Korean Economic Crisis Term Paper Example | Topics and Well Written Essays - 4750 words

Korean Economic Crisis - Term Paper Example (OECD 2009) The Korean government's role on developing the economy was more pronounced during the earlier years of the republic. This was particularly during the period of Park Chung Hee's rule. During this time, the government instituted reforms that bore the hallmarks of state capitalism and free market economy. The result can be considered successful as this pushed the Korean economy to modernization and progress. However, in the succeeding years, the national governments that ruled the country after Park introduced measures that made the economy freer from state intervention. The policies of liberalization were carried onwards to these current times by the incumbent administration of President Lee Myung-bak. However, the Korean economy was not immune to crisis. In the late 90's, the country suffered an economic turmoil, which led to the closure of several of its key industries. Many economists view it as a result of the vestiges of the protectionist policies initiated by the Park administration in the 60's the 70's. However, there were opposing views also by other economic experts. They insist that protectionism of Park is not the culprit in the crisis but the economic dependence towards the world market and the reduction of government role, both in the name of liberalization. Nevertheless, the government at that time, under Kim Dae-Jung, started out reforms in the country's financial sector, which include borrowing heavily from the International Monetary Fund. Before the end of the 90's, particularly in December 1999, Kim declared the crisis as over. In 2007 until 2009, roughly ten years after, another crisis hit the economy. The debate between analyses of what can be the root cause of the late 1990's crisis was again revived. Those who insist that Korea's economic liberalization is problematic are now raising a new but related argument. They believe that the economy's vulnerability to the global crisis is due to its overdependence on foreign markets. They assert that there are no basic differences in the crisis of the late 90's and the current on wracking the economy. Therefore, they push for reforms that are also much different to those introduced by the Kim administration. Currently, the Lee government has yet to institute any significant steps toward solving the new crisis. As solutions that will make a long-term positive effect on the economy are still to be found, it is necessary to fuel such debates and to seek out the best ideas that can come out of it. These ideas may be better extracted if a thorough comparison of the previous crisis and the current one is made. This paper aims to present an objective comparison between the crisis of the 90's and the current crisis of the Korean economy. This also aims to provide an in-depth analysis on the root factors of both crises. In so doing, it hopes to introduce suggestions on how the current crisis should be addressed. The method is based on the idea that by understanding the lessons of past problems and the solutions pushed, new and more effective remedies may be discovered for the present crisis. II. A Background of the Korean Economy In order to understand best the

Discussed from Paperco, Inc. Essay Example for Free

Discussed from Paperco, Inc. Essay This case study is discussed from Paperco, Inc. point of view of whether they should avail the tax benefits and cost savings in replacing the mechanical drying equipment. Recommendation Based on the analysis below in this memo, Paperco should purchase new mechanical drying equipment now in advance in anticipation of the passage of new tax legislation. Purchasing the equipment now maintains a positive Net Present Value for the capital project if the legislation is not enacted, or if the new legislation is enacted and the capital project is contracted early enough so that it is grandfathered in. With tax legislation grandfathered, the project gets the benefit of the new lower corporate tax rate and the old ACRS depreciation method. Although when presented with this project one year ago in 1984, Paperco was able to be postponed this capital project since it was merely â€Å"moderately attractive†. The prospect of new tax legislation being enacted as rumored makes the Net Present Value of the project comparatively more positive if the tax law changes are enacted, so Paperco should act now before tax law changes make this project infeasible. Background In November 1985, Jane Rogers a marketing representative of Pressco, Inc. approached Paperco, Inc. to sell its mechanical drying equipment at a price of $2.9 million. This new equipment would replace less efficient facilities that had been placed in service late in December 1979. According to Roger, the total cost saving (exclusive of depreciation charges) from the proposed installation of new equipment amounted to $560,000 per year. Of this amount, $360,000 in savings was expected to come from more efficient fuel utilization. One year earlier, Rogers had been unsuccessful in interesting Paperco’s management in purchase of new equipment. Paperco felt that the investment in  new equipment as moderately attractive at that time. However, beginning 1986, new tax legislation had been rumored to: (1) eliminate the investment tax credit for new equipment; (2) extend depreciation lives for new equipment, and (3) reduce the corporate tax rate from 46% to 34%. Paperco’s senior management was concerned that the basic thrust in the firm’s sales of mechanical drying equipment. Paperco’s management suddenly expressed significant interest in moving forward with the purchase of new equipment and seemed anxious to sign a binding contract. Discussion and Analysis We need to analyze when is the best situation for Paperco, Inc. to replace the old facilities with new drying equipment that will enable the Company to avail greater tax benefits and cost savings. There are three alternative courses of action available to Paperco, Inc. to decide whether to buy the new drying equipment or not. I. Buy the new equipment yet no legislation is enacted Advantages Continue to use a 5 years ACRS depreciation model with higher depreciation expense Efficiency in operations due to new equipment Disadvantages Retain all tax credits due to using 5 year ACRS depreciation model in equipment with useful life of 7 years Tax rate continued at 46% II. Buy the new equipment when the new tax proposal is enacted and bind the contract soon enough to be grandfathered or before the enactment of the law Advantages Continue to use a 5 years ACRS depreciation model with higher depreciation expense Efficiency in operations due to new equipment Investment tax credit that will reduce Paperco’s taxes Tax rate reduced to 34% from 46% Disadvantages Depreciation life of the equipment will not be extended III. Buy the new equipment when the new proposed tax is enacted but do not bind the contract in time to be grandfathered or after the enactment of the law Advantages Efficiency in operations due to new equipment Tax rate reduced to 34% from 46% Depreciation life of the equipment will be extended by 2 years Disadvantages MACRS depreciation model will generate lower depreciation expenses than the ACRS depreciation model No investment tax credit due to binding the contract after the law was enacted Option I in which the rumored tax proposal is not enacted and that the new equipment replaces the old equipment in December 1986. Paperco would retain all tax credits due to the fact the machine has been in service for 84 months, and use a 5-year ACRS depreciation model for the new equipment. This option has a positive NPV of $2,619,745. Option II in which the new tax proposal is enacted. The new equipment is installed in December 1986. Paperco signs a binding contract soon enough to be â€Å"grandfathered†, this allows Paperco to receive the 8% tax credit and use ACRS depreciation. At the same time, their tax rate would fall to 34%. Paperco would benefit from this more favorable â€Å"grandfathered† tax approach. Option II has a positive NPV of $3,414,104. Option III in which the new tax proposal is enacted and Paperco installs the new equipment in December 1986, but they do not sign a binding contract in time to be â€Å"grandfathered† and receive the 8% invest ment tax credit and use ACRS depreciation. The company will use MACRS and a depreciation period of 7 years. The NPV of the project with this timing and structure is $3,228,044. Without the â€Å"grandfathered† tax allowance, the new tax legislation makes the project unattractive based on lower Net Present Value. Calculations Re-affirmation There are three options available to Paperco, Inc. with respect to this capital investment: Option I: New legislation is passed and Paperco qualifies for â€Å"grandfathering,† Option II: New legislation is passed and Paperco does not qualify for â€Å"grandfathering,† Option III: Buy the new equipment when the new proposed tax is enacted but do not bind the contract in time to be grandfathered or after the enactment of the law Last year (1984) investment in new drying equipment pursuant to Option I was not pursued despite its attractiveness as a viable capital project, perhaps because it was possible that a better alternative might arise. However, given the impending tax legislation, the possible alternatives are now known, and they are not good. Under the new tax legislation without grandfathering, the project is not viable. Paperco should invest in the new equipment (with binding contract) because not doing so soon enough, the project will not a viable alternative, while investing in the equipment is a viable alternative (i.e., the Net Present Value of the project in Option II is higher than other alternatives).

Analysis of Demian by Hermann Hesse :: Demian Herman Hesse Germany Essays

Analysis of Demian by Hermann Hesse Demian is the story of a boy, Emil Sinclair, and his search for himself. Emil was raised in a good traditional home at the turn of the century in the nation of Germany. His family is very wealthy and they have a reputation as a principled, religious family. As a boy, Sinclair views the world within the walls of his home as representing all that is good, pure, and innocent. But starting at a young age, he feels an inner conflict between his own little world, the "world of light," and the outside world, or "forbidden realm" which represents sin and loneliness. Even though his mother, father, and two sisters remain within the "world of light", he constantly feels attracted to the outside realm. He ends up feeling uncertain between both of his little worlds, and not belonging to either one of them. This struggle between Sinclair’s two worlds is evident when Sinclair is about 10 years old. While playing one day with some fellow schoolmates, Franz Kromer, an older kid, joins them. In an effort to impress the older boy and his schoolmates, Sinclair makes up a story in which he and another unnamed accomplice stole a bag of apples from a fellow neighbor. Although the story is untrue, Kromer threatens Sinclair with exposure if Sinclair does not pay him off. Unable to pay the full amount, Sinclair is forced to become Kromer’s slave, ultimately sending Sinclair into depression and paranoia. Sinclair feels trapped by Kromer, forced to live within the "forbidden realm", which in turn exiles him from the "world of light" because he has defiled himself by lying and committing sinful acts for Kromer. This experience is traumatic for Sinclair and he is often haunted by nightmares, he is unable to eat, and he becomes withdrawn and sullen. His personality alters as he tries to cope with the bondage of his slavery to this lower-class, troublesome kid, but he sees no escape and reluctantly succumbs to what he believes to be his fate. The arrival of a new kid in tow n, Max Demian, is noticed by everyone due to the strange aura that surrounds him and his recently widowed mother. From the start, Sinclair feels a type of fascination for Demian, a confusing feeling filled with both love and hate. "He was in every respect different from all the others, was entirely himself, with a personality all his own which made him noticeable even though he did his best not to be noticed; his manner and bearing was that of a prince disguised among farm boys, taking great pains to appear one of them.

Ma Rainey and Bessie Smith: Two Legendary Classical Blues Artists Essay

The blues emerged as a distinct African-American musical form in the early twentieth century. It typically employed a twelve-bar framework and three-lined stanzas; its roots are based in early African-American songs, such as field hollers and work songs, and generally have a melancholy mood. The blues can be divided into many sub-genres, including Classical, Country, and Urban. The purpose of this paper is to focus on the careers of two of Classical blues most influential and legendary singers: Ma Rainey and Bessie Smith. Ma Rainey, considered by many to be the â€Å"Mother of the Blues,† was one of the first pioneers of the classical blues style. She sang with a deep, rich, and quite often rough contralto voice while the voices of her contemporaries a generation later were more harmonious. Rainey was an important figure in connecting the Classical blues, largely female dominated, with the predominately male Country blues.1 Born Gertrude Pridgett in Georgia in 1886 to parents who had both performed in the minstrel shows, she was exposed to music at a very early age. At the age of fourteen, she performed in a local talent show called â€Å"The Bunch of Blackberries,† and by 1900 she was regularly singing in public.2 Over the next couple of decades, she worked in a variety of traveling minstrel shows, including Tolliver's Circus and Musical Extravaganza, and the Rabbit Foot Minstrels; she was one of the first women to incorporate the blues into minstrelsy. It was while working with the Rabbit Foot Minstrels that she met William Rainey, whom she married in 1904; together, they toured as â€Å"Ma and Pa Rainey: Assassinators of the Blues.† By the early 1920s, she was a star of the Theater Owners' Booking Agency (TOBA), which were white-... ...line of Smith's career – and in Classical blues, in general – was due to changing trends in music. Classical blues was out, and Swing was now the music of choice. Smith, however, was determined to make a comeback. She began performing again, this time labeling herself as a Swing singer. But before she could re-establish herself as a household name, she passed away from injuries caused by an automobile accident. It was not until some years after her death that her music began to be popularized again. Her recordings with Armstrong became popular among jazz musicians and had great influence on singers such as Billie Holiday, who often listened to Smith's records for inspiration. Frank Sinatra held her in high esteem, and Janis Joplin often emulated Smith's voice in her singing. Bessie Smith was inducted into the Rock and Roll Hall of Fame in 1939.

Global economic meltdown

First of all we have to cognize about what is MELTDOWN?So if we are speaking about meltdown so we can state it ‘s an economic crisis. In a simple manner we can specify that meltdown is – A DECLINE OR A BREAKDOWN IN A SITUATION OR CONDITION. Global economic meltdown has affected about all states. Strongest of America, European and Nipponese companies are confronting crisis of liquidness and recognition. The planetary economic recession has taken its toll on Indian economic system and because of this it leads to multicrore loss in Indian concern and export orders, 10s of 1000s of occupation losingss particularly in cardinal sectors like the IT, automobiles, industry and export oriented houses. We can state recession is the consequence of decrease in the demand of merchandises in the planetary market. Besides we can state it associates with falling monetary values known as deflation due to miss of demand of merchandise. Recession in US is really bad intelligence for our state because our companies in India have most outsourcing trades from the US. There is besides a diminution in the employment market due to recession in the West. Some companies have laid off their employees and there have been cut in publicities, compensation and fringe benefits of the employee. During recession all companies whether a private sector or authorities sector are hesitating to take up new undertakings and they want to work on bing so recession is really bad for our state.From where recession came in India: –America is most affected state due to planetary recession which comes as a bad intelligence for India, because India have most out sourcing trades from the US. So, the decision is from US recession semen in India. India has been fighting about the impact of US meltdown its economic system and jutting growing rate. Signals of the lag in US economic system are most seeable in the existent estate sector where monetary values have corrected by 15-20 % . In India other sectors have besides started experiencing the lag in economic system. Sectors of Indian economic system chiefly IT affected by the US lag because of its export oriented nature. As we know recession is decrease in demand for goods and services in economic system and so it will turn in to diminish in production, lay-offs and a crisp rise in unemployment. The recent meltdown in US market due to the subprime crisis has a great impact on Indian corporate sector. The unemployment rate in US stood at 6.5 % in 2008. India is a underdeveloped state and US is the biggest consumer of goods produced by developing states and as the ingestion degree in US economic system is traveling down due to recession so the demand of good produced by these states is besides diminishing so it is besides a ground of recession in India which comes from US.Economic meltdown and environment: –First of all what is relation between economic meltdown and environment sustainability?Economic meltdown can adversely impact our environment because with the present economic down bend, many states including India are now more concerned with bracing their economic systems and for this a good extent involves addition usage of natural resources to increase production and market. Therefore the consequence is more natural resources would be used further consuming the extremely lessened planetary resource base. It means every state uses more oil to mine and it reduces the already vanishing planetary oil militias. More fossil fuel might be burnt by industries increasing planetary heating. More sea nutrient would be exported. More of the forest would be cleared for cultivation which is already in fewer sums. All we know recession lessening the fiscal power of the people and so they are bound to do a sudden attack on what is available and low-cost and that would be nil other than the natural resources, so if great attention is non taken by authorities & A ; all so that twenty-four hours is non excessively far when economic meltdown would interpret into a serious environmental meltdown.What we can make to get the better of this: –1. We can promote the people to utilize recycle rules. 2. Concerted attempts should be made by everyone to encompass green life. 3. Policies should be enacted and implemented to guarantee that industries comply with environmental Torahs. 4. Peoples should be encouraged to populate viridity. 5. Governments, NGOs and other administrations should draw resources together and happen permanent solution to the meltdown.Cause of recession: –The chief cause of recession is incensement of monetary value it means harmonizing to demand and supply theory when monetary value of the good additions demand of the good lessenings but in another manner when monetary value of the good additions so supply of the good besides increases. So, the state of affairs at which supply is more than demand is called recession that ‘s why monetary value increasement is one of the chief cause of recession – When a concern adult male invested severely so it do recession. – One of the chief causes of recession is besides globalization. – Medium is besides responsible for recession because every clip they assisting to perpetuate this crisis and state â€Å" fiscal crisis † a concern closes its door someplace. – One of the of import grounds of recession is all large disbursement on easy recognition during good twelvemonth. – Recession is besides caused by stock market clangs.Consequence of recession on Indian economic system: –As we feel the clefts in the face of an temblor so we can state the clefts are besides seeable during recession, when the markets are wholly disrupted the consequence shows. The worst consequence of recession on Indian economic system is unemployment and it is the greatest fright of any adult male that how will he feed his household now? When recession came here the female employees foremost feel the air currents of alteration, as they are more capable of being wounded physically or mentally. They know that they will be suspended from work temporarily or for good. Females who are working as a receptionist, public dealingss & A ; communications, making uneven occupations in the office are picked out when recession came in India. Due to recession exports for January 2009 has declined by 22 % . Companies in the private sector and authorities sector are non taking new undertakings because of recession. Some industries which are most affected by recession were air hoses, hotels, existent estate, beside this Indian exports besides suffered a problem and there was besides a large problem in the production of export-oriented sectors because of recession. Due to this authorities advised these sectors to cut down monetary value. Because of recession industrial production and fabrication end product decreases to 5 % in the last one-fourth of 2008-09. Decrease in demand in the US affected our IT and BPO ( concern procedure outsourcing ) sector and it losingss the chances for immature individual. The celebrated IT sector of India which earned about $ 50 billion as one-year gross is expected to fall by 50 % of its entire grosss. Now it has been estimated that cut down in demand for exports would ensue in the loss of 10 million occupations in the export sector entirely.Consequence of recession on Indian stock market: –Consequence of recession on public sector Bankss: –Due to recession populace sector bank announced to supply place loans at reduced rates to increase demand in retail lodging sector. 1. Loans up to 5 hundred thousands maximal involvement rate fixed at 8.5 % . 2. Loans from 5 to 20 hundred thousand, maximal involvement rate 9.25 % . 3. In instance of pre-payment no punishment to be charged. 4. Free life insurance screen for full outstanding sum. 5. No processing charges on borrowers it means those people who are taking loans. It means a individual can acquire a loan up to 90 % of the value of the house. These lodging bundles will besides give a stimulation it means work like an inducement for other sectors like steel, cement etc.Consequence of recession on fabric industries: –Due to recession orders are worsening from the universe ‘s largest market the United States, the fabric sector of India has been besides affected earnestly. Fabric industry is the 2nd largest employer in India after agribusiness. It generates occupation chances about for 33.17 million workers straight and 54.85 million workers indirectly, but due to recession industry analyst predict that by the terminal of April 2009, about half a million direct workers from fabric, garment and handcraft sectors will lose their occupations. The garments manufactured in India about 60 % are exported to foreign market like United State, EU, and Japan and it generate gross US $ 52 billion, but due to economic meltdown in US & A ; EU it affect textile concern in India and during 2008 the entire end product of fabric sector came down by 10 % . Many export orders are acquiring cancelled.Consequence of recession on Indian agribusiness sector: –Indian agribusiness sector has non affected by planetary economic crisis except some export oriented merchandises. As we know 60-65 % population of India depends on agribusiness and the agribusiness sector of state will salvage the India from the immense impact of the planetary economic recession. This clip agribusiness is the key for Indian growing in this hard clip.Consequence of recession on person ‘s life of different companies: –On Satyam: –Satyam kept about 5000 employees on practical bench and those employees will non acquire full wages, 50-60 % of wages may be cut and figure of working yearss is reduced. Some people may be put on preparation and the wage paid is merely 25 % . So practical bench is partial ballad off, it is a cost film editing method because employees are the biggest cost for an IT company.On Wipro: –Wipro is the figure three Indian package services exporter, and due to recession Wipro consequences fail to fit outlooks. Indian IT outsourcing company Wipro is seeing a few clients because of less demand of the merchandise at the clip of recession. Company beginnings reveal that a figure of employees have been put under the monolithic layoffs status. Wipro senior concern adviser Pavan vyas said, the recession has challenged the manner of company. The company ‘s equal it means ability have besides been affected by the recession. So we can state US recession will surely impact the Indian IT sector.On Kotak Mahindra: –At the clip of recession international finance corp. ( IFC ) a World Bank group member, will give trade funding of $ 51 million to kotak Mahindra bank to help little and average endeavors hit by recession. The main economic expert of the international monitory fund Olivier Blanchard and several IMF economic experts have proposed that authorities should offer RECESSION INSURANCE. Companies and persons would purchase insurance policies, pay a regular premium for them and have a benefit if some step of the economic system like GDP growing, dropped below a specified degree. And recession insurance might assist relieve the economic crisis by cut downing uncertainness. Furthermore, recession insurance might, in contrast to financial policy, enforce no cost on the authorities, for it stimulates assurance, so the hazard being insured against it prevented. The authorities ‘s ability to offer such insurance on a scale sufficient to do it costless is one ground to favor a public strategy over private insurance company. Blanchard and his co-workers point out that Bankss might conditions loans to houses on their purchase of recession insurance, which might assist recognition markets function better, turn toing a serious job underlying the current crisis. So at the clip of recession kotak Mahindra bank do committedness with IFC to assist concern in India. This is the first bank IFC has supported in trade finance in India under its planetary trade finance programme.On TATA: –TATA is besides affected by it, recession hit wages gaining possible down, consumer capacity to purchase a auto it means consumer does non desire to take hazard and pass their money on the merchandise at the clip of recession so it affect the place of the company. Indian outsourcing provider TATA consultancy services ( TCS ) saw that their gross revenues decelerate and net incomes stagnate during its last one-fourth. Many outsourcing in India have been hit by the planetary slack in fiscal services and the state of affairs is set to decline as western economic systems spiral into recession. For the one-fourth ended 30th September 2008 TATA saw gross revenues increase about 15 % and for the same one-fourth last twelvemonth the house saw gross revenues growing of around 45 % so we can state TATA is besides affected by recession severely.On Maruti Udyog Limited ( MUL ) : –At the clip of recession Maruti zooms to rural market for gross revenues. We all are cognizant about it that planetary meltdown has surely hit the Indian auto industry hard as the figures prove the industry posted a growing rate of 11 % from April to October 2007 which has fallen to merely 3 % in 2008, why ; because of recession. Gross saless of little autos has besides decreased in the face of the recognition squeezing and to counterbalance the loss Maruti now plan to tap the rural market 60 % of which runs on hard currency. They launched a new theoretical account in Ludhiana at the clip of recession to convey some exhilaration into the market and they observe that the Indian rural market has a batch potency. At the terminal of 2008 the top functionary of Maruti udyog limited company says that recession has no impact on Suzuki. Katsumi Takata pull offing manager of Nipponese two-wheeled elephantine Suzuki says that recession has non affected us during the launch of their ace motorcycle Hayabusa. He said may be recession get downing, may be from the last month, may be this tendency continues for a piece but so far we are concerned, we are still turning. Every month we are traveling up.Consequence of monetary value on FOOD during recession: –Even as the universe is fighting to contend planetary market meltdown with companies plundering employees and industries scaling down production but the universe besides have to undertake nutrient deficit and surging monetary values in the approaching yearss. Harmonizing to united state Food and Agriculture Organisation ( FAO ) the current fiscal crisis will adversely impact agribusiness sectors in many states including India. This warning is issued by the FAO despite anticipations that universe cereal production is set to hit a new record of some 2.24 billion metric tons in 2008/2009. Again, planetary rice production is besides expected at 450 million metric tons during the same period. Still, this twelvemonth ‘s record cereal crop and the recent autumn in nutrient monetary values should non make a false sense of security. If the current monetary value volatility and liquidness conditions prevail in 2008/09, plantings and end product could be affected to such an extent that a new monetary value rush might take topographic point in 2009/10, unleashing even more terrible nutrient crises than those experient late. The study besides noted that most of the recovery in cereal production took topographic point in developed states, where husbandmans were in a better place to react to high monetary values. In contrast, developing states were mostly limited in their capacity to react to high monetary values by supply side restraints on their agricultural sectors. The FAO study farther noted that universe agribusiness was confronting serious long-run issues and challenges that need to be desperately addressed. These include land and H2O restraints, low investings in rural substructure and agricultural research, expensive agricultural inputs comparative to farm-gate monetary values and small version to climate alteration.Consequence on advertisement spends during recession: –* FOR SOME, its half glass empty. For the remainder, its likely half full. So how does this recession hit the Indian online media infinite? Nowadays, trade names are looking for more advanced ways to pull clients – whether be it increasing trade name consciousness, geting users, advancing new merchandises or merely tapping into a new section. India being the biggest untapped and fastest turning on-line market in the universe – trade names are more than happy to research this infinite and utilize their money intelligently. * The Indian online infinite is dining with new and advanced websites/portals. Which was the last ad you saw while you were surfing the Internet? With the rise of societal networking and its habit-forming range – we ‘ve seen all genres of ads splashed online. The first clip I heard about the film ‘Rock On ‘ was via Bigadda.com – would you believe it! Even production houses are utilizing on-line media to make its audiences as opposed to the obvious medium of pick – the telecasting. With e-papers, e-bills, e-banking, on-line articles, intelligence, picture, music etc – everything can be accessed through the Internet. So why should advertizers remain off? * Trade names do non look to be cut downing their advertisement investing ; alternatively they are puting money in the right media vehicles. They are weighing all the options and maximizing returns. With the Indian Web infinite boxing a mix of both online and offline advertisement solutions, trade names want every penny ‘s worth at this clip of recession. * At this clip of seamless engineering, GPRS, 3G and state-of-the-art Mobile phone – the nomadic WAP infinite is a front smuggler for advertizers in footings of media vehicles. * Recession has decidedly forced advertizers to believe – to believe about more cheaper and effectual advertisement options.How we can undertake or command the planetary recession?As we know IT industries, fiscal sectors, existent estate proprietors, auto industry, investing banking and other industries as good are facing heavy loss due to the autumn down of planetary economic system. Federation of Indian Chamberss of Commerce and Industry ( FICCI ) found that faced with the planetary recession, stock lists industries like garment, treasures, fabrics, chemicals and jewelry had cut production by 10 per cent to 50 per cent â€Å" Our economic system is shriveling, unemployment axial rotations are turning, concerns and households ca n't acquire recognition and little concerns ca n't procure the loans they need to make occupations and acquire their merchandises to market, † Obama said. So undermentioned steps we can follow to command recession- * Tax cuts are by and large the first measure any authorities takes during slack. * Government should boost its disbursement to make more occupations and hike the fabrication sectors in the state. * Government should seek to increase the export against the initial export. * The manner out for builders is to cut down the unrealistic monetary values of belongings to convey back the purchasers into the market. And therefore raise fundss for the uncomplete undertakings that they are developing. * The falling rupees against the dollar will convey a encouragement in the export industry. Though the purchasers in the West might go scarce. * The oil monetary values diminution will besides hold a positive impact on the importers * Home & gt ; Technology & gt ; ArticleBenefit of recession: –The â€Å" occupation † of a recession is to clean the â€Å" fat † out of the system, wipe up up surplus, and pave the manner for the following enlargement. Until that procedure is complete, there is n't much from which a legitimate enlargement can originate. Recessions put weak companies out of concern. In so making, sdeployed more expeditiously elsewhere. For illustration, Wall Street analysts who touted belly-up Internet stocks are redeployed at local fast nutrient eating houses to function people in a capacity for which they are much better suited. Stronger concerns that have used the contraction to tauten up their underside lines and turn more efficient are able to take advantage of these resources during the resulting enlargement. The economic system emerges from a recession leaner, more efficient and in good form for the following moving ridge of growing and advancement.

Lifes Right Turns on the Wrong Roads; Robert Frost and The Road Not Taken

Lifes Right Turns on the Wrong Roads; Robert Frost and The Road Not Taken Free Online Research Papers The skill to sustain a metaphor requires the crafting of words and complete control and command of a poem. Robert Frost’s poem â€Å"The Road Not Taken† shows how Frost has the ability to say one thing and mean another making him one of America’s leading twentieth century poets and four-time winner of the Pulitzer Prize. Robert Frost, through â€Å"The Road Not Taken†, will examine to decipher and interpret the nature’s message in regards to life’s choices. Frost uses such a natural setting that revels the symbolic significance of two roads almost life-like, helping the reader visualize the different paths one may or not take in life. The reader is drawn in such a way, actually feeling like he or she is at the cross roads looking down the two paths. With great skill and craftiness possessed only by a poet, Frost is able to write one thing and mean another with brilliant beauty leaving the reader in a totally different world. Beginning w ith the physical structure of â€Å"The Road Not Taken,† it is clear that Frost is attempting to relay a sense of structure that is often associated with rational decision-making. Once again Frost utilizes structure an underlying technique to capture the theme of the poem. It is undeniably true that Frost employs a number of techniques in â€Å"The Road Not Taken† to create such a subtle metaphor. In essence this poetic study will examine the symbolic choices offered by life in nature, but also within the choices made in regards to what path may best suit one’s own spiritual progress. In â€Å"The Road Not Taken,† one can see two paths that appear before Frost as he travels in the woods. Robert Lee Frost, (March 26, 1874 – January 29, 1963) was an American Poet born in San Francisco, CA to a journalist father, William Prescott Frost Jr. and mother Isabelle Moodie. Despite Frost’s association with rural, rugged city life he graduated from â€Å"Lawrence high School in 1892 and published his first poem in his high school magazine.† (Wikipedia Contributor) Frost attended Dartmouth College then returned home to teach and work at St. Lawrence University. Having met a young lady, Elinor, at St. Lawrence and later marrying her while at Dartmouth where he also attended for liberal arts studies for two years. (Wikepedia) Though he did well at Harvard, he left to support his growing family and work on his grandfather’s farm. These times are but a few that caused him to produce many poems that he would later become famous and start a career in his passion, poetry. Frost never graduated from college but received many honorary degrees from Harvar d to Cambridge Universities. During his lifetime, â€Å"Robert Frost Middle School in Fairfax, VA and the main library of Amherst college were named after him† (Wikepedia). Frost being well renowned for his artistic passion for poetic writings he was honored at the age of eighty-six to perform a reading of his poetry at the inauguration of President John F. Kennedy. His poetry is thus traditional, experimental, regional and historical. By far it is a great skill of poets to be able to write one thing and mean a totally different thing with elegance, beauty and clarity. Frost is a remarkable example of a poet’s ability to employ a metaphor. Though one may argue the metaphor of Frost’s â€Å"The Road† is rather easily grasped, but the beauty in which it is mastered is exceptionally exquisite. â€Å"The theme of ‘The Road Not Taken’ is one of reflection and this is conveyed through poetic structure and imagery as Frost looks back over his life and is contemplating the choices that he has made. He refers to the road that he has chosen as the â€Å"one less traveled by† and it has made all the difference.† (Schakel). One thing Frost subjects to is the choice he is faced with, two roads, two ideas and two possibilities of action. His poem deals with the choice between two roads and the results of the choice. It raises the evident question of whether it is better to choose a road in which many traveled or to choose the road less traveled and explore it himself. In the first stanza, Frost says, â€Å"Two roads diverged in a yellow wood† which is seemingly highly important. This line is a metaphor where Frost uses woods to represent life (Frost). Using this image helps the reader have a better understanding of the complexity of the problem with which he is faced. If someone was standing at the edge of the woods, (life) they might not be able to clearly see what was ahead of them because trees and branches and the path laden with leaves would obstruct the woods. Here he is at the foot of the woods and uncertain. Evidently he does not want to choose the wrong road and mess up his life. He is ‘scared’ to choose a path. This decision made will determine the outcome of his life. Once making this decision, he will be devoted to the road he chose and probably never be able to turn back. In the third stanza, he says, â€Å"both roads lay in leaves that no one had trampled down† (Frost). In other words, both roads are in about the same condition and what he does right there, with this choice, makes all the difference. Neither had been really worn down by traffic, but one a little more than the other. In verse eight, â€Å"because it was grassy and wanted wear† this shows that he does not want to be like everybody else, a follower. Instead he chose a different road and to be an individual, be himself, a leader. This is appealing because this road and this choice will make a great impact and significance in his life. This poem supplies the reader with a situation that each and every person has to face at least one in their life. One path may look just as hard, just as long and just as confusing as the next. With every step in life you must analyze the road and path ahead even if it looks confusing and frightening. Life is like those woods. No one can clearly visualize or predict what will happen in the future, only hope to choose a path that might lead to good fortune and happiness. This poem supplies you as the reader with a situation, a problem, a choice that each person has to face at least once in life. That situation being that everyone has to come face to face and struggle to put their life on the right road. These two choices may not be right or wrong. So forge ahead through the dense overgrowth of the world on the path and desire to be different, a leader and free from commonality. Choose the path carefully, walk softly so that you take life’s right turns, not on the wrong roads. Research Papers on Life’s Right Turns on the Wrong Roads; Robert Frost and "The Road Not Taken"Mind TravelTrailblazing by Eric AndersonBook Review on The Autobiography of Malcolm XHip-Hop is ArtPersonal Experience with Teen PregnancyAnalysis Of A Cosmetics AdvertisementEffects of Television Violence on ChildrenGenetic EngineeringArguments for Physician-Assisted Suicide (PAS)Bringing Democracy to Africa

The eNotes Blog Rewriting Shakespeare

Rewriting Shakespeare In yet more news of Shakespearean retellings, Random House is now set to publish a series of the Bards plays rewritten as prose. The RH imprint Hogarth has commissioned authors Anne Tyler and Jeanette Winterson as the first to release novels in the forthcoming Hogarth Shakespeare Project. The two will be rewriting The  Taming of the Shrew and The Winters Tale respectively. These are set for release in 2016 (alas, still far away), exactly 400 years after the Bards death. Hogarth explains that these new releases are intended to be true to the spirit of the original dramas and their popular appeal, while giving authors an exciting opportunity to reinvent these seminal works of English literature. And from the sounds of it, the writers cant wait to get their hands on these texts Tyler, who has previously won the Pulitzer prize for her novel Breathing Lessons, says,  I don’t know which I’m looking forward to more: ‘Delving into the mysteries of shrewish Kate or finding out what all the other writers do with their Shakespeare characters.’ Her counterpart, meanwhile, feels a special draw to The Winters Tale: All of us have talismanic texts that we have carried around and that carry us around. I have worked with The Winter’s Tale in many disguises for many years. This is a brilliant opportunity to work with it in its own right. Winterston has written both novels and BAFTA award winning scripts. Excitement about a new imagining of Shakespeares works aside, what are your thoughts on how the new prose form will change the way we think of Shakespeares tales? Will the inevitable loss of his poetic language leave readers wanting? Or will we find a fresh new way to appreciate these stories? If you were to rewrite one of Shakespeares works in this way, what would you choose and where would you take it?

10 Geographic Facts About Easter Island

10 Geographic Facts About Easter Island Easter Island, also called Rapa Nui, is a small island located in the southeastern Pacific Ocean and is considered a special territory of Chile. Easter Island is most famous for its large moai statues that were carved by native peoples between 1250 and 1500. The island is also considered a UNESCO World Heritage Site and much of the islands land belongs to the Rapa Nui National Park. Easter Island has been in the news because many scientists and writers have used it as a metaphor for our planet. Easter Islands native population is believed to have overused its natural resources and collapsed. Some scientists and writers claim that global climate change and resource exploitation may lead to the planet collapsing as did the population on Easter Island. These claims, however, are highly disputed. Interesting Facts The following is a list of the 10 most important geographic facts to know about Easter Island: Although scientists do not know for sure, many claim that human habitation of Easter Island began around 700-1100 C.E. Almost immediately upon its initial settlement, the population of Easter Island began to grow and the islands inhabitants (Rapanui) began to build houses and moai statues. The moai are believed to represent status symbols of the different Easter Island tribes.Because of Easter Islands small size of only 63 square miles (164 sq km), it quickly became overpopulated and its resources were rapidly depleted. When Europeans arrived on Easter Island between the late 1700s and early 1800s, it was reported that the moai were knocked down and the island seemed to have been a recent war site.Constant warfare between tribes, a lack of supplies and resources, disease, invasive species and the opening of the island to foreign slave trade eventually led to Easter Islands collapse by the 1860s.In 1888, Easter Island was annexed by Chile. Use of the island by Chile varied, but during the 1900s it was a sheep farm and was managed by the Chilean Navy. In 1966, the entire island was opened to the public and the remaining Rapanui people became citizens of Chile. As of 2009, Easter Island had a population of 4,781. The official languages of the island are Spanish and Rapa Nui, while the main ethnic groups are Rapanui, European and Amerindian.Because of its archaeological remains and its ability to help scientists study early human societies, Easter Island became a UNESCO World Heritage Site in 1995.Although it is still inhabited by humans, Easter Island is one of the worlds most isolated islands. It is approximately 2,180 miles (3,510 km) west of Chile. Easter Island is also relatively small and has a maximum altitude of only 1,663 feet (507 meters). Easter Island also has no permanent source of freshwater.Easter Islands climate is considered subtropical maritime. It has mild winters and year-round cool temperatures and abundant precipitation. The lowest average July temperature on Easter Island is around 64 F (18 C) while its highest temperatures are in February and average about 82 F (28 C).Like many Pacific Islands, the physical landscape of Easter Island is dominated by volcanic topography and it was formed geologically by three extinct volcanoes. Easter Island is considered a distinct eco-region by ecologists. At the time of its initial colonization, the island is believed to have been dominated by large broadleaf forests and palm. Today, however, Easter Island has very few trees and is mainly covered with grasses and shrubs. Sources Diamond, Jared. 2005. Collapse: How Societies Choose to Fail or Succeed. Penguin Books: New York, New York.Easter Island. (March 13, 2010). Wikipedia.Rapa Nui National Park. (March 14, 2010). UNESCO World Heritage.

Factors that influence recruitment and selection practices in HRIS Research Paper

Factors that influence recruitment and selection practices in HRIS - Research Paper Example light with this, several factors influences recruitment and selection practices in the HRIS depending with organization’s goals especially on what it intends to attain by recruiting new employees. Currently, many organizations heavily invest in HRIS in the effort to manage human resource. However, what they fail to realize is that HRIS should not only be concerned with, administrative human resource, but also human resource planning in order to attain their goals (Kandula 69). Therefore, it is apparent that any person to manage HRIS should contain the ultimate capability to enable the organization attain its goals. For example, somebody working in HRIS must have adequate knowledge on HRISs. This is paramount because certain knowledge about computerized applications is required to manage employee’s data and information. The candidate must as well be innovative in order to bring about knew knowledge, ideas and development in the organization (Kandula 69). This is arguably true because organizations success highly depends on the workforce abilities to deliver. In essence, HRIS involves helping the organization in analyzing job competencies and skills, salary and wages data, analysis of recruitment patterns and trends, and other strategic management in an organization (Pattanayak 46). With such information, organizations are able to effectively manage human resource. In this regard, any person heading HRIS must contain knowledge of how to articulate on these issues in order to help the organization succeed. In addition, HRIS should contain performance management system and training and development systems, which are used to evaluate and improve performance of employees. Individuals heading HRIS should have the ability to develop a system that can measure how every employee performs in the organization, and develop a system that enhances their competencies (Pattanayak 46). Different companies have different goals and objectives. However, this depends with area of

Aristotle on property and family Essay Example | Topics and Well Written Essays - 500 words

Aristotle on property and family - Essay Example According to the theories of Socrates, there should be no private property in the ideal community. Aristotle had a different point of view on this issue. He supposed that women and children belong to some male individuals and therefore can also be referred to as property. It is possible to imagine what will happen if all citizens would have the right to use the wives and children of each other. Aristotle has limited the sharing of property to several cases which would bring the benefits to the state. For example, he explained when the soil can be common (Lear 214-215): (1) the soil can be common and the products from it can be used for common consumption; (2) the soil can be common only if it is cultivated in common and the products are divided among the individuals for the private purposes. Aristotle has made one important point which makes it clear that common sharing of goods will not be beneficial for the state. When people share equally all of the benefits, those who labor much will always be dissatisfied with those who labor less but receive the same reward. As Aristotle has noted, it has been always very difficult for the men to have all human relations in common.

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Discuss the evolution of CSR - Essay Example 14). Businesses have traditionally been known to exist for the key purpose of making profits. However, from as early as the start of the 20th century, entrepreneurs, mostly in the Unites States, recognised the importance of using resources in ways that would benefit both their businesses as well as the societies they worked with (Brewerton & Millward 2001, p. 76). As the idea gradually took root over two decades later, more organizations saw the significance of the entire business behaving in ways that were considered responsible socially, just like it applies to individual citizens. Although not evenly developed globally, the concept of CSR is becoming a key feature of organizations in regions that embrace it as it penetrates corporate consciousness and culture (Visser, Dirk & Manfred 2007, p. 69). That aspect has called for studies that examine its history, societal roles especially in times of crises and where is heading to. This paper will outline and discuss the evolution of CSR . It will include its history, role in the financial crisis and its prospects for the future, supported by examples. One rationale behind the genesis of SCR was the assumption that some theorists have termed wrong; that which perceived businesses as solely money-making organisations for the owners (Dincer & Dincer 2007, p 44). This assumption supported the idea that those who engaged in business only had personal and selfish interests. The implication was that it was up to consumers to assume the role of caring for the society’s welfare and take actions that support their interests (Dincer & Dincer 2007, p 46). However, most entrepreneurs recognise that while that still remains a real reason for the presence of their business in the society, they are also aware that they came together to collectively achieve what they could not as individuals. This perspective added a new objective to their reasons of existence; that of contributing to a society without which they could not s urvive. This awareness is embedded in the fact that the businesses only exist when there are societies to produce goods and services for; to produce raw materials for the businesses; and to offer a labour force in the businesses (Bhattacharya, Sankar & Korschun 2011, p. 83). However, the concept of giving back to society as initiated by the American businessmen at the start of the 20th century had to be abandoned in the advent of the early 1930s’ Great Depression. At that time, the only goal for businesses became to survive, while citizens only needed an employment that generated income. Then in 1939, a co-founder of the largely successful Hewlett Packard rekindled the need for companies to value to their existence and that of the societies, which took a slow start due to WWII and was later revived in the 1950s (Morrison, R 2008, p. 9). His opinion was that consumers will only be condescending to products that in turn support noble causes, charity and the environment. The rev ival is believed by some theorist to have resulted from a global corporation by regions that backed each other during the course of WWII and the recovery period that followed. By the 1980s, CSR was already a vital aspect of modern business and supporting

Head Injuries in Sports Assignment Example | Topics and Well Written Essays - 1500 words

Head Injuries in Sports - Assignment Example What then becomes the main question is to what extent the current environment will attempt to ameliorate the risks that recent studies have indicated. As such, three of the fundamental questions which much be engaged with are concentric upon the following: 1) to what extent has mental health evaluations of current and former players revealed with regards to the health consequences of frequent and prolonged head injuries, 2) to what extent has this level of long-term head injury been discussed and researched within the medical community, 3) what preventative measures, both in the way that the game is played, coached, and recruited can help to ameliorate this risk and are any of these approaches likely to take hold within the current environment that defines today’s sporting environment. Additionally, and most importantly, the research will focus upon the level and extent to which stories pertaining to this topic have been represented and ultimately forgotten within the current news media of the past five years. As a means of informing this particular piece of research, the author has chosen to focus a level of analysis upon the death of Junior Seau; a renowned NFL player whose suicide has long been suspected to be the result of CTE (Chronic Traumatic Encepalopathy). With the death by suicide of a well known footballer, Junior Seau, the attention of the news media and society has shifted towards the role that head injuries sustained in sport have towards the mental health and quality of life that players can expect to experience. Moreover, head injury is not something that is restricted to football, it is exhibited within sports such as boxing, hockey, and soccer on a daily basis (Neselius et al., 2012). Each of these sports, as well as a variety of others that are too numerous to list, create an expectation of contact and a high likelihood that sustained exposure of the

Plagiarism disscussion 1 wk 4 Assignment Example | Topics and Well Written Essays - 250 words

Plagiarism disscussion 1 wk 4 - Assignment Example Having been expelled from the school on the basis of plagiarism may darken the individual’s academic and professional career thereafter. Students dropped out of school for such reasons find it hard to get admission in reputable universities or get recommendation letters from their former teachers. Personal consequences of plagiarism include compromised ability to think creatively, and poor academic writing skills. Unless an individual learns how to avoid plagiarism, his/her writing lacks the standard that is appreciated among the academicians and professionals. The most fundamental way of avoiding plagiarism is thoroughly reading and comprehending the guidelines given by the American Psychological Association (APA). In addition to that, one should practice writing following those guidelines. The more the practice, the better the chances of zero plagiarism. Some writers think that if they write an excerpt by themselves without actually plagiarizing, they can use it multiple times anywhere because it is their property. This is termed as ‘self-plagiarism’ (iThenticate, 2011). A writer may reproduce his/her own writing in the future but not without citing the previous source that he/she had written in the

Head Injuries in Sports Assignment Example | Topics and Well Written Essays - 1500 words

Head Injuries in Sports - Assignment Example What then becomes the main question is to what extent the current environment will attempt to ameliorate the risks that recent studies have indicated. As such, three of the fundamental questions which much be engaged with are concentric upon the following: 1) to what extent has mental health evaluations of current and former players revealed with regards to the health consequences of frequent and prolonged head injuries, 2) to what extent has this level of long-term head injury been discussed and researched within the medical community, 3) what preventative measures, both in the way that the game is played, coached, and recruited can help to ameliorate this risk and are any of these approaches likely to take hold within the current environment that defines today’s sporting environment. Additionally, and most importantly, the research will focus upon the level and extent to which stories pertaining to this topic have been represented and ultimately forgotten within the current news media of the past five years. As a means of informing this particular piece of research, the author has chosen to focus a level of analysis upon the death of Junior Seau; a renowned NFL player whose suicide has long been suspected to be the result of CTE (Chronic Traumatic Encepalopathy). With the death by suicide of a well known footballer, Junior Seau, the attention of the news media and society has shifted towards the role that head injuries sustained in sport have towards the mental health and quality of life that players can expect to experience. Moreover, head injury is not something that is restricted to football, it is exhibited within sports such as boxing, hockey, and soccer on a daily basis (Neselius et al., 2012). Each of these sports, as well as a variety of others that are too numerous to list, create an expectation of contact and a high likelihood that sustained exposure of the

Exam 1 Research Paper Example | Topics and Well Written Essays - 2000 words

Exam 1 - Research Paper Example This event requires adequate replacement mechanisms for the economic continuity of the nation. Chronological trends indicate that replacement of the retired workforce has been a challenge to the regime. The low application turnout towards governmental vacancies has been attributable to the negative perspective from college graduates. The graduated professionals from colleges have a very low opinion towards serving the regime. Most of these seniors from college do not have a vivid understanding of government jobs. Additionally, the government takes an extremely lengthy duration to recruit a single employee. In this case, the government ought to implement strategies to attract college graduates and professionals towards the available posts in agencies. The government should shorten the recruitment span. This would entail superficial recruitment of workers without investigating the individual in great depths. A span of probation would determine whether the individual deserves the post. Additionally, the government should also educate the college graduates about serving in diverse posts. This would inculcate a new perspective of serving the government into the college graduates. Pay banding The General schedule has dictated on the compensation channels to the employees serving in the regime. Under the schedule, the level step of an employee determines the payment. The time of experience within the post determines the step of the employee. For instance, a one year old employee in service might belong to step one. This philosophy surfaced much focus on time spent in service, rather than an individual’s performance. Managers have minimal discretion, while technicians express immense authority within the urgency. The technicians decided the grade of equipment to a department in the agency. Pay band strategies performed a replacement of the General Schedule. These strategies oversaw the delegation of much authority and support to the managers. The strategies also focused on performance of an employee to determine payment. Pay banding initiated immense advantage even to the recruitment process. This system required new recruits to receive their pay according to their range within the agency. Consequently, it would appeal for more attention and attraction from the college graduates and talents. Evidently, this was a remedy to the concept of the General schedule. Category rating In this system, line managers have utmost authority towards the recruitment procedure. This system was a remedy to traditional methodologies of recruitment within agencies. The traditional methodologies used the philosophy of â€Å"rule of three.† According to this principle, the recruitment process involved picking three best candidates. This was regardless of the close performers of the top applicants. Category rating implemented a new strategy of grouping the applicants according to their performance. For instance, there would be clusters of â€Å"highly qua lified,† â€Å"qualified,† and â€Å"not qualified.† This would give the appointing manager a platform to choose an individual from the top category. Upon exhausting the first list, the manager has an alternative to choose from the subsequent category. This was an outstanding recommendation for the governmental agencies. The selection procedure is more accurate and fair. Question 2 Government agencies have the capacity of maintaining well-adjusted and trained workforce. The government

How Do Economic Incentives Affect Social Preferences and Behavior Essay Example for Free

How Do Economic Incentives Affect Social Preferences and Behavior Essay For decades economic theories have relied heavily on the effectiveness of material incentives (Fehr Gachter, 2001). According to the traditional exchange theory all people are exclusively motivated by their own material self-interest. It predicts that the introduction of a penalty will reduce the occurrence of the behavior that is subject to the fine. On the other hand it states that introducing a material incentive will lead to an increase of the behavior related to the bonus. Based on economic theory, incentives have become increasingly popular and are used to increase certain behaviors in various fields including environmental policy (Andersen Sprenger, 2000; Barde Smith, 1997; Baumol Oates, 1988; Kahn, 1995; all cited in ThOgersen, 2003), household surveys (Singer, 2002) and education policy (Fryer, 2011). On the other side, penalties have been used to reduce free-riding (Feldman, Papadimitriou, Chuang, Stoica, 2006), and crimes (Akerlof Dickens, 1982). There is much evidence that supports the basic premise of economics that incentives are effective (Gibbons, 1997; Prendergast, 1999; Lazear, 2000; all cited in Benabou Tirole, 2004). However, a large body of literature in psychology has shown that explicit incentives lead to decreased motivation and reduced performance in the long run (Deci Ryan, 1985; as cited in Benabou Tirole, 2004). Titmuss (1970, as cited in Benabou Tirole, 2004) was the first who claimed that people might adopt a ‘market mentality’ when they are exposed to explicit economic incentives. He found that paying blood donors for donating blood could actually reduce supply. In the beginning there was little hard evidence that social preferences affected individual behavior, but empirical and theoretical advances over the past decades provide the basis for more support. For example, Gneezy and Rustichini (2000a) found that introducing a monetary fine for late-coming parents in day-care centers led to a significant increase in late-coming. There was no reduction in late-coming after the fine was removed. Also Fryer (2011) didn’t find evidence that providing financial incentives to teachers to increase student performance had any effect. Partly because of these findings, terms as trust, reciprocity, gift exchange and fairness have appeared in the empirical study and modeling of principal-agent relationships (Bowles Polania-Reyes, 2012). This highlights the importance of the influence that social preferences have on incentives. Based on the contradictions mentioned above I conclude that a more thorough analysis is needed in order to understand the influence of incentives on behavior. I’ll focus on the interplay between incentives and social preferences and how this affects behavior. In this paper I will review several mechanisms that can explain how incentives can be less effective than economic theories predict and how they can even have counterproductive effects. Furthermore I will indicate the implications of the (non-)effectiveness of incentives for economic policy. Overview of past research According to the definition of Bowles and Polania-Reyes (2012), social preferences refer to â€Å"motives such as altruism, reciprocity, intrinsic pleasure in helping others, inequity aversion, ethical commitments and other motives that induce people to help others more than would an own-material-payoff maximizing individual† (p. 4). Fehr and Fischbacher (2002) have indicated the most important types of preferences that have been uncovered by the literature. I will shortly review them below. The first important type of social preference is the preference for reciprocal fairness or reciprocity. An individual is reciprocal when he responds kindly to actions that are perceived as kind, and when he responds hostile to actions that are perceived as hostile. Whether some action is perceived as hostile of kind depends on the unfairness or fairness of the intention and on the consequences that are associated with the action. A second social preference type is inequity aversion. According to Fehr and Schmidt (1999; as cited in Fehr Fischbacher, 2002) â€Å"inequity averse persons want to achieve an equitable distribution of material resources† (p. C3). Inequity averse persons show altruistic behavior if the other persons’ payoffs are below an equitable level. However, if the other persons’ payoffs are exceeding the equitable level an inequity averse person want to decrease the other persons’ payoffs. There are a lot of similarities in the behavior of reciprocal and inequity averse individuals, since both concepts depend in some way on the perception of fairness. Pure altruism is the third type of social preference, which is very different from the former two. Altruism can be seen as an unconditional form of kindness (Fehr Fischbacher, 2002), as an altruistic person would never take an action that decreases another person’s payoff. The problem with pure altruism is that it cannot explain conditional cooperation, that is, people want to increase their voluntary cooperation in response to cooperation of others. The last social preference type that Fehr and Fischbacher (2002) mentioned is envious or spiteful preferences. An envious or spiteful person always values the payoff of other agents negatively. Therefore the envious person is willing to decrease the other agent’s payoff even if it brings along a personal cost to himself. This happens irrespective of fair or unfair behavior of the other agent and irrespective of the pay-off distribution (Fehr Fischbacher, 2002). However, spitefulness can’t explain why it is that the same individuals sometimes are willing to help others at a personal cost, while sometimes they harm other people. Over the past decades, many studies have confirmed that a significant fraction of individuals engage in reciprocal or altruistic behaviors (Buraschi Cornelli, 2002; as cited in Benabou Tirole, 2004; Fehr Gachter, 2000). Thus, many individuals do not only care about the material resources allocated to them, but also care about material resources allocated to other relevant agents. To give an overview of the incentive effects on preferences, two distinctions are made: the nature and the causes of incentives (Bowles Polania-Reyes, 2012). Concerning the nature of incentives, people often respond to the mere presence of incentives, rather than to their extent (Gneezy, 2003; as cited in Bowles Polania-Reyes, 2012). However, the extent of an incentive may also play a role. Therefore the effects of incentives on social preferences can be either categorical or marginal or a combination of the two. Bowles and Polania-Reyes (2012) also make a distinction between 2 causes of incentive effects on preferences. First, incentives can affect the environment in which preferences are learned. When this happens, the preferences are referred to as endogenous preferences. Second, the extent or presence of incentives affect the behavioral salience of an individual’s social preferences. When incentives constitute different states, we refer to social preferences as state-dependent preferences. There are three mechanisms that make social preferences state-dependent. First, by implementing an incentive, the principal discloses information about his intentions, about his beliefs about the target of the incentives and about the targeted behavior. This information might affect the agent’s social preferences which in turn affect the agent’s behavior. Second, incentives provide situational cues for appropriate behavior. Finally, incentives may lead to a crowding out of intrinsic motivations. The crowding-out effect is based on the intuition that the presence of punishments or rewards spoils the reputational value of good deeds. This creates doubt within the individual about the extent to which he performed because of the incentives rather than for himself. This phenomenon is also referred to as the ‘overjustification effect’ (Lepper, Greene, Nisbett, 1973; as cited in Benabou Tirole, 2004). In the next part of this paper I’ll give experimental evidence for both endogenous preferences and for all 3 mechanisms that make preferences incentive-state-dependent. Furthermore, I’ll give examples of experiments where crowding in has been found and explain the underlying mechanisms. 1. Endogenous preferences: incentives alter how new preferences are learned Preferences are endogenous if someone’s experiences lead to durable changes in motivations and eventually result in a change in behavior in certain situations (Bowles, 2008). In most cases, experiments have a few hours duration and therefore it’s unlikely to uncover the mechanisms that are involved in the process of durable change of preferences. Although it’s hard to explore the causal mechanisms at work, there exist some experiments that do show a durable learning effect (Irlenbausch Sliwka, 2005; Falkinger, Fehr, Gachter, Winter-Ebmer, 2000; all cited in Bowles, 2008). Gneezy and Rustichini (2000a), for example, examined if the introduction of a monetary fine for late-coming parents in day-care centers would lead to reduction of late-coming. However, the amount of late-coming parents didn’t decrease, but increased significantly. Thus incentives led to more self-interested behavior. More importantly, after the fine was removed no reduction in late-coming parents was shown, meaning that there was some durable learning effect going on. 2. State-dependent preferences: incentives provide information about the principal When an incentive is imposed on an agent, he may infer information about the principal who designed the incentive. He may, for example, infer information about the principal’s beliefs regarding the agent, and about the nature of the task that has to be done (Fehr Rockenbach, 2003). This information can lead to a negative response to fines that are imposed by principals. Fehr and Rockenbach (2003) designed a sequentially played social dilemma experiment and examined how sanctions intended to prevent cheating affect human altruism. Participants in the role of ‘investor’ could transfer a certain amount of money to another player, the ‘trustee’. The experimenter tripled this amount. After tripling the money, the trustee was given the opportunity to back-transfer some of this money to the investor. The investor could indicate a desired level of the back-transfer before he transferred the money to the trustee. In the incentive-condition the investor even had the option to impose a fine if the trustee would send a back-transfer that was less than the desired amount. Instead of imposing a fine the investor could also choose to decline the use of the fine. The decision of imposing or declining the fine was known to the trustee. In the trust-condition the investor could not make use of incentives. Fehr and Rockenbach (2003) found that generous initial transfers by investors were reciprocated with greater back-transfers by trustees. However, the use of the fine reduced the return transfers, while renouncing the fine in the incentive-condition increased back-transfers. This means that sanctions revealing selfish or greedy intentions destroy altruistic cooperation almost completely (Fehr Rockenbach, 2003). In another experiment by Fehr and Schmidt (2007), principals could choose between offering a bonus contract or a combination contract (which was a combination of the bonus contract with a fine) to the employee. What they found was that agents perceive that principals who are less fair are more likely to choose a combined contract and are less likely to pay the announced bonus. Furthermore the effect of effort on the bonus paid is twice as large in the pure bonus condition compared to the combined contract condition. The positive response to the principal’s renunciation of the fine option can be seen as a categorical effect. The threat of a fine led to diminishment of the trustee’s reciprocity. 3. State-dependent preferences: incentives may suggest permissible behavior The experiments that will be described here, differ from the experiments mentioned above in the way that here incentives are implemented exogenously by the experimenter. This means that incentives do not provide any information about the beliefs or intentions of other experimental subjects. In a lot of situations people look for clues of appropriate behavior. These are often provided by incentives. These framing effects have been investigated in many studies. Hoffman, McCabe, Shachat and Smith (1994; as cited in Bowles Polania-Reyes, 2012) found that by making a game sound more competitive after relabeling it, generosity and fair-minded behavior in the participants were diminished. In some other studies (Ellingsen, Johannesson, Munkhammar, Mollerstrom, 2008; as cited in Bowles Polania-Reyes, 2012) the framing effect even appeared to have changed subjects’ beliefs about the actions of others. Framing effects can also be induced in other ways than simply renaming the experiment. Providing an incentive may already provide a powerful frame for the decision maker. In an experiment of Schotter, Weiss and Zapater (1996) subjects played an Ultimatum Game experiment in which player 1 is given an endowment and asked to propose a part of this endowment to player 2. Player 2 can either accept or reject this division. If he accepts, the proposed division is implemented. However, if he rejects both players receive nothing. Schotter et al (1996) found that if a market-like competition was included in the game, that is, subjects with lower earnings would be excluded from the second round in the game, player 1 proposed less generous divisions to player 2. Furthermore, lower offers were accepted by player 2. The authors interpreted these results as that implementing market-like competition â€Å"offers justifications for actions that in isolation would be unjustifiable† (p. 38). Thus, providing incentives in the form of a competition can lead to moral disengagement. The framing effects of incentives can occur in cases of government-imposed incentives as well. An example comes from an experiment from Cardenas, Stranlund and Willis (2000) where they studied the effects of external regulatory control of environmental quality. Participants were asked to choose how much time they would spend collecting firewood from a forest, while being aware that this activity has a negative effect on local water quality. Two treatments were considered to examine whether external control may crowd out group-oriented behavior. All subjects played eight initial rounds of the game without any treatment, that is, without being able to communicate with each other and without external regulation. After the initial rounds, one subset of groups played additional rounds in which they were able to communicate. The other subset of groups was confronted with a government-imposed regulation. The regulation also involved the possibility of imposing a fine to subjects that would withdraw too much of the firewood. Although standard economic theory predicted that the regulation would increase group-oriented behavior, this wasn’t the case. When subjects were able to communicate they made way more efficient decisions. However, regulatory external control caused subjects to make decisions that were closer to their self-interest. This means that the fine, although it was insufficient to enforce the social optimum, extinguished the subjects’ ethical aptitudes. 4. State-dependent preferences: incentives may compromise intrinsic motives and self-determination A third reason why social preferences may be state dependent is because providing incentives may lead to motivational crowding out. As Bowles (2008) put it: â€Å"where people derive pleasure from an action per se in the absence of other rewards, the introduction of explicit incentives may ‘overjustify’ the activity and reduce the individual’s sense of autonomy† (p. 607). According to Deci (1975; as cited in Bowles, 2008) the underlying psychological mechanism appears to be a desire for â€Å"feelings of competence and self-determination that are associated with intrinsically motivated behavior† (p. 1607). There is a large body of literature on the psychology of intrinsic motivations going back to the early work of Festinger (1957; as cited in ThOgersen, 2003) and his cognitive dissonance theory. In the past decades a lot of experiments have been done to test the crowding out of intrinsic motivation. One of these studies comes from Gneezy Rustichini (2000b) who tested the effects of monetary incentives on student performance. 180 students were asked to answer 50 questions of an IQ test. They were all paid 60 NIS (New Israeli Shekel) for their participation in the experiment. The students were divided into 4 different groups, which were all corresponding to 4 different treatments. The students in the first treatment group were only asked to answer as many questions as possible. The students in the second group got an extra payment of 10 cents of a NIS per question that they answered correctly. Subjects in the third group were promised 1 NIS, and subjects in the fourth group 3 NIS per question that they answered correctly. The average number of questions correctly was approximately 28 in the first group and declined to 23 in the second group. Furthermore, the number increased to 34 in both the third and the fourth group. The differences in performance were significant. In a second experiment Gneezy Rustichini (2000b) tested the effect of incentives on volunteer work performed by high school children. 180 children were divided into three groups. The subjects in the first group constituted the control group and they were only given a speech about the importance of volunteer work. The second group was given a speech as well, but was also promised to receive 1 per cent of the total amount of donations collected. The third group was promised 10 per cent of the amount collected. The average amount collected was highest in the first group and lowest in the second group. The average amount that was collected by the third group was higher than that of the second group but not as high of the amount that was collected in the first group. Also these results were significant. It appears to indicate that the effect of incentives can be detrimental, at least for small amounts. In another experiment, Falk and Kosfeld (2006; as cited in Bowles 2008) tested the idea that control aversion based on the self-determination motive is the reason that incentives reduce performance. They used a principal-agent game where agents could choose a level of production that was beneficial for the principal, but costly for themselves. If the agent chose to produce nothing, he would get a maximal pay-off. Before the agent’s decision the principal could decide to leave the choice f production level completely to the agent or to impose a certain lower bound on the agent’s production level. The experimenter varied the bounds across the treatments and the principal could only choose to impose it or not. Results showed that when the principal imposed the bound, the agents chose a lower production level than when the principal didn’t impose a bound. The ‘untrusting’ principals earned half of the profits of those who did trust the agents and thus didn’t impose a bound. In post-surveys, the agents indicated that imposing the lower bound was perceived as a signal of distrust. The results of this experiment suggest that the desire for self-determination and control aversion are not the only effects of imposing the bound. Imposing this minimum was informative for the agents about what the principals’ beliefs were regarding the agents: the principals who imposed the bounds had lower expectations of the agents. Thus, the results in the experiment of Falk and Kosfeld (2006; as cited in Bowles 2008) seem to be the result of both negative information about the principal (or incentive designer) as well as the result of self-determination. 5. Crowding in Although a lot of experiments show that providing incentives has a negative effect on social preferences, there is also some evidence that crowding in can occur, that is, social preferences and incentives enhance the effect on each other. This might happen when an incentive provides good news about the principal’s type or intentions, for example when he offers the agent a reward rather than a fine. It is also seen in experiments where the incentive designers are peers in a public goods game who pay to punish free riders in order to sustain cooperative behavior (Bowles Polania-Reyes, 2012). The phenomenon of crowding in is interesting since it indicates how policies could be implemented optimally and how incentives and social preferences could become complements rather than substitutes (Bowles Polania-Reyes, 2012). Besides that, it appears that crowding in happens often in Public Goods games and Common Pool Resources games, which display the same characteristics as public policy settings. Below I’ll give an example of an experiment in which crowding in was found. Fehr and Gachter (2000) conducted a public good experiment with and without the opportunity to punish. In the no-punishment treatment the dominant strategy is complete free-riding. In the punishment treatment free-riders could be punished by their altruistic peers, since it was costly for them to punish. Therefore, if there were only selfish individuals, as assumed in economic theory, there wouldn’t be a difference between the two treatments. However, in the no-punishment treatment the contributions of the players were substantially lower than in the punishment treatment. This suggests that powerful motives drive the punishments of free-riders. Furthermore there was evidence that the more free-riders deviated from cooperation, the more they were being punished. There are several mechanisms that can explain the effect of crowding in. In the first place when a peer imposes a fine on a free-rider, this may activate a feeling of shame. Barr (2001; as cited in Bowles Polania-Reyes, 2012) found that just a verbal message of disapproval already can have a positive effect on the free riders’ contributions. A second mechanism that appears to be at work it that nobody wants to be the cooperator while all others are defecting. Shinada and Yamagishi (2007, as cited in Bowles Polania-Reyes, 2012) found that students cooperated more in a public goods experiment when they were assured that defecting free-riders would be punished. They just didn’t want to be exploited by defectors. A third mechanism underlying crowding in was consistent with the findings of an experiment by Vertova and Galbiati (2010, as cited in Bowles Polania-Reyes, 2012). They found that when a stated obligation was introduced, this produced a larger effect when it was accompanied with a small monetary incentive, rather than with a big incentive or than when no incentives were offered. The authors interpreted this phenomenon as that the salience of the stated obligation is enhanced by large explicit incentives. The latter phenomenon was also found in Ireland, where a small tax was imposed on plastic grocery bags (Rosenthal, 2008; as cited in Bowles Polania-Reyes, 2012). After two weeks there was a 94% decline in the use of these bags. This result can be explained by the fact that the introduction of the tax was preceded by a large publicity campaign. Thus, the incentive was implemented jointly with a message of social obligation and it seems that it served as a reminder of the importance of one’s civic duty. Implications for policy Many policies are based on the self-interest hypothesis that predicts that all individuals are self-regarding. However, as we have seen social preferences play an important role as well when it comes down to behavior. This would mean that a lot of current policies are non-optimal. Therefore a big challenge is facing the mechanism designer: how to design optimal fines, taxes or subsidies when the individual’s responses depend on his preferences which in turn are determined by the incentive imposed? In most experiments the effects of incentives were studies and afterwards the mechanisms were identified that could explain the results. However, one of the problems that the designer is facing is that he must determine beforehand how incentives will affect behavior. Based on the experiments that have been done, several guidelines can be drawn. The first is that when crowding out is found, social preferences and incentives are substitutes. This means that a negative effect of incentives is less likely to be found when the social preferences are minimal. In contrast, when social preferences are prevalent among a society, it may be more convenient to reduce the use of incentives. Also, policies that are implemented in order to enhance social preferences will be more effective when incentives are little used. The second stems from Titmuss’s claim that if the crowding out effect is so strong that the incentive has an opposite effect than intended, incentives should be used less. However, in many cases the effectiveness of incentives is not reversed, but blunted and then the implications for the optimal use of incentive isn’t that obvious (Bowles Hwang, 2008). How Bowles Hwang (2008) state it: â€Å"the reduced effectiveness of the incentive associated with crowding out would entail a larger incentive for a planner designing a subsidy to ensure compliance with a quantitative target† (p. 4). Present evidence is insufficient in providing enough guidelines to the policy maker who wants to know ex ante what the effects are of the incentives that he considers to implement (Bowles Polania-Reyes, 2012). What we do know is that the same incentives imposed by individuals who have no personal benefit but only want to promote pro-social behavior (as in the experiment of Fehr Gachter, 2000) are more likely to increase contributions than when imposed by an untrusting principal (Fehr Rockenbach, 2003). Furthermore it seems to be important to let the agent understand that the desired change in behavior would be socially beneficial rather than that the incentive is perceived as a threat to her autonomy or reflecting badly on the designer’s intentions (Bowles Polania-Reyes, 2012). Conclusion The self-interest hypothesis assumes that individuals are only motivated by their own material self-interest. This assumption is used in the design of many policies. However, in the past decades a lot of experiments have shown that other-regarding social preferences rather than self-regarding preferences play a role in behavior. We have seen that some mechanisms can induce pro-socially oriented individuals to behave as they are selfish. On the other hand, there are also examples of experiments in which mechanisms induce self-interested individuals to behave at a more pro-social level. Thus, incentives can lead to both crowding out and crowding in phenomena. Whereas negative information about the principal and the over-justification effect may lead to crowding out of intrinsic motivation to contribute to a good, altruistic punishment by peers who do not benefit personally is more likely to increase contributions. Furthermore it seems important to make individuals aware of their civic duty, as was shown in Ireland where a small tax was imposed on plastic bags. Regarding to public policy, we have seen that small differences in institutional design can lead to many different outcomes. This imposes a big challenge on the policy designer who has to know ex ante what the effects of the incentive that he is considering to implement will be. When social preferences are not present, incentives may have a positive effect, predicted by economic theory. However, in areas where social preferences do play a role, the use of monetary incentives needs to be reconsidered.

Betty Crocker Chocolate Fudge Cake Mix Marketing Essay

Betty Crocker Chocolate Fudge Cake Mix Marketing Essay A product can be seen as what is offered to consumers as an end result after the manufacturing process to satisfy a want or need. A product is not only tangible but may be a service. The consumer product Betty Crocker Chocolate Fudge cake Mix can be seen as a shopping product and is purchased when needed for example a birthday party. This product is seen as an easily made because it allows consumers to buy the cake mix already made and only requires four simple steps to complete the cake. This cake mix is 543 grams which serves 12 people so it may be convenient for small occasions. Betty Crocker cake mix is an Australian product made by Australian and imported ingredients and is distributed by General Mills. The ingredients that are used to make this cake mix is Sugar, wheat flour, vegetable oil, cocoa, raising agents, dextrose, thickeners, wheat, starch, emulsifier, whey powder, salt and it contains wheat, soy and milk. There are many variety of flavours that are available that incl ude chocolate fudge vanilla, chocolate mud, devil food, chocolate swirl, vanilla, milk chocolate chunk and reduced fat chocolate fudge. The primary packaging that contains this product is a cardboard box that is 95% percent recycled and the colours used on it are mostly red and yellow which stood out from most of the other brands on the shelf. The cake mix before opened may be kept until a year and after making the cake can be stored up to three days or can kept in a freezer for three weeks. Betty Crocker offers other products within its product line such as cupcakes, brownies, cookies, shakers and muffins. Betty Crocker has many other products within its product mix as well such as fruit snacks, potatoes, salads, gold medal flour, cereal products and yogurt. The branding of Betty Crocker includes a symbol which is a red spoon that has the brand name Betty Crocker written in it. The red spoon is Betty Crockers guarantee of quality, great taste and convenience. This brand is trademar ked due to the  ® shown after the brand name Betty Crocker. The labeling of this product includes mostly everything that is required such as the registered trade mark, the size of the package, nutritional features, number of servings, instructions on how to make the cake, the expire date, and the name, address the phone number of the distributor. Price is known as the exchange value a consumer gives for a product. Betty Crocker uses promotional pricing such as price leaders to promote their product for example in Coles Betty Crocker cake mix original price is $4.99 and is discounted to $4.87, this pricing method is seen as an odd-even pricing method, were customers look at this price and think $4.99 this product is on sale and do not look at it as $5.00. Betty Crocker also uses special event pricing which they set their prices low when there is a special event for example on Mothers Day. Betty Crocker uses non-price competition even though there prices are discounted they are still higher than competing products around them such as White Wings who sell their products originally for $4.73 and discount it to $4 and Greens Who sell their products for $2. This can be seen as a benefit for Betty Crocker as they may be able to get more customer loyalty. Betty Crocker cake mix and similar companies that produce cake mixes can be see n as an oligopolistic market due to all of them cutting down prices to gain a competitive edge. For example the Betty Crocker cake mix at Coles is shown to be discounted along with all the other competing companies next to it such as White Wings. Demand Curve e.g. For most products, the quantity demanded goes up as the price goes down and goes down as the price goes up. Thus, there is an inverse relationship between price and quantity demanded. Place is simply the location of where a customer can find a product that they need. Marketers need to make sure that they provide the product they are selling to the right target market in the correct location. Betty Crocker cake mix can be found in general merchandise stores such as Coles, Woolworths and franklins. Betty Crocker cake mix in Coles is placed in the aisle were the cake mixes are and is found next to the flour and similar products such as White Wings. It is placed in the middle, top and bottom of the shelf; this makes it easier for customers to find what type of cake mix they want without moving up and down the aisle. Promotion is seen as the way a product is advertised to its target market. Betty Crocker promotes its product on their website. They offer sales promotion such as coupons that you can print out if you join their website which you can save $1.00 of any Betty Crocker purchase. If an order is placed online they also offer 10% discount for a party order. Their website also offers discounted items that are on special weekly if anything is ordered online. Most of Betty Crockers cake mixes also provide information on cupcakes on the box in order to promote their cupcakes. Their website offers information on what to make using their products on special occasions such as Valentines Day, Birthdays and Fathers Day. They also use stickers on their products that say Prices are down to grab attention the consumers attention. Competitive product advertising is also done for Betty Crocker though advertising their product on television. The most recent add for Betty Crocker was in 2009 on a chocolate cake mix, and was directed towards mothers and children. They showed that their product is made easily and even children can help their mothers into baking the cake. SWOT ANALYSIS Strengths Company Logo- The red spoon is well known and popular Marketed through a well known food processing company (General Mills). Many different products to choose from, they do not just specialise in one area Offer food range for all target markets such as children, parents and elderly and also offer a healthy range such as fruits and salads. Gluten free products for people who are health conscious Weakness Lowered prices Poor packaging for example the cake mix box cannot be sealed once opened Dependant on the US market Threats Competitors lowered prices Cake shops such as Michaels Patisserie who sell already made cakes Opportunity Milkshakes Ice-cream cakes Provide already made cakes than just cake mixes Introduction General Mills in a food processing industry. It makes products such as Baking Mixes, yogurts, snack foods, ice cream and cereals. They are known to market many well known brands, one of them including Betty Crocker.

Knowledge Management and Instructional Technology Essay -- Knowledge M

Knowledge Management and Instructional Technology The new "buzz word" in many corporate circles currently is the term "Knowledge Management or K.M." KM is considered mostly a role for the Information Technologist because of its storage of the company's information on databases. Because of the "info-glut" that is occurring in many corporations, K.M. is strongly becoming the role for the Instructional Technologist to group that information into training modules for the corporate Intranet, so that the corporation's employees can retrieve the "knowledge" in a real-time, need-to-know basis. In this white paper, I will define Knowledge Management from a business and an educational perspective. I will also discuss two basic strategies for Knowledge Management and the role the Instructional Technologist will have in the process. What is Knowledge Management? From the business perspective, the definition of Knowledge Management from the Business College of the University of Texas is The systematic process of finding, selecting, organizing, distilling, and presenting information in a way that improves an employee's comprehension in a specific area of interest. Knowledge management helps the organization to gain insight and understanding from its own experience. Specific Knowledge Management activities help focus the organization on acquiring, storing and utilizing knowledge for such things as problem-solving, dynamic learning, strategic planning and decision making (1998). In the article "Intellectual Capital and You" in Training Magazine, Knowledge Management is defined as " An effort to capture or tap an organization's collective experience and wisdom- including the tacit know-how that exists in people's head... ...eved September 17, 1999 from EBSCO Business Search on the Galileo: http://www.galileo.gsu.edu. Gordon, J. (1999). The whole enchilada: intellectual capital and you. Training Magazine Retrieved on September 13, 1999 from Training Supersite: http: //www.trainingsupersite.com/publications/magazines/training/909cover.htm Hansen, M., Nohria, N. & Tierney, T. ( 1999, March-April). What's your strategy for managing knowledge? Harvard Business Review, reprint 990206 Mudge, A. (1999, April-May). Knowledge Management: Do we know that we know? Communication World, (16)5, Retrieved on September 17, 1999 from EBSCO Business Search: http://mariner.galileo.gsu.edu Van Buren, M. (1999, May). A yardstick for knowledge management, Training & Development, (53)5 pp. 71+ Retrieved on September 17, 1999 from EBSCO Business Search on Galileo: http://mariner.galileo.gsu.edu