Physical and Mental Health

Physical and Mental Health Exercise and nutrition has never really been a priority for me. Most of my life I have been thin so I never had to watch my weight. Now as I get older I notice that because of my schedule, and the things I eat, I am retaining more weight than usual. I have attempted to incorporate an exercise regimen for my family, but it doesn’t seem to stick. I have joined gyms, walked in my neighborhood and watch workout videos and none of these practices stay around too long. I understand that having a regimen is important.I think the best thing for me is to start off with something light and easy ad then gradually increase to something a little longer and that require more effort. Learning to incorporate an exercise program is highly important to me since cancer and diabetes run in my family. I know that a regular exercise program reduces the dangers of stroke, osteoporosis, diabetes and some forms of cancer (Components of Health: Weight, Exercise, and Sleep. Wi tt, G. A. , & Mossler, R. A. (2010) Adult Development and Life Assessment. I have, however, made the steps in my home to provide better quality nutrition for my family. I try to minimalize fast foods, cook healthy balanced meals at least 4 days a week and I attempt to keep healthy and nutritious snacks around the house so we don’t eat a lot of junk food. I experience high levels of stress from time to time. Most of the stress I experience is equivalent to a normal wife, mother and entrepreneur but maintaining a household, family and a business can have its ups and downs.In order to relieve my stressful times, I usually try to find a quiet space or moment to take a breather and just clear my head. I think learning to delegate responsibilities, managing my time more wisely, and setting aside time for relaxation will help me better cope with my high stress times. References: Components of Health: Weight, Exercise, and Sleep. Witt, G. A. , & Mossler, R. A. (2010) Adult Developmen t and Life Assessment.

The Benefits of Preschool for Your Toddler

How Beneficial is preschool for your toddler? Jane M. Rentas Barry University Author Note This paper was prepared for English 202 taught by Dr. Louise Rogers How beneficial is preschool for your toddler? Preschool is an early childhood program in which children combine learning with playing in a program run by professionally trained adults. Children are most commonly enrolled in preschool between the ages of two through five years old..Preschools are different from your traditional daycare in that their emphasis is learning and development rather than enabling parents to work or pursue other activities. In addition to being called preschool, these programs are known by other names, including child care, day care, and nursery school. They vary widely in their setting, format, and educational requirements. Preschools may meet all-day or half-day, either every day or just a few days per week. They could be sponsored by a church, operate as an independent non-profit, or run for profit.Th ey may be part of the public school system or part of the Federal Head Start program. Before 1960, the education of young children was the responsibility of families within the home. As of 2004, most young children in the United States spend some of their days apart from their parents. Most children attended some sort program like Headstart, Daycare or VPK prior to kindergarten. The enrollment rate for four-year-olds in 2001 was almost the same as the enrollment rate for five-year-olds in 1970. There are several factors that influence this dramatic change.One factor being a rise in the numbers of mothers working outside of the home, a decline in the size of families which leads more parents to turn to preschools as a social outlet for their children, and a desire to give children a head start academically. The higher the income and educational level of the parents, it is more likely that their child will attend preschool. As the years go by, we will see an increase of children atten ding preschool because of the substantial increase of governmental support for programs targeting children in low-income households.According to the National Institute for Early Education Research, the types of teaching activities and classroom emphases that contribute to a high-quality early education for children include the opportunities to learn persistence when working at tasks, direction following, and good listening skills, focus on language and literacy skills, as well as interactive book reading, emphasis on teaching children problem-solving skills and opportunities for preschoolers to engage in music and art. The greatest academic and social progress seen in preschools is in children from deprived backgrounds.Most children in preschool are not disadvantaged, and some researchers believe the same gains of attending preschool can be done at home by providing them educational toys, games, movies and books for the child. In some preschools, the ability of groups might mean tha t children will not receive the one on one attention they require. This is a major risk if the preschool does not follow the National Association for the Education of Young Children's recommended teacher-to-child ratio of no more than ten preschoolers per staff member.One-on-one instruction is an advantage parents will not likely find in any preschool. There are other opportunities for playing with other children that exist in churches, clubs, and other sports, where the child can learn social skills. Some believe that what children need most is lots of playing and free time and close interaction with their parents something that may be affected if the child is away from home for long periods of time. Another disadvantage is that some children experience acute separation anxiety, which indicates that they are not yet ready to make the transition to the environment of preschool.Many programs also expect the child to be toilet-trained , which is a milestone that not all children have at the preschool age. Parents considering sending their child to preschool should investigate several different ones and consider many factors before choosing one. Parents should also realize that in spite of the potential advantages that preschool may have, preschool may not be for every child. Parents can also find and research alternative ways of introducing their child to early academic skills and social activities.

Organizational Behavior Comparative Analysis Essay

Organizational Behavior Comparative Analysis - Essay Example And its immense success can be attributed to its unusual model and people management style, which will be discussed in detail in this document (Doganis, 2002). US Airways Airlines on the other hand is the fifth largest airline in the United States it merged with America West Airlines in 2005 but still retained its original name and culture. Even though it is a huge airline, its successes are nowhere near that of Southwest Airlines and in the following sections we will analyze the matter further (Doganis, 2002). While its business strategy and ability to make quick and very flexible decisions are seen to be the strong points of Southwest Airlines, it is very important to note that the people management aspect of the organization has proven to be an equally big strength. To this end it is the ability of the organization to appropriately manage its extremely diverse workforce that has helped the organization to scale the heights of profitability and success that has eluded many other airlines and in this particular case US Airways Airlines as well. At Southwest Airlines the organizations lays a huge emphasis on the employment of individuals from a variety of backgrounds such as ethnic minorities, individuals of color, individuals of different age groups and most importantly individuals with special needs. While it can be stated and that other airlines do the same, in the case of Southwest Airlines, such practices are not carried out of compulsion by the federal government or the need to take affirmative action but rather by its all inclusive management style that puts employees first as much as it puts customers first. This as we know is the first and most important step in the enhancing employee engagement. When employees feel that they are valued for their contributions as well as for the distinctly differently experiences and backgrounds that they can bring to the table they feel more valued and as result they automatically go the extra mile to ensure the success of the organisation by satisfying and delighting the clientele of the organisation as much as possible (Parvis, 2003). In the case of US Airways Airlines even though diversity is apparent to some extent, it has not been resorted to out of an increased value for the employees but rather due to the compulsions and the impositions of federal and state governments and affirmative action etc. Thus making its real intentions less clear, more ambiguous and leaving the employees less engaged and motivated to give their best to the organization. Management and Leadership Management and leadership are terms that are distinctly different from one another even though they are usually used interchangeably. However they are both very important to any organization that wishes to success and as in the case of Southwest Airlines the management and leadership of the organization has played a crucial role in the last three and half decades of its existence. In effect the management and leadership styles that have been adopted by the organization in past have been flexible, people oriented and most of visionary in nature. This

Heaven and Hell Essay Example | Topics and Well Written Essays - 500 words

Heaven and Hell - Essay Example Rick Rood in his article ‘The Truth about Heaven’ provides us with quotes from the Bible to enlighten us on some of the fundamental truths about what Heaven and Hell means to different people and how these teachings have impacted our lives. In the Hebrews it is said that ‘Heaven is the spiritual realm in which the glory of Gods presence is manifest, and in which dwell the angels of God, and all believers who have departed this world (Heb. 12:22-24). According to Isiah, ‘Heaven given in Scripture reveal a pervading sense of the holiness of God (Isa. 6; Rev. 4-5) Ezekiel too tells us that human words are not adequate enough to describe the beauty and glory of heaven. The apostle Paul’s description of heaven in (1 Cor. 2:9) compares heaven to "things which eye has not seen and ear has not heard, and which have not entered into the heart of man" (1 Cor. 2:9) Jesus refers to heaven as ‘Paradise’ when he addresses the thief who is about to die. "Today you shall be with me in Paradise" (Luke 23:43). Some of the most significant characteristics we may experience if we go to heaven are that we would be washed clean of all sin and undergo a great change in our spiritual nature, which in turn will help us to better our relationships with one another by removing the sins of jealousy, pride, envy, fear and shame. After God’s plan for us on this Earth ends, we would be endowed with the virtue of hope for much better things in the future. Hell, on the other hand, is for people who lead very evil lives and do not deserve God’s mercy and blessings and are faced with damnation. Dr. Towns, refers to the present day society with all its evils and temptations and says that the problem of sin cannot be tackled in the same way that was used in the ancient days. The present generation and the generations to come has to be dealt with in a different manner. He states that teachers have to be well trained in the Bible in order to be good communicators of the Church.

What do we know about female genital mutilation in the UK Research Proposal

What do we know about female genital mutilation in the UK - Research Proposal Example The UK is a country that is affected by this scourge. While France has had over a 100 prosecutions over this issue, UK’s performance has been lacklustre. The UK has in the past been compared unfavourably to other countries over the issue, such as France where there have been more than 100 successful prosecutions (BBC, 21 March 2014). The mounting intensity of the issue makes FGM in UK a significant topic for further research. The study will find out if female circumcision as a cultural practice is prevalent in the modern UK society. This also aims to analyze the intensity of FGM’s consequences on the victim population in terms of social as well as health complications. This study may throw light on the issue so as to evoke better education, community-wide awareness programs, and legal intervention that may prevent this unethical practice. FGM as a whole is debilitating to a woman. Her private parts are distorted endangering her health and life. A rigorous effort is essential to wipe out this practice from the UK society. The study has certain limitations as FGM is performed secretly in most cases. Social stigma along with legality concerns will prevent people from disclosing facts. World Health Organization (WHO) defines FGM as ‘all procedures involving partial or total removal of the external female genitals, or injury to the female genital organs for non-therapeutic reasons’. According to the WHO, FGM is of four types. The clitoris could be removed alone or it could be removed with the labia minora. In some cases, the vaginal opening could be narrowed with or without excising the clitoris. All other harmful practices on the female genitalia also come under this definition. (RCM, et al. 2014). Alison Saunders, Director of Public Prosecutions (DPP) agrees that there are very few referrals for FGM. Nevertheless, she puts the onus on the Crown Prosecution Service (CPS) due to which there have been no cases to begin with (Owen, 2014). Lack of

Economics Research Paper Example | Topics and Well Written Essays - 1000 words

Economics - Research Paper Example In other words, 1% of people in America controls more than 1/5 th of the total income generate in America. This is a striking fact. The author argues that economic inequality is not all about how much you make — it’s about how much you have (Rampell). For example, it is quite possible that an average American makes substantial money from his profession or business. However it is not necessary that the amount he makes may be sufficient enough for his expenditure if he may have more family members. In other words, an American who has only 3 members in his family and another one who have 5 or 6 members in his family cannot be considered equally with respect to economic equality, even if they earn same income. The followi9ng chart illustrates this argument clearer. (Rampell) From the above chart, it is clear that even though the top 1 percent of earners receive about a fifth of all American income; they hold about a third of American wealth. In other words, the income recei ved and the income controlled by the top 1% is unequal. In fact the top 1% controls more wealth than the actual wealth they received or earned. From the above fact, it is clear that the richest people in America are able to save more than what the average Americans save. The recent recession underlined the above fact. Richest people in America succeeded in escaping from the recent recession without causing many damages to their economic interests whereas the average American suffered a lot because of the recession. In other words, the savings of the average Americans were not adequate enough to meet any unexpected economic catastrophes. Highest earning Americans save more whereas the lowest earning Americans save less. In other words, as time passes, more and more wealth will be controlled by the highest earning people compared to the lowest earning people which is the major reason for economic inequality in America. Along with the increasing economic power, the bargaining power and the influences of the rich people may also increase. In other words, more of the shares of the governmental subsidies, relief packages, rebates etc will come in the hands of the rich people rather than going into the hands of the poor people. For example, President Obama has recently huge stimulus packages to help the people to come out from the economic crisis. However, majority of the shares of these stimulus packages went in the hands of the highest earning people. Wolf (2009) has pointed out that the stimulus plan will strengthen the economy by creating millions of good-paying jobs; deliver tax relief for 95% of workers and invest in America’s future by fixing our communities' roads and bridges, improving our children's education and making America more energy independent (Wolf). However, as per the statistics available, it is quite clear that these stimulus plans failed to generate much impact in the lives of ordinary people. When Obama proposed the 700 billion bailout package to the struggling industries in America, many people have raised their eyebrows. Major share of this huge money was gone into the hands of the private business men. In other words, Obama collected the money from the taxpayer’s pocket and distributed it to the private businessmen. In other words, the rich people became major beneficiaries of these stimulus packages also. Under the above circumstances, Rampell’

Marketing Management Essay Example | Topics and Well Written Essays - 750 words - 5

Marketing Management - Essay Example "the organization wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organization wide responsiveness to it" (in Weitz, Wensley; 2002, Pp. 72). It is essentially concerned with devising strategies which aim to fulfill the needs and wants of the target customers. The market oriented organizations, thus adopt approaches which are customer centric and put the customers first, and all the organizational activities are planned in accordance with the needs of the customers. The key characteristic of any market oriented organization is its unconditional support for its customers’ needs. Toyota is one such company which has consistently monitored the needs and demands of its customers and catered to all their concerns by developing products which are not only suitable to them but are beneficial to the environment at large. It was the first auto manufacturer which developed the environmentally friendly Prius, keeping in mind the growing concerns of its customers about global warming, generating high customer value in the process. Toyota has adopted the TQM and J.I.T. philosophies which ensure better value to its customers (Langford, Male,

Evaluate how the NATIONAL GRID TRANSCO applies the expectation and Essay

Evaluate how the NATIONAL GRID TRANSCO applies the expectation and requirements of corporate governance - Essay Example This framework even encompasses procedures and rules which are undertaken while framing corporate affair decision. It highlights the process by means of which are objectives are set and achieved in terms of market, social and regulatory environment. Governance mechanism takes into consideration different elements such as monitoring decisions, actions and policies of agents as well as corporations. On basis of this framework, actions undertaken by management are closely monitored in order to eliminate any form of agency risks. However contemporary interest of this concept is related to mitigating conflicting interests amongst stakeholders. There are various approaches implemented to prevent such conflicts such as well defined processes, institutions, laws, policies and customs. An important component of corporate governance is extent and nature of corporate accountability. In this study corporate governance framework of a particular firm will be thoroughly analyzed known as National G rid Transco. It is a multinational company of electricity and gas utility, and has its headquarters in London. The firm has its principal operations in North-eastern United States and United Kingdom. National Grid Plc., was founded in 1990 and in current decade has a market capitalization of  £31.4 billion. The company has gone through a series of mergers and acquisitions but the most important merger took place in 2002 where Transco’s owner Lattice Group Plc., merged with National Grid Group. This in turn resulted into a new organization which came to be known as National Grid Transco Plc. In this study corporate governance expectations will be analyzed on the basis of practices undertaken by National Grid Transco. There are different theoretical frameworks related to corporate governance but some amongst them holds great deal of significance in modern era. Finance or principal-agent model is a well known corporate

Contract of Employment Essay Example | Topics and Well Written Essays - 1500 words

Contract of Employment - Essay Example The intervening world wars in the first half of the 20th century put paid to any thought about advancement in the labour cause. The concept of modern day Employment Law Act began with the Equal Pay Act of 1970. It came into effect in 1972. The most prominent segment of this act was that it strengthened the efforts to bring about equality for women in the workplace (The Equal Pay Act 1970 (Amendment) Regulation 2003). Since1997 and the election of the Labour Government there have been many changes in the UK employment law. These include enhanced maternity and paternity rights, the introduction of a National Minimum Wage and the Working Time Directive which covers working time, rest breaks and the right to paid annual leave. Likewise, discrimination law has been tightened with protection from discrimination now available on the grounds of age, religion or belief and sexual orientation as well as gender, race and disability (Industrial relations under new Labour: an update). Today terms and conditions governing employer-employee relations are not as open as they ought to be and they are complex. They are lop-sided, not quite reasonable, geared to human resource development but simultaneously businesslike. The present day terms and conditions swear by natural justice, however there are disciplinary procedures, provides little scope for protection from unfair treatment, prefer counseling, and sets clear performance standards. Now terms and conditions are two different terminologies. The dictionary describes terms as "words used to define certain concept" and condition as "a stipulation" (Illustrated Oxford Dictionary). In the issue of labour, terms are concepts that describe the working relation the company has with the employee and conditions are stipulations that describe the reward or penalty for duty performed or misdemeanors committed. The United Kingdom has in place employment legislations that addresses human resources development issues and also makes it difficult for employers to carry out unfair dismissals. These legislations succinctly cover almost all nature of employment and human resource problems. However, employers hold the trump cards. Employer-employee problems Problems in employer-employee relations happen when management is primarily insensitive to human

Crime Data Comparison Paper Essay Example for Free

Crime Data Comparison Paper Essay The two metropolitan areas I have decided to do my research paper on are Cincinnati, Ohio and Dallas, Texas. I choose Cincinnati because it is one of the bigger cities where I live. I choose Dallas because there seems to be a big difference in crime rates compared to Cincinnati. In this paper I will be comparing the burglary rate between these two cities. I will identify the number of burglaries reported to the police in each area and also explain which area had more reported burglaries as well as what were the rates of the crimes in each area. I will also explain whether the rates have changed at all and look into what factors that might be involved that might explain the difference in the burglary rates. Looking at the research, Cincinnati, Ohio had a rate of 6,287 burglaries that were reported to police in 2009 (Crime in the United States, 2009). Dallas, Texas on the other hand had 19,428 burglaries in that same year. The rate of crime given for Cincinnati in 2009 was 375.1 occurrences per 10,000 persons (Crime in the United States, 2009). Dallas by comparison had a crime rate of 1505.7 occurrences per 100,000 people. According to the crime statistics, crime in Dallas, Texas is down 6.4 percent from 2008 and Cincinnati has one of the highest crime rates in the country compared to all communities of all sizes. Ones chance of becoming a victim of property crime is one in twelve. (NeighborhoodScout, 2012). There are many factors that could explain the differences in the crime rates between these two cities. One factor could be the difference in population. The population in Cincinnati is 296,943 within the city limits according to the 2010 census. (Crime in the United States, 2009) whereas in Dallas, Texas the population is 1,197,816 according to 2010 censes. When you look at the numbers the more people living in an area the higher the crime rate will be. There are also other factors that could explain the big differences between these cities. The ethnic and racial makeup of the people living there and their educational levels could be a big difference. To really explain the increase or decline in both these cities is difficult because the two areas that I choose are so very different in population is really the biggest difference. In conclusion, in comparing both these big cities Cincinnati is showing an increase in the number of burglaries and almost every other crime as for Dallas, the crime rate there is down 6.4 percent. With the population in Dallas being 1,197,816 and Cincinnati’s population being 296,943 people would think that Dallas would be a city full of crime but Cincinnati is far worse. According to NeighborhoodScout . com, on a scale of 100 to 1(100 is the safest) Cincinnati rates just a two. This scale shows that Cincinnati is just safer then two percent of the cities in the United States of America. There are many factors that could explain why Cincinnati has one of the fasting growing crime rates in the nation. One could be the economy where there is nine percent unemployment in the city alone. Another factor could be the racial and ethnic makeup of the city. Looking at the Dallas, Texas crime rates, it rates a six in the crime index (NeighborhoodScout.com). This means that Dallas, Texas is safer than six percent of the cities in the United States. In Dallas there were 8,341 violent crimes and 63,022 property crimes compared to Cincinnati’s 3,087 violent crimes and 20,911 property crimes. Looking at how big Dallas is compared to Cincinnati you would think that there would be more crimes per 1,000 residents but it is not even close. In Cincinnati there are 10.42 crimes per 1,000 residents compared to Dallas’s 6.82 annual crimes per 1,000 residents. When you compare Cincinnati with Dallas, the crime index, population, and the crime rates going up or down, Dallas to me would be the safer of the two cities to live in. References Crime in the United States of America. (2009). February, 2012 http://www.2.fbi.gov/ucr/cius2009/data/table_06.html Neighborhood Scout. (2012) http:/www.neighborhoodscout.com/Cincinnati/crime http:/www.neighborhoodscout.com/Dallas/crime

Stock Market Performance and Economic Relationship

Stock Market Performance and Economic Relationship Abstract: Whether national economy is affecting the stock market or other way round? A lot of studies have done on the past what are relationship of these variables. In my work I have used cointegration and Granger Causality method to find out the relationship between the stock index price and Economic growth indicator GDP. Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Another study from Levine and Zervos (1996) using the data of 24 countries found that a strong positive correlation between stock market development and economic growth. Their expanded study on 49 countries from 1976-1993, they used Stock Market liquidity, Economic growth rate, Capital Accumulating rate and output Growth Rate. They found that all the variables are positively correlated with each other. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. The study was done on 47 countries data using cross sectional analysis. In theory the conventional literature on growth was not sufficient enough to look for the connection between financial development and economic growth and the reason is they were focused on the steady state level of capital stock per workerof productivity. And they were not really concentrated on the rate of growth. Actually the main concern was legitimated to exogenous technical progress. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935; basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As, they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gr owth. (Levine. R A spur to economic Growth) A lot of research has established that future economic growth is influenced by countrys financial growth, stock market index returns are another factor of economic growth. The researcher focused to extend their study; they tie together these two strings and started analyzing the relationship between banking industry, stock returns and future economic growth. Research was done on 18 developed and 18 emerging markets and the results are positive and noteworthy relationship between future GDP and stock returns. Few important features can also be predicted such as bank-accounting-disclosure standards, banking crises, insider trading law enforcement and government ownership of banks. (Bank stock returns and economic growth q Rebel A. Cole a, Fariborz Moshirian b,*, Qiongbing Wu c a Department of Finance, DePaul University, Chicago, IL 60604, USA b School of Banking and Finance, The University of New South Wales, Sydney, NSW 2052, Australia c Newcastle raduate School of Business, The University of Newcastle, Newcastle, NSW 2300, Australia Received 29 September 2006; accepted 26 July 2007Available online 21 September 2007) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 Tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. A study by Randall Filler(2000) using 70 countries data over the period 1985-1997 proves that there is a very little relationship between economic growth and stock market especially in developing countries and currency appreciation has occurred. From the result of the study we can see that an important role may be played by the stock market in an economy, and these are not essential for economic growth. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Cointegration long term common stochastic trend between non stationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called co integrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationary of variables. The unit root test is usually used to confirm stationary of a series. The ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). In this study I have used Augmented Dickey Fuller Test (ADF) to check whether the series is stationary or not. ADF test is based on the estimate of the following regression: is in this case variable of interest = , is the differencing operator, t is the time trend and is the random component of zero mean and constant variance. The parameters to be estimated are { } Null and alternative hypothesis of unit root test are: , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co–integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the non stationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. After that I saved the residual from the above equation. Then, = – is representing the estimated residual vector. If the residual is integrated with order zero that means the series for the residual is stationary, and and are then co integrated and vice versa. I have checked it by performing Augmented Dickey fuller test on the residual series on level value with intercept only of each country. An in this situation (1, -) is called co-integrating vector if the series is stationary. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this is strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger causality approach (1969), lets think the variable y is Economic Growth (GDP) and x is Stock price index, if it is possible to predict the past values of y and x than from the lagged values of y alone. X is said to be granger caused by and y is helping in predicting it. in case of a simple bivariate model, causality can be tested between stock market growth and economic growth. Granger causality run on the basis of the following bivariate regressions of the form: (1) (2) Where GDP denotes economic growth and SP denotes the stock price index and they explain the changes in growth. Variables are expressed in logarithm form. The distribution of and are uncorrelated by assumption. From the equation one it can be said that current GDP is related to lagged values of itself and as well as that of SP. And equation 2 postulates same kind of behaviour for SP. Both the equations can be obtained by ordinary least squares (OLS). The f statistics are the Wald statistics for the joint hypothesis: and F test is carried out for the null hypothesis of no Granger causality. The formula of f statistic is Lagged term is defined here by m; number of parameter is defined as k. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st D Stock Market Performance and Economic Relationship Stock Market Performance and Economic Relationship Abstract: Whether national economy is affecting the stock market or other way round? A lot of studies have done on the past what are relationship of these variables. In my work I have used cointegration and Granger Causality method to find out the relationship between the stock index price and Economic growth indicator GDP. Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Another study from Levine and Zervos (1996) using the data of 24 countries found that a strong positive correlation between stock market development and economic growth. Their expanded study on 49 countries from 1976-1993, they used Stock Market liquidity, Economic growth rate, Capital Accumulating rate and output Growth Rate. They found that all the variables are positively correlated with each other. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. The study was done on 47 countries data using cross sectional analysis. In theory the conventional literature on growth was not sufficient enough to look for the connection between financial development and economic growth and the reason is they were focused on the steady state level of capital stock per workerof productivity. And they were not really concentrated on the rate of growth. Actually the main concern was legitimated to exogenous technical progress. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935; basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As, they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gr owth. (Levine. R A spur to economic Growth) A lot of research has established that future economic growth is influenced by countrys financial growth, stock market index returns are another factor of economic growth. The researcher focused to extend their study; they tie together these two strings and started analyzing the relationship between banking industry, stock returns and future economic growth. Research was done on 18 developed and 18 emerging markets and the results are positive and noteworthy relationship between future GDP and stock returns. Few important features can also be predicted such as bank-accounting-disclosure standards, banking crises, insider trading law enforcement and government ownership of banks. (Bank stock returns and economic growth q Rebel A. Cole a, Fariborz Moshirian b,*, Qiongbing Wu c a Department of Finance, DePaul University, Chicago, IL 60604, USA b School of Banking and Finance, The University of New South Wales, Sydney, NSW 2052, Australia c Newcastle raduate School of Business, The University of Newcastle, Newcastle, NSW 2300, Australia Received 29 September 2006; accepted 26 July 2007Available online 21 September 2007) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 Tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. A study by Randall Filler(2000) using 70 countries data over the period 1985-1997 proves that there is a very little relationship between economic growth and stock market especially in developing countries and currency appreciation has occurred. From the result of the study we can see that an important role may be played by the stock market in an economy, and these are not essential for economic growth. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Cointegration long term common stochastic trend between non stationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called co integrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationary of variables. The unit root test is usually used to confirm stationary of a series. The ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). In this study I have used Augmented Dickey Fuller Test (ADF) to check whether the series is stationary or not. ADF test is based on the estimate of the following regression: is in this case variable of interest = , is the differencing operator, t is the time trend and is the random component of zero mean and constant variance. The parameters to be estimated are { } Null and alternative hypothesis of unit root test are: , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co–integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the non stationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. After that I saved the residual from the above equation. Then, = – is representing the estimated residual vector. If the residual is integrated with order zero that means the series for the residual is stationary, and and are then co integrated and vice versa. I have checked it by performing Augmented Dickey fuller test on the residual series on level value with intercept only of each country. An in this situation (1, -) is called co-integrating vector if the series is stationary. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this is strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger causality approach (1969), lets think the variable y is Economic Growth (GDP) and x is Stock price index, if it is possible to predict the past values of y and x than from the lagged values of y alone. X is said to be granger caused by and y is helping in predicting it. in case of a simple bivariate model, causality can be tested between stock market growth and economic growth. Granger causality run on the basis of the following bivariate regressions of the form: (1) (2) Where GDP denotes economic growth and SP denotes the stock price index and they explain the changes in growth. Variables are expressed in logarithm form. The distribution of and are uncorrelated by assumption. From the equation one it can be said that current GDP is related to lagged values of itself and as well as that of SP. And equation 2 postulates same kind of behaviour for SP. Both the equations can be obtained by ordinary least squares (OLS). The f statistics are the Wald statistics for the joint hypothesis: and F test is carried out for the null hypothesis of no Granger causality. The formula of f statistic is Lagged term is defined here by m; number of parameter is defined as k. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st D

Security Versus Privacy Essay -- Argumentative Persuasive essays

Security Versus Privacy As a result of 9/11, our country has been faced with a new issue: electronic privacy. The terrorists that attacked us used our own technology against us to protect their activities from our view. Because of this, we are now forced to make a decision between two desirable things: privacy and national security. On the one hand, our right to privacy will ensure that our personal rights are not violated, whereas, on the other hand, national security would allow us some comfort against the evil in the world. What are we supposed to do? This issue, however it is decided, will have tremendous impact on each and every one of our lives. The ruling that the government makes concerning this issue will greatly alter the course of our nation and our lives. Our world can either offer complete privacy, which will protect even the criminals from sight, or it will be a closely monitored space that almost completely eliminates our rights as a free person. Now, it is very unlikely, however, that the wo rld will reach one of these two extremes. A quote from The Economist says it well. 'Amidst all this sound and fury, both sides need to consider the fundamental question: in light of the attack, where must the balancing point between security and liberty be set' (The Economist). It does not seem possible to stray to either extreme. Instead, these two issues are dependent on each other. Therefore, our country must seek to find a balance between the two extremes. The government will, however, end up favoring one idea over the other, and that is the crucial part. Their decision will forever change the way people use technology, for personal, business, and other uses. There are currently a few main solutions pertaining to th... .... Bill of Rights. n.d. Cornell Law School. 30 March 2002. Brown, Jason. Personal interview (MOO Lecture). 4 April 2002. Economist. 29 September 2001. 27 February 2002 Electronic Frontier Foundation. n.d. 29 March 2002 Grier, Peter. ?Fragile Freedoms.? Christian Science Monitor 13 December 2001. 29 March 2001 Knouse, Lois E. Personal interview. 11 April 2002. Leahy, Patrick. Statement Of Senator Patrick Leahy. 25 October 2001. U.S. Senate. 27 February 2002 McCullagh, Declan. ?Congress Mulls Stiff Crypto Laws.? Wired Magazine 13 September 2001. 29 March 2002

George Washington: Flaws and All Essay -- Informative Essay

There are many individuals in American History, whom we as Americans regard for their courage and audacity in shaping our nation. We learn in our history classes the great accomplishments of our founding fathers such as Thomas Jefferson, John Adams and Ben Franklin. One other great founding father and our First President, George Washington was one whom we learned much about. We learn in school that he is as a prime example of leadership, citizenship, and overall individual achievement for his many contributions to our nation’s earliest struggles. But although we are taught that George Washington was this man of great disposition, no man is without his flaws. Many scholars have sought to enlighten individuals to these cracks in the Nation’s perspective of our first president. The following composition will give an analysis of literature that shows George Washington was in consistent regarding his views on slavery. Although Washington is well-known for his many political accomplishments little is spoken about his views regarding slavery. George Washington was born on February 22, 1732. Despite losing his father at a juvenile age, 11, Lawrence his half-brother, 14 years older, quickly took over as a surrogate father figure to all of his younger siblings. Washington’s mother, Mary, became very protecting after the death of her husband (Georges father), Augustine. She kept George from enlisting in the British Navy contrary to the wishes of older brother, Lawrence. George lived with his older brother from the time he was about 15 and attended school in Virginia and never went to college. He was very good at mathematics which was quite suitable to his later occupation as a surveyor. In 1752, Lawrence also passed away his c... ...ntributions that they have made to our society. But it may be that we are disillusioned by what we are taught as children that we assume these people don’t have any faults. Maybe knowing these great men had faults helps to see them as more human. Minus the character flaw George Washington was still one of the framers of American society. Works Cited 1. Bordewich, Fergus M. Washington: The Making of the American Capital. HarperCollins Publisher, 2008. 2. Colbert, David. Eyewitness to America: 500 Years of America in the Words of Those Who Saw It Happen. New York. Pantheon Books, 1997. 3. Ellis, Joseph J. His Excellency George Washington. New York. Alfred A. Knopf, 2004. 4. McCullough, David. 1776. New York. Simon & Schuster, 2005. 5. Stevenson, Jay PhD and Budman, Matthew. The Complete Idiots Guide to American Heroes. New York. Alpha Books, 1999.

Hemp :: essays research papers

Hemp In the entire world, there has never been a plant quite as amazing as Cannabis Sativa. Being the world’s only renewable resource capable of solving many of it’s environmental, psychological, and economic problems, it is of no surprise that the plant has made quite an impact in the discovery of the New World. Cannabis Sativa, also known as; Hemp, cannabis hemp, Indian (India) hemp, true hemp, muggles, weed, pot, marijuana, reefer, grass, ganja, bhang, "the kind," dagga, and herb became an ideal plant to cultivate because of its many fine attributes. Depending on the culture, It’s leaves and flower tops were the first, second, or third most important and most used medicines for at least two thirds of the world’s people for at least 3,000 years. Cannabis hemp is by far, the strongest, most durable, longest lasting natural soft fiber, and the worlds most advanced plant family on the planet. Because it is Dioecious, having male, female and sometimes hermaphroditic qualities, it is easy to grow and cultivate. This tall, woody, herbaceous annual, reaching anywhere from 12 to 20 feet in one short growing season uses the sun more efficiently that any other plant on earth. It can be grown in any climate or soil condition on Earth, and is a premier renewable natural resource. Many countries found the plant appealing because of it’s abilities to flourish in extreme heat. The Arabs discovered that the sticky goo, or Hashish, that covered the flowers and leaves was a natural protectant against the sun, holding in moisture and repelling damaging heat. It’s ability to survive in temperatures of 100 degrees Fahrenheit made it ideal for mass production in the New World. Not to mention that it needs no chemicals to grow and has very few natural enemies. The Hemp plant was initially cultivated for it’s main two attributes, it’s hardiness and it’s useful fibers. Until the 1820’s in America, 80 percent of all textiles and fabrics used for clothing, tents, bed sheets, and linens were made principally from the fibers of Cannabis. Until 1883, from 75-90% of all paper in the world was made with cannabis hemp fiber including that for books, Bibles, maps, paper money, stocks and bonds, newspapers, etc. Everything from rugs, diapers, drapes, quilts, towels, rags, and even our nation’s flag were made possible by Hemp. The rest of the world used it’s fibers well into the 20th century and most countries still rely on it for the bulk of their paper and textile industries.

Phase 1 – Intro to Economic Thinking

Phase 1 – Intro to Economic Thinking ECON202-1302A-02: Microeconomics Colorado Technical University Joseph Keller 4/14/13 As prices increase, should health economists advocate giving something up (opportunity costs/trade-offs)? I feel that health economists should promote giving something up in as prices rise. The reason I feel this way is because as the prices increase a lot of people would not be able to pay for the services . So in this case I believe that they should consider lowering the prices, this in return should encourage people to continue to receive the services.The tradeoff probably would be lowering the salaries of some of the health providers. As the quantity of health services provided goes up, does the benefit of each additional unit of service become smaller (marginal analysis)? If the number of services goes up the benefit of each service would become smaller, because using marginal analysis every addition is considered less value. So if you use marginal ana lysis it will help you figure if generating different services will benefit your company (Cliff's Notes, 2013).Discuss the issue of health care in the context of the following microeconomic concepts: Marginal analysis Marginal analysis in the health care industry for example would be if you were spending $1000 for 5 units of health service, sold in $200 increments, marginal analysis would work like this, if you were to buy another $200 you would get 1/2 units, if you bought another $200 you would gain 1/4more ,another 1/8 . So as you can see you could get to a point were buying more units would work negatively because you would no longer be gaining anything (Cliff's Notes, 2013). Trade-offs /Opportunity costsTrade-off in the industry would be if a facility badly needed to add another unit, the trade of could be to lower some of the workers’ salaries in order to compensate for that extra money being spent. The opportunity cost is the money lost from the employees in order to g et the extra unit needed. (Hubbard, G & O’brien, and T 2013). Normative versus positive economics Normative economics deals with what the economy ought to be like or what particular policy actions ought to be suggested to attain a necessary goal. Positive economics is the part of economics that concentrates on realities and cause-and-effect relationships. Hubbard, G & O’brien, and T 2013). . Should this decision be made in a centrally planned economy or a market economy? I think that health care in particular should be controlled by a centrally planned economy. These I think will promote a more fairly run system and decisions basically are made for the greater good. The reason that I feel this way is because if you let the market control the economy then they most likely would do what’s best for their self’s instead of what is best for all. If it was a market economy we would probably have the same problem that we have with the gas industry, prices steady rising until it is unbearable .People would still need the service but it would be on a must have basis (Hubbard, G & O’brien, T 2013). At least now there are plans in affect to insure that everyone has affordable health insurance, along with things like Medicaid and Medicare. Is health care a macroeconomic or microeconomic issue? I think that healthcare is both because you have to look at it from both perspectives, on one hand healthcare is a microeconomic issue because it is the study of individual firms and their economics .I think the micro part of health care comes into play when you’re talking about individual offices and hospitals . Then it can be viewed as macroeconomics when you look at health care in the bigger sense, meaning health care as a whole. The macro part comes into play when you look at health care and government assistance laws etc. How would this affect production efficiency? Healthcare offers a unique subject, because if a person is having a lif e threatening issue, people will still obtain the services no matter the cost if they can afford it.If the health issue is not that serious then a person may shop around for trying to find the best deal available, or if they don’t have medical insurance they may choose to forego the procedure needed altogether. References Cliff's Notes. (2013, April 14). Economic analysis. Retrieved from http://www. cliffsnotes. com/study_guide/Economic-Analysis. topicArticleId-9789,articleId- 9726. html Hubbard, G ; O’brien, T. (2013). Microeconomics. Upper Saddle River, NJ: Pearson Education, Inc