How Is Working Experience Beneficial to Future Career

What evidence is there to suggest that work experience is beneficial to your future career? As future career could determine the status and income level of people, it has been concerned and discussed by most graduated students. However, according to the report ‘ Journal of Marketing Education’, the U.S. Labor Department anticipated that there would be only 14million college-level jobs for about 18 million graduates in 2005 (Gualt, et.al. 2000) and the graduates should realize that it has been more difficult to find a job in fierce competition. Meanwhile, the former Secretary of Labour Robert Reich suggested that professional skill training and internship experiences are required by 80% of these college-level jobs (Gualt, et al. 2000).†¦show more content†¦And the salary of interns, either starting or current salary, is higher as well. Interns get 2240 dollars more on starting salary and 4600 dollars more on current salary than the noninterns. The report, ‘the graduate market in 2012’, also indicated that more than 50% of recruiters warn th at graduates without any previous work experience are unlikely to be successful during the selection process and get low opportunity to receive a job offer (Highfliers, 2012). Therefore, undoubtedly, work experience would enhance the chance of finding a job and increase students’ income level. Finally, the work experience could lead to higher job satisfaction. That is because of better extrinsic reward such as salary and benefits. And the lead author of the Careers- in Theory blog, David Winter pointed out, ‘as you do more things, your confidence will increase’ (White, 2011). Then greater confidence will lead to higher motivation level and better performance in work. However, for some businesses, a student enrolled at nationally recognized universities is another choice. Even the students there have no working experience. The report, ‘Journal of Marketing Education’ indicated that career success could be influenced by the prestige of the intern employer (Gault, et al. 2000). That means that work experience is not always good. If you had internship in a unethical company for example, the experience of working there might be counterproductive for your future career. InShow MoreRelatedWorking at the Fast Food Industry859 Words   |  3 Pagespopular chain that provides food for consumers but is working at the fast food industry the best working experience a person could have? Fast food restaurants have a reputation, and in the present, they’re labeled as â€Å"the worst jobs,† but there are some positive things about working in the fast food industry such as learning and developing skills at an early age. In â€Å"Working at McDonalds,† Amitai Etzioni argues that high school students working in the fast food industry are put at risk because theyRead MoreEssay on The Changing World of Work1176 Words   |  5 PagesWork For this assignment the aim of the report it going to focus and explain on how such organisations benefit from career management and in what ways career management benefits individuals. The demand for excellent people is always high but the supply, unfortunately, always falls well short of demand. The naturally excellent sales person, manager, accountant and so on, is already working for someone else perhaps in his or her own business and there is short fall for Read MoreImportance Of Work Experience1354 Words   |  6 Pagesof students who have participated in work experience over the years, this can be mainly due to the fact that work experience has been heavily promoted by universities and employers. However, undergraduates still lack the proper understanding of the true benefit work experience offers as they view work experience as a chore rather than a valuable experience. Therefore, the range of academia explored in this essay demonstrates the necessity of work experience within undergraduates in order to expandRead MoreJob As An Intern For The Arlington County Board901 Words   |  4 Pages I got the job through my school program in high school called â€Å"Urban Alliance†. It is a one year program where students have the opportunity to work in a professional environment and to also gain beneficial experiences for their future careers. Acquiring a job in this program is a lot more beneficial than the jobs most teenagers have today. The Arlington County Board are responsible for tax rate and county regulations such as speed limits, traffic lights, stop signs, and etc. The county board membersRead MoreWhat Evidence Is There to Suggest That Work Experience Is Beneficial to Your Future Career?1650 Words   |  7 PagesWhat evidence is there to suggest that work experience is beneficial to your future career? This essay is focused on the study of advantages on future career brought by work experience among graduates.With the growing popularity of so called sandwich courses among universities in UK and Australia, many students would like to spend several months or even one more year for the chance of working in the industry before graduation from universities. A sandwich course is usually organizedRead MoreMy Path Into Speech Pathology972 Words   |  4 Pageswonder service-learning site to gain valuable career experiences. I would have the opportunity to incorporate my knowledge from previous classes with hands on experience with patients and staff members. Vidant Medical Center is a general medical and surgical hospital. Therefore, it serves an assortment of patients from pediatric to geriatric. The hospital offers several activities and services that could correlate with college students’ major or career interest. Some volunteers have the opportunityRead MoreAttending The Interprofessional Education931 Words   |  4 PagesAttending the â€Å"Interprofessional Education† (IPE) session was extremely beneficial and informational for me as an occupational therapy (OT) student. It was beneficial for me for one of two reasons: first it enabled me to inform and educate other professional students about OT. We are told in our program that many professions are unaware of what we do, and that we have to continuously advocate and educate others on what we do and why our profession is so important, in order to remain a professionRead MoreHow Planning A Program Has Brought Me1326 Words   |  6 Pageswhat are important aspects of planning a program. What was truly great about this experience was the idea that we would be helping others. I will discuss what I have learned from developing the program to the conclusion of the event. Furthermore, I will talk about what I can do differently the next time I am apart of a group that is planning a progra m. Also, there will be sections about what I would change for future programs or what I can take away from the planning of this specific program. HighlightRead MoreApplying For Masters For International Business Program And Spending A Semester Interning Abroad1359 Words   |  6 PagesMasters in International Business Program and spending a semester interning abroad. I am interested in a career working for an international organization or company. At first I wasn’t exactly sure what I wanted for my future, but I soon learned how I could incorporate my love for traveling and experiencing other cultures with my interest in business administration and marketing. My interest for a career in the business field was greatly influenced by my father, who is a businessman himself. 2) Five yearsRead MoreThe Mean Score For Sales Managers1529 Words   |  7 Pages† Although I have not taken the VALS assessment on myself, I feel as though I know myself well enough to determine that I fit within what a sales manager’s traits are given . Through class group work, I have found out that I am not really good at working in groups. I tend to take charge and sometimes neglect the quiet people in the group. I also do not really have the patience when group members do not accomplish their fair share of the work. With this I am also showing that I am an extrovert, while

Infection Control In The Child Care Center And Preschool

Question: Discuss about the Infection Control In The Child Care Center And Preschool? Answer: 1: The chest pain in a pediatric patient can arise due to more than a single reason, but cardiac reason is seen to be the major cause of chest pain. For evaluation and management of chest pain, at first assessment of past and family history is needed. Recent history of constitutional symptoms, respiratory symptoms, cardiac syndromes or history of GERD can be evaluated. Evaluation can be done by palpation, percussion, auscultation. According to the evaluation process, right management plan can be made through the follow up process. In some cases, chest x-ray and echocardiogram are the diagnostic tools which are recommended for a pediatric patient having chest pain. If the evaluation, signs and symptoms are indicating toward serious cardiac problem with angina, the patient can be referred to a specialist for further management of chest pain and other symptoms (Sutton, 2011). 2: Murmur and its differential diagnosis differ according to the age of a child. The aortic systolic murmur would have systolic ejection and heard over the aortic valve, it is common in older childhood, mammary artery souffle is rare in adolescence and would be diagnosed with high-pitched systolic murmur extended into diastole and would be detected along the anterior chest wall over breast. The peripheral pulmonary stenosis is common in less than 1-year-old patients which would be diagnosed with grade 1 or 2, low pitched and early to mid-systolic ejection murmur heard over axilla or back. Still murmur is seen in infancy to 2-6 years child, diagnosed with early systolic murmur, best heard at lower left sterna border, becomes louder during patients supine and decreases with standing position. Venous hum is seen in 3 to 8 years child and diagnosed as grade 1 to 6 continuous murmurs. It is best heard above low anterior neck, lateral to sternocleinomastoid. Electrocardiogram can be recomm ended for the patient with musical and localized murmur to understand the nature of the symptoms with still murmur characteristics (Tateno, 2011). 3: Abnormal bruising is bruising without any history of falls or injury and last for longer period. Abnormal or easy bruising is frequent breaking of small blood vessels under the skin. It results in leakage of blood in the surrounding tissues and thereby creating discolorations. The evaluation of the disease needs evaluation of family history, physical examination as well as laboratory investigations. There are a number of causes for abnormal bruising, some of which are inherited and others are systematic. Therefore, the diagnostic test would involve blood test and other physical examinations (Grossman, 2012). Sometimes, thrombocytopenia or leukemia, deficiency of coagulant proteins can cause related symptoms, Therefore, platelet count, coagulation profile including INR, PT and APTT, skin bleeding time, fibrogen assay, hemophilia screening, urine test, radiology investigation, bone marrow examination, plasma ascorbic acid level, home anemia test etc can be relevant. The indication f rom diagnostic studies showing the presence of acquired aplastic anemia, acquired prothrombin deficiency, acquired anti-FVIIIc syndrome, acute leukemia, acute lymphoblastic leukemia, acute biphenotypic leukemia, blood coagulation disorder, autoimmune thrombocytopenia, factor V, VII, VIII, IX or X deficiency or hemophilia would be significant concern of the physician (Prasad, 2012). Reference List Grossman, L. (2012). Infection Control In The Child Care Center And Preschool. New York: Demos Health. Prasad, P. (2012). Pocket Pediatrics. Philadelphia: Wolters Kluwer Health. Sutton, A. (2011). Cardiovascular disorders sourcebook. Detroit, Mich.: Omnigraphics. Tateno, M. (2011) A murmur of the heart. London: SAGE

Why the Best Writers Should Write Every Day

People often assume that the best writers have a natural talent for producing great works on demand. But as anyone does it for a living knows, that’s simply not the case most of the time. Writing is a process and it takes a lot of practice and hard work to stay proficient. That’s why one thing that most of the best writers have in common is that they write every day. Insights from Writing Giants The writer of Charlotte’s Web, E.B. White, once said in an interview that he tries not to let his environment interfere with his writing: â€Å"A writer who waits for ideal conditions under which to work will die without putting a word on paper.† Ernest Hemingway and Kurt Vonnegut always wrote early every morning. Today, many prolific writers do the same. They don’t wait for the â€Å"right moment† to write, they just write, often early in the morning before other daily tasks take over. When you get into the habit of writing every day, it becomes a part of your routine and strengthens your writing prowess. You could write for a full seven consecutive hours in one day, but writing for an hour every day of the week is probably a better approach. It strengthens your discipline as a writer and is less likely to lead to burn out. Like physical exercise, frequency – not quantity – is more effective in the long run. The Many Benefits of Daily Writing Clears Your Mind You don’t only have to write pieces that are meant to be published – they can just be fun notes for yourself. The process of writing is a great way to reduce stress and unclog your mind. Once your thoughts are put on the page or screen, you free up your mind to be more creative or be able to focus on new ideas. Sharpens Your Writing Skills The ability to communicate clearly and effectively deteriorates without practice. Writing frequently will improve your vocabulary and the flow of your writing so that you can communicate more concisely. Developing a writing schedule will help you preserve important writing time. It will also encourage you to streamline your daily schedule to maximize your writing output. Eliminates Writer’s Block When we struggle to write, it’s often because we’re afraid of writing badly. This feeling can increase if you haven’t written for a few days. But the trick is to just write – no matter how â€Å"badly† – and edit it later. As writer Jodi Picoult said: â€Å"You might not write well every day, but you can always edit a bad page. You can’t edit a blank page.† Write for Yourself The great thing about writing every day is that it doesn’t necessarily have to be for someone else – you can write whatever you want. Here are a few ideas on what you can write for fun. The Morning Purge First thing in the morning, write down anything and everything that comes into your head. Don’t edit as you go, just dump all your thoughts onto the page. It helps to clear your mind, lift your mood and begin your day with a clean slate. Love It, Hate It Pick an object or an activity and write about it from the perspective of absolutely loving it. Then write about it as though you really hate it. For example, write about how much you love television and then write about why you really don’t like it. Explore Your Senses Think of an object and try to describe it using all your five senses of sight, hearing, taste, smell and touch. It doesn’t matter if you can’t literally sense it – just use words to best describe the imagined sensation. For example: â€Å"The sun’s light burns my eyes. Its light waves smell like burning coals upon my face. When I touch its surface, the heat throbs through my veins, I can hear the dry leaves cracking under its heat and the air around me tastes likes cardboard on my tongue.† A Different Perspective Flash Fiction Write a short story using around 250 words. It must contain a beginning, middle and end – but make every word count. Boil the story down to its essence by removing anything that doesn’t add to the mood, reveal character, advance the plot or make the reader care. To help you get into the habit of writing daily, remember: Commit to it. Once or twice a week is too infrequent to help you form a habit. No excuses, just write something every day! Set aside time to write, at a regular time that works best for you. Start small. Even 100 words are something. You can always increase the word count over time. Eliminate distractions. Put your phone on silent. Close your Internet browser. Just sit down, or stand up, and write. Keep on Writing Good writing comes from practice and hard work. Even the greatest writers take years to develop their skills. However, the one thing they all have in common is that they keep on writing, through thick and thin. Day after day. If you’re struggling with writing, remember that the more you do it, the better you’ll become. Regular writing will not only reduce your fear of the blank page but also help you develop your style and your writing capacity.

The Lovely Bones By Alice Sebold English Literature Essay Essay Example

The Lovely Bones By Alice Sebold English Literature Essay Essay Example The Lovely Bones By Alice Sebold English Literature Essay Paper The Lovely Bones By Alice Sebold English Literature Essay Paper Essay Topic: 6th Grade 8th Grade Love in Excess Alice Sebold was born September 6, 1963, in Madison, Wisconsin, ( 4 ) . She was born to an alcoholic, demented female parent, Jane, who was a journalist, and a male parent who was Spanish professor. She was their 2nd kid, and had an older sister, Mary. Her household moved around a twosome of times because of her pa s occupation and publicities: from Madison, Wisconsin to Rockville, Maryland, and so from at that place to Paoli, Pennsylvania. Sebold was a good pupil, but her older sister was the smarter, straight A pupil. Sebold was a originative individual and loved authorship, among other things. She described herself as, excessively smart, excessively fat, excessively loud, excessively arty, ( 4 ) . She frequently argued with her parents, and was the jokester of the household. She was proud to state, I wanted to be the idiot of the household, because idiots seemed to hold more merriment, more freedom and more personality ( 4 ) . Bing the idiot was her manner to get by life in th e tense family. Sebold was an alienated, anomic 2nd kid. At a immature age, she suffered through many adversities. When her female parent began to imbibe, and became an alky, her sister, Mary, took attention of her. After a clip, Mary began to be embarrassed of her female parent, and did non desire to be seen with her. Subsequently, she stopped taking attention of her, go forthing Sebold to take attention of her herself, and to maintain everything together. Sebold was the one to compensate- comforting her female parent and reprobating her sister ( Glaug, 1 ) . After graduating from Great Valley High School in Malvern, Pennsylvania in 1980, Sebold attended Syracuse University in upstate New York, ( 1 ) . During her first-year twelvemonth in college, at age 18, she was harshly beaten and raped in a hallway that led to a now shut down amphitheater. She so found the adult male subsequently on, and went to tribunal where he was found guilty and given a maximal sentence. Surprisingly, she still decided to go to the same university after the incident, determined to compose out her sorrows and acquire her grade. Sebold struggled in many ways with the colza and the deficiency of support from her parents. She so dropped out and after many events, including working as a waitress and making drugs, such as diacetylmorphine, she decided to compose her first book. Her first book, a novel called Lucky, was a memoir to her colza as a college fresher. It was called so because a bull told her that she was lucky to hold been able to walk out alive, as a piece earlier, a miss had been killed and dismembered in that same tunnel. Sebold so moved to California and attended a university at that place to go on prosecuting her composing calling. There, she met her hubby, the novelist Glen David Gold. Now a successful author herself, Sebold presently lives in California with her hubby. Sebold became really successful after her 2nd book. Her first book, Lucky, was a memoir of her colza. Her 2nd book was what hit the top charts. At first called Monsters, this novel was about a 14 twelvemonth old miss named Susie Salmon who is raped, killed, and so dismembered by her neighbour, Mr. Harvey. The narrative is told from her point of position in Eden, and goes through the events that happen after her decease. Subsequently on, the name was changed, and was published as The Lovely Bones. She besides wrote another book, The Almost Moon. Her books were influence by colza and the force she sees in the universe. The 2nd book is besides influenced by her battles with her female parent. Sebold won the American Booksellers Association Book of the Year Award for Adult Fiction in 2003, ( 1 ) . In add-on, she achieved the Bram Stoker Award for First Novel in 2002. Sebold was nominated in the Novel class in 2002 as good. The Lovely Bones besides became a # 1 National Bestseller. Susie Salmon, a 14 twelvemonth old miss, was murdered on December 6, 1973. Susie, a immature funny miss, was walking place through the corn field one dark when she ran into her older neighbour, Mr. Harvey. He leads her into a manmade room under the Earth in the corn field, and at that place he rapes, putting to deaths, and dismembers her. Susie goes to heaven, where Eden is whatever you want and tantrums to your demands and personality. However, she still yearns for her lost life, and is still attached to life on Earth. As a consequence, Susie goes through her hereafter in her Eden and tickers over her household. She besides learns how the intelligence of her decease spreads and affects her household, those who were near to her, and others around them. As she watches her household header with her decease in different ways, she besides looks into Mr. Harvey s yesteryear, meets some of his other dead victims, and keeps some checks on him. She watches as her household goes through life through the old ages to come, and besides tickers over Ruth, a friend of hers, and Ray, a male child that she had truly liked. Lindsey copes with her sister s decease, and over the old ages, has a fellow named Samuel, who she finally marries in the terminal. Her small brother does non understand things every bit good, and at first, is angry at her for deceasing and go forthing him at that place with Lindsey to cover with the jobs. However, as he grows older, he learns to accept her decease. Her male parent has a harder clip, with the guilt of non being at that place for her pressed on his shoulders. All he sees is Susie and he can hardly populate with himself. He starts to turn further apart from his married woman. He besides, subsequently on, grows clo ser to his other two kids, going really protective. Her female parent likely took Susie s decease the hardest. It knocked her down difficult and made her lose her stableness and saneness. She grew further apart from her hubby and her other kids. She besides commits criminal conversation with the investigator in charge of Susie s instance. Later on, she leaves her household and travels across the state, seeking to get away it all. Ray and Ruth become closer, and Ruth subsequently discovers that she can pass on or see the dead. She subsequently lets Susie into her organic structure and Susie and Ray, via Ruth s organic structure, reunite and do love. After her clip is up, she is taken to Heaven. She is eventually able to allow travel of her connexion to the Earth and her decease. In the terminal, her household became even closer, including her lone life grandma, who was normally excluded. Her female parent comes back every bit good, and everyone, including Ruth and Ray, understand that Susie is genuinely gone and eventually accept her decease. This shows that because Susie was eventually able to break up her connexion to the Earth and accept her decease, she could go forth her Eden to travel to Heaven. Her concluding credence of her decease is what allows her household, friends, and others to eventually allow her travel, retrieve her in memory, and to travel on. This book was banned due to holding expressed stuff. The book opens up with a 14 twelvemonth old miss who gets raped, murdered, and so dismembered. Though this book deals with hope and healing, it is on a deeper degree, ( 5 ) . Younger kids, like fifth and 6th graders, may non hold reached the adulthood degree needed to read and understand this novel. Young grownups and high school teens, for illustration, will understand it better. Some parents are oppugning whether or non it should be available in in-between school libraries, and other schools have either banned it or moved it into a restricted country for staff members. Parents are worried about how their immature teens will grok the book, and if it will do them depressed, scared, or even scarred. For illustration, a parent of a sixth-grade miss at Coleytown Middle School wanted the book removed from the school library because she believed that the novel was, right for an grownup audience, but was non appropriate for a 6th grader ( 3 ) . In add-on, many believe that The Lovely Bones inquiries some facets of faith. For illustration, they believe that the writer s thought of Eden has no God or judgement for those come ining it, ( 5 ) . This raised many inquiries and negative responses to the book, which the writer so replied by stating that that was her manner of seeing things and that everyone interprets things otherwise. The book was besides banned due to maturate subjects, criminal conversation, decease, linguistic communication, and other expressed scenes. I knew he was traveling to kill me. I did non recognize so that I was an carnal already deceasing. Why do nt you acquire up? Mr. Harvey sad as he rolled to the side and so crouched over me. His voice was soft, encouraging, a lover s voice on a late forenoon. A suggestion, non a bid. I could non travel. I could non acquire up. When I would non was it merely that, merely that I would non follow his suggestion? he leaned to the side and felt, over his caput, across the shelf where his razor and shaving pick sat. He brought back a knife. Unsheathed, it smiled at me, swerving up in a smile. He took the chapeau from my oral cavity. State me you love me, he said. Gently, I did. The terminal came anyhow. The Lovely Bones, pgs. 14-15 While Len took her manus and brought her away from the wall into the tangle of pipes where the nose operating expense added its ain chorus, Mr. Harvey began to pack his properties ; my brother met a little miss playing Hula- Hoop n the circle ; my sister and Samuel lay beside each other on her bed, to the full dressed and nervous ; my grandma downed three shootings in the empty dining room. My male parent watched the phoneaˆÂ ¦ aˆÂ ¦ Mr. Harvey left his house for the concluding clip while my female parent was granted her most temporal want. To happen a room access out of her destroyed bosom, in merciful criminal conversation. The Lovely Bones, pgs. 196-197 The Lovely Bones is a good book that shows you a whole new manner to look at life that truly is nt just sometimes. However, it is besides a book of hope and healing and shows how a household is lacerate apart and later brought together once more. This novel is deep and better understood by an grownup or older audience. I understand why it was banned and agree with it. It has many expressed scenes, like the colza, slaying, and dismembering of Susie Salmon, every bit good as her household having the bosom wretching intelligence of her disappearing, and, subsequently on, her decease. The criminal conversation committed by her female parent, the mental instability of her male parent after her decease, and the departure of her female parent may besides non be good understood by a younger audience. This includes some linguistic communication and the sex scenes between Lindsey and Samuel and Susie and Ray, via Ruth s organic structure. Some scenes are a small spot distressing, and others are dejecting, which is why it is non good for younger readers. However, I believe that The Lovely Bones was a good, and deep novel, and Teachs us all many different lessons. I do non believe it should be banned. Alternatively, it should be marked for an older audience so that readers are cognizant of the mature content it contains. In this manner, people may bask this novel and cognize whether or non it is appropriate for their age degree. For illustration, some people believe that 7th and 8th graders should non be allowed to read The Lovely Bones because of its mature content and deep significances. However, some of these younger readers are mature plenty to understand what is go oning in the book. Though it may be good to censor it from certain schools, others should be able to get and bask this novel.

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.