Fire Prevention and the Federal Government Essay Example for Free

Fire Prevention and the Federal Government Essay Many government agencies make fire prevention as part of their mission. America has the highest fire death rate is the highest in the world. Fires kill 3,700 and injure over 20,000 people each year. Property loss is about $11 billion per year. The United States Fire Administration (USFA) has helped to reduce fire deaths by half. They have contributed to fire prevention and suppression more than any other government agency. In 1974, Congress established the United States Fire Administration . Their mission is to provide national leadership to local fire and emergency services. It is a division of the Federal Emergency Management Agency (FEMA). FEMA became part of the Department of Homeland Security on March 1, 2003. Their mission is to â€Å"reduce the loss of life and property and protect the Nation from all hazards, including natural disasters, acts of terrorism, and other man-made disasters† (â€Å"About USFA†, n. d. ). The Department of Homeland Security was formed after the September 11, 2001 terrorist attacks. Their primary mission is to protect the country from terrorism. Since the USFA was created for the sole purpose of the prevention, preparedness, and response to fires and other emergencies, it has contributed the most to the cause. â€Å"America’s fire death rate is one of the highest per capita in the industrialized world† (â€Å"About USFA†, n. d. ). Thus, it is still an improvement since more than twenty years ago. In 1971, 12,000 people and 250 firefighters died as a result of fires. USFA continues to make our communities and society safer today. Reference U. S. Fire Administration. About the U. S. Fire Administration. Retrieved August 3, 2008 from http://www. usfa. dhs. gov.

Working Capital Versus Capital Expenditure Management Finance Essay

Working Capital Versus Capital Expenditure Management Finance Essay The purpose of this research is to investigate the impact of firms capital expenditure on their working capital management. Net Liquidity Balance and Working Capital Requirement for determination of working capital requirement and developed multiple regression models. The empirical research found that organisations capital expenditure has a significant impact on working capital management. The study also found that the firms operating cash flow, which was recognized as a control variable, has a significant relationship with working capital management. Capital forecasting in a downturn environment where change is rapid. Incorporating dynamic forecasting to measure the impact of key uncertainties and risks on the portfolio of projects is crucial. The findings increase the knowledge base of working capital management and will help companies manage working capital efficiently in growing conditions associated with capital expenditure. 1.1 Working capital for accountants, investors and managers is the short-term health of a company. Working capital equals current assets minus current liabilities. Current accounts are accounts that the company collects or are due in the next year. Making a capital expenditure will have several effects on the companys working capital, depending on the transaction. However, in certain cases, there may be no impact; it is important to understand why. Corporate finance basically deals with three decisions: A) capital structure decisions, B) capital budgeting decisions, and C) working capital management decisions. Working capital management is a very important component of corporate finance since it affects the profitability and liquidity of a company. It deals with current assets and current liabilities. The decision-making process on the level of different working capital components has become frequent, repetitive, and time-consuming. Working capital management is recognized as an important concern of the financial manager due to many reasons. For one thing, a typical manufacturing firms current assets account for over half of its total assets. For a distribution company, they account for even more. The maintenance of excessive levels of current assets can easily result in a substandard return on a firms investment. However, firms with inadequate levels of current assets may incur shortages and have difficulties in smoothly maintaining day-to-day operations. Efficient working capital management involves planning and controlling current assets and current liabilities in a manner that eliminates the risk of inability to meet due short term obligations on one hand and avoids excessive investment in these assets on the other hand. Capital forecasting in a downturn environment where change is rapid. Incorporating dynamic forecasting to measure the impact of key uncertainties and risks on the portfolio of projects is crucial. Analyzing and quantifying the impact of risks and delays at project and portfolio level. Governance and control over capital expenditures, Portfolio prioritization. Determining the optimal decision making level for capital allocation decision (corporate level vs business unit level vs hybrid model). 1.2 Working Capital Estimates The analysis includes estimates of all investments required for a project. The project may require increases (or decreases) in cash, accounts receivable, accounts payable, or inventory. 2.1 Capital expenditure Whenever we make an expenditure that generates a cash flow benefit for more than one year, this is a capital expenditure. Examples include the purchase of new equipment, expansion of production facilities, buying another company, acquiring new technologies, launching a research development program, etc., etc., etc. Capital expenditures often involve large cash outlays with major implications on the future values of the company. Additionally, once we commit to making a capital expenditure it is sometimes difficult to back-out. It has been found that managers spend a considerable time on day-today working of capital decisions since current assets are short-lived investments that are continually being converted into other asset types (Rao, 1989). In the case of current liabilities, the firm is responsible for paying obligations mentioned under current liabilities on a timely basis. Liquidity for the on-going firm is reliant, rather, on the operating cash flows generated by the firms assets. Corporations are looking for new ways to stimulate growth, improve financial performance, and reduce risk in todays challenging economic climate. Funds tied up in working capital can be seen as hidden reserves that can be used to fund growth strategies, such as capital expansion. Cash flows locked in stock and receivables can be freed up by understanding the determinants of working capital. Many organizations that have earned profits over the years have shown the efficient management of working capital (WCM). Broadly, industry characteristics, firm-specific characteristics, and the financial environment are recognized as determining factors of both capital expenditure and working capital. In addition to the growth, leverage, and the size of a company, type, and size of expenditures, such as finance and operating and capital expenditures, have different impacts on capital expenditure and working capital. 2.2 Portfolio Approach in Capital Budgeting Portfolio approach to achieve capital efficiency and organisational alignment can yield immediate positive cash-flow results for companies. Typically companies view capital expenditures through a cost and benefits filter that focuses largely on ROI and IRR type measures. Whilst these measures are relevant, companies that do so often do not necessarily link these to the strategy of the company. They also do not prioritise capital expenditures in terms of their effect on strategy and shareholder value. We believe that by using a portfolio approach companies could: à ¢Ã¢â€š ¬Ã‚ ¢ Increase returns on invested capital by understanding which projects contribute most to shareholder value and lie on the project efficiency frontier à ¢Ã¢â€š ¬Ã‚ ¢ Have a holistic portfolio view of the return of the capital of the entire company à ¢Ã¢â€š ¬Ã‚ ¢ Improve the strategic and organizational alignment of projects à ¢Ã¢â€š ¬Ã‚ ¢ Make informed decisions on where to invest scarce cash resources. 2.3 Capital Budgeting Decisions: Stage 1: Decision Analysis Decision-making is increasingly more complex today because of uncertainty. Additionally, most capital projects will involve numerous variables and possible outcomes. For example, estimating cash flows associated with a project involves working capital requirements, project risk, tax considerations, expected rates of inflation, and disposal values. We have to understand existing markets to forecast project revenues, assess competitive impacts of the project, and determine the life cycle of the project. If our capital project involves production, we have to understand operating costs, additional overheads, capacity utilization, and start-up costs. Consequently, we can not manage capital projects by simply looking at the numbers; i.e. discounted cash flows. We must look at the entire decision and assess all relevant variables and outcomes within an analytical hierarchy. This analytical hierarchy is known as the Multiple Attribute Decision Model (MADM). Multiple attributes are involved in capital projects and each determinant in the decision needs to be weighed differently and their relationship with each other determined. Several techniques are available to arrive at a financial decision regarding a capital expenditure project. These include: the net present value method. This method discounts all cash flows to the present using a predetermined minimum acceptable rate of return as the discount rate. If the net present value is positive, the financial return on the project is greater than this minimum acceptable rate and indicates the project is economically acceptable. If the net present value is negative, the project is not acceptable on economic grounds. the internal rate of return method. The internal rate of return is defined as the discount rate that makes the net present value of a project equal to zero. It is the highest rate of interest that a company could incur to obtain funds without losing money on the project. the equivalent annual cost method. When considering alternative proposals, it may be that only costs are involved. In such situations, a choice of alternatives can be made by determining which has the lowest equivalent annual cost. Under this method, capital expenditures are converted to their equivalent annual cost and added to the annual operating costs. Equivalent annual cost is the annual amount that would repay the capital over the life of the project at a specified discount rate. It is similar to an annual, level repayment schedule for a mortgage. The alternative with the lowest total cost would be the most attractive (ignoring intangibles). the payback method. This method estimates the time taken to recover the original investment outlay. The estimated net cash flows from a proposal for each year are added until they total the original investment. The time required to recoup the investment is called the payback period. Projects with a shorter payback period are preferred to those with longer periods. the discounted payback method. The discounted payback period is the number of years for which cash inflows are required to (a) recover the amount of the investment and also (b) earn the required rate of return on the investment during that period. In this method, each years cash inflow is discounted at the required rate of return, and these present values are cumulated by year until, their sum equals, the amount invested. Projects with a shorter discounted payback period are preferable to those with longer periods. the accounting rate of return method. The accounting rate of return is a measure of the average annual income after tax over the life of a project divided by the initial investment or the average investment required to generate the income. It is important to note that this method assesses net income and not cash flows which are used in the other methods. Stage 2: Option pricing In financial management, consideration of options within capital budgeting is called contingent claims analysis or option pricing. For example, suppose you have a choice between two boiler units for your factory. Boiler A uses oil and Boiler B can use either oil or natural gas. Based on traditional approaches to capital budgeting, the least costs boiler was selected for purchase, namely Boiler A. However, if we consider option pricing Boiler B may be the best choice because we have a choice or option on what fuel we can use. Suppose we expect rising oil prices in the next five years. This will result in higher operating costs for Boiler A, but Boiler B can switch to a second fuel to better control operating costs. Consequently, we want to assess the options of capital projects. Stage3: Discounted Cash Flow (DCF) Discounting refers to taking a future amount and finding its value today. Future values differ from present values because of the time value of money. Financial management recognizes the time value of money because: Inflation reduces values over time; i.e. Rs.1, 000 today will have less value five years from now due to rising prices (inflation). Uncertainty in the future; i.e. we think we will receive Rs. 1,000 five years from now, but a lot can happen over the next five years. Opportunity Costs of money; Rs. 1,000 today is worth more to us than five years from now because we can invest Rs 1,000 today and earn a return. 3.1 Quantitative Analysis and Estimates : The foundations for good capital planning are reliable forecasts of the following parameters like competitive technology, marketing opportunities, likely actions by competitors and governments, sales volumes, selling prices, operating costs, changes in working capital, taxes payable and capital costs of equipment. Effective management of capital expenditure decisions, therefore, requires that controls be designed and operated to ensure that projections are realistic at the time decisions are made. Reliable estimates and forecasts are vital to the capital investment decision. The degree of precision necessary for the estimates related to the capital expenditure decision depends on: the stage of evaluation of the project (i.e., in early stages less precision is needed), the sensitivity of the projects economics to the level of accuracy and timing of each of the elements within the estimates, and the similarity of the project to others already undertaken. 3.2 Planning Horizon of a project: It is often difficult to estimate the life of a project (i.e., its planning horizon). The criterion is the continued ability to generate satisfactory cash flows or other intangible benefits. The economic life of a project is the lesser of its physical life, technological life or product-market life. Physical Life of Project Technical life of the Project Market life of the product to be manufactured depends upon: Detailed Market Research/Study Competitive Factors Price Estimation and Determination Organisation Market Position Maintenance Property related costs Depreciation Plant Administration, Service Department Costs 4.1 Research Objectives Overall objective. The overall objective of this research study is to investigate capital expenditure on a project and consequently working capital requirement and there relationship. Working capital measured in terms of net liquidity balance and working capital requirement (WCR). Specific objectives. are to à ¢Ã¢â€š ¬Ã‚ ¢ Investigate whether there is a relationship and type of relationship between capital expenditure and the firms working capital (W.C.). à ¢Ã¢â€š ¬Ã‚ ¢ Describe the relationship between the nature of expenditure and the working capital. To investigate the impact of different factors affecting the working capital on net liquidity balance and working capital requirement. à ¢Ã¢â€š ¬Ã‚ ¢ Investigate the existing literature on working capital management to highlight the recent trends. à ¢Ã¢â€š ¬Ã‚ ¢ Understand the applicability of NLB and WCR as a measure of working capital management. à ¢Ã¢â€š ¬Ã‚ ¢ Investigate the relationship between corporate performance and working capital management. 4.2 Literature Review The chief financial officers of most companies spend most of their time and effort on day-today working capital management. Still, due to the inability of financial managers to properly plan and control the current assets and current liabilities of their companies, the failure of a large number of businesses can be attributed to the inefficient working capital management. Working capital is the most crucial input and the success or failure of an organization can be rightly attributed to the quality and efficiency in the management of working capital (WC) or net current assets (NCA). Account receivable management models and inventory management models were used in approximately 65 % of companies. The management of the working capital, stresses the need for the development of a viable system with the dual finance goals of profitability and liquidity, only such models will assist practicing financial managers in their day-to-day decision-making. Over the years, many researchers have focused on determining the optimal level of each component of working capital. It was found that the working capital literature is rather limited and that the management of short term resources is not understood too well. Thus, the consensus in academia seems to recognize the paucity of theory concerning the management of financial resources due to the inherent difficulties in the development of a working capital decision model, while accepting the normative needs for a more critical examination. The tendency of firms with low levels of current ratios to have low levels of current liabilities. 5.1 Methodology The purpose of this paper is to contribute to a very important aspect of financial management known as working capital management. The study will show the relationship of capital expenditure on firms working capital management and its impact. This chapter of the research deals with the analytical framework of data analysis, which describes the firms and variables included in the study, the distribution patterns of data, and applied statistical techniques in investigating the relationship between working capital management and capital expenditure. 6.1 Data Collection Since the study is based on financial data, the main source of data was financial statements, such as income statements, balance sheets, and cash flow statements of listed companies for the period from 2000 to 2005. The reason for restricting the time period to six years was that the latest data for the study was available for these years. In addition, annual reports of companies have been used in order to understand the company back ground and industry. 6.2 Sample Selection The study uses secondary data of listed companies in the stock exchange. Companies with missing data are excluded from the study. The study also excludes the financial and securities sector companies, as their financial characteristics and use of leverage are substantially different from other manufacturing companies. The working capital requirements and capital expenditure of a manufacturing organization is widely different from trading, financial and securities sector companies. 6.3 Variables In addition to identifying capital expenditure, the study undertakes the issue of identifying all factors that affect the working capital management. Most of the determinants identified in the investigation have been taken from the existing literature on working capital management. The study takes into account of all the variables discussed below. Variables, which include dependent, independent, and control variables, have been used to investigate the test hypothesis. 6.4 Independent Variables Capital expenditure (CAPEX) is identified as one of the independent variables and includes expenditures incurred by firms for acquisition and upgrading/renovating physical assets, such as land, buildings, machinery, vehicles, and equipments. Capital expenditures are added to assets account and depreciated against profits over their economic life as Deferred Revenue expenditure( DEFEREX). Capital expenditure is incurred by a company when buying new, fixed assets or in adding value to existing assets to increase their economic lives. Capital expenditure includes buying the value of assets, carriage inwards, insurance, legal costs, and all costs needed for acquiring assets ready for use. Managers pay careful attention to capital expenditure decisions, since they are very costly and irreversible. Operating expenditure (OPEX) is the cost of ongoing operations, product or system. Unlike CAPEX, firms meet OPEX continuously. Operating expenditures are written off against profit for the period. They are Revenue expenditure (REVEX) which includes salaries, wages and facilities expenses, such as rent, rates, electricity, etc. Finance expenditure (FIEX) is cost incurred on debt capital. Interest incurred on debentures, bank loan and other long term liabilities are recognized as finance expenditures. 6.5 Dependent Variables NLB = (cash and cash equivalents + short-term investment) (short-term debt + commercial paper payable + long-term debt a year term). These are considerations of the financial decisions of a company, regardless of the operation cycle. Thus, it is called as net liquid balance. WCR = (accounts receivable + inventories) (accounts payable + accrued expenses +other payable), which relate to the working cycle and are called working capital requirements. 6.6 Control Variables In addition, firms operating cash flow (OPCASH), extracted cash flow statement, growth (GRO) of the firm measured by sales, leverage measured by total long-term debt capital and divided by equity (D/E). All the above variables have relationships that affect working capital management. These relationships might vary over variables, companies and industries based on business strategy, economic environment, and financial environment. 7.1 Hypotheses Development Working capital management is traditionally rated by current ratio, quick ratio, and net working capital. According to Shulman and Cox (1985), these traditional ratios dont consider the going concern of the company and net working capital does not measure the correct value of liquidity. They classify net working capital into working capital requirement (WCR) and net liquidity balance (NLB) in order to predict the financial crisis of a company. WCR is measured in order to evaluate the management of working capital, and NLB is considered with the capability of raising and allocating capital respectively. NLB is better than traditional indicators in terms of predicting crisis and liquidity of a company. The basic purpose of this study on working capital management to evaluate the impact of capital expenditure on working capital. Thus, this study will categorize expenditure of a firm into three types: a) Operating expenditure, b) Capital (investment) expenditure, and c) Finance expenditure. However, except capital expenditure, operating and finance expenditures will be considered on accrual basis, not on the cash basis, because incurred expenditure will determine working capital management of the company. When a company has growth opportunities, it needs to acquire fixed assts (pay capital expenditure) relevant to future growth plans. Thus, incurred or expected capital expenditure is positively correlated with NLB. With growth opportunity, a company can increase the holding cash, since it manages working capital efficiently. Under such circumstances, terms to pay operation-related liabilities are lengthened and operation-related receivables can be accelerated in collection, causing less demand on working capital. Expected capital expenditure is negatively related to WCR, and firms with a higher growth rate pay more attention on the management of capital expenditure. Hypotheses A- Capital expenditure is positively related to NLB Hypotheses B- Capital expenditure is negatively related to WCR 8.1 Model Specification This study uses panel data regression analysis of cross-sectional in order to test the hypothesis. A use the pooled regression type of panel data analysis. The pooled regression, which is also called the constant coefficients model, is one in which both intercepts and slopes are constant, where the cross section from a data and time series data are pooled together in a single column, assuming that there are no significant cross section or temporal effects. The general forms of our models are:t NLB Decrease in WCR H1a= NLBit = ÃŽÂ ²0 + ÃŽÂ £ ÃŽÂ ² X + ÃŽÂ µ (1) H1b= WCRit = ÃŽÂ ²0 + ÃŽÂ £ ÃŽÂ ² X + ÃŽÂ µ (2) WCR: working capital requirement of firm I at time t; i = 1, 2,à ¢Ã¢â€š ¬Ã‚ ¦..no. of firms NLB it: net liquidity balance of firm i at time t; i = 1, 2,à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.no. of firms ÃŽÂ ²0: the intercept of equation ÃŽÂ ²i: coefficients of X it variables X it: the different independent variables for working capital management of firm i at time t t: time = 1, 2,à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦,6 years. ÃŽÂ µ: the error term Specifically, when I convert the above general least squares model into my specified NLBi = ÃŽÂ ² OPEXi + ÃŽÂ ² FIEXi + ÃŽÂ ² CAEXi + ÃŽÂ ² M/Bi+ ÃŽÂ ² Gti + ÃŽÂ ² D/Ei + ÃŽÂ ² OCASH + ÃŽÂ µ (3) WCRi = ÃŽÂ ² OPEXi + ÃŽÂ ² FIEXi+ ÃŽÂ ² CAEXi + ÃŽÂ ² M/Bi+ ÃŽÂ ² Gti + ÃŽÂ ² D/Ei + ÃŽÂ ² OCASH + ÃŽÂ µ (4) Where: NLB = (cash cash equivalents + short term investments) (short term debt + commercial paper payable + Long term debt year term) WCR = (accounts receivable + inventories) (accounts payable + other payable). WCR equals net working capital NLB. ÃŽÂ ² = coefficient of regression, OPEX = operating expenditure FIEX = financial expenditure CAEX= capital expenditure M/B = market to book value ratio D/E = total debt to total assets Gt = sales growth OCASH = operating cash flow in firm ÃŽÂ µ = the error term These findings are consistent with hypothesis H1b. Operating expenditure and interest expenditure also have a positive significant relationship with working capital requirement. 9.1 Conclusions and Recommendations Working capital management attracts less attention of the management than capital budget and expenditure, capital structure in financial management in the ordinary course of business. Working capital management relates to the findings of sources of short term finance and investments in short term assets. Working capital management deals with profitability and the risk of the company. Inefficient working capital management results in over investment in working capital and reduces the profitability of the firm. On the other hand, inefficient management of working capital leads to an insufficient amount of working capital and results in financial difficulty, putting the company at risk. The optimal level of working capital, which is a trade off between risk and profitability, can be affected by both internal organizational characteristics and various outside factors. Existing literature has paid little attention to many factors that determine the working capital. This research investigated some of the factors such as capital expenditure, operating expenditure, finance expenditure, leverage, performance and operating cash flow. This research paper uses NLB and WCR as proxies for working capital in order to assess working capital management with capital expenditure and other influencing factors. Empirical results show that capital expenditure has a significant effect on working capital management. This finding will help a companys management manage working capital efficiently. The findings can be used as a benchmark for managing working capital and evaluating performance. Through this paper it was able to find out that operating cash flow has a significant impact on a companys working capital management, consistent with conclusions in previous research/literature. By conducting the same study on each business sector separately, managers can understand specific behavior of a companys working capital in relationship with capital expenditure. Since the model is a general model, it might not be able to be applied or might not give the same findings in specific business sectors. Moreover, further research can be conducted on the same topic in different countries. Working capital management policies can be compared between developing and developed countries in order to determine the correct management policies. 14) Capital expenditure decisions are very crucial and not easily reversible. Substantial amount of money is blocked in capital expenditure decisions. Hence such decisions have to be taken very carefully with a lot of deliberations.

The Degradation of Communication on the Internet Essays -- Communicati

The Degradation of Communication on the Internet Talking on the Internet, people regress. It's that simple. It can be one-to-one talk on e-mail or many-to-many talk on one of the LISTs or newsgroups. People regress, expressing sex and aggression as they never would face to face. Think about it. Current estimates say 23 million people communicate on the Internet from most of the nations on the globe, and that number is increasing at 12% a month. And all this just grew like Topsy, with no one planning or controlling it. Here is one of the extraordinary technological achievements, one of the great _human_ achievements, of our century. But _homo sapiens_ reverts to primitive, childish behavior. Why? There are three major signs or, if you will, symptoms of this regression. The one Internet primitivism that everybody talks about is "flaming," flying into a typewritten rage at some perceived slight or blunder. "Everywhere I went in the newsgroups," writes John Seabrook in _The New Yorker_, "I found flames, and fear of flames" (1994, 70). No wonder. Seabrook had written a friendly piece on Bill Gates, the powerful president of Microsoft. In the "profile," he made a point of the way he and Gates conducted their interview on e-mail. This is what appeared on Seabrook's screen (courtesy of a certain computer columnist): Crave THIS, asshole: Listen, you toadying dipshit scumbag . . . remove your head from your rectum long enough to look around and notice that real reporters don't fawn over their subjects, pretend that their subjects are making some sort of special contact with them, or, worse, curry favor by TELLING their subjects how great the ass- licking profile is going to turn out and then brag in print about doing it... ...m.nerdc.ufl.edu_ 31 May 1994. Span, Paula. "The On-line Mystique." _Washington Post Magazine_ 27 Feb. 1994, W11. Sproull, Lee, and Sara Kiesler. _Connections: New Ways of Working in the Networked Organization_. Cambridge MA: MIT P, 1991. Turkle, Sherry. _The Second Self: Computers and the Human Spirit_. New York: Simon and Schuster, 1984. Walker, Donna. Letter. _Washington Post Magazine_ 17 Apr. 1994, W3. Waterton, J. J., and J. C. Duffy. "A Comparison of Computer Interviewing Techniques and Traditional Methods in the Collection of Self-report Alcohol Consumption Data in a Field Study." _International Statistical Review_ 52 (1984): 173-82. Weizenbaum, Joseph. _Computer Power and Human Reason: From Judgment to Calculation_. San Francisco: W. H. Freeman, 1976. Wright, Robert. "Journey Through Cyberspace." _Ottawa Citizen_ 18 Sep. 1993, B4.

2001: A Space Odyssey :: 2001

2001: A Space Odyssey      Ã‚  Ã‚  Ã‚  Ã‚   Three million B.C. The gunpowder for a smashing evolutionary hit was amassing for a long time, but the necessary spark came from an outside help, which soon set the whole world ablaze. From this heated inferno, came the most proficient species ever to grace the planet. And now man has to be prepared for what comes next. Arthur C. Clarke skillfully proves the point that 'truth is stranger than fiction' in his remarkable book - 2001: A Space Odyssey. He also carefully examines the point that in spite of their intelligence and curious mind, humans lack the capacity to be a complete species on their own. Without the assistance of concerned alien species humans would never had climbed the evolutionary ladder. Devoid of the outside help they wouldn't had escaped their self made prison, explored the enormity of the universe and known their place in it.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚   If earth were a field and evolution a farmer then the leading and the healthiest crop in his field would be the human or homo sapiens. But this human race would never had flourished into an above average species without assistance from outer space friends. The aliens initialized the primary phase of the advancement process about three million years ago. They did this by means of a monolith, planted on earth on a fateful night. The monolith probed the ape-man's (Austrapethicas Erectus) mind, studied their reactions and finally evaluated their potential. By carefully conducted experiments the monolith altered the molecular makeup of the ape-man's brain making them smarter and providing them with the necessary skills needed to survive in the hostile world. The ape-man changed its shape and size evolving into a new and improved species. It was a slow, cumulative process, and at its end was man.   Therefore, without the assistance of helpful extra terres trial friends, ape-man would never had developed the dexterity to compete for life sustaining rations with rival species and would probably had suffered the same fate as the overgrown lizards. But evolutions success story has constructed tools that have become too hard for even him to handle.   Ã‚  Ã‚  Ã‚  Ã‚   After centuries of enhancement, humans were transformed into a leading species, but he gradually turned into a plant that wraps around another plant for support and survival needs.

Internet Essay: Internet Censorship -- Argumentative Persuasive Topics

Internet Censorship When I was in elementary school, I thought girls could give me some dreadful disease. I stayed away from girls because they gave me "cooties". After school, I would go fishing at a nearby stream, ride my skate board, or study only if mandated by my parents. The closest I came to technology was watching the "Little Rascals" on TV. Today, computers and the Internet offers a cyberspace playground for kids. Kids stay up past their bed time playing with their computer or surfing the Internet. The Internet provides entertainment and education for millions of people worldwide. The Internet will have the most dramatic effect on mankind since the industrial revolution. Through the Internet, people can send electronic mail, exchange files, and publish through the world-wide web (WWW), materials that traditionally appeared in journals, magazines, posters, books, television, and film. Information can be searched globally and retrieved in a matter of seconds by the use of Internet "search engines". Every technological advancement of mankind ...

La Grande Odalisque Essay

Jean Auguste Dominique Ingres was born on August 28th, 1780. He became one of Jacques-Louis David’s most famous and successful students. During Ingres time working with David, and eventually turning away from him, he became a part of the Neo-Classicism movement; leaving behind, but not forgetting the Romanticism methods. Neo-Classicism is the 18th century restoration of tradition principles which lead Ingres to be one of the most famous draftsmen. Ingres was an extremely precise and talented man of his time and was most famous for his portraits; especially his portraits of female nudes. In the year 1814, Ingres created one of his most famed masterpieces, La Grande Odalisque. It was created in Paris and still remains there in the museum by the name of The Musà ©e du Loure. The painting is well-known for its subject of fantasy and eroticism; she was a passive, mysterious and an unknown being to the Western world, which made her audience long for answers. Throughout Ingres life he created many pieces of work. In his well ahead years, Ingres continued to paint and surprise his faultfinders. He eventually ended up on top, being viewed as â€Å"one of the greatest living artists in France† during that time. (Rifkin 15) He left behind many fans but no apprentices to carry on the Neoclassicism heritage. Ingres painted many historical, mythological, and religious subjects; however, he is probably most respected for his portraits and female nudes. Ingres’s style highlights skilful formations, along with smoothly painted surfaces, and very thorough drawings. â€Å"In 1814, he created one of his many famous masterpieces, Grande Odalisque. It is 91 cm in height and 162 cm in length (35.8 Ãâ€" 63.8 in).† (Peirce 50) It is an oil painting on canvas, with a subject of make-believe and sexuality. The painting was commissioned by Queen Caroline Murat of Naples, Napoleon’s sister. It was painted in the Neoclassicism movem ent in Paris, along with many of his other works. This one in particular is of a nude female, who transpires to be an odalisque. â€Å"An odalisque was a female slave in an Ottoman seraglio, especially the Imperial Harem of the sultan.† (Peirce 54) La Grande Odalisque was formed by Ingres using some of David’s ideas and creating a female nude, in a bizarre and unfamiliar way. To the Western world she was nothing like they’d ever seen before, which caused confusion but a desire to want to know everything about her; â€Å"In the mind of an early 19th century French male viewer, the sort of person for whom this image was made, the odalisque would have conjured up not just a harem slave, itself a misconception, but a set forth fears and desires.† (Shelton 75) This was mainly because of the way in which Europe considered Islamic Asia; they viewed the people there as unique, barren and careless. To observers she was located in an almost make-believe world, much like how Western culture viewed the Eastern side o f the world; fantasized. At the time it was ignominious for its physical wrongness; in specific, â€Å"the nude female was thought to have three lumbar vertebrae too many†. (Shelton 78) It was an opinion stressed by art critics, but was never challenged or proven. When it had finally been studied, they found something out of the regular, â€Å"we measured the length of the back and of the pelvis in human models, expressed the mean values in terms of head height, and transferred them to the painting.† (Peirce 81) The falsification was found to be greater than what had been presumed originally; â€Å"La Grande Odalisque had five, rather than three, further lumbar vertebrae†(Peirce 81). Basically, she is structurally impossible; her pose is one that would be impossible to mimic. Since Ingres combined rationality and realism into his paintings some critics believe the deformation may perhaps exist on purpose and stand for an emotional motive. The way in which the woman’s head is placed and how it the distance it is away from her pelvis suggests, â€Å"the artist may have been marking the gulf between her thoughts and her social role† (Shelton 79) The face of the woman is where the observer’s eyes are drawn. Her expression is secluded, care-free and mysterious; giving her an almost secret filled feel about her. Her role as a harem is not to think of feeling; she is there only for the purpose of pleasure. â€Å"This theme is consistent with the role of women in the nineteenth-century views on female gender roles — â€Å"public women,† i.e., prostitutes, fulfilled a vitally important social role as repositories of male sexual desire.† (Siegfried, Rifkin, Willey 34) Her gaze pulls viewers into her unknown world; captures and traps. The main reason for her existence is to wait upon a man, but not just any man; her husband. With knowing that her husband is the only man to ever see her in this state, the viewer is pulled in and knowing they will never be able to experience her, â€Å"she was part of the sultan harem, she was there to satisfy the carnal pleasures of the sultan, despise what she may feel or want. She reflects a woman ´s deep thoughts, complex emotions and feelings.†(Peirce 48) Her gaze tortures the viewer into looking and makes it difficult to look away. This piece is full of sensuality, mystery and romanticism. The woman is surrounded by a dark background; black with many different shades of blue. Her and her body are really the only aspect of the painting holding any light colours. With this, she stand out to the viewer; making her more striking than ever. Even with her imperfections she is blessed with flawless skin, shoulders, legs, arms and hands. The items nearby her, the peacock fan, the turban, and the pearls suggest an unfamiliar place; an exotic place. At her feet lies a hookah, which may come to the viewers as a shock; it’s not for tobacco but rather opium. The harem may come off to observers as irrational, passive and drugged, which creates more desire to know what she’s about. Is she offering it, or is she just high? That is a question that will never be answered, a question that keeps the viewers’ attention. La Grande Odalisque is what Western society believes a harem would look like. She is of the unknown but in a way that it becomes familiar. Since this is what the Western part of the world imagines and fantasizes about Islamic Asia, it makes them believe they are superior to what’s in front of them. Ingres conveyed his subject of wants and desires by painting La Grande Odalisque, and having the Western part of the world view it; you want what you can’t have. That is one way in looking at it, another is: â€Å"Some art historians have suggested that colonial politics also played a role.† (Shelton 81) Either way, Ingres combined what was happening to the world around him, two places so unfamiliar colliding together, with what the Western world wanted to see; what is actually happening is a completely different story than what one wants to believe is happening. La Grande Odalisque is recognized for its subject of desire for the unknown; her gaze, her pose, and the inferior, yet exotic, items surrounding her are what makes her so incredible to what people consider the norm. She has deficiencies but her overall appearance is perfect; she is nothing like her observers, which makes her that much more wanted; it’s a conflict between La Grande Odalisque and the viewer. Society, even today, is scared of the unfamiliar. We take situations, events and even the little parts in life that we are unsure of and turn it into something that can be confronted, even if it’s not reality; it’s what human beings do to feel safe from what we consider the abnormal. What makes this painting so unique is that people critique the way in which viewers see her, instead of the way she sees us; she is an unacquainted with us, as we are with her.

Natural Disasters and Their Effect on the Macro Economy Essay

Natural Disasters can have both a positive and negative impact on the local, national and the global economy. However it is rare, but not out of the question, to see the positive impact it may have on an economy. For instance, when disaster struck in Haiti from the 7. 3 magnitude earthquake in 2010, between 200,000-250,000 people were killed. That is 2 percent of the total Haitian population of only 10 million. Comparatively New York City alone totals nearly as much as the entire population of Haiti with about 8. 2 million people (U. S. Census Bureau, 2010). The Inter-American Development Bank estimated that it cost 8.5 billion dollars in damage to Haiti’s economy. The earthquake caused the country’s gross domestic product (GDP) to contract 5. 1 percent that year. Considering that Haiti’s economy only produced 12 billion dollars in 2008, 8. 5 billion dollars is a huge deficit to the overall production and functionality of their economic and social growth. That is less than a tenth of a percent of U. S. GDP of 14 trillion dollars, but Haiti’s GDP per capita is only 1,300 dollars compared to over 40,000 dollars per person in the U. S. (CIA. gov). With all of this said, Haiti brought in nearly fifteen billion dollars through donations. So although there was catastrophic and disastrous losses to both the social and economic stimulus, on donations alone, Haiti was able to receive three billion dollars more than even their best year in 2008 with only twelve billion dollars. Proposing a theoretical situation, if an earthquake destroyed capital stock but left the labor force intact, the real rental price of capital would increase. The real rental price equals the marginal product of capital and having less capital stock available raises the marginal product of capital and therefore, raises its real rental price. This situation would also make the labor force larger in relation to available capital. Since this would lead to a declining marginal product of labor as workers have less equipment to use, the real wage would decrease as well. Due to rising world population, climate change, and environmental degradation, natural disasters are increasing in frequency. They are also becoming costlier and deadlier, according to Swiss Re, a reinsurance company; the U. S. suffered a cost of 145 billion dollars in 2004, which was up from 65 billion dollars in 2003. In 2009, natural disasters cost insurers about 110 billion dollars. In 2010, the cost was double that, at 218 billion dollars. So as you can see, in the past 10 years there have been jumps nearly doubling the cost that a country suffers to natural disasters from year to year. According to the World Bank, there are several factors that affect a country’s vulnerability to natural disasters: its geographic size, the type of disaster, the strength and structure of its economy, and prevailing socioeconomic conditions. In a globalized economy, all these factors, as well as others, also play into how the world’s finances will be affected. A common belief is that short-term economic hits after a disaster, even those as large as this year’s earthquake and tsunami in Japan or Hurricane Katrina in the U. S. in 2005 are more than offset by the reconstruction boom that follows. However this is only in countries that are large and rich enough to have short-term stabilization to the immediate economic hit. The nature of the disaster and the size of the victim count in an economy are key when determining whether or not natural disasters have a negative impact on macroeconomic growth. So in a country such as Haiti and their disastrous earthquake, although a lot of money was pumped into the economy in order to help in the rebuilding, that does not do much when they are still in need of the proper man power that can produce new development or ideas for rebuilding the structures that were destroyed. Incidences of natural disasters have increased by 30 percent since the 1960s, and risk-modeling companies have raised the likelihood of a Katrina-like event happening once every 20 years, rather than once every 40 years (SKOUFIAS, 2003). Because of the possibility of large natural disasters happening more often as well as more frequent smaller natural disasters occurring, how will the economy be affected? Especially if before the reconstruction both socially and economically is finished from the original disaster, another strikes in the same area. Another problem that is faced with economic downfalls due to natural disasters is how other countries may view the stability of that country. For example, 75 percent of Haiti’s national income came through the export of retail apparel to the United States. If Haiti were to have any kind of smaller disasters before they can properly rebuild their economic and working communities, then other countries will only see them as a reoccurring high-risk investment and will no longer look to invest in Haiti, only deepening their turmoil from an economic stand point. Droughts cannot be forgotten either. 2010 set records as the hottest year in one of the hottest decades in history. Climate change, exacerbated by the effects of El Nino, sparked off a series of global heat waves. In Pakistan, temperatures rose to 128. 3 degrees Fahrenheit on May 26, the highest temperature seen in Asia. Russia was plagued by a series of wildfires, destroying crops and woodland, and blanketing cities in smog. People across Europe had to be hospitalized for heat strokes and dehydration as air-conditioning failed to bring relief. Asia had one of the most severe droughts across the globe. The drought caused an estimated 3. 5 million dollars in immediate damage, both to agriculture and to the country’s hydroelectric sector. There are also other uncounted losses, but still very real costs from the drought: a drought can lower the overall productivity of land due to erosion and topsoil loss. It can reduce the numbers in livestock herds, which most of Asia relies on for everyday living needs as well as economic income. Before the end of the summer, the death toll would rise into the thousands. 15 million people were evacuated, and over a million homes destroyed. Nearly 34 million acres of crops were affected by floodwaters, with at least two million completely destroyed. By August, direct damage from the floods was estimated at $41 billion. This is something that affected the worldwide agricultural need and demand (PreventionWeb, 2010). Proving the destructive power of natural disasters, even in highly developed nations, Hurricane Katrina crushed the gulf coast. Just east of the Bahamas on August 24, 2005 a small, unlikely tropical depression intensified into a tropical storm which was given the name Katrina. This storm slowly made its way to Florida’s southern coast on the 25th where most experts believed the storm would dissipate. Unfortunately, Katrina’s path took it over the everglades allowing it to maintain its category 1 standing that it had acquired before it first made landfall, then entered the Gulf of Mexico. The warm waters of the Gulf fostered the rapid development of Katrina (Kempler 2010). The above image shows Hurricane Katrina at the height of her power. Estimates had Katrina making landfall as a category 4, but thankfully it weakened a bit and before it rolled in as a strong category 3. Katrina became been responsible for an estimated 1,800 deaths, as well as 100 billion dollars total in damages, of which about 60percent were uninsured losses. Some economists would put the total economic loss at around 250 Billion dollars (Amadeo 2011). That made Katrina the most destructive natural disaster ever to hit the United States. With all of Katrina’s destruction, the short term effects on the economy were very evident. Only one year after the disaster the United States, the economy was back to normal. In the first three quarters of 2006 the United States had GDP growth of 5. 6 percent, some of the most rapid growth in recent years (Herman 2006). Even though the nation as a whole made a quick economic recovery after Katrina, locations that were struck directly, like New Orleans, did not make the turnaround quite as rapidly as hoped. The first few months after Katrina the United States economy went into a downward trend. The GDP growth rate dropped from the 4. 2 percent that it had experienced in the first three quarters to 1. 8 percent in the last quarter of 2005. The reason for this impact goes beyond the destruction of property and the primary economic concern; the loss of goods and production capabilities (Herman 2006). Perhaps the most important resource that the gulf region produces is oil. The gulf makes up about 30 percent of America’s oil production and distribution. The effects of Katrina resulted in the destruction of 113 offshore platforms, and nearly 500 oil and gas pipelines (Amadeo 2011). The loss of this production led to a drastic increase in gas prices soaring to over 4 dollars per gallon. This drastic rise in prices created a panic, and people rushed to the gas stations to fill up before prices rose again, creating massive lines and much talk about the gloomy forecast of economic woes come. The only positive result from the increasing gas prices was when the Federal government opened the strategic petrollium reserves. This increase in gasoline prices surprisingly did not have as much of an impact as speculators feared, other than people’s outlook on the situation. There were some effects.mthough mostly food price centered. The three main goods that saw a notable impact were the prices of bananas, rice and sugar (Leibtag 2006). The primary reason for the increase in the rice and sugar prices is because the Louisiana Mississippi area is responsible for 85 percent of the sugar cane production, and 14 percent of the rice production in the United States (Leibtag 2006). The drastic loss in production from that area was softened by short-run increases in the other producers of those crops. This ability to increase short-run production is a factor that contributes to the resiliancy of free-market economies. Though the nationwide effects were not all that staggering, the effects in New Orleans the months following Katrina were devastating. With 80 percent of the city flooded, hundreds of thousands of people were forced to flee the city of New Orleans, many never to return again (Blackburn 2010). This drastic loss in population coupled with the destruction of approximately 200,000 homes and businesses led New Orleans and the surrounding areas into a dire economic situation. In the first few months after Katrina, Louisiana lost 12 percent of the state’s 214,000 jobs (Herman 2006). One result of the loss of jobs was a drastic raise in mortgage delinquancy rates (Herman 2006). This inability to pay is more than likely a contributing factor to the very low rate of return from people who were forced to evacuate their homes by Katrina. Those that did find the resolve to return to stay were in a desperate situation. New Orleans, whose primary industry is tourism, suffered great losses after the storm. They desperately needed to be able to find a way to bring back the American and foreign tourist in order to fuel the creation for more jobs. The drop in tourism is best reflected by the attendance rates in New Orleans famous Mardi-Gras and Jazz Festivals. Both events had roughly a 30 percent drop in attendance from previous years (A year after Katrina, New Orleans desperately seeking tourists 2006). Part of the reason for the delay in the return of the tourism industry is the mass clean-up that had to take place first. Before anyone could return and maintain normal operations, there was still 118 million cubic yards of debris to be cleaned up.(Amadeo 2011) Thanks to efforts by FEMA, the Red Cross and many church ministries across the country, there was much help to be found. However, despite the efforts of all these groups, New Orleans a year after the incident was still working its way very slowly towards full recovery. With the aid that had come into the city, organizations were able to rebuild infrastructure and make great improvements to both education and government. In fact, post Katrina New Orleans has experienced steady growth in almost every way, including education levels, over the last 6 years as shown by the chart below Though it took about a year for it the effects to show and recovery to really make a strong step forward, the relief money that came into New Orleans and the other areas affected by Hurricane Katrina did what the nation was hoping it would; help restore one of Americas cultural and industrial centers. The economic turnaround in New Orleans shows how an initial investment in the form of government aid, insurance claims, and private donations can improve the economy of an area affected by a natural disaster. If this idea can hold to be true with the most costly natural disaster in American history, it should work with other costly natural disasters as well. Though maybe part of New Orleans success lay in the restructuring of their government and school systems in addition to the monetary support. Though the economy of the areas affected improve without bringing down the rest of the nation’s economy, suffering this type of event might not prove to be true in countries with weaker economies. Also, if a disaster like this was to hit a city like Los Angelas or New York, like Irene almost did, it is still speculator to say if there would be similar results. One thing can be said for certain, America’s ability to maintain long term economic growth despite short term impacts, like Katrina shows the resiliency of America as an economic super-power. Other economic super powers, like Japan, are trying to find this same formula for economic recovery. In the case of Japan’s 9.0 magnitude earthquake on March 11, 2011, the loss of clean water, electricity, infrastructure, production lines, financial institutions, and more than 15,000 lives caused what the Prime Minister of Japan called the â€Å"The most difficult crisis for Japan† since World War II. However difficult it has been, people have been recovering from the loss of loved ones, injury, and the general trauma of the disaster. Perhaps the greatest and most uncertain long term effects brewing are the econ omic impacts on the world market. Many large industries and economic functions have been hurt, causing price inflation in those industries throughout the world. Since March 11, 2011, nations around the world have had to adjust their consumption in accordance with the loss of production in Japan. Several car companies, such as Toyota and Honda, had their production of car parts slowed, and electronics producers experienced the same effects (Syed, 2011). This has been felt worldwide. For example, Toshiba, who produces roughly 30 percent of the world’s computer chips that store data in smart phones, cameras, and laptops, closed down several factories due to economic losses and physical damages. Events like this are what caused the average price of a chip with eight gigabytes of memory to rise from 7. 30 dollars to around 10 dollars just three days after the earthquake and tsunami struck (Helft, 2011). Obviously, the price of computer chips is not the only price that has risen. Because computer chips are more expensive, new phones, laptops, televisions, cars, cameras, electronic billboards, and complex machinery will have a rise in price to cover the cost of parts and production. This effect will be felt for months, and maybe even years in an already instable world economy. Many of these products are produced in Japan; the world export market has been greatly affected because of that. Japan’s exports have decreased, causing increased economic uncertainty. The macroeconomic result of this is that investors tend to pull away from the increasing risk of pumping money into Japan and look for safer and smarter industries and nations to try to grow their profits (Kihara, 2011). One of the most fascinating things about today’s economy is that everything is so globally connected. Because of this and the slow in Japanese exports, the United States level of consumption of Japanese goods dove 3.4 percent following the earthquake (Guardian. uk, 2011). If this trend continued throughout the year, then the Japanese economy would have lost 4. 2 billion dollars from 2010 levels of United States consumption alone (State. gov, 2011). The disaster and surrounding effects not only caused a decrease of funds going into Japan, but the economic instability caused by the earthquake was devastating in its timing. Japanese and other Asian stock markets plunged as the news of the disaster spread, and this is coming on the heels of the U. S.stock market falling nearly 2 percent the date before. Not only that, but the earthquake caused struggling European stocks to fall to three month lows (CBSnews. com 2011). This goes to show that natural disasters can cause a myriad of negative factors in an economy, and that a spike in uncertainty can be one of the most demoralizing. That uncertainty does not just surface in the stock markets, but also in global financing. The Japanese currency, the Yen, had a significant surge the day after the massive earthq uake struck (Bloomberg. com, 2011). This is said to be credited to the immediate cleanup, repair, and reconstruction needs that Japan incurred following the damages. The long-term effects of the boost in the value of the Yen are still unknown, but it has made the Yen rise in demand in recent months, despite fluctuations since the initial rise in trading worth (Bernard, 2011). The Yen is currently becoming stable once again, eight months after its spike in March then fall in April. Japan has done well in its recovery considering that the Yen hit recent year record lows in April. This graph shows the trading value of the Yen in the past year (Forexblog.org, 2011). The value of the Yen is not the only financial issue at stake. Japan is one of the major foreign holders of U. S. government and corporation debt. With Japan’s Debt-to-GDP ratio at 200 percent, and massive amounts of government spending looming in the rebuilding of the thousands of buildings and roadways lost, Japan is in great need of more money (CIA. g ov, 2010). Because of this, the current interest rates that U. S. corporations are paying on their international loans could increase in an effort to generate more revenue in Japan (Nanto, 2011). In turn, corporations would not be able to borrow as much money for new capital investment, thus hurting the consumption and job creation in the United States at a time when jobs are greatly needed with unemployment rates near nine percent (BLS. gov, 2011). Jobs are a big issue in Japan too. With many of the more than 15,000 killed and nearly 6,000 injured people being a part of the Japanese work force, and tons of cleanup and construction to be done, companies and the government have had to hire thousands of new workers to satisfy the demand for work (Japanese National Police Agency, 2011). After a brief climb in unemployment because of the direct aftermath of the earthquake, numbers dropped to a recent history record low of 4. 1 percent (Tradingeconomics. com, 2011). Once organization was restored, Japan began to utilize its workforce to combat the challenge of rebuilding cities. It is perhaps a gruesome yet effective means of increasing job demand in a nation when its economy was unsettlingly devastated. Since the record drop in unemployment, Japan has had what could be considered a â€Å"Recovery boom. On November 14, 2011, a news article stated: Gross domestic product grew at an annualized 6 percent in the three months ending Sept. 30, the fastest pace in 1 1/2- years, the Cabinet Office said today in Tokyo. At 543 trillion yen ($7 trillion), economic output was back to levels seen before the March 11 earthquake, the report showed. Japan’s return to growth after three quarters of contraction was driven by companies including Toyota Motor Corp. making up for lost output from the disaster. A sustained rebound will depend on how much reconstruction demand can offset a slowdown in global growth as Europe’s debt crisis damps global confidence and an appreciating yen erodes profits (Sharp, 2011). The fact the Japan is now back to its pre-earthquake GDP level is remarkable. It initiates again the idea of what is known to economists as â€Å"The Broken Window Fallacy. † The theory is that an economy can create jobs and achieve higher employment levels though the destruction of the current goods that exist. However, the destruction comes at a cost of replacement that, in the end, is not going to create a net gain, but will instead create a loss or â€Å"quick-fix† break even because businesses will be stimulated, but run less efficiently in the long run. Only time will tell if Japan’s growth over the last few months is simply a rebound or if the disaster caused a rethinking of how things should be done and built, therefore creating a more efficient, productive Japanese economy. Economists will be watching closely to spot trends. Another disaster that could have the same categories of effects on a much smaller scale is Hurricane Irene. The northeastern U. S. experienced the worst flooding since the existence of many towns and buildings of the region. Since only three months have passed since Irene made landfall on the New England area on August 28, 2011, the long term impact of the estimated 45 billion dollars in losses are still speculative (Morici, 2011). Given the current status of the American economy, any damages of the storm are probably being felt most nationwide right now, if compared to the time table of Japan’s economic fall and rise with respect to the earthquake in March. The U. S. may see a slight drop in unemployment and a rise in capital investment as part of the restoration of Irene’s damages, but most likely, no real growth will come out of it. However, the increase in consumption in order to rebuild the damaged parts of the northeast may spark a rise in consumer confidence, and that is what America desperately needs. A natural disaster in a third world country might bring in more money in aid than that country’s economy could have ever produced on its own, making a very positive economic impact. But, as far as the number go, in a developed nation like the United States or Japan, natural disasters cause little more than a large scale broken window fallacy case study. A hurricane, earthquake, or other disaster can bring forth events that build intangible benefits such as consumer confidence, improved organization of infrastructure, or more efficient ideas, but most real development and confidence comes from ingenuity, not devastation. However, it is hard to argue against the fact that necessity is the mother of invention, or in this case, restructured success. Works Cited