Why do people start their own business

Why do people start their own  business There are many reasons why people want to start their own business(es). The most obviously reason is about making money, which is translated into making a better life for himself/herself and also the family. However, studies have shown that some people start their own businesses for other reasons as well. Some do it for the time that they will have to share with those closest to them. If one is an employee, his time is controlled and dictated by this job. There are times when his child is sick, or he needs to send his wife for a medical checkup. Unless he takes a day off, and provided that his boss approves his day off, he is stuck. However, having ones own business, he is also the boss. So, who is the boss to say he cannot take 2 hours off to run a family errand. People like to be recognized for their achievements. But by whos standard? In an organization (it is even worse when the organization is big), many employees achievements are overlooked and made to look like as if they are something employees were paid to do anywhere. However, when   a mistake is done, the repercussions are big. Have you heard the saying that Being an employee is a thankless job. When you do right, your boss does not see. When you do wrong, the entire organization talks about it. With businesses, there are opportunities to grow, to broaden the mind, to meet more people. Do you know why so many people meet and marry their spouses from the organization? That is because they never get to meet anybody else outside the organization. At times, these may not be the best match, but there is very limited choice. Employees circles of friends seemed to be limited people at work and maybe people from church. After a while, the circles may even shrink. Why? Well, people move on, especially those who have started owning their own business. Now, I do believe that it is a basic human desire to be able to help others, whether financially or otherwise. That is why those in need of financial assistance will always make a plea via the   public media as the donations just keeps pouring in. Have you ever felt frustrated that you are not able to chip in more because your own finances are not much better, perhaps. That is why many people have started their business based on this purpose and desire to help others. Free Brian Tracy Video There are perhaps a lot of other reasons why people want to start their own businesses. Wanting to start is a common desire but knowing how to do it is a whole new ball game. Then comes the obstacles of starting a business so of which are:- No Time No Money No Network No Product And the list goes on. Yeah, there are many businesses out there where it does take a lot of time to start, heavy financial investments, no special unique products which are not already sold in the market and nobody to sell it to. Would you be interested if there was a business out there where you choose the amount of time you want to put into the business, very little money down, excellent products and a mentor who will guide you to building the network that you want and need for your business? If you are, then this is just the business for you. This is the perfect business to start you on your dream of owning your own business. Give yourself this one chance.. go and have a look at this opportunity. Why Do People Start their own  Business Q1.2: The Seven Pitfalls of Business Failure Summary: When youre starting a new business, the last thing you want to focus on is failure. But if you address the common reasons for failure up front, youll be much less likely to fall victim to them yourself. Here are the top 7 reasons why businesses fail and tips for avoiding them. The latest statistics from the Small Business Administration (SBA) show that two-thirds of new employer establishments survive at lease two years, and 44 percent survive at least four years. This is a far cry from the previous long-held belief that 50 percent of businesses fail in the first year and 95 percent fail within five years. Brian Head, Economist with the SBA Office of Advocacy, noted that the latest statistics are a much more accurate assessment of new business success rates, and that as a general rule of thumb, new employer businesses have a 50/50 chance of surviving for five years or more. Better success rates notwithstanding, a significant percentage of new businesses do fail. Expert opinions abound about what a business owner should and shouldnt do to keep a new business afloat in the perilous waters of the entrepreneurial sea. There are, however, key factors that if not avoided will be certain to weigh down a business and possibly sink it forevermore. 1. You start your business for the wrong reasons. Would the sole reason you would be starting your own business be that you would want to make a lot of money? Do you think that if you had your own business that youd have more time with your family? Or maybe that you wouldnt have to answer to anyone else? If so, youd better think again. On the other hand, if you start your business for these reasons, youll have a better chance at entrepreneurial success You have a passion and love for what youll be doing, and strongly believe based on educated study and investigation that your product or service would fulfill a real need in the marketplace. You are physically fit and possess the needed mental stamina to withstand potential challenges. Often overlooked, less-than-robust health has been responsible for more than a few bankruptcies. You have drive, determination, patience and a positive attitude. When others throw in the towel, you are more determined than ever. Failures dont defeat you. You learn from your mistakes, and use these lessons to succeed the next time around. Head, SBA economist, noted that studies of successful business owners showed they attributed much of their success to building on earlier failures; on using failures as a learning process. You thrive on independence, and are skilled at taking charge when a creative or intelligent solution is needed. This is especially important when under strict time constraints. You like if not love your fellow man, and show this in your honesty, integrity, and interactions with others. You get along with and can deal with all different types of individuals. 2. Poor Management Many a report on business failures cites poor management as the number one reason for failure. New business owners frequently lack relevant business and management expertise in areas such as finance, purchasing, selling, production, and hiring and managing employees. Unless they recognize what they dont do well, and seek help, business owners may soon face disaster. They must also be educated and alert to fraud, and put into place measures to avoid it. Neglect of a business can also be its downfall. Care must be taken to regularly study, organize, plan and control all activities of its operations. This includes the continuing study of market research and customer data, an area which may be more prone to disregard once a business has been established. A successful manager is also a good leader who creates a work climate that encourages productivity. He or she has a skill at hiring competent people, training them and is able to delegate. A good leader is also skilled at strategic thinking, able to make a vision a reality, and able to confront change, make transitions, and envision new possibilities for the future. 3. Insufficient Capital A common fatal mistake for many failed businesses is having insufficient operating funds. Business owners underestimate how much money is needed and they are forced to close before they even have had a fair chance to succeed. They also may have an unrealistic expectation of incoming revenues from sales. It is imperative to ascertain how much money your business will require; not only the costs of starting, but the costs of staying in business. It is important to take into consideration that many businesses take a year or two to get going. This means you will need enough funds to cover all costs until sales can eventually pay for these costs. 4. Location, Location, Location Your college professor was right location is critical to the success of your business. Whereas a good location may enable a struggling business to ultimately survive and thrive, a bad location could spell disaster to even the best-managed enterprise. Some factors to consider: Where your customers are Traffic, accessibility, parking and lighting Location of competitors Condition and safety of building Local incentive programs for business start-ups in specific targeted areas The history, community flavor and receptiveness to a new business at a prospective site 5. Lack of Planning Anyone who has ever been in charge of a successful major event knows that were it not for their careful, methodical, strategic planning and hard work success would not have followed. The same could be said of most business successes. It is critical for all businesses to have a business plan. Many small businesses fail because of fundamental shortcomings in their business planning. It must be realistic and based on accurate, current information and educated projections for the future. Components may include: Description of the business, vision, goals, and keys to success Work force needs Potential problems and solutions Financial: capital equipment and supply list, balance sheet, income statement and cash flow analysis, sales and expense forecast Analysis of competition Marketing, advertising and promotional activities Budgeting and managing company growth In addition, most bankers request a business plan if you are seeking to secure addition capital for your company. 6. Overexpansion A leading cause of business failure, overexpansion often happens when business owners confuse success with how fast they can expand their business. A focus on slow and steady growth is optimum. Many a bankruptcy has been caused by rapidly expanding companies. At the same time, you do not want to repress growth. Once you have an established solid customer base and a good cash flow, let your success help you set the right measured pace. Some indications that an expansion may be warranted include the inability to fill customer needs in a timely basis, and employees having difficulty keeping up with production demands. If expansion is warranted after careful review, research and analysis, identify what and who you need to add in order for your business to grow. Then with the right systems and people in place, you can focus on the growth of your business, not on doing everything in it yourself. 7. No Website Simply put, if you have a business today, you need a website. Period. In the U.S. alone, the number of internet users (about 70 percent of the population) and e-commerce sales (about 70 billion in 2004, according to the Census Bureau) continue to rise and are expected to increase with each passing year. In 2004, the U.S. led the world in internet usage. At the very least, every business should have a professional looking and well-designed website that enables users to easily find out about their business and how to avail themselves of their products and services. Later, additional ways to generate revenue on the website can be added; i.e., selling ad space, drop-shipping products, or recommending affiliate products. Remember, if you dont have a website, youll most likely be losing business to those that do. And make sure that website makes your business look good, not bad you want to increase revenues, not decrease them. When it comes to the success of any new business, you the business owner are ultimately the secret to your success. For many successful business owners, failure was never an option. Armed with drive, determination, and a positive mindset, these individuals view any setback as only an opportunity to learn and grow. Most self-made millionaires possess average intelligence. What sets them apart is their openness to new knowledge and their willingness to learn whatever it takes to succeed. http://www.businessknowhow.com/startup/business-failure.htm Q1.3: Important Factors in Setting Up a Business Setting up a new business takes imagination, research, analytical skill, time and money. Whether you buy an existing business or start a new one from scratch, the steps you take must have a structure that, formed comprehensively and executed cleanly and efficiently, give you the best likelihood of succeeding. You should create a feasibility study and business plan that you can present to advisers and funding sources, whether theyre loan officers or potential investors, that offers dispassionate analysis and displays your enthusiasm for the project. Imagination Maybe you have an idea for a new business, or there may be an interesting business for sale in your area. Either way, its critical that you see the potential and risks to help inform your decisions as you move forward. Your community may lack a certain retail or service business, or there may be a business for sale that you believe you could sustain and improve. You might have ideas that would lead you to build a business that competes with a similar one, believing you can provide higher quality products, more variety or better and/or faster service. If you a need for a business and believe it could work, its just a matter of finding a client base to satisfy. Research A feasibility study reveals, in statistical data, the size of your potential customer or client base. State governments put great volumes of demographic data on their economic development websites, so you can gather counts of individuals, numbers of households, age brackets, education and income levels and other demographic informationall identifiable by zip code, county and community. If your idea involves school children, you can find data relative to student enrollments by age, gender and school district, for public, private, parochial and home-schooled children. Specific state agencies have data on preschool children, children in foster care and those who are otherwise wards of the state, as well as all manner of data on seniors and incarcerated individuals. Analytical Skill Once youve gathered sufficient data about your potential trade area, you should estimate how many people and geographies dont fit your model. For example, your bicycle shop might find many more customers in a community in the central plains states, where the topography is relatively flat, than in downtown San Francisco, which is full of very steep hills. In addition, some communities advertise themselves as being bicycle-friendly. Your demographic data might suggest that opening a day care business in a predominantly retirement-aged community is a bad idea because there are not enough children to support your operating expenses. Use conservative estimates to determine your potential market and market share. Loan officers and potential investors want certainty that you havent padded the numbers to increase revenue projections, so be prepared to defend your numbers. Business Plan Write a comprehensive business plan that includes sections on management (your experience and fitness for the specific effort you propose), operations (how youll actually conduct the business), marketing (how youll reach your target audience) and key advisers and staff (where will you get the human capital to ensure success). Your plan should also include data from the feasibility study that supports your estimates of market share and the time line to profitability. Again, use conservative estimates of revenues and liberal estimates of expenses. Funding sources will want confidence that youve thought things through carefully and thoroughly. Time Frame You may have the luxury to work full-time on your project, but if you have a day job that requires your attention then youll have to set aside evening and weekend hours to set up your business. Getting permits, licenses, FDA approval and patents take time. You might get a building permit or a business license in a few days, but FDA approval for a food or cosmetic product can take years. Patent research in the hands of a dedicated patent attorney takes time and can be expensiveas much as $30,000 or more. The same holds true if youre renovating a property and your new effort requires an architects stamp, which might cost 10 percent of the construction cost. Simply put, plan on having your project take more time than you originally thought. Funding Sources You may start your business with your own funds, then get support from friends and family. The next layer of funding can be a bank or Small Business Administration loan. SBA funding typically tops out at $150,000. Beyond that there are angel investors, who are individuals of means who take financial risks with entrepreneurs in return for an expected high return on their investment (ROI). If your project requires large sums of investment money, you may be able to find venture capital called professional money with a solid, conservative business plan. Venture capital money requires a very high ROI, though, because of the great risk of failure among start-up businesses. Tax increment financing (TIF) funds help entrepreneurs rehabilitate distressed properties in certain communities. While TIF funds are set up as loans, some, most or all of the funding can be forgiven if the entrepreneur and the new business satisfy certain requirements, such as creating a certain number of jobs. Other Considerations and Resources Along the way, youll probably need the advice and counsel of an accountant, attorney, contractor or architect. The SBA has offices in most major cities and a number of medium-sized ones as well. Become familiar with the National Business Incubator Association (NBIA). Incubators provide physical space and certain amenitiesperhaps phone, fax, copy and Internet serviceat no or minimal cost. They can provide access to consulting, accounting, legal and other resources, again at zero or minimal cost. They may charge a modest rent or take an equity position in your new company. In some cases the incubator may take a royalty or share in your licensing revenues. Learn about the Kauffman Foundation, a comprehensive resource for entrepreneurs. http://www.ehow.com/about_5382205_important-factors-setting-up-business.htm Q1.4: 5 Resources You Need To Succeed To Start A Business Anyone can start a business. But to start a business that succeeds and continues to flourish isnt so easy. According to Statistics Canada, at least half the new companies in Canada go out of business before their third anniversary, and one in four new enterprises dont survive longer than one year. If youre going to start a business that has staying power, there are five resources that you must have in place before you open your literal or figurative doors. To turn a start up venture into a successful business, you must: Fully Commit Successful entrepreneurs are people who are fully committed to their business ventures. You have to be prepared to put your heart and soul into what youre doing. You have to truly believe in your product or service, and be prepared to work long hours to get others to believe in your product or service, too. You have to be ready to go without treats such as holidays, and even necessities such as salary, for what may seem like an endless stretch of time. And you have to do all this without the safety net that salaried employees are used to, such as benefits and pension plans. Be a Type D People commit themselves to all kinds of things; causes, hobbies, other people. Just being able to make a commitment doesnt automatically lead to business success. If youre going to get where you want to go in business, and start a business that will endure, you also have to be what I call a Type D person; someone who has desire coupled with drive, with strong discipline and determination. You have to not only have the business ideas, but be able to execute them. Successful business people are tenacious; obstacles are temporary barriers to work around. They may take No for an answer, but only for as long as it takes them to reframe the question from another angle and ask again. But desire and drive alone are not enough to start a business; you dont want your business to be a temporary comet streaking across the sky. Discipline and determination are what give successful business people the endurance to follow through on their business ideas, and weather the storms and calms of the economic climate. Knowledge is another resource you need to have in place before you start a business. Continue on to the next page to learn what types of knowledge and skills you must have if you want to start a business with staying power. Get The Business Knowledge You Need Many people have tried to start their own businesses without bothering to acquire the business knowledge they need to make their business a success and their businesses have failed. To start a business, you have to be knowledgeable about many different aspects of business and have many different skillsà ¢Ã¢â€š ¬Ã‚ ¦ or at least have done the research to find and hire the people who have the skills you lack. If you arent knowledgeable enough about accounting to keep your own books, for instance, youre going to need to hire a bookkeeper and/or an accountant. If your business is Internet-based, youd be wise to hire a company to design your web site and handle the back end, unless you personally are an expert in site development. When youre creating your business plan, one of your first steps needs to be a frank assessment of your skills and expertise. What aspects of the business are you qualified or willing to handle, and which aspects will necessitate either more learning on your part or calling in outside help? Managing people is only one skill set youre going to need to start a business thats going to be successful. You also need to be knowledgeable about sales and marketing.  For example, suppose youve developed a better mousetrap. Who are your competitors? What are the mousetraps theyre offering like and how are they priced? What makes your mousetrap better? Is there even a need for a better mousetrap out there? Where is out there? Do you have the skills needed to identify and contact customers? Are you good at selling mousetraps? Can you develop a feasible marketing plan and promotional material? And what about business operations? Do you have the business knowledge to manage inventory and fill orders? Where all you going to store all your mousetraps and how are you going to get them to your customers? Have you found the suppliers you need and developed relationships with them? Have you set up a customer support policy? Business knowledge before you start a business is critical. All the drive and determination in the world isnt going to help you if you dont have the knowledge to actually run a successful business and dont bother to research and plan for your success appropriately. A friend of mine had long dreamed of opening a bookstore. So he did. Unfortunately, he hadnt bothered to study the competition or the demographics of the market in the area. It took less than a year for his bookstore to fail. He had the desire and the drive, but didnt have the knowledge he needed to apply them. So lets assume that you are a Type D Personality with all the business knowledge necessary to start a business. Are you a shoo-in for success? Not unless you have the money you need to start a business. Continue on to the next page to learn about finding start up money. Find Adequate Business Start Up Money Unless you personally have deep pockets, such as inherited wealth, figuring out where youre going to get the money to start your own business and getting the financing in place beforehand is going to be one of the most important components of planning your business. Finding adequate business start up money is especially critical because theres no guarantee that your business is going to make money right away, and certainly no guarantee that your new business will bring in enough money for you and your family to live on. You cant start a business without start-up capital, the total amount of money you need to open your doors for business, and to keep them open until sufficient revenue can be depended on. Youre also going to need operating capital to start a business, the amount of money it takes to keep the business going. Operating capital includes expenses such as salaries, wages, rent, expenses, supplies, utilities, advertising, depreciation, and interest payments. Small business advisors recommend that start-up expenses include at least six months operating capital. If you dont have deep pockets of your own, where do you get the business start-up money you need? According to a 1998 study of small- and medium-sized enterprises by Thompson Lightstone and Company, fifty percent of small- and medium-sized business owners report that they currently borrow from a financial institution, such as a bank. Twelve percent of SMEs finance their companies through private loans from friends or relatives and three percent by loans from non-related individuals. Forty-one percent use personal credit cards to finance their businesses. Personal assets, such as savings, (including RRSPs, pension funds, severance allowances), remortgaging property, credit cards, and personal property, are the most common initial source of business start up money for small businesses. This may be because people starting new businesses have no alternative; if you dont have much collateral or an established credit history, getting a small business loan can be difficult. (See my article, How To Get A Small Business Loan, to learn how to increase your chances of making a successful small business loan application.) In Right From Home: How To Start a Successful Home-Based Business, Barbara Mowat and Ted James state that money borrowed from family, relatives and friends makes up more than fifty percent of the loans to home-based businesses. They advise avoiding misunderstandings and bad feelings by always getting agreements about loans in writing and making sure that all loans are set up with proper security, any terms or conditions, and a payment schedule. This is sound advice to follow whenever you borrow money. What else do you need to start a business with staying power? Support. Click to continue reading The last of the five resources you must have to start a business that will be successful is a good support system. When youre thinking of business support, look first to the home front. Its no coincidence that most successful small business operators are married. While we like to talk about going it alone and running our own show, you cant start and run a successful small business without the support of other people. And who better than a supportive spouse to listen to your ideas or problems, and provide the encouragement or advice that keeps you going? In Entrepreneurship: A Profile For Canadians, (available from the Canadian Foundation for Economic Education), William E. Jennings points out that the successful entrepreneur usually has an exceptionally supportive spouse. He adds that these exceptional spouses dont just provide love and stability, but also specific support for the business, such as helping to provide the capital needed to start a business, or working in the company without pay to keep costs down. Spouses who contribute financially by working outside the business are also a common small business scenario. Having a supportive spouse is especially critical if you want to start a home-based business. As Barbara Mowat and Ted James say, in reality, you dont start a home business, your whole household does (Right From Home; Starting A Successful Home-Based Business).  You cant start a home-based business without considering what your family members think about the idea, what role(s) your family members might play in your business, and how your business is going to affect your home life. Without the active support of your family, your home-based business will fail. Talk out these issues beforehand and explore how supportive your family is before you start a business. Other business people are another valuable source of business support. No matter what kind of business youre thinking of starting, someone has been there and done that. Talking to other business people who have already established a successful business can go a long way towards avoiding pitfalls and provide insight into what works and what doesnt. Ive always found that other business people are willing to share their knowledge with others; if you cant find someone locally to talk to, theres a ever-growing network of business communities online (like this one!) where you can get the information you need, and sometimes good advice, too. Youre always welcome to post your questions and comments on the Small Business Canada forum. And my Business Support library has links to Canadian organizations where you can get advice, find a mentor, or just talk to someone. Q1.5:

Welfare Of Parkinsons Disease Sufferers Health And Social Care Essay

Parkinson ‘s disease is a common disease confronting many older people across the universe. It affects the cardinal nervous system and it impairs cognitive procedures, motor accomplishments and other maps. This disease largely affects the older coevals and it manifests itself with symptoms which include rigidness, shudder, postural instability, awkwardness in motion and others. Other symptoms include sleep troubles, centripetal and autonomic disfunction. Parkinson ‘s disease has a high prevalence rate among older people with about 500,000 people enduring from the disease in the United States. In add-on, there are about 1 million people who suffer from the disease but they have non been diagnosed yet ( Oxtoby et. al. , 2004 ) . This makes Parkinson ‘s disease a serious unwellness which requires pressing intercessions by society. Parkinson ‘s disease adversely affects the day-to-day life of people enduring from it since it affects their cognitive procedures or motor accomplishments. This makes most patients rely on household and friends for endurance. As a consequence, there are assorted plans which have been developed to provide for people enduring from the unwellness. This paper aims at analysing Parkinson ‘s disease including statistics and effects on patients. Assorted plans which cater for patients enduring from the disease will be discussed and farther intercessions needed to cut down inauspicious effects on society recommended. The discussed issues will be summarized at the terminal.Statisticss, causality and interventionIt has been stated that there are 500,000 people enduring from Parkinson ‘s disease in the United States and a farther 1 million who have the disease but who have non been diagnosed yet. The disease kills an norm of 14,000 people yearly in the US. In the UK, about 1 % of hospital audiences are for Parkinson ‘s disease and the average age of patients diagnosed with the disease is 65. Globally, it is estimated that about 10 million suffer from the disease although there are few statistics on Parkinson ‘s disease. The cause of the disease is non known although it has been linked with genetic sciences in some instances. It has besides been linked to exposure to some insect powders. Parkinson ‘s is normally diagnosed by a combination of methods. It is hard to name the disease utilizing pathological agencies and clinical trials are normally used in naming Parkinson ‘s. Neuro-imaging is besides another effectual manner of naming the upset. The disease is normally treated utilizing medicine although at some phases complications may happen as a consequence of trust on medicine. Treatment techniques include the usage of MAO-B inhibitors, Dopastat agonists and L-dopa. Rehabilitation and diet have besides been seen to assist in allev iating symptoms. In utmost instances, encephalon stimulation and surgery is used to alleviate symptoms of the disease.Psycho-social challenges confronting affected patientsThere are many challenges which patients who suffer from Parkinson ‘s face. Since the disease impairs cognitive procedures, motor accomplishments and other maps, it makes twenty-four hours to twenty-four hours activities hard to execute. Acts which many people take for granted such as speaking, walking, bathing, bathroom control, memory and others, may all of a sudden turn out disputing for Parkinson ‘s patients to execute. This may do them societal loads who require round the clock attending from their households or wellness attention practicians. Many patients particularly those who are hapless or marginalized are normally unable to entree such attention and they are left to endure on their ain. However, there are assorted groups and undertakings which are developed to provide for patients who can no n entree effectual attention. Patients enduring from symptoms of the disease may besides be unable to keep nice employment chances due to hapless cognitive and motor accomplishments as a consequence of the disease. Inability to keep employment makes such patients dependent on others. Patients who do non hold household and friends who may care for them normally do non hold entree to basic demands including wellness attention due to miss of employment. However, these excessively can profit from several plans which have been created to provide for patients enduring from the disease across the US. Another psycho-social challenge confronting many Parkinson ‘s patients is deficiency of entree to effectual wellness attention services. Many patients do non hold support from household and friends and they besides do non hold employment chances. As a consequence, they are unable to afford wellness attention insurance to pull off their status and this worsens their symptoms ( Grimes, 2004 ) . If the disease is left untreated for a long clip, such patients are exposed to human death. This may explicate the high figure of people who succumb to Parkinson ‘s disease which can be managed through intervention. In add-on, there is a high degree of psychological agony particularly for patients in the late phase of the unwellness. Such patients suffer from altered relationships, low ego regard, loss of liberty, societal isolation among other effects. These have an inauspicious consequence on mental wellness and they may take to the development of other mental unwellnesss such as p sychosis. It is hence of indispensable importance that a remedy is found for the unwellness. This may merely be achieved through research.Research undertakings on Parkinson ‘s diseaseThere are assorted researches which have been conducted in order to understand the most effectual manner to name and handle the disease. In a research by Columbia University, 100 people of who half suffered from Parkinson ‘s disease were studied for Dopastat degrees. The healthy population acted as the control group during research. The research findings showed that people enduring from Parkinson ‘s disease lose up to 70 % of Dopastat in the encephalon ( National Institute of Neurological Disorders and Stroke, 2011 ) . This determination was of import since it enabled scientists to develop new ways of naming the disease. They used PET imaging to mensurate Dopastat degrees and find if one suffers from Parkinson ‘s disease. Stimulation of these patients besides recorded improved mo tor working which is provides a footing for handling Parkinson ‘s patients. In another research projected undertaken by the National Institute of Health, three households of Grecian and Italian beginnings which suffered from Parkinson ‘s disease were studied. The scientists aimed at happening out if genetic sciences is a causality of Parkinson ‘s disease. The research findings showed that in all households, there was a mutant of the cistron alpha-synuclein. This determination proved to be of import since it linked genetic sciences to the development of Parkinson ‘s disease. It besides encouraged scientists to further analyze the function of alpha-synuclein in development of Parkinson ‘s disease. Research findings on the impact of this cistron may organize the footing of developing a remedy for the disease. However, farther research on the disease is necessary in order to develop an effectual remedy.Successful community based plans for Parkinson ‘s disease patientsThere are assorted successful plans which have been developed to p rovide for patients enduring from Parkinson ‘s disease. Some of these plans will be briefly discussed below ;American Parkinson ‘s Disease AssociationThis group was founded in 1961 with the aims of easing loads of Parkinson ‘s sick persons and developing a remedy for this unwellness. It has its central offices in New York and the organisation undertakes several enterprises to help in forestalling and handling the disease ( American Parkinson ‘s Disease Association, 2011 ) . It has subdivisions in several provinces and the organisation provides attention to patients across America who suffer from Parkinson ‘s disease. It is chiefly funded by both the authorities and the private sector. This organisation has helped over 1 million patients to day of the month and this figure is bit by bit increasing. The APDA organisation provides financess for research on the disease in attempts to develop remedy. Already, over $ 1 billion has been used in this enterprise to day of the month. The organisation besides provides support for patients who suffer from the upset. It provides medical aid through associating patients with qualified wellness attention professionals and guaranting that medical costs are paid. This is normally aimed at supplying the hapless and marginalized people with no entree to wellness insurance with an chance to entree high quality intervention. Finally, the APDA organisation strives to educate the populace on the presence of Parkinson ‘s disease in society and how to care for patients enduring from the disease. This is a really of import enterprise since it ensures that patients have moral and physical support from their friends, households and society at big.Columbia Parkinson ‘s SupportThis organisation was developed to supply information, support, consciousness and instruction on Parkinson ‘s disease. It is run by voluntaries and it is a non-profit group entirely developed to provide for demands of P arkinson ‘s patients. Most of these voluntaries are patients who besides suffer from Parkinson ‘s. The group began runing in 1985 and it has helped over 5,000 Parkinson ‘s patients since so. Its chief aims are back uping patients enduring from Parkinson ‘s through fiscal or medical aid, set abouting research aimed at developing a remedy for the disease and sensitising the populace on the presence of the disease and how to care for patients who suffer from it ( Columbia Parkinson ‘s Support, 2011 ) . The CPS group holds treatments and forums one time a hebdomad in attempts to sensitise the populace on the disease. Although this is a comparatively little group with limited support, the members participate in clinical tests whenever an chance presents itself and this is an of import measure towards developing a remedy for the disease. The group sets aside $ 3,000 yearly for research intents on Parkinson ‘s disease. This group is funded by good wisher s and members every bit good as other stakeholders. The local community besides plays a major function in raising financess to back up the cause of the CPS group.Social intercessions which may assist pull off Parkinson ‘s diseaseThere are assorted intercessions which should be applied in order to assist pull off the effects of the disease in society. These intercessions will be briefly discussed below ;Educating populace on the diseaseEducating the populace on presence of the disease and how to care for patients who suffer from it is one of the most effectual ways of pull offing the disease. Patients who suffer from Parkinson ‘s require support from the household, friends and community at big ( Duvoisin & A ; Sage, 2001 ) . Increasing consciousness of the disease amongst the local community enables patients enduring from this disease to hold mental and physical support from society. It besides informs the populace on the symptoms and causes of the disease thereby encoura ging cheque ups and early intervention on people enduring from symptoms of the disease.More support for research on Parkinson ‘s diseaseAlthough there are many installations which undertake research on Parkinson ‘s disease, most of these plans are under-funded. Many organisations and groups prefer funding research for diseases such as malignant neoplastic disease and diabetes which are viewed as more common and lifelessly. However, Parkinson ‘s disease is besides a serious disease which requires a similar degree of attending. More support should be provided by the authorities and private houses for research on the disease in order to develop an early remedy and salvage 1000000s of lives.Bettering entree to healthcare insuranceThere are more than 5 million people in the US who do non hold entree to wellness acre insurance. This is due to the high cost of insurance which is beyond their fiscal abilities. There are many people who suffer from Parkinson ‘s diseas e who fall in this bracket. Such patients are unable to entree medical attention to pull off the disease and this causes farther injury on their mental and physical wellness. Guaranting everyone has entree to wellness insurance is an effectual manner of contending the disease since it will promote early intercession and intervention thereby minimising the effects of the disease on society ( Michele, 2009 ) .Execution of the intercessionsIn order to efficaciously implement these intercessions, the authorities and private sector should organize a partnership. Partnership between the two would do support for Parkinson ‘s disease research and intervention easier. The community should besides be involved when implementing these intercessions. This is because patients require community support which may either be psychological or physical for their wellness to better. The authorities and local governments should guarantee that everyone has entree to wellness attention by cut downing wellness insurance costs and increasing support of wellness attention. This will guarantee that Parkinson ‘s disease is diagnosed and treated early for the bulk of patients.Summary and decisionAssorted facets of Parkinson ‘s disease have been discussed in item. Parkinson ‘s is a common disease in the US and across the universe although it is mostly unmarked. Its cause is unknown and it has no remedy. Over 500,000 people have been diagnosed with Parkinson ‘s in the US and 1 million others have the disease but have non been diagnosed. The disease affects patients physically, mentally and socially since it affects cognitive procedures, motor accomplishments and other maps, doing twenty-four hours to twenty-four hours activities hard to execute. Patients who have been diagnosed with Parkinson ‘s disease suffer from psycho-social jobs such as inability to keep nice employment chances, deficiency of entree to effectual wellness attention services and psychol ogical agony particularly for patients in the late phase of the unwellness. Assorted groups such as Columbia Parkinson ‘s Support and American Parkinson ‘s Disease Association contribute to bettering the public assistance of patients through increasing consciousness of the disease, funding research on the unwellness and supplying medical and fiscal aid to patients. In order to pull off the unwellness, assorted intercessions should be implemented and these include educating populace on the disease, apportioning more support for research on Parkinson ‘s disease and bettering entree to healthcare insurance by patients. This will guarantee that early diagnosing and intervention of the disease is achieved and that fewer people succumb to the effects of the disease. However, farther research is needed to develop a remedy for Parkinson ‘s. Developing a remedy for the disease will salvage the lives of future coevalss.

An Essay on Globalism - Free Essay Example

Sample details Pages: 8 Words: 2378 Downloads: 8 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? INTRODUCTION In this essay, I attempt to defend the view that globalism is not a new concept but one that has been in existence since ancient Roman times.In recent years, there has been an increasing interest in the concept of globalism and it s time of existence a lot of study shows that globalism is been in existence from only 200 years ago, however Bruce Hitchner (2008) says that the globalization may have started 2,000 years ago.Globalism according to Saul (2005) is defined as the expansion into regional and into international from the local trade.However it s not only the expansion of local trade practices but also adopt their social and cultural ideals.Thus, this study provides an exciting opportunity to advance our knowledge of the globalism and how they have been in existence in roman empire.The main arguments for the essay will revolve around the existence of the system of Homo Sacer , the Trade routes and multiculturalism being in existence during roman perio d. THESIS This essay argues that the globalism was not just a modern concept though the term was coined just during the 1960 but the practice was in existence during the Roman times. They main arguments would revolve around the practices of the homo sacer, multiculturalism, trade routes ,neo liberalism, imperailism, democaratic globalism and knowledge transfer proving that globalism is not a new concept but one which has been in existence since the Roman empire. Globalism Globalism is described as a centuries long activity, tracing the expansion of human population and the growth of civilization ( Hingley ,2005). Even though the term globalism has been coined by economists since the 1980 ,globalism is a phenomenon with ancient roots (Hitchner,2008) .The Globalizations is said to been in existence from the third millenium B.C. . The early types of globalism can be seen in the cultural practices which are multiculturalism and knowledge transfer and education systems ,Trade practices which are spice routes , silk routes which extended from China to the Roman empire, Military practices which is the Homo Sacer and Imperailism . The Roman empire integrated people, culture, technology and ideas on an unprecedented scale.Globalism, at its core, seeks to report and explain nothing more than a world which is specified by networks of connections that span multi-continental distances (Hitchner, 2008).Thus based on these points we ll move on to the arguments how the globalism was in existence in the Roman empire. Homo Sacer The Homo sacer is a concept which was in use during the ancient Roman times , it means life that cannot be sacrificed but only killed (Secor,2007) . The homo sacer is also means life abandoned by law . This does not infer the life not to be subjected by law but a life whic has been caught by law and is trapped by its power, which can seen as included exclusion.Gregory argues that the homo Sacer is also used now a days in the militant g lobalism for casting out . This kind of spatial contortion has been in existence in militant globalism for a long time. Casting out is defined as the the state which is also the same as homo sacri means placed in a space law of suspension (outside the law) (Secor , 2007). Example In the cases of Afghanistan ,Iraq ,Palestine the same characteristic performances are used in them the casting out means to be killed without any consequences while in Roman period homo Sacer means the person is not subjected to any rights which gives just a mere life not even worthy of Sacrifice and suspended by the law (Secor , 2007) . Homo sacer and Casting out means the same practices in differnet terms the only difference which can be found in them is they mean a person in the terms of a homo sacri and in casting out they mean a country to be exception to the law (Secor,2007).This is a form of militant globalism which is in practice by the US and UK administration. With this we can prove that militant globalism was in practices roman times and not just in the latest political economy. Trade Practices The Romans had trade links made to many countries around them thus we can say the era of globalism begin with the roman empire (Hitchner, 2008) . Even though the Romans lacked the modern tools of globalism which are including world-wide communications systems, powerhouses , multi-national corporations and wire transfer for fast money transfer systems to transport currency, goods and people they may well be responsible for introducing the concept to the world ( Hingley, 2005). Market globalism is the concept of providing economic and cultural link throughout the world . The Romans had introduced the the concept of market globalism in these trade practices.For example the common Roman man lived and cooked with african oil and used th pots made in spain and also consumed bread cooked with raw materials got from egypt, and got the fish from the gibraltar. He used the dishes made i n French kilns, drank wine got from France. The Roman of money costumed in garments of the wool from Miletus and the linen from Egypt; his wife will wore silks from China using the silk routes, enhanced herself with the pearls and diamonds from India, and made make-up with cosmetics from South Arabia.He will dwell in the houses whose walls are coated with colored marble drilled in Asia Minor; his own furnitures were made of Indian teak inlaid which were traded through the spice routes with African ivory (Jones 2008). They also had a high quality of pottery in the western empire. This pottery is constituted one type of material that passed throughout the empire through trade. The model for the production of terra sigillata was derived from Tuscany, the vessels manufactured in central and the southern areas of Gaul were traded to other provinces of Germany and Britain (hingley ,2005).There were also the existence of silk routes and spice routes between china and India respectively fro m the Roman Empire.These trades routes are used to carry silk and spices from China and India (Jones,2008). Many of these trade practices were possible only because of the existence of the trade routes between the Romans and other countries. This can be seen as a form of economic globalism.The main point of globalism by Saul is defined as the trade between many countries which had been in existence and practiced by the Romans ,proving that globalism was in existence in Roman times. Multiculturalism There has been a huge advances in the concept of globalism in the past two decades . The important constituent to the globalism has been free information exchange and easy flow of capital (Jones 2008).Multiculturalism is the existence of many cultures with many of their traditions are existing independent without the support of any other culture (Epstein ,2009).The important prospects of globalism or multiculturalism is the prospect of having a single culture and the same Hollywood movies and Mc donalds adapting to local tastes with little variations in the world which mainly requires cultural tolerance with the people . The Romans also in the other hand existed with many cultures and had a greater amount of cultural tolerance to themselves ( Hitchner ,2008).This can be seen as a form of cultural Globalism.Thus these practices prove that the globalism has been in existence in the form of multiculturalism in roman period . Globalism and Imperialism The recent studies has shown that the globalism through imperialism is one of the important ways through which globalism has been happening. The imperialism is defined as the process of expanding the countries power and influence through colonization (Hingley ,2011).Thus the globalism can seen as a process of expansion of social and cultural ideas , so imperialism is also in a way helping globalism. The Bush s administration in America has seen as US imperialism in many ways trying to control and influence othe r countries through the militant globalism (Secor ,2005). The study of Roman Empire for imperialism becomes, not only a consideration but also a way to see how the Rome expanded across such a vast area, incorporating people along the way, also trying to put their culture among the colonies while controlling them (Hingley, 2005). The violent imposition of the new world order ,genocide ,deportation ,exploitation of the societies are the methods with which the countries and empire tried to control and enslave the people did miltary recruitment is by which imperialism was in existence during the roman and modern times (hingley,2005).This will want us to think critically about how the Roman empire expansion across such a vast territory and also the means by with the societies across the Roman world was held together which is an similar way through which the Bush s administration also did in Afghanistan ,Iraq (Secor,2005).This can been seen as a form of political globalism. Thus these thi ngs also helps us to see that globalism was a concept which was in existence during Roman empire. Globalism and Knowledge transfer Globalism has been a easy process because of the knowledge transfer between the people though the internet.Global historians such as Tony Hopkins and Christopher Bayly have also stressed the importance of the exchange of not only trade but also ideas and knowledge during periods of pre-modern globalization. A common roman child would learn Latin from the schools.Ambitious Jews and Gauls were taught to speak Latin in schools just as children in Jakarta and Sio Paulo from the middle-class learn English today ( Hitchner , 2008). The adoption of latin and writing of the common language has helped the people in two major areas they are a common language through which a knowledge transfer can occur and it bought the people closer because of the common language (Hingley 2005).For Example There were many authors in the first century BC, they mainly spoke a bout the ideas of being in relationship with the people and their ideas to be recorded to future references (Hingley , 2005). These ideas served to assist Western colonial adventurers, from the sixteenth century on wards, in understanding the exotic places that they explored. Thus the Romans had given a huge importance for the knowledge transfer and learning of languages leading to globalization (Hingley , 2005). Additionally, they also had a similar development in roman empire ,while columned temples and amphitheaters sprang up everywhere as office blocks and cinemas are springing up today in the cities (Jones 2008). Thus the importance given by the Romans for knowledge transfer and development which is also a important aspect of globalization is seen in day to day lives now.This can be seen as a form of cultural globalism. Thus proving that even though it was in a smaller scale but the start of the globalism has been since the Roman Empire. Neo Liberal Globalization The glob alism can be defined as an end result which is being obtained by the process of neo liberalism (Kotz ,2000). There are many important concepts in neo liberalism they are free trade no restriction by the government in import and exports , deregulation the removal of laws which affect the trade practices ,privatization private enterprises doing the work done by the state owned enterprises (Kotz,2000) . In Rome the neo liberalism can be seen in mainly two practices they are Zetema and Bufalotta ( Violante Annunziata , 2011). The first one represents the quasi-autonomous non-governmental organization .The second one is an urban development project which is an exceptional procedure to the form the pact between the business community and the urban political elite ( Violante Annunziata , 2011).For Example The Bufalotta was the Private organisation that provided housing supply to the people in Rome in many neighborhoods. This is a form of privatization of government work which occurred in Rome ( Violante Annunziata , 2011).They are common practices in Rome for the welfare of the people in the empire leading to better trade and which is also a form of economic globalism.These practices show that neo liberalism in the roman community proving that globalism is in existence during the Roman era. Democratic Globalization Democratic Globalization can be defined as a institution of global democracy to the world that is giving a common say to all (Hardt , 2005). It s always known that democracy was a part of globalism which gives the citizens a chance to express their opinions .Rome had a extensive, powerful and well organized world-empire(hingley ,2005) .Rome is said to have a mixed constitution of all the three forms of governments which are monarchy, aristocracy, and democracy (hardt , 2005). While the first two represents the control of the empire by the ruler and control of the empire by a set of people . The third represents the people . The Roman empire is s aid to the first one to implement the concept of democracy.The Roman empire had the simple concept of democracy they always assemble to take decisions and check the expenditure of the officials (Jones , 2008). ­Ãƒâ€šÃ‚ ­Ãƒâ€šÃ‚ ­ For Example They once found the great Pericles annually claiming the gigantic sum of ten talents for à ¢Ã¢â€š ¬Ã‹Å"expensesà ¢Ã¢â€š ¬Ã¢â€ž ¢. They turned a blind eye towards it because they believed him when he said he was using it to buy off their great rival Sparta. But the important point to be seen is that the people knew. It was their decision to approve or not (Jones 2008). Thus we can see that democracy which is a form of globalism has been implemented in the Roman empire proving that it has been in practices. Conclusion During the past two decades the globalism has been of huge importance and been a growing research in the field of business.Researchers have reported alarming findings in the field of globalism and its existence and pra ctices during the pre historic era . The arguments in the essay are mainly based on the practices of Homo Sacer a process of militant globalism , Trade practices a method of economic globalism , multiculturalism a method of cultural globalism, Imperialism which is also a form of political globalism, Knowledge transfer in the pre historic era which is also a form of economic globalism ,these practices in the roman empire show that globalism is not a new concept but one which was found in the pre historic times .In addition to this a lot of research has been taking place in the field of globalism to find out more about the concept of globalism. Don’t waste time! Our writers will create an original "An Essay on Globalism" essay for you Create order

Everyone needs to be given equal opportunities, regardless...

Everyone needs to be given equal opportunities, regardless of their cultural or ethnic backgrounds. Early childhood teachers have an important role in understanding, and establishing the concepts of critical multiculturalism and intercultural pedagogy to children and families attending their centres. The Treaty of Waitangi, signed between Maori chiefs and the British Crown, is the founding document that established New Zealand as a bicultural state (Lee, Carr, Soutar, Mitchell, 2013); however, migration has resulted in the state fast becoming a multiethnic one (Metge, 1990). Initially, migrants came from various states of Britain (Philips, 2013, a). However, from the mid-1960s, the prospect of better job opportunities attracted people†¦show more content†¦According to May and Slater (2010), such tokenistic attitudes contributes to liberal multiculturalism. Liberal multiculturalism is about tolerating the ethnicity, linguistic differences (p.4) and cultural differences of th e minority culture (May Slater, 2010). While it is easily implemented, it contributes to inequality and does not consider the minority culture as equals to the dominant culture (May Slater, 2010). It is only through a deeper understanding and awareness of the different cultural values, can quality multiculturalism be embraced. Otherwise, the actions only serve to perpetuate the stereotypical views of ethnic groups (Chan 2009, p. 30). On the other hand, the concept of critical multiculturalism is about looking critically from the perspective of institutional racism and oppression that exists in the dominant Pakeha culture (Chan, 2009). Critical multiculturalism establishes, and advocates social justice for all concerned (Nieto, 1999, cited by Chan, 2009). 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Louis the Fourteenth and Western Civilization Essay

In today’s American society, the every day lives and routines of American citizens are impacted, affected, and ruled by the government. By studying the lives of people beginning in eighteenth century France, it is easy to see how the ruling government system impacts the everyday lives and routines of it‘s citizens. It is also easy to compare this society to the European civilization under the rule of Napoleon I, the American civilization under the rule of Woodrow Wilson, and Adolf Hitler. nbsp;nbsp;nbsp;nbsp;nbsp;During the time period of King Louis XVI and Marie Antoinette is used today to represent the turmoil a country can experience with dire rule. In eighteenth century France, the subjects of the King and Queen were divided into†¦show more content†¦Most of them were educated individuals that compiled their wealth by trade and industry. â€Å"As the wealth and power had increased, they had sent their sons into posts of state administration, magistracy, the financial system, the high clergy, and the army† (Godechot 68). nbsp;nbsp;nbsp;nbsp;nbsp;To be in the highest class, one had to be born into it. This four percent of the population was known as the Noble class. The class was broken into two estates: the first estate and the second estate. They were the hierarchy of the church and well respected church officials. The second estate made up the other three percent and included the Royal family and other wealthy families that had inherited most of their income (Lough 98-105). Although these were the richest people in the country, they were exempted from taxes and tariffs. 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Hkhkhk Free Essays

Topic:4Saving and Investment Definition and Kinds of Investment; Autonomous and Induced etc. Determinants of investment. Present Value Criteria for Investment. We will write a custom essay sample on Hkhkhk or any similar topic only for you Order Now 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. Topic: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 Critique. 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 Challenges: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 / Res earch Papers: 1. Ball, Laurence, Mankiw, N. Gregory, and Romer, David. 1988. â€Å"The New Keynesian 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 ECONOMI CS Topic 1:The Nature of Mathematical Economics Ingredients of mathematical models. Derivations: Equation 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 Algebra Theory 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:Differentiation Rules 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 Total 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. Recommended 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:Introduction Descriptive 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 Dispersion, Skewness and Kurtosis Absolute 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 Distribution A 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, Continuous 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 Distributions Sampling 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 sample 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 Analysis Scatter 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 extrapolation; 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 Analysis Multiple 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; Coefficient 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- Ed geworth 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; Cyclical 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 M ason, Robert D. , Statistical Techniques in Business and Economics (11th edition). Boston: McGraw Hill, 2003. 2. Chaudhry, Sher Mohammad and Kamal, 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 edition). 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 Modarba 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 Vs. Design of Capital Market. Monetary Policy in an Islamic Framework. Topic 9:Zakat, Social Justice and State Meaning 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-Qasim 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 Hyder 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 Economy Development 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 in 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, Labor 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. Definitions 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 research 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. Comparative 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 Traditional 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 Policies Tariff 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 Institution: 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. Terms 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. World 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 modeling Specification, 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 Heteroskedasticity. 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. Identifying 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, Econometric 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 Developments Definitions: 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 developed? 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 Futur e 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 Development Model 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 Models Harrod-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 Development 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 Special Reference to Developing Economies 7th edition, Palgrave Publisher. 13. Todaro M. P. , Economic Development in the third World. Latest Edition, Heinemann, Londo n. 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 Research Designs; the process of field research, Exploratory Research, Casual Inference. Methods of communication in survey. Vision survey and communication technique s. 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 Nature 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 Equations Meaning 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 the 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 Maximization, 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 Peacock, 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 Production Functions. Cob-Douglas Production Function, Constant Elasticity Production Function etc. Topic 5:Computer Applications: Demand – Supply Equilibrium Estimation of Demand and Supply using E How to cite Hkhkhk, Essay examples