Finance and Surplus Funds Assignment Example | Topics and Well Written Essays - 500 words - 3

Finance and Surplus Funds - Assignment Example Finance companies can facilitate Carlsons expansion by providing long-term loans to meet the company's fund requirement that is used to buy the long-term assets such as machinery, equipment, land and building. The funds provided by financial institutions are essential to finance the fixed assets procurement necessary for the expansion of the existing business or for totally a new line of business. Commercial Banks are depository institutions. Deficit units such as Carson are provided loans by commercial banks. Commercial banks have large assets generated by providing the deposit accounts to surplus units. The financial institutions look at financial leveraging of the firm such as debt ratio, debt-equity ratio, interest coverage, that decides company’s capacity to pay the interest and original debt over a long period of time. Obviously, that hinders Carson to access more debt funds for further expansion and growth. The primary market can support expansion program of Carson by absorbing their issued stocks and bonds to the common investors at the predetermined price. The money thus garnered falls under the category of equity or debt as the case may be and can be used to meet the expansion needs. The financial institutions work as financial intermediaries especially, when the market is imperfect. When the market is perfect, information is available free to buyer and seller and market settles at the lowest possible cost of funds discarding the need of any financial institutions for they cannot give any benefit to either buyer or seller. Every commercial bank would like to review the risk profile of the business and the company to whom they have provided the line of credit. Accordingly, it is quite obvious that in case of Carson undertaking any large expansion, commercial banks would like to know how the line of credit provided by them will be used and in what way the new expansion will alter the risk profile of the company. Banks would also  like to assess about how the expansion plan of Carson will affect the fund security and the ability of the Carson to pay them the due interest on the borrowed funds.

Lack of Responsibility Kills Essay Example for Free

Lack of Responsibility Kills Essay When it comes to the battle between obesity among Americans and fast food chain companies, fast food falls hard for the one to blame. For many years, big food companies have been constantly under attack from health advocates and consumers for the contribution of growing waistlines, chronic diseases and lack of exercise in the United States. Of course, it is easy to blame fast food corporations given the ubiquity, proximity convenience and low cost of food options available. But who really is the one to point the finger at? We, the consumers, are fully responsible for what enters our mouths. No individual should sue any restaurant company from getting fat from eating their food. A decline in physical activity and a rise in more sedentary lifestyles have made it more difficult to balance food intake with energy spending in the last generation, leading to overweight people. It wouldnt be such a big deal if the problem were simply aesthetic. But excess weight takes a terrible toll on the human body, significantly increasing the risk of heart disease, high blood pressure, stroke, diabetes, gall-bladder disease, osteoarthritis and many forms of cancer. The total medical tab for illnesses related to obesity is $117 billion a year. According to the Surgeon General, and the Journal of the American Medical Association reported in March, poor diet and physical inactivity could soon overtake tobacco as the leading cause of preventable death in the U.S. And again, Americans recognize the problem but do not seem to want to change. In the TIME/ABC poll they rated obesity alongside heart disease, cancer, AIDS and drug abuse as among the nations most pressing public health problems. Consumers attitude toward fast food has changed since there is a wide assortment of factors at work ranging from fewer sit-down meals, much more snacking, more latchkey kids who make their own food decisions without supervision. Consumers, as well as parents (kids are also falling victim to the obesity rates), need to engage in personal responsibility when it comes to consuming an abundant amount of fast food instead of putting the obesity blame on fast food franchises. Obesity and fast food chains were never an issue back in the day; Americans seem to have taken advantage of the easy availability and cheap prices of many unhealthy foods. The human lifestyle and diet 4,000 years ago seem to have changed dramatically over the years where our ancestors ate and drank in the healthiest way possible as nomadic hunter-gatherers. 50%-80% of food came from plants, and 20%-50% came from animals (The World is Fat 18). Chronic disease, diabetics, obesity, heart disease and even cancer were unknown. In the 1950s, less than 100 million Americans were overweight and obese individuals. People used to have to do daily activities that were extensive just to live their everyday lives like cooking food from scratch, walking most places and doing most things by hand rather than using technological machines to do it for them. Food wasnt easy to get if you were poor. Walking somewhere was still common regardless of appliances such as dishwashers and ovens, and in 1960, only about 13.3 percent of people in America were obese, according to the University of Iowa Hospitals Clinics. And things havent been moving in a promising direction. Just two decades ago, the incidence of overweight in adults was well under 50%, while the rate for kids was only a third what it is today. From 1996 to 2001, 2 million teenagers and young adults joined the ranks of the obese. People are clearly worried. A TIME/ABC News poll released June 2004 shows that 58% of Americans would like to lose weight, nearly twice the percentage that felt that way in 1951. But only 27% say they are trying to slim down and two-thirds of those arent following any specific plan to do so. Americans love and strive for flavor and bigger portioned sized foods that’s fast and easy to attain, that is where fast food corporations come in place. Americans now are taking advantage of the big ger, cheaper and faster foods that it has become a national problem. So, where do we draw the line between self-control and responsible business practice? For the past 10 years, McDonald’s and other fast foods chains have been victimized with numerous lawsuits because they either â€Å"got consumers fat, hypnotized kids or bribed with deals and promos† (Fast Food 19). In 2003, the United States district court for the Southern District of New York responded to a complaint filed against McDonald’s by a class of obese costumers (Fast Food 18). In 2011, sixty-four year old Martin Kessman filed a lawsuit against the fast food company, White Castle and was seeking unspecified financial damages against the fast-food chain, claiming that his local White Castle is in violation of the Americans With Disabilities Act because the seating could not accommodate a customer of his size, keep in mind this man ate at White Castle on a regular basis. These frivolous and unnecessary lawsuits against corporations show the ignorance of many irresponsible Americans who cannot control their eating habits. It is not right to sue a fast food company based on the fact that consumers knowingly and voluntarily consumed the foods from McDonald’s knowing that the foods McDonald’s serves were in fact high in cholesterol, fat, salt and sugar. Consumers voluntarily spend over $100 billion annually on fast food per year. (Fast Food 8). The famous documentary, Supersize Me, shows Morgan Spurlock consuming McDonalds every day, 3 days a week. This of course led him to gain a significant amount of weight and develop some health complications. Spurlock makes his point by a way of exaggeration, he tells us something that we already know, fast food is bad. Of course it will be bad because he ONLY consumed fast food and nothing else, he did not eat anything healthy and did not exercise, all of this was done voluntarily. Should consumers eat fast food on a daily or even a weekly basis? The answer is simply no. Today Americans eat an extra 300 calories per day than in 1985 (Buzzle). When this trend occurs we get overweight Americans, and that is exactly what we are dealing with. 500 million Americans are now obese and an additional 6 or 7 million are â€Å"morbidly obese† (Chew on This 209). With this ridiculous amount of unhealthy people, you would think there would be a solution. And there is, lawsuits. Americans decide to turn to their lawyers for their ignorance and blame corporations for something that is obviously done by their own will. Consumers are too ignorant and blind to understand what it’s their mouth. We cannot deny that people are eating more and are getting fat, but that does not prove that fast food franchises are the culprit. Kids today are suffering severely and falling victim to obesity because of many unhealthy diets that are being practiced in their own home. Parents bring home the importance of food safety, quality and nutrition. When this habit continues to occur it leads to kids becoming teens who make poor choices who in turn leads to obese adults and a lifetime of health problems. Children in the United States are gaining more weight than ever before. They’re eating too much high-fat, high-sugar food and are spending less time be ing physically active. In 1989-1996 kids caloric intake became 80-230 extra calories per day (Food Inc. 225). The diets of American children don’t meet nutritional recommendations. In 1997, American children obtained about 50% of their calories from added fat and sugar while 1% of them resemble portions of food pyramid (Fast Food 29). At this early age kids can show early signs of health problems and of course obesity. A quarter of kids age 5-10 show premature warning signs for heart disease such as high cholesterol and high blood pressure with unhealthy eating habits, physical inactivity and obesity (Food Inc. 229). Weight problems that develop during childhood can lead to weight-related illnesses such as cancer, heart disease, high blood pressure and diabetes. So, is parent’s lack of responsibility for their children’s food habits the one to blame? Of course, one thing kids will unfortunately experience is variety. With all the fast food chains serving the same stuff no matter where in the US. Parents with obese kids are struggling with a horde of problems when it comes to their childs weight. They range from a lack of education about nutritional food, not knowing how to cook and limited money to buy healthier food, to longer working hours and marketing campaigns for junk food aimed at kids. But the more sedentary and lazy lives children now have are also creating huge problems. Type 2 diabetics actually increased in children when a study conducted in Cincinnati should that type 2 diabetics went up tenfold from 1982 to 1994. 75% of junior school children preferred to stay at home than go to their nearby park (Child obesity: Why do parents let their kids get fat). Watching TV was one of the most popular activities, with 89% saying it was how they liked best to spend their time away from school, according to researchers Lightspeed. In July, scientists from University of Montreal claimed that by the age of ten, toddlers had added inches to their waistlines each week they spen d an extra hour in front of the television. Parents need to, from the start, control the eating and overall lifestyle of their children. It is dangerous for the future of the children to get used to such a risky addiction. Not only are we and our children eating more, but we are also exercising less. Lack of exercise is another factor to lack of responsibility. Fewer American adults today work in jobs that require physical labor. People drive to work in cars, rather than walking or biking; they take elevators instead of stairs; they use vacuum cleaners rather than brooms; and they cut the lawn with riding rather than push mowers. All of these simple changes reduce the amount of energy used to perform the tasks of daily living. A typical office worker today walks only about 3000 to 5000 steps in their daily activities. In contrast, in the Amish community where driving automobiles and using electrical appliances and other modern conveniences are not allowed, a typical adult takes 14000 to 18000 steps a day. The overall incidence of obesity in the group is only 4%. With 46.9% of the population meeting Physical Guidelines for aerobic/cardio physical activity (Exercise and Physical Activity). The problem for individuals is that willpower is not enough. We live in an environment where theres food every half mile. Its tasty, cheap, convenient, and you can eat it with one hand. We, the consumers, need not only to cut back on calories and fast food, we need to get active in any possible way we can to increase our health. Although simpler sounding on words then it is to actually pursue, exercise is Americans biggest challenge. Imagine a 7-year-old boy named John who, his whole has been given to-go fast food meals as his daily dinner at home. John has always been overweight for his age. As John has entered his teen’s years, he has become a hectic straight A student who studies constantly but never has time to make his own meals at home. John drives to local fast food joints and spends about $70 per week on his in-between-studies meals. Although, he has never worried about the way he looked and no matter what it has never occurred to him to want to change his eating habits, he continues to eat fast food on a regular basis. He consumes about 1,200 calories more than he is suppose to. Now being a grown adult with a settled job and cozy suburban home, he continues to eat unhealthy. No exercise is ever incorporated into his daily routines. He enters a McDonalds and stares blankly at the menu and clearly sees the sign that McDonalds has introduced a new Premium Caesar Salad with Crispy Chicken Strips but John chooses to ignore it because he thinks going to McDonald’s for a salad is like asking a prostitute for a hug. It just doesn’t make sense. He orders a Big Mac meal that costs him around $9.25 and around 1,130 calories (including drink), this does not bother John because this simple meal tastes great and satisfies his hunger and appetite (keep in mind John ate this meal in-between lunch and dinner so he has eaten more calories with breakfast, lunch and dinner). Oh, and why not make it supersized for 2 dollars more, he won’t be hungry till 2 hours later. John continues this routine for about two more months; he feels extremely tired and out of breathe just walking down the stairs of his home. He also has major pains in his hips and knees only to think this is due to age. As the shortness of breath and joint pains begin to intensify, John finally decides to go to the doctor to get a check-up. His result, John is morbidly obese and has developed osteoarthritis, which is the reason for the joint pains. He also has a respiratory problem that causes his shortness of breath. John is outraged at how he could develop such a health problem. He blames McDonalds for giving him such a horrible and negative effect on his health. He plans to sue the fast food company. Does John win his case? No, he does not. With his irresponsible lack of a healthy diet or exercise, he does not have a fair case against McDonald’s. His overweight and health i ssues are due to his irresponsible lack of awareness to his body and his lifestyle. McDonald’s is not the one to blame; he had the choice to eat unhealthy. No one is forcing him to consume fattening foods. The real culprits in his obesity problems (as well as many other obese Americans) are lack of personal responsibility and its henchmen, gluttony and sloth. What really causes obesity besides the overconsumption of food? Genetics is one factor. Some common forms of obesity are probably the result of variations within a large number of heritable genes between families. Obesity risk is 2-3x higher for a person with a history of obesity as oppose to someone with no family history. Genetic studies have shown that the â€Å"particular set of weight-regulating genes that a person has is by far the most important factor in determining how much that person will weigh† (The Real Cause of Obesity). The heritability of obesity, which shows how, many genes is a factor to obesity versus other factors is the same as the heritability of height. Also, many psychological disorders can lead to obesity as well. The basis of eating disorders and obesity usually lies with mixtures of psychosocial and environmental attributes. Individuals who suffer from psychological disorders (e.g. depression, anxiety, and eating disorders) may have a tough time managing control of their consumption of food, exercising an adequate amount, and maintaining a healthy weight. Those with weight problems can use food as a relieving mechanism, particularly when they are sad, anxious, stressed, lonely, and frustrated. In many obese individuals there appears to be a random cycle of mood disturbance, overeating, and weight gain. When they feel distressed, they turn to food to help them feel better which in turn leads to obesity (Psychological Risk Factors of Obesity). The culprits responsible for Americas progressively expanding waistline have little to do with the usual suspects popularized by the media. Many Americans believe Fast Food is the main culprits for obesity because of the clever tactics and unknown ingredients they use to get costumers to buy and their food and make them wanting more later. Fast food companies outnumber actual restaurants because it is affordable, easy to attain, big portioned and delicious. With the United States being the most obese nation, it has also become the nation that craves flavor and variety. Many turn away from greens because of its unappealing taste and lack of flavor. Fast Food companies produce food with flavor and hunger satisfying taste. Many become angry because of the effective advertising done on TV, ads, giveaways and deals. But what really angers consumers most are the chemicals they put in their food that makes it so delicious and irresistible. Polyfluoroalkyl phosphate pesters, PAPs, are chemicals that line fast-food packaging to make it grease- and waterproof, this leads to a number of health problems including cancer and liver disease. Dimethylpolysiloxane, a type of silicone, is added as an anti-foaming agent to McDonald’s chicken nuggets. This is the same ingredient that is used in breast implants and silly putty. Sodium Phosphate, which acts like a foam agent to many types of meat, is constantly used in many fast food joints. Dyes (red and yellow) behavioral attributes. Along with the mystery chemicals that go into fast food for its flavor, companies also supersize or increase the portions of their meals. During 1970s, marketing director of McDonalds corporations, David Wallerstein, determined that consumers would by more of a food item if sold in larger sizes and costs weren’t high. Portions increased from since 1980s to about 5x larger, which includes the drinks and side orders (Buzzle). A supersized coke, big mac and fries takes about 7 hours to burn with walking, now imagine people actually eating this without any exercise. We’ve been supersizing what we eat and that’s what consumers can’t get enough of. Many blame fast food for numerous health problems as well; asthma, strokes, type 2 diabetics, cancer, and cardio vascular disease. I myself have fallen victim to fast food, for example when I go on road trips with the family, we have no time to sit down and have a proper breakfast since we have to get on the road right away. We stop by a McDonalds because their breakfast is cheap and quick since we can eat it in the car. Also, it is no coincidence that fast food chains are everywhere where there are colleges and schools as well. College educated people or not poorly educated Americans are the most rapid growth in BMI between 1970 and 1990 (Fast Food 20). Obesity in college students in 1970 increased to 163% with many students claiming that with so much hectic studying and no time to eat, fast food is close by and quick to eat. So, it is no joke as to why people would blame fast food for their health troubles, since it is easy to attain and delicious but with many deadly ingredients. Personal responsibility is all it takes to decrease obesity. We live in a supersized world but as they say bigger is not always better. Fast food companies should not be blamed for obesity and instead be blamed on the consumers for lack of self-control. Fast food may look delicious but if people are aware of the health problems that are in the food, why do some continue to consume it regularly. Many need to take responsibility for their actions instead of taking it out on the companies by filing ridiculous lawsuits. No one forces us to eat a burger. It is not fast food that kills it is lack of responsibility that kills.

The Olympic Games Employment Opportunities

The Olympic Games Employment Opportunities The primary objective of this dissertation was to find out the socio-economic benefits and impacts of the London 2012 Olympics for London since development and regeneration began in 2007. As such, this dissertation aimed to identify the associated advantages and any negative impact of being the host of an Olympiad, but at this stage of the research made no forecast about the scale of impact. As a result while the dissertation progresses there will be arguments, analysis and evaluations to establish whether there is justifiable cause for the UK government and LOCOG spending billions on a one off event, all in the name of aiding social welfare and economic advancement. This dissertation initially provided an overview of both earlier and continuing research to aid the discussion around aspects of legacy and economic growth since 2005 consistent with the argument of Veal and Frawley (2009). Drawing on the lessons from past Games, this dissertation will also focus on the three phase economic benefits of the London 2012 Olympics. Establishing the impact of the Olympics on residents and countrymen alike was another aim in the dissertation. For this dissertation this inquiry was carried out in form of a survey. The results revealed a great deal, firstly it showed that the younger generation found inspiration from the games with 71% of respondents stating they would take part in some form of sport and exercise. Additionally the results also showed most of the respondents were unsure whether the games were value for money this resonates with the thoughts of Dennis (2012). The most astounding revelation was that 66% of the respondents believed the games wer e inspirational, captivating and moreover worth all the cost. The dissertation brought to light that the London 2012 games are more socially and economically beneficial at the pre-game and games year but these benefits and impacts are not proportionally evident elsewhere in the UK. The post-game phase analysis showed that there was great uncertainty in regard to economic growth and legacy of Olympics, with Greece 2004 an example of when things go wrong. Despite this, there is still room for further research on the social impacts of Olympic Games. CHAPTER 1: INTRODUCTION The Olympic Games generates lots of enthusiasm and great expectations. More than simply a sporting event, hosting the greatest show on earth is seen by some as a once in a lifetime opportunity to provide new infrastructure and deliver benefits to local residents and communities. (Vigour et al, 2004) From the time when Pierre de Coubertin, founded the modern Olympics in the late 19th century, cities and countries have sought to redefine themselves by staging the Olympic Games. To the host country, the games offers global exposure and worlds interest in its cultural wealth, creating job opportunities during and after the games, attracting revenues from tourism, and inspiration for the nation. Included in this search for Olympic glory was the Great Britain. After three consecutive failed bids, the Olympics were finally awarded to London on the 5th of July 2005. The optimism and passion towards the London 2012 project from the bid team became infectious spreading across a nation that was very much inspired and expectant. Despite this, once Londons name was pulled out the proverbial hat, critics like Gross (2012) and Dennis (2012) led the great Olympic inquisition in the years after the bid was won. Gross (2012) describing the bidding process of London 2012 as a gruelling and often f arcical campaign, that accompanied itself with a  £11.5bn tab. He said the true extent of funding has been hidden, the process is hardly transparent? However earlier in 2005 it became apparent that the funding would be from both the public and private sectors. According to the Olympic Delivery Authority (ODA) (2005) a  £2bn fund coming from London Olympic Committee Organising the Games (LOCOG) was accrued from the private sector through a combination of sponsorship, merchandising, ticketing and broadcast rights. The ODA (2005) budget which catered regeneration and infrastructure projects was from the public sector, the funding was the breakdown was as follows; 63.3% from Central Government 23.3% from National Lottery 13.4% from the Mayor of London and the London Development Agency Additional criticism emanated from the France 2012 bidding team, they indicated that Londons bid was based on promises not linked to reality (Moulds, 2009) as they believed the budget was cut too low. Monroe (2007) was in agreement after researching Olympic budgets of the past four Olympics, she too said the budget was ambitious to say the least. An aura of vindication befell the critics as it came to light that the London 2012 Olympics budget was not going to plan. The Olympic budget soared from  £2.4bn to  £9.3bn in 2008, leaving only  £475m in the contingency fund (BBC, 2012). However, LOCOG and ODA stated this was not frivolous spending but rather a means to an end. The Games were targeted as a stimulus for social development and economic growth alongside being a step-change in the transformation of the East End of London. Per se bidding for the Olympics is a calculated risk that can either turn to gold or leave the hosts in the starting blocks. More related to the scope of my study, is the socio-economic contribution of an Olympics and the post games legacy. Ascertaining this will be done by exploring the economical, geographical and social implications for London as the host of the 2012 Olympics. The reason for the focus on London is in line with the Barton (2004) report that highlighted that for large economies such as the United States and United Kingdom, the economic impact of hosting major sporting events appears to be more significant primarily at the local or regional level, fewer impacts seen in cities beyond the Olympic Hubs. What is also noteworthy is that this dissertation not only seeks to establish the socio-economic impacts of hosting the Olympics, but also to determine how sustainable these benefits are in the future through a three phase economic assessment. In other words how the games can maximise the so called legacy. The challenge however lies in how to measure and quantify future rewards of an event tha t has just happened. Magnay (2009) perhaps offers an insightful elucidation of this paradigm. Magnay (2009) states that in their simplest forms, socio-economic impacts are either tangible or intangible. In essence this means that the pre-games and games-year phases show evident tangible benefits such as physical infrastructure, the tourism, employment and consumer spending. On the other side lie the intangible benefits or the legacy, evident in the life after Olympics. In the post games there is greater uncertainty in particular for London 2012 as a consequence of the current economic downturn. One of the challenges encountered in this research is the scarcity of studies that look at a link between socio-economic agendas and the legacy. In principle a theoretical gap with which my dissertation aims to tackle, following the works of Blake (2005), Barton (2004), Gratton and Preuss (2008). This dissertation will also contribute in no small way towards complementing literary and traditional ideology on the legacy, socio-economic impacts of Olympic Games. This is in hope that this dissertation could serve as groundwork for further research in the study of hosting global sporting events. Nonetheless, hosting the Olympics is certainly a pricey business; as a result of this it gives a basis to create an opportunity to conduct such research (Blake, 2005). Additionally away from the academic exposure and learning experiences derived from the research, this dissertation will be providing an informed insight into the chosen area of study. CHAPTER 2: AIMS AND OBJECTIVES Magnay (2010) stated the LOCOG chief executive has previously indicated, the games are a principal asset to the country. As a result of this statement there is a need to establish if the games are truly asset or a burden. This can be done by showing whether hosting the Olympics amounts to a greater socio economic benefit in comparison to the incurred cost from inception through to the eventual clear up. Additionally the dissertations will investigate the factors which justify the increase of the Olympic budget during a significant and sustained economic downturn. Since the International Olympic Committee (IOC) is the lead committee for both summer and winter Olympics, to arrive at a suitable conclusion the aim is to use statistics and other information relating to both these variations of Olympiad as relevant sources of adding to the ensuing argument. This is because the bidding, planning, organisation and funding protocols all follow the same procedures, as a result comparisons can be done in regard to procedure and protocol. However what is pertinent to point out is that any comparisons between London and winter Olympics will be limited to social impacts and cost overruns. OBJECTIVES This dissertation is an opportunity to present an unbiased view on the London Olympics and the possible impacts, while making an informed judgement on it according to the evidence presented. This dissertation will raise important economic, political and social issues surrounding the Olympics and possibly give further insight to the following areas. To identify the nature, characteristics and features of sporting mega-events, with specific reference to the London 2012 Olympic Games. To critically review the literature on cost, impacts and benefits of hosting the Olympics, eventually leading to an appropriate conclusion that summarises the extensiveness and complexity of the concepts surrounding socio-economic impact of the London 2012 Olympics. To evaluate the net benefit of the Olympic Spectacle to London from the perspective of tourism, employment and redevelopment view point. To identify the risk alongside the challenges and implications of hosting the Olympics by looking at previous host cities such as Greece 2004, Sydney 2000 to name a few. To ascertain the thoughts of Londoners and the wider UK population on issues regarding the economic, social, health and environmental benefits of the Games particularly through regeneration and sustainable development in London. CHAPTER 3: LITERATURE REVIEW Expenditure on facility and infrastructure preparation, as well as revenues from visitor spending, event receipts and media exposure, forms the baseline of much mega event analysis. (Hiller, H 2000). Thà Ã‚ µ socio-economic evaluation of the à Ã… ¾lympicц¢ is of importance to the hà Ã‚ ¾Ãƒâ€˜Ã¢â‚¬ ¢t city, itц¢ rà Ã‚ µgià Ã‚ ¾n à Ã‚ °nd to a lesser extent cà Ã‚ ¾untry. This by is far is the primary driver for assertiing thà Ã‚ µ và Ã‚ °luà Ã‚ µ à Ã‚ ¾r wà Ã‚ ¾rth à Ã‚ ¾f hà Ã‚ ¾Ãƒâ€˜Ã¢â‚¬ ¢ting thà Ã‚ µ à Ã… ¾lympic Gà Ã‚ °mà Ã‚ µÃƒâ€˜Ã¢â‚¬ ¢ (Carlin, 2007). The depth of the possible factors affecting London as a result of the Olympics are well beyond the scope of this dissertation, and therefore briefly looking at these vast factors will not evoke the thoughts and arguments desired to deliver a good literal critique. As a result my dissertation will be looking to expand on the academic and research issues in relation to the benefits of hosting the Olympics. It is fair to say that there are complexities surrounding this subject matter, nonetheless the investigations and research conducted during the dissertation aided by pub lished material and resources will help to develop the argument about socio-economic benefits of Olympics. Over the years there has been a flurry of academic literature including the likes of Bellamy (1995) and Collins (1997), their research assessed the economic impact of global sporting events to the host city and in some instances the wider economic impact on the nation. However much of the literature on major events is concerned with the economic impacts, McLeod (1999) also explored broader issues including sports participation, social impact, and urban regeneration. On the face of it these studies championed the hosting games as a very strong catalyst of economic growth and society improvement. In other words this research was very pro Olympics. Other proponents further augmented the short-term and long-term benefits by stating the Olympics will birth benefits such as construction of venues, facilities and improvement of infrastructure the trickledown effect of these is increased tourism, as well as improved public welfare and job creation (French and Disher, 1997; Rose and Spiegel 2 009). Moreover Spiegel (2009) states that the Olympics Economic Effect results in an injection to economic growth thanks to the foreign investment and Olympic tourists. This results in higher tax revenues for the government. In contrast Hiller (1998) argues against this by stating there is a lack of comprehensive analysis; the focus of these previous studies was on positive benefits, while negative impacts are largely hidden. Other scholars (Noll and Zimblist 1997, Rosentraub 1999, Baade 1996), unearthed some disparities with this previous research and they found that the tangible economic impacts of Olympics were being overstated and often the measurable economic impact of Olympics is very small in relation to the wider economy but was however more evident in the host city or region (Barton, 2004). As stated before the vast majority of publications that focused on the merits of mega events were derived from a variety of empirically and statistical models that looked at both pre-event and post-event benefits. This dissertation does not intend to employ such techniques regarding the subject of Olympics; rather, focusing on a qualitative approach to these stated benefits. More often than not the Olympic Authorities make their bid consideration based on the economic and social advantages of these said events. However before delving into the depth of the research, it is important to establish what is meant by socio-economic impact. Cullum (2007) described socio-economic impact as a way to determine how development projects, i.e. Olympics, might affect the social and economic conditions of people and communities. In essence the trajectory of such impacts will be inclined towards regional economic boost, social regeneration, and lastly bringing communities together. Even so, Carlin (2007) reiterates that taking on events such as Olympics and World Cups is a predetermined hazard. In a way it is possible to argue that the British Olympic Association (BOA) was caught up in the promise of bountiful riches, global exposure and getting one over the French when they pursued this venture. This over exuberant was reflected in the continued revision of the Olympic budget. London expected its 2012 Games to cost under  £2bn at the bid stage but the budget rose to  £9.4bn in 2007 and in 2012 it was expected to exceed  £11bn (Carlin, 2007; Simon, 2006; Dennis, 2012). So is London 2012 likely to suffer as a consequence of underestimated costs and overestimated benefits? In order to tell whether the London 2012 Olympic budget and investment are justifiable, it is necessary to examine some key benefits. These key issues will encompass areas including economic, social and health benefits that the Olympics bring to a host city and country. 3.1. SCOPE OF STUDY Before 1976, there were not many studies of the economic benefits of hosting the Olympic Games (Field, 2007). Since then, PriceWaterhouse Coopers (PWC) alongside other researchers offered a glimpse into these Olympic economics. In the summer Olympic Games held from 1984 to 2008, the findings showed varying degrees of measurable economic success. Some of this was as a result of estimates regarding the economic and demographic impacts of hosting the Olympics (Malfas et al, 2004). The challenge however was the difficulty in quantifying any economic benefits; even so studies (Blake, 2005; Malfas et al 2004; Szymanski, 2010) show that in terms of the economic impact of hosting an Olympics, the definition of Olympic Economy has been flippantly used as a result distorted its true meaning. Through using a three-dimensional and three phase impact study, Matos (2006) alongside Wei (2006), found that these purported benefits were combination of the pre-game phase, the games-year and subsequentl y the post-games phase. There are short-term benefits occurring at the pre-games and games year phases. The post-game phase is characterised by the anticipation of long-term benefits that are less tangible, those come about owing to the promotion of the London as a tourist destination and a potential location for investment. Gornostaeva (2011) added to this by stating Olympics are not merely a glorified sports day; a means of image building or competition between cities but a very useful instrument to aid socio-economic advancement. Nevertheless, Dennis (2012) once again argued against this by affirming that the research on the economic benefits at times focuses only on the financial performance of games. As a matter of fact they present narrow focus on the economic performance of the Games (Malfas et al, 2004); it eventually forgoes examination of vital links between Olympics economics and wider factors affecting communities, business and stakeholders within the host cites. Economics of London 2012 by Szymanski (2010) is one study that offers a broader examination of the varying economic impacts. Szymanski (2010) stated employment, tourism, consumer spending and GDP movement are the main barometers of success in regard Olympic Games economics this will be explored in the dissertation accordingly. 3.2. ECONOMICS OF LONDON 2012 OLYMPICS Employment The London 2012 Olympics will be the biggest civil engineering project in Europe, create more than 30,000 new jobs a year, and pump an extra  £20bn in the UK economy, to cement London reputation as one of the worlds main financial centres Ahmar (2008) indicated that employment is probably the best definition of what is considered one of the main centrepieces of economic indicators. He expand further by stating the employment impact depends on the characteristics of the host economy, the size of the labour force, and the state of the labour market which later determines the sourcing of labour. This is because it mirrors trends in both the economic and social dimension. On one hand a higher employment rate implies a higher disposable income rate, optimised utilisation of labour force and boost in consumer spending. On the other hand the social aspects of employment are reflected through health and life expectancy for instance. But Wagner (2007) questioned what this meant for London as a whole. ODA (2009) estimated that it is likely to spend around  £2bn in temporary employment of staff, security, and they also stated that 45% of the labour force will be recruited from the Inner, Outer and Greater parts of London. The economic impact of previous Olympic Games and the employment opportunities on the host cities are shown in table 1.1. Table 1.1: Economic impact of Olympic Games and Employment opportunities on the host cities.  £ (million) Economic Impac Cumulative Jobs Created** Barcelona (1992) 190 196,640 Atlanta (1996) 30 77,026 Sydney (2000) 2,884 90,000 Athens (2004) 3,589 100,400 Beijing (2008) 3,500 180,000 London (2012 2,000 132,000 TABLE 1.1 SOURCE: ODA (2008) *CUMULATIVE JOB FORECAST Barber (2008) and Brunet (2008) observed the employment trend from 2006 till 2012; they found unemployment in East London had dropped by a margin of 41% (Barber, 2008). The ODA had previously forecasted at least 55% of the useable labour resource will be from London by the time the games arrived in 2012. But there were contradictory sentiments emanating from the local councils. According to the Hackney Citizen (2012), ODA promised jobs were to be created for the many local people in London but this would seem not to be the case. It was found there was a disproportionate distribution of opportunities among the unskilled, semi-skilled and specialist jobs. This is because the majority of jobs available suited specialised workers, because building stadia and arenas requires workmen who specialise in building and engineering services as opposed to the local carpenters and builders. Gornostaeva (2008) also shed light on the possibility of the discrepancies of these figure; he stated that ODA employment estimates included volunteers because these opportunities were identified as volunteering work targeted to get the unemployed people to do low skilled jobs at the Olympics. With this sentiment he argued that volunteers should not be included in the employment figures because volunteers were trained for specific low skilled jobs. Moreover, there was little or no evidence showing that these volunteer skills were transferable to the post-Games economy. Despite these reservations, 2012 continues to reflect a significant drop in the rate of unemployment across the capital, with more evident employment rises occurring in the host boroughs (Barber, 2012). Table 1.2 shows a summary of expected impacts on employment. The employment estimates use similar assumptions as those used in the macroeconomic impact assessment by Blake, (2005) and PWC, (2005) Table 1.2: Summary of expected impacts on employment from years 2005 to 2016 Spatial Level *Pre-Event (2005-2011) During Event (2012) Post Events (2013-2016) Overall (2005-2016) UK 2,955 3,261 1,948 8,164 London 25,824 3,724 9,327 38,875 North East London 7,344 311 311 7,966 TABLE 1.2 SOURCES: BLAKE, 2005; PWC, 2005. EMPLOYMENT FIGURES Of course it can be argued the games are achieving one of their primary objectives but research pertaining to Olympic induced employment advises caution (Baade and Matheson, 2002; Ahmar 2008). Baade and Matheson (2002) revealed that prior to the event and leading into the Games year employment also shows a boom. Madelano (2012) expanded on this by stating that there is a disproportionate rise in employment coming from London, leading some to believe that we are floating inside a rose-tinted Olympic bubble. With this in mind, does London have the resources and strategy to sustain post Olympics employment? Beth (2012) paints an ominous picture with the headline Olympic Jobs Legacy Misses Target, the government had two key schemes set up in 2010 intended to get unemployed people into jobs during and after the Games. However these initiatives have been dogged by delays and cuts in funding. This contradicts Boris Johnsons pre-election promise to provide jobs. Irrespective of this, some of the researchers (Gornostaeva, 2008 and Beth 2012) have shown that the benefits employment as a by-product of Olympics are over-estimated but this does not mean that there are none. It would therefore be of interest to gauge whether the locals believe that the post-Olympic job promise has been fulfilled. Tourism The economic benefits of the Olympic Games as direct result tourism are widely researched. They are routinely listed among the principal legacy effects of hosting the games, along with new age sporting facilities, cultural and social investment and improved infrastructure (ETOA, 2008). The burst of tourist interest in relation to the 2012 Games was the USP for the ODA and LOCOG because the London economy and society are said to be the key beneficiaries. Early estimates in 2008 predicted that the visitor economy would be at least  £2bn. PWC (2008) claimed the Olympics would attract induced visitor numbers thanks to enhanced media exposure. They outlined three stages of the tourism effect. Preà ¢Ã¢â€š ¬Ã‚ Olympic tourism This is typically described as taster tourism effect. This is because the visitors at this point in time are related directly with the planning and preparation for the games. Eventà ¢Ã¢â€š ¬Ã‚ time tourism Also as the games year tourism. This stage is characterised by two types of tourist. The first are leisure tourist- they travel to see the Olympic villages and park. Whereas the sport tourists travel to actually see the events and make the biggest proportion of foreign ticket purchasers. Postà ¢Ã¢â€š ¬Ã‚ Olympic tourism PWC (2008) state this type of tourism is characterised by two important sources: Gamesà ¢Ã¢â€š ¬Ã‚ prompted private leisure tourism and soà ¢Ã¢â€š ¬Ã‚ called MICE (meetings, incentives, conventions, events) tourism. Even if we did assume that tourism could be enhanced by the Olympics, what sort of evaluation timescale is appropriate and what sort of empirical information is meaningful? (Dimeo, 2009) The London 2012 Olympics will no doubt attract foreign visitors in their thousands; the longstanding argument is that their increased spending brings a boost to the local economy. Shaun Woodward, the then tourism minister, in 2006 said the tourism potential is enormous. Grohmann (2010) of Oxford Economics forecasted the arrival of 379,156 foreigners in the period pertaining to the Olympic Games. Others have felt that up to 800,000 extra visitors (Visit London and Visit Britain 2010) would be drawn to the capital because of the Games. It is important to note that visitors create the single most important economic benefit to Olympic host cities. The only issue surrounding tourism data is that unlike investments for infrastructure, tourism expenditure is not recorded or controlled centrally. Nonetheless Wallace (2010) produced the table 1.3 that showed the three phase impacts of Olympic tourism. Table 1.3: Impact of London 2012 Olympic Games on Tourism Pre-Games Games Year Post Games Year Year 2008 2009 2010 2011 *2012 **2013 **2014 Visitor Number (million) 14.5 14.9 15.2 15.6 16.2 15.4 15.6 Total Spent ( £ billion) 1.3 1.4 1.5 1.6 2.0 1.7 1.4 Avg Spent 1.5 2.0 1.6 Growth % 2.9 1.8 2.7 3.7 -4.9 1.3 Avg Growth Rate per Annum % 2.5 3.7 2.6 TABLE 1.3 SOURCE: WALLACE (2010) *FORECASTED IN 2010 **FORECASTED 2011 The table 1.3 revealed a trend similar to that of Athens 2004 and Beijing 2008 Olympics. The trend was characterised by an increase in visitor numbers 4 years prior to the Olympics because of the pre-games events held most notable in 2010 and 2011 with an eventual decline after 2012. Wallace (2010) suggested that because London is a central tourist hub, it would generate just over  £10bn in tourism revenue in those three aforementioned games phases. Steward (2008) adds to this by saying that Olympic tourism is a cash cow because not only does tourism bring in revenue but it puts great emphasis on the social and cultural benefits that arise from hosting games. Steward (2008) also adds London is unlikely to cause tourist displacement, because without the Olympics, it is still an attraction in its own merit. ETOA (2008) bring another viewpoint in regard to argument on the benefits of Olympic tourism. ETOA (2008) found that hosting the Games might actually have a negative impact on tourism to the host city. They state that there has been difficulty predicting the number of foreign visitors in some earlier studies such as Papanikos, 1999 and Dwyer et al 2003. The scarcity of empirical research limited the extent to which Olympic tourism impacts were examined, as a result most of the analysis was conducted through case study discussions. Weed (2007) found it difficult to provide information even on the basic question of whether the host city experienced a longer term boost to its tourist economy. The trickledown effect of this gap in literature is that the more challenging issues, like the negative impact on other tourist destination in the same country, are not addressed (Dimeo , 2009). In spite of these concerns, supporters for sport-related tourism uphold the conviction that holding the Olympics can bring widespread tourism associated upshots. However, this debate is not just about the host city, it is about the Olympics as the linchpin in a global tourism marketplace (Dimeo, 2009). ETOA (2008) supports this by adding Olympic tourists are unlike regular tourists, they are not interested in tourism, and they are interested in sport. These said tourists spend less on non-Olympic recreation activities; the trickledown impact of this will significantly affect government revenues as these negated activities include specific taxes on alcohol and gambling (Blake, 2005). So their spending habits are very unpredictable and difficult to forecast. As such this unpredictability has been quite evident with London 2012 tourism market. As recently as July 2012, the government revealed that visitor numbers were not meeting the expected targets. This therefore means the likes of Wallace (2010) and Steward (2008) were off the mark. In comparison to the last two Olympics, the London Olympics brought less tourist revenue to recession-hit Britain which was a sharp contrast to the expectation set out by ODA. The reason behind Londons apparent tourist short fall is a result of London effectively closing for normal business. For that reason both tourists and the residents are scared off immediately before and during the events because of overcrowding, transport disruption amongst other things. This absence in the market then creates its own negative effect across the region. In line with sentiments Dimeo (2009) and Wnorowski (2011) , although Olympic tourism has it benefits, post 2003 studies found that growth in Olympic tourism dropped in games year and most significant drop was immediately after hosting the Olympics. The disparity between government expectation and reality leaves a quandary for future Olympic tourism studies. Conceivably a benchmarking criterion is needed to ascertain how to weigh up tourism input benefits. These benchmarks could be offset against the cost of construction facilities, how these facilities can be transformed for community use after the event and the general disruption to the host city. When it comes down to it many of the claims about Olympic tourism impacts are based primarily on the increased tourism experienced in Sydney 2000. Blowe (2005) adds to this by saying what the proponents of these Olympics fail to consider is that London is among some of the major Central Business District (CBD) in the world, however it also houses a rather inadequate transport system. Therefore rather than spending vast sums on this one event, improving the Tube and rail network would provide a bigger boost for the city and the country directly influencing tourism. Olympics and the host city economy As far as the definition of Olympic Economy is concerned, there have been several opinions by scholars. Most notably Carlsen (2003) explained Olympic Economy is the direct and indirect revenues that come about as a result of hosting the Olympic Games. Alternatively Chalip (2005) said it was a focused Economy, which promptly boosted the economy of host ci

The Hobbit by JRR Tolkein Essay -- essays research papers

THE HOBBIT BY J.R.R. TOLKIEN The Hobbit by J.R.R. Tolkien is a story of adventure and danger, and it is a prime example of a romantic plot and fantasy genre. What makes this story such a great example of a romantic plot? One, the unlikely hero, Mr. Bilbo Baggins is a hobbit that is dragged on an adventure he doesn’t wish to take. Second, there is a great quest with a reward at its end. Third the great teacher figure, Gandalf is a wizard that helps Bilbo to become the great hero he is destined to be. And lastly the dragon figure, in this story the dragon figure, happened to be a dragon but there are also many miniature dragon figures through out the tale. The story begins with our soon to be hero Bilbo Baggins he’s smoking his pipe and is quite proud of the smoke rings he is managing to make. As Bilbo smokes his pipe, Gandalf stops by to have a talk with Bilbo. He informs Bilbo that he is looking for someone to go on an adventure with him. Although Bilbo is tempted to accept the offer, he declines. Before Gandalf leaves Bilbo decides to invite him for tea the next morning. Dwarves show up at his door instead, one at a time, inviting themselves in until there’s thirteen in all. Bilbo isn’t quite sure of what to make of this, but Gandalf shows up and soon it becomes apparent to Bilbo that he has been chosen by Gandalf to be the thief in an adventure to retrieve some stolen dwarf gold from a dragon named Smaug. He was a very weak character at the start of this adventur...

Biography of Louisa May Alcott Essay -- Louis May Alcott Writers Essay

Biography of Louisa May Alcott Louisa May Alcott was born in Germantown, Pennsylvania, the daughter of Amos Bronson Alcott, an educator and philosopher, and Abigail May, the energetic, philanthropist. Louisa grew up in Concord and Boston, suffering from poverty as a result of her selfish idealist father's inability to support his family. Bronson Alcott habitually sacrificed his wife and daughters by refusing to compromise with a venal world, most conspicuously when he subjected them to an experiment in ascetic communal living at Fruitlands farm in 1843. However, the Alcotts' intellectual environment was rich and stimulating: Louisa's parents assidously encouraged her writing, and her friends included leaders in abolition and women's rights, including the Transcendental philosopher Ralph Waldo Emerson, Margaret Fuller, and Henry David Thoreau. Louisa took nature walks with Thoreau and had the run of Emerson's library. By the time she had reached her teens, she felt a responsibility to help her mother and older sister provide for the family. She taught, sewed, worked as a domestic and a companion, and wrote fairy tales and romantic thrillers. When the Civil War broke out, she was eager to participate, animated by her dislike of female passivity as well as her hatred of slavery. She enlisted as a nurse ans served for three weeks in an army hospital in Washington, D.C., until she contracted typhoid fever. She was treated with mercury, which permanently undermined her health. The experience did, however, provide material for her Hospital Sketches, which vividly combines heartbreaking pathos in death of a gental, stoical blacksmith, indignation at male official callousness and mismanagement, and humorous self-portrayal as the warmhearted, hot- tempered, down-to-earth Nurse Tribulation Periwinkle. In that year, she proudly recorded in her journal, she earned almost $600 "by my writing alone," of which she "spent less than a hundred" for herself. From then on, she provided the major financial support for her family, while remaining obligated to help them with the heavy housework and nurse them when ill. She never married. Later on, a publisher approached Louisa to do a girls' book, she accepted the offer only because she needed the money. The result was Little Women , one of the bestsellers of all time. Within four years it had sold 82,0... ... her characters who rebel against conventionally defined female goodness. Alcott, however, did not let her resentment surface in behavior: she constantly sacrificed her personal comfort and the artistic quality of her works to the demands of her family. She "plunged into a vortex" to write Work but had to stop to nurse her sister Anna through pneumonia; when she finished the book, it was "Not what it should be,-too many interruptions. Should like to do one book in peace, and see if it wouldn't be good." When her father was dying, she regularly dragged herself out to see him, although very ill herself; two days after his death, free at last of family obligations, she died in Boston. Alcott will always be remembered for Little Women , the classic American story of girls growing up. In her own time, it established her reputation as a purveyor of perceptive and sympathetic, but always morally uplifting, literature for young people. The subversive, feminist element in her books has only recently been clearly recognized. We now see not so much "the Children's Friend" as a deeply conflicted woman whose work richly expresses the tensions of female lives in nineteenth-century America. Biography of Louisa May Alcott Essay -- Louis May Alcott Writers Essay Biography of Louisa May Alcott Louisa May Alcott was born in Germantown, Pennsylvania, the daughter of Amos Bronson Alcott, an educator and philosopher, and Abigail May, the energetic, philanthropist. Louisa grew up in Concord and Boston, suffering from poverty as a result of her selfish idealist father's inability to support his family. Bronson Alcott habitually sacrificed his wife and daughters by refusing to compromise with a venal world, most conspicuously when he subjected them to an experiment in ascetic communal living at Fruitlands farm in 1843. However, the Alcotts' intellectual environment was rich and stimulating: Louisa's parents assidously encouraged her writing, and her friends included leaders in abolition and women's rights, including the Transcendental philosopher Ralph Waldo Emerson, Margaret Fuller, and Henry David Thoreau. Louisa took nature walks with Thoreau and had the run of Emerson's library. By the time she had reached her teens, she felt a responsibility to help her mother and older sister provide for the family. She taught, sewed, worked as a domestic and a companion, and wrote fairy tales and romantic thrillers. When the Civil War broke out, she was eager to participate, animated by her dislike of female passivity as well as her hatred of slavery. She enlisted as a nurse ans served for three weeks in an army hospital in Washington, D.C., until she contracted typhoid fever. She was treated with mercury, which permanently undermined her health. The experience did, however, provide material for her Hospital Sketches, which vividly combines heartbreaking pathos in death of a gental, stoical blacksmith, indignation at male official callousness and mismanagement, and humorous self-portrayal as the warmhearted, hot- tempered, down-to-earth Nurse Tribulation Periwinkle. In that year, she proudly recorded in her journal, she earned almost $600 "by my writing alone," of which she "spent less than a hundred" for herself. From then on, she provided the major financial support for her family, while remaining obligated to help them with the heavy housework and nurse them when ill. She never married. Later on, a publisher approached Louisa to do a girls' book, she accepted the offer only because she needed the money. The result was Little Women , one of the bestsellers of all time. Within four years it had sold 82,0... ... her characters who rebel against conventionally defined female goodness. Alcott, however, did not let her resentment surface in behavior: she constantly sacrificed her personal comfort and the artistic quality of her works to the demands of her family. She "plunged into a vortex" to write Work but had to stop to nurse her sister Anna through pneumonia; when she finished the book, it was "Not what it should be,-too many interruptions. Should like to do one book in peace, and see if it wouldn't be good." When her father was dying, she regularly dragged herself out to see him, although very ill herself; two days after his death, free at last of family obligations, she died in Boston. Alcott will always be remembered for Little Women , the classic American story of girls growing up. In her own time, it established her reputation as a purveyor of perceptive and sympathetic, but always morally uplifting, literature for young people. The subversive, feminist element in her books has only recently been clearly recognized. We now see not so much "the Children's Friend" as a deeply conflicted woman whose work richly expresses the tensions of female lives in nineteenth-century America.

Dr. Richard P. Feynman :: Biographies Physics Essays

Dr. Richard P. Feynman There exists a man in the annals of modern physics who defies almost all description. His name is Richard P. Feynman, and he is equally known for dozens of accomplishments which often seem to have very little to do with physics. Bongo drummer is nearly as good a description as any, for playing the bongos was one of those accomplishments. In a feat of rhythmic skill that is rare amongst even the most prestigious classically trained musicians, Feynman taught himself to sustain two-handed polyrhythms of seven against six and even thirteen against twelve (Gleick, 16). He had a feeling for rhythm that allowed him to do everything from hold an audience spellbound with his improvisational bongo drumming (16), to annoy his college roommates with an incessant, almost absentminded drumming of his fingers (65). Richard Feynman was also much more than a bongo drummer, or even a mere physicist. He had the uncanny ability to see a puzzle and come to its inevitable solution in the time it takes an average person to blink. Feynman was asked to serve on the Rogers Commission investigation of the Challenger explosion in 1986 (Slone, Challenger). After reluctantly agreeing to join the commission, he began to truly sink his teeth into the problem. By going directly to the people who designed and built the shuttle, Feynman was able to learn just exactly how dangerous shuttle flight actually could be. The official NASA figure for the chance of shuttle failure was 1 in 100,000 (Challenger). In the course of his research, Feynman came to the conclusion that a more accurate number was actually 1 in 100 (Challenger). It was because of this willingness to do the necessary research and look beyond the management level of NASA to the guts of the engineering that Feynman was able to discover the true cause of the explosion. Cutting through political correctness and public relations concerns, Feynman conducted a simple experiment with a cup of ice water in front of a meeting of the commission, thereby proving that the material the O-ring was made of was incapable of handling the stress of takeoff at or below 32 degrees Fahrenheit, the temperature on the day of the launch (Challenger). It might be interesting to wonder about the origins of a man with such an incredible ability to isolate the truth and clearly relate it to others. To find those origins one need look no farther than the eastern coastline of the United States of America.

Ernst Mach vs. Bertrand Russell

The purpose of this paper is to show that while Ernst Mach and Bertrand Russell share similar views on matter and knowledge, their end conclusions differ. Mach believes humans think in an economical manner where past experiences and knowledge are systematically reorganized to fit a pattern (Mach 211). Rather than analysing each experience in detail, humans refer to similar or related experiences as groups, which allows for the â€Å"least expenditure of thought† (Mach 197). In line with this mentality springs the concept of ‘things’ and ‘bodies’. Mach states that colours, sounds, temperatures, etc. re called sensations (Mach 208-209). When certain sensations are present repeatedly, they would fit into a pattern. To allow for future reference on this knowledge within the mind, the pattern receives a label. An example would be when a person sees an orange, bouncy, sphere object which has a mildly rough texture, the label ‘basketball’ spring s to mind. The ‘basketball’ would not be a physical object; it would simply be a â€Å"mental symbol† for the sensations and Mach states that â€Å"symbols do not exist outside of thought† (Mach 201). Russell believes that certain things, such as a table or a cat, consist of sense-data hich are colours, sounds, smells, etc. and that the immediate awareness of such things is known as a sensation (Russell 12). Also, the existence of an object is not necessarily associated with the sense-data as different people receive different sense-data when they are under the belief that they are viewing the same object (Russell 20). In addition, a person would only know the certainty of perceived sense-data rather than of the object since sense-data depends on the perception and relation of the object to the perceiver (Russell 16). Russell then states that although there is no proof of a physical world, the belief that there are objects corresponding to sense-data allows for the simplification people’s experiences. Therefore, believing in an external world is easier than thinking otherwise. Both Mach and Russell believe in the perception of colours, sounds, etc. but they label them differently; Mach calls them sensations and Russell calls them sense-data. Also, neither doubts the existence of these perceptions as they reside within the mind. Mach does not call into question the experience of sensations and Russell states that there is no doubt for the existence of sense-data (Russell 18). This indicates that both believe in physical causes that create such perceptions, but not necessarily believe in the existence of physical objects. In addition, both regard human knowledge to be built up from instinctive beliefs and the economic categorization of these beliefs form the basis of science and an organization of information (Mach 191; Russell 25). The two philosophers differ in views when regarding the existence of the physical world. Mach states that the idea of substance is a â€Å"crude notion† and that â€Å"bodies or things† do not exist in the external world (Mach 201, 203). In contrast, Russell asserts that it is instinctive belief to believe in an â€Å"independent external world† and since this belief â€Å"does not lead to any difficulties†, there is no reason to reject the belief (Russell 24). Mach’s overall view seems more sceptical relative to Russell since, even though he mentions that humans can easily believe that things other than sensations exist outside of thought, with no proof, he considers objects to be merely labels which only reside within the mind. This may be due to the reasoning that solid justification should support a notion for it to be a valid belief. Mach regards science in a negative light as he states it uses â€Å"lavish extravagance† and comments that, in the form of personification that â€Å"she needs [no] justification of her aims† (Mach 189). Russell, on the other hand, seems to believe that questioning the existence of the physical world and objects within it to be a difficult task and in turn states that believing such a simple, systematic notion of an external world would be a better solution. When he cites Descartes’ systematic method of doubt to be an attempt to deny the existence of everything but oneself, he inquires on the firmness of the theory in regards to â€Å"‘I think, therefore I am’â€Å"(Russell 19). By addressing a strong theory that questions the existence of everything, then indicating the flaws within the theory, Russell demonstrates the difficulty in creating a sound theory which denies the physical world. Almost similar in Descartes’ perspective in the belief of the existence of an Evil Genius, Russell takes the position that if there is no proof denying the existence of a physical world then the possibility of it allows for belief in physical objects and an external world (Russell 24-25). In conclusion, Mach and Russell have similarities in their theories, but their overall views greatly differ. Mach and Russell’s view on perceptions such as colour, sound, etc. are similar, although each has different labels for the ideas: sensations and sense-data, respectively. In addition, both believe in the simplicity or economy of knowledge. The philosophers then differ in the belief of an external world, where Mach denies the existence of physical objects, where Russell believes in such a notion. Russell’s acceptance of an external world seems more in line with the economical nature of knowledge as understanding the idea of an external world is easier and allows for better explanations for perceptions of colour, sound, etc. Both philosophers have sound theories but neither has evidence where anything is absolutely certain and as such the study of philosophy continues to address doubts which revolve around our reality. Works Cited Mach, Ernst. Popular Scientific Lectures. Chicago: The Open Court Publishing Company, 1898. Russell, Bertrand. The Problems of Philosophy. London: Oxford University Press, 1912.