Labor-Leisure Model in the Everyday Life

Labor-Leisure Model in the Everyday Life I like many other college students am not currently seeking work in the labor force. As a student athlete playing golf I am constantly juggling my time between my studies as a senior Economics major, and maximizing my golfing potential and chasing my ultimate dream of becoming a professional golfer. Throughout this paper I will explain how I maximize my utility in different circumstances using the labor-leisure model.As I am not actively looking for work in the labor market my indifference curve is so steep there are no tangencies to my reservation wage, which is defined as the â€Å"lowest wage rate at which a worker is willing to accept a job. † By dedicating all my time to studying and practise, and none to the labor force my indifference curve has no tangency to my constraint. As a rational person who wants to maximize utility; the current wage rate is not high enough for me to substitute work for things I prefer to do in my free ti me, such as playing golf or studying for a test.I am fortunate enough that my parents have the opportunity to help me financially during my time at college, so I have a source of â€Å"unearned income† that I receive for working zero hours in the labor market. This â€Å"unearned income† is shown by the spike in figure 1 below. As mentioned above because of my high regard for leisure and the modest wages I am offered as a student with some college experience; my indifference curve has no tangencies to my constraint. Figure 1 depicts where utility is maximized at point A.As a utility maximizer it suits my personal preferences to accept the unearned income given to me by my parents and consume more leisure time. â€Å"Point [A] represents the highest utility that can be reached by [myself], given the budget constraint. † The labor-leisure model makes the assumption that leisure is a desirable product, which in my case it is. Furthermore, substituting three or four hours in the labor force for more hours of leisure time is an easy decision for a utility maximizer to make. The government faces similar problems with modern day welfare.Because of the modest wages offered to unskilled workers, and size of recent welfare packages many people maximize utility by removing themselves from the labor force, and accept benefits offered by the government whilst consuming more leisure time. As mentioned above, during school I am constantly dividing my time between practising for golf, and studying my current classes. Using the Production Possibilities frontier (shown in Figure 2 below) I can graphically show the choices I make in a variety of scenarios as a utility maximizer.Like most economic models it is a simplification of reality that represents â€Å"economic processes by a set of variables and a set of logical quantitative relationships between them. † To maintain the simplicity of the model I am assuming my average day consists of 16 hours, of which I divide my time between either practising golf or studying. I rarely dedicate all my waking hours to specifically golf or studying, but for the consistency of this model that assumption will be made.Figure 2 shows my personal production possibilities frontier, which â€Å"shows the alternative outputs of [golf practise] and [studying] that can be produced† by myself in any given day. â€Å"The production possibility curve clearly exhibits the notion of technical efficiency. † Any point inside the curve is considered inefficient, and any point outside the curve is unachievable. The production possibility frontier clearly shows that depending on how I allocate my time directly affects my productivity in both areas.For example, if I dedicate a disproportionate amount of time to studying my golf performance will decline as my grades increase, and vice-versa. As shown in Figure 2 there are many different combinations of golf practise and studying. Maximizing utili ty in this model is my selection of the most appropriate combination of studying and golf practise for the circumstances of that day. One of the biggest advantages of playing an individual sport is having the ability to design a schedule that suits my day to day activity.Points A, B, C, D and E all represent possible utility maximizing schedules on my production possibilities frontier. There are many factors that could affect my everyday schedule. For example, If I have a particularly important tournament coming up I may find it utility maximizing to substitute some hours studying for some hours practising at the golf course. This schedule would make my indifference curve steeper than usual, like the indifference curve U4 in figure 2. My grades may suffer at this schedule; however, performing well in tournaments also just as important so the schedule is still utility maximizing.I will maximize utility at a completely different point on my production possibilities frontier during fin als week. I will be more likely to substitute hours practising golf for time studying during finals week. As time spent studying becomes more valuable my indifference curve will become much flatter than on an ordinary day, like the indifference curve U2 in figure 2. As mentioned above, there are obvious flaws to this production possibilities frontier. However, an economic model is a simplification of reality that represents â€Å"economic processes by a set of variables and a set of logical quantitative relationships between them. I have never spent an entire day where I dedicated all my waking hours to either studying or practising golf. So despite point F on figure 2 not statistically being utility maximizing it is where I normally operate. Normal daily activities like eating, talking with friends and other general errands are not considered in this model. The shaded area in figure 2 represents time I spend doing activities that are unaccounted for by golf practise and studying. I plan to graduate in May 2013 with a Bachelors of Science degree in Economics.My degree is a sign to potential employers that I have been trained in the field of economics. According to the â€Å"Investment model of education† I will move from a male with â€Å"some college† experience to a male â€Å"college graduate. † The investment model of education suggests that college graduates are more likely to receive additional training in their early years of employment; resulting in higher wages. The potential for a higher wage could have a notable affect on my post-college labor-leisure model. The higher wage creates a steeper constraint, as seen below in Figure 3.Figure 3: Post-College Labor-Leisure Model If offered a wage high enough, the new constraint could become steep enough to where my indifference curve would have a point of tangency with my reservation wage, as seen above. As a result of the additional training I have received (a college education) my co nstraint has moved from the line AD to line AE. The severe increase in wage has increased my cost of consuming leisure considerably. My utility is now maximized by joining the labor force, as seen in the move from U1 to U2 on figure 3.The radical change to my labor-leisure model has not taken place without a huge substitution and income effect. The new wage greatly increased my costs of consuming leisure, so much so I substituted some hours of leisure for hours of work. This is known as the substitution effect, and can be seen graphically between points B and C. An income effect is also present. After graduation my parents will not continue to hand me money for nothing in return, so the unearned income at point F is no longer achievable.This decrease in income reduces my purchasing power of leisure and will increase my demand for labor hours. This income effect is shown graphically between points A and B. The total effect can be seen graphically between points A and C. The substitut ion and income effect usually move an individual’s preferences in opposite directions, but because I was choosing to work zero hours the presence of either effect could only increase my demand for work. In conclusion, I can portray how I make everyday decisions using the labor-leisure model and production possibilities frontier frameworks.As with most economic models, it drastically simplifies reality. The simplification however is necessary, due to the complex nature of economic variables; simplicity aids clarity. For an economic model to be successful two appropriate variables must be chosen. In my personal instance the relationship between practising golf and studying for classes are directly related. By simplifying and selecting applicable variables complex economic information can be expressed logically, as shown above. Works Cited EconoMonitor : EconoMonitor The Current Downturn: Labor-leisure Tradeoff or Technological Regress. † EconoMonitor : EconoMonitor A » The Current Downturn: Labor-leisure Tradeoff or Technological Regress. Web. 01 November 2012. . Heckman, James. JSTOR. Web. 05 November 2012. . Ehrenberg, Ronald G. , and Robert Stewart. Smith. Modern Labor Economics: Theory and Public Policy. Glenview, IL: Scott, Foresman, 1987. Print. â€Å"Labor Supply. † Labor Supply. Web. 06 November 2012. . Nicholson, Walter. Intermediate Microeconomics: And Its Application. Houghton, Harcourt, 2000. Print.

Is Turkish law incompatible with EU membership Essay

Is Turkish law incompatible with EU membership - Essay Example Ten years ago Turkey applied for accession to the European Union.Till today the accession has not be granted.Mainly because of the huge overall concern that Turkey is not what is perceived to be a truly democratic and free countryOne largely ignores the fact that not half a century ago that what was mostly a divided and warring section of Mediterranean countries like Greece, Spain and Portugal is now today an integrated and peaceful Europe and the European integration project in which Turkey wants to join, has brought Europe together into a cohesive whole creating a 'security community' within an ever growing community where there is a "democratic peace". Former authoritarian and militarily dominated countries have come together. And the conditionality for the membership 'peace and cooperation' has been the most potent tool for the drawing together of diverse cultures and groups such as French, German, Poles, Hungarian and Romanian countries. Dialogue and a mutual sense of security e xists where earlier there was only confrontation and suspicion. Till today Turkey's dream of integration into the EU is still a dream. A virulent debate still rages over whether Turkey will strengthen EU's 'democratic zone' or destroy it and undermine the functioning of the EU through its action, most of which is considered as unlawful in the EU.The most prominent argument is that Turkey is a hardliner and the regions surrounding Turkey is filled with instability, violence, terrorism and political instability with hard-line Islamic fundamentalism. But internationally prominent figures like George Bush and Condoleeza Rice, Tony Blair are all for the process of Turkey's integration into the European Union. Olli Rehn (assumed office as EU Commissioner for Enlargement on 22 November 2004,) is the President of the European Commission responsible for Enlargement of the European Union (ENP), which was adopted in 2003. EU borders are being stretched now to the Middle East and World borders are breaking down. Increasingly Turkey is starting to play a prominent role. It is shedding the coercive aspects of its political views and laws are becoming much more liberal and dependent on dialogue and cooperation, dismantling prejudices and promoting mutual trust. The Portuguese Foreign Affairs minister recognized this and after the Brussels Council meeting in 2005 he said 'the US will be pleased and Bin Laden will be disappointed'. This was the meeting where it was decided that talks on Turkey accession to the EU would start. With this accession to the EU it's credibility and influence in world politics and the Muslim world will increase significantly. Prominently opposition was because the Turks did not allow freedom of expression. For a long time challenging status quo in Cyprus amounted to treason and the Anan Plan was criticized and applauded in turn. The Prime Minister, Tayyip Erdoan (wanted a "win-win" solution) Discourse of this kind was a new phenomena and a novel one in Turkey and undoubted this was the pressure that was created due to the EU and the prospect of accession. On 12th September 2005 was published the 12 cartoons by the Danish newspaper Jyllands-Posten which showed the Muslim Prophet Muhammad in a variety of humorous or satirical situations. Turkey and the Muslim world clashed with the western world. Danish Prime Minister Anders Fogh Rasmussen's nomination as NATO's new secretary-general due to his stand in 2005 in this issue lead to his leadership being strongly opposed and the rights and the freedom of expression in the Muslim world being strongly questioned. It seemed to be incompatible with the U.N declaration of human rights. Muslims complained about an 'ongoing smear campaign' in Denmark against Islam and warned that negative reaction could result in Muslim countries and Muslim communities in Europe. They called on the prime minister "to take all those responsible to task under law

Information systems security incident Essay Example | Topics and Well Written Essays - 2000 words

Information systems security incident - Essay Example This paper defines CONOP for ‘B Concepts’. The mission of B-Concepts CIRT is: â€Å"To protect communications and promote standards that give us a unique advantage†. To fulfill this mission the operational framework for security of the software, hardware and data associated with information systems is defined based on ISO 17799. CONOP outlines the key players, their roles and responsibilities in the event of information security incident. The CONOP is defined to control the information & financial loss, for business continuity, security policy review and security awareness program.The CIRT organization structure is detailed; roles and responsibilities of the team members are defined. CIRT acts on information & security logs to anticipate security threats and to resolve the security incidents. This paper describes the types of logs that are maintained at B-Concepts, the log management system and discusses the advantages of security logs.Three types of security logs are maintained at B-Concepts: Security process logs are records of the security procedure and security policy application. These logs are recorded in the normal condition. Security faul t logs are recorded in absence of security policy and risk management strategy. Security breach logs are the records of security policy breach. The CONcept of OPerations on information security incident is based on the severity and impact of the incident

Mixture and compound Essay Example | Topics and Well Written Essays - 750 words

Mixture and compound - Essay Example A compound comprises of a fixed ratio, for example, in water, there are two hydrogen molecules for every oxygen molecule. In mixtures, the ratios of the individual elements vary, depending on the use of the mixture. A mixture is also only composed of the constituent element, and the properties of the mixture are those of the individual elements (Phillips, 1998). A compound on the other hand, is a new substance with new chemical properties, e.g. common salt, a white compound, does not bear any resemblance to sodium, a grey metal, or chlorine, a greenish-yellow gas (Phillips, 1998). To distinguish a mixture from a compound, use their chemical properties (Patten, 1995). A mixture retains the properties of the individual substance that are part of its composition. For example, air is a mixture of gasses and is has properties of all the gasses, e.g. it supports burning, a chemical property of oxygen gas as other elements in the air do not support burning (Patten, 1995). Compounds have an all together different set of chemical properties from those of the constituent elements (Phillips, 1998). It is not possible to tell the chemical composition of a compound without a chemical test, unlike a mixture. Therefore, changes in color, chemical properties and physical properties are the distinguishing factors between compounds and mixtures (Phillips, 1998). When elements combine to form compounds, different types of bonds hold their atoms together (a bond is the energy that hold the atoms in a compound together), covalent, ionic, dative and metallic bonds (Pettifor, 1995). Covalent bonds exist between two non-metallic elements such as oxygen and carbon. When carbon burns in the air, a chemical reaction occurs, leading to the formation of carbon dioxide. Due the bond between these two elements is a dative bond (a special form of the covalent bond). A chemical reaction between two non-metals leads to the formation of a covalent bond (Pettifor, 1995). Due to an almost full out er energy level, non-metals do not lose electrons in a reaction; instead, they share the electrons in the outermost rings to form octets in the case of oxygen and carbon (Sebera, 1964). When a metal reacts with a non-metal, the metal donates the electrons in its outermost shell to the non-metal. That way, both atoms have complete shells in their outermost energy levels. In ionic bonding, the metal acquires a positive charge due to more protons than electrons in an atom while the non-metallic atom acquires a negative charge. These two opposite charges attract, holding the compound strongly together. While the covalent bond is strong between the atoms involved, the resultant structure I held by weak Van der Waals forces of attraction, which explains why ionic compounds lean to have a higher melting point than covalent compounds (Sebera, 1964). To achieve stability, elements need their outermost energy levels filled with electrons (Pettifor, 1995). For metals, their outermost energy le vels are comprised of a maximum of three electrons e.g. in aluminum. Elements with four electrons are non-metals , but some of them such as silicon and carbon have metallic properties, e.g. graphite, an allotrope of carbon conducts electricity, a property of metals (Sebera, 1964). In chemical reactions, it is easier to dislodge the few electrons in the outer shell than to gain electrons needed to fill the outermost

Prison Term Policy Recommendation Essay Example | Topics and Well Written Essays - 750 words

Prison Term Policy Recommendation - Essay Example Within the next five years, it is estimated that convicted inmates will increase the prison population by two-hundred thousand. Such an unprecedented increase in a population that depends fully on government support will cost twenty-seven billion dollars on the national scale (Ohlemacher). Indeed, the nation has already a massive flux of prisoners. In the last thirty years, according to Professor Craig Haney, incarceration rates have been increased significantly in the United States (Haney 2). Such figures will only put a drain on the state's fiscal budget. Therefore, it is necessary to be highly certain of the effectiveness of a long prison term. Since nothing is absolute, and the government should not be considered a treasury for experimental endeavors, this writer remains skeptical of the situation. A perfect example of criminal activity and the penal code is that of Richard Allen Davis. According to People Weekly, Davis started his criminal career burglarizing people which further led to more violent acts such as attempted rape and murder. He has been in prison many times. He had spent at least fourteen years in prison, but he can now never harm anyone due to California's three strike's law which gives life sentences to convicts with three accounts of criminal activity (Fields-Meyer). There are two conclusions I can reach from the Davis case. The first is the fact that any amount of prison terms is in no way a guarantee that a convict will exit with rehabilitated behavior. In fact, in a review of Davis, one can almost speculate that prison makes an individual even more aggressive and effective as a criminal. My second conclusion is that no matter how ineffective prison term is, society, in general, is safe from such an individual for the time they are in prison. Thus, no one in the free society will suffer from Davis for as long as he lives. In conjunction with simple armed robbery, it is necessary to take in all aspects it contains. It is a crime not restricted to stealing the material wealth of some sort, but an offense that includes violence. The mere fact that it is armed is a signal that the offender intended to threaten death if he/she is unable to apprehend what they desire. The Republican reports an incident of a burglarized woman, "She said prior to the robbery she was not hesitant to go into a city, especially for a cultural event. Now she feels fear not only in Springfield but other cities." (Spencer) This illustrates the graphics effects a simple robbery can have on people. It is not simply a loss of wealth, but a violent and psychological offense. At the same time, however, an act of retribution against violence may not cure the problem. According to studies performed by Professor Stuart Henry, nearly seventy-five percent of inmates have committed separate crimes before their incarceration. That means three out of four prisoners were arrested at least once before. This data would suggest that prison sentences have a seventy-five percent chance of failing in rehabilitating inmates. Furthermore, it is estimated that the illiteracy rate in prison is more than double over the general population. This indicates that convicts released from prison are uneducated and may be forced into criminal activity in order to survive.

National Interest of State Essay Example | Topics and Well Written Essays - 1750 words

National Interest of State - Essay Example The paper shall look at the various aspects which are imperative in the creation of national and foreign policy. Since the policies framed at the national level are maligned in the structure of foreign policy, it is crucial to understand the growing relation between the two of these policies. â€Å"The main reason why the notion of national interest is given such enormous, indeed decisive, weight in explaining the foreign policy behavior of any country, including India, is because of the widespread belief that the Realism paradigm, even in its crudest form, accurately describes and explains the essential character and functioning of the world order.† The paper shall analyze the disparity, if any, between realism and national interest. This will help the reader understand where the distinction lies between the independence of the policies as well as the dependency on reality for a nation to frame its policies. Current affairs take a major toll in shaping the policy of any state and therefore it is imperative to gain an understanding of the same. Introduction: A state is an actor in international politics which is dependent on other nations. A state does not have a specific way of running the country as the focus of the nation keeps on changing and shifting from time to time. This is so because the external politics of the world also keeps on changing and this influences the current state of the nation at any given point of time. A state has many diverse interests to cater to and this hugely influences the national interest of the state. Lets us define national interest: â€Å"A broad term for any matter of public concern that is addressed by a government in law or policy.† National interest of any state is the matter which concerns the government of the State with respect to its functioning internally and externally. Every country strives to fulfill everything in the notion of achieving its national interest, and it comes as the most fundamental and important aspect in the governance of any country. Therefore, it is crucial to understand that international treaties, deals, partnerships as well as relations are made and broken on the basis of country’s national interest. If the State is indulging in an act and it is not satisfying its national interest then it would not go ahead with such an act. Having established national interest as the most important factor in the actions of any state, we shall now move on to understanding how national interest is governed on a national and international level with respect to Nation-State. â€Å"According to this paradigm the world is basically an inter-state system where states are the primary, unitary and rational actors. Moreover, the state is perceived in a cartographic and not sociological sense, i.e. as a 'national-territorial totality' encompassing that whole space marked on any map as the country in question.† Understanding from the above statement, a State is always inter-related with different nation states. This defeats the idea of t otal independence, which is true in this context to the extent that States are always dependent on each other to perform actions pertaining to their national interests. Looking from a geo-political angle, it is the relations between the states which influence the world

Pretesting Feedback Essay Example for Free

Pretesting Feedback Essay In the article by Jean-Baptiste Jean-Pierre on HIV/AIDS, the importance of carrying out pretesting method is apparent. Jean-Pierre opens the article by providing a clear and easy to understand definition of pretesting in which it is classified as a type of formative research entailing systematic collection of reactions to materials and information from target audience prior to their actual presentation. The article also outlines the goal of pretesting and its significance particularly when the target audience is characterized by individuals of different cultures and level of education. The author then shifts focus to the purpose of his article which entails use of pretesting in public service announcement (PSA) in Brooklyn, New York on matters concerning use of condoms as a tool for preventing the spread of HIV among African American women of between 20 to 49 years old. The probing question is whether media stations will allocate enough time to the PSA. Media stations normally shy away from airing controversial issues since they might destroy their reputation and in turn, their business might collapse (Hampton, Rabinowitz, Nagy, 2010). However, selection of HIV/ AIDS and condom use for the PSA comes in handy in ensuring stations run them. Controversial issues such as gay marriage wield enormous difficulties in convincing media stations to run the PSA. As a result of HIV prevention through use of condoms not being contentious, the PSA is made more effective hence having a high chance of reaching the target audience. On reaching the target audience, the message is more likely to encourage them and enhance their awareness on the issue at hand. In addition to having experts from radio or television to check and evaluate the message, it is imperative to consult religious leaders, activists and health practitioners on the same (Hampton, Rabinowitz, Nagy, 2010). The message might meet the requirements of media but lack the intensity necessary to kindle the most appropriate reaction from the target audience. In his article, Jean-Pierre includes experts from media and communication field but excludes those from the health sector thereby making the announcement vulnerable to incompetency. Involving individuals from the health fraternity is crucial to ensuring greater effectiveness of the PSA. Jean-Pierre intends to utilize short questionnaire which normally consume little time since they comprise of brief questions regarding the perception of the information to be conveyed, its ease of understanding and the modifications required. Such questions ensure that the PSA reaches the target audience and provokes the expected positive reaction (Siegel Lotenberg, 2007). Moreover, employing market research techniques might prove effective in evaluating the program. Besides the technique having flaws, it provides a quicker and cost effective method for gathering data on the program (Poscente, Rothstein, Irvine, 2002), thereby enhancing its ability to fine-tune mass media channels and the assembling of health promotion information. Such techniques could improve the pretesting method by enhance the effectiveness of the message conveyed to the target audience through PSA. References Hampton, C. , Rabinowitz, P. Nagy, K. (2010). Preparing public service announcements. The Community Tool Box. Retrieved May 20, 2010 from http://ctb. ku. edu/en/tablecontents/sub_section_main_1065. htm Poscente, N. , Rothstein, M. Irvine, M. J. (2002). Using marketing research methods to evaluate a stage-specific intervention. American Journal of Health Behavior 26(4): 243-251. Retrieved May 20, 2010 from EBSCO database. Siegel, M. Lotenberg, D. L. (2007). Marketing public health: Strategies to promote social change. Sudbury, MA: Jones and Bartlett Publishers.