...Why a Harvard Professor Has Mixed Feelings When Students Take Jobs in Finance This is a bittersweet time on campus. Seniors are beginning to find jobs, and while their enthusiasm is infectious, some of their choices give me pause. Many of the best students are not going to research cancer, teach and inspire the next generation, or embark on careers in public service. Instead, large numbers are becoming traders, brokers and bankers. At Harvard in 2014, nearly one in five students who took a job went to finance. For economics majors, the number was closer to one in two. I can’t help wondering: Is this the best use of talent? Of course, these are intensely personal choices as young people chase their aspirations and dreams. But if a favorite student of mine comes up to me and says, “I just got an offer at this investment bank and I’m going to take it,” I want to know how should I feel about it. I will be happy for her individually, but still I wonder: Is this a good decision for society as a whole? As an economist, I look at it this way: Every profession produces both private returns — the fruits of labor that a person enjoys — and social returns — those that society enjoys. If I set up a shop on Etsy selling photographs, my private returns may be defined as the revenue I generate. The social returns are the pleasure that my photographs provide to my customers. A scene from “It’s a Wonderful Life” that presents two types of bankers. Mr. Potter, seated, played by Lionel...
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...Holden and Charlie In both the novels Salinger’s Catcher in the Rye and Chbosky’s the perks of being a wallflower, the main characters Holden Caulfield and Charlie are troubled teens. Although they were teenagers in different time periods they shared many similar teenage difficulties. Both novels portray a male protagonist growing up while struggling to find his identity, while loathing their lives. Thus both novels are of the coming of age genre. Both boys are socially awkward and are not able to integrate into society. In this case, Charlie is insulted by senior students of his high school, “God, that kid is such a fucking freak,” (Chbosky 145). Throughout the novel Holden and Charlie strive to become a part of society. While Charlie tries to integrate with society, it seems that Holden rejects it and wants to create a new society that suits him more. With the downs of life they find a way to cope with the failure of being accepted which leads to a self-destructive behavior. Such behavior tends to lead to the use of drugs, alcohol and violence. However similar they may seem, they also share many differences which are responsible for the differing results of their outstanding social statuses. While Holden avoids his problems, Charlie chooses to confront them and this is partially why Charlie becomes socially accepted. Despite their resembling problems, they also differ greatly in lifestyles. While Holden comes from a rich family and goes to a prestigious private school, Charlie...
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...ABSTRACT This paper is intended to provide critical responses to the weaknesses of globalization and corruption in the world that we are currently living based on the mixed economic worldview which is my personal economic worldview which threatens to undermine the stability of economic and political development on both a national and global scale, and which requires both immediate and wide-ranging policy interventions. The recent concern with corruption is attributable, not to any substantive increase in corrupt practices, but rather, to the re-framing of corruption in light of broader shifts and transformations within the global economy. The historical context of globalization covers centuries. This paper reviews the types, forms as well as the consequences of corruption. The paper also reviews the issues associated with globalization and the effect it has on the lives of various individuals. It questions the view that, under certain conditions, corruption may enhance efficiency and argues that though corruption may benefit powerful individuals it will indubitably lead to greater inefficiency and a waste of resources at a macro-economic level. Table of Contents ABSTRACT i INTRODUCTION iii BACKGROUND iv Forms of Corruption vi 1.1 Bribery vi 1.2 Theft and fraud vi 1.3 Embezzlement vi 1.4 Nepotism vi 1.5 Conflict of Interest vi 1.6 Favouritism vii Types of Corruption vii 2.1. Grand corruption vii 2.2 Political corruption vii 2.3 Corporate corruption...
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...Case Study: Siemens Bribery Scandal 1. Corruption was deeply embedded in Siemen’s business culture. They rationalized this corruption by stating that it was not illegal to initiate bribes to government officials. This was true, however not anymore, the law changed in 1999 prohibiting such acts of corruption. 2. If a manager at Siemens would have stood up and took a stand against corruption, I think that he/she would have most likely been fired for being insubordinate. The higher executives that were promoting such bribery would have wanted these managers to go along with what they were doing. The manager could have also been demoted possibly, or just plain and simple reamed out by the higher executives. 3. Siemens spent extra money to secure future business investments. This in, in turn, means that other companies, even ones that might have an advantage, lose business opportunities. The entire concept of such corruption completely disregards competition, because it simply removes it, unless other companies also engage in bribery. 4. Some economists argue that doing such practices such as bribery is the price that must be paid to perform a greater good. They support this claim by stating that it can promote efficiency and growth in countries that have pervasive and cumbersome regulations, and may also enhance welfare in countries that have preexisting political structures that distort the workings of the market mechanism. On the other hand other economists...
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...Corruption is a social disease that entails social justice that plagues many developing countries today. Corruption is just as multifaceted concept as there are societies and economic and political systems that embraces from the broad concept of corruption to the narrow legal concept of bribery. Corruption is the abuse of public office for private gain and the abuse of public power for private benefit. A well known definition of corruption is the one of the World Bank which considers it is the abuse of public office for personal gain. “Corruption has been broadly defined as the misuse of public office for private gain and the abuse of entrusted power” (Vargas-Hernández, 2011, p. 270). This paper will identify the root causes of how corruption starts? Corruption takes place when an individual tries to gain personal gain through an unfair advantage of someone else's condition, status or position. It occurs when a product, accommodation or activity's reality is altered in a manner in which another person is endangered or cheated. Corruption is a symptom of other fundamental causes (Xin & Thomas, 2004, p. 297).Widespread corruption is a symptom of inefficient administration. Corruption starts, firstly, when a country or state allocate scarce benefits to individuals and firms predicated on strict licit criteria, rather than on need. In such cases, bribes clear the licit hurdle. Secondly, Low pay and inadequate monitoring of their performance. In such cases, bribes...
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...Constant, seeking gold and other treasures. Meanwhile, in Virginia, a beautiful young Native American woman named Pocahontas, the daughter of Chief Powhatan. The type of painting is made of oil canvas. The painting shows a lot of hate and love. I believe that the subject of the painting is justice and mercy because on the top of the painting is the king of the tribe. He shows leadership, order, and power. His people around him look up to him seeking wisdom and leadership. The king wants to punish the people who invade his land and especially the ones who take other lives. The painting is mostly dark colored with a white cloud surrounding Pocahontas. The tribe seem to be very close attached to each other. Even though everyone is Indian except for John Smith, Pocahontas has a European face. I feel like the painting is 3D. There are people ion the painting that do not stand out as much as the king, Pocahontas, John Smith, and the guy that wants to kill john Smith. Those four are standing out of the painting. Most of the lines are angled. Everyone is moving a certain way. There is a little of horizontal lines, but more angles are found in the painting. All of these elements were put together very well because it is showing that some of the natives are ready to fight by the posture of their body and their facial expressions. The back ground expresses the low class that the tribe is. It is very dirty with mostly everything broken and having torn clothes on. What is justice is the main...
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...on Defining Legislating Morality and Justice In any discussion, it is important that all parties understand the terms being used. Unfortunately, as noted earlier, Christians have had a shotgun approach to what they consider to be appropriate roles for government intervention. In the attempt to form a coherent and consistent philosophy, we will have to be more precise. As such, this is an important minichapter. I encourage you to read this section carefully and to think through alternative ways to define the key terms. This will enable you to better understand my arguments and to test them properly. In defining “morality” and “justice” in the context of government activism, I am using the terms as they are commonly (although not exclusively) used in the political arena. I will refer to “legislating morality” (LM) as efforts to regulate and restrict consensual but sinful acts between two adults in which no significant, direct costs are imposed on others. Although both parties enter the agreement willingly and expect to benefit, Christians believe that, as sin, the activity is, on net, harmful. But the key point is that the behavior is voluntary for both parties and both parties expect to benefit-- what economists call “mutually beneficial trade.” Examples of this include sex outside of marriage and drug use. (A second category of LM is using government to force or legitimize “good behaviors” such as prayer in schools.) In contrast, “justice” issues will be those in which someone's...
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...Agamemnon Justice And Vengeance. Justice delivers the just recompense or payment for wrongdoing or transgression of a law. Justice evokes the feeling of equality and fairness. Wrongs done – wrongs rewarded. In so doing we live life as law abiders and not law breakers and have a reasonable expectation of abiding in civility, and not rebellious mayhem. Vengeance, on the other hand, is the emotional response to a perceived wrong without regard for how it stands up against the rule of law. It can be acting in revenge. As Christians we are to respect the rule of law –God’s. We are to take our rightful place, no matter how difficult, behind the promise that God will exact the justice according to His knowledge and in his own time. Agamemnon Symbol For Justice The symbolism of nets is appropriate because it is a standard that presents itself as impartial. It offers no explanation of its reason for its existence. It works at the will of the one who secures it in its place. It is there to enforce the will of the one who has placed it where it is. Reference the quote by Clytemnestra “our never ending, all embracing net, I cast it.” It is HER will and her desire – the murderous net is cast by her. He may have been killed by her, but she is the one who is caught. Agamemnon Suffer For Truth Has Meaning I feel that Aeschylus is seeking wisdom or some sense of redemption in the suffering. If we are going to suffer, and let’s face it as humans we are going...
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...It is often questioned as to whether the Australian justice system is fair, affordable and accessible. However, for many citizens, the legal system is failing on all fronts. Key issues faced by the justice system include equity under the rule of law, barriers to equal justice, eligibility for the poor or disadvantaged and financial burden placed on those seeking a just outcome through the Australian justice system. Each of these issues hinder individuals seeking justice. By understanding these issues and addressing them from a proper standpoint, improvements can be made and solutions can be found. It is a core principle of the rule of law that justice must be equally accessible by all Australians (Ellis 2013). The term ‘access to justice’...
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...philosophies salient differences. While Plato believes only philosophers are capable of true, inherent virtue, Aristotle believes all men can be virtuous with practice and dedication. GREAT. WAY TO GET TO THE POINT. BE SURE TO MENTION WHETHER OR NOT YOU'RE ARGUING THAT VIRTUE IS INTRINSICALLY GOOD. HAVE IT SMACK ME IN THE FACE IT'S SO OBVIOIUS. (LIKE THAT TYPO). Plato’s Republic contains one of the greatest recorded discussions on the nature of justice. His definition of justice can be interpreted today as virtue, or the proper working of the soul. Plato argues in this work that virtue is inherently good only when it is manifest in the perfectly ordered soul of the philosopher. This philosopher is born just and inherently good, thereby making him the only individual capable of loving and seeking after virtue completely. …..... I'M GUESSING THIS ATTACHES TO THE NEXT PARAGRAPH? AND I'M NOT SURE HOW I FEEL ABOUT “BORN JUST”. REMEMBER, IT ISN'T “INBORN” BUT IT IS NATURAL. YOU AREN'T BORN THAT WAY. YOU TEND TOWARDS IT, THOUGH. Only through virtue, or justice as he calls it, can a man receive happiness, and this hints at the inherent goodness of virtue. A man’s soul will only be truly content when he is doing what he is good at and meant to do. This theory of specialization is discussed in depth in Book Two and throughout Plato’s Republic. …..... I'M GUESSING THIS ATTACHES TO THE NEXT PARAGRAPH? AND I'M NOT SURE HOW I FEEL ABOUT “BORN JUST”. REMEMBER, IT ISN'T “INBORN” BUT IT IS NATURAL. YOU...
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...Prof. Dunch 24 October 2013 The Magnificent Philosopher King Education is a vital component of contemporary society in the pursuit of peace, harmony and ultimately justice. One must be wise enough to understand the principles of justice. In the Republic, Plato portrays the importance of education for being just through his justification for what the Philosopher King knows. The definition of justice is based on the people’s education, experience, and going through the process of shaping a just soul. In order to reach justice, one must experience and learn from the best moments of life to really appreciate it as well as have the wisdom to recognize it. The Philosopher Kings exemplify all of these traits and have an understanding of the world as it is, giving them the strongest foundation for understanding justice. Plato argues for the importance of education for justice in the Republic, emphasizing education in the forms for reaching justice; justice is the harmony between the three parts of the soul. As a result of having a harmonious balance between the three parts of the soul, one is able to achieve Plato’s view of justice. The main focus of education, from an individual’s perspective, is to gain knowledge. Reason is the most important aspect needed for a person who is seeking to understand justice and know how to achieve it. Plato points out that every soul contains three parts: appetite, spirit, and reason. In addition, Plato states that there are three classifications...
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...Justice and the four concerns Ever since humans have evolved to have created a political system the one in power has an obligation to his people to fulfill their needs. Frankenstein was a creature that was done wrong by his own creator and thus, wreaks havoc upon innocent people because Victor did not want to fulfill his obligation to the Monster. The monster knows what justice is all on his own through solitude and judgement from human society. Comparing himself to Adam, from Adam and Eve and the Devil for not being fulfilled of his request to Victor. Human society on the other hand, has a blurred idea on what justice is. Especially today even, most humans judge on what they see rather than what is inside someone. Which is why we hear the phrase “Don’t judge a book by its cover.” Right away when Victor is done with his experiment he is disgusted with the creature and doesn’t know what he has just brought to this world. It was November when Victor had finally finished his two yearlong experiment spending every minute he had on it. Alas it was all in vain when he completed it. “But now that I had finished, the beauty of the dream vanished, and breathless horror and disgust filled my heart. Unable to endure the aspect of the being I had created, I rushed out of the room and continued a long time traversing my bed-chamber.” (Shelley 83) This is why the Monster starts his rampage, he is never given any love or compassion and was rejected by his own creator, mother/father, a God...
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...life yet Maria’s request for more money to be able to visit her dying mother and then return back to the U.S. touches on a range of issues that ask me to internally define fairness, justice, and legality. After consideration I narrowed my decision down to two scenarios and I will discuss them as if they are interdependent. Because of my compassion for the Hispanic community -illegal or not- I ruled out reporting Maria to the INS from my discussion. The question for me lies on whether I should fund her ability to be able to return to the U.S. from Mexico. My assumption is that she needs a lump sum so that she can pay smugglers to get her back across the border. My “code of ethics” does not decry illegal activity but only requires a compelling reason to do so. In this case, illegally crossing the border is obviously a compelling reason for Maria, but it is not for me. The ethical thing for me to do is to support her as my cleaner but to refuse to financially support her second count of illegal immigration. Maria’s situation is sad because it means to be. Her story is an appeal to emotion. When you hear it, you feel compelled to help but the reality is that Maria is one in the thousands who face the exact same situation. Additionally, I consider the masses that are not breaking the law but are seeking legal means of moving to the U.S. Maria’s solution to successfully migrate to the United States started with violating her visa, led to her husband illegally crossing the border,...
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...utilitarianism. First, utilitarian calculation “requires that we assign values to the benefits and harms resulting from our actions and compare them with the benefits and harms that might result from other actions” (Calculating Consequences par. 8). The problem lies in the fact that it may be extremely difficult or seemingly impossible to assign these benefits and harms on the outcome of our actions. The authors for example state, “How do we go about assigning a value to life or to art” (Calculating Consequences par. 8). For something that is so important to all people such as life how can there possibly be a value attached to it. The second main problem that the authors state is that utilitarianism does not take any consideration of justice into account when making decisions. The authors note that although some action may produce the best outcome for society it may be an unjust action. “During the apartheid regime in South Africa in the last century, South African whites, for example, sometimes...
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...of nature was very different from that used by traditional natural law theorists. They saw natural law as the basic moral precepts that every civilized nation acknowledged. Many equated Natural Law with the Ten Commandments. Self preservation will decrease the interest to search for peace. Natural law command is suppose to be designed to search for peace and personal security. | | | Glaucon believes that justice is good solely as means but not in itself. Glaucon wants Socrates to prove to him how it can be good both as means and in itself. Glaucon says that no one is willingly just, but rather compelled to act justly caused by nature, while they try to better themselves, ultimately saying that the life of the unjust is also better. Glaucon’s argument contains three parts; justice being good in itself, purely as means, the third dealing with its goodness for both reasons. Glaucon says that justice is a mean between doing what is best; which is doing injustice without paying the penalty and suffering injustice without being able to avenge oneself. Therefore, justice is not cared for because it is good, however, it is honored due to a want of vigor in doing injustice. He makes a second point on why people are unwillingly just, saying that the only reason the just are just is because they follow the rules and are afraid of being caught. However, if such a person were invisible and free to do whatever he or she wished, then they too would...
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