Real, Not Monetary Shocks Drive Business Cycles †Business Essay

Real, Not Monetary Shocks Drive Business Cycles – Business Essay Free Online Research Papers Real, Not Monetary Shocks Drive Business Cycles Business Essay A business, or trade cycle, is the term used to describe the tendency for recurring fluctuations in economic activity characterized by alternating periods of upward and downward movements in the aggregate level of output and employment, relative to their long-term trends. The initial concept of business cycles is generally attributed to French physician Clement Juglar, who described the economic cycle in 1860 as ‘a recurring, if not necessarily uniform pattern.’ Since that time, a four-phase scheme has been used to describe fluctuations in business cycles: an upturn ends at an upper turning point (boom), followed by a downturn which leads to a lower turning point (recession) which is, in turn, followed by the next upturn (Fig. 1.1). Theories on the causes of business cycles have considered an array of possible factors yet neither theoretical nor empirical work has conclusively delineated the underlying causes for fluctuations. I intend to expound the theories and assess relevant evidence on behalf of both real and monetary shocks. I turn, I shall also comment on how the two schools of thought are implicitly tied to political po licy and finally offer an answer as to which really drives business cycles. Mainstream macroeconomists view recessions as a case of market failure. There are workers who would like to work but cannot because no one is willing to hire them. Their lack of income creates consumers who would like to spend but who cannot because they do not have the funds to do so. As a result, there are businesses that would like to produce and hire more workers, but cannot because there is not enough demand for final output. The circle is complete, and there is something not working properly. The traditional explanation for this situation was a failure of wages and prices to adjust quickly enough. A change in spending drives the economy away from equilibrium, but sticky wages and/or prices prevent rapid adjustment to a new equilibrium. Real-business cycle theorists reject the above explanation based on the assumption that markets always clear. Hence wages and prices should not be sticky, but should adjust quickly. In essence, the central idea is that technical change is the most important kind of economic disturbance behind business fluctuations. This approach builds on the ideas of Joseph Schumpeter who held that capitalism is characterised by waves of â€Å"creative destruction† in which the continuous introduction of new technologies constantly drives existing firms our of business. When there is a temporary improvement in technology, this temporarily raises productivity. It follows that the real wage is also temporarily higher given that workers are paid their marginal product, which is equal to the real wage. Workers respond to the temporarily high wage rate by deciding to work harder while the real wage is high, and as a consequence, output rises. Suppose that in some weeks you get paid $15 per hour, and in other weeks you only get paid $5 per hour. If one could choose how many hours a week to work, what kind of pattern would be expected? Though some people may choose to work the same in all weeks, most people would work longer in the higher-pay weeks and less in the lower-pay weeks. They will take their leisure in the lower-pay periods, and move their work to the higher pay periods. The real-business cycle suggests that this same pattern holds over longer periods. When there is a technological shock raising real wage, people will work more causing output to surge, and when there is a technological shock lowering real wage, people will withdraw from work, causing output to fall. This pattern is what we observe as booms and recessions. Clearly, real business cycle theory depends heavily on the ability of workers to alter the amount of labour and leisure time they choose at each point in time. This is called the inter-te mporal substitution of labour, and it is one of the most controversial assumptions of real business cycles. Many economists find the real-business cycle theory totally unbelievable. No one can observe the technological shocks that are at the heart of this explanation, and it strikes many as simply ridiculous to argue that the unemployment during a recession is voluntary. However, the evidence for the argument that real shocks drive business cycles may be found in cases of natural and artificial disasters. Natural disasters such as the tsunami in Asia and artificial disasters such as the terrorists attacks on September 11th 2001. The evidence that September 11th caused an immediate and continued downturn in the economy of the United States (and as a direct result the strength of the dollar) is undeniable. Likewise the economic effects on the affected areas in Asia are possibly even more extreme. Entire villages and towns have been entirely destroyed and consequently the economy is defunct. Herein lies the problem of talking about business cycles in general. It is clear from the exampl es above that a business cycle in the developed world means a very different thing to those countries in the early stages of economic advancement. However, both cases support the argument that real shocks are the primary force behind business cycles. In terms of policy implications real business cycle theorists are inclined to deny the powers of governments, through monetary and fiscal policy, to control the rate of economic growth. In contrast those who believe that monetary shocks drive business cycles argue that it is indeed the government (or central bank) policies that can control the rate of growth. The target of monetary policy may be the achievement of a desired level or rate of growth in real activity, the price level, the exchange rate, or the balance of payments. In both the UK and the US policies have included setting the interest rate charged by the central bank, sales or purchases of securities to control the money supply, and changes in the required reserve ratios of banks and other financial institutions. Monetarism was drafted as a ‘revolution’ against the then orthodox Keynesian theory. In the early and mid-1960s, monetarism and Keynesian economics were regarded as distinct and probably irreconcilable explanations for business cycles. Monetarists distinguish themselves from other economists by stressing the existence of a stable money-demand function. One implication is that the best way to stabilise the economy is to stabilise the rate of growth of the money supply at a low level. Assuming that output is determined exogenously (by the microeconomic supply decisions of households and businesses) so that Q can be taken as given, then the definition of velocity implies: P = (M .V)/Q If V is fairly stable, and Q is exogenous, the equation implies that changes in M translate into changes in the price level. Thus, monetarists stress that changes in M are the key to controlling the price level. They hold that money should be allowed to rise at a constant rate per year. Thus, controlling inflation becomes merely a problem of controlling M. Monetarism is much more sceptical than Keynesian economics with regard to the need for, and efficacy of, stabilization policies. In order not to distort price signals, the government should make the supply of money stable and predictable. An independent central bank is helpful in achieving this goal. Friedman and Schwartz brought money back to the fore with the publication of their Monetary History of the U.S (1963). In this influential book, Friedman and Schwartz show that money and real aggregate production move together closely over the business cycle. Laidler’s model shows that the interplay between a Friedmanian accelerationist Phillips curve and the quantity equation is sufficient to generate business cycles in R. Frisch’s sense. According to Friedman and Schwartz much the same mechanisms potentially give rise to business cycles in the open economy with international trade in commodities and securities. They also posit that incorporating structural unemployment into the monetarist model does not affect the main results. The supply side determines average aggregate output and the interplay between supply and demand determines the fluctuations around this average level. The theoretical positions of these two schools of thought converged to a widely shared macroeconomic consensus in the early 1970s that the average output level is determined by supply-side factors, while the demand side is an important determinant of the fluctuations of aggregate production about the average level. The issue of whether monetary policy can be used to control business cycles is at the heart of the economic debate with regard to the European Monetary Union (EMU). Many believe that Gordon Brown’s view that Britain would be adversely affected economically by joining the Euro is the single largest factor as to why Britain remains a sovereign state. The argument revolves around the fact that monetary policy, if it is to have a controlling effect on an economy, is most effective when it is used to counteract localised shocks. It follows then that a single monetary policy for all EMU nations (with well-documented fundamental differences in the foundations of their respective economic status) would be less effective than implementing one specific to the UK. In conclusion, and I think most modern macroeconomists would agree, that business cycles are clearly influenced by both real and monetary shocks. As I have shown, real shocks, can offer a more identifiable force behind business cycles and yet it could simultaneously be argued that the government’s monetary policy is the more constant, driving, factor. I believe that the government should take an active role in moderating the business cycle through stabilization policies. This is because, as research has shown, short-term business cycle fluctuations may have long-term effects on the economy. The persistence of long-term unemployment in European economies is a good example of how short-term fluctuations in output and employment can create serious long-term problems for the economy. I am inclined to agree with Boehm who states ‘there are both endogenous and exogenous causes of cycles and concludes that, while each cycle is distinct, there are also common elements to all b usiness cycles.’ The implication is that any theory suggesting random elements as the main source of cycles is suspect. Since new classical theory postulates that cycles are caused by random monetary shocks and real business cycle theory places blame on technology shocks, both theories fail by Boehms criteria. Boehm concludes that an eclectic theory of the cycle is necessary and that continual monitoring is needed for stabilisation purposes. Bibliography The American Business Cycle, R. J. Gordon, 1986 Macroeconomics in the Global Economy, Sachs-Lauren, 1993 Business Cycle Indicators, Karl Heinrich Oppenlander, 2001 Cause and Control of the Business Cycle, E.C. Harwood, 1975 Business Cycles, James Arthur Etey, 1992 The Economics of Seasonal Cycles, Miron, 1998 The Oxford Dictionary of Economics, 2004 UK Monetary Policy in the Modern Economy, A. T. Milner, 2002 Research Papers on Real, Not Monetary Shocks Drive Business Cycles - Business EssayResearch Process Part OneTwilight of the UAWOpen Architechture a white paperThe Effects of Illegal ImmigrationBionic Assembly System: A New Concept of SelfPETSTEL analysis of IndiaIncorporating Risk and Uncertainty Factor in CapitalAssess the importance of Nationalism 1815-1850 EuropeMarketing of Lifeboy Soap A Unilever ProductDefinition of Export Quotas

Land law problem Essay Example | Topics and Well Written Essays - 1000 words

Land law problem - Essay Example As this is pertinent to both the issue of Jennifer's intended severance and the right of survivorship, it is important to establish that joint tenancy existed. Joint tenancy, as noted in the preceding, holds that each tenant' has an identical interest in the whole of the property, as determined through the four unities of title, interest, possession and time. Under common law, unity of interest is present despite the unequal financial contributions of both parties because conveyance was to both as "beneficial joint tenants." Unity of title is similarly present as both Jennifer and Clarissa received their interest in Maple Leaf under the same conveyance. The same applies to unity of time since both received their share under the same conveyance in fee simple and their titles were vested at the same time. Further, unity of possession also holds as both parties are entitled to the possession of the whole of Maple Leaf and neither Jennifer nor Clarissa may exclude the other as a joint tenant. In further affirmation of the fact that the joint tenancy exists, it is important to clarify that nothing in the case study indicates that the conveyance contains an explicit/express declaration of how Jennifer and Clarissa should hold equitable interests in Maple Leaf. Such declarations are absolute (Goodman v Gallant (1986) Fam 106) and conclusively rebut any presumptions to the contrary. As no such declaration is present, however, one can affirm that neither of the two husbands has a right to the property and that Jennifer's statement, albeit written, does not constitute an act as severance as would convert a joint tenancy into a tenancy in common. First, as regards the question of severance, one may affirm that despite Jennifer's very clear intent, severance was not concluded in this case. In accordance with Section 36(2) Law Property Act 1925, there are four legally recognized methods for severance. The first of these is the actions which any one of the joint beneficial tenants may take operating on his/her share. As per case law, any of the tenants is at liberty to dispose of his/her share in a way that would severe it from the joint tenancy. In Nielson v Fedden (1975), Justice Walton found that a unilateral declaration did not constitute such an act as it did not shatter any of the unities and, hence, did not sever the joint tenancy. Within the context of the stated, Jennifer's statement does not constitute a severance in accordance with the first method. A second method for severance is by mutual agreement as in Burgess v Rawnsley (1975). A third method involves the parties acting, for a sufficiently extended period, as if the property were a tenancy in common, as in Palmer v Rich (1897) but not Greenfield v Greenfield (1979). In the first, the parties acted as if the property in question was a tenancy in common for an extended period but in the second, the parties simply divided the property into two maisonettes and the interests of both were not treated as a tenancy in common for a sufficiently extended period. As regards, Maple Leaf, neither of these two methods, whether severance by mutual agreement nor acting as if it were a tenancy in

Case # 4 A Bullys Threat Study Example | Topics and Well Written Essays - 500 words

# 4 A Bullys Threat - Case Study Example It is a manifestation the need of advice from others in situations of urgent attention (Woods & Wolke, 2003, P 387). We see this from the different recommendations suggested by the guard, assistant principal and the counselor. To make suitable decisions, it is imperative that we take into account all the details. It will ensure that we do not make hasty decisions ignoring other crucial information. It also creates a calm environment for proper decision-making. Mr. Milhoviak asked for advice on both occasions that they could not find Carl. If I were the principal, I would consider Carls record of fighting as a factor in making my decision. Brian says that he is sure that Carl will hurt him and his family. Reporting the matter to the principal may be due to other factors like student grudges, but Angie supports Brian claim. Carl is also fond of making threats. For instance, Carl goes to a rock concert with Angie and threatens a person in the front seat; it takes the intervention of a security guard to calm the situation. Angie says that Carl seems to be an angry person; angry people tend to get more involved in violence. Carl is missing and has made a threat; the decision the officials will make has to consider the fact that Carl is unstable. Carls situation gets complicated when the officials find out that he is not in class. Missing the fourth period leads to the conclusion that he is up to something considering he has threatened Brian and his family. Maybe he is going to carry out the threat. The situation at hand is delicate; a death threat is on the plate, the perpetrator is missing, Angies parents are out of reach and Brian and Angie are scared. If I were the principal on this event; firstly, I would make sure that Brian and Angie stay under my watch until I contact their parents. Secondly, I would launch a search party for Carl. Lastly, I would consult the school guard, counselor and select officials to

The Nazi dictatorship in Germany Essay Example for Free

The Nazi dictatorship in Germany Essay How similar were the Nazi dictatorship in Germany and the Fascist dictatorship in Italy to 1939? The similarities and dissimilarities of the dictatorships in Germany and in Italy can be identified within 3 aspects: how the dictatorships were formed (took power), how they were run, can how they affected civilian life in Germany and Italy. This essay will offer comparisons in these aspects and come to a summary of the extent and nature of their similarity. Both dictatorships were popular dictatorships. Both parties exploited the surging Nationalism in Italy and Germany after WWI, and established popularity by propaganda, rhetoric and attracting promises, like Mussolinis continuation of Giolittis Risorgimento programme and Hitlers promise to overthrow the Versailles Treaty. Both parties exploited the weakness of rival political forces, that is, a lack of democratic tradition in both countries and thus a vulnerability to the influence of radical ideology. The appointment of Hitler by Hindenburg and that of Mussolini by King Victor Emmanuelle were both more of a compromise due to shortage of alternative than a positive victory on the other side. A common antipathy against Communism that pervaded in German and Italian society gave momentum to Nazi and Fascist rising. The use of terror was an effective factor for the emergence of both dictatorships. Hitlers Nazi brownshirts and Mussolinis squadrsiti both played important roles in eliminating their opponents. The minor difference in the Nazi and Fascist paths to power is most manifest in the influence of WWI. Germany was heavily scarred by the economic, military and political penalty as a consequence of her defeat. The common hatred and vigilance against other powers gave a negative cohesion to the national psychology, which was magnificently exploited by Hitler. While on the other hand, the appeal of Mussolinis policies was more of an ambitious imperial nature. The reigns of Nazi and Fascist dictatorships had more similarities than dissimilarities. Power was highly centralized and democracy suffered a complete destruction in both countries. The Reichstag fire in Germany and the issue of a formal decree banning all other political parties in Italy in 1926 destroyed the parliamentarian machinery completely in the two countries. Violence and intimidation continued to be in frequent use to combat opposition. The murder of Ernst Roehm by the SSs and the establishment of the Chamber of Fasces and Corporations imposed on the pseudo-democratic practice of corporatism in Italy were examples for this point. Fascist and Nazi dictatorships both attempted to solve the nations economic problems. Development of heavy industry and infrastructure in Germany and Italy during this period was impressive. Big businesses benefited immensely from Fascist and Nazi economic policies. This also limited the achievement of both dictatorships in dealing with economic difficulties: Nazi economy stayed heavily dependent on imports. Italian Northern-Southern imbalance stayed unsolved. A difference here is that Nazis made use of rearmament policy as a strong impetus for economic recovery. Foreign policies were instrumental in both countries in accumulating support for the dictatorships. Mussolinis victory in the Ethiopian wars brought him massive support. The Anchluss with Austria made brought Hitlers national image to a higher level. In short, both Nazi and Fascist dictatorships were extreme-right ideological rules that were enhanced by censorship and military terrorism. Their foreign policies were both aggressive and nationalistic, to confirm the greatness of the leadership. The major difference between Nazi and Fascist dictatorships was on their bearing on German and Italian societies. Though Italian Fascism initially provided a source of imitation for the formation of Nazism, but the extent to which it influenced the society was limited in contrast with Nazi society. Benedetto Croce with his outspoken antagonism towards fascism would certainly not have survived in Hitlers regime. Anti-Semitism was not as widely spread in Italian society. This is partly due to the uniqueness of stab in the back myth that Germanys failure in WWI entailed. Mussolinis personal image prevailed over his partys. The Fascist party hardly produced any powerful public personalities as Goebbels or Himmler. The presence of Church as a counterforce of the Fascist dictatorship was also a major difference between the two dictatorships. This limited Fascist control over civilian cultural, religious and intellectual life. Unlike Mussolini whose whole image was no much more than rhetoric and glamour, Hitler viewed himself as a profound intellectual thinker and substantially influenced social ideology through his thoughts like expressed in his lectures and Mein Kampff. The overall force that united Italian people was not the negative resistance and a lust for revenge like that Nazi society embodied, but a positive ambition of less depth and weight. Nazism is but a variant of fascism in a heterogeneous circumstance. The political and ideological natures of them are essentially of the same origin: the fin-de-sià ¯Ã‚ ¿Ã‚ ½cle philosophies of Social Darwinism, Nietzschean humanism, and revolt against liberal democracy as a continuum of Marxist thoughts. Nazi dictatorship extended the social implantation of fascism because of Germanys different post-war circumstance and social constitution. The difference in the leaders personalities was in minor importance but it differed the practice of certain policies, for example Hitlers invigoration of Anti-Semitism.

The Victims of Jack the Ripper Essay -- Research Papers Serial Killer

The Victims of Jack the Ripper Jack the Ripper is remembered as one of history’s most famous serial killers. His technique of getting his victims to lay down before he slashed their throats, then disemboweling them in a matter of a minute or two with as little blood flow as possible distinguishes him as one of the most methodical, ruthless killers to ever live. He even performed some of his gruesome murders right in the street and left his victims to be found minutes later by people or policemen passing by. This demonstrates what extremes he would actually go to fulfill his desire for killing. Through my report I will create a brief profile of Jack’s victims as well as explore the methodical and horrendous ways they were murdered. Mary Anne â€Å"Polly† Nichols Mary Anne Nichols was found dead on Aug. 31, 1888 between 3:30 and 4:00 A.M. by a porter on his way to work. At first, it appeared to the porter that the woman was just laying down in the street unconscious. Police officer John Neil was summoned to the scene minutes after the body was found. The light from his lamp revealed that the woman was in fact dead with a slashed throat. Dr. Rees Ralph Llewellyn was performing a surgery when he was called to make an official examination of the body. After the examination was complete he pronounced the woman dead by means of a slashed throat. He also took special note that the body was still warm, indicating that the victim had been dead perhaps only minutes before being discovered. The body was removed to the mortuary shed at the Old Montague Street Workhouse Infirmary to be autopsied. Only then was the unusually large puddle of blood that had collected beneath the body seen. Once at the mortuary, Dr. Llewellyn performed a full autopsy, which revealed more about the manner of the murder that was not acknowledged during the street examination. Not only was her throat slashed, but also her abdominal area and sexual organs had been brutally sliced and mutilated, which explained the large puddle of blood beneath the body. Furthermore, there were many bruises on the sides of her face, which indicated that she had been knocked unconscious before being mutilated. The murder was believed to have been committed with a stout-handled blade of six to eight inches long (Geary, p.7). Mary Anne Nichols was the first victim of Jack the Ripper who was deliberately ... ... handful of prostitutes. Another theory was that maybe he was taking revenge for a family member who was in a similar situation, or that he came from the same situation as some of the children of the prostitutes and was also left by his mother who ended up as a prostitute. Or maybe he just felt that he was merely cleansing society and doing it a favor by killing off a handful of people who he felt were scum who corrupted society. The ideal profile of Jack the Ripper was a single man, probably a doctor, who had bad experiences with prostitutes in the past, and had lived in London long enough to become familiar with its streets and alleys. He was obviously very daring and nerveless to commit such crimes in the streets, because he could have been caught at any time by anyone who happened to be passing by. Bibliography   Ã‚  Ã‚  Ã‚  Ã‚  Beg, Paul, Martin Fido and Keith Skinner. The Jack the Ripper A-Z. London: Headline Book Publishing, 1991.   Ã‚  Ã‚  Ã‚  Geary, Rick. Jack the Ripper A Journal of the White Chapel Murders. New York: Nantier Beall Minoustchine Publishing, Inc., 1995.   Ã‚  Ã‚  Ã‚  Sugden, Philip. The Complete History of Jack the Ripper. New York: Carroll & Graf Publishers, Inc., 1994.

Acct 504 Case Study 2

ACCT504 – Accounting and Finance: Managerial Use and Analysis| Case Study 2| Evaluation of LJB Company’s Internal Controls| | [Type the author name]| Due: Feburary 10, 2013| Table of Contents Paragraph Introduction1 Accounting regulations2 Establishing a Control Environment3 Segregation of duties4 Segregation of record keeping form physical custody 5 Policies for petty cash6 Pre-numbered invoices 7 Distribution of paychecks8 Hiring policies9 Independent internal verification 10 Conclusion 11The following is an evaluation of LJB Company’s internal controls, based on the information provided by the President of the company in an effort to prepare his company for the requirements needed to be a publically run company. First, I will establish the legal requirement needed and the importance of internal controls for an organization. Then I will review the current policies and establish better internal controls for each area of concern. Once these policies have been ins tituted by the LJB Company, they should be ready to proceed with their plan to go public.There are many accounting regulations required by a public company. All accounting reports must follow the FASB and SEC guidelines. However, the newest accounting guidelines fall under the Saranes-Oxley act of 2002. The Act mandates reform to improve financial disclosure from companies and to reduce fraud. It requires that senior management must verify the accuracy of the reported financial statement. Plus it requires that management and auditors maintain a system of internal controls and report the methods of these controls.If the company doesn’t comply with the requirements, they could be subject to hefty fines. Before establishing internal controls, it is essential that the company establishes their control environment. The company’s management must clearly outline its goals, standards and ethics since they â€Å"set the stage† for the atmosphere and integrity for the ent ire organization. With the control environment in place, management can then implement its internal controls. I will review what control activities the company is doing right and what the company will need to change.The following control activities will be reviewed; segregation of duties, establishment of responsibility, adequate documents and records, physical control over assets and records and independent checks on performance. Currently, the LJB Company has one person who serves as the Treasurer and Controller. His responsibility includes purchases and paying for all of the supplies. This policy leaves the company venerable to fraud and increases the chances of errors. The company must establish a segregation of duties.Responsibilities should be separate, so no employee should be in the position to both make and conceal errors or fraud in the normal course of their duties. Therefore, I would recommend one person should be in charge of purchasing the supplies and that all purchas es should be approved by a supervisor. Another person should be in charge of paying for the supplies and verifying that the purchase is accurate and approved. This should reduce the risk of undetected errors and limit the opportunity for fraudulent behavior.In addition to the purchasing/paying duties, the accounting person also receives the checks and completes the monthly bank reconciliation. When one individual is responsible for both activities, the potential for errors and irregularities is increased. There should be a segregation of record keeping form and physical custody. The accountant should not have custody of the checks and be responsible for the monthly band reconciliation. There should be a policy in which the work is either separated or reviewed by a supervisor. Next, I will review the company’s policy for petty cash.The current system allows every employee access to the cash and they are only required to leave a note if they remove any funds. This policy violat es many proper internal control activities. The company needs to establish who is ultimately responsible for handling the petty cash. Only authorized personnel should have access to the funds. Expenses paid from the petty cash fund can only be made for the purpose the fund was authorized and must be supported by a receipt. When it is not in use, the petty cash box must be placed in a locked safe or cabinet.An independent count of the receipts and cash on hand must be performed regularly by an accounting officer or supervisor. The new policy of using pre-numbered invoices is an excellent way to insure that all documents are accounted for. It will also help errors such as, entering the record in more than once or missing entries entirely. Any gap in the numerical sequence may indicate a problem and possibly catch errors. I would also recommend the purchase of indelible ink machine to print checks. This will insure that the ink cannot be erased or washed away for fraudulent use.Next we will review the controls set up regarding issuing paychecks. The current procedure has the accountant picking up the paychecks and leaving them in his office for pick up. The checks are locked into a safe if he leaves for the weekend. When you pay employees, certain controls are needed to reduce the risk of fraud or errors. Whenever possible, the accountant should hand the checks directly to the employee, and always lock up undistributed paychecks. Another solution would be to have your employees set their paychecks to be automatically deposited directly into their personal bank account.The next step is to review your hiring policies. I would recommend counting the policy of having both the President and the accountant interview and make decisions on hiring an individual. However, I would also recommend implementing the following policies. If an employee handles cash, the company should have that employee bonded to protect the company from theft. A thorough background check should be run on each employee. All credentials should be verified by phone or by receiving a copy if applicable. After the employee has been vetted, be sure to cross train employees.This will be useful when you require employees to take vacations and rotate employee’s duties. All of these practices should lower the risk of employee theft. To ensure the reliability of the accounting information, an employee’s duties should be verified by others who do did not do the work themselves. I would also recommend that the company sets up a system for an independent internal verification. The company should audit data prepared by an employee periodically. This person should be independent of the activities or department of the person being audited.All discrepancies will need to be reported to management, so corrective action should be taken. In conclusion, establishing a system of internal controls will create a system of checks and balances that will reduce fraud, errors, increase ef fectiveness and insure they are fully compliant will all laws and regulation. Each internal control is the means by which an organization’s resources are directed, monitored and measured. These recommendations will help the company establish specific policies and procedures they will need to reach their goals of becoming a publically traded company. Resources

Cloning Right or Wrong Essay - 1336 Words

Cloning Right or Wrong? Have you ever heard of cloning before? Well it has a lot of ups and its downs, many people are against it and many are for it? In my paper you will hear and of the good things and the bad things that happen in cloning and you can decide if you think it is right or wrong. History When I looked up the definition for cloning on www.m-w .com it stated that cloning is to propagate a clone from or to make a copy of. A book on cloning that I read stated that cloning is genetically identical cells. Cloning’s history is as early as 1952 and the first cell transferring was in 1970. The cell process was not 100 percent accurate every time. Back in the 1970’s many scientists struggled with trying to clone something and it†¦show more content†¦When people talk about cloning the bible is usually taken out on a person that is for cloning. Religion now a day has just decided to pretty much ignore the topic and forget about it. If humans were cloned they say that there would be a huge inbreeding problem and the world will start having even more population than what is necessary. Cloning is pretty much just a huge issue without an end; it’s something that you can argue on and on about. I looked up a chart and found one on www.religioustolerance .org about people’s thoughts and what they think about cloning. The poll was taken on 1997 and consisted of 1,005 American Adults. These are the results 93% of people felt that the cloning of humans was a bad idea 66% thought that the cloning of animals, such as sheep was a bad idea 69% are scared of possibility of human cloning 74% believed that it is against God’s will to clone things; while only 19% say that it is not. A later poll was then take in 2001 by CNN and these are the results for that poll 90% of people still thought that cloning was a bad idea 67% of people that that cloning of animal was a bad idea Only 45% of people thought that it was possible to have human cloning within the next 10 years or so. 69% of people think that it is against God’s will and should not be done; 23% say that it is not. Laws on Cloning Only fifteen states have their own law on cloning even South Dakota. This is South Dakota’s law: ProhibitsShow MoreRelated Cloning Essay723 Words   |  3 Pages Is Human Cloning Ethical? nbsp;nbsp;nbsp;nbsp;nbsp;Imagine that you have just been diagnosed with lung cancer. You have been told you have six months to live unless you can find two replacement lungs. But, you are told and realize you are a clone and have to give your life to save another. Is that ethically right? Would you, the original human want to do it? I feel that cloning human beings is ethically and morally wrong. Cloning seems to be a big issue in the world today. The issues ofRead MoreCloning712 Words   |  3 PagesCloning 1. What should Dr. Smith do? I think that with such minimal overall research done in the entire cloning industry and no research done with a human being the variable, it is not a wise decision for Dr. Smith to proceed with cloning the body cell of Lucy. Although I don’t think that any further damage (besides death) could happen to Lucy, if something terrible happens or if the procedure does go well and then Lucy becomes ill or something else goes wrong with the cloning in the longRead MoreCloning Is Morally Wrong?1400 Words   |  6 PagesCloning has been identified in two ways – Reproductive cloning and Therapeutic cloning. In reproductive cloning, â€Å"the created embryo is implanted into a human womb, leading to the birth of a human being† . Alternatively, therapeutic cloning creates human beings in embryo form, but the embryos are used for experimentation and eventually destroyed. Both ‘therapeutic’ and ‘reproductive’ cloning techniques create human life. I believe that life is sacred from conception, and must be valued. The embryoRead MoreCloning Essay523 Words   |  3 PagesCloning In recent years, the issue of cloning has been up for debate worldwide. Cloning is the production of one or more individual plants or animals that are genetically identical to another plant or animal. There are two different types of cloning procedures, embryo cloning and adult DNA cloning. Embryo cloning occurs when sperm and egg cells are mixed in a glass dish. After conception, the zygote (fertilized egg) is allowed to divide and nutrients are added to promote cell divisionRead MoreShould Cloning Be Beneficial?784 Words   |  4 Pagesidea of cloning and do not have a problem with â€Å"making life† identical to what already exists. These individuals argue that cloning can and should be used for medical purposes, and can also provide nations with accessible clones to do â€Å"dirty jobs† or participate in the military forces in order to benefit the country. Others decide that cloning is justifiable in order to replace a deceased child or pet or to even enable in fertile couples to have children. While many people agree that cloning can beRead MoreThe Ethical Implications Of Science And Technology1147 Words   |  5 Pagesmight come next: human cloning. As reported in the article, â€Å"Clinton Bars Federal Funds for Human Cloning Research† by CNN, in 1997, President Clinton stopped all federal funding for cloning. â€Å"Clinton also called on privately funded researchers to voluntarily implement a temporary moratorium on human cloning research ‘until our bioethics advisory committee and our entire nation has had time to... debate the ethical implications’† (CNN). With scientific discoveries such as cloning many people rely onRead MoreJohn Stuart Mill s Philosophy On The Morality And Ethical Nature Of The Subject1507 Words   |  7 Pagessubject. Cloning can be viewed a few different ways based on the teachings in philosophy one follows. Utilitarianism Utilitarianism is a branch of philosophy, which bases its understanding of right action on consequences. More precisely, an act is considered right if it creates the most happiness (pleasure), and the least pain, for the greatest number of people affected by that action. In this way, utilitarianism is sometimes called a moral calculus. A utilitarian approach to cloning would lookRead MoreShould Cloning Be Tested And Taught?1121 Words   |  5 PagesThere are many arguments as to why cloning should be tested and experimented, for the sake of science. There are also many who oppose the idea of reproductive cloning. There are many ethical reasons as to why one must not attempt to clone, and there are reasons as to why others believe that there is no harm in cloning to benefit the world and how we live. However, the reason why I have such a passion and concern for the idea and methods of cloning is because I have seen it first-hand. I am writingRead MoreThe Cloning Of The Human Body1611 Words   |  7 PagesIn my paper i m going to be talking about the importance of cloning, the basics of cloning, and some other interesting facts about cloning not just humans but some animals like Dolly the sheep.I think Cloning is going to help because it helps with cures, it gives us a new way to reproduce, and it finds ways to make the human body better. In 1997 Scottish scientists created the first cloned mammal, a sheep named Dolly. The cloning of a mammal stimulated debate because technology used to clone aRead More Cloning More Ethically Acceptable than Global Warming Essays843 Words   |  4 Pages Cloning More Ethically Acceptable than Global Warming nbsp; One day soon, human clones will walk among us. Does the thought send a shiver up your spine? How about the notion of eating french fries from a potato engineered with jellyfish genes to make its leaves bioluminescent? We should consider our responses to both issues now, before reality comes knocking at the door. Several groups have announced intentions to clone humans, and the bioluminescence gene has already been successfully incorporated