in the five-paragraph format. Present and describe three of your arguments that you will use to defend your position concerning eugenics. Each argument must be unique (don’t describe the same argument twice from a different angle). Each argument must include at least one quotation from the texts to support your position (a minimum of 3 total). You may discuss your positions and arguments with other people on your side (but not your opponents); however, each student must write their own essay in their own words. Do not copy sentences or paragraphs from another student’s paper, this is plagiarism and will result in a failing grade for the assignment. HST 102: Debate 4 Eugenics For or Against? Basics of the debate: The term ‘Eugenics’ was derived from two Greek words and literally means ‘good genes’. Eugenics is the social philosophy or practice of engineering society based on genes, or promoting the reproduction of good genes while reducing (or prohibiting) the reproduction of bad genes. Your group will argue either for or against the adoption of eugenic policies in your society. Key Terms: Eugenics – The study of or belief in the possibility of improving the qualities of the human species or a human population, especially by such means as discouraging reproduction by persons having genetic defects or presumed to have inheritable undesirable traits (negative eugenics) or encouraging reproduction by persons presumed to have inheritable desirable traits (positive eugenics). Darwinism – The Darwinian theory that species originate by descent, with variation, from parent forms, through the natural selection of those individuals best adapted for the reproductive success of their kind. Social Darwinism – A 19th-century theory, inspired by Darwinism, by which the social order is accounted as the product of natural selection of those persons best suited to existing living conditions. Mendelian Inheritance – Theory proposed by Gregor Johann Mendal in 1865 that became the first theory of genetic inheritance derived from experiments with peas. Birth Control – Any means to artificially prevent biological conception. Euthanasia – A policy of ending the life of an individual for their betterment (for example, because of excessive pain, brain dead, etc.) or society’s benefit. Genocide – A policy of murdering all members of a specific group of people who share a common characteristic. Deductive Logic – Deriving a specific conclusion based on a set of general definitions. Inductive Logic – Deriving a general conclusion based on a number of specific examples. Brief Historical Background: Eugenics was first proposed by Francis Galton in his 1883 work, Inquiries into Human Faculty and its Development. Galton was a cousin of Charles Darwin and an early supporter of Darwin’s theories of natural selection and evolution. Galton defined eugenics as the study of all agencies under human control which can improve or impair the racial quality of future generations. Galton’s work utilized a number of other scientific pursuits at the time including the study of heredity, genes, chromosomes, evolution, social Darwinism, zoology, birth control, sociology, psychology, chemistry, atomic theory and electrodynamics. The number of significant scientific advances was accelerating throughout the 19th century altering what science was and what its role in society could and should be. Galton’s work had a significant influence throughout all areas of society, from scientific communities to politics, culture and literature. A number of organizations were created to explore the science of eugenics and its possible applications to society. Ultimately, eugenics became a means by which to improve society through policies based on scientific study. Most of these policies related to reproductive practices within a society, specifically who could or should not reproduce. Throughout the late 1800s and early 1900s a number of policies were enacted at various levels throughout Europe and the United States aimed at controlling procreation. Some specific policies included compulsory sterilization laws (usually concerning criminals and the mentally ill) as well as banning interracial marriages to prevent ‘cross-racial’ breeding. In the United States a number of individuals and foundations supported the exploration of eugenics as a means to positively influence society, including: the Rockefeller Foundation, the Carnegie Institution, the Race Betterment Foundation of Battle Creek, MI, the Eugenics Record Office, the American Breeders Association, the Euthanasia Society of America; and individuals such as Charles Davenport, Madison Grant, Alexander Graham Bell, Irving Fisher, John D. Rockefeller, Margaret Sanger, Marie Stopes, David Starr Jordan, Vernon Kellogg, H. G. Wells (though he later changed sides) Winston Churchill, George Bernard Shaw, John Maynard Keynes, Supreme Court Justice Oliver Wendell Holmes and Presidents Woodrow Wilson, Herbert Hoover and Theodore Roosevelt. Some early critics of eugenics included: Dr. John Haycroft, Halliday Sutherland, Lancelot Hogben, Franz Boaz, Lester Ward, G. K. Chesterton, J. B. S. Haldane, and R. A. Fisher. In 1911 the Carnegie Institute recommended constructing gas chambers around the country to euthanize certain elements of the American population (primarily the poor and criminals) considered to be harmful to the future of society as a possible eugenic solution. President Woodrow Wilson signed the first Sterilization Act in US history. In the 1920s and 30s, 30 states passed various eugenics laws, some of which were overturned by the Supreme Court. Eugenics of various forms was a founding principle of the Progressive Party, strongly supported by the first progressive president Theodore Roosevelt, and would continue to play an important part in influencing progressive policies into at least the 1940s. Many American individuals and societies supported German research on eugenics that would eventually be used to develop and justify the policies utilized by the NAZI party against minority groups including Jews, Africans, gypsies and others that ultimately led to programs of genocide and the holocaust. Following WWII and worldwide exposure of the holocaust eugenics generally fell out of favor among the public, though various lesser forms of eugenics are still advocated for today by such individuals as Dottie Lamm, Geoffrey Miller, Justice Ruth Bader Ginsberg, John Glad and Richard Dawson. Eugenics still influences many modern debates including: capital punishment, over-population, global warming, medicine (disease control and genetic disorders), birth control, abortion, artificial insemination, evolution, social engineering, and education. Key Points to discuss during the debate: • Individual rights vs. collective rights • The pros and cons of genetically engineering society • The practicality of genetically engineering society • Methods used to determine ‘good traits’ and ‘bad traits’ • Who determines which people are ‘fit’ or ‘unfit’ for future society • The role of science in society • Methods used to derive scientific conclusions • Ability of scientists to determine the future hereditary conditions of individuals • The value/accuracy of scientific conclusions • The role of the government to implement eugenic policies • Some possible eugenic political policies or laws • The ways these policies may be used effectively or abused • The relationship between eugenics and individual rights • The role of ethics in science and eugenics Strategies: 1. Use this guide to help you (particularly the key points). 2. Read all of the texts. 3. If needed, read secondary analysis concerning eugenics. 4. Identify key quotations as you read each text. Perhaps make a list of them to print out and/or group quotes by topic or point. 5. Develop multiple arguments to defend your position. 6. Prioritize your arguments from most persuasive to least persuasive and from most evidence to least evidence. 7. Anticipate the arguments of your opponents and develop counter-arguments for them. 8. Anticipate counter-arguments to your own arguments and develop responses to them.

HST 102: Paper 7 Formal essay, due in class on the day of the debate No late papers will be accepted. Answer the following inquiry in a typed (and stapled) 2 page essay in the five-paragraph format. Present and describe three of your arguments that you will use to defend your position concerning eugenics. Each argument must be unique (don’t describe the same argument twice from a different angle). Each argument must include at least one quotation from the texts to support your position (a minimum of 3 total). You may discuss your positions and arguments with other people on your side (but not your opponents); however, each student must write their own essay in their own words. Do not copy sentences or paragraphs from another student’s paper, this is plagiarism and will result in a failing grade for the assignment. HST 102: Debate 4 Eugenics For or Against? Basics of the debate: The term ‘Eugenics’ was derived from two Greek words and literally means ‘good genes’. Eugenics is the social philosophy or practice of engineering society based on genes, or promoting the reproduction of good genes while reducing (or prohibiting) the reproduction of bad genes. Your group will argue either for or against the adoption of eugenic policies in your society. Key Terms: Eugenics – The study of or belief in the possibility of improving the qualities of the human species or a human population, especially by such means as discouraging reproduction by persons having genetic defects or presumed to have inheritable undesirable traits (negative eugenics) or encouraging reproduction by persons presumed to have inheritable desirable traits (positive eugenics). Darwinism – The Darwinian theory that species originate by descent, with variation, from parent forms, through the natural selection of those individuals best adapted for the reproductive success of their kind. Social Darwinism – A 19th-century theory, inspired by Darwinism, by which the social order is accounted as the product of natural selection of those persons best suited to existing living conditions. Mendelian Inheritance – Theory proposed by Gregor Johann Mendal in 1865 that became the first theory of genetic inheritance derived from experiments with peas. Birth Control – Any means to artificially prevent biological conception. Euthanasia – A policy of ending the life of an individual for their betterment (for example, because of excessive pain, brain dead, etc.) or society’s benefit. Genocide – A policy of murdering all members of a specific group of people who share a common characteristic. Deductive Logic – Deriving a specific conclusion based on a set of general definitions. Inductive Logic – Deriving a general conclusion based on a number of specific examples. Brief Historical Background: Eugenics was first proposed by Francis Galton in his 1883 work, Inquiries into Human Faculty and its Development. Galton was a cousin of Charles Darwin and an early supporter of Darwin’s theories of natural selection and evolution. Galton defined eugenics as the study of all agencies under human control which can improve or impair the racial quality of future generations. Galton’s work utilized a number of other scientific pursuits at the time including the study of heredity, genes, chromosomes, evolution, social Darwinism, zoology, birth control, sociology, psychology, chemistry, atomic theory and electrodynamics. The number of significant scientific advances was accelerating throughout the 19th century altering what science was and what its role in society could and should be. Galton’s work had a significant influence throughout all areas of society, from scientific communities to politics, culture and literature. A number of organizations were created to explore the science of eugenics and its possible applications to society. Ultimately, eugenics became a means by which to improve society through policies based on scientific study. Most of these policies related to reproductive practices within a society, specifically who could or should not reproduce. Throughout the late 1800s and early 1900s a number of policies were enacted at various levels throughout Europe and the United States aimed at controlling procreation. Some specific policies included compulsory sterilization laws (usually concerning criminals and the mentally ill) as well as banning interracial marriages to prevent ‘cross-racial’ breeding. In the United States a number of individuals and foundations supported the exploration of eugenics as a means to positively influence society, including: the Rockefeller Foundation, the Carnegie Institution, the Race Betterment Foundation of Battle Creek, MI, the Eugenics Record Office, the American Breeders Association, the Euthanasia Society of America; and individuals such as Charles Davenport, Madison Grant, Alexander Graham Bell, Irving Fisher, John D. Rockefeller, Margaret Sanger, Marie Stopes, David Starr Jordan, Vernon Kellogg, H. G. Wells (though he later changed sides) Winston Churchill, George Bernard Shaw, John Maynard Keynes, Supreme Court Justice Oliver Wendell Holmes and Presidents Woodrow Wilson, Herbert Hoover and Theodore Roosevelt. Some early critics of eugenics included: Dr. John Haycroft, Halliday Sutherland, Lancelot Hogben, Franz Boaz, Lester Ward, G. K. Chesterton, J. B. S. Haldane, and R. A. Fisher. In 1911 the Carnegie Institute recommended constructing gas chambers around the country to euthanize certain elements of the American population (primarily the poor and criminals) considered to be harmful to the future of society as a possible eugenic solution. President Woodrow Wilson signed the first Sterilization Act in US history. In the 1920s and 30s, 30 states passed various eugenics laws, some of which were overturned by the Supreme Court. Eugenics of various forms was a founding principle of the Progressive Party, strongly supported by the first progressive president Theodore Roosevelt, and would continue to play an important part in influencing progressive policies into at least the 1940s. Many American individuals and societies supported German research on eugenics that would eventually be used to develop and justify the policies utilized by the NAZI party against minority groups including Jews, Africans, gypsies and others that ultimately led to programs of genocide and the holocaust. Following WWII and worldwide exposure of the holocaust eugenics generally fell out of favor among the public, though various lesser forms of eugenics are still advocated for today by such individuals as Dottie Lamm, Geoffrey Miller, Justice Ruth Bader Ginsberg, John Glad and Richard Dawson. Eugenics still influences many modern debates including: capital punishment, over-population, global warming, medicine (disease control and genetic disorders), birth control, abortion, artificial insemination, evolution, social engineering, and education. Key Points to discuss during the debate: • Individual rights vs. collective rights • The pros and cons of genetically engineering society • The practicality of genetically engineering society • Methods used to determine ‘good traits’ and ‘bad traits’ • Who determines which people are ‘fit’ or ‘unfit’ for future society • The role of science in society • Methods used to derive scientific conclusions • Ability of scientists to determine the future hereditary conditions of individuals • The value/accuracy of scientific conclusions • The role of the government to implement eugenic policies • Some possible eugenic political policies or laws • The ways these policies may be used effectively or abused • The relationship between eugenics and individual rights • The role of ethics in science and eugenics Strategies: 1. Use this guide to help you (particularly the key points). 2. Read all of the texts. 3. If needed, read secondary analysis concerning eugenics. 4. Identify key quotations as you read each text. Perhaps make a list of them to print out and/or group quotes by topic or point. 5. Develop multiple arguments to defend your position. 6. Prioritize your arguments from most persuasive to least persuasive and from most evidence to least evidence. 7. Anticipate the arguments of your opponents and develop counter-arguments for them. 8. Anticipate counter-arguments to your own arguments and develop responses to them.

Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

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