Difference between biosphere, ecosphere and gaia Essay Example For Students

Contrast between biosphere, ecosphere and gaia Essay Clarify the contrast between Biosphere, Ecosphere and Gaia and reason a case for tailing one of these structures for medicines of the Earth Biosphere, Ecosphere and Gaia are utilized names of the planetary environment. In any case, each planetary biological system has its ain or increasingly pregnant independently. The planetary biological system is regular rhythms of reliant creatures which divide s and maps together in a similar home ground. Biological systems regularly structure a figure of supplement networks. ( Robert W. Christopherson 1996 ) . Environments identify with filthy, workss, vivify creatures, synthetic compounds and stones among others of the planet. For representation when we consider nature we consider populating things, for example, planets and enliven creatures, the biotic constituents of a biological system remember all the living things for a nation. Biosphere â€Å"the topographic point on Earth s surface where life dwells† . ( Seuss E. 1875 ) Biosphere is an organic planetary measure everything being equal and life on Earth which incorporates every single living thing together from the earliest starting point of clasp on Earth sprouting more than one million a great many mature ages. Evaluated 3.5 billion mature ages back. ( Campbell, Neil A. Brad Williamson, Robin J. Heyden 2006 ) . The Biosphere began from a geologist called Eduard Suess in 1875 yet the build was nt genuinely adjusted until Vladimir Vernadsky in 1926 composed the book the biosphere reclassifying biosphere as a current Earth framework this is a main core of environment. The biosphere trades undertaking and vitality with different spaces, helping the cycling of C, N, P, S and alongside different components. This could be or is the ground why the biosphere is known as the planetary environment, comprising the Earth and executing all method of natural maps , including photosynthesis, breath, deterioration, nitrogen captured improvement and improvement. Gaia â€Å"The Earth is more than only a spot, it s an actual existence framework and we are segment of it.† ( James Lovelock ) is simply the core of James Lovelock s Gaia hypothesis, other than known as the Gaia theory. It was initially proposed in 1963 by James Lovelock. While the name Gaia originates from a Grecian goddess of Earth it is mainly a comparative profit for the biosphere with similar constituents however proposed as sing the Earth as an individual being. James Lovelock said that Gaia was â€Å"a complex substance influencing the Earth s biosphere, climate, seas, and soil ; the whole speaking to a criticism or robotic framework which looks for an ideal physical and compound condition for life on this planet† ( James Lovelock 1979 ) . The Gaia speculation areas that the Earth is alive, the chase for life on Marss prompted lovelocks faith in the being of Gaia. While we know there s no life on Marss or Venus, lovelock contrasted it and the Earth s vibe which is a blend of gases doing life present, while earths gas is non the equivalent however is contained in an invariable region proposing a statute of the entire framework on Earth for delineation the clime, sea and air are a sense of self controlled strategy. While James Lovelocks hypothesis was nt entirely remembered it is one investigated by researchers with arranged oppugning fundamentally while condemn by others. While Biosphere is known to work at high degrees of logical examination and being a core factor in inside organic science and nature using far off inclination frameworks to filter the full earths surface.

Compensation, Benefits and Information Systems

Pay, Benefits and Information Systems The purposes behind representative advantages Most present day associations are perceiving the employees’ pay as one of the noteworthy association rehearses. Studies show that not just the workers that profit by such practices yet additionally the associations (Shields, 2009). Most associations see employees’ pay as being expensive. In any case, the advantages outperform the expenses involved.Advertising We will compose a custom article test on Compensation, Benefits and Information Systems explicitly for you for just $16.05 $11/page Learn More fundamentally, legitimate remuneration guarantee persistent progression of qualifies staff with required aptitudes and specialized fitness to keep the association at the serious edge. The associations need to perceive the way that the certified staff with required aptitudes and specialized fitness is the key driver for their development and improvement. With current serious condition, associations think that its important to keep such qualified staff inside their workforce. Moreover, associations must stay adaptable with regards to the administration of employees’ pay and advantages On the piece of workers, expanded pay and advantages guarantee enlarged efficiency because of the fulfillment they get from such advantages. All around repaid representatives feel shielded from social ills that may influence the work forms that thusly may bring about diminished execution. As it were, pay and advantages that contemplates needs of laborers are basic in the general yield of the workers. The use of office hypothesis in official remuneration with regards to an association, an organization is an element that follows up for the guideline. The rule, in this specific circumstance, is the investors (Shields, 2009). The chief have the obligation of remunerating the specialist that can either be a CEO or some other substance recruited by the chief to play out a specific obligation. As indicated by the organization hy pothesis, the specialist must be faithful and submissive to the rule. The specialists are remunerated dependent on their reliability that decides the degree of execution. Generally, the associations must apply the standard based official pay procedures to guarantee cheerful relations between the operators and the guideline. The favorable position with guideline based official pay is that it resolves the distinctions that may emerge between the head and the specialist. Fundamental types of execution related compensation choice The presentation related compensation covers different types of employees’ pay that mull over the yield of individual laborers. As such, laborers are remunerated by the individual execution. The presentation based compensation is applied in the conditions where laborers can without much of a stretch show an error in their profitability relying upon the individual endeavor.Advertising Looking for exposition on business financial aspects? We should check w hether we can support you! Get your first paper with 15% OFF Learn More In such circumstances, execution based compensation is accepted to have more prominent possibility of expanding laborers performance. There are different types of execution based compensation. Be that as it may, the most ordinarily rehearsed incorporate the piecework pay where the remunerations depend on every unit of yield. Piecework pay is significantly applied in open foundations. The benefit of piecework pay is that it forestalls open wastage and less expensive as far as money related administration. The more noteworthy disservice with this type of execution based remuneration is that it doesn't persuade laborers especially in the circumstances where yield can't be estimated. The other type of usually utilized execution based compensation is the outcome situated compensation. In this type of execution based installments, laborers are repaid as indicated by the amount of yield or estimated esteem. The remun eration increments with the expansion in the outcomes. The outcome arranged compensation is firmly identified with merit pay where the pay is pegged on the individual commitment in the general execution. Benefit related compensation is another type of execution based installment where the associations repay their representatives relying upon the degree of benefits or increases made by the company. One of the significant points of interest with every one of these types of installment is that the workers are persuaded to accomplish the more noteworthy yield. The types of remuneration additionally improve the presentation culture among the workers and inside the association. In any case, these types of remuneration can barely be resolved without proper estimation methodology. In the conditions where the yield can only with significant effort be measure, execution based pay have expanded restricting components. References Shields, J. (2009). Overseeing representative execution and pri ze: ideas, rehearses, systems. Melbourne: Cambridge University Press.

Hitchhikers Guide to CPW

Hitchhiker’s Guide to CPW Arthur Dent: You know, its at times like this, when Im trapped in a Vogon airlock with a man from Betelgeuse, and about to die of asphyxiation in deep space, that I really wish Id listened to what my mother told me when I was young. Ford Prefect: Why, what did she tell you? Arthur: I dont know, I didnt listen. The Hitchhikers Guide to the Galaxy Well, Im not your mother (thank you Captain Obvious) and youre not trapped in a Vogon airlock (or are you?), but I do have advice for you. Yes, that means you, pre-froshes! And I will be very sad if you, like Arthur Dent, dont listen but I guess he turned out mostly okay in the end, and you probably will too. So, theres this thing thats going to be taking over MITs campus in five days. You may have heard of itits called CPW. And it will be amazing. Gather close, pre-frosh. Dont let the upperclassmen or the Admissions Office hear, for this is top-secret information. But everything you have ever heard, seen, or read about CPW is nothing but a pale imitation of the truth valorous but vain attempts to express the ineffable, to name the indescribable, to quantify the infinite. The fact of the matter is that CPW is an experience far beyond mere words, even beyond pictures. The only way to describe itis to be there. (Im not kidding. Well, not entirely.) That being said, there are a few other things you should know. #1: Get to know your host. For the duration of CPW, each pre-frosh is paired with a volunteer student host, who should be e-mailing you in the next few days. These 900-plus volunteers come from every dorm and other living group on campus and represent pretty much every major, and Admissions really does their best to pair each pre-frosh with a host that matches your own personality and interests academic, athletic, and/or extra-curricular. In addition to providing you with a place to sleep at night (if you want to sleep during CPW ^_^), your host is a great resource to ask for advice about choosing which of the myriad CPW events to attend. Plus, if you want to visit any classes, your host is the perfect person to tag along with. Just talk to your host, theyll be more than happy to help. Personal tidbit: My host was a Course 20 sophomore (now a junior) from Michigan who lived in a fraternity and was active in student government. Both of us are now MedLinks and still good friends (I just had an awesome chat with him yesterday), so Id say I got a good match and hopefully you will too! Personal tidbit #2: There were actually so many applicants to be hosts this year (according to one of the admissions counselors, over 2,000!) that the Admissions Office simply couldnt give every student a pre-frosh. To my disappointment, I was one of the many prospective hosts who wasnt matched with a pre-froshbut dont worry, Ill definitely be around. ;) And if you happen to see me in any of my classes, come over and say hello! #2: Dont be afraid to do your own thing. Yes, I know I just said your host is a wonderful resource because they are. But that doesnt mean you have to hang out with them 24/7 during CPW. After all, your host probably has their own obligations during CPW helping plan events for their living group, representing one of their student groups at the Activities Fair, problem setsthat sort of thing. Besides, you will probably have the most fun just hanging out with your fellow pre-frosh, so dont worry if youre not always with your host. Its very much a you win, I win situation. Speaking of hanging out with your fellow pre-frosh #3: Meet as many people as you can pre-frosh, students, staff, and professors alike. (Corollary: Remember their names.) Its sort of funny, but CPW is kind of when your social life at MIT begins. I originally met two of my closest friends completely randomly during CPW (hi Sam! hi Jordan!), in addition to running into a bunch of other 2011s whom Im still good friends with Kevin, Sivakami, Hank, Claudia, Anna, Charlotte, Allie, and Roseanne are just a few of the people I originally met at CPW. So seriously, meet as many people as you can (especially if you already know them from the Facebook group). If you run into someone completely randomly and end up having a conversation with them for an hour or more (this is what happened with me, Sam, and Jordan), then youve probably just made a friend for life. Theres a second great reason to talk to people during CPW: the simple fact that these could be the people youll be spending the next four years of your life with. I dont mean to imply that you have to like everybody (nor should one bad interaction totally turn you off from MIT), but if you have a lot of really positive conversations and experiences with your fellow pre-frosh and current studentswell, Id say thats one strong sign MIT is the right place for you. #4: Go to class. No, really. Just because youre (legitimately) skipping school to go to CPW doesnt mean you should avoid the classroom completely. The first two days of CPW are actually great opportunities to visit some of the 3,761 classes the Institute offers. Id primarily recommend a class in your (prospective) major, but exploring the GIRs and other typical freshman classes can be a great experience as well. Your host should be able and more than willing to help with this. #5: Explore. Learn. Discover. As a pre-frosh, you have a ridiculous amount of freedom to do what you want, where you want, when you want. Whether you want to explore dorms, go to a fraternity party, sit in on classes, tour a lab, or just do random crazy things like building your own USB drive, being a pre-frosh means you will be welcome basically anywhere you go. #6: Immerse yourself. In other words, leave the Internet off. Id highly recommend not spending too much time (if any) checking your email, poking your friends of Facebook, etc. Therell be simply too much going on! Even if youre going to be a guest blogger, Id recommend waiting until after CPW to start your blogging masterpiece. Of course you can jot down notes if you think its necessary, and you should definitely take lots of photosbut trust me, there will be plenty of time to blog after CPW! #7: Dont be afraid to talk to anyone about anything. Confused about how to find E51-1151? Not sure what Course N is all about, where n is a natural number such that n=24 and n!=19, 23? Are you worried about the workload, or maybe still considering other colleges? Whatever your question is, CPW is your time to ask it. #8: Shatter stereotypes. Yes, were nerds here. But were also very friendly, very social, very well-rounded nerds. Whatever stereotypes youve heard about MIT students (about MIT students in general or the residents of a particular living group), theres no better time than CPW to actually put those stereotypes to the test. Youll find that a small number are true. But most arent. As someone who values individuality, I think thats a very good thing. #9: CPW is the only time when its okay to take food from strangers. I cant put it much better than Bryan: If youre paying for your food, youre doing something wrong. Campus Preview Weekend is full with free food all over campus. Open houses, free pizza, liquid nitrogen ice cream, donuts, dinners at fraternities. So keep the cash in your wallet for your MIT sweatshirt. But if you really want that burrito from Annas (and you should), or any other food location on campus, youll be given the pre-frosh equivalent of TechCash when you arrive, so technically its still free! #10: Keep your eyes and ears open mischief abounds during CPW. Dont miss a minute of it. The final countdown is upon us. If any of you have any last-minute questions, please feel to post them here (or on Bryans entry) and Im sure someone will help answer them. Im looking forward to seeing all of you in just a few days!

Hitchhikers Guide to CPW

Hitchhiker’s Guide to CPW Arthur Dent: You know, its at times like this, when Im trapped in a Vogon airlock with a man from Betelgeuse, and about to die of asphyxiation in deep space, that I really wish Id listened to what my mother told me when I was young. Ford Prefect: Why, what did she tell you? Arthur: I dont know, I didnt listen. The Hitchhikers Guide to the Galaxy Well, Im not your mother (thank you Captain Obvious) and youre not trapped in a Vogon airlock (or are you?), but I do have advice for you. Yes, that means you, pre-froshes! And I will be very sad if you, like Arthur Dent, dont listen but I guess he turned out mostly okay in the end, and you probably will too. So, theres this thing thats going to be taking over MITs campus in five days. You may have heard of itits called CPW. And it will be amazing. Gather close, pre-frosh. Dont let the upperclassmen or the Admissions Office hear, for this is top-secret information. But everything you have ever heard, seen, or read about CPW is nothing but a pale imitation of the truth valorous but vain attempts to express the ineffable, to name the indescribable, to quantify the infinite. The fact of the matter is that CPW is an experience far beyond mere words, even beyond pictures. The only way to describe itis to be there. (Im not kidding. Well, not entirely.) That being said, there are a few other things you should know. #1: Get to know your host. For the duration of CPW, each pre-frosh is paired with a volunteer student host, who should be e-mailing you in the next few days. These 900-plus volunteers come from every dorm and other living group on campus and represent pretty much every major, and Admissions really does their best to pair each pre-frosh with a host that matches your own personality and interests academic, athletic, and/or extra-curricular. In addition to providing you with a place to sleep at night (if you want to sleep during CPW ^_^), your host is a great resource to ask for advice about choosing which of the myriad CPW events to attend. Plus, if you want to visit any classes, your host is the perfect person to tag along with. Just talk to your host, theyll be more than happy to help. Personal tidbit: My host was a Course 20 sophomore (now a junior) from Michigan who lived in a fraternity and was active in student government. Both of us are now MedLinks and still good friends (I just had an awesome chat with him yesterday), so Id say I got a good match and hopefully you will too! Personal tidbit #2: There were actually so many applicants to be hosts this year (according to one of the admissions counselors, over 2,000!) that the Admissions Office simply couldnt give every student a pre-frosh. To my disappointment, I was one of the many prospective hosts who wasnt matched with a pre-froshbut dont worry, Ill definitely be around. ;) And if you happen to see me in any of my classes, come over and say hello! #2: Dont be afraid to do your own thing. Yes, I know I just said your host is a wonderful resource because they are. But that doesnt mean you have to hang out with them 24/7 during CPW. After all, your host probably has their own obligations during CPW helping plan events for their living group, representing one of their student groups at the Activities Fair, problem setsthat sort of thing. Besides, you will probably have the most fun just hanging out with your fellow pre-frosh, so dont worry if youre not always with your host. Its very much a you win, I win situation. Speaking of hanging out with your fellow pre-frosh #3: Meet as many people as you can pre-frosh, students, staff, and professors alike. (Corollary: Remember their names.) Its sort of funny, but CPW is kind of when your social life at MIT begins. I originally met two of my closest friends completely randomly during CPW (hi Sam! hi Jordan!), in addition to running into a bunch of other 2011s whom Im still good friends with Kevin, Sivakami, Hank, Claudia, Anna, Charlotte, Allie, and Roseanne are just a few of the people I originally met at CPW. So seriously, meet as many people as you can (especially if you already know them from the Facebook group). If you run into someone completely randomly and end up having a conversation with them for an hour or more (this is what happened with me, Sam, and Jordan), then youve probably just made a friend for life. Theres a second great reason to talk to people during CPW: the simple fact that these could be the people youll be spending the next four years of your life with. I dont mean to imply that you have to like everybody (nor should one bad interaction totally turn you off from MIT), but if you have a lot of really positive conversations and experiences with your fellow pre-frosh and current studentswell, Id say thats one strong sign MIT is the right place for you. #4: Go to class. No, really. Just because youre (legitimately) skipping school to go to CPW doesnt mean you should avoid the classroom completely. The first two days of CPW are actually great opportunities to visit some of the 3,761 classes the Institute offers. Id primarily recommend a class in your (prospective) major, but exploring the GIRs and other typical freshman classes can be a great experience as well. Your host should be able and more than willing to help with this. #5: Explore. Learn. Discover. As a pre-frosh, you have a ridiculous amount of freedom to do what you want, where you want, when you want. Whether you want to explore dorms, go to a fraternity party, sit in on classes, tour a lab, or just do random crazy things like building your own USB drive, being a pre-frosh means you will be welcome basically anywhere you go. #6: Immerse yourself. In other words, leave the Internet off. Id highly recommend not spending too much time (if any) checking your email, poking your friends of Facebook, etc. Therell be simply too much going on! Even if youre going to be a guest blogger, Id recommend waiting until after CPW to start your blogging masterpiece. Of course you can jot down notes if you think its necessary, and you should definitely take lots of photosbut trust me, there will be plenty of time to blog after CPW! #7: Dont be afraid to talk to anyone about anything. Confused about how to find E51-1151? Not sure what Course N is all about, where n is a natural number such that n=24 and n!=19, 23? Are you worried about the workload, or maybe still considering other colleges? Whatever your question is, CPW is your time to ask it. #8: Shatter stereotypes. Yes, were nerds here. But were also very friendly, very social, very well-rounded nerds. Whatever stereotypes youve heard about MIT students (about MIT students in general or the residents of a particular living group), theres no better time than CPW to actually put those stereotypes to the test. Youll find that a small number are true. But most arent. As someone who values individuality, I think thats a very good thing. #9: CPW is the only time when its okay to take food from strangers. I cant put it much better than Bryan: If youre paying for your food, youre doing something wrong. Campus Preview Weekend is full with free food all over campus. Open houses, free pizza, liquid nitrogen ice cream, donuts, dinners at fraternities. So keep the cash in your wallet for your MIT sweatshirt. But if you really want that burrito from Annas (and you should), or any other food location on campus, youll be given the pre-frosh equivalent of TechCash when you arrive, so technically its still free! #10: Keep your eyes and ears open mischief abounds during CPW. Dont miss a minute of it. The final countdown is upon us. If any of you have any last-minute questions, please feel to post them here (or on Bryans entry) and Im sure someone will help answer them. Im looking forward to seeing all of you in just a few days!

Saint Clotilde Allying the Frankish King with Rome

Mental Illness And Mental Disorders Essay - 2211 Words

It not easy to determine how many people suffer from mental illness. This is due to the changing definitions of mental illness and problems classifying, diagnosing, and reporting mental disorders. There are social stigmas attached to mental illness, such as being labeled crazy, being treated as a danger to others, and being denied jobs or health insurance coverage. These negative connotations keep many sufferers from seeking help, and many of those in treatment do not reveal it on surveys. Some patients do not realize that their symptoms are caused by mental disorders. Even though more is being learned about how the brain works a lot of information has still yet to be discovered, thus mental health professionals must continually reevaluate how mental illnesses are defined and diagnosed. The Surgeon General s report estimated that roughly 20% of the United States population was affected by mental disorders and that 15% use some type of mental health service every year. Community surve ys estimate about 30% of the adult population in the United States suffer from mental disorders. ’’Research has consistently shown that prisoners are more likely to suffer from psychiatric disorders than the general population (Fazel and Seewald, 2012). Moreover, prisoners display higher levels of psychological problems, such as distress and depressive feelings (Zamble and Porporino, 1990; Schneider et al., 2011). These high prevalence rates have stimulated a wide interest into possibleShow MoreRelatedMental Illness : A Mental Disorder1463 Words   |  6 Pagesanyone. A statistic from the National Institute of Mental Health, or NIMH, stated that in 2010 7.4% of the population had some sort of mental or behavioral disorder. This means that around 510,600,000 people suffered from some form of mental or behavioral disorder in 2010 alone. Now, with all this information we must first ask, what is a mental illness? The definition given by the National Alliance of Mental Illness, or NAMI, states that â€Å"A mental illness is a condition that impacts a person’s thinkingRead MoreMental Illness : A Mental Disorder1033 Words   |  5 Pageswith a mental illness? A mental illness can be caused by a substance abuse, a hereditary problem, and injuries or defects related to the brain. Having a mental illness gives sensations and thoughts as if one were insane and in need of an asylum. Living with a mental illness is difficult because people tend to feel alone in the world. It truly is a sad and desperate feeling. Sometimes, it even seems to be the worst feeling in the world. Anxious feelings, or anxiety disorders, are a type of mental illnessesRead MoreMental Illness And Mental Disorders826 Words   |  4 PagesMental illness; the term has increasingly become mainstream, as seen on the television, newspapers, and twitter. Shortly after the fatal shooting of a new screw in Virginia the word go t around that the gunman had shown symptoms of a mental condition. A mental disorder is prolonged dysfunction in thoughts behavior and/or emotions that significantly deviates from common human behavior. During his life This individual was never diagnosed of this condition however after analysis of the terrible shootingRead MoreMental Illness Of Mental Health Disorders1590 Words   |  7 Pagesbeen gathered on mental illnesses and their prevalence. Before around the 1980’s though, the evidence that was gathered on mental illnesses was too inconsistent to be credible. In a survey conducted by the World Health Organization’s department of World Mental Health, data was gathered on the prevalence of mental health disorders in 14 countries around the world. The results of these surveys conclude that mental health disorders are more prevalent than any other chronic illness. The author of theRead MoreMental Disorders: Causes of Mental Illness1297 Words   |  5 Pageshow is it triggered? What does anxiety do to the body and what can it lead to? How can it be coped with or treated? This paper will thoroughly discuss the answers to these questions in a manner that is easy to digest. First, anxiety is a mental disorder that is plaguing not only the United States, but the entire earth. It can be defined as a vague uneasy feeling of discomfort, dread, or apprehension caused by anticipation of danger. These feelings are also accompanied by an autonomic responseRead MoreBipolar Disorder : A Mental Illness802 Words   |  4 PagesBipolar disorder is known to be a mental illness. A mental illness can be described as a number of things. When talking about bipolar disorder being a mental illness it is described as lacking certain area in the brain. There are two stages of bipolar disorders, Type one and Type two. Type one is more severe than type two. Bipolar disorders began approximately around in the nineteenth century. Bipolar disorder was founded and introduced by both Jean-Pierre Falret a French psychiatrist and Emil KraepeinRead MoreEating Disorders are a Mental Illness1431 Words   |  6 Pages  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eating disorders are m ental illnesses that involve an obsession with food, extremely unhealthy eating behaviors and a distorted body image. They are complicated, serious disorders. The group that eating disorders affects the most are typically girls through the ages of sixteen and twenty years old. Although teenage eating disorders are typically believed to be caused by depression or genetic factors, social media has worsened the problem by the huge increase in peer pressure girls endureRead MoreBipolar Disorder And Mental Illness2097 Words   |  9 PagesBipolar disorder, also called manic depression, is a systemic disorder that affects a person both mentally and physically. While talking about diseases and disorders may be hard for some, it is vital that we do in order to have an understanding of them. Bipolar disorder affects so many people in the world that it is highly likely that you probably know someone suffering from it. It is a disorder that we are still making discoveries about each and every day, and will continue to do so in order to satisfyRead MoreIs Schizoaffective Disorder A Mental Illness?1786 Words   |  8 PagesA Schizoaffective disorder is a mental illness. The symptoms of this illness include having strange or unusual thoughts or perceptions, paranoid thoughts and ideas, delusion (i.e. having false, fixed beliefs), hallucination, such as hearing voices, and experience disorganized thinking (i.e. unclear and confused thoughts). They may have manic episodes or a sudden increase in energy and behavioural displays that are out of character. They may become irritable and have poor temper control, and evenRead MoreIs Schizophrenia A Disorder Of Mental Illness?809 Words   |  4 PagesPersonal Narrative: Schizophrenia Schizophrenia is a disorder of mental illness. Another way to describe this disorder is to lost the touch with reality. Schizophrenia is less common than any other mental disorder; therefore, treatments can be different. This disease is likely to occur between age of 16 to 30, or may develops in children if problem occurs during the birth. In that regard, a person with the schizophrenia suffers six months or a month or less, if proper treatments given. One of the

The Allegory Of The Cave - 1086 Words

Shefali Holder Midterm Assignment Question # 3 Explain the allegorical significance(s) of the cave in Plato’s Republic. How is the cave an allegory of Plato’s philosophy? How is the allegory of the cave an allegory for enlightenment or philosophical education? How and why are most human beings like prisoners in a cave? Who are the puppeteers? What does the world outside the cave represent? What does the sun represent? Etc. What is Plato’s Theory of the Forms? What is a Form? How does the allegory of the cave express Plato’s Theory of the Forms? How is philosophy the art of â€Å"turning around† and what does this mean? Is the allegory of the cave relevant to contemporary social and political life? Can the allegory be used to critique contemporary social practices? â€Å"Then there would be an art to this very thing,† I said, this turning around, having to do with the way the soul would be most easily and effectively redirected, not an art of implanting sight in it, but how to contrive that for someone who has sight but doesn’t have it, turned the right way or looking at what it needs to.† â€Å"That seems likely,† he said. â€Å"Then the other virtues said to belong to a soul probably tend to be near the things belonging to the body, since they’re not present in the being of the soul before they’ve been inculcated by habits and practice, but the virtue involving understanding more than all attains to being something more divine, as it seems, which never loses its power but by the virtueShow MoreRelatedThe Allegory of the Cave907 Words   |  4 Pagesman follow the law, and how do implications of society affect our behavior. The most interesting topic from the Republic is from Book VII, the allegory of the cave. With the allegory of the cave Plato gives us the power to break the chains that bind us down and leads us to see the light. In the allegory of the cave Plato sets the scene with humans in a cave that have been chained since childhood so they are restricted from moving and looking around the room. These people only see the shadows castedRead MoreThe Allegory Of The Cave1382 Words   |  6 Pageshis most intricate, yet his most important figure: the Allegory of the Cave. Socrates calls on the interlocutors to imagine a dimly lit cave in which a group of prisoners are chained behind a wall in such a way that they cannot move and are forced to stare at a wall all day. Thanks to a small fire, the prisoners are able to see the shadows of their imprisoners and images their imprisoners projected on the wall. Having always been in the cave, the prisoners believe the shadows are true; similarlyRead MoreThe Allegory Of The Cave1307 Words   |  6 Pagesthe Allegory of the Cave there are prisoners are chained up together in which they are all facing the back wall. There is a firing behind the prisoners and the onl y thing that they can see are the shadows of the people behind them. The fire casts shadows on the wall so this is the only thing that they see. Their entire lives have been based on these shadows on the wall. These prisoners have been chained up since birth, so what they see on the walls is all they know. In the Allegory of the Cave, theyRead MoreThe Allegory Of The Cave Essay975 Words   |  4 Pagesof philosophy in Brooklyn College, once said â€Å"The only thing we know for certain is that nothing is certain.† This is the main philosophy behind both Plato’s â€Å"The Allegory of the Cave†, and the renowned sci-fi movie â€Å"The Matrix.† Both works deal with escaping a false reality while unveiling a real one. In Plato’s â€Å"The Allegory of the Cave†, the escaped prisoner synonymous to the character Neo in â€Å"The Matrix†, exhibiting a shared theme behind both plots. Socrates suggest that with effort, all that isRead MoreThe Allegory Of The Cave Essay2021 Words   |  9 Pagesrecognizable image of Plato’s Republic, the message of the allegory of the cave is present not only in Book VII, but throughout the entire dialogue. Plato-as-Socrates uses the allegory to express his views on philosophy’s role in his city of speech which is later shown more deeply with the five regimes in Book VIII. The cities in the five regimes undergo a degradation as philosophy moves further and further away from the ruler; which also mirrors the cave. Plato reveals his belief that the city and philosophyRead MoreThe Allegory Of The Cave905 Words   |  4 PagesIn the allegory of the cave Plato tries to show us two scenarios where the prisoners experience emotional and intellectual revelations throughout their lives. Plato’s theory was that the ones who truly understand knowledge should guide the ignorant people out of their unenlightened states of being and into true knowledge. The cave symbolizes the pe ople who think that knowledge come from what they see and hear in the world. It also indicates people that make assumptions about life based on the substantialRead MoreThe Allegory Of The Cave Essay1660 Words   |  7 Pages 3. Explain how the Allegory of the Cave represents Plato’s views about the nature of knowledge and the nature of reality. In the Allegory of the Cave there are chained prisoners in cave who can only stare at the cave wall in front of them. At the back there is a long entrance with a staircase the width of the cave and a fire burning in the distance. They see only shadows projected in front of them from a raised platform and hear an echo that they attribute to what they observe. They talk aboutRead MoreThe Allegory Of The Cave1619 Words   |  7 PagesIn his allegory of the cave, Plato describes a scenario in which chained-up prisoners in a cave understand the reality of their world by observing the shadows on a cave wall. Unable to turn around, what seems to be reality are but cast shadows of puppets meant to deceive the prisoners. In the allegory, a prisoner is released from his chains and allowed to leave the cave. On his way out, he sees the fire, he sees the puppets, and then he sees the sun. Blinded by the sunlight, he could only stare downRead MoreThe Allegory Of The Cave Essay718 Words   |  3 PagesThesis Allegory of Cave First what is perception and ignorance? Let us define perception as one’s view of life through rationalization of the external world and ignorance as an assumption without proof and contemplation. In the â€Å"Allegory of The Cave†, Plato uses Socrates to explain different types of people, one who sees the physical realm accepting ideas as they form and one who lives in knowledge realm by questioning those ideas. People of the knowledge realm are obligated to helps those in theRead MoreThe Allegory Of The Cave870 Words   |  4 Pages I had an experience that each represents the symbol towards the Allegory of the Cave. My childhood was mostly in Jamaica where I lived with my father for two to three years. I can relate to the symbols from the Allegory of the Cave. I was a prisoner in his house because I wasn’t allowed to leave the house. The chains on my hand represents me being a prisoner in the house. After dark every night I would be all by myself scared. I was 15 years old at the time and Jamaica wasn’t a place that

Philosophy of World Religions

Question: Discuss about thePhilosophy of World Religions. Answer: Introduction In all cultures there are many stories passed on from one generation to the next. These stories are mostly myths. Myths are basically stories that are relevant to a particular culture and are used to convey stories of mythical events or people. The stories have a way of evoking and stirring emotions in people. The stories are debatable in terms of their correlation to truth and most of them are either completely false or an exaggeration of the actual truth. I have gone through two interesting websites that cover many stories on myths. These include The Ultimate History Project and Ancient History Encyclopedia. The two cover stories that happen to be fascinating, the tale of two Easters and the history of the culture referred to as the Hittite culture. This of course is a matter of personal opinion and my take on the websites and how they have set out to convey the stories to the world and preserve the myths. The Hittite culture is associated with the people who had settled in what is Turkey in the modern world. They are considered as having been major foes of the Israelites in the biblical times. The website is very informative and offers many insights. I have myself not encountered the narrative before but I can totally relate. The importance of the dates is very ideal in as far as rending credibility to the story is concerned. The dates give the story history significance as well. The aspect that grasps my attention is the difficulty of the perceived translation of texts from Anatolia. This baffles me as all pre-historic languages have found their way into present texts but this particular language seems to have escaped the attention of scholars the world over. The tale of two Easters is a slightly different narrative although equally intriguing. The story has its origins in ancient England where we had a king and his queen who observed different forms of Christianity. The end result was that there was and remains doubts on the right date for the Easter celebrations that mark the death and resurrection of Christ. The story is still new to me. As a Christian, I have grown up knowing that there is only one date for Easter. This new revelation definitely makes it a little bit more interesting. The role of myths in demystifying religion has definitely been questioned in my case by these two new narratives. The myths are good for history and I believe they have a role to play in society and the socialization process. Through such stories, we are able to associate closer to the truth of religion. Both stories help to create a distinction what may be considered as sacred in religion or deemed as being profane. The two websites I have picked have offered great insights. My choice was guided by the fact that they also offer content relating to other topics making them authoritative websites. This also means that they are relatively credible and one can rely on the amount of research that has gone into the two stories and their presentation. References Ancient History Enclyclopedia. (2017) Hittites. https://www.ancient.eu/hittite/ Collins, B. J. (2007).The Hittites and their world. Atlanta: Society of Biblical Literature. The Ultimate History Project (2017) East Meets West: The Two Easters. https://www.ultimatehistoryproject.com/easter-controversy.htmlTop of For Van, M. D. K. W. (2009).Humanism in an Age of Science: The Amsterdam Athenaeum in the Golden Age, 1632-1704. Leiden: BRILL.

Introduction to Alcoholism What is it and How Do You Treat it free essay sample

A paper which defines alcoholism and explores various forms of treatment. The paper introduces alcoholism, defining it as a disease that is chronic, incurable and causes the person to need the alcohol in order to function. The paper discusses symptoms of alcoholism and then proceeds to study forms of treatment such as detoxification and AA. Finally, the importance of the social workers role in alcohol treatment is discussed and stressed. One thing that has not been spoken about is how differently a patient will react to treatment if the patient is also suffering from one of the aforementioned conditions. An alcoholic with an addiction to cocaine will certainly react differently in a detox situation than an alcoholic with a nicotine addiction. Not to mention the possible presence of some type of liver damage, or other serious medical problem that could harm the patient far more than the treatment may be prepared for. We will write a custom essay sample on Introduction to Alcoholism: What is it and How Do You Treat it? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Caseworkers face many life-altering decisions when it comes to the management of such cases of alcoholism and their comorbidity. It seems to be so common that research is really needed in order to aid workers recognize all of the possible complications, as well as the more appropriate treatment plan for these patients. (NIAAA, 1991)

Free Essays on Sophocles

Colonus, a village near Athens, was the place of Sophocles' birth, and the date, 495 B.C., thus making him thirty years younger than Aeschylus and fifteen years older than Euripides. His father, Sophilus, a man of wealth and excellent repute, gave him the benefit of all the literary accomplishment of the age. His powers were developed and refined by a careful instruction in the arts of music and poetry, and to the natural graces of his person further attractions were added through the exercises of the palà ¦stra. That he was a comely and agile youth is shown by his selection, at the age of sixteen, to lead with dance and lyre the chorus which celebrated his country's triumph at Salamis. In his younger days he appears to have been somewhat over fond of women and wine, and this he himself admits in one of his sayings recorded by Plato: "I thank old age for delivering me from the tyranny of my appetites." Yet, even in his later years, the charms of the gentler sex were at times too strong for the great dramatist. Aristophanes accused him of avarice, though there is nothing in what is known of Sophocles to substantiate the charge, and this is further disproved by the utter neglect of his affairs, which brought on him the imputation of lunacy, refuted by reading to his judges a passage from a newly-written play. The occasional excesses referred to appear to have been the only blemish on an otherwise blameless and contented life. Dramatic Career The commencement of his dramatic career was marked by a victory in competition with Aeschylus, under exceptional circumstances. The remains of the hero Theseus were being removed by Cimon from the isle of Scyros to Athens, at the time of a tragic contest which had excited unusual interest on account of the fame of the older and the popularity of the younger candidate. Instead of choosing judges by lot, as was the custom, the archon administered the oath to Cimon and his colleagues, asking th... Free Essays on Sophocles Free Essays on Sophocles Colonus, a village near Athens, was the place of Sophocles' birth, and the date, 495 B.C., thus making him thirty years younger than Aeschylus and fifteen years older than Euripides. His father, Sophilus, a man of wealth and excellent repute, gave him the benefit of all the literary accomplishment of the age. His powers were developed and refined by a careful instruction in the arts of music and poetry, and to the natural graces of his person further attractions were added through the exercises of the palà ¦stra. That he was a comely and agile youth is shown by his selection, at the age of sixteen, to lead with dance and lyre the chorus which celebrated his country's triumph at Salamis. In his younger days he appears to have been somewhat over fond of women and wine, and this he himself admits in one of his sayings recorded by Plato: "I thank old age for delivering me from the tyranny of my appetites." Yet, even in his later years, the charms of the gentler sex were at times too strong for the great dramatist. Aristophanes accused him of avarice, though there is nothing in what is known of Sophocles to substantiate the charge, and this is further disproved by the utter neglect of his affairs, which brought on him the imputation of lunacy, refuted by reading to his judges a passage from a newly-written play. The occasional excesses referred to appear to have been the only blemish on an otherwise blameless and contented life. Dramatic Career The commencement of his dramatic career was marked by a victory in competition with Aeschylus, under exceptional circumstances. The remains of the hero Theseus were being removed by Cimon from the isle of Scyros to Athens, at the time of a tragic contest which had excited unusual interest on account of the fame of the older and the popularity of the younger candidate. Instead of choosing judges by lot, as was the custom, the archon administered the oath to Cimon and his colleagues, asking th...

Unemployment In UK and Effect of a Wage Increase Essay

Unemployment In UK and Effect of a Wage Increase - Essay Example Unemployment In UK and Effect of a Wage Increase In general, a minimum wage rate sets the price of hourly labour at a level that defies the ability of the market forces to determine the price of hourly labour. The legislated minimum wage, of course, is not set below the equilibrium wage rate or the wage rate in which the demand for labour is equal to the quantity of labour supplied or the hours of labour supplied. Otherwise, there would not be a need for a legislation of a minimum wage rate. Legislation on the minimum wage rate is usually above the equilibrium wage rate. At that level, however, or at the level in which the legislated minimum wage rate is higher than the equilibrium wage rate, the quantity demanded for labour or the number of hours of labour demanded is lower than the quantity of labour supplied or number of hours of labour supplied. Thus, involuntary unemployment takes place. In Baumol and Blinder discussion, the line segment AB represents the employment gap. The work of Mankiw and Gwartney et al. also supports the perspective articulated in Figure 1. Varian pointed out the wage increases can actually increase or decrease the supply of labour but Varian’s view on the matter may not be relevant because the wage increase that we are discussing pertain to the minimum wage. Baumol and Blinder pointed out, however, that research undertaken by economists David Cards and Alan Krueger in early 1992 for New Jersey and Pennsylvania reportedly did not provide support for the perspective reflected in Figure 1 because the New Jersey stores in which wages were higher produced more net hiring than their Pennsylvania counterparts whose wages are lower. Thus, even if Baumol and Blinder (2009, p. 115) articulated a conventional perspective on the impact of legislated minimum wage, the authors called for more studies. In another section of Baumol and Blinder (2009, p. 201-202), the authors viewed that an increase in the nominal increase in nominal wage at current prices lead to a leftward shift in the ag gregate supply curve. This is because the marginal costs for output will increase with an increase in the minimum wage. Baumol and Blinder (2009), however, did not clarify if the economic model represented in Figure 2 will also apply to a vertical aggregate supply curve but it seems appropriate to view that it is probably the case. Thus, it is possible that a net effect of an increase in the minimum hourly wage for labour above 21 years old will be to contract the economy, assuming that increasing the minimum wage for above 21 years old will have a net effect of increasing the overall minimum hourly wage. In addition, if the Baumol and Blinder perspective (2009, p. 201-202) applies, the increase in hourly minimum wage (assuming the increase in minimum wage for labour above 21 years old will have that effect), will also lead to an increase in the price level. Of course, we are assuming here that aggregate demand is unchanged. The current world crisis has probably shifted the aggregat e demand to the left and, thus, it is more likely that the contraction will not be associated to a significant increase in prices. Figure 2. Nominal wage and the aggregate supply curve Baumol and Blinde

Complete a poetry analysis for Whispers in the Wind Assignment

Complete a poetry analysis for Whispers in the Wind - Assignment Example A reflective poem about her married life with a husband who was ashamed of her Cherokee blood. She wrote â€Å"Whispers in the Wind† as an ode to her ancestors. The poem was a message from her to them. Putting into words the sentiments that her family have long held dear about the way the Cherokee Indian tribes were mistreated and massacred by the White colonialists. In deep pain she declares: Evidently the poem is all about the cultural context of her words. Through this poem she declares that their Cherokee bloodline shall not die, nor shall the remaining tribe members be ashamed of it. Instead, their generation will accept the mission set before them. That of making peace and amends between the White man and the Red Skins. What was taken from them can never be returned indeed. But, it is never too late to make amends in order to bring a sense of forgiveness and satisfaction towards the lost lives of their ancestors who fought valiantly to preserve what was originally their land. She personifies the voice of her ancestors through the whispers that she hears in the wind. The messages that she receives from them as she sits alone on some nights, contemplating her heritage and her present, trying to find a common ground between the two. Hers is a difficult life for she has to be both White and Indian at the same time. Through the poem, she declares that her heritage is valuable to her and she shall never let it fall to the wayside. Rather, she calls upon the others in her tribe to find a way to keep their noble heritage alive in a world where it has lost its relevance. Whispers in the Wind is a tribute to her ancestors and their gallant bravery in the face of hardship and abuse. Through her poem, she managed to bring them back to life even if only on paper. The poem was written for them as way for her to honor and love those ancestors from the past. As she tells her readers: That she has done with this particular poem. She has managed to remind

Aristotles Doctrine Of The Four Causes

Aristotles Doctrine Of The Four Causes Aristotles four causes theory uphold that all the causes can be grouped into varies divisions. The 4 causes are based on general laws, and these causes are associated with the question of why a thing is. To answer such question is to give a cause. Any artifact can be broken down to these four causes. There is the Material Cause, Formal Cause, Efficient Cause and the Final Cause. The Material Cause is the basic element that makes up a thing, in other words the cause of the object. For example the Material cause of a table would be wood, without the wood the table could not exist unless they were present in its work. The Formal Cause pertains the appearance or pattern with which these materials are accumulated. For example the Formal Cause of a table would be the arrangement, shape, and the design. Efficient Cause is the source or designer of that from which the thing became what it is. For instance the Efficient Cause of a table would be the carpenter who made it. Thus, the table is t he table it is, because of the particular carpenter who made it. Lastly, the Final cause is the end (telos), the ultimate purpose or exact form of this object that comes to be. The final cause of a table would be to place meals or to place objects on top of it. For Aristotle its very important to understand the purpose of something in order to understand how to live ethically particularly human beings. This is part of the explanation of the tables existence, for it would never have been built in the first place. Give a brief critical analysis of Aristotles idea of Happiness. The central question of ethics for Aristotle is, what does it take for human beings to lead a good life? Aristotle outlines 3 points that he thinks have to be fulfilled for some purpose to be ultimate. Ultimate goal has to be self- sufficient. Final goal. In other words something you want for its own sake, not as stepping stone for something else Attainable. Since All activities have a final cause, or leads to some other desire, Ultimately for Aristotle the one goal that seems to fulfill all these stipulations was Happiness (eudaimonia). Not in the narrow sense of mental or emotional state but rather in the sense of well being or flourishing. If human beings can find happiness, happiness by its self is self- sufficient. Aristotle says that people need to make choices and in order to make choices we have to develop certain habits or virtues, which will allow you to make the right choices. People need to understand and even necessary to be taught the virtues habits. You need to develop these virtues to develop a happy life, but the virtues are the means to the end. How do we achieve this end? In order to understand that, we need to understand how Aristotle understood the human soul. Aristotle divided the soul into 3 parts. The basic part of the soul is basically vegetative. Our bodies grow and develop by itself without any kind of consciou s control. Similarly, to the vegetable world because it takes place totally without rational control. Above the vegetable soul, its the animal level, the level of desires. As human beings Aristotle says we have certain responsibility to control our desires otherwise we would simply be no different then animals. And finally there is the rational part of the soul which controls the animal desires, as well as seeks for higher types of learning, education and higher types of gratification. Happiness is the activity of the soul according to reason and these activities must be according to virtue and excellence. If there are several virtues excellences then they must be the highest activity. If you detain happiness, you could only die happy. Aristotle distinguishes 2 types of virtues. 1. Intellectual Virtue and Moral virtue. Intellectual Virtue comes from teaching and Moral virtue comes from Habituation. We acquire these virtues through virtues acts. Aristotle considers the life of the G ods, because the activity of a God is contemplation. Which is the highest form of activity of the soul to achieve Happiness. The Gods are engaged in intellectual virtues. The Gods are not interested in human affairs. If there is a perfect life for Aristotle, which happiness it is in this existence, its the here and now not in the afterlife. The wise person is the one that studies the most, and the one that studies the most is the one that is loved by the Gods, because he is performing an activity the is accepted by the Gods. Therefore, Aristotle would say that if you reached happiness then you have achieved the ultimate human existence. Does Plato make a convincing case for why philosophers should rule society? According to Plato, the society is to consist of three classes workers, warriors and rulers. Each of which must stick to completing their direct commitment. As to the rulers, Platos opinion regarding them is very interesting and different from the views of other philosophers. In the Republic, he dwell on different types of rulers, which vary from democrat to tyrant, and he come to the conclusion that philosopher would be best choice for the country due to number of characteristics. For example, considering the aspect of love for honor, the dialogue between Plato and Socrates is shaped in the following way: What about an honor-lover? A rich man is honored by many people, so is a courageous one and a wise one, but the pleasure of studying the things that are cannot be tasted by anyone except for a philosopher.(Cohen M.C., p. 567) Another reason for the philosopher to be considered the best ruler according to Plato is the fact that unlike the rest of the rulers (monarch or tyrant), the philosopher is inclined to look for truth rather than prove his rightness to others. The philosopher is always open to new ideas and is not likely to use conventional methods which do not suit the situation. As the ideal candidate for the position of the ruler of the state is considered by Plato to be a philosopher, there are two logical ways of realization of this idea: a philosopher must become a king or a king mist become a philosopher. Either way leads to building a harmonious and strong state where everyone knows his place and fulfills his obligations honestly. It goes without saying that Platos works are full of bright ideas, inspiration and desire to improve the society he lived in. Moreover, they are still very topical and most of them underlie modern philosophical concepts. However his theory is hard to implement in real life due to its idealistic nature and the nature of the human animal. What is the relationship between the sun simile, the divided line and the allegory of the cave in Platos Republic? The Allegory of the cave in the Republic illustrates the effects of the education on the soul. It is a story showing how true reality is not always what we think it is. It is a story of tolerance and the power of possibility. Plato sums the Plato imagines a group of prisoners who have been kept in the cave their whole lives. They have been chained so they could not see behind themselves and they are forced to stare at the cave wall in front of them. Behind them a fire is burning and between the prisoners and the fire is a raised walkway. Each day a menagerie of objects cross the walkway such as animals, and people. Their shapes create a shadow play on the wall in front of the prisoners. This is the only world the prisoners have ever known. Then one day a prisoner was dragged out of the cave into the sun light, after some time adjusting to the blinding light, he noticed that it was the sun that governed everything in the visible realm and which was in one way or another responsible fo r everything they use to see. This is obviously the next stage. The free prisoner began to experience the world outside of the cave for the very first time and it was nothing like he could have ever imagined. With his new perception of the world the man returns to his friends and wants to convince them that what they were seeing was just an illusion. But the prisoners cannot recognize their own friend, he appearance as all things do, a shadow with distorted voice. This does not make the world outside of the cave any less real. The divided line explains Platos theory of how knowledge works and how we come to have knowledge and clarity of the soul. In the Allegory of the Cave the line simile explains the four types knowledge from lowest to the highest. They are, Illusions, Belief or Trust, Mathematical Knowledge and lastly Philosophical Knowledge. It illustrates that the truth works once we deal with reality. The Allegory of the Cave explains that if we want to seek the real truth we have to accept the pain of dropping all of our preconceived notions of what truth was before. The light of the fire inside the dwelling is the power of the sun, which represents the form or character of the good. Once its seen the conclusion must be that it turns out to be the cause of all that is right and good for everything. Aristotle appears to argue that we are responsible for our moral character. However, if childhood training counts for so much in developing moral character,à ¢Ã¢â€š ¬Ã‚ ¦.if we ourselves are not responsible for the training we receive? Virtue is a disposition involving choice. There are 2 parts to virtues. Intellectual virtue and Moral virtue. Intellectual virtue comes from teaching and moral virtue comes from habit. A decent person raises their children in a virtues way, since virtue comes with training and habituation. Therefore, we can say that it is obvious that we are not born with these characteristics but acquired them through nature of act.. We are responsible for the type of people we became, because we shape our moral character through choices and actions. For instance, a relationship (virtue), can be nourished through love and commitment to one another. Its not something that can be done inevitably but rather, voluntary. We are what we are, because of the things that we repeatedly do, and should not act ignorant nor make excuses. Example, becoming pianist by playing the piano, we became just by doing just actions. If it werent for our actions then teachers wouldnt be needed, for we would be born with suc h qualities. Explain Aristotles Doctrine of the mean. The doctrine of mean is Aristotles declaration to search for the middle ground, extremes exist in almost every aspect of life and one should seek for the mean. This mean is not an absolute one but a relative one, customized to the situation and person. But the location is always in between the two. For example in Nicomachean Ethics he lists the following examples; with respect to fear and confidence the mean is courage, excess in confidence leads to foolhardy and excess in fear leads to cowardice and with respect to honor and disgrace the mean is high-mindedness, excess of honor is called vanity and deficiency of it might be called humility or small-mindedness.

Perfect :: Short Stories Baseball Papers

Perfect The rays of summer linger in a moist breeze of fall that gently sweeps through a ballpark made from cement dreams of Grecian fondness. The ballpark of 35,000 is filled with the chant, "Perfect." It’s early in the break of the wildcard race and a crucial period in professional baseball. For the surfacing hero of this afternoon pastime, it is a moment to see life in a different focus. It is a moment when a harmonious pulse dictates the thought, which, in turn initiates a perfect action in a particular frame in time, or what athletes call the zone. A.J. Martinez is a hero who, though young, is infinitely defined by the heroes of a time long before him. In the announcers booth high above home plate, the voices of hometown color commentator’s Ken Costa and Larry Lazzo invade the ballpark accompanying the excitement, which is felt by the chant echoing throughout the stands. "Ladies and gentlemen welcome back to the game! I’m Ken Costa along with my partner Larry Lazzo. We are witnessing an amazing display of athletic excellence today by a young man named A.J. Martinez! Martinez has been perfect for eight and 2/3 innings of work so far, and will attempt to close this game out by retiring one more batter in the top half of the ninth, as New Mexico leads the game one to nothing! You have to ask yourself, what a pitcher must be thinking, when in a crucial situation like this, don’t you think so Larry?" "You sure do Ken! In a situation like this I am almost certain that Martinez isn’t worried about anything else, but getting one more out! The one out that will capitalize this valiant effort which could very easily become part of baseball history!" The home plate umpire throws Martinez a fresh white baseball. As Martinez catches the baseball, he is met with a roar of cheers from the fans, which rise to their feet and with out-stretched arms repeatedly bow down in praise of their ace pitcher. "Indeed Larry by witnessing this historical effort, it can truly be said that Martinez has shown this sold-out home crowd what the definition of poise means, with an astonishing twelve strikeouts and a total of twenty-six batters retired," Ken shouts while trying to out duel the ear piercing cheers of the crowd. "What is even more amazing then that Ken, is the fact that Martinez has only been in the league for a total of three weeks, since being called up from the Conquistador’s farm system," Larry adds.

Elder abuse Essay

Elder abuse is a practice carried out by various groups of people in different set of societies. It is a practice which has been grouped among other forms of discrimination. Elder abuse is thus discrimination of elder rights and freedom on the basis of age. Basically elders should be cared for and be given opportunity to express their opinion in the society. They have rights just like any other person of whichever age and therefore should not be subjected to any form of injustice. There are different types of elder abuse and each has specific indictors and consequences. Elders are abused financially through discrimination on financial matters. This form of abuse involves a situation where an elder is denied access to property which belongs to him, elder caregiver refuses to spend money from elder’s account, withdrawal of money from elders account through coaxing or by force and also taking advantage of the elder’s condition to misuse his money. This is like in the case of Mr. Jones, his daughter want to misuse his funds, taking advantage of his physical condition. Another form of elder abuse is inadequate care or neglecting them. Elderly people should be given care since they have many needs and they can not take care of themselves because of their age. This type of abuse involves not maintaining proper hygiene to the elders, not allowing the elders to participate family and other social ceremonies, not taking them for medication when they are sick and poor maintenance of the elder’s house of residence. Others are subjected to physiological and social abuse. In this type of abuse the elders are viewed as of no social or economical benefit and hence are neglected socially. They are tortured and are left mentally disturbed. They also suffer psychologically as they think how low they have been taken in the society. (http://www. elderabusecenter. org/default. cfm? p=nursinghomeabuse. cfm) Usually, the elder abusers share some chareacteristics. The elders’ abusers are either family member of the elder or non member of the family. Most of elder abusers are alcohol or drug addicted. This characteristic enables them to abuse the elders under drugs or alcohol control. They therefore mistreat the elders under the influence of drugs or alcohol. Most elder abusers depend on the elder for financial assistant. They therefore abuse them so that they can benefit financially at the elder expenses. Most elders’ abusers are stressed in life. They therefore abuse the elders out of stress and problems upon them. They see the elders as burden on top of their problems. Some of elder abusers are mentally ill. This makes them not to care about the elders and can mistreat them carelessly. The elders who fall victims of elder abuse also share some similar characteristics. Such elders are prone to abuse or are vulnerable. Elders with mental illness are basically prone to financial, sexual etc abuse. Most abused elders are socially rejected in the society. They therefore become desperate for any person who can socialize with them. The people who socialize with them usually abuse them since they understand they do not have other social friends. Most abused elders look exploitable form the look. In this way they give in easily to every idea given and they do not resist a lot especially in any argument. The abusers therefore take advantage and exploit them to their advantage. Most of the abused elders are physically or mentally impaired. This weakness gives abusers opportunities to abuse and mistreat the elders. For instance most elder women suffering from mental illness are sexually abused. (http://www. preventelderabuse. org/professionals/concerned. html) I can conclude by telling Mr. Jones that everybody has right to live free from any discrimination. This is clearly stated in the fundamental rights and freedom which state that nobody should be discriminated on basis of race, age, color etc. In that way therefore every elder should report any form of discrimination without fear.

Equity Derivatives Market Of Japan Finance Essay - Free Essay Example

Sample details Pages: 21 Words: 6357 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? What are Derivatives? Derivatives are financial instruments, in fact an agreement between two parties. This has a value determined by something called as underlying. It is a financial contract with a value linked to the expected future price movements of the asset it is linked to such as a share or a currency. There are several kinds of derivatives, with most commonly used ones being Futures, Options and Swaps. But since a derivative can be placed on any kind of security, hence there can be endless scope of these derivatives. Don’t waste time! Our writers will create an original "Equity Derivatives Market Of Japan Finance Essay" essay for you Create order The derivative market equity includes the financial instruments such as futures, options and swaps. The equity derivatives are stocks or stock indices whose prices depend on the prices of the underlying equity instrument. The equity derivatives are traded in the futures and options exchanges or in the over the counter markets. Equity Futures, Options and Swaps A Futures contract is a standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality at a specified future date at a price agreed today (the futures price). The contracts are traded on a futures exchange. Futures contracts are not direct securities like stocks, bonds, rights or warrants. They are still securities, however, though they are a type of derivative contract. The party agreeing to buy the underlying asset in the future assumes a long position, and the party agreeing to sell the asset in the future assumes a short position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract. In many cases, the underlying asset to a futures contract may not be traditional commodities at all that is, for financial futures, the underlying asset or item can be currencies, securities or financial i nstruments and intangible assets or referenced items such as stock indexes and interest rates. On the other hand, Options are contracts that give the buyer or seller the right and not the obligation to buy or sell the underlying asset at a fixed price at a future date. The call option gives the right to buy while the put option gives the right to sell. The buyer of the call option can gain by an increase in the price of the underlying asset without buying the underlying asset. Conversely the put option holder benefits from the fall in the price level of the underlying asset. A Swap is a derivative in which counterparties exchange certain benefits of one partys financial instrument for those of the other partys financial instrument. The benefits in question depend on the type of financial instruments involved. For example, in the case of a swap involving two bonds, the benefits in question can be the periodic interest (or coupon) payments associated with the bonds. Specifically, the two counterparties agree to exchange one stream of cash flows against another stream. These streams are called the legs of the swap. The swap agreement defines the dates when the cash flows are to be paid and the way they are calculated.[1] Usually at the time when the contract is initiated at least one of these series of cash flows is determined by a random or uncertain variable such as an interest rate, foreign exchange rate, equity price or commodity price. The cash flows are calculated over a notional principal amount, which is usually not exchanged between counterparties. Consequently, swaps can be in cash or collateral. Swaps can be used to hedge certain risks such as interest rate risk, or to speculate on changes in the expected direction of underlying prices. An equity swap is a special type of total return swap, where the underlying asset is a stock, a basket of stocks, or a stock index. Compared to actually owning the stock, in this case you do not have to pay anything up front, but you do not have any voting or other rights that stock holders do have. An Interest Rate Swap is another type of swap where 2 companies take out loan and swap their interest payments. This type of swap is usually done so that the comparative advantage of one company helps the other and vice versa. Few other type of swaps are Currency Swaps (exchanging the payments of in one currency for payments in others), Commodity Swaps (One party makes a periodic f ixed payment; the other makes a payment that is pegged to the current price of some commodity), Credit Default Swap (Swap of a fixed payment in exchange for compensation for a loss in a loan). This is one of the most traded derivatives in Japan. The Japanese Derivative market In spite of the markets recovery lagging behind the other Asian markets, the Japanese Derivatives Market has a lot of potential and traders may want to consider learning to trade the Japanese derivatives market for the reasons set out below: Japan has vast potential as its problems are cultural customs and domestic policies and not expertise and structural, so immediate improvements and progress can be made once the internal domestic issues are resolved. It is still the largest derivative market in the Asia and South-East Asian region with eight exchanges and more than 2,300 listed companies, a diverse range of products that include bonds, ETF, Reits, interest rates, currencies, and a wide range of derivative instruments. There is good liquidity in many of the derivative products as mutual and hedge funds based in the US, Euro and UK and the Asia Pacific region are still interested in investing and trading these products in the Japanese markets. There is transparency in the markets which is essential for investing and trading by foreign investment firms and individual investors and traders. Information is also easily available from the stock companies and the major exchanges and is provided in English. The market is quite mature and the volatility is generally tolerable and within most retail traders risk management as the highs/lows of the stocks and stock indices is within acceptable levels. Most of the volatility can be attributed to fluctuation of the yen which is a favourite currency with hedge funds who would borrow it because of the low interest rate and reinvest it in other currencies and even equities for higher returns; in addition it is very sensitive to the US dollar which itself is quite volatile. Although the market is vulnerable to the occasional earthquake tremors but to date it has only felt the tremors and have not seen anything of the magnitude that it did in the 1995 Kobe earthquake that shook the country and the markets. Stable political environment the political climate is quite stable internally and externally, and this is very crucial for investments and trading especially when derivatives are actively traded. Japan is recently showing signs of economic recovery and has good potential for economic growth as the DJP intends to increase trade agreements with the Asian and Asia Pacific countries which it is neglected for many years. Futures and Options markets of Japan In the late 1970s and early 1980s, radical changes in the international currency system and in the way the Federal Reserve managed the U.S. money supply produced unprecedented volatility in interest rates and currency exchange rates. As market forces shook the foundations of global financial stability, businesses wrestled with heretofore unimagined challenges. Between 1980 and 1985, Caterpillar, the Peoria-based maker of heavy equipment, saw exchange-rate shifts give its main Japanese competitor a 40 percent price advantage. Meanwhile, even the soundest business borrowers faced soaring double-digit interest rates. Investors clamored for dollars as commodity prices collapsed, taking whole nations down into insolvency and ushering in the Third World debt crisis. Futures are standardized contracts that commit parties to buy or sell goods of a specific quality at a specific price, for delivery at a specific point in the future. The concept of buying and selling for future delivery is not in itself new. In thirteenth-and fourteenth-century Europe, buyers contracted for wool purchases one to several years forward. Cistercian monasteries that produced the wool sold forward more than their own production, expecting to buy the remainder on the market (presumably at a lower price) to satisfy their obligation. Because futures contracts offer assurance of future prices and availability of goods, they provide stability in an unstable business environment. Futures have long been associated with agricultural commodities, especially grain and pork bellies, but they are now more likely to be used by bankers, airlines, and computer makers than by farmers-at least in North America and Europe. In Japan, by contrast, commodity futures trading dwarfed financial futures. This does not mean that commodities were more important than finance in the Japanese economy, of course. Financial futures got a slow start in Japan because Japanese regulations discouraged them. Traders who wanted to trade such futures had to-and did-trade them elsewhere. Thus, the first futures on Japans Nikkei stock index traded in Singapore, and the first yen futures traded in Chicago. Over-The-Counter markets of Japan Over-the-counter equity derivatives (OTCEDs) profoundly impact a wide array of investors from small retail investors in Europe who are looking for yield, to the largest corporations, investment banks, asset managers, and hedge funds that are looking for diversification of portfolios, protection from volatility, and specific strategies to gain exposure to equity markets. OTCED is a highly client-driven market segment. By and large, most of the trading occurs between dealing banks and investment managers, corporations, hedge funds, and high-net worth individuals. OTCEDs are truly a global phenomenon; they are actively traded in Europe, the Americas (Canada, Latin and South America, the United States) and Asia. Many of the issues that arise with OTCEDs stem from the global nature of the business, the very wide-ranging nature of participants, and the myriad of products that exist. According to the Bank for International Settlements (BIS), Europe leads the trading in equity derivatives with 55% of the global market. The United States represents 27%, Japan follows with 7%. Other parts of the Americas have approximately 5% and Asia ex Japan about 3%. In Japan, the largest market in the region, the interest rate swap market grew by 47% between June 2007 and June 2009. Embedded is the Credit Default Swaps data for Bank of Japan. You can notice that there have been significant jump from December, 2004 till June, 2010. Derivative instruments traded in various Japanese markets Listed below are the various instruments that are traded in various markets of Japan. OSAKA SECURITIES EXCHANGE(1): Futures: Nikkei 225 Futures CONTRACT SPECIFICATIONS Underlying index Nikkei Stock Average (Nikkei 225) Contract months 5 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Maximum trading period: 1 year 3 months) Contract unit Nikkei 225 x  ¥1,000 Minimum fluctuation  ¥10 (value per tick:  ¥10,000 per contract) Daily price limits Standard price Daily limit up/down less than  ¥7,500  ¥1,000  ¥7,500 less than  ¥10,000  ¥1,500  ¥10,000 less than  ¥12,500  ¥2,000  ¥12,500 less than  ¥17,500  ¥3,000  ¥17,500 less than  ¥22,500  ¥4,000  ¥22,500 less than  ¥27,500  ¥5,000  ¥27,500 less than  ¥32,500  ¥6,000  ¥32,500 less than  ¥37,500  ¥7,000  ¥37,500 less than  ¥42,500  ¥8,000   Ãƒâ€šÃ‚ ¥42,500 or more  ¥9,000 About 16% of the standard price (previous days settlement price) Last trading day The business day preceding the second Friday of each contract month (When the second Friday is a non-business day, it shall be the preceding business day.) Trading in a new contract month begins on the business day following the last trading day. Settlement Cash Settlement Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 225 on the business day following the last trading day) Trading hours 9:00 11:00, 12:30 15:10, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Inter-month Spread Trading Available Available for trade in the U.S. Yes Margin    Give-up Available Position-Transfer Available Nikkei 225 mini (Trading in Nikkei 225 mini started on July 18, 2006) CONTRACT SPECIFICATIONS Underlying index Nikkei Stock Average (Nikkei 225) Contract months 2 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Maximum trading period: 6 months) Contract unit Nikkei 225 ÃÆ'Æ’-  ¥100 Minimum fluctuation  ¥5 (value per tick:  ¥500 per contract) Daily price limits Same as daily price limits of Nikkei 225 Futures which have the same last trading day Last trading day The business day preceding the second Friday of each contract month (When the second Friday is a non-business day, it shall be the preceding business day.) Trading in a new contract month begins on the business day following the last trading day. Settlement Cash Settlement Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 225 on the business day following the last trading day.) Trading hours 9:00 11:00, 12:30 15:10, 16:30 23:30 JST Trading system Fully Automated Computer System Inter-month spread trading Available J-NET Derivatives Trading Available Available for trading in the U.S. Yes Margin Calculated based on SPAN ® Risk is netted out between Nikkei 225 mini and Nikkei 225 Futures. Give-up Available Position-Transfer Available Nikkei 300 Futures CONTRACT SPECIFICATIONS Underlying index Nikkei Stock Index 300 (Nikkei 300) Contract months 5 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Maximum trading period: 1 year 3 months) Contract unit Nikkei 300 x  ¥10,000 Minimum fluctuation 0.1 point (value per tick:  ¥1,000 per contract) Daily price limits Standard price (points) Daily limit up/down(points) less than 150 20 150 less than 175 25 175 less than 200 30 200 less than 250 40 250 less than 300 50 300 less than 350 60 350 less than 400 70 400 less than 450 80 450 less than 500 90 500 or more 100 About 16% of the standard price (previous days settlement price) Last trading day The business day preceding the second Friday of each contract month (When the second Friday is a non-business day, it shall be the preceding business day.) Trading in a new contract month begins on the business day following the last trading day. Settlement Cash Settlement Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 300 on the business day following the last trading day.) Trading hours 9:00 11:00, 12:30 15:15, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Inter-month Spread Trading Available Available for trade in the U.S. Yes Margin    Give-up Available Position-Transfer Available RN Prime Index Futures Overview of RN Prime Index: Russell Investments and Nomura Securities Co., Ltd have developed a new index- The Russell/Nomura Prime Index (RN Prime Index) RN Prime has the following characteristics: 1,000 stocks selected from equity markets across Japan. Market capitalization-weighted with free-float adjustments Data history backdated to December 30, 1996. The RN Prime Index consists of the 1,000 largest stocks in terms of free-float adjusted market capitalization, selected from among all listed stocks on all markets in Japan. Therefore, The RN Prime Index is highly representative of what is really happening in the Japanese stock market. Free-float adjusted market capitalization is calculated based on free float shares, which are available for trading in the market at any time. Stocks which are not available for trading in the market, such as cross-holdings between companies and stocks held by major shareholders, stocks not realistically available for purchase, are excluded from consideration. Since the price movement of shares with low free-float positions will have a lesser effect on index pricing, RN Prime is a benchmark index suited for passive investment strategies. Specification of RN Prime Index Number of component issues 1,000 Exchanges Tokyo, Osaka, Nagoya, Fukuoka, Sapporo Free float adjustment Yes Scheduled Reconfigurations Annually (The first trading day in December) Inclusion of Newly listed stocks Quarterly Share price used for index calculation The price in the most actively traded market Starting date of the index calculation December 30, 1996 CONTRACT SPECIFICATIONS Underlying index Russell/Nomura Prime Index (RN Prime Index) Contract months 5 months in the March quarterly cycle: Mar, Jun, Sep, Dec (Max, 1 year and 3 months) Contract unit RN Prime Index ÃÆ'Æ’-  ¥10,000 Minimum fluctuation 0.5 points Daily price limits Standard price (points) Daily limit up/down(points) Less than 500  ± 80 500 less than 750  ± 120 750 less than 1,000  ± 160 1,000 less than 1,500  ± 240 1,500 less than 2,000  ± 320 2,000 less than 2,500  ± 400 2,500 less than 3,000  ± 480 3,000 less than 3,500  ± 560 3,500 or more  ± 640 Circuit Breaker Yes Settlement 1.  Ãƒâ€šÃ‚  Settlement by closing sales or purchases 2.  Ãƒâ€šÃ‚  Settlement by final settlement index (Special Opening Quotation) Trading hours 9:00 11:00, 12:30 15:10, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Inter-month Spread Trading Available J-NET Derivatives Trading Available (Minimum Fluctuation:0.1point, Minimum Contract Units:100 units) Margin Calculated by using SPAN ® (developed by Chicago Mercantile Exchange) In addition, Inter-Month spread trading on the above futures is also available to be traded. Options: Nikkei 225 Options CONTRACT SPECIFICATIONS Contract Put and call options based on Nikkei Stock Average (Nikkei 225) Expiration months 12 consecutive months from the March quarterly cycle plus 3 near-term months which do not overlap the March cycle Contract unit Nikkei 225 x  ¥1,000 Strike prices  ¥500 intervals in integer multiples of  ¥500 based on Nikkei 225 (For the nearest 3 months,  ¥250 intervals in integer multiples of  ¥250) Minimum fluctuation  ¥20 or less:  ¥1 Over  ¥20 up to  ¥1,000:  ¥5 Over  ¥1,000:  ¥10 Daily price limits Previous days last Daily limit Nikkei 225 up/down less than  ¥7,500  ¥1,000  ¥7,500 less than  ¥10,000  ¥1,500  ¥10,000 less than  ¥12,500  ¥2,000  ¥12,500 less than  ¥17,500  ¥3,000  ¥17,500 less than  ¥22,500  ¥4,000  ¥22,500 less than  ¥27,500  ¥5,000  ¥27,500 less than  ¥32,500  ¥6,000  ¥32,500 less than  ¥37,500  ¥7,000  ¥37,500 less than  ¥42,500  ¥8,000   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚ ¥42,500 or more  ¥9,000 About 16% of the previous days last Nikkei 225 Exercise type European. The option may be exercised only at its expiration (the second Friday of each expiration month). Last trading day The business day preceding the second Friday of each expiration month (When the second Friday is a non-business day, it shall be the preceding business day.). Settlement Cash settlement of the difference between the strike price and the Special Quotation on the expiration date Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 225 on the business day following the last trading day.) Trading hours 9:00 11:00, 12:30 15:10, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Available for trade in the U.S. Yes Margin    Give-up Available Position-Transfer Available Nikkei 300 Options CONTRACT SPECIFICATIONS Contract Put and call options based on Nikkei Stock Index 300 (Nikkei 300) Expiration months 6 months from the March quarterly cycle plus 2 near-term months which do not overlap the March cycle Contract unit Nikkei 300 x  ¥10,000 Strike prices 25-point intervals in integer multiples of 25 points based on Nikkei 300 for expiration months in the March quarterly cycle (5-point intervals when the remaining trading period becomes four months) 5-point intervals in integer multiples of 5 points for other expiration months Minimum fluctuation 0.1 point (value per tick:  ¥1,000 per contract) Daily price limits Previous days last Daily limit Nikkei 300 (points) up/down (points) less than 150 20 150 less than 175 25 175 less than 200 30 200 less than 250 40 250 less than 300 50 300 less than 350 60 350 less than 400 70 400 less than 450 80 450 less than 500 90   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  500 or more 100 About 16% of the previous days last Nikkei 300 Exercise type European. The option may be exercised only at its expiration (the second Friday of each expiration month). Last trading day The business day preceding the second Friday of each expiration month (When the second Friday is a non-business day, it shall be the preceding business day.). Trading in a new expiration month begins on the business day following the last trading day. Settlement Cash settlement of the difference between the strike price and the Special Quotation on the expiration date Final settlement price Special Quotation (SQ calculation is based on the total opening prices of each component stock of Nikkei 300 on the business day following the last trading day.) Trading hours 9:00 11:00, 12:30 15:15, 16:30 23:30 JST Trading system ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Auction Trading: Fully Automated Computer System (individual auction) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ J-NET Derivatives Trading: Available for trade in the U.S. Yes Margin    Give-up Available Position-Transfer Available TOKYO COMMODITY EXCHANGE INC(2) : Futures: Nikkei-TOCOM Commodity Index (Futures) Gold Standard (1kg) Gold Mini (100g) Silver Platinum Standard (500g) Platinum Mini (100g) Palladium Aluminium Gasoline Kerosene Gas Oil Crude Oil Rubber Options: Gold Options (Call) Gold Options (Put) TOKYO FINANCIAL EXCHANGE INC(3) : Futures: Three-month Euroyen futures CONTRACT SPECIFICATIONS Trading unit  ¥100,000,000 (Notional principal amount) Price Quotation 100 minus rate of interest Tick size value 0.005 ( ¥1,250) Contract months 20 quarterly months and 2 serial months Note1: Serial months are the months other than March, June, September and December. For example, as of April 1 , the serial months to be listed are Aplil and May, as of May 1, May and July, as of June 1, July and August. Last trading day Two business days prior to the third Wednesday of the contract month Final settlement date The first business day following the last trading day Final settlement Cash settlement Note1: The final settlement price is calculated to the third decimal place. To calculate, round up the figure on the fourth decimal place if it is five or over and round-off if it is less than five. For example, if TIBOR is 0.12786%, the final settlement price is 99.872(100 minus 0.128). Over-Night Call Rate futures CONTRACT SPECIFICATIONS Listing date 12.3.2007 Underlying asset Average Uncollateralized Overnight Call Rate (Final results) released by the Bank Of Japan (BOJ) over the interval between the BOJ Monetary Policy Meetings (MPMs) which TFX designates(*) Trading unit  ¿Ãƒâ€šÃ‚ ¥300,000,000 (Notional principal amount) Price quotation 100 minus rate of interest Tick size Value 0.005  ¿Ãƒâ€šÃ‚ ¥ 1,250( ¿Ãƒâ€šÃ‚ ¥300,000,000 ÃÆ'Æ’- 0.005% ÃÆ'Æ’- 30/360= ¿Ãƒâ€šÃ‚ ¥1,250) Contract Month First 6 calendar months Last trading day The last day of the BOJ MPM which TFX designates Final settlement day The second business day following the last trading day Final Settlement Cash Settlement Final settlement price 100 minus the average Uncollateralized Over-Night Call Rate (final results) in the contract month released by BoJ over the interval between the BOJ MPMs which TFX designates, rounded to the nearest 3rd decimal place Spot-Next Repo Rate futures CONTRACT SPECIFICATIONS Listing date 12.3.2007 Underlying asset Average GC Spot-Next Repo Rate (Tokyo Repo Rate) released by the Bank Of Japan (BOJ) over the interval between the BOJ Monetary Policy Meetings (MPMs) which TFX designates(*) Trading unit  ¿Ãƒâ€šÃ‚ ¥300,000,000 (Notional principal amount) Price quotation 100 minus rate of interest Tick size Value 0.005  ¿Ãƒâ€šÃ‚ ¥ 1,250( ¿Ãƒâ€šÃ‚ ¥300,000,000 ÃÆ'Æ’- 0.005% ÃÆ'Æ’- 30/360= ¿Ãƒâ€šÃ‚ ¥1,250) Contract Month First 6 calendar months Last trading day Two business days prior to the last day of the BOJ MPM which TFX designates Final settlement day The first business day following the last trading day Final Settlement Cash Settlement Final settlement price 100 minus the average GC Spot-Next Repo Rate in the contract month released by BOJ over the interval between the BOJ MPMs which TFX designates, rounded to the nearest 3rd decimal place Options: Options on Three-month Euroyen futures CONTRACT SPECIFICATIONS Underlying asset Three-month Euroyen futures Trading unit One unit of Three-month Euroyen futures (Euroyen futures)  ¥100,000,000 (Notional principal amount) Price quotation Quoted in Euroyen futures points (0.005) Strike price interval 0.125 Tick size Value 0.005 ( ¥1,250) Contract Month 5 contract quarterly monthsÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬(March, June, September, December) Exercise style American Type Last trading day Two business days prior to the third Wednesday of the contract month Final settlement day The first business day following the last trading day TOKYO GRAIN EXCHANGE INC(4) : Listed commodities: Corn Futures Non-GMO Soybeans Futures Azuki (Red Beans) Futures Arabica Coffee Futures Raw Sugar Futures TOKYO STOCK EXCHANGE INC(5) : Futures: CONTRACT SPECIFICATIONS Product Parameter TOPIX Futures Mini TOPIX Futures TOPIX Core30 Futures TSE REIT Index Futures Target Index TOPIX TOPIX TOPIX Core30 TSE REIT Index Date of Listing 03-09-1988 16-06-2008 Contract Months March, June, September, December cycle (five contract months traded at all times) March, June, September, December cycle (three contract months traded at all times) First Trading Day The business day following the last trading day of the option contract month. Last trading Day The business day prior to the second Friday (or the preceding Thursday if the second Friday is a holiday) Trading Units 10,000 yen ÃÆ'Æ’- TOPIX 1,000 yen ÃÆ'Æ’- TOPIX 1,000 yen ÃÆ'Æ’- TOPIX Core30 1,000 yen ÃÆ'Æ’- TSE REIT Index Minimum Fluctuation 0.5 points 0.25 points 0.5 points 0.5 points Quote Parameters (*T1) Daily Price Limit (*T2) Circuit Brake In case when any of the futures contract month increases (or decreases) over a certain range,ÃÆ' £Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬all of the contract month trading will be halted for 15 minutes. (*T2) When the brake on TOPIX Futures is executed, also did. (*T2) (*T2) Payments and Receipts Settlement of open position by offset transaction On the next business day following the day of offset transaction Settlement of open position by final cash delivery On the 2nd business day following the last day of trading Final Settlement Cash settlement based on Special Quotation (S.Q.) on the 2nd business day following last trading day S.Q.Calculation Calculated based on the opening price for each TOPIX index component stock on the business day following the last trading day ToSTNeT Trading (Off-Auction Trading) Available Inter-month spread trading Available Give Up Available Regulations of the market Reduce the daily price limit Change the price range for temporary trading halt Advance the date and time by which a margin must be deposited Increase clearing and/or brokerage margin Reduce assessment rates of securities used for margin deposits in lieu of cash Restrict or suspend trading (including trading by Trading Participants for their own account); and/or Limit the amount of open long and/or short positions. (*T1) Quote Parameters Special Quote Price Quote Parameters under 750  ± 4 points 750 or more under 1,250  ±6 points 1,250 or more under 1,750  ±8 points 1,750 or more under 2,250  ±10 points 2,250 or more under 2,750  ±12 points 2,750 or more under 3,250  ±14 points 3,250 or more under 3,750  ±16 points 3,750 or more  ±18 points (*T2) Daily price limit and Circuit brake Previous days closing price Daily price limit Circuit brake Level 1 Circuit brake Level 2 under 750  ± 100 points 50 points. 75 points 750 or more under 1,000  ± 150 points 75 points 110 points 1,000 or more under 1,250  ± 200 points 100 points 150 points 1,250 or more under 1,750  ± 300 points 150 points 225 points 1,750 or more under 2,250  ± 400 points 200 points 300 points 2,250 or more under 2,750  ± 500 points 250 points 375 points 2,750 or more under 3,250  ± 600 points 300 points 450 points 3,250 or more under 3,750  ± 700 points 350 points 525 points 3,750 or more  ± 800 points 400 points 600 points REGULATORY BODIES GOVERNING FINANCIAL MARKETS OF JAPAN Financial institutions in Japan are regulated mainly for the purpose of protecting banks investors and depositors. Regulators monitor financial institutions through regulatory reports and periodic direct inspections. Japans financial sector is supervised by three main bodies: 1. Financial Services Agency (FSA) 2. Securities and Exchange Surveillance Commission (SESC) 3. Bank of Japan (BOJ) Certain reports are also required by other organisations for public disclosure. Tokyo Stock Exchange (TSE) Osaka Securities Exchange (OSE) Financial Services Agency (FSA) (6) The Financial Services Agency (FSA) is part of the Japanese government. It is controlled by the Minister of Finance and the FSA is the main regulator for banks in Japan. The role of the FSA is to maintain a stable financial system and to build a strong financial system in Japan. The FSA maintains a smooth flow of investment funds to support the economic development of the market and it protects investors deposits, securities and insurances. Its main responsibilities are: inspection and supervision of financial institutions private financial system planning monitoring and supervision of securities trading. The FSA is also responsible for ensuring the solvency of individual financial institutions. The FSA has legal authority over all financial institutions, including foreign banks operating in Japan. The FSAs inspection is designed to ensure sound and appropriate management of the bank (from Article 24 to 27 of the Banking Law, Article 25). If banks do not comply with documentation submission deadlines it may result in legal penalties. Banking Law prohibits false notification (No. 13 of Article 3, Chapter 1) resultin gin Suspension of operations (Article 26) Revocation of license (Article 27) in worst case scenarios. Securities and Exchange Surveillance Commission (SESC) (7) Securities and Exchange Surveillance Commission (SESC) was established to monitor fair trading for the Securities and Exchange Commission (Japanese Version SEC) under the FSA, as part of the FSA body. The SESC is the main regulator for securities in Japan. It conducts daily market surveillance and inspections of financial instruments and firms. Additionally the SESC investigates administrative monetary errors and inspects disclosure documents to avoid securities fraud. In cases where misconduct impairs the fairness of trading are found, legal penalties would be given. Functions of the SESC: Market surveillance Inspections of financial instruments business operators Administrative monetary penalties investigation Disclosure documents inspection Enforcement investigation and filing criminal charges Cooperation with overseas regulators Policy proposals Efforts to reach out to market participants and investors Bank of Japan (BOJ) (8) The Bank of Japan (BOJ) is the central bank of Japan, and is responsible for setting the bank rate. The BOJs contribution is stated under Bank Law Article 37 to 39 (temporary lending to financial institutions, controlling financial industry credit, managing the smooth settlement system of funds) for the sound development of the national economy in Japan. Unlike the FSA, the BOJ has no legal position of enforcement to financial institutions. The BOJs appraisal of financial institutions is the financial agreement (Appraisal contract) between the BOJ and the bank. Therefore there are no legal penalties from the BOJ. However, the BOJ can publicise factual based content from the appraisal to put pressure on the financial institutions. Thus to avoid the risk of ill reputation banks are likely to comply. Other regulators Other regulators to which financial institutions submit reports are: The Financial Futures Association of Japan (FFAJ) Japan Securities Dealers Association (JSDA) Japanese Bankers Association (JBA) Submission of reports to these organisations is mostly for statistical purposes than regulatory requirements. Data from regulatory reports is consolidated by type, such as banks, local banks, securities etc and disclosed publicly. The Regulations Major Japanese laws, regulations and rules for banking businesses are: Banking Law Financial Instruments and Exchange Law (FIEL) Foreign Exchange and Foreign Trade Act The Japan Finance Corporation Law Foreign Exchange Order INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION (ISDA) At the Global level, there is another trade organization of the participants for the over-the-counter derivatives. This is ISDA (International Swaps and Derivatives Association). With its Head Quarters in New York, ISDA has created standardized contracts to enter into derivatives market. ISDA, which represents participants in the privately negotiated derivatives industry, is among the worlds largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 830 member institutions from 57 countries on six continents. These members include most of the worlds major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Since its inception, ISDA has pioneered efforts to identify and reduce the sources of risk in the derivatives and risk management business. Among its most notable accomplishments are: developing the ISDA Master Agreement; publishing a wide range of related documentation materials and instruments covering a variety of transaction types; producing legal opinions on the enforceability of netting and collateral arrangements (available only to ISDA members); securing recognition of the risk-reducing effects of netting in determining capital requirements; promoting sound risk management practices, and advancing the understanding and treatment of derivatives and risk management from public policy and regulatory capital perspectives. Recent Developments of the Overnight-Index-Swap market and Future As short-term interest rates have become higher and more volatile since the end of the quantitative easing policy in March 2006, an interest rate swap, referred to as an OIS (Overnight Index Swap), which exchanges the uncollateralized overnight call rate over a specified period and a certain fixed interest rate, has begun to be traded actively. The use of the OIS enables financial institutions to conduct more finely tuned risk management than other conventional hedging tools. The OIS also provides an effective way to monitor market perceptions about the Bank of Japans monetary policy. For the time being, participants in the Japanese OIS market are almost entirely limited to overseas financial institutions. With growth in needs to hedge interest rate risks and to conduct arbitrage transactions, an increasing number of financial institutions are likely to enter the market, thus making the market more liquid. Transaction volume has remained low since the establishment of the market in mid-1997. In Japan, the OIS market was launched in mid-1997, but it was not until quite recently that it started to grow. The main reasons for this delayed growth are as follows: 1) Overnight interest rates remained at effectively zero percent during the period from the introduction of the zero interest rate policy (February 1999) through the end of the QEP (March 2006), except for certain periods. 2) Under these circumstances, short-term interest rates also remained at extremely low levels. These market conditions discouraged financial institutions from entering the market. It is because they did not need to hedge against short-term interest rate risks, nor did they find profitable arbitrage opportunities. Transaction volume began to grow as market participants began to anticipate the end of the QEP. The OIS transaction volume began to grow as market participants began to anticipate the end of the QEP. Active OIS transactions reflect market participants expectations of the timing and pace of the future rises in the policy target rate following the end of the QEP. Factoring in these expectations, the level and volatility of the OIS interest rates rose gradually (Graph1). Graph 6.1 Recent Developments of the Credit Default Swap market and Future Sovereign Credit Default Swaps (CDS) transactions have expanded rapidly, as seen in the increase of more than 30 percent in the amount outstanding of CDSs over the past year (Graph7.1). This expansion can be attributed to the following factors. First- Transactions with more attention to public-sector risks than private-sector ones increased toward the spring of 2009 post implementation of large-scale fiscal stimulus measures to stabilize the financial sector and economic stimulus packages after the failure of Lehman Brothers. And second Activity in the sovereign CDS market increased again, as concerns over sovereign risk in some European countries intensified from the autumn of 2009. Meanwhile, a rapid recovery in stock prices and a marked narrowing in corporate bond spreads have been observed in financial markets around the world, and firms demand for hedging credit risk has not appeared to increase significantly. Therefore, the amount outstanding of CDSs to hedge the firms credit risk has changed little. Graph 7.1 In other words, the rapid expansion in the sovereign CDS market over the past year generally has not spread to the credit-related transactions of the corporate sector. It should be noted that even after the rapid expansion, the amount outstanding of sovereign CDSs still amounts to less than 20 percent of that of corporate CDSs. The growth rate of the amount outstanding of sovereign CDSs by country has risen markedly in Japan, the United States, and the United Kingdom (Graph 7.2). Graph 7.2 Market participants can benefit from utilizing the OIS in the following ways. First, market participants who rely on overnight funding can more directly manage the risk of a rise in overnight rates by utilizing the OIS than the alternative derivatives for 3-6 month floating rates. In this respect, the OTC scheme may be more desirable since it would match the start date and trading terms to their hedging targets. The OIS is also attractive as a tool for arbitrage transactions that do not expand balance sheets. As mentioned above, arbitrage transactions between the OIS and short-term bonds, such as FBs, have already been conducted actively. In addition, some market participants may prefer the OIS to short-term cash bonds for constructing short-term positions since they do not need to expand their balance sheets, and hence can avoid risks from fluctuations of repo-funding costs. In these ways, growth of the OIS market is likely to provide hedging tools against overnight interest rate risks and expand arbitrage opportunities. Thus, it is likely to make the money markets more liquid, and thus to contribute to forming a smoother yield curve over the short-term maturity zone. Market expectations about future overnight rates implied in interest rate derivatives As mentioned above, the OIS and other similar derivatives, whose underlying assets are overnight rates, provide an effective way to extract market perceptions about monetary policy stance since these derivatives involve direct trading in market expectations about future overnight rates. In the euro area and the United States, central banks and market analysts often estimate the probabilities of monetary policy changes implied in these instruments and make use of them as one of their monitoring tools. In practice, the probabilities of a change in the policy target rate up to a few months ahead are usually estimated under the assumptions that risk premiums due to future uncertainties are negligible and that the forward rate in each month depends solely on expectations about possible changes in the policy target rate during the same month. As the Japanese money markets will become more active and short-term interest rates will become more volatile, demands for hedging and arbitrage transactions are expected to grow further. Japanese banks have large amounts of short-term yen positions, including overnight positions, demand or short-term time deposits, and short-term loans. Their profits may become unstable if short-term interest rates become volatile due to possible mismatch of terms among these positions. In such instances, the OIS could be useful as an ALM17 tool. Also, market participants whose yen funding availabilities are limited by credit lines18 can make shortterm positions using the OIS without incurring risks from funding costs, as well as without expanding balance sheets. Furthermore, given the trend toward increased issuance of government bonds including FBs, the repo market, and overnight repo market in particular, has been expanding as a funding market for those bonds. These developments suggest that dema nds for the OIS transactions will increase in the near future. Some issues toward further development Some Japanese financial institutions are now considering starting the OIS transactions. The issues to be examined upon starting OIS transactions include: 1) They need to clarify their actual ALM needs for finely-tuned risk management based on overnight interest rates, 2) They need to weigh the potential merits and the costs of the OIS transactions including operational costs and system installation costs, and 3) They need to examine concrete methods for evaluating their positions on a mark-to-market basis. Regarding the third issue, a number of market participants in the euro area are using the EONIA Swap Index19 for mark-to-market evaluation of their positions, which has been released as the benchmark interest rate on a daily basis for the EONIA swap since June 2005. The high reliability of the EONIA Swap Index is regarded to have contributed to higher liquidity in the EONIA swap market. The introduction of such an index for the Japanese OIS market or the provision of continuous and reliable indications by market brokers may encourage Japanese financial institutions to enter the OIS market.