Read and Respond to (IMMANUEL KANT) What is Enlightenment Research Paper

Read and Respond to (IMMANUEL KANT) What is Enlightenment - Research Paper Example Kant describes enlightenment as â€Å"Man’s emergence from his self-imposed immaturity† (Kant 1784), where immaturity essentially refers to an individual’s inability to use their own understanding in actions and instead depend on tutelage or guidance from others. Kant explains that this immaturity is self-imposed due to â€Å"lack of resolve to use it without guidance from another† (1784). He argues that the guardians who are depended upon by the unenlightened are keen to ensure that matters remain this way hence discourage their dependants through indicating that lack of their guidance will lead to danger. The guardians have been quite successful at discouraging maturity and enlightenment of the populace that only a few individuals have been able to become enlightened â€Å"by cultivating their own minds, in freeing themselves from immaturity and pursuing a secure course† (1784). However, Kant argues that enlightenment is inevitable and that the wo rld heads toward it with each age. He identifies two forms of freedom of using one’s reason as determinants of enlightenment whether public and private. Only public reasoning can succeed in bringing about enlightenment although holders of office and other individuals can privately reason and still publicly defend the symbols they represent. Kant uses the rest of his work to showcase that nothing can stand in the way of enlightenment, not religion, authority or even society itself. He also argues that we are not living in an enlightened age but rather in the age of enlightenment which translates to the gateway to enlightenment. A central theme in Kant’s work is that rational autonomy is achievable in the society albeit slowly; â€Å"But that the public should enlighten itself is more likely; indeed, if it is only allowed freedom, enlightenment is almost inevitable† (1784). He presents the view that enlightenment of the entire society is

Ethics Essay Essay Example for Free

Ethics Essay Essay There are different systems in which an individual or a company could make ethical decisions. They can vary depending on the issue at hand and they relate and different in certain ways. In this writing I will compare the similarities and differences between virtue theory, utilitarianism, and deontological ethics. I will include a description of the differences in how each theory addresses ethics and morality. And I will give a personal experience to explain the relationship between virtue, values, and moral concepts as they relate to one of the three theories. Ethical systems based on abstract values are described as virtue theory. Virtue theory is based on character ethics. It is the viewpoint that in living one’s life one should try to cultivate excellence in all they do and in all that other do. This is the system that would address ethics and morality from the perspective of living with high values and with great character (Boylan, 2009). Quoting Boylan (2009) from our book, â€Å"Utilitarianism is a theory that suggests that an action is morally right when that action produces more total utility for the group than any other alternative† (pp. 153). Utilitarianism focuses on what is best for the group or team as a whole. This theory asks, â€Å"What ethical decision will profit the most for the largest amount of people?† Deontology is a moral theory that emphasizes one’s duty to do a particular action just because the action, itself, is inherently right and not through any other sorts of calculations (Boylan, 2009). Calculations like what the consequences of that action might be. Deontology is a duty-based theory when addressing ethics and morality. In comparing these three, a utilitarian working for ATT might overlook a bad credit report to make a deal because the deal would help the company and the  client. Therefore it’s a win-win. A deontologist might make the same decision based on the fact that the client needs a cell phone to be able to take care of business in order to take of her children. The simple fact that the action is inherently right regardless of the consequences is the bases for the deontologist. And to the contrary only a virtuous worker would have integrity and do what was in the best interest of the company. A personal experience of mine to relate these topics would be a girlfriend of mine just got out of a bad relationship where she was not married, but had a child with this man. She lived with the father of her child for many years although he was abusive and was providing home that was unsafe and insufficient for her and her child. She stayed for many years making decisions as a utilitarian until one day she changed to a deontologist. She chose to leave the state and ignore the rights of the father on the grounds that he was abusing both her and her son. She valued her and her son’s health over anything. She was virtuous in that she rose above the desire to retaliate and pursued only their protection. And all of her actions where based on her moral concepts, according to her beliefs and understanding. In conclusion, there are many different theories and ways to make ethical decisions. I have related and compared the virtue theory, utilitarianism, and deontology. I have also shared a personal experience to relate virtue, values, and moral concepts to one of these theories. Life and business are about making decisions and these concepts and theories are a foundation to a healthy life and a healthy business. References Thompson, S. (2014). What is the relationship among virtue, values moral concepts in individual and business contexts?. Retrieved from http://smallbusiness.chron.com/relationship-among-virtue-values-moral-concepts-individual-business-contexts-69097.html Boylan, M. (2009). Basic Ethics. : Prentice Hall.

The Last Supper: Why the Prediction of Betrayal? Essay example -- Leona

The Last Supper was painted circa 1495 by Leonardo Da Vinci, and commissioned under Ludovico Sforza for the Dominicans of Santa Maria delle Grazie. From the beginning, the painting was considered a masterpiece and therefore, Leonardo was praised time and again for the technical aspects of his masterpiece. Vasari, the first man to write a book of artists' biographies, exclaimed, "a Last Supper, a most beautiful and marvelous thing; and to the heads of the Apostles he gave such majesty and beauty, that he left the head of Christ unfinished, not believing that he was able to give it that divine air which is essential to the image of Christ." Vasari, like most was entranced by the beauty of Leonardo's technique. Even today, most of the books devoted to the Last Supper focus mainly on its technical aspects. The Last Supper is one of the most sacred events of Christian History. According to the bible, it is the last gathering that Christ and his apostles shared before he was crucified. Most depictions of this time period focused on the moment of the beginning of the Eucharist; the moment when Jesus gives up his body and blood to the apostles and mankind. However, Da Vinci's Last Supper was the first to portray the moment right after Jesus predicts that one of his apostles will betray him. Why the moment of betrayal? Why was this one different? In order to begin to answer this question, one must first look at three subjects; the Dominicans of Santa Maria delle Grazie and the Sforza family; their involvement with the Dominicans and the story of Judas' betrayal and how it is portrayed in the painting. These subjects may hold the keys to answering the question; why did Leonardo Da Vinci decide to stray from the normal depictions of the ... ...nturies ago, it is extremely difficult to understand the meaning and purpose behind the Last Supper. It is quite possible that this question will remain unanswered. A better question to ask is why has no one attempted to answer this question before? An artist completely abandons the normal standard of depictions of the last supper (portraying the moment in which Christ gives his body and blood up for the salvation of mankind), chooses an extremely different moment at the Last Supper as the focus of his piece and no one attempts to explain why? Perhaps it was because everyone was so enthralled with the physical aspects of the painting, its technical beauty and therefore failed to ponder the theological meanings behind the painting. Whatever the reason, it is an important key that must be found if one ever wishes to fully understand the meaning behind the Last Supper.

Cryptography :: Exploratory Essays

Cryptography Cryptography is the science of preparing communication intended to be intelligible only to the person possessing the key or method of developing the hidden meaning by cryptoanalysis using apparently incoherent text (Encarta Encyclopedia). The movie mercury rising is a good example of cryptography. It’s about a little boy who is autistic. The little boy can do puzzles such as cryptography easily. One day while on the computer the boy cracks a highly secretive government code. The governmental agency wants the young boy found and killed for cracking the code it took years to write. Cryptography started a long, long time ago with Julius Caesar. When he wanted only his people to know something he used cryptography. He did this by replacing A’s with D’s, B’s with E’s, and so on down the alphabet. This was known as "shift by 3", for obvious reasons. The Jewish writers also used a code of their own called Atbash. They did it by reversing the alphabet, they used the last letter of the alphabet in place of the first, the next to last for the second, and so on. Atbash is exemplified in the Bible, Jeremiah 25:25, where "Sheshech" is written for Babel (Babylon). As you can see, cryptography has been used for many years and is continuing to become more high tech. The term cryptography is sometimes restricted to the use of ciphers, that is, to methods of transposing the letters of plain text (unencrypted) messages, or to methods involving the substitution of other letters or symbols for the original letters of a message. And to various combinations of such methods, all according to prearranged systems. Ciphers of various types have been and can be devised. All of them fall into to one of two categories, transposition and substitution. In transportation ciphers, the message is usually written, without word divisions. They are rows of letters arranged in a rectangular block. The letters are then transposed in a prearranged order such as by vertical columns, diagonals, or spirals. There are two types of ciphers, simple and complex. In a simple substitution cipher is particular letter or symbol is substituted for each. In a multiple substitution (polyalphabetic) ciphers, a keyword of number is employed. And in more complicated polyalphabetic systems, the letters of the keyword may tell which of a series of mixed substitution alphabets is to be used to encipher each letter of the message. Cryptography :: Exploratory Essays Cryptography Cryptography is the science of preparing communication intended to be intelligible only to the person possessing the key or method of developing the hidden meaning by cryptoanalysis using apparently incoherent text (Encarta Encyclopedia). The movie mercury rising is a good example of cryptography. It’s about a little boy who is autistic. The little boy can do puzzles such as cryptography easily. One day while on the computer the boy cracks a highly secretive government code. The governmental agency wants the young boy found and killed for cracking the code it took years to write. Cryptography started a long, long time ago with Julius Caesar. When he wanted only his people to know something he used cryptography. He did this by replacing A’s with D’s, B’s with E’s, and so on down the alphabet. This was known as "shift by 3", for obvious reasons. The Jewish writers also used a code of their own called Atbash. They did it by reversing the alphabet, they used the last letter of the alphabet in place of the first, the next to last for the second, and so on. Atbash is exemplified in the Bible, Jeremiah 25:25, where "Sheshech" is written for Babel (Babylon). As you can see, cryptography has been used for many years and is continuing to become more high tech. The term cryptography is sometimes restricted to the use of ciphers, that is, to methods of transposing the letters of plain text (unencrypted) messages, or to methods involving the substitution of other letters or symbols for the original letters of a message. And to various combinations of such methods, all according to prearranged systems. Ciphers of various types have been and can be devised. All of them fall into to one of two categories, transposition and substitution. In transportation ciphers, the message is usually written, without word divisions. They are rows of letters arranged in a rectangular block. The letters are then transposed in a prearranged order such as by vertical columns, diagonals, or spirals. There are two types of ciphers, simple and complex. In a simple substitution cipher is particular letter or symbol is substituted for each. In a multiple substitution (polyalphabetic) ciphers, a keyword of number is employed. And in more complicated polyalphabetic systems, the letters of the keyword may tell which of a series of mixed substitution alphabets is to be used to encipher each letter of the message.

Azt Pricing Decision Essay

In 1986, Burroughs-Wellcome Company introduced the first major breakthrough against acquired immune deficiency syndrome (AIDS). It was the life-prolonging drug AZT. The product has turned out to be very successful for the company and, largely because of AZT’s success, Burroughs-Wellcome’s profits have doubled in the three years ending in 1988. The Food and Drug Administration (FDA) plans to expand the authorization for the drug’s usage to those who are infected with the AIDS virus, but not yet showing signs of serious illness. The estimate of the size of this market is hundreds of thousands rather than the tens of thousand who are currently sick with AIDS (1988). The controversy over the drug centers on its price. AZT costs about $8,600 for a year’s supply for each patient (lowered from $10,000 in 1987). Critics in the gay, medical, and legal communities contend that Burroughs-Wellcome executives are â€Å"corporate extortionists.† Some believe that the company has already made too much money at the expense of the sick. The price is so far out of reach of indigent and moderate-income people that the federal government had to step in with subsidies of millions of dollars. Burroughs-Wellcome defends it pricing practices by stating that its profit margins (in the 50-70 percent range) are in line with those companies introducing new drugs. They contend these high returns are necessary to finance research and recoup the millions of dollars invested in developing the drug. They initially gave the drug free-of-charge to as many as 5,000 AIDS patients and spent $80 million on a new plant. Additional criticism revolves around the actual development of the drug. The Wall Street Journal stated, â€Å"But Wellcome’s moral position is undercut by its relatively minor role in the creation of AZT.† Researchers at the Michigan Cancer Foundation, from West Germany, and at the National Cancer Institute are credited with the major discoveries that led to AZT. Nevertheless, Wellcome performed toxicology, pharmacology, and animal studies before AZT was given to the first human volunteer. It also financed the big clinical trial and bankrolled the give-away to the patients in the initial experiment. Wellcome is under pressure to cut its price. The government is attempting to institute a â€Å"reasonable price† clause where an unduly high price could trigger a government order for a company to open its books. Any company found in violation could be sued for breach of contract. Congress is also studying AZT and one Congressman wrote the company contending that the original price rationale (achieving a decent return on investment during a short product life) no longer exists as the drug has been on the market for three years and the market is growing for the product.

How can children become leaders of their own learning Essays

How can children become leaders of their own learning Essays How can children become leaders of their own learning Essay How can children become leaders of their own learning Essay Play is considered to be a important portion of a kid s development, non merely of accomplishments but besides their character. It is a natural procedure. These new accomplishments will be priceless to a kid when they grow up, the things that they learn through drama are the footing of the accomplishments they will necessitate in future scenes, when they move on to secondary school and even in a occupation. Even though kids learn whilst playing it is non evident to the kid or even to many grownups as it is one of the most common characteristics in a kid s mundane life. However, the fact that drama does non necessitate to be worked at, that it comes so of course, seems to do it less valued by society than other activities particularly created for larning. As the benefits of drama do non look evident many parents are in fact tempted to forestall kids from playing and wasting clip ( Dixon 2010 ) , peculiarly during clip in school. There are some really of import points that need to be considered when believing about a kid at drama. A kid is allowed to be in charge when they play, it is a child-lead activity, and usually they have no control what so of all time, they are invariably being told what they should and should nt make but during drama, they can take. Play is really good for learning kids about where they come from and giving them more information about the universe, they are able to research and detect, they can set any theories they may already hold to the trial. Play is besides a good tool for constructing up self-pride, it is good for kids to make activities they know they are good at and it is more likely to keep their involvement. Play is non merely something that is witnessed in kids but within the carnal land every bit good. For illustration, many, if non all, immature animate beings learn through drama, king of beasts greenhorns pattern their hunting technique, immature birds swoop through the air, they are all critical accomplishments learnt through drama. If this is true for animate beings so it could besides be for human kids ( Dixon, 2010 ) . Types of Play Harmonizing to the consequences of a survey by Mildred Parten carried out in the 1920s there are six different types of drama ( Psyblog, 2008 ) . During unoccupied play the kid is comparatively stationary, they make some motion but non with any evident intent. This manner of drama is non often seen. Lone drama involves a kid being wholly engrossed in their ain activity and does nt detect any other kids, this type of drama is most normally seen in kids aged two and three old ages old. During looker-on play a kid takes an involvement in what another kid is making but will non take part, the most they may make is inquire inquiries, they prefer to watch. Parallel drama involves one kid copying another ; e.g. both kids play with the same plaything, but will non really play together. In associatory drama the kids become more interested in one another. This type of drama is the first to affect strong societal interaction. The 6th type of drama is concerted drama, this involves the kids s drama holding some kind of end and it is frequently seen that kids will take on functions and move out narratives together. Parten tended to happen that kids would switch between the different types of drama but largely would take portion in the last two instead than the other four. This may be because the concluding two types involve more interaction than the others ( Psyblog, 2008 ) . The first four types of drama can be put into the class of non-social drama, as there is small or no direct interaction. It is frequently considered that it is less good than societal drama, as it is regarded as the least mature degree of drama ( Luckey and Farbes, 2005 ) . However, I would wish to reason that, in fact, non-social drama besides has many benefits: There is less hazard of a kid being singled out because they can non make something every bit good as other kids and accordingly experience inadequate. Children sometimes find it easier to play entirely, it releases them from the socially and self-imposed force per unit areas ( Luckey and Farbes, 2005 ) they may experience when in the company of others. Intra personal activities allow kids the clip to work things out by themselves and gives them greater control over the pick of activity. Therefore we should take note of the quality of societal interactions when they occur instead than worrying about how frequently they happen. The manner that kids develop and larn through drama has been investigated by many theoreticians and influenced paperss used in the instruction of kids. Theorists In order to measure the impact of drama on the acquisition of kids it is of import to look into the thoughts about kids s cognitive development. Both, Jean Piaget and Lev Vygotsky, have contributed theories that have been influential in instruction. Both support the thought of constructivism: Constructivism is a manner of instruction and acquisition that is based on the premiss that knowledge is a consequence of mental building , where kids fit together what they already know to any new information they take in. It is believed by constructivists that a kid s acquisition is non merely influenced by what they already know or believe but besides by which context it is taught in. In add-on the two theoreticians believe that any societal influences on kids greatly affects their cognitive development. However, apart from this the two theoretician s cardinal thoughts were rather different. While Piaget believed that development was something that took topographic point after the acquisition procedure, harmonizing to Vygotsky development and acquisition occurred in the contrary order. Besides, although Piaget and Vygotsky both felt that kids learnt through interactions with their milieus, merely Vygotsky believed that the input from other people had any importance. In Piaget s theory he talks of four chief stages of development, known as the four-stage theory, conducted after detecting his ain kids. The four phases consisted of: The sensorimotor phase. This involved kids from birth to around 18-24 months. Piaget s theory provinces that kids at this age are merely cognizant of their esthesiss ; intending they tend to see the universe through savoring things, listening and touching. The pre-operational phase involved kids from around 18-24 months up to about seven old ages, he claimed that at this phase in a kid s life they are able to treat words, images and new constructs but they are unable to make anything with them. The concrete operations stage involved kids from the ages of seven to twelve, Piaget felt that kids gained the ability to travel about and manipulate objects but merely if they were concrete. The formal operations phase included kids from 12 upwards. Piaget claims that kids are now able to believe in an abstract manner, he believed that it was from around this age that kids begin to believe more like grownups ( Atherton, 2010 ) . In add-on Piaget besides theorised on Adaptation and Development. The Constructivist theory looked at the development of a kid s cognitive accomplishments and the three cardinal procedures that were involved in it. The three procedures were Assimilation: the engagement of new thoughts and cognition into the cognition and apprehension that already existed, Adjustment: a alteration in mental constructions that are needed in order to take on more information Equilibrium: a balance between assimilation and adjustment. When kids experience something new the balance between assimilation and adjustment is non equal, non until they are able to absorb and suit the new information they were faced with will the kid be able to achieve a balance ( Atherton, 2010 ) . Vygotsky s position was that there are no set phases in development at all. The first portion of Vygotsky s theory negotiations of private address , where kids talk to themselves. Vygotsky felt this was a really of import facet as it allowed kids to believe things through and work things out, leting them to come to a decision or think of a solution to a job. Even as grownups a signifier of private address exists. The 2nd portion of Vygotsky s theory is the zone of proximal development. This can be defined as being the difference between what a kid knows and what cognition can be attained with the aid and counsel of person who already has knowledge on the topic. Vygotsky s theory suggested that problem-solving undertakings could be split into three subdivisions: Those that are merely completed by the kid with no engagement of others, Undertakings that can non be completed even if the kid receives aid and The undertakings that can be completed by the kid if they receive aid, this is known as aided public presentation . By deriving counsel from instructors, parents and other kids who have prior cognition of certain countries kids will finally be able to organize their ain thoughts and hold on the constructs for themselves without the aid of others. Bruner built on Vygotsky s zone of proximal development by presenting so called staging . Scaffolding can be described as the aid given to a kid that supports their acquisition, merely as scaffolding around a edifice can be removed when it is no longer needed so excessively can the assist given to a kid. When the kid has been shown how to finish a undertaking they are able to make it by themselves and there is no longer a demand for scaffolding ( Davison, 2006 ) . Within a school system, a good illustration of Piaget s theory could be found in a pre-school or early old ages puting. Piaget positions kids in these early old ages as being in the pre-operational phase, hence, it is hence good to talk to kids at this early phase from their point of position as they are under the feeling of any experiences they have as being the lone experience. Vygotsky s theory would be more suited in a cardinal phase 1 scene where pupils have already formed their ain thoughts and the kids are by and large at different degrees of acquisition ( Davison, 2006 ) . Models The aforesaid theoreticians have had an influence on the Early Years Foundation Stage ( 2008 ) , which is used to back up and develop kids s acquisition from birth to five old ages. The EYFS pulls together the paperss Birth to three affairs ( 2002 ) , curriculum counsel for the foundation phase ( 2000 ) and the national criterions for under 8 s Daycare and childminding ( 2003 ) in able to guarantee that there is good pattern across the age scope. From September 2008 all constitutions that offer attention to kids between and including those ages have been working to the same model and criterions therein. Childs are recognised, by the model, as persons. It includes 4 subjects and is delivered through well-planned drama activities. Practitioners are able to assist kids to develop new accomplishments through drama experiences and they will be able buttocks which skills each kid needs to develop further and where they may necessitate support in their acquisition. The EYFS focuses more on the different phases of development instead than on age and it non merely allows kids to research things for themselves inside but besides encourages the add-on of an out-of-door infinite where the kids are merely every bit free to develop their accomplishments. Many scenes have similar activities for the kids in out-of-door countries as they do indoors but on a larger graduated table. Another facet was the debut of key workers , who are people who get to cognize a peculiar kid and their parents, through working with the kid and assisting them to develop new accomplishments one to one. The EYFS is a model that is used in all early old ages scenes, so no affair where a kid is being cared for or educated, the practicians will all be following the same model and the kids are able to develop and larn through drama based activities. The activities the kids are able to make will supply them with the accomplishments necessary to finish, or at least work towards, the early acquisition ends that are set out in the undermentioned countries of acquisition: Personal Social Emotional Development, Problem Solving, Reasoning and Numeracy, Communication Language and Literacy, Physical Development, Creative Development and Knowledge and Understanding of the World. Every country is viewed as equal to the others and there is frequently an convergence between the countries in the activities the kids do. For illustration, a function drama country set up in a schoolroom will let the kids to be originative but there will besides be facets of mathematics and literacy. If the function drama country is set up as a store for illustration kids can larn about how to number money and give alteration, how many points person wishes to purchase. They will besides be surrounded by linguistic communication used within a store every bit good as Numberss. The sand and H2O trays that are frequently seen within schoolrooms are another good illustration. They allow the kids to construct things, appealing to their originative nature every bit good as allowing them explore and see what happens when they put sand or H2O into a container, or even if they mix them together. So there is rather a big cross-over of countries within each activity. Within the EYFS document the countries are split into phases of development and the practicians are able to look at any resources needed or any learning chances for the single kids in the category depending on at which phase each kid is. It besides helps the practician to understand how they can integrate drama in the schoolroom and the kids s acquisition. The EYFS encourages, parents, instructors and carers, plus other early old ages scenes to work together in order for the kids to make their full potency. The parents and carers are hence able to give some input on how their kid is developing. If kids have disablements or particular educational demands so there is information within the EYFS to enable practicians to provide for those demands and to develop specific activities to assist those kids to come on. Own Experience My Experience has spanned across three scenes, which on first sing seem really different but when examined more closely are non so dissimilar. The first scene was a school in the town of Speyer in Germany. On reaching my first observations were of the environment. As I entered the schoolroom I noticed the deficiency of coloring material. There were some shows of the kids s work but nil that the kids could see, no synergistic shows for illustration. The tabular arraies were set out in a U form with the instructors desk at the forepart, there was no rug country, no function play country, no book country or even any books and no plaything or anything for the kids to play with. The lessons were really structured with the kids holding set times for things like Maths and ( in their instance ) German lessons ; they besides had to larn English and handwriting accomplishments with all activities being initiated by the instructor. The kids got 3 15minute interruptions within the twenty-four hours and this was the lone clip the kids had to play. Even at that age the kids all seemed quite mature and most of them took themselves to and from school, none of parents seemed to of all time come in the edifice. There was a batch of equipment for the kids to utilize outside but there was a definite divide between drama and acquisition and in my position the kids were in no manner leaders of their ain acquisition unless exterior. The 2nd scene was a private school in Lincolnshire. The categories were comparatively little and consisted of 20 kids at the most. The school was really inviting, colorful and bright. The schoolroom had colorful shows of the kids s work and besides synergistic shows of things related to the subject that the kids were larning approximately. There was a function drama country that was changed every term with costumes so the kids could acquire into character, a book corner and games and playthings for the kids to play with. The kids did acquire a batch of chance to play and detect new things but the construction was surely non one I would hold described as being free-flow , nor do I believe the kids led their ain acquisition, all the activities were chosen by the instructor. In add-on, the kids had to read an Oxford reading tree book everyday, which they had no pick over. They besides had structured maths lessons. The activities they did in the afternoon ranged from picture, doing theoretical accounts and pulling. Occasionally a group of kids was chosen to play in the function drama country but they were non asked who would wish to play in it, they were told who would be playing in it depending on who had non already had a spell. Often the kids enjoyed the freedom of pick and learning things for themselves, they felt a great accomplishment if they could state you facts they had merely read in a book or if they completed a mystifier. Watching the kids at drama revealed features that were non so evident when they were sitting at their desks. I was able to prosecute in conversation with the kids and larn about what interested them. I remember holding a conversation with one small male child who was really interested in history and sharks, he wanted to read me a book all about sharks even though he usually hated reading, this book nevertheless was about something that truly interested him and so h e became engaged in reading. For this kid it may hold been more good to hold more pick, particularly in footings of literacy. The 3rd school I have visited was really different from the first two in that it promoted drama and kids being leaders of their ain acquisition. In the schoolroom there were tonss of countries for the kids to travel to and play in, there were tonss of things for them to detect and research. They had approximately five or ten proceedingss input as a whole category for phonics and so they were able to take what they wished to make. At some point during the twenty-four hours there would be a focussed activity with the instructor that all the kids had to finish but it was done in little groups so as non to interrupt the kids s drama. If the kids were interested in anything in the room they were free to entree it, they could play on the computing machines, in the building country, and they could paint, play in the sand or H2O or do theoretical accounts. The kids were given a batch of pick. All the picks the covered countries mentioned within the EYFS. Sand and H2O countries covered chiefl y the PSRN facet for illustration, whilst the building country covered the PSRN and CD. Other countries were possibly more obvious in the subdivisions they covered. For illustration, they had a subdivision with merely graduated tables and swayers and rug figure squares, this subdivision was less often used than the other countries. Possibly it was more obvious to the kids that this was a maths subdivision and it was more like making work. When given a pick between what they saw as work and what they saw as drama, they would take drama. In making so, nevertheless, the kids were still larning but non in an obvious manner, non even to a batch of grownups and most of the subdivisions covered more than one facet in the EYFS. It was interesting seeing the different types of drama in action and the accomplishments being learnt. The information gained by the instructor and TA during drama was used in the planning so any involvements the kids had could be catered for, or if any kids needed a small aid developing certain accomplishments so the necessary commissariats could be made, hence, even though the activities the kids could make had been carefully thought out by the instructor the kids still had some input as their involvements were taken into history when planning for those activities. So in a unit of ammunition a turn manner it is possible to state that the kids were being leaders if their ain acquisition as they had an impact on how they learnt. My scope of experiences has apparently gone from one terminal of the graduated table to the other. In the private school a formal attack is their preferable method of learning. The structured attack nevertheless may be strongly influenced by society and the parents. Parents are paying for their kids to go to the school and do non anticipate to see their kids playing all twenty-four hours, like most people they would non be able to see the benefits. Therefore, a batch of force per unit area is put on the school and the instructors to present good consequences and in a familiar manner. In that peculiar country of the state the 11plus is still present so the parents, once more, expect their kids to make good as they are paying for the tuition. It is difficult to state hence, whether the school is bound by force per unit areas of society and parents or if they believe that this is the best manner of learning. The concluding school, nevertheless, has embraced the free-flow method of instr uction, which is greatly received by the kids and apparently accepted by the parents. After detecting the kids, nevertheless, I noticed that a batch of them will lodge to one or two countries of the schoolroom so they are possibly non developing as many accomplishments as the kids who spend a good sum of clip in each country, possibly for these kids it would be more good to hold them making at least some structured activities. On first reading it seems that the German system is the most structured but we have to see the age scope. The kids in Germany start school between the ages of five and half and six and a half. This would be the equivalent to the start of cardinal phase 1 in England. Before kids in Germany start in class 1 they are in kindergarten from around two or three old ages of age. During their clip there they are capable to play activities and really small else, it has been defined as the passage from place life to a more formal manner of schooling where the kids are taught or encouraged to develop basic accomplishments and cognition through drama and through the societal interactions with others. When sing this so it would look that in this state we are inquiring more of our kids at an earlier age than in other states. The function of the practician in a drama based schoolroom is possibly non every bit evident as in a more formal scene. It is, nevertheless, rather a hard function and inquiries are frequently asked over whether or non the instructor should step in in drama or if the kids should be left to it. Should the instructor articulation in, and promote? The function of the practician in this sense is rather difficult to find. It is more clear, nevertheless in other facets, the instructor is able to detect the kids during drama, to acquire a sense of their character and the accomplishments they already have, they are able to larn what the kid is interested in and, possibly merely as significantly, what they are non interested in. They can calculate out how to supply more stimulations for the kid s involvement whilst possibly including within that stimulation something that will heighten any accomplishments they are weaker at. For illustration, if a kid is merely interested in the reading count ry, so is heightening their communicating, linguistic communication and literacy accomplishments and possibly their cognition and apprehension of the universe, but they have no involvement in countries that incorporate job resolution and logical thinking, the instructor may be able to supply more reading stuff that besides incorporates maths but non in an obvious manner. They are besides able to measure the kids through observation ; they can supervise a kid s advancement. And of class they have a immense undertaking in supplying these drama activities that cover the countries of larning laid out in the EYFS. There is still force per unit area on the practicians to let the kids to come on and so they must supply activities that will provide for all phases of development amongst the kids. Decision Play is something that is experienced by kids from a really immature age. The debut of drama into the schoolroom has allowed kids to make up ones mind for themselves how they would wish to larn. Children still gain critical cognition and apprehension but theoreticians, yesteryear and nowadays and the debut of the EYFS, have altered how they obtain it in the schoolroom. Children have more freedom, they now have more pick and can make up ones mind which activities they wish to make whilst heightening the of import accomplishments needed to come on. The fact that kids learn through drama is no new construct but the debut of that cognition into the schoolroom, instead than curtailing it to play school or kindergarten, is to most people, a new impression. Practitioners still have the tough undertaking of guaranting that all kids are catered for and that they are all able to come on and be prepared for the hereafter. For kids play is the most natural thing to make, every bit good as being the easiest. They do non see it as work. When forced to finish a undertaking or listen for a certain sum of clip, they lose involvement and acquire easy distracted. If they believe they have a wholly free pick and everything is seen as a game their attending is held for longer and accordingly they may larn more, even though the acquisition is non so obvious to them. Thingss that are fun are more appealing. There is, nevertheless, value to both structured instruction and drama based instruction and possibly a balance is what is needed depending on the age and ability of the kids, some kids may profit more from structured activities and demand to be challenged where as others flourish in a drama based environment.

In the novel To Kill a Mockingbird the theme is lo Essays - Film

In the novel To Kill a Mockingbird the theme is lo Essays - Film In the novel To Kill a Mockingbird the theme is loneliness. What is loneliness? Loneliness is how people or characters are isolated in their own way. This is an important theme in the book because it reoccurs often in the novel with almost every character. One example of loneliness would be Mrs. Dubose struggling with her addiction and not wanting to die. Mayella Ewell , another example of loneliness in the novel, deals with her not even know what love is. One final example of a person who deals with this problem would be most importantly Boo Radley who is almost nothing in the Maycomb community ; he is the prime example of lon eliness. The first example is Mrs. Dubose , she presented herself in a way that revealed anger and hate. However, the children find out that she really does care about how she presents herself and they see some of her struggles. Though , this fact does not become apparent to the children until Mrs. Dubose dies. In the story Jem acts out in rage against Mrs. Dubose' hatful remark s about his father. When he knocks all of the flowers in her garden over, Atticus' punishment was for the children to visit her every day to read with her. Reading with her was to keep her occupied while she is discouraging herself off of her Morphine doses. Eventually she is able to quit with the help of the children. The real reason for her desire to quit was that she didn't want to die addicted, so in other words, she cared what others thought about her , she just wanted to prevent herself from being alone. The second example in the novel is when Scout thinks that Mayella Ewell is lonelier than Boo, because of when Atticus asked her if she had any friends, Mayella acted like she didn't know what friends were. Scout also thinks this because people don't want to be around a poor girl that "lived among pigs. " D uring the trial we see that Mayella doesn't know what manners are because her father has never taught her any . She lacks love and appreciation. She doesn't know what is accept able or what is not acceptable. The possible reason why Mayella reached out to Tom Robinson is because she was lonely and had no one to look out for her. Because of how poor her family is, she is even lonelier than Boo. One final example of loneliness is Boo Radley. He is a prime example of loneliness due to the fact that he has allowed his loneliness to turn into fear . Boo is worse than Mayella when it comes to constantly staying inside of the house. He stays in his house so much , the children in Maycomb have create d stories and rumours about him that are not at all true. Anyone who reads To Kill a Mockingbird will find out how good of a person Boo Radley really is. The reader will see how he tries to communicate with Jem and Scout by putting gifts into a knothole in a tree by his house, as well as, how he ultimately saves their lives. However, he begin s to be more open and not be as afraid of people even though he is still very lonely. There are many examples of loneliness throughout the book. There is Mrs. Dubose with her Morphine addiction, Mayella struggling with social and family neglect, and Boo Radley just being lonely and staying in his house. However , loneliness can also be a powerful emotion in real life. There are lonely people who walk the streets every day and unlike Boo Radley do not even have a home. In other words, lonel iness can eventually destroy our lives if we choose not to do anything about or allow it to control us. Though , if we make an effort like Mrs. Dubose does, we can achieve more joy than ever before.

Usama Bin Laden essays

Usama Bin Laden essays WHO IS HE AND WHY HAS HE RAINED TERROR ON AMERICA? MURDER OF U.S. NATIONALS OUTSIDE THE UNITED STATES; CONSPIRACY TO MURDER U.S. NATIONALS OUTSIDE THE UNITED STATES; ATTACK ON A FEDERAL FACILITY RESULTING IN USAMA BIN LADEN IS WANTED IN CONNECTION WITH THE AUGUST 7, 1998, BOMBINGS OF THE UNITED STATES EMBASSIES IN DAR ES SALAAM, TANZANIA AND NAIROBI, KENYA. THESE ATTACKS KILLED OVER 200 PEOPLE. CONSIDERED ARMED AND EXTREMELY DANGEROUS Usama Bin Laden....who is he? What is his anger towards America based on? Is he even mad at America Usama Bin Muhammad Bin Laden was born in the year 1957 in the desert city of Saudi Arabia. Born of around 50 children he was among the top 20 births. Bin Ladens father dominates the biggest oil company in the Saudi lands...his net worth is in the billions. With that in mind , every male in Bin Ladens family has acquired at least $500 million dollars. In 1979 Bin Laden left Saudi Arabia to fight the war in Afghanistan against the soviet union. While he was there he founded the Maktab which recruited fighters from around the world also importing weapons equipment for the battle against the soviet. After the soviet left Afghanistan these Arab Afghans turned there fire on the U.S. in the middle east. This was a shock to the U.S. because they were the ones, ALSO ,helping the Afghans fight the soviet. After which Bin Laden went back to Saudi Arabia to help his familys buisness but was exiled from the country because of his radicalistic activities. He then fled to Sudan for five! years in which the U.S. pressured the country to exile him too, which he finally was. From Sudan he went to Afghanistan... Bin Laden , a wealthy and private man has been granted a safe haven by Afghanistans ruling Taleban movement. During his time in hiding he has called for holy war against the American ...

Seed germination lab Report Example | Topics and Well Written Essays - 1000 words

Seed germination - Lab Report Example On the other hand, the suit case is the coat of the seed which covers the seeds. Lunching represents the nutritive germinating seedling source. The food for a seedling which is germinating can be stored in a section of the embryo like the fleshy cotyledons of the seed. It could also assume the other categories including the endosperm that forms the special starch-rich storage tissue that covers the embryo. It may not be easy to classify a seed as being dead. Once it fail to germinate under proper conditions and having the dormancy mechanisms broken is when a seed can be classified as being dead. Different companies of seed mostly test the seed germination before they sell their seeds. The test results, the percentages of germination, are always indicated on the packet of the seed. Different crop seeds lose their viability fast after some years. In this case, some few long-lived seeds would be identifies. One example is the mustard seeds that display good germination in each fifty yea rs. For any seed, the rate of germination is the basic indicator to the manner in which the seed will perform while in the field. The rate of germination can be expressed in the form of percentages. A ninety percent rate of germination from one hundred percent will germinate in the presence of good conditions of growth. The information on germination is vital in calculating the optimum rate of germinating together with assisting in determining whether some seeds have the ability of producing appropriate crops. In this study, we sought to ascertain the rates of germination at different phases of water intake. Results of this experiment indicate that during the process of germination, highest water intake occurs during the first phase. As shown in figure 01, between zero drops and 15 drops, water intake is highest. This is followed by a reduced water intake phase II and increased water intake in phase III. The results, as well shows that water intake by the germinating seed take a

The Value of a Listing in Nestle Case Study Example | Topics and Well Written Essays - 500 words

The Value of a Listing in Nestle - Case Study Example The case study provides four options in order to make a decision concerning the listing of Alcon Company. The CEO of Alcon Company, Brabeck decided to list the company in the stock market so the whole financial world would recognize its value (Desai et al., 2006, p4). The four options that were considered by the stock market decision to list Alcon were Swiss stock market, American Depository Receipt (ADR), U. S. Stock Markets and Dual listing (Swiss and U.S. stock Markets). By using the first option, Swiss Listing, the company can gain a lot and the ROI would be high through the simplification of a relationship between Alcon and Nestle. With the dual listing, the ROI would not be so much high since the company would incur a lot of expenses in registering in both countries. With the U. S. listing, Alcon Company can gain average income since it would not incur a lot of expenses in listing in one country. Finally, the last option, American Depository Receipt (ADR), would not result to high ROI due to the fact that the method is most applicable with foreign companies (Desai et al., 2006, p6-7). The best option would be listing Alcon in Swiss Stock Market. One risk that would be involved by listing the company is Swiss is lack of shareholders to buy the shares of the company. The other risk would disagreement between the top management concerning the listing. One risk that would be involved in lowering the price is that the investors’ may be afraid and prefer to buy the Nestle shares instead. The other risk would be the rejection of the price by both the Nestle Company and the stock market. The alternative plan for this recommendation would be for the Alcon Company to offer the same price for their shares as Nestle Company.

Developing Professional Practice in HR Essay Example | Topics and Well Written Essays - 2750 words - 2

Developing Professional Practice in HR - Essay Example are the qualities that facilitate successful performance of HR professionals and that give an organisation the ability to compete effectively in a highly competitive business world. The objective of this small-scale piece of research is to find out the specific HR competencies that actual service organisations, specifically those in the hospitality industry, value most. The researcher interviewed several HR personnel from three service organisations: a hotel, a restaurant, and transportation. Majority of the HR personnel interviewed believe that HR professionals should have personal integrity. Most of them named good interpersonal skills and personal communication as the most important HR competencies. HR professionals have to learn the skill of building a relationship that is based on trust. Trust consequently builds motivation and personal integrity. HR professionals have a good chance of taking part in their organisations’ strategic planning activity if they are able to build trust. Nevertheless, most of the HR personnel interviewed ranked competency in strategic performance the lowest. This possibly implies that HR professionals in these service organisations are incapable in terms of strategic decision-making and management of organisational culture. This finding is very important because HR professionals must be capable of determining, building, and integrating organisational cultures that contribute to the successful implementation of business strategies and competitive strategies. Moreover, if HR professionals do not have the ability to effectively manage or cope with change, they would have difficulties dealing or communicating with important people to guarantee prompt decision-making and appropriate resource allocation. HR professionals should acquire the necessary qualities of an effective strategic business expert. Most scholars believe that HR professionals should first aspire to become a strategic business expert then eventually progress to key

Research on Tenured Teachers in the School System Paper

On Tenured Teachers in the School System - Research Paper Example Yet another essential detail to be considered is delivered through the understanding of cost as a relative good. Teachers with good reputation and solid experience are often expensive, which can be regarded by school administration as a shortcoming. Tenure protects experienced teachers from being dismissed for this reason. On the other hand, this same issue of protection becomes the primary disadvantage of tenure when doubts of the teacher’s competence raise. Due to tenure, it might become a problem to fire such a teacher without primarily addressing a lot of bureaucratic issues at hand. Moreover, another disadvantage that should be addressed here is that undergoing the legislatively fixed procedure of firing a teacher is costly and thus a lot of institutions might ignore the necessity of dismissing a teacher based on this consideration alone. In order to avoid this problem, some institutions are prone to secrecy by providing a teacher to dismiss certain sum of money (Mathis, 2010). This allows the schools to avoid disclosure and the expensive, long and difficult process of firing a tenured teacher. There is a set of other pros and cons that should be considered when talking about teacher tenure. Among the pros, there is a notion that tenure is actually quite a useful and beneficial instrument when used correctly (McGuinn, 2010, p. 26). Tenure can create the environment that allows the teachers to improve as it creates healthy competition and motivates teachers without tenure to work harder to get it.

Should i buy or should i rent Essay Example | Topics and Well Written Essays - 3000 words

Should i buy or should i rent - Essay Example Therefore, the main objective of monetary theory analysis is to understand how to analyze and communicate findings of various investment projects. Consequently, this essay discusses the process project evaluation, techniques of evaluation, theory of interest rate, real situation of mortgage business in United Kingdom specifically the interest rates and other important figures. In the end I attempt to answer a question on whether to buy a home or rent a house. I use the conventional methods of evaluating new ventures to arrive at a decision of buying a house. Capital investments involve spending money on assets that are used to make the business operational. These monies go into meeting the demands of the project. Such demands include wages, utilities costs, land, rent and equipment. This often require colossal amount of startup capital which may be borrowed, raised through equity or saved from earnings. Since money is an important limited resource, the decision to invest on a project must be backed by evidence of profitability and cost benefit analysis. It is important to note that most capital investment are long term and good choice of project is critical. Besides, other factors like amount of capital which eventually determines the type of project must also be considered. Attention should also be given to risk associated with the business and the payback time, whether long term or short term. It is important to note that the question about best investment choices has no straight forward answer. In other words there is no guarantee that the best investment analyst will advise precisely on the future prospect of the project. It all depends on both macro and micro economic factors prevailing at the moment. Therefore, it the duty of the investor to evaluate the cost and benefits associated with the project. Although it is not easy to pinpoint a specific way to deal with this challenge, various methods of determining project viability are available. The two most commonly used techniques are net present value (NPV) and internal rate of return (IRR). These techniques involves finding out the projected cash flows and costs. Nevertheless, the net present value is considered superior to internal rate of return because in some instances a high yield rate does not mean the business is profitable. Internal return rate is based on already determined discount rate which may be not be accurate (Gaylon and Philip 2003). The net present value indicates the value of the business today. It takes into consideration all cash flows and the duration values. These include the initial startup capital and future incomes. The inflows are assigned positive values while outflows are given negative values. For instance if the initial outlay is ? 100,000, this will be considered negative when computing net cash inflow. This because this money has been used to finance the project operation and is not part of income earned from the project. When all these values are co mbined, the result gives the net value of the project. In cases where the investor can establish the amount of money flowing in or out at specific fixed time, the money is treated as rate of cash flow. For instance, a landlord who collect ? 3,000 from rents, has a rate of cash inflow rather than cash inflow. The net cash flow ct at specific time = cash inflows at time t – cash outflows at time t The net rate of cash flows in unit time = net

Research on Tenured Teachers in the School System Paper

On Tenured Teachers in the School System - Research Paper Example Yet another essential detail to be considered is delivered through the understanding of cost as a relative good. Teachers with good reputation and solid experience are often expensive, which can be regarded by school administration as a shortcoming. Tenure protects experienced teachers from being dismissed for this reason. On the other hand, this same issue of protection becomes the primary disadvantage of tenure when doubts of the teacher’s competence raise. Due to tenure, it might become a problem to fire such a teacher without primarily addressing a lot of bureaucratic issues at hand. Moreover, another disadvantage that should be addressed here is that undergoing the legislatively fixed procedure of firing a teacher is costly and thus a lot of institutions might ignore the necessity of dismissing a teacher based on this consideration alone. In order to avoid this problem, some institutions are prone to secrecy by providing a teacher to dismiss certain sum of money (Mathis, 2010). This allows the schools to avoid disclosure and the expensive, long and difficult process of firing a tenured teacher. There is a set of other pros and cons that should be considered when talking about teacher tenure. Among the pros, there is a notion that tenure is actually quite a useful and beneficial instrument when used correctly (McGuinn, 2010, p. 26). Tenure can create the environment that allows the teachers to improve as it creates healthy competition and motivates teachers without tenure to work harder to get it.

Ceremony Response (written by Leslie Marmon Silko) Essay

Ceremony Response (written by Leslie Marmon Silko) - Essay Example Ceremony is a beautifully written story which combines poetry as well as prose to explain the reader its real meaning. It shows the importance of cultural and traditional values in a person’s life and how a person can recover from deep troubles if he properly understands his culture and sticks to his traditions. Tayo was a young lad who belonged to the Laguna Pueblo tribe. He was half white and half Native American. Tayo was his mother’s illegitimate child whom she abandoned at a very young age. She left him with her mother and sister who brought him up. Tayo did not have very memorable childhood as he had to listen to regular taunts from his aunt who used to remind him constantly about the shame that his mother had brought to the family. Tayo was scarred further by the atrocities that he witnessed in the Second World War while in Japan. He became mentally unstable during the war which was reflected by the fact when he was not ready to shoot one of the Japanese soldiers whom he felt was his uncle Josiah. He also lost his cousin Rocky during the war. Thus, the war worsened his condition and he became mentally ill and traumatized. Upon return, he was moved to an army hospital but this did not relieve his psychological problems. He became an alcoholic as the thoughts of his past haunted him. This did not help him forget about his past and it made him more physically and emotionally drained. Seeing his deteriorating condition, his grandmother brought him back and suggested spiritual Native American cures for him for which he went to see a man Ku’oosh. Ku’oosh referred Tayo to visit Betonie who would be able to carry out a stronger healing ceremony for him. Betonie gave him clues and ways that he would need to accomplish him to fully recover from his trauma. Tayo followed his path and stayed away from the things that reminded him of war. He gathered himself and found the cattle that belonged to his uncle and started his life once again. H is enemies got doomed and he recovered from his losses. Ceremony is a story which speaks about family bonds and the impact that one’s family can have on the life of an individual. Tayo could have lived a better life if he would have received proper love and care from his mother. He would also have been raised in a better way had he been not mentally tortured by his aunt. Despite of these shortcomings, it also needs to be assessed that Tayo was only able to recover because of the support of his family members. His grandmother was very supportive of him and she wanted Tayo to lead a normal life. Furthermore, it was his uncle who took him to Betonie for the healing ceremony. Thus, it was his family’s assistance which brought him back to normal and he was able to get rid of his problems. Reading about the family bonds in the story reminds me of my family and the love and support that they always offer me in times of difficulties. I can relate to Tayo and his insecurities w hen he was far away from his family at war and at the hospital. I felt the same when I had to come to complete my studies in the United States. I became very depressed and suffered from stress. But it was my family’s love and support which helped me recover from my difficulties. Thus, Tayo’s recovery from the difficulties that he was facing with the assistance of his grandmother and family reflect upon my revival as well. The ceremony

A Critique of Chinua Achebe’s An Image of Africa Essay Example for Free

A Critique of Chinua Achebe’s An Image of Africa Essay Certainly Conrad appears to go to considerable pains to set up layers of insulation between himself and the moral universe of his history. He has, for example, a narrator behind a narrator. The primary narrator is Marlow but his account is given to us through the filter of a second, shadowy person. But if Conrads intention is to draw a cordon sanitaire between himself and the moral and psychological malaise of his narrator his care seems to me totally wasted because he neglects to hint however subtly or tentatively at an alternative frame of reference by which we may judge the actions and opinions of his characters. Although Achebe recognizes Conrads use of multiple narrators, he dismisses any intention on Conrads part of utilizing the narrators to introduce psychological depth in Heart of Darkness. I believe, however, that Conrads full objective was to establish a moral and existential tone in his novella; he accomplished this by incorporating a second narrator. Conrad introduces the narrator and his surrounding characters as they navigate the Thames River. As the narrator describes Marlow and the other Seamen the reader begins to question where Marlow stands in this social hierarchy. Conrad thus establishes a tone of uncertainty in the credibility and morality of both Marlow and the narrator. The entire novella is a retelling of Marlow’s tales in Africa, years after they had occurred, which leaves the extent of Marlow’s exaggeration and embellishment of his story up for question. 2. Disagree Joseph Conrad was a thoroughgoing racist. That this simple truth is glossed over in criticisms of his work is due to the fact that white racism against Africa is such a normal way of thinking that its manifestations go completely unremarked Achebe is not reading Conrad’s work on a symbolic level rather he superficially judges parts of the novella as racist. The novella Heart of Darkness is not a racial slur, nor is it an insulting depiction of the people of Africa in any way. It is an examination of the false pretenses the Europeans held over their assumed benevolent work in Africa. The purpose of Marlow’s story was to show the adverse effects of imperialism on white European tradesmen. Conrad is thus in no way a racist, as he set out to depict the malice of Europeans during this time period. He uses his experiences in the Congo during King Leopold of Belgium’s tyranny to show the malevolence greed instills in mankind. 3. Disagree Africa as a metaphysical battlefield devoid of all recognizable humanity, into which the wandering European enters at his peril. . . . . Can nobody see the preposterous and perverse arrogance in thus reducing Africa to the role of props for the break-up of one petty European mind? But that is not even the point. The real question is the dehumanization of Africa and Africans which this age-long attitude has fostered and continues to foster in the world. And the question is whether a novel which celebrates this dehumanization, which depersonalizes a portion of the human race, can be called a great work of art. Conrad’s Heart of Darkness is a great work of art; is it a symbolic delineation of Western covetousness and the effects materialism has on mankind. Africa is not meant to be â€Å"devoid of all recognizable humanity.† Africa is a setting which could be moved anywhere white Europeans use phony moral objectives to carry out their greed. The novella is not specific to Africa but, is a representation of the degradation of man when he works on fake moral grounds. It is for that very reason that Conrad begins his novella with Marlow’s recount of man’s historical occupations -including Roman and British sieges- and the darkness that follows all acts of greed. 4. Disagree Unfortunately his heart of darkness plagues us still. Which is why an offensive and deplorable book can be described by a serious scholar as among the half dozen greatest short novels in the English language. Although Achebe’s defensive view is reasonable as he is of African descent and feels affronted by the opinion he believes Conrad holds, he misses the overall meaning of the novella. Conrad’s Heart of Darkness is not a plague, nor should it be regretted. This novella gave insight into the shameful acts committed by Europeans in search of fame and fortune. Heart of Darkness is not a slander on the African people; it is the exposure of European cruelty and man’s madness derived from greed and feeling empowered over another. 5. Disagree â€Å"I am talking about a book which parades in the most vulgar fashion prejudices and insults from which a section of mankind has suffered untold agonies and atrocities in the past and continues to do so in many ways and many places today. I am talking about a story in which the very humanity of black people is called in question.† Humanity is questioned in Heart of Darkness but, Achebe fails to realize Conrad’s intention. Achebe focuses primarily on the depiction of the Africans in this novella and disregards the contempt Conrad holds for the imperialists. Conrad’s objective was to unmask the â€Å"prejudices and insults from which a section of mankind has suffered untold agonies and atrocities† but, not in the â€Å"vulgar fashion† Achebe describes. The humanity of Europeans is instead called in question. Conrad had witnessed firsthand how the Europeans pillaged and devastated African communities and used his experiences to illustrate the obscen ity of imperialism. 6. Disagree As a sensible man I will not accept just any travelers tales solely on the grounds that I have not made the journey myself. I will not trust the evidence even off mans very eyes when I suspect them to be as jaundiced as Conrads. And we also happen to know that Conrad was, in the words of his biographer, Bernard C. Meyer, notoriously inaccurate in the rendering of his own history. In fiction it is often the author’s idiosyncratic perspective that makes a story intriguing. Factual recounting does not arrive in a fictional book. Whether Conrad’s portrayal of imperialism in Africa was entirely accurate or an embellished version of his own existential struggles, Heart of Darkness was a landmark piece for his time period. The atrocities committed during European imperialism were not a subject of conversation but, Conrad helped to bring the issues to the surface. Conrad did not aim to offend the people of Africa; he intended to expose the Europeans of their veiled immorality.

The importance of the Stock Market to the Economy

The importance of the Stock Market to the Economy The stock market is an important part of the economy because it organizes the resources and channels them to useful investments, in order to perform this role it must have proper association with the economy. Capital markets are important elements of a modern market based economic system as they give out the channel for flow of long term financial resources from the savers to the borrowers of capital. Stock prices of oil sector have been considered for the study. It is the most growing and important part of the stock exchange because its prices are deeply affected by the macroeconomic variables. Investor of Pakistan who invests for long term and short run will get benefit from this research. According to most of the past studies which conducted on this topic shows that macroeconomic variables which include interest rate and exchange rate directly impact on the stock prices if any changes take place in them it will directly going to affect the stock price. Macro economic variables are inversely related to the stock price. In markets, investors provide long term funds in exchange for long term financial assets offered by borrowers. The stock exchange is an important part of any country in the sense that it organizes domestic resources and channels them to productive investments. However, for this purpose it must have important association with the economy. Capital markets are main elements of a modern market based economic system as they serve as the channel for flow of long term financial resources from the savers of capital to the borrowers of capital. Efficient capital markets are essential for economic growth. With increasing globalization of economies, the worldwide capital markets are also becoming increasingly incorporated, while such integration is constructive for global economic growth. Hussainey Ngoc (2009) examined the effect of macroeconomic variables on Ghana Stock Exchange. They found that macroeconomic indicators such as lending rates and the inflation rate affect on stock market performance. Their results suggested that macroeconomic indicators should be considered for investors in developing economies. This motivates us to examine the degree to which this conclusion is applicable to another emerging stock market in Viet Nam. Huberman Zhenyu (2005) investigated that market embrace both the new issues by primary market and secondary market. Such securities might be raised in an organized market such as the Stock Exchange. As a marketplace where securities include stocks, bonds and shares are bought and sold openly with relative ease, the stock exchange is very important to the investors. The existence of a stock exchange in a capital market helps to broaden the share possession of a company and evenly distribute the nations wealth by making it possible for people in different locations to own shares in a firm in another location by purchasing the shares, bond stock through the simple mechanism of the stock market. Kandir (2008) investigated the linkage between stock price and macro economic variables for some developing countries in Eastern Asia which examined the impact of macroeconomic risks on the equity market of the Philippines stock exchange. Findings show that financial fluctuations in exchange rate and political changes on owners of Philippine equities cannot be able to explain Philippine stock returns. Mohammad et el. (2009) investigated that Karachi stock exchange is largest and most active stock market in Pakistan, accounting for 65% to 70 % of the value of the country total stock transaction as on October 1, 2004, 663 companies were listed with market capitalization $23.23 billion having listed capital of us $ 6.59 billion. Pakistans industrial exports and foreign investment today are growing at the countrys fastest rate ever. The countrys foreign exchange reserves skyrocketed to $12327.9 million in 2003-04 from $2279.2 million in 1998-99. Similarly, several Pakistani stocks are now traded on international markets. Also, foreign brokerage houses are now being allowed through joint ventures with Pakistani investment bankers to participate in primary as well as secondary markets in Pakistan. The stock exchange is not only crucial but also central to the entire mobilization process. This is because it offers an opportunity for continuous trading in securities. The purpose is to examine the impact of the macroeconomic variables which includes interest and exchange rates on the stock prices of oil sector by using regression analysis. Seven year data of both dependent variable and independent variables has been used to determine the result. The macroeconomic variables would provide more information about the stock return economic activity relationship. This would also consider other firm characteristics in order to obtain a better insight about the return generation process. Chapter two consists of literature review where as chapter three consist of methodology and chapter four consists of results interpretations. Chapter 2: Literature review Roll Ross (1980) suggested that the arbitrage pricing theory is suitable alternative because it agrees perfectly on what appears to be perception behind a capital asset pricing model. The arbitrage pricing theory is based on the linear return and generating process at the first principle which require no utility assumption. It is also not restricted to a single period. This theory is applicable in both multi period and single period cases. Arbitrage pricing theory begins with an assumption based on return generating process. There are two major differences between arbitrage pricing theory and capital asset pricing theory, first arbitrage pricing theory allows more then one generating factors. Secondly arbitrage pricing theory demonstrates that any market equilibrium must be consistent with no arbitrage profit, every equilibrium will be characterized by a linear relationship between each asset expected return and its return response. After determination of the factors in asset returns other than the market returns, the arbitrage pricing theory was introduced in order to determine the association between variables used in the study, arbitrage pricing theory stated the use of variables without the need of pre specification of variables but it did not take too long before the criticisms to appear. One foremost criticism was that, the arbitrage pricing theory can not be able to specify the factors, but just explain them statistically. This inefficiency of the arbitrage pricing theory was established even in the first empirical arbitrage pricing theory study. Ammer (1993) investigated the empirical relation between macro economic variables and stock prices in ten different countries, with a main objective is to find a links between these vaiables. The stock price decomposition is used to find the ways through which negative stock prices is associated with a positive inflation which is because of decrease in dividends and increase in real equity returns. Ammer (1993) observed in the results that generally increase in the rate of macro economic variables are directly linked with decrease in dividends and also decrease in required real equity returns. This favors the corporate tax related theories in which any change in the tax related systems affect on an increase in the rate of inflation this helps the firm in raising their cost of their capital relative to the return that has been earned by investors in the firm. Ammer (1993) investigated that In the United States (US) and the United Kingdom (UK) the suggestion of the arbitrage pricing theory model with a conditionally heteroscedastic economic factor imply that macro economic variables may increased the average amount of capital. Kaul (1995) suggested the impact of changes in monetary policy regimes, expected macro economic variables and there impacts on stock prices. Post war evidence from four countries reveals a direct link between these relations and the central banks operating targets which include money supply, interest rates and exchange rates. Specifically, the post war opposing relation has been found between stock price and in expected macro economic variables are significantly stronger during interest rate regimes. Bonomo Garcia (1997) investigated a version of the conditional capital asset pricing model with respect to a local market portfolio, which provides alternative by the Brazilian stock index during the period of 1976 to 1992. For this purpose they had selected conditional arbitrage pricing theory model by using the difference between the 30 days rate and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. Bonomo Garcia (1997) used conditional capital asset pricing model and arbitrage pricing theory models in the formation of the portfolio that consist of twenty five securities exchanged on the Brazilian market, this played an important role for the appropriate pricing of the portfolios. It has been examined that the unconditional moments of the returns series for the stock market index taken from the IFC Emerging markets data base it shows an average return in US dollars of 21.15% and an average excess return in local currency of 28.82%. For industrialized countries standards, it has been observed that these returns are exceptionally high. According to the fundamental asset pricing models such as the capital asset pricing model or the arbitrage pricing theory considered that, high expected returns getting from the security are linked with high measures of risk with respect to a number of risk factors that are going to affect directly on market portfolio. According to the capital asset pricing model, the expected return getting from the portfolio of assets is because of the covariance of the portfolio return which consists of different securities from exchange with the market portfolio return. It has been examined that the while selecting any market portfolio Two different views can be undertaken: it has been considered that the Brazilian stock market is divided into different segmented and concentrate on local risk factors which consist of macroeconomic variables that help in explaining local returns of the stocks, another way to adopt the perspective is that, international investors diversifying their portfolios worldwide by investing their funds into different market of the world in order to reduce the risk from their portfolio because if they invest in only one market with out diversifying in this way risk is high because if decline in market takes place then the investor will directly going to suffer loss on investment. Bonomo Garcia (1997) examined that they adopt the view according to which the Brazilian stock market is divided and tests a description of the conditional capital asset pricing model with reverence to a limited market portfolio, characterized by the Brazilian stock index in the IFC database. The conditional capital asset pricing model is experienced on a set of size portfolios produced from a total of twenty five securities exchanged on the Brazilian markets. The IFC emerging markets data base of the World Bank provides data on stock prices and other financial variables for both the stock index and individual stocks in a series of rising and newly industrialized countries. The Brazilian stock market is subjected by individual investors. They characterize investors in the market with minute investment knowledge or experience, they speculate in the stock market in the absence of market experience. Stocks are often bought and sold on historical prices and on market news about stock pri ces, resulting in stock market mania. Bonomo Garcia (1997) selected the total list of twenty five common shares which were listed on the brazilian stock exchange from January 1976 to December 1992. To test this model the return on individual securities has been selected, but for the purpose of getting linear result they have limit the number of variables used in this process. Bonomo Garcia (1997) examined the degree of the covariance parameters which is small in absolute value but small in variance of the surplus return. The betas of the second and third portfolios got negative values in the outline followed by their magnitudes, which increases with the capitalization value. This specifies the hight of worth portfolios which offers the best hedge against the risk. It should be seen that, by adding a second factor, all the market portfolio betas becomes lower as compare with others portfolios. Altay (2003) suggested that a range of macroeconomic variables representing the essential indicators of an economy are employed in the factor analysis processes and factor realizations of principal economic phenomena. Arbitrage pricing theory has a serious disadvantage in defining systematic risk factors. In contrast to the Arbitrage pricing theory, the market portfolio as the only risk factor in the capital asset pricing model is clearly defined. Asset prices are supposed to respond to series of macro economic procedures. A number of macroeconomic alteration influence asset prices stronger than others and some do not even influence them at all. One of the most well known Arbitrage pricing theory tests on this topic was implemented and measured by a number of important economic variables to have systematic influence on asset returns. Arbitrage pricing theory is only focused on shaping the number of risk factors that systematically give details about the stock market returns by formulating factor analysis methods. Altay (2003) have chosen five factors from the New York stock exchange and AMEX which depend on the period length and the size of the stock groups under examination. In this paper they put into practice empirical analysis to both German and Turkish stock markets and economic data. It shows that Germany and Turkey are both European countries with dissimilar levels of economic development. There are numerous earlier empirical results of the Arbitrage pricing theory for the German and Turkish Stock Markets. Monthly returns of ninety three assets are put into practice, the principle components analysis method are used in order to test the arbitrage pricing theory. The accomplishment of the maximum likelihood factor analysis method used some macroeconomic variables as possible common risk factors in the analysis. The asset prices are supposed to respond to macroeconomic factors and unexpected changes in macroeconomic factors are estimated to be rewarded in stock markets. The factor structures of the German and Turkish economy are presented by employing the same eight macroeconomic variables and stock market proxies in the principle mechanism and maximum likelihood factor analysis. In each type of analysis of German variables, four factors are extracted while only three variables are derived from Turkish variables, representing dissimilar factor structures of these two economies. Javed Aziz (2005) suggested the development of financial equilibrium asset pricing models which has been the most significant area of research in current financial theory. These models are broadly tested for the development of the market. The strength of the Arbitrage Pricing Theory (APT) model on returns from twenty five aggressively trading stocks in Karachi Stock Exchange using monthly data from January 1997 to December 2003 had been examined. Arbitrage pricing theory suggested that there are a number of sources of risk in the economy that cannot be eliminated. Javed Aziz (2005) considered in relation to economy wide factors such as inflation, interest rate, exchange rate and changes in aggregate output. Instead of calculating a single beta, like the capital asset pricing model, arbitrage pricing theory calculates several betas by estimating the importance of an assets return to changes in each factor. The arbitrage pricing theory assumes that a security return is a linear function. The arbitrage pricing theory thus specified that the risk premium for an asset is connected to the risk premium for each factor and that as the assets sensitivity to each factor increases, its risk premium will increase as well. The arbitrage pricing theory forecast that the prices of all sensitive assets in the economy conformed to the condition of no arbitrage. No arbitrage indicate that an individual investment in a well diversified portfolio could not receive any additional return merely by altering the weights of the assets incorporated in the portfolio, holding equally systematic and unsystematic risk constant. The arbitrage pricing theory stated that there is a set of fundamental sources that influence all stocks returns. The stock return is a linear function of a certain number of economic factors, while these factors are unnoticeable and not significant. In order to test the arbitrage pricing theory empirically, following approach has been used. It can simultaneously calculate approximately the asset sensitivities and unknown factors by examining factor analysis on stock returns. On the other hand, it identifies previous general factors that give details about the pricing in the stock market. Such macroeconomic variables can be those affecting either future cash flows on companies or future risk adjusted discount rates. These selected twenty four stocks are the most active stocks with just about 80% weight of aggregate market capitalization of KSE 100 index companies. In order to analyze the stability of the factors in the arbitrage pricing theory, the period is divided into two sub periods; monthly data had been selected for the purpose of examination. The schedule are reported approximately daily by the news media. The outcome specify that in the whole sample period only two priced factors are found to have exploratory factor analysis approach; in the first sub period none of the factors seems to be priced, and in the second sub period they discovered only one priced factor at the 5% level of significance. The number of priced factors seems to be very low and the consequences of this approach specify considerable instability of the explanatory power of the arbitrage pricing theory. The results of two different testing methods for the arbitrage pricing theory are nearly in the identical manner because in the whole sample period two priced factors are found. This is an encouraging result, which supports the theory. But the number of priced factors seems to be very low and the results of this approach point towards substantial instability of the explanatory power of the arbitrage pricing theory. The arbitrage pricing theory is an alternative for the Capital Asset Pricing Model in this way both shows a relation between assets returns and their covariance with other variables, where as capital asset pricing model focuses on the covariance of the market portfolio return. Huberman and Zhenyu (2005) suggested that the arbitrage pricing theory entails a procedure to identify at least some features of the underlying factor structure. Merely stating that some collection of portfolios (or even a single portfolio) is mean variance efficient relative to the mean variance frontier spanned by the existing assets does not constitute a test of the arbitrage pricing theory, because one can always find a mean variance efficient portfolio. Consequently, as a test of the arbitrage pricing theory it is not sufficient to merely show that a set of factor portfolios satisfies the relation between the return and its covariance with the factors portfolios. Gunsel Cukur (2007) investigated the performance of the Arbitrage Pricing Theory (APT) in London Stock Exchange for the period of 1980-1993 as monthly. The arbitrage pricing theory introduced by CRR (1986) involves identifying the macroeconomic variables which directly impact on stock returns. Thus macroeconomic behavior influence the returns on stocks and utilizing macro variables in the return generating process provided a basis to approximate stock returns. The simplest of theories of pricing a financial asset is by discounting future cash flows. Hence, the following exogenous variables that affect the future cash flows or the risk adjusted discount rate of a company must be measured. The reason is to recognize the macroeconomic forces that influence the stock market. For this purpose seven economic variables are examined. The model is designed in a way to test the two conditions. These conditions are economic conditions such as term structure of interest rate, inflation, money supply, the exchange rate, the risk premium and industry specific conditions, dividend yield and industrial production. Their result suggests that share prices are affected in a different manner than one described in CRR. This can be explained by the idea that other explanatory variable may be at work in UK or the CRR methodology is inadequate. They suggested that, interest rate, inflation and money supply were among the factors that are found to be significant. However, in this case unexpected inflation seems to be insignificant. Humpe Macmillan (2007) investigated the relationship between stock market and a series of different macroeconomic and financial variables through out the stock markets over a range of different time horizons. Presented financial economic theory proposes a number of models that gives a structure for the examination of this association. Arbitrage pricing theory is a one way of linking macroeconomic variables to the stock market where different kind of risk factors which affect market in a different ways can give details about asset returns. The early investigations related to arbitrage pricing theory focused on individual security returns, where as it may also be used in a cumulative stock market structure. In this way any changes in a given macroeconomic variable could be seen as reflecting a change in an underlying systematic risk factor influencing future returns. Many of the past empirical studies based on arbitrage pricing theory that links the state of the macro economy to stock market returns, are characterized by modeling a short run relationship between macroeconomic variables and the stock price in terms of first differences, assuming trend stationary. These papers found a significant relationship between stock market prices and changes in macroeconomic variables. An alternative, but not inconsistent, approach is the discounted cash flow or present value model. This model relates the stock price to future expected cash flows and the future discount rate of these cash flows. All macroeconomic factors that influence future expected cash flows or the discount rate by which these cash flows are discounted should have an influence on the stock price. This showed that long term moving average of earnings predicts dividends and the ratio of this earnings variable to current stock price is powerful in predicting stock returns over several years. The only negative coefficients are found on long term interest rates. Additionally, it has been examined that Europe an stock markets are highly integrated with that of Germany and also found that industrial production, stock prices and short term rates in Germany positively influence returns on other European stock markets (namely France, Italy, Netherlands, Switzerland and the UK). Humpe Macmillan (2007) draw upon theory and existing empirical work as a motivation to select a number of macroeconomic variables that might expect to be strongly related to the real stock price. They make use of these variables, in a co integration model, to compare and contrast the stock markets in the US and Japan. The aim is to examined whether the same model can explain the US and Japanese stock market while yielding consistent factor loadings. This might be highly relevant to private investors, pension funds and governments, as many long term investors base their investment in equities on the assumption that corporate cash flows should grow in line with the economy, given either a constant or slowly moving discount rate. Unanticipated inflation may directly influence real stock prices negatively through unexpected changes in the price level. Inflation uncertainty may also affect the discount rate thus reducing the present value of future corporate cash flows. Tursoy, Gunsel, Rjoub (2008) suggested that the reason of this study is empirically test the arbitrage pricing theory in Istanbul Stock Exchange for the period of February 2001 up to September 2005 on monthly base. The arbitrage pricing theory is a theoretical substitute to the capital asset pricing model which analyzed the strength of the arbitrage pricing theory in the US securities market. They used US macroeconomic variables as proxies for the underlying risk factors driving stock returns. Tursoy, Gunsel, Rjoub (2008) found that several of these macroeconomic variables to be important in explaining expected stock return, particularly in industrial production, changes in risk premium, and twist in the yield curve. Tursoy, Gunsel, Rjoub (2008) analyzed the empirical applicability of the arbitrage pricing theory is to price the Istanbul Stock Market, and to recognize the set of macroeconomic variables which communicate more closely with the stock market factors. There are list macroeconomic variables which were used to price the stock of Istanbul Stock Exchange which formed in eleven portfolios from the industrial sector because it represents the important segment of the traded stocks which consists of 174 out of 259 totally traded stocks. A higher index is reflected in higher values of these three variables, therefore, this indicates greater pressure on the exchange market depending on the nature of the involvement of the respective Central Bank. That is, speculative pressures are either accommodated by a loss of reserves or can be prevented by the monetary authorities through an increase in interest rates. Each portfolio may influence different industry in different manner by macroeconomic variables; a macroeconomic factor may affect one industry positively, but affect the other industry negatively. The regression results specify that there is no significant pricing relation between the stock return and the tested macroeconomic variables. This indicates that other macroeconomic factors affect the stock return in Istanbul Stock exchange or the multifactor arbitrage pricing theory with macroeconomic variables fails to explain the effect in stock market. The consequence found that there is no relationship between the macroeconomic variables and stock market return. Kandir (2008) suggested that by make use of statistical tools like factor analysis, arbitrage pricing theory provide guidance in the use of variables without the requirement of pre specification of variables but it did not take too long before the criticism to appear. One most important criticism was that, arbitrage pricing theory cant be able to properly explain the variables which are used in the study, but just derive them statistically. This insufficiency of the arbitrage pricing theory continues that the result obtained from factor analysis should be primary economic variables, such as gross national product (GNP) or interest rates. Additionally, in this paper they acknowledge that stock prices and stock returns are systematically affected by economic variables. For this purpose they have selected the data from July 1997 to June 2005 in order to analyze there impact. Their findings of suggested that there has been a significant relation between Macroeconomic factors and stock return in the countries examined. Kandir (2008) recommended that the examination of major economic factors that are alternate of the derived factors in the arbitrage pricing theory which is the first to employ specific macroeconomic factors as proxies for undefined variables in the arbitrage pricing theory. Expected dividends of a company can be directly affected because of increase in inflation rate, real production, oil prices and consumption. The new model has an explicit advantage over the arbitrage pricing theory. There is no theoretical framework for the selection of macroeconomic variables. Stock prices are found to share positive long-run relationships with industrial production and consumer price index. Whereas result they obtained has found to have a negative relation with money supply, interest rate and exchange rate. Kazi (2009) identified the significant risk factors for the Australian stock market by applying co integration technique. It is Relevant to previously used variables, which act as a substitute for Australian systematic risk factors. The linear combination of previous variables is found co integrated although not all variables are significant. The bank interest rate, corporate profitability, dividend yield, industrial production and, to a lesser extent, global market influence are significant for the Australian stock market returns in the long-run; while the stock prices are used in each quarter by its own market presentation, interest rate and global stock market arrangements of previous quarter. The sensible implications for both local and overseas investors as all investors now able to direct their investment risks better while considering Australian stocks into their portfolios through monitoring only 4 to 5 factors that are identified here. The relationship between kibor rates and stock prices of oil sector from the viewpoint of asset portfolio allotment is commonly negative. An increase in interest rates raises the necessary rate of return, which in turn inversely affects the value of the asset. Measured as opportunity cost, the nominal interest rate affects investors decision on stock holdings. A rise in the opportunity cost may, however encourage investors to find a substitute shares for other assets. Using co integration technique this paper performs an empirical analysis to identify the significant risk factors for the Australian stock market. In doing so it examines whether or not the selected a previous variables can give details about the return generating and pricing process of the Australian stock market. The results are in conformity with the current finance theory, yet interestingly different on some points. In long run, it is found that the Australian stock market prices are being influenced by only 4 or 5 systematic risk factors. Nguyen (2010) examined the stock price performance of an emerging stock market the Stock Exchange of Thailand, by applying a new equilibrium stock price theory. They have chosen the data for assessment during financial crises. The theory recommend stock market risks and returns are determined by essentials under a linear relationship recognized on the basis of a consistent multi factor model return generating process and the assumptions of perfectly aggressive and frictionless markets. The literature on asset pricing models has taken on original lease of life since the appearance of the Arbitrage Pricing Theory, is substitute theory to the renowned Capital Asset Pricing Model (CAPM). Being motivating in its own right the arbitrage pricing theory soon concerned a number of main financial economists and researchers which had yielded its several affect on different researches. The methodology for testing the strength of the capital asset pricing model can be functional for testing the weight of arbitrage pricing theory. The two pass test measures are applied in almost every test of the arbitrage pricing theory. The study on certain macroeconomic forces which are going to systematically affect the stock returns of certain stocks. Their result suggests industrial production; changes in a default risk premium, term structure, and unanticipated inflati