How to Write Ethos

How to Write Ethos While working on ethos, you have to realize that it has to show the way the readers recognize the writer. Below we present the main features that the readers may find out about the writer. Note, that in the case with ethos the writer never mentions himself. So, among the features the readers may ascribe to you there are lazy, careful, educated, enthusiastic, dishonest, boring, etc. All these features may be ascribed by the reader to the writer after he says what he has to say and the way he says it. Readers have also an opportunity to describe the writer’s appearance, his gender, his fashion style and whether he speaks with an accent. It is highly important for you to set 2 specific aims to reach while building up your ethos. The first one lies in the fact that you have to make your readers trust you. The second – you need to make your readers respect or even like you. When you read â€Å"like you†, don’t think that it is necessary to make your readers go out with you for a date after they finish reading your paper. The point is that readers usually appreciate what you have done, that is they respect you for the interesting paper you have written. In order to create a strong ethos, follow these simple recommendations: You need to have good pathos/logos. You need to show your readers that you have performed a thorough research of your topic. You need to show your enthusiasm concerning your topic. You need to express empathy if it’s appropriate. Remember, in case you perform limited research for your ethos, your readers will definitely be less inclined to trust what you have written. Thus, your support of arguments won’t be convincing and valuable. Never forget to check your paper for grammar mistakes and typos. Otherwise, your readers will never respect you and won’t be interested in reading it at all. Show your readers that you care about what you are writing and be sensitive where it is appropriate.

My Reflection Of Freedom - 1273 Words

Reflection Journal #1 Freedom is something that is usually thought about as having the ability to do whatever one wants to do. Of course, that is correct in the literal sense but, to me freedom can mean much more. To me freedom allows me to be myself in every way possible and it means that I can choose my own path in life, choose my own beliefs and values, and choose what I do with my relatively brief time on Earth. What freedom means is dependent on where you live, who you are, and how you were brought up. The basis for my idea of freedom comes from how I have lived my life so far. I have had to ability to choose what I believe in and what I can do with my life. I could choose what I want to do with my career and change it when I†¦show more content†¦Constitution and are used in our government today. Rousseau generally agreed with Locke and Montesquieu but had a different idea on government that Montesquieu. Absolutism is the sheer opposite from freedom. The way the early p hilosophers thought of freedom directly contrasted the idea that one person should hold the power over all. If people should have the freedom to do what they please within the boundaries of the law such as Montesquieu thought of freedom, then absolutism could not be in place in government. The only we can get the freedoms that every human has is to do away with absolutism. In a way, absolutism was a big obstacle in the way of us having our freedoms. In Reflections upon Marriage, Mary Astell uses absolutism to describe how women feel in relation to men. She calls out these men that say that absolutism is not necessary and tells them that is exactly what is happening in marriage. The men are the tyrants in these marriages and the women have no say in what they do or say. The irony in it is fascinating because as much as the men wanted the tyrants to be gone, the women were getting treated like that after the fact. The French Revolution was caused in part by the problem they had with t he king. He was an absolute monarch and that allowed no freedom for anyone. The monarch, King Louis XVI, was also not really respected because he was unable to make his own decisions and ended up letting his wife influence a lot ofShow MoreRelatedInformation Communication Technology Ethics823 Words   |  4 PagesInformation and Communication Technology Ethics | Reflections | This document contains the reflections on all topics and lectures taught in the class mentioned above. | | Reflection (1) Philosophy amp; Ethics; â€Å"allows us to breakout of prejudices and harmful habits that we held since we were too young or too naà ¯ve to know better†. Also allows us to see and appreciate other views of the world and study it to see â€Å"the consequences of our views†, because what we think amp; know might notRead MoreWhat is Existentialism?1533 Words   |  6 Pagesmovement that puts a lot of emphasis on, as the name suggests, existence. However, the movement stresses more on the existence of the human being in particular. Key elements of this movement with regards human existences is the question of choice, freedom and subjectivity. I am particularly interested in the matters that arise from the existentialists and their effect on Africa and its people. I will generalize here as I try to look at Africa in a broad sense focusing using examples on different existentialRead MoreLooking at the Character of Meursault in The Stranger by Camus1054 Words   |  5 Page sof Meursault in The Stranger by Camus In Camus’s â€Å"The Stranger† I will be discussing how the character Meursault utilizes all of the six existential themes: Freedom, Contingency, Individuality, Existence, Reflection, and Passion. I will also address how Meursault utilizes the existential givens of existence: Death, Freedom, Existential Isolation, and Meaning/Meaninglessness. I will then go on to discuss Meursault’s responsibility (guilt) throughout the novel. Finally I will discuss the interactionRead MoreTeaching as an Act of Love1097 Words   |  5 PagesAntonia Darder. Teaching as an Act of Love: Reflections on Paulo Freire and His Contributions to Our Lives and Our Work. Summary: Antonia Darder presents a portrait of why Freire’s work as an educator was so influential in creating an understanding of education as an art. Teaching truly became an art when educators like Freire began to understand the importance of education in the movement of social change. The presence of love in the classroom, the type of love that is lively, forceful, challengingRead MoreLight Of The Attacks On The Charlie Hebdo Headquarters975 Words   |  4 Pagesfirst amendment goes far beyond its reach as a keystone to the constitution; it is an inalienable right. Going through the benefits and consequences of free speech I find simple. As for the benefits, that is if the privilege is used, allows for the freedom of expression. Whether it be social commentary, cooking recipes, or personal blog posts. No matter how impoverished or unfortunate one’s circumstances might be, their thoughts and convictions can never be taken away and are always present. What isRead MoreAmerican Government Final Reflection1136 Words   |  5 PagesFinal Reflection/Position Paper American Government March 10, 2013 Final Reflection/Position Paper The purpose of this paper is intended to summarize my views on what has influenced my understanding of politics and government prior to taking this class, and how my understanding is now since completing this course. Pre Reflection/Position My understanding of politics and government prior to taking American Government came from my family and their beliefs.Read MoreArguments Made in Take the Tortillas Out of Your Poetry Essay1228 Words   |  5 PagesArguments Made In Take The Tortillas Out Of Your Poetry Even though the cultural and veiled censorships have to do with why they wont let his book be read, he talks about why he wrote the novel, that it was a reflection of his childhood, and that censors only paid attention to one detail and that was the so-called bad words in Spanish and they used that as an excuse because the novel did not meet the criteria of the circumstances. The censors used a technique where they zoomed in on one detailRead MorePhilosophy Reflection1126 Words   |  5 Pagesperson can change the world of one person. My belief in the power of language is strengthened by philosophy. This philosophy course has encouraged me to share my opinions that are not influenced by other peers or older adults, but to deeply reflect and research my beliefs and opinions. Looking at how philosophy has shaped United States, I am granted my gratitude towards the Constitution, and the democracy and freedom we now have, compared to other countries. My views of electronics have changed, gainingRead MoreAnalysis Of An Eye Who Is The Whole World Go Blind 1280 Words   |  6 Pages called Dawn. Dawn takes place in Palestine, a place where the Jewish community wakes up to a red, vengeful sky. After surviving the Holocaust the main character, Elisha, has been recruited as a terrorist for the Freedom Movement. For Elisha, who is now without a family, the Freedom Movement represents a new dawn, an act of hope, and most importantly, a retaliation in the name of faith to secure what s rightfully his peoples. However, daybreak presents Elisha with a more tortured reality; he hasRead MoreThe Methods Of The Practice Of Study946 Words   |  4 Pagesthe practice of study: repetition, concentration, comprehension, and reflection. Many people including myself have patterns of study, we use daily that may differ from what Foster uses. An example of this is that we might just focus on reading the material we are trying to learn, but at the same time we might not notice that we are missing the key points on what we are studying. I’m one to admit I barely use Fosters’ method s. My method is write notes, look over those notes, pray that I’ll remember

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The Issue Of Gun Control - 872 Words

There should only be three guns per household First I think Molly Ivins is wrong when she say get rid of guns. What she don’t realize there will still be violence in the united states of America gun are not the problem the people that own the gun is the problem. Secondly some people buy guns to feel safe just think about a woman that has three kids and she lives on her on what should she go out and buy the protect her family and make sure that they are safe. Third people love gun because guns make people think twice about breaking into their house are bothering the person who own a gun. When she say get a knife, Get a Dog, But get rid of guns. Fourth at the same time she should do more research because dog kill people and knife kill people too, so I don’t get where she is trying to go with that. I just think gun are not the biggest issues, violence is the biggest issues because if you take gun always people will still find something to replace the gun. The Second Amen dment to the Constitution, which concerns the right to bear arms. I believe in the second amendment, but I think they should add information to the second amendment to aloud no more than three guns per household. That should be enough for one household to keep their family safe and out of harm s way. Most Americans may argue against the three guns per household some will say that they need more gun in their house.Many American love the second amendment because it gives them the right to buy as manyShow MoreRelatedGun Issue And Gun Control1401 Words   |  6 PagesUniversity, Gun Politics has been a course I have aspired to take. While many enroll in such a course looking for an escape from the â€Å"collegiate liberal echo chamber† or as an outlet for their conservative agendas, I saw the class as an â€Å"entrance to the dark side.† My views on guns prior to the class were, I would call, polarized yet uninformed. In most of my discussions, I would cite the Australian 1996 National Firearms Agreement as precedent for how American politicians should approach the gun issueRead MoreThe Issue Of Gun Control Essay1646 Words   |  7 Pagessomebody who wants to inflict harm on other people to get his or her hands on a gun.† (Simple Minded Gun Control). Gun control is a controversial issue worldwide. The reason why this has attracted so much attention is because not everyone is in favor of gun control and each side brings up excellent points about the issue. Research related to this issue strongly supports the claim that there SHOULD be more gun control laws. Three arguments that prove this position are (1) Incidents like Sandy HookRead MoreThe Issue Of Gun Control1489 Words   |  6 Pagessplit on the issue of gun control. We have seen many violent shootings and innocent people dying because of gun violence. Some Americans believe we need strict gun laws to protect our children and ourselves from these horrific tragedies. Other Americans belie ves it is our rights as Americans to posses’ guns and we are entitled to that right in our constitution. There are also some Americans that are stuck in the middle and can see both sides but recent events have definitely caused this issue to be inRead MoreThe Issue Of Gun Control1031 Words   |  5 Pagesintegrate them in a way that will trigger a new viewpoint on the subject. Gun control is something that should be enforced across the world in order to save lives. In the United States there is a ratio of 88.8 guns per one hundred persons (GunPolicy.org). Those numbers award us with the highest total per capita number in the world. With that amount of firepower there needs to be an efficient way to regulate who exactly can purchase a gun. Since 1791 when the second amendment was ratified there have beenRead MoreThe Issue Of Gun Control1705 Words   |  7 Pagesaway without preface or reason. All someone needs to do is pull the trigger. In today’s world, guns are far too accessible to the people of society. We hear in the news, stories of mass shootings, homicides, and suicides; most of which are caused by the activation of a gun. A hot-button issue, gun control is one of the most debated topics in American politics. Should we, or should we not, be able to own guns? Although it infringes on the Second Amendment that provides the right to bear arms, this amendmentRead MoreThe Issue Of Gun Control951 Words   |  4 PagesGun control has been a big topic for the past decade in the united states. These debates will rise and fall time in and time out after something horrific happens in the state. Anti-Gun supporters do not realize that it is extremely difficult to regulate something in the states that is a big portion of our economy.Would stricter gun laws change anything? So far statistically It has been proven otherwise one must consider how a citizen would defend themselves when they are faced with terror. How willRead MoreThe Issue Of Gun Contro l929 Words   |  4 PagesGun Control Getting arrested yesterday was not the highlight of my week. I was hungry; so I went to Wal-Mart get some charcoal, lighter fluid, and steak. I put the charcoal in the grill and the lighter fluid on the coals. I got a little lighter fluid on my arm, but I didn’t pay it much attention. I lit the match and threw it on the coals. I looked down and my sleeve was on fire. I was waving my arm in the air, trying to put it out. Then here they come the police pulled in and tackled me to theRead MoreThe Issue Of Gun Control1552 Words   |  7 PagesThe issue of gun is always controversial. Firearm can be used as defending or an assaulting weapon. In United States, firearm increase the rate of homicide, suicide and gun violence, which can harm and murder people. Moreover, taking away people’s gun will not work effectively because the murder and criminal will find another ways to get guns. Also, the black market will appear for the people who cannot get guns from regulated market s. In addition, if regulated guns are banned, murderers may useRead MoreThe Issue Of Gun Control1678 Words   |  7 PagesJanuary 2014 The 2nd Amendment Over the past few years, the issue of gun control has been widely discussed. You surely have heard the phrase, â€Å"Guns don’t kill people, people kill people† uttered and i wholeheartedly support this statement. It is important to treat guns responsibly so they do not end up in the wrong hands. I believe gun control violates our inalienable rights. Another piece of our liberty will surely be taken away if guns are banned, and socialism and totalitarianism will be rightRead MoreThe Issue Of Gun Control1208 Words   |  5 PagesWill Christopherson Traverson English 2 1 March 2017 Gun Control The United States has 88.8 guns per 100 people, or about 270,000,000 guns, which is the highest total and per capita number across the globe. The current public gun control debate in the United States seems to be placed on standby until it is sparked up by a major mass shooting. There were at least 126 mass shootings between January 2000 and July 2014.(pro). Opponents of more gun laws accuse supporters of using a horrific event to further

The Scope Of Communication Essay - 1313 Words

Introduction The scope of communication has diversified in recent years - culturally, linguistically, and in delivery and form. According to some of the world’s leading researchers in English pedagogy, world societies have become â€Å"culturally and linguistically diverse and increasingly globalized.† (The New London Group, 4) As a result of these changes, as well as advances in technology, globalized communication resonates in nearly all areas of life in modern society. This ‘life writing’ as it is called takes place, often online, in social forums. With these diverse social forums come their own stigmas. For instance, Instagram - a photo sharing forum - contains its own lingo and modes of communication, it reaches particular groups within society and has a separate set of contributors than, say, reddit might. This leads to further sets of questions concerning social interaction. For the sake of this research, I have specifically analyzed a microcosm, or smaller digital community, within the context of the changing digital world. This community is includes a group of university students in Hawai’i who share a common interests in anime and the video games. The forum used by this community is called ‘Discord’, which is an application commonly used by online gamers to communicate with large groups from home. Within this research, I interviewed a close friend of mine who has been a part of this community for the past two years. While I came into the study with theShow MoreRelatedA Brief Note On Scope And Communication Management2218 Words   |  9 PagesScope and communication management are two of the major PM Knowledge Areas where poor practices contribute to project failure or success. Discuss why these two areas are so critical to project success and failure and give at least two examples of good practice in these areas (we want two e xamples overall, it could be one from each or two from one area) that help ensure success. Scope management Scope management is one of the major components of PM knowledge areas. This often refers to the processesRead MorePurpose And Scope Of Communications Management Plan Essay905 Words   |  4 Pages1 INTRODUCTION 1.1 PURPOSE AND SCOPE OF COMMUNICATIONS MANAGEMENT PLAN The purpose of this Communications Management Plan (CMP) is to define the processes required to ensure timely and efficient disposition of all project information. It also provides appropriate methods for information collection, screening, formatting and distribution of project information. Additionally, it provides an understanding among project teams regarding actions and processes necessary to facilitate the critical linksRead MoreDiscuss Whether the Postal Rule Should Continue to Be Applied, and the Scope of Communications Methods(If Any) That Should Be Covered by the Rule2489 Words   |  10 Pages|ASSESSMENT : RESEARCH ESSAY | | | |Discuss whether the postal rule should continue to be applied, and the | |scope of communications methods(if any) that should be covered by the rule | | | |Alfred | |22 May, 2012 Read MoreAdvise to a First Time Project Manager on a Software Application968 Words   |  4 Pagesproject scope statement Communicating effectively with team members The summary of my advice to Julianne will be that a successful project manager must at all times focus on successful execution of the project work scope and ensure that the project deliveries meet all the specified requirements. To achieve these objectives, the Project manager should pay close attention to three critical elements, name: †¢ Organizing people and resources †¢ Covering all aspects of the project scope statement Read MoreStakeholder Communication And The Development Of The Cgi Simulation Program901 Words   |  4 PagesStakeholder Communication â€Å"Stakeholders are as diverse as they are numerous. They can also exert various types of influence or power over the organization (Post 1999). Changes in a company s approach to communication and marketing must consider †¦ key stakeholders who are necessary for the survival of the corporation† (Clark, 1990, para. 2). Key internal stakeholder that will assist in the development of the CGI simulation program include: AGS management: environment artists, prop artist, characterRead MoreLesson Learned 3 : Inability1216 Words   |  5 Pagesinability to control scope change Scope management begins at the beginning of a project. In the planning process group, two types of â€Å"Scope† need to be carefully defined: product scope and project scope. The product scope here would be the features and functions requirements of the e-Borders system. The project scope here should be how the work would be done including the deadline for the project completion. A scope baseline need to be approved with the project scope statement plan andRead MoreConstruction Scope Of A Project Manager1644 Words   |  7 Pagesto define Project Scope no matter what methodology you choose to use. Defining what is needed is the first step towards establishing a project timeline, setting project goals and allocating project resources. These steps will help you define the work that needs to be done – or in other words, define the Scope of the project (CIO, 2011). Scope is the summation of all deliverables required as a part of the project. This includes all products, services and results (Kerzner). The Scope here, is to successfullyRead MoreThe Core Product We Are Developing Is 3d Imaging Software For Using Design For Creating A 3d Frontend Essay1319 Words   |  6 Pagesthis report are what our main deliverable is for this trimester, and our project management plans for communication, procurement, cost, scope, and the integration of them. At the end of this trimester, our main deliverable is a minimum viable product (MVP). This will be a very basic application with only the core functionality of a 3D front-end that the user can input data to, with communication to a database that will store the data. With a complete MVP we will be in a good position to review whatRead MoreHBP Simulation1056 Words   |  5 Pagesabsence of challenge. Here, an increase in SL up to 1.2 is often observed with higher TM, due to positive stress. However, from the SL 1.2, TM shrinks with further increases of SL due to negative stress. The target completion date and the project scope directly impact the SL and TM. They affect TM negatively if they are pessimistic or overly optimistic. Both are linked to the notion of challenge and benefit the project if they are slightly optimistic. Moreover, excessive and/or regular overtimeRead MoreThe Impact Of Communication On Project Performance1255 Words   |  6 Pages CHAPTER 1 INTRODUCTION 1.1 Background of study Communication is an essential key that will manipulate the organization operation by transfer of information. The research study about the impact of communication on project performance. This research will explore the communication method used and the effective communication method of construction industry in Kuantan. An introduction of what is the overall content of this research are shown in Chapter 1. This chapter will include background of

Modeling of Development and Cooperation †Free Samples to Students

Question: Discuss about the Modeling of Development and Cooperation. Answer: Introduction: The global economy runs efficiently based on international trade. At the heart of this international trade lies the question of what and in how much quantity things should be produced and who is going to be the targeted consumer for whom the goods are being produced. The market in which different firms operates have been classified by the economists based on certain characteristics it possessed. Amongst the classification made by the economists, perfect competition and monopoly are the two extreme segmentations. There also exists segmentation named as oligopoly, monopolistic and monopsony market. This write-up deals with the case of natural monopoly. In the next segment of this article, the concept of natural monopoly has been elaborated. In addition the ways in which firms operating under this market structure can be regulated has been discussed. It is the government of any country who can take initiative and lay down some regulations based on which the firms can be restricted to operate in full-swing. In addition, the need for such control over any particular firm has also been discussed followed by real life examples. The last section of this write up summarizes the entire findings and tries to justify the usefulness of government intervention if any. Monopoly market has been classified by the economists as the market structure where a unique product is sold by a single seller and faces no competition from others. Henceforth, they enjoy the right of quoting prices according to their own terms and often it has been observed that the prices quoted by them is much higher than the expected price if they had operated under any other market structure. In other words, there is absolutely strict restriction in the entry of firms in the market as made up the existing firm. Definition and Pricing: According to (Stiglitz Rosengard, 2015) natural monopoly is an unique phenomenon in market structure which has been characterised by either high fixed cost, unique technology used or specific raw materials required in production of the goods. Usually the lack of similar technology or a high level start up cost often barred the other enthusiast entrepreneur from entering into the market. A better depth into the concept and pricing under natural monopoly can give a clear vision about the need for government intervention under such market structure. According to (Hawley, 2015) whenever a single firm within a particular market structure can operate more efficiently than any other firms enter the market is known as natural monopoly. Under this structure, the single operating firm is able to reap the maximum benefit within the industry. The figure drawn below is going to help us in understanding this market structure. In the above figure, price and quantity has been plotted in the vertical and horizontal axis respectively. The long run average cost curve (LRAC) has been plotted in red colour whereas the demand curve in green colour. Under monopoly market the demand curve itself is the average revenue curve. It can be seen from the figure above that at a very high quantity of 200 units the firms AR becomes equal to the AC. Henceforth it can be stated that the firm is able to serve the major demand of the consumers by keeping their price low and producing bulk of goods. In reality though this situation seems to be good for the economy but the monopolist producers are guided by their own interest in profit making. Since they have no competitors in their field they always try to quote the maximum price possible for selling their products. Under such a circumstance it would be seen that they are producing only 50 units of goods in the market and selling it at a very high price as shown in the figure above. Hence free operation of the producer under natural monopoly will lead to sub-optimal production and inefficient resource allocation. In addition, many consumers will be deprived of their demand due to fierce competition and lack of available goods. Hence, under this situation often the government intervenes and tries to regulate the market through various tools available at their disposal. Problem or Flaws of Natural Monopoly: The main problems that arise when a firm operates under natural monopoly are that of asymmetric information, moral hazards and inefficient allocation of resources giving rise to sub-optimal level of production if remain un-regulated (Lim Yurukoglu, 2015). If the goods and services remain un-regulated and are privatized then the producer will charge prices so high that people will stop demanding for the same. Hence, the resources that could have been used to produce bulk of goods will then be used for producing lesser quantity of goods as per the demand of the consumer. This will lead to inefficient allocation. There have been several theories put forward by the economist in regards to the steps that can be taken by the governing authority of any country in controlling the natural monopoly firm. Amongst them the well-known and effective steps have been either putting up a quota on the minimum goods produced or maximum price that can be charged for the goods. Other than that the government may provide subsidy to keep the price at check and allowing more people to reap the benefit of the goods (Vikharev, 2013). Few real life examples of natural monopoly are given below and the ways in which the government regulated it have been discussed thereafter. The railway system in India and China is a classic example of natural monopoly. However it is not regulated by any private sector but the government of India bears the sole responsibility of operating this system (Bordie, Wilson, Kuang, 2014). Other than that the energy production in the form of oil and natural gas also is a part of natural monopoly with one company enjoying economies of scale and providing service to almost the entire nation. In case of United Kingdom and United States, the telecom building network and its maintenance comes under the natural monopoly market (Borenstein Bushnell, 2015). In U.S.A. the supply of electricity has also been considered under natural monopoly. In the case of telecom service and electric supply it has been seen that there is existence of more than one supplier but dominance of a particular supplier and their ability to reap benefits from economies of scale makes these sectors an example of natural monopoly. The ways in which these sectors have been regulated is discussed hereafter. Government regulation to maximize efficiency: Research has been carried out by several economists in studying the efficiency of the most important transportation service in the world. According to a research economists have taken up 20 countries and surveyed their railway network system. Unanimously they have found out that in all these countries this vital transportation system has been regulated by the government and minimal privatization have been involved (Borenstein Bushnell, 2015). Further studies has shown that this similarity is due to the fact that providing this service requires huge initial cost followed by constant recurring investment in the forms of maintaining signal, traffic and other infrastructure. Under this circumstances if things were left to private companies then they would have been able to efficiently supply the service but at an excessive high cost. This would lead to market failure. Hence, the government felt the need to control this natural monopoly market by providing the service by them. In case of Indian economy, the government pays a huge amount of subsidy in the local trains and tries to collect as much revenue possible from the goods train to balance their expenditure (Laurino, Ramella, Beria, 2015). Another paper tries to find out the reason behind intervention of the government of USA in regulating the supply of electricity and water services in the country (Nepal Jamasb, 2015). It has been observed that these two services also fall under the category of natural monopoly. Cost-benefit analysis have shown that if multiple company operates in providing drinking water within any particular region of the country then it is going to lead market failure. Construction of pipelines of different companies into each household will incur a huge cost and people will only use any one of them, while others will be unused. Hence, the government has intervened and set up regulations to properly distribute drinking water to the people through proper distribution rights to the company dealing with it. Similarly supply of electricity and telecommunication system within the city incurs huge fixed cost and henceforth the government intervened by implementing proper competition policy and maintaine d peace in trade and commerce amongst the electric supply companies (Cherry, 2014). Natural monopoly exists in case of supply of essential goods like oil and natural gas. It can be debated that there are several companies engaged in the world in extraction of oil and natural gas but when it comes to market power only a few company from the OECD countries reap the major benefits. In addition, they have become so powerful that they can often cause harm to the world by curtailing their production or through artificial price hike. Hence, the government of almost all countries are very sensitive about the supply of this particular commodity (Mehrotra, 2017). They are also sensitive about the international trade regulation regarding oil and natural gas and always try to maintain a balance between the price and supply of the goods. In case of India, it is the ONGC who have the major share of the market. In China, amongst the top 5 energy supplying companies, 3 are solely owned by the government and the other two are regulated to a great extent (Hu Dong, 2015). In USA, it is Chevron who rules the market along with few other major companies. It has been noticed that in all these companies there exist one similarity and that is though some are state owned and some are privatised but all of them are stringently regulated by the government of the respective nation. Conclusion: Hereby it can be said that there exist different market structure within an economy depending upon the number of buyers, sellers, start-up cost, barriers to entry and exit and other such factors. Amongst all these types, perfect completion and monopoly are the extreme scenario where the former is an utopian situation and the later exists with some level of discrepancies. It has been seen that within the monopoly structure whenever a firm is characterised by high level of fixed cost and continuous falling average cost it naturally bars other firms from taking part into the competition. Often this can be the cause of market failure and hence under such a situation it has been found that the government of that economy intervenes and regulates the market. It has been observed that in most cases it is the essential public goods that fall under natural monopoly like the supply of electricity, transportation via railway network, supply of drinking water, etc. The greatest threat possessed u nder this market structure is that of market failure and sub-optimal utilization of resources. Hence all over the world researches are carried out by taking both quantitative and qualitative data in finding out a proper solution of this problem. It has been seen that it is only the higher authority that is the government through proper implementation of trade rules and competition policy can curb the problem posed by the firms under the market structure of natural monopoly. The economists through regular debates and continuous researches are trying to find out if any alternative situation can be create which might lead to lack of market failure. There lies further scope of research about the role and the need of the government in curbing the problem of natural monopoly throughout the global economy. References: Bordie, R., Wilson, S., Kuang, J. (2014). The Importance, Development and Reform Challenges of Chinas Rail Sector. Borenstein, S., Bushnell, J. (2015). The US electricity industry after 20 years of restructuring. Annual Rev. Econ , 437-463. Cherry, A. B. (2014). Historical mutilation: How misuse of'public utility and'natural monopoly'misdirects US telecommunications policy development. Hawley, E. W. (2015). The New Deal and the problem of monopoly. Princeton University Press. Hu, A., Dong, Q. (2015). On natural gas pricing reform in China. Natural Gas Industry . Laurino, A., Ramella, F., Beria, P. (2015). The economic regulation of railway networks: A worldwide survey. The economic regulation of railway networks: A worldwide survey. . Transportation Research Part A: Policy and Practice , 202-212. Lim, C. S., Yurukoglu, A. (2015). Dynamic natural monopoly regulation: Time inconsistency, moral hazard, and political environments. . Journal of Political Economy. Mehrotra, A. (2017). Issues and Challenges in Development of Efficient Gas Market. In Natural Gas Markets in India . Springer Singapore. Nepal, R., Jamasb, T. (2015). Caught between theory and practice: Government, market, and regulatory failure in electricity sector reforms. Economic Analysis and Policy , 16-24. Stiglitz, J. E., Rosengard, J. K. (2015). Economics of the Public Sector: Fourth International Student Edition. . WW Norton Company. Vikharev, S. (2013). Mathematical modeling of development and reconciling cooperation programs between natural monopoly and regional authorities.

Theoretical Description and Empirical Evidence free essay sample

Among the considerable amount of examples the Purchasing Power Parity (PPP) and its building block – the Law of One Price (LOP) seem to stand out the most due to their fundamental importance for modern economics. Officer (1986) even argues that without the imposition of LOP, there would not even be the traditional pure theory of international trade. â€Å"Without this law, much of the â€Å"monetary theory†, too, would have to be reconstructed† (Officer, 1986). In this essay the Law of One Price and the theory of Purchasing Power Parity (PPP) will be presented. First, a theoretical definition of PPP will be given with short explanation what makes it so important for the contemporary economics and finance. Second, a definition of the LOP will be made as a building block of the PPP. A discussion built around the statement of Isard (1977) that â€Å"In the assumed absence of transport costs and trade restrictions, perfect commodity arbitrage insures that each good is uniformly priced (in common currency units) throughout the world – the â€Å"law of one price† prevails† will follow with reference to some key empirical research. We will write a custom essay sample on Theoretical Description and Empirical Evidence or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Some support the law whereas other go as far as suggesting dismissal or at least reformulation of the law. Due to the vast amount of research on the topic this essay will attempt to only summarise and present the findings very briefly. In conclusion the essay will show that even if the law of one price is true, we have no way of verifying it except for a small class of goods or in specific context. The â€Å"theory-data gap†Ã¢â‚¬â€ between the specifications which allow the theory to apply and the conditions under hich the relevant data can be collected in the real world—is much too large, and shows no signs of becoming smaller. What is Purchasing Power Parity (PPP)? The concept of purchasing power parity (PPP) can be traced back to as early as 16th-century writings of scholars from the University of Salamanca in Spain (Officer, 1982, cited in Rogoff, 1996). Yet, the definition of PPP as we use it in modern economics is relatively new and is usually credited to Gustav Cassel (1918). The idea behind it is fairly straight forward and intuitive: when measured in common currency, the monies of different countries should have the same purchasing power and be able to purchase the same basket of goods (Reinert et. al. , 2009). Stated otherwise if the market arbitrage enforces broad parity in prices across a sufficient range of individual goods (the law of one price, which is discussed further down), then there should also be a high correlation in aggregate price levels (Rogoff, 1996). To illustrate it with a simplified example the PPP states that in the â€Å"long run†, if ? 00 can buy a certain basket of goods in UK, then, after converting it into US Dollars, the sum should be able to buy approximately the same basket of goods overseas in the United States. While few empirically literate economists take PPP seriously as a short-term proposition, most instinctively believe in some variant of purchasing power parity as an anchor for long-run real exchange rates. Absolute and Relative form To describe the relationship between exchange rates and national price levels economists usually use one of the two main conditions of PPP – absolute or relative. The first states that the spot exchange rate is determined by the relative prices of similar baskets of goods. This suggests that we could determine the ‘real’ or PPP exchange rate that should exist if markets were efficient by comparing the prices of identical products denominated in different currencies. On the other hand, the relative PPP holds that PPP is not particularly helpful in determining what the spot rate is today, but that the relative change in prices between two countries over a period of time determines the change in the exchange rate over that period. More specifically, if the spot exchange rate between two countries starts in equilibrium, any change in the differential rate of inflation between them tends to be offset over the long run by an equal but opposite change in the spot exchange rate. The commonly agreed statement is that the absolute PPP is less (if at all) useful than the relative one. Salvatore (2001) argues that â€Å"the absolute PPP theory cannot be taken too seriously / / whenever the PPP theory is used, it is usually used in its relative formulation†. Rogoff (1996) points out that the biggest problem for not using absolute PPP is the lack of data to conduct viable tests. With very few exceptions there are no indices for internationally standardised basket of goods. The absolute version of the PPP theory has in its roots The Law of One Price Abstracting from complicating factors such as transportation costs, taxes, and tariffs, the law of one price states that any good that is traded on world markets will sell for the same price in every country engaged in trade, when prices are expressed in a common currency. The law of one price is based upon the idea that market participants exploit arbitrage opportunities by purchasing (selling) a good in one market and selling (purchasing) it in another until there is a price equilibrium. A significant amount of empirical research has been done on the validity of the Law of One Price (LOP) and although called a law, it has probably been violated more than any other economic law (Miljkovic, 1999). Authors have found the LOP to hold among some products and not others (Ardeni, 1989; Baffes, 1991; Zanias, 1993). Other authors have questioned the testing techniques used (Pippenger, 2004; Goodwin 1990; Goodwin, Greenes, Wohlgenant, 1990). Further down few key empirical studies will be presented with their findings and conclusions. Due to the vast amount of research on the topic this essay does not claim being either fully comprehensive nor very detailed as its aim is to give rather good idea about the main problems regarding PPP and its foundation – the Law of One Price. Empirical evidence on LOP Early empirical literature on the validity of the law of one price finds little support in favour of the hypothesis. In recent years, however, evidence coming from the exploitation of new data sets, either in the form of panel data or longer time series data, tend to support the view that the law of one price does hold in the long run (Goldberg and Verboven, 2005; Cecchetti, Mark, and Sonora, 2002). The documented price convergence in the European car market during the integration process is one of the few pieces of evidence that are in favour of LOP (Goldberg and Verboven 2005). Some early research Among the early studies to document the size and volatility of LOP deviations across seemingly highly traded goods were Isard (1977) and Richardson (1978). Isard examined disaggregated data (including transactions price data) on U. S. , German, Canadian, and Japanese exports for a range of highly traded goods, such as apparel, industrial chemicals, paper, and glass products. He found that deviations from the law of one price are large, persistent, and to a significant extent simply reflect nominal exchange rate movements (Isard, 1977). Richardson (1978) finds some evidence of commodity price arbitrage between the United States and Canada, but the arbitrage is far from perfect. Using an even more disaggregated data set on transactions prices for the United States and Japan, Giovannini (1988) finds significant price differentials not only in relatively sophisticated manufacturing goods, but even in commodity manufactures such as screws, nuts, and bolts. Corroborating Isards and Richardsons results, he finds that LOP deviations are highly correlated with exchange rate movements. Despite his attempt to verify the LOP focusing on a small number of commodities: wheat, wool, beef, sugar, tea, tin, and zinc Ardeni (1989) got quite unfavourable results. His conclusion is that the LOP has held only for the following pairs of goods: U. S. wheat (export price) and Australian wheat (import price), U. S. wheat (export price) and Canadian wheat (export price), and U. S. tea (import price) and English tea (import price) (Ardeni, 1989). Some support after all Partly supportive findings were made by Baffes (1991). Using the data for wheat, beef, sugar, zinc, tin and wool for US, Australia and UK he produced results supporting more than half of the considered commodities. His test was based on commodities. Moreover, he concluded that eventual failure of the LOP asa long-run relationship is a pricespedfic and time-period-specific problem rather than a general failure. He also concluded that a possible reason for the LOP failure is transportation cost. Major problem with Baffess conclusions is that they are based on results that suggest a negative relationship between prices (Miljkovic, 1999). Using disaggregated data Iregui and Otero (2008) applied stationary tests to examine evidence of market integration for a relatively large sample of food products in Colombia. Within a panel context and after allowing for cross sectional dependence, the tests they conduct provide much more evidence supporting the view that food markets are integrated or, in other words, that the law of one price holds for most products. But why does it fail? Rashid (2007) distinguishes three key conditions necessary for the LOP to be plausible: existence real competition at each location (multiple sellers); standardised, bulk sale commodities with specialised traders having sufficient resources to trade; and last but not least rapid attainment of equilibrium. However, numerous examples from both academics and everyday experience prove these three conditions practically unattainable for the need of LOP. First, the traditional idea of LOP assumes that there are at least two (preferably more) suppliers at every point in space. This, however, can be automatically rejected by the numerous examples of near perfect monopolies like the AAFES  which has a monopoly on retail sales at overseas military installations or the infamous but yet very important  salt commission in China a legal monopoly founded almost 1300 years ago. Second, the trend of modern consumerism is toward more personalized products, which not only increases the number of goods to be considered but also makes price discrimination more likely (Barzel, 2005). Third, in the past few decades a rapid shift from mass manufacturing to services can be observed with the services making up to 63. 2% of the global GDP (CIA World Factbook, 2011). This is to suggest that all past empirical studies and recent publications based on prices of manufactured products are to be given less attention and weight when drawing conclusions about the viability of LOP. This poses a great problem as services are notoriously known to be both highly personalised and subject to price discrimination (Hill, 1987 cited in Rashid, 2007). Among the other reasons that receive attention from prominent trade economists are pricing to market (Froot and Klemperer, 1989; Knetter, 1993; Krugman, 1987), exchange rate risk (Giovannini, 1988), and geographical separation of markets including transportation costs (Krugman, 1987) and institutional factors that influence price settings in different markets (Pippenger, 2004). Some other arguments focus on the presence of non-tradable inputs of production as a major reason for the failure of the LOP (Giovannini, 1988, Richardson, 1978). Ardeni (1989) argues that costs of arbitraging can be high, at least for short periods of time, especially for markets strongly influenced by international agreements. Finally, errors in data and definitions of various prices, is another explanation for some of the deviations. Presuming that measurement errors are white noise, they should not alter long-run tendencies and thus are not a valid explanation. The evidences from the various tests are so inconclusive that some economists have been led to propose a reformulation of the law. Rashid (2007) argues that the law of one price should be a process and not a result. Supporting this idea Barzel argues that the law in its current form should be regarded as a tendency (Barzel 2005) defining it in the following way: â€Å"As information about a commodity improves, its price variability will decline†. Such a reformulation does not necessarily make the new law more testable since the difficulties of measuring â€Å"information† and its â€Å"spread† are at least as great as those of measuring the LOP at present Empirical evidence for PPP As PPP is based on LOP the empirical evidence supporting or rejecting the later can easily be used to infer for the first. However, here are some (out of many) studies that have attempted to focus primarily on the PPP. Koukouritakis (2009) uses the Johansen cointegration methodology to test the validity of PPP for the 12 new members of the EU with respect to the Eurozone. The results suggest that the long-run PPP hypothesis holds only for 4 out of the 12 new countries since the symmetry and proportionality restrictions cannot be rejected for them. The study concludes that for the remaining 8 countries the long-run PPP hypothesis does not hold suggesting that the reason might be that the difference between each country’s inflation and the Eurozone’s inflation may not be reflected in the respective nominal exchange rate. Abuaf and Jorion (1990) conduct an empirical study over the long-run validity of PPP concluding that â€Å"PPP may hold in the long run after all†. The authors attribute the negative results obtained in previous empirical research to the poor power of the tests rather than evidence against PPP. This is why Hakkio (1986) concludes that, although the hypothesis that the exchange rate follows a random walk cannot be rejected, not much weight should be put on this conclusion. However the study by Abuaf and Jorion is based on the consumer price index (CPI). Pippenger (2004) severely criticises the usage of CPI or Producer price index (PPI) because they are sticky and irrelevant as any adjustments from PPP will actually take place in the future hence affecting the futures and forwards prices instead of the current retail or wholesale prices. Goodwin, Greenes and Wohlgenant (1990) come in support of the criticism by analysing and testing PPP using futures and forward contracts. â€Å"Burgernomics† THE BIG MAC INDEX A seemingly funny, yet surprisingly accurate example of how prices of a same or very similar good differ across different countries would be the infamous Big Mac example. Since 1986, The Economist has published an annual comparison of the prices of the McDonald’s Big Macâ„ ¢ burger in various countries around the world, evaluating prevailing exchange rates on the basis of international price differences.