Monetarism Emerged In The 1950s Economics Essay

Monetarism Emerged In The 1950s Economics Essay Keynes, who theorized economic panic to stem from an insufficient national money supply leading the nation toward an alternate currency followed by eventual economic collapse, his theories focus on the value of currency stability to maintain national economic health. Milton Friedman, in contrast, focused on price stability to ensure economic health and looking for stable equilibrium between the supply of and the demand for money to bring about such well-being. Friedman argued that inflation is always and everywhere a monetary phenomenonà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ã‚  and advocated a central bank policy aimed at keeping the supply and demand for money at an economic equilibrium, as measured by a balanced growth in productivity and demand. Friedman originally proposed a fixed monetary rule, where the money supply would be calculated by known macroeconomic and financial factors and would target a specific level or range of inflation. There will be no flexibility for central bank reserves, and businesses can expect all monetary policy decisions. Friedman restated the quantity theory of money, and argued that the demand for money depended predictably on several major economic variables. He claimed that if the money supply were to be expanded, consumers would not seek to hold the extra money in idle money balances. This argument follows that consumers, assumed to be in equilibrium before the money supply increase, already held money balances that suited their requirements. With the increase, consumers would have a surplus of money balances that exceeded their requirements. These excess money balances would therefore be spent and cause an increase in aggregate demand levels. Similarly, if the money supply experienced a reduction, consumers would aim to replenish their holdings of money by reducing their spending levels. In this argument, Friedman challenged the claim that Keynesian money supply is not effective in analyzing the level of aggregate consumption. Instead, Friedman argued that indeed the money supply affect total sp ending in the economy, in doing so the term monetarist was coined. The popularity of monetarism increased as Keynesian economics seemed unable to explain or cure the problems that seem to contradict rising unemployment and price inflation which erupted after the collapse of the Bretton Woods system gold standard in 1972 and the 1973 oil crisis shock. Although higher levels of unemployment seemed to call for Keynesian policies on inflation, the rising level of inflation seemed to call for Keynesian deflation. The result is a significant disappointment with Keynesian demand management. In response, the Volcker sought as main objective to reduce inflation, and consequently restricted the money supply to tame inflation the economy. The result was the worst recession of the post-war period, but also the accomplishment of the desired price stability. Milton Friedman and Anna Schwartz argued that the Great Depression of the 1930 was caused by the large contraction of the money supply and not by a lack of investment as argued by Keynes. They also maintained that post-war inflation caused by an over-expansion of the money supply. For many the perception that the economy has been shaped by the ideas of Keynes, it seemed that the Keynesian-Monetarism debate was merely about whether fiscal or monetary policy was the more effective tool of demand management. By the mid-1970s, however, the debate had moved on to things more deeply, as monetarists presented a more fundamental challenged to Keynesian orthodoxy in looking to recover the pre-Keynesian idea that the economy was of an inherently self-regulating nature. Many Monetarists raised former view that the market economies prove stable in the absence of major not expected fluctuations in the money supply. This belief in the stability of free market economies also asserted that active demand management, especially fiscal policy, it is not necessary and in fact tend to be dangerous economy. The basis of this argument centered around an equilibrium was established between stimulus fiscal spending and future interest rates. In fact, Friedman argues that the model of fiscal spending creats as much of a drag on the economy by raising interest rates as it does to create consumption. According to monetarists, fiscal policy was shown to have no real effect on total demand, but merely shifted demand from the investment sector to the consumer sector. Monetarism became less credible when once-stable velocity of money defied monetarist prediction and began to move erratically in the United States the early 1980s. Monetarist methods of a single-equation model and non-statistical analysis of plotted data also lost out to the simultaneous-equation modeling favored by Keynesian. Policies and analysis of monetarism lost influence among academics and central bankers, but its core tenets of long-run neutrality of money (increase in money supply can not have long-term effects on real variables, such as output) and use of monetary policy for stabilization to be part of the macroeconomic mainstream even among Keynes.

What Works in Reducing Recidivism Essay -- rehabilitate prisoners, Re-

A long-term study conducted by Bureau of Justice Statistics found that the average five-year recidivism rates of 404,638 prisoners released in 2005 is 76.6% among thirty states in America (Matthew, Alexia, & Howard, 2014, p. 1). In other words, most of the released prisoners did not escape the cycle of recidivism and were sent back to the prison after time. This indicates that the present American justice system, which focuses on punishment as Benson (2003) noted, fails to rehabilitate prisoners efficiently and is far from achieving the goal of reducing crime rates (p. 46). What is more, the recidivism of prisoners is becoming a great plague of society, because it not only imposes a threat to public safety but also places an enormous financial burden on taxpayers. According to a survey covering forty states in America, one prisoner would cost taxpayers 31,286 dollars each year on average (Henrichson & Delaney, 2012, p. 9). Thus, 76% of 404,638 prisoners, who re-offended in five years , mentioned in the study conducted by Bureau of Justice Statistics would cost approximately one billion dollars annually. Realizing the importance of rehabilitation, the Prison Fellowship International (PFI), founded by Charles Colson in 1979, provides various rehabilitation programs based on Christianity to offenders and ex-offenders in more than 125 countries all over the world (â€Å"Who we†, n.d.). This paper will evaluate and offer advice to three solutions provided by Prison Fellowship International to rehabilitate offenders: establishing communications between offenders and victims, providing offenders with re-entry program based on biblical education and visiting prisoners regularly. Sycamore Tree project offers opportunities for offenders to c... ..., S. (2011). Experiences of shame and empathy in violent and non-violent young offenders. Journal of Forensic Psychiatry & Psychology, 22(4), 551-563. doi:10.1080/14789949.2011.602096 Pithers, W. D. (1999). Empathy: definition, enhancement, and relevance to the treatment of sexual abusers. Journal of Interpersonal Violence, 14(3), 257-284. Proeve, M., & Howells, K. (2002). Shame and Guilt in Child Sexual Offenders. International Journal of Offender Therapy & Comparative Criminology, 46(6), 657-667. Roys, D. T. (1997). Empirical and theoretical considerations of empathy in sex offenders. International Journal of Offender Therapy & Comparative Criminology, 41(1), 53. Who we are. Retrieved from https://pfi.org/who-we-are/ Wilkinson, R. A., & Unwin, T. (1999). Visiting in prison. Retrieved from http://www.drc.ohio.gov/web/Articles/Visiting%20in%20Prison.pdf

Torsion Testing

Table of Contents Abstract3 1. 0 Introduction3 2. 0 Experiment Design4 2. 1 Apparatus5 2. 2 Methods5 2. 3 Procedure6 3. 0 Results and Discussion7 4. 0 Error Analysis13 5. 0 Conclusion and Recommendation13 6. 0 References14 Abstract In this torsion testing experiment, the torsion test was evaluated as a system for calculating the torsional rigidity (GJ), modulus of rigidity (G) and the shear yield stress (? ) for aluminium, mild steel and brass. The both ends of the cylindrical specimen are tightened to hexagonal sockets, which one is fixed to a torque shaft and another is fixed to an input shaft.By turning the input handwheel, the twisting moment has applied to produce the torque until the specimen fails. In the end of the experiment, it shows that the comparison of the behaviour of ductile and brittle materials under torsion. 1. 0 Introduction The responses of metals were deal by mechanical testing to applied forces. This testing includes torsion, tension, hardness, fatigue, creep a nd stress rupture, and impact tests. Torsion occurs when any shaft is subjected to a torque. The torque causes the shaft to twist. This makes one of the ends to rotate relative to the other; shear stress is induced on any cross section.Besides that, torsion testing is made on materials to determine modulus of elasticity in shear, torsion yield strength and the modulus of ruptures. The shearing stress at any point on a transverse cross section varies directly proportional as the distance from the centre of the shaft, when a simple circular solid shaft is twisted. Therefore, during twisting, the cross section is initially planar remains a plane and rotates only about the axis of the shaft. 2. 0 Experiment Design Figure 7: 360 degree protractor scale Figure 6: Three specimen mild steel (top), brass (middle), and aluminium (bottom) after experiment.Figure 5: Three specimen mild steel (top), brass (middle), and aluminium (bottom) before experiment. Figure 2: Torque meter Figure 3: Deflec tion arm, dial gauge, levelling handwheel and linear potential meter Figure 4: Input handwheel with 6 degree protractor scale Figure 1: Torsion testing machine 2. 1 Apparatus There were only few apparatus and materials involved in this experiment, such as: 1) 3 pieces of specimens (Aluminium, brass and mild steel) 2) Vernier Caliper 3) Torsion Testing Equipment 2. 2 Methods Firstly the apparatus was set up as shown in Figure 1.The torque meter was switched on to allow the reading appear on the screen which connected to the torsion testing machine. Three specimens was carried out, mild steel, brass and aluminium. Each specimen was placed at the hexagonal sockets and it was tightened with the deflection arm. The handwheel was turn 90 degree each time to take the reading for angle of twist from the 360 protractor scale and torque from the torque meter of each specimen. Therefore, 12 readings were taken and evenly distributed. After taking the 12 readings, the handwheel was continuously turned until the specimen was fracture.By the time the specimen was fractured, this shows that the maximum torque and the maximum angle of twist of the specimen. All the readings were recorded in a table form and calculations were done using the equations shown at section Results and Discussion. 2. 3 Procedure 1. The specimen as shown in figure 2 below was used for testing. The mild steel specimen was mounted on the torsion testing machine at position no. 4. 2. It was made sure that on the specimen there was no preload. Before starting the experiment, the hand wheel at the input of the worm gear was turned when necessary until the read out of the amplifier is zero.There was still zero error on the amplifier. 3. Both the indicators at the input and output shaft of the worm gear was set to zero. 4. The dial gauge of the compensation unit was set to zero. 5. The revolution counter was reset. 6. The hand wheel was turned through 90 ° and the Scale Reading at Worm gear input was recor ded in revolution(degrees) and the torque value was recorded in digital torque meter(6). 3. 0 Results and Discussion T/J = ? /R = G? /L Torsion equation TJ= G? L G=TLJ? ?=? d^432 Where T = Torque applied, Nm G = shear modulus, N/mm2 J = Polar moment of inertia, mm2 ? = Angle of twist, radianL = Gauge Length, mm ? = shear stress, N/mm2 r = radius of the cylindrical bar, mm J=? d432=? (5)432=61. 36mm2 1) For mild steel, for example using point (7. 25, 17) G=TLJ? =7. 25(115)61. 36 0. 2974=45. 80N/mm2 ?=TRJ=7. 25(2. 5)61. 36=0. 295N/mm2 For brass, for example using point (5. 85, 17) G=TLJ? =5. 85(115)61. 36(0. 297)=36. 95N/mm2 ?=TRJ=5. 85(2. 5)61. 36=0. 238N/mm2 2) Torsional rigidity is ratio of torque applied about the centroidal axis of a bar at one end of the bar to the resulting torsional angle, when other end is held fixed means torsional rigidity =torqueangle For mild steel, Torsional rigidity = 7. 2517=0. 26 For brass, Torsional rigidity = 5. 8517=0. 344 Therefore, torsional rigi dity of mild steel is higher than brass. 3) Specimen: Mild Steel Scale Reading at Worm gear input in Revolution (degrees)| Angle of Twist of Specimen (col. 1/62)| Torque (N. m)| 90| 0| 0. 05| 180| 0| 0. 05| 270| 2| 0. 05| 360| 4| 0. 05| 450| 5| 0. 10| 540| 8| 0. 10| 630| 9| 0. 10| 720| 10| 0. 35| 810| 11| 1. 25| 900| 12| 2. 85| 990| 14| 5. 00| 1080| 17| 7. 25| Until fracture| 4092| 21. 05| Specimen: Brass Scale Reading at Worm gear input in Revolution (degrees)| Angle of Twist of Specimen (col. 1/62)| Torque (N. m)| 90| 1| 0. 05| 180| 4| 0. 5| 270| 5| 0. 15| 360| 6| 0. 55| 450| 7| 1. 00| 540| 8| 1. 80| 630| 9| 2. 80| 720| 11| 3. 95| 810| 14| 4. 95| 900| 15| 5. 55| 990| 16| 5. 80| 1080| 17| 5. 85| Until fracture| 1047| 14. 50| Specimen: Aluminium Scale Reading at Worm gear input in Revolution (degrees)| Angle of Twist of Specimen (col. 1/62)| Torque (N. m)| 90| 1| 0. 05| 180| 2| 0. 15| 270| 4| 0. 20| 360| 6| 0. 30| 450| 8| 0. 45| 540| 9| 0. 85| 630| 10| 1. 40| 720| 11| 2. 30| 810| 13 | 3. 20| 900| 15| 4. 20| 990| 17| 5. 25| 1080| 18| 6. 35| Until fracture| 311| 13. 50| Graph of torque against angle of twist of specimen (mild steel, brass and aluminium) ) Ductility is ability to deform under tensile stress when subject to stress; brittle materials absorb relatively little energy power to fracture. For ductile material, it will produce fracture surface along the plane of the maximum shear stress. For brittle material, the fracture plane is normal to the directions of tensile stress. Mild steel is the most ductile compared to brass and aluminium. Therefore, torque is the highest in mild steel. Aluminium is the most brittle compared to mild steel and brass. Therefore, torque is the lowest in aluminium. 5) Cast iron fractures more easily than mild steel.Mild steel need more revolution at the worm gear input to fracture the specimen. This is because cast iron is more brittle than mild steel, it is loss ductile. Cast iron has high carbon content causing it to be very b rittle and is weak in tension. 4. 0 Error Analysis From the results we obtained, there was a certain error happened. Firstly, the input handwheel with 6 degree protractor scale and the 360 degree protractor scale was not pointing at the zero reading. Thus, this causes zero error in the reading. Secondly, the deflection arm and levelling handwheel was tightened up with the specimen in between the shaft.However, the specimen was not really tight, which the specimen was not really sustained in the place, whereas it still turned while the handwheel was turning and the torque of the specimen was not accurate. Therefore, the readings obtained might deviate from the correct one. 5. 0 Conclusion and Recommendation To conclude, ductile materials have higher torsional rigidity, modulus of rigidity and shear yield stress and it fractures at higher value of angle of twist, whereas brittle materials have lower torsional rigidity, modulus of rigidity and shear yield stress and it fractures at low er value of angle of twist.In this experiment, it shows that mild steel is the most ductile material while aluminium is the most brittle material compared to mild steel and brass. To improve the results, it is important to keep the diameter constant and vary the length of the material to find the mean value so it is more accurate and the zero error is eliminated to find the actual value. The torsion testing machine should be changed, as it is old and less accurate. 6. 0 References 1) â€Å"Laboratory Handbook†, Taylor’s University, 2012/2013. ) J. L. Meriam and L. G. Kraige, 2006, Engineering Mechanics Statics. 6th Ed. 3) http://www. scribd. com/doc/136565/Mechanics-of-Materials-Torsion-Test 4) http://www. ce. siue. edu/330L/Lab%20Help%20Desk/Metal%20Torsion%20Test/Metal%20Torsion. pdf 5) http://www. scribd. com/doc/50848950/4/TORSION-TEST-ON-MILD-STEEL-ROD 6) http://eng. sut. ac. th/metal/images/stories/pdf/Lab_4Torsion_Eng. pdf 7) http://encyclopedia2. thefreediction ary. com/torsional+rigidity

Compare the Similarities and Differences in Using the 1st...

ompare the similarities and differences in using the 1st person narrative approach in ‘The Lammas Hireling’ and ‘The Deliverer’. In your answer you should consider the following: †¢ The poets’ development of themes †¢ The poets’ use of language and imagery †¢ The use of other poetic techniques. Both Duhig and Doshi explore the use of a first person narrative in ‘The Lammas Hireling’, and ‘The Deliverer’. This exploration of the narrative technique has allowed both poets to develop ongoing personal themes, each accompanying a sense of sadness and moral injustice. In ‘The Deliverer’, the poet takes advantage of the first person point of view, as it serves to develop ongoing themes of infanticide in Indian Society. This technique of first†¦show more content†¦However, In ‘The Lammas Hireling’, the poet takes advantage of the first person point of view, as it’s fable- like form allows ongoing themes of fantasy and strong emotion to develop. This technique of first person immediately acts as a hook for any reader, as the direct account in the form of a memory, allows for a raw psychological depth to be added to the stanzas. This truthful account of the first person narrative is thoroughly successful, as it allows us to see and understand the graphic imagery produced by the narrator- therefore presenting the reader with a vivid insight into the fascinating and intricate world of the narrators mind. However, rather than through vocabulary- Doshi is able to use the first person narrative to further enforce the complex relationship with the narrator and their mother, who is the ‘deliverer’. The very much bland tone and basic language, full of simple sentences, is lacking description on the whole, which only adds to the dull, thudding rhythm of the poem. This rhythm is highlighted with the single syllable verbs that â€Å"thud† through the stanzas, creating a harsh and unforgiving impact on the sentences. This constantly