Economic data analysis Essay Example | Topics and Well Written Essays - 1250 words

Economic data analysis - Essay Example The situation is likely to be very different if we are dealing with time series data, for the observations in such data follow a natural ordering over time so that successive observations are likely to exhibit inter correlations, especially if the time interval between successive observations is short, such as a day, a week, or a month rather than. The classical model assumes that the disturbance term relating to any observation is not influenced by the disturbance term relating to any other observation. For example, if we are dealing with quarterly time series data involving the regression of output on labor and capital inputs and there is labor strike affecting output in one quarter, there is no reason to believe that this disruption will be carried over to the next quarter. That is, if output is lower this quarter, there is no reason to expect it to be lower next quarter. Similarly, if we are dealing with cross-sectional data involving regression of family consumption expenditure on family income, the effect of an increase of one family's income on its consumption expenditure is not expected to affect the consumption expenditure of another family. If such dependence exists there exists autocorrelation. Symbolically, In this situation, the disruption caused by a strike this quarte... The situation is likely to be very different if we are dealing with time series data, for the observations in such data follow a natural ordering over time so that successive observations are likely to exhibit inter correlations, especially if the time interval between successive observations is short, such as a day, a week, or a month rather than. c) What do you understand by the term 'autocorrelation' What implications will this have for the properties of ordinary least squares The term 'autocorrelation' can be defined as "correlation between members of series of observations ordered in time [as in time series data] or space [as in cross-sectional data]" In the regression context, the classical linear regression model assumes that such autocorrelati8on does not exist in the disturbances ut. Symbolically, E(ut1, ut2)=0 t1#t2 The classical model assumes that the disturbance term relating to any observation is not influenced by the disturbance term relating to any other observation. For example, if we are dealing with quarterly time series data involving the regression of output on labor and capital inputs and there is labor strike affecting output in one quarter, there is no reason to believe that this disruption will be carried over to the next quarter. That is, if output is lower this quarter, there is no reason to expect it to be lower next quarter. Similarly, if we are dealing with cross-sectional data involving regression of family consumption expenditure on family income, the effect of an increase of one family's income on its consumption expenditure is not expected to affect the consumption expenditure of another family. If such dependence exists there exists autocorrelation. Symbolically, E(ut1, ut2)#0 t1#t2 In this

The integration of global economies Essay Example for Free

The integration of global economies Essay Globalisation is a controversial issue. It has generated large protests around the world, by people who feel that it benefits only the rich. Yet there are others who claim that it offers real solutions to global poverty. There are arguments for both sides. In practice, globalisation has the potential to do both good and harm. The World Bank defines it as „the growing integration of economies and societis around the worldâ€Å". It sounds simple but processes of globalisation involve changes to many different aspects of society: from communications, to travel, to economics, to government. Globalisation represents a particular economic theory based on the belief that a liberalised, free market is desirable. Supporters of a free market economy believe that this approach promotes healthy competition. Countries can specialise in producing the goods they make most efficiently and export therese goods to other countries without restrictions. Only those who produce goods efficiently and at a competitive price will survive. Globalisation impacts virtually very aspect of life including religion, culture, diet and family life. One of the most striking impacts of globalisation is the increasing connection of economies and cultures, making the world seem smaller. A decision made in Japan can employ thousands in another country, or render them jobless. A flu virus in Asia can affect tourism and business worldwide. Economic and technological change are the major forces driving globalisation. Worldwide, trade is increasing as global markets become more closely linked through improved communication technologies like the internet. These same technologies are bringing distant communities together, and making it easier for corporations to move their operations to areas where costs are low. Cheaper air travel because of technological improvements means more people are travelling for business or pleasure, making workers more mobile. The integration of global economies provides enormous potential for all economies to expand into different parts of the world to both sell and buy new products and services. While it can be difficult to enter new global markets, globalisation is giving poor countries some chance of gaining the benefits of world trade. If poor countries could get access to just one percent more of the value of world trade, it would lift well over 100 Million people out of the poverty through the economic growth and jobs created. As multi-national corporations move production to benefit from cheaper labour costs in poorer countries, they are creating jobs for people who previously had few oppurtunities. Technological advancements mean quick and affordable worldwide travel is now available, particularly to people from wealthier nations. This is helping to boost tourism in many developing countries. The internet and other improved telecommunication facilities enable information to be sent from one corner of the planet to antoher seconds. This has brought together people from vastly different backgrounds and cultures. Ideas are shared, business is conducted internationally and those affected by a disaster can call for, and get, help faster than ever before. One concern is the effects of constant pressure from large corporations to lower prices and shorten production times for goods. Although jobs are created, poor labour standards and cost cutting processes in developing countries mean wages can be low, conditions are often dangerous and workers rights are violated. Critics of free-market economics note that industries in developed countries did not develop in these open conditions. Instead, they were protected locally (often with subsidies) and their markets were closed to outside competition until new industries became established. Yet poor countries are now expected to perform and survive in new global markets without first starting from an established base and without adequate support or concern for local interests. This makes it difficult for developing nations to benefit from the increased trade oppurtunities offered by globalisation. Rich countries primarily produce manufactured goods for the world market, which hold their value and command good prices. Developing countries generally produce commodities raw materials like cotton, coffee, cocoa, metals and minerals cheaply and efficiently, but do not have the current capacity to produce manufactured products. Unlike manufactured products. Unlike manufactured goods, commodities are extremely vulnerable to wide price swings whenever there is a shortage or oversupply. Countries which depend on only a few vital commodities for income may struggle if the global price suddenly plummets.

John Locke :: Empiricists, Empiricism

In Chapter five Locke says, that the earth can be used by the people for their survival, protection, or anyway in which they could benefit from it. This is where I got a little confused. So then if everything on the earth belongs to everyone then what is individual property? I read it over and over and I’m not sure if I have the right answer but I’ll try. Everyone owns there own body, and all the work they do they do with their body. When a person works with their body on something that thing becomes their own because they did the work. And he also says that there is some sort of limit that people can’t take more than they can use. He uses acorns or other fruits as an example and says, â€Å"But how far has he given it us? To enjoy. As much as any one can make use of to any advantage of life before it spoils, so much he may by his labour fix a property in: whatever is beyond this, is more than his share, and belongs to others.† (Locke 20-21) He later says that if someone has too many fruits he could trade them for money.   Ã‚  Ã‚  Ã‚  Ã‚  I agree that everyone should use the earth to his or her advantage but not when it comes to endangering someone else or taking away something that someone needs more than you do. I agree that if you work with fruit trees that it is your right to eat those apples and that you should only take as many as needed. But that isn’t the case in society today. Let’s face it people are greedy and greed is something that has destroyed the world we live in. If there wasn’t any greed there wouldn’t be any murder cases or any kidnappings or robberies, etc, the list can go on and on. Another example is college acceptance. All students work for the same hope, to get accepted to a good college and hopefully gain a job that will best fulfill their needs. Say we have two identical students both scored a 1500 on their SATs and they where equally involved in their school. The only difference was that one student came from a wealthy family and the other stud ents came from a not so wealthy family. They both applied to Princeton. The outcome is that the student from the wealthy family gets enrolled as a freshman in the fall, and the other student is placed on the waiting list.

Duty of care Essay

1.1 â€Å"Duty of care† means to provide care and support to individuals within the law and also within the policies, procedures and agreed ways to work. It is about keeping the service users independence, to support and enable them to live within an environment free from prejudice and safe from abuse. Everyone is entitled to their own opinions, choices and we should respect that at all times while promoting them as an individual. 1.2 By working within standards set out and within our own capacity we will prevent harm from occurring to ourselves, others and the individual. By giving an individual choice and respecting their views/wishes they know that their independence has not been taken from them, giving them more confidence if an issue of safeguarding etc. were to arise. To understand and be able to pass on the procedures in place if we are suspicious or aware of abuse, an individual being endangered or poor work practice by another carer or agency. Reporting, recording are the steps needed to ensure that any form of safeguarding or protection issues are dealt with immediately and correctly. 2.1 While working in care, the aim is to give the best possible standard of care to service users, but sometimes there can be a conflict beetween the individual’s or their family’s wishes and rights and the duty of care. In this case the most important thing is to decide whether the person is aware of the risks and consequences of the decision and has the capacity to make the decision. Before taking best interest decisions I have to make sure that the person definitely lacks the capacity. The person or their next of kin has an overall right and responsibility in decision making for issues relating their care, and I need their consent to deal with certain issues. When a dilemma arises, my responsibility is to support individuals or their families to make informed choices. Even if I disagree with their decision, I can only give advice but can not force them.

Making Your Own Luck

I should never have thrown the chain letter away. The letter clearly warned me that if I did, I would have one day of bad luck. I did not believe it, so I threw the silly piece of paper in the garbage. I thought the friend who sent me the letter was just a superstitious fool. Letters do not bring you luck. You make your own! That night, however, as I fell asleep, I had the uncomfortable feeling that something was not quite right. When I woke up the next morning, I was surprised to find that I had overslept and would be late for work.As I rushed down the stairs to eat a quick breakfast, I tripped over my bag and spilled glassofwateronthepileofdocuments, whichI should have presentedat the meetingthat morning. Because themeetingwasabouttobegin, Irushedto getmycaranddriveto the officeveryquickly. However, bad luck happened to me again; my car was covered by snow from last night, so I needed to take time to make them melt. On my way to work, I decided to take a shortcut through an old par t of town. I drove to an old rough road which people rarely use daily. However, when I was very close to my office, I noticed there was an accident in the front of my car.Suddenly, I heard a noisy police car and people tried to change to another lane, and I was stuck in a traffic jam. After a while, I finally arrived at work. When I arrived at work, I found a note on my desk from my boss. She wanted to see me right away. I took a deep breath and walked into her office. As I stepped inside, I noticed a scowl on her face. Of course, she scolded me for arriving late and for not preparing well for the meeting. She had had to start the meeting without any help. Because of her rage, I was received a warning letter. At 5 PM, I left my office and went home feeling very tired and disappointed.Finally, after a long and difficult day, I returned home to find that my air conditioner was broken. I could not take it anymore! It had been the worst day of my life, and I did not want anything else t o happen. I rushed to the garbage can and dug around for the chain letter I had thrown away the day before. It was covered with coffee grounds and potato peels, but I could still read the words: â€Å"Send ten copies of this letter to your friends and you will have good luck for a year. † I sat down at the kitchen table and began to make copies for ten of my friends. They could take their chances, but I was not going to have any more bad luck!