...Money Is: Power? Happiness? Money is the solution to all your problems. If only you had a million dollars - life would be bearable, interesting, enjoyable, maybe exhilarating. With every waking breadth you concede money, money, money is the answer to your prayers. Well is it? As the concept of money evolved over the millennia - substituting agreements of value for things - money became a substitute for power. The words: "money", "power", "property" have evolved as a series of surrogates: with power the primordial desire, and survival in a material world the paramount quest. Things, objects - property, possessions - became proxy for power. Over time money became a proxy for things. The desire for power springs from a natural instinct to stabilize an unstable existence. Money has come to represent what we covet most - power. Money is power! After the need to survive the most pervasive force in the human psyche is the drive to gain power. We want to be in control, we want to be in charge - we want to be powerful. So by securing prosperity for yourself and your kin, you aren't looking for money. You really aren't looking for tangible things; you are seeking power. But to what end? We are simple, relatively small and powerless creatures making our way in a material existence. We judge our surroundings and our success by what we can see, hear, touch, taste, and smell - this is after all a physical world. And in this physical world we see limited resources...
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...HOMEWORK 1 CHAPTER 2, QUESTION I : HOW DOES THE EXISTENCE OF MONEY REDUCE THE COST OF MAKING TRANSACTION, RELATIVE TO A SOCIETY BASED ENTIRELY ON BARTER? ENGLISH IS BECOMING THE USUAL LANGUAGE FOR INTERNATIONAL TRANSACTION, EVEN IF THE LANGUAGE OF NEITHER COUNTRY IS ENGLISH. HOW DOES THIS REDUCE THE COST OF TRANSACTION? ANSWER: Money is often seen by economist as means of exchange and also a means of eliminating the inefficiency of barter by reducing transaction costs. According to MATSUI and SHIMIZU [2005].By reducing transaction costs (compared to barter), money is alleged to be central in the emergence of market exchange and the full flowering of markets- both for trade among communities, and for exchange within communities, simultaneously making it an aspect of relations between persons, and an object detached from persons. On the other hand, barter is defined as the exchange of goods or services without money changing hands. This means of transaction was widely used throughout the world for centuries since introduced in the pre-historic times. The later form of transaction as was noted incurred a lot of higher transaction costs than monetary transaction. From the above introduction, it is evident that the existence of money is a factor that does reduce the cost of transaction in the sense that, the two parties involved are familiar with each other and did not need to look for each other or advertise to make themselves known to each other...
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...In the movie Its a Wonderful Life the worldview that is represented in the movie is theism or Judeo-Christian. Theism means “the belief in the existence of a god or gods as creator of the universe, intervening in it and sustaining a personal relation of his creatures. In the field of comparative religion, it is the belief that at least one deity exists; the term derives from the Greek word theos meaning ‘god’” (Webster, 2003). Judeo-Christian means “encompass the common ethical standards of Christianity and Judaism(Webster, 2003). In the movie “It’s a Wonderful Life,” they mention or make references of God and a guardian angel that helps George Bailey understand what his life would be like if he was not born and to influence him not kill himself by jumping off a bridge.George faces the struggles life throws at him when he comes to terms with his life not turning out to be like he hoped. Realizing life has its ups and downs, George discovers life is what you make of it and...
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...dependants after your dying. Since you will find certain financial obligations you have to meet throughout existence and do lead in some manner towards the family earnings, you have to provide something even just in death to secure the house, assist the family meet expenses for some time, safeguard dependant parents, or secure the kids or spouse. Obligations could include funeral expenses, unsettled hospital bills, mortgages, business obligations,...
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...Bitcoin transactions daily to purchase goods such as video games, books, computer servers, and more (Bitcoin is an innovative payment network and a new kind of money, 2013). The introduction of a decentralized digital currency has many potential positive and negative consequences to the global economy and the societies that participate in global economy. One positive consequence of using Bitcoin is that it allows access to participate in the global economy without the need for a bank account and its associated banking infrastructure. Anyone with internet access via a computer or mobile device is able to set up a Bitcoin account and begin exchanging the virtual currency. This directly benefits third world countries where exchange of currencies and banking is not easily accessible. Another positive resulting from the introduction of Bitcoin is the potential savings that can result from using the currency when transacting between two parties that do not share a common local currency. The biggest potential for Bitcoin worldwide is probably international remittances: money sent home by workers living abroad. Often such a transaction involves going through banks, wire services, and currency exchanges which each take a share of the money for processing fees. It has been estimated that the cost of remittances is 9 percent of the money transferred (Carmody, 2013). With Bitcoin many of these fees are avoided and therefore increase...
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...85). Existence value recognizes the amount of money people are willing to pay to protect an ecosystem or species (Textbook pg. 85). In the case of the dragonfly population, the existence value would be the amount that people are willing to pay for the pond and the surrounding land to maintain the species’ population. A component of existence value, the bequest value refers to the amount of money that people are willing to pay for the preservation of an ecosystem for future generations (Textbook pg. 112). Existence value tends to increase when the species of interest elicits strong responses in people, which is typical of “charismatic megafauna” (Textbook pg. 112). For example, if the residents of the area had admired the dragonflies on the pond, they may be willing to pay more money to preserve the ecosystem. The benefit of assigning monetary value to a species or ecosystem concerning conservation issues is that it helps draw attention to the services provided by the ecosystems, which are often undervalued by modern society (Textbook pg. 76,114). Framing value in economic terms can provide a compelling argument and strengthen support...
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...the Book “Grip of Death” If you ever wondered where money comes from, how it's created, and why it's created in the way it is, then The Grip of Death is for you. This book explains how the banking system is actually a form of institutionalised fraud, based on the original activities of goldsmiths who would lend more "money" than they actually had on deposit. The only reason we accept the system without a second thought seems to be that it has the weight of tradition behind it. But the weight of tradition is not enough to justify its validity, as the author shows. The basic thesis of the book goes like this. Money, in the sense of credit, is not and has not for a long time been created by the governments of the world. Instead, it is created by the banks every time someone borrows from them, and along with it is created an equal amount of debt. This is how it works. You borrow a sum of money from the bank. They don't take it out of their assets--they can't; their assets belong to other people. Instead, they magic into existence a credit balance in your account. You spend the money, which goes round and comes back into the banking system: at the same time you are working to get money to pay off the debt you owe. The money the bank created, and the money you have made by working, come back to the bank, get added to the bank's assets, and get used as the basis for more and larger borrowing. Right now there is more money around than there has ever been--but it's almost all debt-based...
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...The central bank in a developing country aims at the promotion and maintenance of a rising level of production, employment and real income in the country. The central banks in the majority of underdeveloped countries have been given wide powers to promote the growth of such economies. They, therefore, perform the following functions towards this end. Creation and Expansion of Financial Institutions: One of the aims of a central bank in an underdeveloped country is to improve its currency and credit system. More banks and financial institutions are required to be set up to provide larger credit facilities and to divert voluntary savings into productive channels. Financial institutions are localised in big cities in underdeveloped countries and provide credit facilities to estates, plantations, big industrial and commercial houses. In order to remedy this, the central bank should extend branch banking to rural areas to make credit available to peasants, small businessmen and traders. In underdeveloped countries, the commercial banks provide only short-term loans. Credit facilities in rural areas are mostly non-existent. The only source is the village moneylender who charges exorbitant interest rates. The hold of the village moneylender in rural areas can be slackened if new institutional arrangements are made by the central bank in providing short-term, medium term and long-term credit at lower interest rates to the cultivators. A network of co-operative credit societies with apex...
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...Simmel, G, (1964) "The metropolis and mental life" from Wolff, Kurt H, The sociology of Georg Simmel pp.409-424, New York, Macmillan © THE DEEPEST PROBLEMS OF modern life derive from the claim of the individual to preserve the autonomy and individuality of his existence in the face of overwhelming social forces, of historical heritage, of external culture, and of the technique of life. The fight with nature which primitive man has to wage for his bodily existence attains in this modern form its latest transformation. The eighteenth century called upon man to free himself of all the historical bonds in the state and in religion, in morals and in economics. Man’s nature, originally good and common to all, should develop unhampered. In addition to more liberty, the nineteenth century demanded the functional specialization of man and his work; this specialization makes one individual incomparable to another, and each of them indispensable to the highest possible extent. However, this specialization makes each man the more directly dependent upon the supplementary activities of all others. Nietzsche sees the full development of the individual conditioned by the most ruthless struggle of individuals; socialism believes in the suppression of all competition for the same reason. Be that as it may, in all these positions the same basic motive is at work: the person resists to being leveled down and worn out by a social-technological mechanism. An inquiry into the inner meaning of specifically...
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... University Table of Contents Introduction 3 Types of Monetary Policies 4 Different monetary terms that were used and are still used 4 Federal Reserve System and concerned problems 6 The problems with the system 7 Conclusions 8 References 10 Introduction The U.S. Government provides money in a country's economy with the help of a set of institutions known as monetary system. To facilitate international trade, global investment and generally the reallocation of capital between nation states the term international monetary system came into existence. Which help buyers and sellers to communicate more effectively by providing the acceptable means of payment. Now getting towards US monetary system, the United States dollar used to be backed by gold, but in 1971 the US officially withdrew its promise to convert dollars into gold. The US dollar is now considered fiat money because the value of the dollar is derived from legal tender laws that require people to accept dollars as payments of debt. There is no physical limit regarding the amount of unbacked dollars that can be created, because of which there is very little preventing inflation of the US money supply. The Continental Congress issued the first unified currency during the Americal Revolution, which was declared redeemable in gold and silver. Because of excessive printing of notes over metal reserves during world war, redemption became almost nil and the notes lost their value. Which forced U.S. Government...
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...Yes there are problems caused by Wal Mart's existence. Although Wal Mart's intentions may be pure in helping the community, they are not perfect. Some problems they caused would be within the company itself, when it comes to their employees and work conditions. For example , the WAL-MART STORES, INC. v. Sara KENNEDY case, and how the employee ultimately felt underpaid and sued the company. In addition Wal-Mart had caused economic problems through the workers, communities, and competitors as...
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...Task B Ursela Le Guin encourages us examine economic and social class identity in her short story, The Ones Who Walk Away from Omelas. The story is about a fairy tale like society whose sublime existence relies solely on a mistreated child forced to live in deplorable conditions. The citizens of Omela know that the child exists in these conditions, and they know that without the child the blissful lives they lead would cease to exist. The child’s identity represents the poor, blue collar, lower class in Western societies exploited and under paid by the wealthy, upper class and large corporations. The happiness of the rich and powerful majority is dependent upon the under paid, over worked, and exploited minority. Le Guin illustrated this when she states, “It is the existence of the child, and their knowledge of its existence, that makes possible the nobility of their architecture, the poignancy of their music, the profundity of their science” (Le Guin, 1973, p.5). The author also lets us know that the child is better off in these heinous conditions and would be unable to thrive if let go. She states, “It is too degraded and imbecile to know any real joy. It has been afraid too long ever to be free of treatment. Indeed, after so long it would probably be wretched without excrement to sit in” (Le Guin, 1973, p.5). Le Guin identifies with the co dependency of the economic and social classes. She shows us that they need each other in order to exist. Task C ...
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...only question that one asks. Since the birth of man kind, the question has been asked “where do we come from”; and since the birth of man kind the answer was simple, someone put us here, a person of higher being, a person often referred to as God. As a philosopher and thinker one can not simply believe in the existence of God, but ask the question why; why does God exist. There are many philosophers who dare to answer the “Why” including Rene Descartes, Immanuel Kant, and Thomas Aquinas. In answering this question there has developed three main arguments that focus on the proof for the existence of God; the Teleological, Cosmological, and Ontological arguments. The most difficult of the three arguments to understand is the Ontological argument, for it is purely logical proof; it attempts to argue from the idea of God to His necessary existence. Simply put the ontological argument attempts to prove the existence of God by stating God exists because he must. “While from the fact that I cannot conceive God without existence, it follows that existence is inseparable from Him, and hence that He really exists. For it is not within my power to think of God without existence.”(Descartes 135) Simply put, in the entire world there is a greatest, a number one, in every aspect of competition there is someone in which never loses. God must exist because there has to be a perfect being, that is almighty, omnipotent, and which non-greater can exist. And thus this being must “contain more...
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...all aspects of its existence. One example of private property is a factory. The Capitalist can have their factory producing a product in which people buy. The product made by a factory is sold in order to make money. Since it is sold for revenue, the product is considered capital. In order to make capital, however, the Capitalist needs labor, people who will work his factory and make it for them. The labourers have no private property and depend on the Capitalist to pay them for income. In order for the factory setup to work, however, the Capitalist must be making a product, after paying all expenses for the factory. The Capitalist makes the most profit by pushing out the most goods possible for the lowest cost, which means paying his workers the least possible amount he can. It is in this Marx says Capitalism promotes the greedy and war among the greedy, it is called “competition” (pg 59). The Capitalist pays his labor whatever he wants, often less...
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...Money market in India is the money market for short-term funds with maturity ranging from overnight to one year in India including financial instruments that are deemed to be close substitutes of money Instruments in Money market Commercial paper An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities. Maturities on commercial paper rarely range any longer than 270 days. The debt is usually issued at a discount, reflecting prevailing market interest rates. Usually done by companies having high credit worthiness and rating Call money/Notice money/term money The money market primarily facilitates lending and borrowing of funds between banks and entities like Primary Dealers (PDs). Banks and PDs borrow and lend overnight or for the short period to meet their short term mismatches in fund positions. This borrowing and lending is on unsecured basis. ‘Call Money’ is the borrowing or lending of funds for 1day. Where money is borrowed or lend for period between 2 days and 14 days it is known as ‘Notice Money’. And ‘Term Money’ refers to borrowing/lending of funds for period exceeding 14 days. Tbills Treasury bills are circulated by the primary as well as the secondary markets. The maturity periods for treasury bills are respectively 91,182, 364 days. The price with which treasury bills are issued comes separate from that of the face value, and the face value is achieved...
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