Caught in the Trap

Aromas confronted me as I walked in the door. Masalas—or spices—like curry, cumin and cinnamon each contributed. I sat on the edge of my chair—eager like a child on Christmas. I wanted to experience these exotic spices. They were delicious and fiery, yet flavorful. This is not the first time I desired something new. I yearn for knowledge and enrichment. If I hear something I don’t know much about, I look it up. A new technique, style, movie, or crisis—my desire for understanding and knowledge ranges. This time, the Indian food caught me in its trap. I needed not only the flavor—but also the culture. I needed to know more. I needed to understand. This is how I came across Hinduism. I saw the fascinating three-like symbol, the Om, before and I had looked it up. I knew it was Hindi. But my eyes were blind to Indian culture and religion. Enthralled by the beauty of the symbol and the delicious food, I started my research online. Then, I turned to books. One about Hinduism. An India travel guide about customs. And lastly, The Bhagavad Gita—a book essential to Hindus. I started with basics and grew. I learned that the cow is sacred and therefore, beef is not eaten and cows not slaughtered. This was something I found fascinating. Beef is vital in America. A good steak, special and expensive. But in Hinduism, the cow is a symbol of life and honored. I was drawn in by the open-mindedness towards other religions. Hindus believe that religion is the same just named differently. This appealed to me because religion is about loving and accepting and in Hinduism this is true. Hinduism is diverse, allowing its own followers to believe in a variety of things. Religion tends to be strict, and the diversity and variety in Hinduism made it appealing. The travel guide explained Hinduism is a way of life and is reflected in the customs. The Bhagavad Gita gave me insight and helped me learn from the same text that a Hindu would learn from. All this new information made me think in ways I hadn’t before, pose questions and challenge my beliefs. Did I still believe the religious foundation built around me? I wasn’t sure. â€Å"Aren’t you a Hindu or something?† asked my brother. I knew this question was coming, but I still didn’t have an answer. â€Å"I’m not sure.† Before claiming it, I want to fully understand. And I am still working towards that. I may adapt to this religion, I may not. But it doesn’t matter. This search is about understanding and delving into the intriguing unknown. The Indian food caught me. Forever I will recall my first meal at Tandoori Nights a year ago and what stemmed from it. What will catch me next?

The Relationship Between Institutions and Economic Development Essay

The Relationship Between Institutions and Economic Development - Essay Example Neoclassical growth theory limits to identify the prerequisites of economic performance, such as capital accumulation and technical progress. To explain why people save, invest, learn and seek knowledge, different institutional systems and values that success or failures are based on must be paid special attention. The relationship between institutions and economic growth has been a central debate of the economic arena for a long time. A century ago, the free society realized that the institutional system plays a fundamental role in economic development-no longer seen as an inevitable gradual transition from local autarky to specialization and division of labor. The establishment and the functioning of institutions reflect the transition from chaos to order by the creation and enforcement of rules or procedures guiding economic and social life. Thus, the institutional system ensures the normal course of real and nominal economy. However, only efficient institutions are growth-promoti ng (Milo, 2007, p.23). There is a vast empirical literature that studies the impact of institutions on economic performance, particularly on growth (Easterly and Levine (2003), Acemoglu et al. (2001), Fukuyama (2006)). From the reverse connection perspective, the first hypothesis stating that economic growth enhances the good functioning of institutions is associated with the name of Martin Lipset, who argued that increased income and human capital accumulation are the best ways to have effective institutions. The second hypothesis states that limited central authorities and therefore, good institutions, lead to superior economic performance. This point of view is also included in the works of Montesquieu and Adam Smith and, later, in those of the ambassadors of neo-institutionalism (Buchanan, Coase, North, and Williamson). In short, the basic idea of institutionalism is that institutions create the rules of economic game; the latter provide economic incentives and thus influence th e behavior of economic agents. Competition, productivity, innovation and private firms develop in an institutional environment that fosters efficient behaviors and penalizes inefficiency. If economic performance is unsatisfactory, ultimately, institutions will be changed. Reformulated, economic and social changes are institutional changes. One of the most important issues that influence the analyses of linkages between institutions and economic development is that there is no general consensus on the definition of institutions. Chang (2005) highlights three key functions of institution in fostering economic performance: Coordination and administration; Learning and innovation; Income redistribution and social cohesion. In some Asian economies in transition from socialism to capitalism, the rapid progress of free market institutions has reduced the transaction costs. In other situations, they have remained high as a result of insufficient knowledge of market mechanisms, of ambiguous rules and bureaucracy, weak legal system and corruption. Stable political structures, well-defined and recognized property rights and legal enforcement of contracts have reduced transaction costs, explaining the success of the world’s most powerful economies. Transaction cost theory was used in the analysis of general interest issues such as the role and governance practices, definition of market institutions or in explaining the differences between economic performances of nations. Related to the last element mentioned, the theory developed in close connection with the role of institutions in fostering economic efficiency by reducing trading costs. North concluded that capitalist and democratic institutions (free market, state, justice) are the result of efforts to minimize transaction costs (North 1991,

The Rules on Formation of Contracts Essay Example | Topics and Well Written Essays - 1000 words

The Rules on Formation of Contracts - Essay Example The first thing next morning, Kevin went round to Jack’s house and, as soon as Jack opened the door, told him that he would pay  £2000 for the motorcycle alone. Jack said that he already sold it to someone else. The formation of a legally binding contract requires a valid offer, a valid acceptance, an intention to create legal obligations and consideration. An offer is a valid offer when it is legal, clear, and communicated to the offeree. It must be clear and without any ambiguities. Acceptance also needs to be properly communicated. The person to whom an offer is made must accept the exact terms of the offer. Once an offer is accepted, it becomes a promise. The parties must have an intention to be legally bound by the terms of their agreement. When an agreement becomes enforceable by law, it becomes a contract. There a must be a consideration for both the parties involved. There must be something for something for both the parties. If these elements are present in the given scenario, the dealing between Kevin and Jack would be regarded as an agreement and, being enforceable by law, a contract. The formation of a contract initiates through an offer which is â€Å"an expression of willingness to contract on certain terms, made with the intention that it shall become binding as soon as it is accepted by the person to whom it is addressed†1. In the given case, Jack sent a text message to Kevin in which he offered him a motorcycle for the price of  £2000. He communicated his offer to the addressee, Kevin, through a proper mode of communication. Also, there was no ambiguity in his offer since the subject matter was stated clearly. Therefore, Jack made a valid offer to Kevin. Jack had told Kevin that his offer was open for acceptance till 10 am on the next day. Kevin sent a reply to Jack in which he accepted Jack’s offer and asked if the price included a leather suit. Kevin had accepted Jack’s  offer in the first part of his text message.