Critical Analysis Of Research Design And Data Collection Management Essay

Critical Analysis Of Research Design And Data Collection Management Essay The purpose of this assignment is to offer a critical analysis of the underpinning assumptions and research design and data collection strategies and the practice of academic research. Two research papers are chosen for the purpose of this analysis. The first paper is a quantitative study and the second paper is a qualitative study. They are as follows:- Shafer, W. E., Fukukawa, K. and Lee, G. M. (2007) Values and the perceived importance of ethics and social responsibility: The U.S. versus China, Journal of Business Ethics, 70 (3), pp. 265-284. Tsoi, J. (2007) Stakeholders perceptions and future scenarios to improve corporate social responsibility in Hong Kong and Mainland China, Journal of Business Ethics, pp. 1-14. The main reason for selecting these two papers is that they both report upon the area of corporate social responsibility, which is the focus of my PhD. Within the field of corporate social responsibility (CSR), there has been considerable research discussing the relationship between values and perception with the attitude/behaviour of businesses towards CSR. These values are considered quantifiable and thus have been measured quantitatively using scales developed by authors such as Forsyth (1980), Singhapakdi et al. (1996), and Vitell and Patwardhan (2008). Interviews have been used to bring forward the values that are deemed important by stakeholders, and were explored qualitatively by Fukukawa and Teramoto (2009), Siltaoja (2006), and Là ¤hdesmà ¤ki and Siltaoja (2009). The two papers selected both looked at cross-cultural values and perceptions, however, they utilise different methods of investigation. This difference could provide a good basis for comparison, in terms of philosophical assumptions, research design, and the method of data collection. The analyses will begin for each paper with an introduction of the research aims, followed by the epistemological and ontological position, the research design, followed by analysis of its research methodology, the alternative research design and lastly, conclusions from this discussion will be provided. Review of Quantitative Research paper 2.1 Research Objectives This study by Shafer, Fukukawa and Lee (2007) examined the values and the perceived importance of ethics and social responsibility on managers from China and the U.S. The authors used scales instruments to obtain quantitative data in order to make inferences on whether the managers nationality and personal values have effect on their ethical perception. The American and Chinese managers are assumed to differ in their personal values and subsequently this should be reflected from their responses to the Perceived Role of Ethics and Social Responsibility (PRESOR) scale. The authors provided the relevant background information and built up the reasoning for their hypotheses. The first hypothesis was that managers from China would believe less strongly than American managers in the importance of ethically and socially responsible conduct to achieve organisational success. The second hypothesis was that both American and Chinese managers personal values are believed to have significant impact on the responses to the scale. These hypotheses seem to correlate strongly with the research objectives which are to determine that there is variation in response due to cultural differences. 2.2 Epistemological and Ontological Assumptions It is likely that the authors based their research on moral philosophy which refers in particular to the principles of rules that people use to decide what is right or wrong (Ferrell, Fraedrich and Ferrell, 2005:19). This paper seems to indicate that the principles of rules of managers of different cultures are likely to differ and thus ethical decision-making would vary. The authors provided examples of other empirical research to support this notion. The assumption that personal values can influence ethical decisions shows that the research is likely to infer an ontological assumption of realist, whereby reality is seen to have an existence independent of the activities of the human observer (Blaikie, 2007:13). As the research strives to compare values and perceptions, these elements are thought to be measurable and quantifiable; seemingly leaning towards the empiricism position in which the key idea is that knowledge comes from observing the world (Blaikie, 2007:19). The authors e mployed deductive research whereby the hypotheses formed are tested to determine if the statements can be supported (Sekaran, 2003:31), which is a typical research approach of empiricists. Taking possibly the stance of positivists, these values are assumed measureable, and are thus thought to form the social reality that these values affect the perception of corporate social responsibility amongst the managers from these two countries. 2.3 Research Design The intention is to establish the differences in personal values, by using large quantities of data, which would be representative of the overall population of American and Chinese managers. This suggests that there are two assumptions, that values are measureable and that it is possible to generalise the population from the sample. In order to generalise, a considerably large amount of data is required, thus a survey research instrument was employed. The PRESOR scale developed by Singhapakdi et al. (1995) was used. The reasons that the PRESOR scale was chosen over the cultural dimensions formed by Hofstede (2001) were argued; examples of the latter in other research were shown to be inconsistent and inconclusive in its directional impact, thus making theoretical predictions difficult. The use of PRESOR scale in other research was exemplified and seemed to have established the reliability of its measurement. The PRESOR scale was explained further in the introduction of the paper. Thirteen out of sixteen original items were selected and the authors justified this by stating that only these thirteen items had significant factor loadings in the Singhapakdi, Scott and Franke (1999:25) study. These items were grouped into two categories; the Stockholder and the Stakeholder views. The Stakeholder View reflects the importance of ethics and social responsibility to organisational survival and success, whilst the Stockholder view indicates that organisational success depends on more than just profitability and obligations to the stockholders (Axinn et al., 2004:104) In the methodology section, the Schwartz value instrument and a demographic questionnaire were mentioned as being used together with the PRESOR scale. There was little mention of the reasons the Schwartz scale was used and how it was applied. It was only later in the appendix that the items considered in the Schwartz scale was provided in details. A clearer explanation could have improved the clarity of the paper. The research design employed the use of two research instruments (PRESOR scale and Schwartz value instrument) as means for data collection. The sample of practising managers from the two different countries was given the same survey to complete, thus the responses could be compared on that basis. The results from the analyses were then compared against the hypotheses formed, affirming or not affirming the hypotheses. This process is typical of the deductive approach (Blaikie, 2007:70). 2.4 Data Collection The sample consisted of 311 practising managers, enrolled part time in selective MBA programmes in the U.S. and China. The participation was voluntary and the scales were completed as an in-class exercise. The authors acknowledged potential problems from this sample selection. The first is that, although the MBA programmes in these two countries appear to be comparable, the sample may have confounded the effects of national differences and MBA programme differences. Secondly, the sample was not randomly selected as the authors had asked their students to complete the scales in-class. The authors did not provide further justification for these two problems and thus this is believed to have weakened the external validity of this investigation (Bryman and Bell, 2007:204). Aside from this comment from the authors, there was very little mention of the validity of the measurement which makes it difficult to make further discussion on this. The basis of their selectivity and the criteria in which these programmes were said to be comparable, were also not provided in details. The details of its comparability may have helped clarify and strengthen the validity of the selection criteria, as well as making the paper more understandable. Considering the objectives of the research, in which the authors seem to be looking at making generalisations on the affect of personal values, there is a need to collect large quantities of data. The survey method seems to be appropriate as surveys are easy to distribute to large number of people and costs can be kept to a minimum (Bryman and Bell, 2007:195). This relates to external validity, which is about generalisability of results beyond the focal study (Easterby-Smith et al., 2008:87). In this paper, external validity was not discussed; however, it is likely that the results are meant to be applicable for the context of China and the U.S. only. The authors stated the limitation of which the participants can not be assumed as representative of the broader populations of managers in these two countries, due to the fact that the MBA programmes were selective in nature. The research took consideration of the possibility that the age and experience differences of their sample might affect the results, and thus these factors were examined for significance. The scale was translated to Mandarin Chinese and later back-translated with resolution of discrepancies, to take account of the language difference. These examples seem to reflect on the effort of the authors in ensuring that the results are not significantly affected by other variables. In order to test the dimensionality of the PRESOR scale, a principal components factor analysis with varimax rotation and Kaiser normalisation was applied. This is typical of a quantitative study where factor analysis is usually applied as part of the research design. In terms of research replication, this research had provided considerable amount of information which would possibly allow other researchers to perform similar research. The items from the two views (Stockholder and Stakeholder) of the PRESOR scale were provided in details. In addition, the authors also mentioned the calculation method used, such as the use of mean values and the Univariate Analysis of Covariance models (ANCOVA). The only exception would probably be the PRESOR scale itself, whereby the questions that were asked and the choice answers were not explicitly given, which might mean that future researchers might find it difficult to replicate the research and might even have to approach the authors or Singhapakdi who developed the scale. 2.5 Alternative Method The authors mentioned that more in-depth examination using qualitative design of investigation such as interviews would perhaps be more revealing. It is agreed that qualitative measure would allow insights into the importance of ethics to managers, and the various ethical issues that managers prioritise. The researchers are more likely to obtain a richer data of the decision-making process of managers, at the same time; they would be able to achieve the research objectives. The researchers can make use of semi-structured type interview which will allow better control of what questions need to be asked, and to ensure that the objectives of the interview are achieved as well (Bryman and Bell, 2007:474), if time and costs are constraints. There are also other alternatives methods to obtain qualitative data that would have fit this research, such as the use of focus groups. Focus group interviews allow researchers to observe the behaviour of the American and Chinese managers as they interact with each other. It would be possible to see the differences in reaction to ethical issues much more clearly, when these managers are given, for example, the same ethical dilemma, and they are required to rationalise the problem and come up with solutions. This method might be more useful than questionnaire surveys, particularly in that the values of the American and Chinese managers could be brought out through the way they respond and react to ethical problems, the problem-rationalisation process, and the degree of attention paid on a particular problem. Similar to the interview method, this would be considerably more costly to conduct, and it might even be more costly than doing interviews, however, the researchers would gain no t only in achieving the research objectives but they would also attain a better understanding of the effects of personal values in ethical decision-making. However, if the goal was only to establish that perception of CSR differs between diverse cultures, the research design would have fit the purpose. This is because the data collection strategy used (questionnaire survey), allowed the authors to obtain considerably response for generalisation. A questionnaire survey would also have been more cost-efficient and less time consuming, especially for cross-cultural studies. Review of Qualitative Research paper 3.1 Research Objectives In this second paper, this qualitative study aims to make apparent the perceptions and views of the future scenarios from stakeholders within the garment industry in Hong Kong and Mainland China. The underlying intention was to seek consensus and common ground, on a local and regional level to help companies develop an appropriate CSR strategy, to improve the state of corporate social responsibility and in the long run, to achieve sustainability in the region. The main objective was stated as by engaging with major stakeholders, to identify the local and regional supply chain stakeholders perceptions and expectations (Tsoi, 2007:1). Typical of a qualitative study, generalisation is often not the objective of the study (Bryman and Bell, 2007:410). This is apparent from this study as the author had mentioned that the sample may not be sufficient for generalisation for the entire garment industry, however, it is relevant to garment businesses involved in export-orientated activities (Tsoi, 2007:1). Tsoi (2007) used an inductive approach to identify the perceptions of stakeholders by conducting interviews. 3.2 Epistemological and Ontological Assumptions Although the author did not indicate the philosophical assumptions behind this study, the author implied that by identifying the stakeholders perception, the findings would help in building consensus, strengthening the implementation, and establishing future CSR framework. This suggests that the author has an ontological position of constructionism, which asserts that social phenomena and their meanings are continually being accomplished by social actors, implying that there exists social interaction and that there is a constant state of revision of the social phenomena (Bryman and Bell, 2007:23). In this case study, the social reality of what is happening in the garment industry, in terms of its corporate social responsibility, is a social reality that was formed by the stakeholders. It suggests that the social phenomena (condition of CSR) can undergo changes, and that it is dependent on the activities of the social actors. The views of the social actors are thought to be indicative of the important issues in corporate social responsibility, within the garment industry. This form of research is consistent with the research paradigm of the interpretivist position, as the basis of the research is that the study of the phenomena requires an understanding of the social world that social actors have constructed and which they reproduced through their continuing activities (Blaikie, 2007:124). In this instance, the stakeholders are the social actors who will continually interpret and reinterpreting their social world which can be the garment industry. The social phenomenon that the author is investigating is the current state and the future of the corporate social responsibility in Hong Kong and Mainland China. The future conception of CSR in these two places is related to phenomenology, whereby, it concerns with the question of how individuals make sense of the world around them (Bryman and Bell, 2007:18). In this case, it can be viewed as the way stakeholders make sense of the state of corporate responsibility in the region. 3.3 Research Design The author relied on a qualitative method, specifically, the face-to-face semi-structured interview, which indicates the leanings of the author in conducting a naturalistic inquiry in real-world rather than experimental or manipulated settings (Ritchie and Lewis, 2003:4). For qualitative studies, semi-structured and unstructured interviews are commonly used as they provide rich, detailed answers and taps into the interviewees point of view (Bryman and Bell, 2007:474). As the focal source of data was the stakeholders themselves in this study, this seems to infer that the research design is based on the interpretivist view that the social phenomena can only be understood and be investigated from the inside (Blaikie, 2007:125). The author identified major stakeholders possibly with stakeholder theory, stating the assumption that multinationals see stakeholder consultation and management as an important communication tool in identifying and interpreting the needs of salient stakeholders and as such would enable the development of a common language for CSR and subsequently the development of proactive CSR strategies. This correlates with the stakeholder approach of Wheeler et al. (2003:19) who stated that value creation at the highest level requires an ability to build value-based networks where all stakeholders see merit in their association with and support for a business. In this instance, it is likely that the stakeholders were deemed to be important in the future direction of CSR in the region, and this was the reason that stakeholders were chosen as source of data. The author mentioned that these interviews conducted in 2004 and 2005 may no longer be relevant, since there were major developments in 2008. This might have made the interviews slightly outdated however; there should not be many changes to the overall aims of the stakeholders and thus the outcomes of this research would remain valid. However, as an alternative, the author could have applied longitudinal design which represents a distinct form of research design than is typically used to map change in business and management research (Bryman and Bell, 2007:60). The longitudinal design would not only serve the purpose of this study, but it would also allow insights into the factors that cause change to the perception. With this sample, it is possible to use cohort study, whereby the cohort is made up of people who share a certain characteristics (Bryman and Bell, 2007:61), since the stakeholders have a stake in the garment industry. However, longitudinal research may require a lot mor e preparation, could be time-consuming and thus it could be more costly. 3.4 Data Collection With regards to the methodology, the interview questions that were used for this research was not provided. As this was a semi-structured interview, it would have been useful if the author had provided general information on how the questions were formed, and the structure of the interview questions as this would provide an indication of the depth of the interviews, and hence the validity of the research design. For the sample, 25 representatives from academia, the business organisations, the non-government organisations, trade association, and government officials were identified. The response rate was 84%, in which 21 out of a total of 25 representatives of these organisations agreed to be interviewed. It was mentioned that the reason for such a high response rate, was that the author had contacted the interviewees on a one-to-one basis. Furthermore, the interviewees were also guaranteed anonymity. The sample, thus, appears to be extensive and is representative of the various stakeholders that are vital in the garment industry. 3.5 Alternative Method The intention was that the findings would help in building consensus, strengthening the implementation and establishing the future CSR framework (Tsoi, 2007:1). The author might have meant that having collected all the different views from these stakeholders, the author would be able to determine the consensus of how CSR should be developed and how CSR should be like in the future. However, it is doubtful that a consensus could have been obtained using this method of analysis. The interviewees, although were representative of the garment industry, each one a vital stakeholder, there was no real interaction between these stakeholders, and thus, the consensus that is meant is only based on the researchers understanding from the interviewees responses. Stakeholders are thought to be able to reach a better compromise through discourse, with different sides arguing for the validity of their point as well as ensuring that the interests of the group or association that they represent are ta ken account of (Bryman and Bell, 2007:511). While it is understandable, that there is a strong possibility that it could be costly to get all the interviewees to sit together through a discourse, nevertheless there are alternatives which might be more useful for the purpose of this investigation, given that the objective is to reach a consensus amongst the stakeholders. With this reasoning, the research design could improve by firstly conveying the findings of the interviews to all of the stakeholders interviewed, and follow up with another interview to see if there were changes to their views. Alternatively, the author could use the method of focus group interviews. With this method, Merton et al. (1956) (in Bryman and Bell, 2007:511) stated that the accent is upon interaction within the group and the joint construction of meaning. Focus group interviews could provide a platform for the interviewees to interact and to establish a joint construction of what it means to strengthen CSR and also determine what future scenarios should and could be like. With regards to selecting a suitable size for the focus group, it is recommended by Bryman and Bell (2007:517) that the typical group size should be six to ten members, whilst Sekaran (2003:220) recommends a size of eight to twelve members. The reason that the focus group interview method was recommended was that the interviewees would be encouraged to express their opinions argumentatively, which would then allow the researcher to gauge the degree of importance of certain issues and how much flexibility the interviewees might h ave to reach a compromise with others. There are of course possible pitfalls using the focus group method, in that some interviewees might be dominant over others, and thus the opinions of those less dominant might not be heard, but these effects can be reduced to a minimum level by having a good moderator (in Bryman and Bell, 2007:511). The one-to-one interview method could still be more advantageous compared with the focus group interview, as the time and monetary costs of conducting a one-to-one interview would probably be considerably less and thus be more manageable especially if there was only one researcher, as was with this case study. In this case study, it seemed that a quantitative design would actually be difficult to apply, and it would also be inappropriate for an investigation on the perception of CSR as a business concern. Taking the example of using a questionnaire survey with closed-ended questions, it is very likely that the respondents would answer that they are very concerned about CSR, as that might be perceived as the correct response, thus creating social desirability bias to the results. Furthermore, with a questionnaire survey, the researcher would not be able to pin-point all the various future scenarios for CSR in Hong Kong and Mainland China, even if it was possible, the list of future scenarios might be too long to be practically manageable. Another issue would be that in making assumptions of the future scenarios that are deemed significant to the stakeholders, it would be problematic as the researcher might risk missing out relevant information. Therefore, it would be difficult, from these r easons, that a quantitative design would not be suitable for such a case study. Conclusions In summary, the two papers reflect significant differences in their research approach. This was seen through the objectives of the research, the underlying assumptions of the research philosophy and the conceptualisation of research design and the data collection. There is certainly much to learn from these two research papers, both had given valuable information on the differences between quantitative and qualitative methods, as well as offer guidance on the selection of research method and how to go about utilising these methods. The research designs, as shown in these papers, are dependent of the research objectives and the designs are also influenced by the epistemological and ontological assumptions made. Even though the philosophical positions of the researchers were not made explicit, however, the likely positions can be assumed. These papers have also shown that the advantages and the disadvantages of the different methods of investigation, and they need to be considered to e nsure that the best method is chosen for the purpose of the research. In these two papers, the method of investigation is distinct, one was a qualitative study and the other was a quantitative study, however, this does not necessarily mean that a mixed method of investigation can not be used. In fact, (Bryman and Bell, 2007:646) suggested that triangulation can be applied, in which the results of an investigation employing a method associated with one research strategy are cross-checked against the results of using a method associated with the other research strategy. Bibliography Axinn, C. N., Blair, M. E., Heorhiadi, A. and Thach, S. V. (2004) Comparing ethical ideologies across cultures, Journal of Business Ethics, 54 (2), pp. 103-119. Blaikie, N. (2007) Approaches to social enquiry: advancing knowledge. Polity Pr. Bryman, A. and Bell, E. (2007) Business research methods. Oxford University Press, USA. Easterby-Smith, M., Thorpe, R., Jackson, P. and Easterby-Smith, M. (2008) Management research. 3rd edn. London: Sage. Ferrell, O., Fraedrich, J. and Ferrell, L. (2005) Business ethics: Ethical decision making and cases, Boston: MA, . Forsyth, D. R. (1980) A taxonomy of ethical ideologies, Journal of Personality and Social Psychology, 39 (1), pp. 175-184. Fukukawa, K. and Teramoto, Y. (2009) Understanding japanese CSR: The reflections of managers in the field of global operations, Journal of Business Ethics, 85 pp. 133-146. Hofstede, G. (2001) Cultures consequences: Comparing values, behaviors, institutions, and organizations across nations. Sage Pubns. Là ¤hdesmà ¤ki, M. and Siltaoja, M. (2009) Towards a variety of Meanings-Multiple representations of reputation in the small business context, British Journal of Management, 9999 (9999), pp. 1-16. Ritchie, J. and Lewis, J. (2003) Qualitative research practice : a guide for social science students and researchers. London: Sage Publications. Sekaran, U. (2003) Research methods for business : a skill-building approach. 4th edn. New York: Wiley. Shafer, W. E., Fukukawa, K. and Lee, G. M. (2007) Values and the perceived importance of ethics and social responsibility: The U.S. versus china, Journal of Business Ethics, 70 (3), pp. 265-284. Siltaoja, M. E. (2006) Value priorities as combining core factors between CSR and reputation-a qualitative study, Journal of Business Ethics, 68 (1), pp. 91-111. Singhapakdi, A., Kraft, K. L., Vitell, S. J. and Rallapalli, K. C. (1995) The perceived importance of ethics and social responsibility on organizational effectiveness: A survey of marketers, Academy of Marketing Science.Journal, 23 (1), pp. 49-56. Singhapakdi, A., Vitell, S. J. and Franke, G. R. (1999) Antecedents, consequences, and mediating effects of perceived moral intensity and personal moral philosophies, Academy of Marketing Science.Journal, 27 (1), pp. 19-36. Singhapakdi, A., Vitell, S. J., Rallapalli, K. C. and Kraft, K. L. (1996) The perceived role of ethics and social responsibility: A scale development, Journal of Business Ethics, 15 (11), pp. 1131-1140. Tsoi, J. (2007) Stakeholders perceptions and future scenarios to improve corporate social responsibility in hong kong and mainland china, Journal of Business Ethics, pp. 1-14. Vitell, S. and Patwardhan, A. (2008) The role of moral intensity and moral philosophy in ethical decision making: A cross-cultural comparison of china and the european union, Business Ethics, 17 (2), pp. 196-209. Wheeler, D., Colbert, B. and Freeman, R. E. (2003) Focusing on value: Reconciling corporate social responsibility, sustainability and a stakeholder approach in a network world, Journal of General Management, 28 (3), pp. 1.

Waste in Macbeth

Throughout the play Macbeth, characters change and so do their relationships with other characters. Life is taken for granted, and tossed away as if it’s merely an old toy. Honour and potential of great men tarnished due to their greed and power hunger. The plot develops the idea that A. C Bradley proposes: The central feeling of a tragedy is one of waste. Macbeth is portrayed as a tragic hero, someone who has it all at first but decides to give it all up. Throughout the story the waste of potential, the waste of life and finally the waste of innocence are just some of the types of wastes that can be found, but they are enough to prove the theory. According to critic A. C. Bradley, the central feeling of a tragedy is one of waste. It can be argued that Macbeth’s waste of his own innocence was not intentional, but forced upon by his wife, yet he ends up going through with the deed of killing Duncan. His waste of innocence was directly connected to his probable lack of morals and self esteem. He was persuaded to kill Duncan out of his wife’s question of his manliness. â€Å"I dare do all that may become a man; who dares do more, is none. † (Macbeth, Act I, scene vii) The evidence shows that his innocence has allowed his wife to make him question his manliness and therefore his morals. But not only has Macbeth been persuaded to kill Duncan, but his innocence gets mocked as Lady Macbeth states â€Å"A little water clears us of this deed† (Lady Macbeth, Act II, scene ii). She portrays murder as merely a deed that can be simply washed away from the hands with water and therefore the mind as well. The waste of Macbeth’s innocence although unintentional to him, is what begins the waste concept. The potential someone has is based on their character and their actions and how they incorporate the two into life situations. Yet both Macbeth’s actions and character seem to be weak and immoral. The waste of potential becomes evident as Macbeth turns from a hero into a tragic hero, and starts to take lives as if they are worthless. I am in blood, Stepp'd in so far, that, should I wade no more, Returning were as tedious as go o'er. † (Macbeth, Act III, scene iv) He shows that he has no interest of going back to right, when he has already committed so much wrong doing. His potential is no more at that point as he has ruined any chance. â€Å"Ere we will eat our meal in fear and sleep† (Macbeth, Act III, scene ii) shows that Macbeth’s potential has gone from something great to having to be in fear all the time. But it is not only his potential that is lost, but Banquo’s as well when he takes his life. In this play one of the main purposes of Banquo's character is to act as a contrast to the character of Macbeth. Banquo is brave and noble – characteristics that Macbeth arguably doesn't. The most evident type of waste in the play is the waste of life. Life is so carelessly thrown away by Macbeth and shows that it has no meaning to him and he takes it at disposal. â€Å"The wine of life is drawn, and the mere lees, Is left this vault to brag of. † (Macbeth, Act II, scene iii) is a quote that symbolizes life has no real meaning and can therefore be carelessly wasted. His humanness gets lost because of his power hunger and it’s because of the waste of life throughout the play, that the play becomes one of tragedy and an overall feeling of waste. The following quote, â€Å"I will not yield To kiss the ground before young Malcolm's feet,† (Macbeth, Act V, scene viii) shows that he is even willing to waste his own life because of his legacy and pride that will follow him after life, so to speak, this shows lack of morality towards not only his own life but to the lives of others. Finally the most evident quote: â€Å"Life's but a walking shadow, a poor player, That struts and frets his hour upon the stage, And then is heard no more. It is a tale Told by an idiot, full of sound and fury, Signifying nothing. † (Macbeth, Act V, scene v) This quote shows that Macbeth’s final, as it’s at the end of the play, thought of human life is that it is very worthless, and that is in fact why he chose to waste it. It is time on this earth that we waste because it is absolutely meaningless. In conclusion, critic A. C.  Bradley, was right to state that the central feeling of a tragedy is one of waste, especially throughout Macbeth. The waste of innocence, waste of potential and finally waste of life have the power to prove the critic indeed right. Yet the list of all that was wasted goes on and on, and it’s logical to consider if not for fear of what society thinks of us would we too be able to waste life, potential perhaps, or maybe innocence to our own dismay. Bradley was correct, but do the things that stop our lives from becoming a tragedy have to do with our values or with what society will think of us.

Elderly poverty Essay

By 2050, the number of elderly people will be high (aged 65 and above) 20 percent of the population worldwide. Given the pressure on the demand for public services such as pensions, health services and housing facilities. Elderly poverty is both a social and a financial problem. Poverty rates among the elderly tend to be highest among women, above all widows over the age of 75. This is mainly due to pension allowances that have traditionally been associated with employment history. In 2000, it was estimated that more than a third of Ireland’s elderly population was living in poverty. Ireland has been criticized for failing to protect its most vulnerable citizens, the elderly. Despite having a state pension scheme for the vulnerable group, there is still a big gap. Poverty rates among the elderly people have changed over the time and this is likely to project (Thomas, 1995). Among the problems faced by the elderly include, food insecurity and poor nutrition. Food insecurity it is the insufficiency in the quality of food intake due to lack of resources which mainly focuses on inaccessibility and unavailable of resources among the elderly as a result of their impairment and health problems. This study reveals that food insecurity is another risk factor associated with poorer nutritional and health status among older persons. Food insecurity is another problem facing elderly people. It has an effect on health and quality nutritional status. Further, it can also bring physical, emotional and economic burdens to the elderly persons themselves. Hence, understanding the cost of food insecurity is the major phenomena in addressing food related issues in elderly persons and providing information to better their nutrition and health services for an ever-increasing and diverse older population. However, nutritional status and consequences of food insecurity mainly focuses on the younger, the adult, women and children. The consequences include decreased nutritional eating habits, inadequate food supply, impairment and an increase in body weight forgetting about the elderly people at large. Food insecurity among elderly persons requires consideration of various determinants of nutritional and health status significant to a particular age group. Concerning food insecurity among the elderly there is the need for investment in long term self-sufficiency projects, supportive policy systems to address issues about the right to food and participation of government, community and other institutions to ensure food security (Laurence, 1990) Health is another issue facing the elderly living in poverty because of the limited incomes, educational achievements and no health insurance facilities. For instance the case of elderly Hispanic who depend on the assistance from the relatives and supplemental security incomes to cope with their deteriorating health issues. Increasing poverty, the socio-demographic profile of the elderly population is rapidly changing, especially with the weakening of extended family ties and lineage-based support systems. Usually, the extended family has been the main source of livelihood support for the elderly in sub-Saharan Africa, taking care of their parents when they are not economically dynamic. With the increase in poverty and health related issues like HIV/AIDS epidemic on the elderly and on the social background in Africa and the death of young people leaves the elderly people in charge. Elderly persons play a key role not only in providing care for persons with HIV/AIDS but also in caring for AIDS orphans which effects them health wise because they do not have enough energy to run up and down looking for food, income to care for the sick. For illustration, in Kenya the elderly people were the main care-givers for people infected with HIV/AIDS and also take care of the orphans. Elderly people also face the problem of accessibility. Since, most of them live places inaccessible to the basic facilities like the health care, incase they are sick access them is very hard and some of the end up not getting to this services because they are weak. Housing; elderly people is largely increasing as a result of poverty and inadequate affordable housing. By housing I mean access to clean and safe water, toilet facilities and waste collection facilities. Among the households especially headed by the elderly there are a few chances of them affording decent house even though they receive assistance like 37 percent of the elderly in America but this is not enough. (Thomas 1995). Every human being needs a range of basic necessities irrespective of age. While poverty exists everywhere, it is most harsh in developing countries, where more than one person in five lives on less than one dollar per day. Reducing poverty among the vulnerable people is an international goal of development and the many international organizations working towards this initiative. Strategies on how to reduce poverty are, however as many as the causes of poverty. For example the World Bank’s anti-poverty plan, for example, depends heavily on reducing poverty though the promotion of economic growth. We also have the Millennium Development Goals (MDGs), that campaign for the reduction of severe poverty among the vulnerable groups REFERENCE Thomas, A. (1995). Old and homeless: an overview of current practice, Westport: Greenwood publishing group. Laurence, E. (1990). Inner city poverty in the United States, New York: National Academies Press.

Important Painters

Research On The Asian Currency Crisis 1997 Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2048 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? According to Kaminsky and Reinhart, 1999, there have been many currency crises during the post-war era. They can be classified as first-, second- or third-generation currency crisis. A currency crisis is an episode in which the exchange rate depreciates substantially during a short period of time. Don’t waste time! Our writers will create an original "Research On The Asian Currency Crisis 1997 Finance Essay" essay for you Create order FIRST GENERATION CURRENCY CRISIS MODEL: Krugman (1979) and Flood and Garber (1984) models come under first generation models. It states that, traders speculate against fixed exchange rate in order to profit from an anticipated speculation. In first-generation models, the collapse of a fixed exchange rate regime is caused by unsustainable fiscal policy. A hallmark of first-generation models is that the government runs a persistent primary deficit. The key ingredients of a first-generation model are purchasing power parity (PPP), government budget constraint, timing of deficits, money demand function, governments rule for abandoning the fixed exchange rate and the post-crisis monetary policy. In first-generation models the government follows an exogenous rule to decide when to abandon the fixed exchange rate regime. This model suggests that- The crisis is due to the poor government policy. The source of the upward trend in the shadow exchange rate is given by the increase i n domestic credit. Even though the crisis is sudden, it is a deterministic event: the crisis is inevitable given the policies and the timing is in principle predictable. These models are not harmful and it doesnt have effect on output. The crisis determination is a future policy stances that investors foresee, not the one observed in the past. The importance of policy choice in deciding to quit the fixed exchange rate regime. In fist generation models, there is no relation between capital flight and abandonment of the peg. There is no long-run equilibrium exchange rate. SECOND GENERATION CURRENCY CRISIS MODEL: These models are mainly based on the interactions between expectations, macro economic trade-offs and decisions. These are characterized by multiple equilibria and the interactions between market expectations and policy outcomes. In second-generation models the government maximizes an explicit objective function (Obstfeld, 1994). This maximization problem dictates if and when the government will abandon the fixed exchange rate regime. These differs from the first generation models in no irresponsible policy, no predictability of the crisis and there is no negative impact on employment and output if the country leaves the peg. 2. MORAL HAZARD Moral hazard is a situation where one party has more information(usually the party that is insulated from the risk) than the other in a transaction (usually the party paying for the negative consequences of the risk). It arises because an individual/institution does not take the full responsibilities of its doings and also from principal-agent problem. EXPANDED GOVERNMENT GUARANTEES FOR BANK LIABILITIES: A key element of policy crisis is the government provision of a financial safety net for financial institutions. So governments have felt obliged to go beyond the usual support measures, moving to expand existing guarantees and to introduce new ones. The valuation problems and other related actions like loss sharing arrangements for assets and capital injections were appeared to prevent further loss of confidence on the part of market participants by raising that the retail depositors and other creditors would continue to provide a stable source of funding for banks. It leads in reducing the threat of insolvency of these entities. By doing this, the government earns a small fee from the debt issuer for lending out its top credit rating like as financial guarantee insurance companies,. There are no further hidden costs associated with these measures. Even if guarantees do not generate significant upfront fiscal costs, they create large contingent fiscal liabilities, as well as other potential costs that may arise as a result of distortions of incentives and competition. Another important issue related to the additional guarantees is their pricing. In this respect, the potential distortions should be limited to the extent that government guarantees are priced appropriately. By contrast, distortions may arise because when guarantees are offered at prices that are substantially lower than market or some form of fair prices. WORKING OF CIRCULAR PROCESS IN REVERSE TO CAUSE ASSET PRICES COLLAPSES The mechanism of crisis involved that same circular proces s but in reverse: falling asset prices made the insolvency of intermediaries visible, forcing them to cease operations, leading to further asset deflation. This circularity explain both the remarkable severity of the crisis and the apparent vulnerability of the Asian economies to self-fulfilling crisis. The boom-bust cycle in Asian economies experienced in the investment and in asset prices. It showed that assets were in imperfectly elastic supply. In the first period, investors bid for fixed assets(land) and set their price. In the second period they receive rents, which are uncertain at the time of bidding. The intermediaries can bid on the land based not on the expected value of future rent but on the Pangloss value. So all assets will end up owned by intermediaries, and the price of the assets will be double what it would be in an undistorted economy. 3. MORAL HAZARD CAUSING A DEADWEIGHT SOCIAL LOSS Moral hazard is the lack of any incentive to guard against a risk when you are protected against it by the insurance is called moral hazard. It is the phenomenon of undertaking risky corrupt loans and transactions, but knowing that if it fails the state will pick up the tab. In the table 1, one yields $107 million; the other will yield $120 million in favourable conditions (good state), but only $80 million in unfavourable conditions(bad state). The good state and the bad state are equally likely, so that the expected returns on this risky investment are $100 million. But, the owner of the financial intermediary knows that while he can capture the excess returns in the good state, he can walk away from the losses in the bad state. So if he chooses the safe investment he gains a sure 7; but if he chooses the risky investment he gains 20 in the good state, loses nothing in the bad state, for an expected gain of 10. Thus his incentive is to choose the risky investment, even though it has a lower expected return. And this distortion of investment decisions produces a deadweight social loss: the expected net return on the invested capital falls from $7 million to zero. The globalization of trade and finance is changing international relationships at several levels of interaction like in the conduct of commercial activities, in relation to labour standards, the protection of physical environment and in other social and political issues. Both the captivity and the willingness of the parties who control financial capital to supply or withdraw capital from an economy quickly contribute to the rapid development as well as the severity of balance of payments and debt crisis for some economies. The process of globalization leads to an overall increase in the level of economic activity and everyone benefits from this process. The potential benefit of financial globalization will likely lead to a more financially interconnected world and a deeper degree of financial integration of developing countries with international financial markets. The main benefit of financial globalization for developing countries is the development of their financial system (Levine, 2001). There are two main channels through which financial globalization promotes financial development. First, financial globalization implies that a new type of capital and more capital is available to developing countries. Second, financial globalization leads to a better financial infrastructure, which mitigates information asymmetries and, as a consequence, reduces the problems such as adverse selection and moral hazard. 4,5, 6 7. DIFFERENCES BETWEEN THE EXPECTED VALUE OF LAND RENT AND ITS CORRESPONDING PENGLOSS VALUE There is a two period model to explain land value. In the first period, investors bid for land and setting its price. In the second period they receive rents, which are uncertain at the time of bidding. The financial intermediaries will be willing to bid on the land, based not on the expected value of future rent but on the Pangloss value. So all land will end up owned by intermediaries, and the price of land will be double what it would be in an undistorted economy. In an undistorted economy we can solve backwards for the price. The expected rent in period 3, and therefore the price of land purchased at the end of period 2, is 50. Therefore the expected return on land purchased in period 1 is = The expected rent in period 2 (50) + The expected price at which it can be sold (50), for a first-period price of 100. This is also the total expected rent over the two periods. Now suppose that intermediaries are in a position to borrow with guarantees. Again working backward, at the end of period 2 they will be willing to pay the Pangloss value of third-period rent, 100. In period 1, they will be willing to pay the most they could hope to realize off a piece of land: the Pangloss rent in period 2, plus the Pangloss price of land at the end of that period. So the price of land with intermediation in period 1 will be 200. It seems that the multi-period version of the model, in which part of the return to investment depends on the future prices of assets, makes no real difference to the distortion of those prices imposed by guaranteed intermediaries. However, this result changes in a dramatic way once we allow for the possibility of changes in the financial regime that is, if we believe that moral hazard may be a sometime thing. 8. KRUGMANS MODEL JUSTIFICATION ON OCUURANCE OF SELF-FULFILLING FINANCIAL CRISIS A key feature of a self-fulfilling crisis is the collective action of economic agents(Obstfeld, 1996 and Radelet and Sachs, 1998). This collective action may be promoted either by random shocks or the direction given by an obvious market leader. In both cases, if the intrinsic self-fulfillingness is believed to be the main reason for the financial crisis, then relatively little can be proposed in the way of future preventive policies. Self-fulfilling crisis may happen even though the countrys financial management is strong. So tough measures such as regulating sort-term capital flows were proposed to prevent the crisis. Krugman noted that the conflicts among the policy objectives do not necessarily ensure a random occurrence of crisis, even if the policy is formulated endogenously. He also stated that when market participants expect gradual worsening of market fundamentals, the economy tends to have unique equilibrium, and crisis erupts as soon as the economy heads into a crisis zone. If the crisis do not occur when an economy enters the crisis zone, this could be due to both arbitary nature of expectations as well as changing expectations about future fundamentals. 9. EXPLANATION OF ASIAN CRISIS 1997 BY KRUGMANS MODEL The Asian financial crises can be attributed to three major factors. They are international factor, domestic factor and intrinsic market failure. Among these three, both the domestic and international factors didnt responsible to much cause of Asian crisis, but the third one intrinsic market failure was responsible for that crisis. So the Asian crisis was because of a unpredictable self-fulfilling financial panic, which is a phenomenon typical of market failure. A key feature of a self-fulfilling crisis is the collective action of economic agents. This collective action may be promoted either by random shocks or the direction given by an obvious market leader. In both cases, if the intrinsic self-fulfillingness is believed to be the main reason for the financial crisis, then relatively little can be proposed in the way of future preventive policies. Self-fulfilling crisis may happen even though the countrys financial management is strong. So tough measures such as regulating sort-t erm capital flows were proposed to prevent the crisis. The East Asian crisis shed the light on the world economy to prevent or escape from the effects of similar crisis that will result in the future. Such developments relate to the deregulated nature of world financial markets, so that the triggering mechanism of a crisis may be financial. This is not to deny that financial panics may also emanate in situations where there has been no significant deterioration in the real economy above all on the profit rates. Hence when profits start to dip a careful calculation needs to be made. In regard to direct investment, the decision naturally cannot be acted upon with immediate effect, but in financial markets exiting from markets can be done almost instantaneously.

Poverty And Its Effects On America - 894 Words

Poverty is one of largest problem in the whole world, because thousands of people are affected by this major concern. Poverty is an issue that inflicts many dangerous situations, such as, crimes, diseases, lack of literacy, hard labor, etc., and therefore, it is essential to resolute before it gets worse. For example, United States is having risen in unemployment rates, which indicates the early symptoms, that citizens have started submerging into poverty. In most of the poor countries crime ratio is much higher than that of the rich countries. The rich countries are also not exempt from this general rule. The poor areas in a rich country witness more crimes than the posh areas of the same country. Same applies to the most devastating and threatening phenomena of epidemic diseases. Uncleanliness and inhabitation both have nourished in the inflicting more diseases in poor countries of the world, for example, Sudan has highest number of people infected from deadly diseases, such malari a, tuberculosis, and Ebola. Within my article, I learned that the basic cause for poverty is unjust distribution of wealth and other human needs. On the other side, through my article, I also observed that there organization that exists, which intends to help control the poverty, initiated procedure to improve the economic and social background. Poverty is an issue which has to be controlled, and thus, my research paper on poverty in Sudan will provide a glimpse of the leading causes of povertyShow MoreRelatedPoverty And Its Effects On America1579 Words   |  7 Pages â€Æ' When most people think of poverty they think of somewhere overseas, however; poverty is a lot closer to home than one might think. 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Criminology Zones Essay Example For Students

Criminology Zones Essay Vince Zwilling Criminology 1:00 T/R Professor Corbin Crime Zones and Reasoning (Poverty, Race, Social Class) Sociology is a branch of the social sciences that attempts to help us understand society and how people interact. As with many other social sciences, sociology employs theories to help understand why people make certain decisions. Theories that help us explain societal trends are usually segmented in order to accurately examine the specific dynamics of different sections of society. Communities, institutions, gender, race and population are a few popular examples of common segmentations utilized in social theories. Social structure theories, also called social change theories attempt to analyze the driving forces that change society. Sociologists who study social change use the study of both criminology and sociology to draw conclusions about criminal behavior. The overarching belief of criminology theory is that certain social structures support deviant behavior. The three main branches of social structure theories are the social disorganization theory, the social strain theory and the cultural deviance theory. How well have social structure theories explained delinquent behavior in society? In this paper, the major social structural theories will be defined and analyzed. Social Disorganization Theory: Concentric Zone Theory The Centric Zone Theory was proposed by Shaw, and examined arrest rates in Chicago. It was during these years immigrants living in the inner city begin to relocate to the outskirts of the city. The purpose of their study was to conclude if delinquency was caused by particular immigrant groups or by the environment in which immigrants lived. Park and Burgess adopted the original concentric zone theory, and which separated Chicago into 5 distinct zones. Which were: 1. Central Business District 2. Transitional Zone 3. Working Class Zone 4. Residential Zone 5. Commuter Zone The experiment reveled that arrest rates consistently remained high for Zone 2, the transitional zone. They ultimately concluded that delinquency rates are related with ecological environment in which a person or group dwells. Social Ecology Theory This theory is based on the contention that change is natural. Further, this theory suggests that when an area is invaded, competition erupts and competition leads to disorganization, which can spark deviance. This theory disagrees with the social disorganization theory, since the theory presented by Shaw and McKay generalizes data to make conclusions on an individual basis. However, the social ecological theory seeks to explain the high crime rates in urban areas based on individual circumstances. Strain Theories The strain theory postulates that when regulation is inadequate social problems arise. Anomie Theory states individuals who lack the vehicles to help them realize their objectives eventually become disillusioned and may ultimately turn towards a life of crime. There are two main types of strain. Structural strain is the method that improper law enforcement causes a person to view his or her needs. Individual strain is the pressure that people feel while seeking to meet their personal desires. General Strain Theory The main focus is on defining the types of strain. Agnew identifies the measurements of strain, the major types of strain, the links between strain and crime, coping strategies for strain as well as the determinants of delinquent behavior. The General Strain theory deals with the emotional aspect of criminal behavior. Cultural Deviance Theory Where social organizational theory focuses on conditions in the environment and strain theory concentrates on the conflict between goals and means, cultural deviance theory combines the two schools of thought. Millers Focal Concern Theory Identifies the core values of lower-class culture and their association to crime. Core values are defined as: trouble, toughness, excitement, fate, smartness and autonomy. .u76d0716c9029057a06be8ae1e75ea2a1 , .u76d0716c9029057a06be8ae1e75ea2a1 .postImageUrl , .u76d0716c9029057a06be8ae1e75ea2a1 .centered-text-area { min-height: 80px; position: relative; } .u76d0716c9029057a06be8ae1e75ea2a1 , .u76d0716c9029057a06be8ae1e75ea2a1:hover , .u76d0716c9029057a06be8ae1e75ea2a1:visited , .u76d0716c9029057a06be8ae1e75ea2a1:active { border:0!important; } .u76d0716c9029057a06be8ae1e75ea2a1 .clearfix:after { content: ""; display: table; clear: both; } .u76d0716c9029057a06be8ae1e75ea2a1 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u76d0716c9029057a06be8ae1e75ea2a1:active , .u76d0716c9029057a06be8ae1e75ea2a1:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u76d0716c9029057a06be8ae1e75ea2a1 .centered-text-area { width: 100%; position: relative ; } .u76d0716c9029057a06be8ae1e75ea2a1 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u76d0716c9029057a06be8ae1e75ea2a1 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u76d0716c9029057a06be8ae1e75ea2a1 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u76d0716c9029057a06be8ae1e75ea2a1:hover .ctaButton { background-color: #34495E!important; } .u76d0716c9029057a06be8ae1e75ea2a1 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u76d0716c9029057a06be8ae1e75ea2a1 .u76d0716c9029057a06be8ae1e75ea2a1-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u76d0716c9029057a06be8ae1e75ea2a1:after { content: ""; display: block; clear: both; } READ: Insects Essay Summary These values may lead to a life of crime since they are at odds with the values of the superior culture. Both the social disorganization and social ecology theories attempt to explain why certain groups have a higher delinquency rate than others. Though these conclusions do strongly resemble trends in delinquency rates among inner city residents today. The primary problem is the existence of multicollinearity (where a linear relationship exists among the explanatory variables) since some of the data such as overcrowding and substandard housing are highly correlated with one another. Such data flaws may adversely affect the accuracy of the theory. The strain theories express the discontent of Americans who fail to achieve the American dream. Crimes committed by white collar, middle class .