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New data released today by the U.S. Census Bureau show that four years into the economic recovery, there has been some progress in the poverty rate as it fell from 15 percent in 2012 to 14.5 percent in 2013, with gains especially strong for children, whose poverty rates fell by nearly 2 percentage points. There was no statistically significant improvement, however, in the number of Americans living in poverty. The share of families struggling on the economic brink also remains elevated, with about one-third of Americans—33.9 percent—just one paycheck, sick child, or broken-down car away from poverty.
Women, people of color, and young workers are among those hardest hit by the recession and the subsequent weak recovery.
These data further confirm what many working families experience on a daily basis—the economy is off-kilter, with gains from economic growth concentrated at the top, and low- and middle-income families continuing to struggle with stagnant incomes and barriers to employment.
In this context, here are three things you need to know about the new data for 2013 and how they affect looming policy choices:
- The economic recovery is not translating into income growth more broadly, as a result millions of families are trapped in economic insecurity;
- Young workers are still struggling to stay afloat, even though they are more educated than in previous generations;
- Fifty years after the Civil Rights Act, there has been some progress for women and people of color, but persistent racial, ethnic and gender disparities remain.
These trends and their implications are examined below.
Economic growth isn’t being shared
Adjusting for inflation, median family income stayed flat between 2012 and 2013 and remained lower than in both 2007 and 2000. This decline in family income is due in large part to stagnant wage trends.
Given that the vast majority of Americans, including those at the bottom of the income scale, rely on their paychecks and work-related benefits as their primary source of income, wage stagnation is obstructing our ability to improve economic security and cut poverty. As economists at the Economic Policy Institute recently documented, real wage growth has been negative since 2000 for workers in the bottom 30 percent of the wage distribution and basically stagnant for workers in the middle. Only workers in the top 5 percent have seen solid gains.
Flat incomes combined with rising costs have also meant that household balance sheets are in trouble. Flat wages mean that low- and middle-income families must borrow to keep pace with the rising costs of basic goods and needs such as child care and health care. This leaves families more vulnerable to economic shocks, which can send them spiraling below the poverty line. Moreover, as Figure 1a shows, increasing income inequality has exacerbated the increase in wealth inequality, with families in the bottom 40 percent of the income distribution experiencing particularly large declines in net wealth between 2001 and 2013.
Absent policy action, these trends are likely to continue. In August 2014, low-wage industries such as food services, retail, long-term care, home health care, and temporary help comprised 37 percent of new jobs in the private sector. Fortunately, there is evidence that establishing and strengthening basic labor standards is part of the solution. A recent Economic Policy Institute analysis showed that in the past year, real hourly wages declined for all workers except those in the bottom 10 percent of the wage distribution, with workers in states that raised their minimum wages accounting for the increase. This underscores that public policy—and specifically, minimum-wage increases—have an important role to play in combating wage stagnation.
As the economy slowly recovers, improving job quality and boosting wages must be a central strategy to ensure that the gains of economic growth reach struggling families.
Young workers are still struggling to stay afloat, despite more education than previous generations
While children experienced significant declines in their poverty rates in 2013, these gains were less dramatic for youth transitioning to adulthood. According to the new Census data, 19.4 percent of people ages 18 to 24 had incomes below the poverty level last year, and young adults ages 25 to 34 did not see an improvement in their poverty rates, which were stuck at 15.8 percent in 2013. High poverty for these groups is particularly striking given their education levels. Young people today are much more educated than their counterparts 50 years ago; yet 18- to 34-years-olds today face higher poverty rates than people of the same ages and educational levels did 50 years ago. Figure 2a charts poverty trends for 25- to 34-year-olds by education level between 1968 and 2013. It shows, for example, that even poverty rates for young people with college degrees or more were about twice as high in 2013 as in 1968.
While some of this increase is due to continued high unemployment, there has also been a clear long-term trend toward higher poverty rates for young people at all levels of education. The vast majority of young people living in poverty today have a high school diploma or more, and more than one-third have some postsecondary education, including 14.5 percent with a bachelor’s degree or higher. (See Figure 2b.)
Higher education is still a key pathway towards economic security, making it possible for millions of Americans to join the middle class. As Figure 2a shows, the more education one has, the less likely he or she is to be poor, with workers who have at least a four-year college degree experiencing the lowest poverty rates.
The high poverty rates of young people carry long-term consequences. Researchers have found that college graduates who started their careers during recessions earned lower wages over the next 15 years compared to college graduates who entered the workforce in a better economy.
Improving the mobility and opportunities of young workers will require improving job quality. This can be done by raising the federal minimum wage to $10.10 per hour, adjusting it annually to keep pace with the costs of living, and enabling young, childless workers to access the Earned Income Tax Credit (EITC); providing more avenues for young people to access employment—for example, through expanding apprenticeships; and addressing their crushing levels of student debt through refinancing options.
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Despite some progress for women and people of color, persistent disparities remain 50 years after the Civil Rights Act
The poverty rate is too high across the board, but certain groups face much higher risks of poverty and economic insecurity than others. These include women and people of color.
Fifty years after the passage of the Civil Rights Act, it is important to acknowledge the progress that has been made in cutting poverty, particularly for African Americans. From 1966 to 2013, the share of the private sector workforce comprised of people of color rose from 11.2 percent to 29.7 percent, and women’s share grew from 31.2 percent to 48.2 percent. As Figure 3 shows, black poverty rates fell from 55 percent in 1959 to 27.2 percent in 2013, due partly to greater civil rights protections and opportunities in the labor market. And Latinos were the only racial or ethnic group to see a statistically significant decline in their poverty rate in 2013.
That said, Latinos, African Americans, and Native Americans are still significantly more likely to live below the poverty line than white non-Latinos. People of color are more likely to live in neighborhoods and places with very high poverty rates, often for reasons related to systemic discrimination; to face employment discrimination; and to bear the brunt of policies that have led to mass incarceration. As with young people, their poverty rates remain relatively high despite considerable educational advancement. For example, in 1965, only one-third of working-age African Americans had a high school diploma or additional education; today, nearly 90 percent do. In short, there is still plenty of work to do to ensure equal opportunity.
The story is more mixed for women. As Figure 3b shows, while elderly women’s poverty rates dropped from 32 percent in 1966 to 11.6 percent in 2013—a testament to Social Security and other federal policies’ effectiveness—the poverty rate for non-elderly women remains elevated. While the poverty gap between non-elderly men and women has narrowed some over time, this has more to do with the deteriorating economic positions of many men than with improvements for women.
For women, basic labor standards and the workplace environment have not caught up to the reality of their central role in the labor market. The United States is the only developed country with no paid family and medical leave and no paid sick days, which forces workers to make impossible choices between work and family responsibilities. The lack of these family-friendly policies is an important factor of the persistent gender wage gap, as well as making it more difficult for families to escape poverty.
These disparities for women and people of color also affect our overall economy. By 2042, people of color will make up the majority of our workforce. Allowing racial and ethnic disparities to linger now will undercut our economic competitiveness in the future. Similarly, if we close the gender wage gap, we can cut the poverty rate of working women and their families in half and add nearly half a trillion dollars to our gross domestic product.
While the past decade of economic growth has left low- and middle-income Americans behind, there are policy solutions that can reverse these trends. Raising the minimum wage to $10.10 and indexing to inflation would lift 4.6 million people out of poverty; expanding the EITC for childless adults and lowering its eligibility age would allow more young workers to achieve economic stability; and policies such as paid family and medical leave and paid sick days, investments in child care and early education, and criminal justice reform would help close persistent racial, ethnic, and gender disparities while improving our economy.
Our nation cannot afford another year of stagnation. These data should serve as a wake-up call that policy action is needed to provide greater economic stability and opportunity for all Americans.
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Money Matters: The Development of Money through the Ancient World. A four-part series that traces the development of economic systems in the ancient world and explore how money as a financial instrument has evolved over the millennia.
Coinage: The Greek Way of Handling Money
October 1, 2014
Robert O. Anderson Distinguished Service Professor, Associate Member in the Department of History, University of Chicago
Why was it that the invention of coinage took place in Lydia and Ionia, and not in other countries or regions? And why was it that for several centuries the Greek world remained the sole region of the ancient Eastern Mediterranean world where coinage was in common use? The lecture will address the question of the birth of coinage in a comparative perspective. It will insist on the profound unity between the various forms of coinage, from the electrum coins of the seventh century BCE, to the gold, silver and bronze coinage of the later periods.
Lectures are free and open to the public thanks to the generous support of Oriental Institute Members and Volunteers.
Cite This Work
Institute, T. O. (2015, April 03). Alain Bresson | Coinage: The Greek Way of Handling Money. Ancient History Encyclopedia. Retrieved from https://www.ancient.eu/video/595/
Institute, The O. "Alain Bresson | Coinage: The Greek Way of Handling Money." Ancient History Encyclopedia. Last modified April 03, 2015. https://www.ancient.eu/video/595/.
Institute, The O. "Alain Bresson | Coinage: The Greek Way of Handling Money." Ancient History Encyclopedia. Ancient History Encyclopedia, 03 Apr 2015. Web. 09 Jul 2020.
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The Caribbean faces a cycle of disaster, meagre recovery and debt if the wealthiest countries insist on assessing development by Gross Domestic Product indicators.
The Secretary-General of the Caribbean Community, Ambassador Irwin LaRocque, made clear that if the Caribbean is ever to be able to respond sustainably to the devastation caused by climate change, the eligibility criteria for development assistance must change.
Speaking in Georgetown on the occasion of the accreditation of a new Austrian Ambassador to CARICOM, Ambassador LaRoque observed that the regional institution had long advocated that access to development funds should not be based on the “grossly inadequate and inaccurate criterion” of GDP per capita. It was, he said, an approach that had resulted in the graduation of most CARICOM countries from accessing concessional financing.
“We believe that [the use of GDP per capita indicators], as applied to Small Island Developing States (SIDS), must be changed as a matter of urgency to include the concept of vulnerability,” he remarked, before going on to urge CARICOM’s country partners to lend strong support to the Secretariat’s efforts to effect this change. There was too, he suggested, an urgent need for international development partners to re-examine the criteria for access to resources such as the Green Climate Fund.
The issue with GDP indicators
Ambassador LaRoque’s remarks highlight the anomalous situation that the region now finds itself in. Despite their multiple vulnerabilities and smallness, and variable levels of social and economic development, every Caribbean nation, apart from Haiti, has been graduated out of eligibility for low-cost international development financing, as the average income of individuals in almost every nation is deemed to be too high.
To explain, eligibility is decided by the OECD’s 30-member development assistance committee (DAC). Every three years, the committee determines, through World Bank figures, an individual nation’s level of development.
It is an approach that currently groups the Caribbean (with the exception of Haiti) with other upper-middle-income or high-income countries, seemingly for reasons of administrative convenience. It places Guyana and Dominica in the same category as China, and other Caribbean nations on a par with wealthy OECD members.
More importantly, the use of these indicators results in the loss of access to concessionary financing, making capital for development more expensive. Put more practically, it means that the Caribbean is unlikely to ever achieve climate change resilience and economic stability if it cannot afford to address the damage caused by extreme weather events.
The cost of post-hurricane reconstruction is likely to artificially inflate the GDP of the CARICOM countries most affected, thereby increasing the cost of borrowing, and adding to debt previously incurredWhat the CARICOM Secretary General’s remarks imply is that the region must now develop, communicate and follow a plan of action to address the issue in ways that involve a wider regional and international audience.
This means developing a campaign that is about more than just ministers, ambassadors and officials crossing continents to attend anonymous meetings. It will require overcoming bureaucratic inertia and having wealthy countries recognise, politically, that alternative criteria are required for nations that are small, low lying and vulnerable.
Need for partnership
Critical to progressing the region’s case will be working with groups that can help change the minds of OECD member states. This will be challenging, not least because for this to occur, unanimity is required among its members, which include a now inward-looking, climate-change-denying United States.
This suggests that at the heart of any regional campaign must be a parallel, more general approach involving the World Bank, the IMF and other international financial institutions. This will require consistency with the UN’s agreed Sustainable Development Goals and the related UN Multi-country Sustainable Development Framework in the Caribbean, while also having resonance with nations in Europe, the Commonwealth, and the small island states of the Pacific and Indian Ocean.
That said, there are signs that they some wealthy European nations have recognised the need for a change in the OECD’s criteria.
One of the more surprising developments following Hurricane Irma and the damage done to the British Virgin Islands and Anguilla, was the criticism by the UK’s tabloid media of the alleged slowness of the British government’s response, and the subsequent discovery that it had proven legally difficult to provide support, because the per capita GDP of Britain’s overseas territories was too high.
Subsequently, the UK’s International Development Secretary, Priti Patel, wrote to the OECD calling for urgent reform of its rules to reflect the vulnerability of Caribbean island states in the event of natural disasters. It is also apparent that British officials are in discussion with other EU member states and with several leading Non-Governmental Organisations (NGOs) to explore whether there might be support for changing the rules.
“These rules were first established over 40 years ago. The world has changed dramatically since then, and we will work constructively with international partners to ensure the rules remain relevant and up to date.”— Priti Patel, UK Secretary for International Development
A way forward
More is required if the region is to build on the international awareness that two hugely destructive hurricanes have created.
CARICOM could advance its good work on climate change by constructing a self-motivating lobby that involves the Diaspora, powerful Non-Governmental Organisations that are influential in international dialogue on development policy, and the Commonwealth. It could also be speaking to the people of the region, the environmentalists and young people who on social media can tell their peers globally, in their own words and in human terms, what may happen to a region loved by millions of visitors if it is not able to become more resilient.
As a negligible carbon emitter, the Caribbean occupies the moral high ground, and can demonstrate that it is at existential risk. But despite this, changing internationally agreed development criteria will not be easy.
Developing a case of the kind the Secretary-General envisages will not just be a test of the Caribbean’s staying power and ability to broaden awareness, but of governments’ commitment to prioritising and supporting it, as they take forward the issue.
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Our woodlands and trees are now seen as a vital part of our global carbon solution, as well as, important to increase the diversity of our landscapes.
The opportunity in Woodland Carbon is emerging as a current and critical issue. Trees and Carbon Capture come hand in hand, however, for many people in the industry, it is hard to set a realistic value on woodland carbon, which makes it challenging to develop a project structure.
Previously, many projects have been seen to struggle in the planning stages with only a few landowners taking on the challenge of developing a Woodland Carbon strategy.
Recently however, Dr Vicky West, from The Forestry Commission’s woodland carbon team, has reported results of verified carbon units trading in the UK. The Government have also committed £50 million to develop a domestic woodland carbon market through the Woodland Carbon Guarantee Scheme, with details hopefully to follow soon.
Trees and woodlands are seen as a critical part of our carbon solutions, with a recent pledge for 3 billion trees and 200 miles of hedgerows to be planted by 2050. A long way in the future, but a positive goal to work towards.
The Woodland Carbon Code (WCC)
The Woodland Carbon Code (WCC) is a UK standard for forestry projects to provide independent validation of carbon removal and climate change mitigation.
Every WCC project is registered to provide information and track the carbon units. Currently, 190 projects have created over 20,000ha of woodland, which translates into an equivalent of 6.3million tonnes of carbon dioxide over their lifetime.
The UK’s current annual emissions are around 468 million tonnes, so this figure is never going to be able to compensate at the current levels, but it’s a positive movement in the Government’s effort to net-zero emissions.
The volumes of Carbon locked up by new woodland varies depending on species, site and the management but as an average a new woodland are would lock up an average of 315 tCO2e/ha over their lifetime.
The Current markets show a spilt between ‘Pending Issuance Units’ (PIUs) and ‘Woodland Carbon Units’ (WCUs). PIUs relate to estimates, and WCUs relate to actual carbon locked up following a verification. Putting a trading market value on this is difficult, but they are open to development in the future.
With a huge Government focus on Carbon and the role of new woodlands, this presents a promising marketing opportunity.
Read more about how to Protect our Wildlife during Construction.
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Inequality in all its forms, the impact of climate change on cities and conflict are the three most pressing global risks today, and solving them presents major business opportunities, according to a new report released on Tuesday.
The 2017 Global Opportunities Report, written by Danish think-tank Sustainia, Norwegian energy and advisory services giant DNV GL and the United Nations Global Compact (UNGC), identified smart water technology and e-learning tools for people in conflict zones as the two most promising solutions to address these and other risks.
Now in its third year, the report surveyed 5,500 leaders from the private, government and civil society sectors to outline the top five threats to global societies today, and 15 opportunities that can arise from addressing these risks.
Almost half of all respondents cited gender, race, and class inequality as the key trends that are having devastating social and economic consequences globally, while a fifth of them cited the impact of climate change on urban infrastructure and residents as a concern. Conflict, cyber crime and the severe degradation of soil resources were also pinpointed as key risks.
However, these challenges also present opportunities for businesses to innovate and create more inclusive and sustainable societies, noted the report.
New market opportunities
The solution with the largest potential market identified is smart water products and services—that is, data and sensor-driven products to help cities manage their water distribution networks and infrastructure.
By automatically reducing water loss and minimising water consumption, this technology can help cities cope with climate impacts such as droughts or growing population pressure on water resources.
The report noted that the global market for smart water management technology is estimated to grow from US$8.46 billion in 2016 to US$20.1 billion by 2021, with climate change and the need to replace ageing water infrastructure as the key drivers for demand.
The United States and Europe are major markets for the sector right now, but respondents from India and China have also indicated that the sector has strong business potential.
“Hence, demand for smart water technology in China can be expected to grow,” noted the report.
Another critical issue that businesses can help solve is to provide remote learning services for children in conflict-affected zones. According to the report, about 57 million children of primary school age are still out of school today, with about half of them residing in unstable areas.
E-learning technologies can have a “remarkable and immediate impact” on education opportunities for youth such as former soldiers and migrants, said the report, adding that mobile phones are growing increasingly accessible in rural and conflict-affected areas.
By 2020, global spending on education is expected to hit US$8 trillion compared to about US$4 trillion today, and mobile learning could account for US$70 billion of that spend, noted the report, adding that businesses can help deliver education - a basic human right for all children - by developing mobile-friendly education tools.
Other innovative solutions proposed by the report include indoor agriculture as a way to reduce stress on the world’s soils, inviting ethical hackers to test system security in a bid to reduce cyber crime, and the use of blockchain technology to ensure conflict-free natural resources.
Blockchain is the method of collecting and storing records that permanently link pieces of data to one another, and makes them impossible to alter or tamper with. It is widely regarded as a highly secure and traceable way to track supply chains.
Regardless of the sector, the report noted that all companies would need to embrace the rise of technological innovation to capitalise on future opportunities.
Remi Eriksen, president and chief executive officer, DNV GL, said: “I am certain that over the next five years, concepts such as automation, machine learning, artificial intelligence, blockchain technology, cyber-physical systems and data-driven insights will acquire real meaning and scale.”
“New combinations, and the speed of implementation, will be the building blocks of this new era throughout the world,” he added.
Erik Rasmussen, chief executive officer and founder of Sustainia, added: “The report’s findings show that business leaders from all corners of the world are ready to use technology for sustainable disruption – to use technology to deliver on the UN’s Sustainable Development Goals”.
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As an adult, you know it’s a given that you have no choice but to pay taxes. But what about your children? Is paying taxes a requirement for them, too, or are they exempt?
According to leading tax audit defense firm TaxAudit, children could very well be required to pay taxes in certain circumstances.
If a child earns income, then he or she can expect to have to pay taxes on that income. Two types of income that children — or any taxpayer, for that matter — could earn might have to be reported and taxed. One type is earned income. Meanwhile, the second type is unearned income.
Earned income refers to any money your child makes from working as an independent contractor or providing a service or good, for example. On the contrary, unearned income refers to any income that your child receives outside of a trade or business. For example, it could include ordinary dividends or interest.
If your child has either income type, and if the amount surpasses specific Internal Revenue Service thresholds, then this income must be reported. Note that the filing requirements might change each year, so you should review them each tax season to see if your child’s income needs to be reported when you claim him or her on your tax return.
For instance, in 2018, a child had to report his or her income if he or she had unearned income over $1,050. However, this number jumped to $1,100 in 2019.
In addition, a child who earned over $12,000 in 2018 was required to file his or her own return. This number became $12,200 in 2019.
A tax professional can walk you through these guidelines each year to make sure that you and your child comply with the tax law and protect your financial best interests in the process.
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Electric cargo bikes are bikes and bicycles operated and powered by portable batteries such lithium ion and nickel-based batteries. The electric cargo bikes considered in the scope of research are two-wheeled electric cargo bikes, three-wheeled electric cargo bikes and four-wheeled electric cargo bikes. The global electric cargo bikes market is estimated to be valued at US$ 402.7 Mn by the end of 2018 and reach US$ 1,095.2 Mn by the end of 2026, registering a CAGR of 13.3% over the forecast period. The global electric cargo bikes market is anticipated to represent an incremental opportunity of US$ 692.5 Mn between 2018 and 2026.
Factors Influencing Revenue Growth of the Global Electric Cargo Bikes Market
Electricity used in electric vehicles & bikes is stored in the form of chemical energy in the batteries. These batteries are recharged by the transmission of electricity from an outside source, which is primarily done in plug-in electric bikes. The main source of electricity for rechargeable batteries is the overhead line of grid network of any area, which mainly supplies electricity produced from coal and renewable sources. Development in the automotive & transportation industry has harshly depleted nonrenewable petroleum reserves, causing a rise in fuel prices. This rise is expected to be exponential in the coming years as crude oil reserves will be reduced, which will lead to high demand and pave way for the growth of vehicles running on alternate sources of energy. Additionally, the consumption of petroleum products as fuel in the automotive sector is increasing day by day; thus, to reduce this global consumption, manufacturers and governments are promoting the use of alternatives such as electric cargo bikes, which are far more fuel efficient as compared to conventional cargo bikes.
Tailpipe emission is thought to be the major concern associated with gasoline and diesel powered bikes. Compounds of nitrogen oxide, carbon monoxide, unburnt benzene, particulate matter, carbon dioxide, etc. along with other unburnt harmful airborne chemicals are released into the atmosphere from such vehicles. The uncontrolled emission of these chemicals into air pollutes the environment severely and in turn causes several life threatening diseases to living beings who breathe this polluted air. On an average, a gasoline engine bikes releases over 250 grams of harmful chemicals, including carbon dioxide per kilometer travelled, or equivalent to over 4,750 kilograms of harmful pollutants per year. This pollution rate can be brought down if customers opt for electric cargo bikes, which are less polluting and far more efficient than conventional gasoline cargo bikes.
Global Electric Cargo Bikes Market Segmentation and Forecast
The global electric cargo bikes market can be segmented on the basis of product type, battery type, end use and region/country. On the basis of product type, the global electric cargo bikes market has been segmented into two wheeled, three wheeled and four wheeled. On the basis of battery type, the electric cargo bikes market has been segmented into lead based, nickel based and lithium ion. Based on end use, the electric cargo bikes market has been segmented into courier & parcel service provider, large retail supplier, personal transportation, service delivery and waste municipal services. Significant regions covered in the electric cargo bikes report include North America, Latin America, Europe, China and the Rest of World.
By region, Europe is estimated to dominate the global electric cargo bikes market. The Europe electric cargo bikes market is expected to gain 420 BPS between 2018 and 2026. Moreover, the region is estimated to remain a high growth market throughout the forecast period. It is projected to grow with a CAGR of 14.2% over the forecast period, primarily owing to the increasing production of electric cargo bikes.
By battery type, in terms of volume and value, the lithium ion segment is estimated to lead the global electric cargo bikes market throughout the forecast period. For the lithium ion segment, Europe is one of the most lucrative regions as the region accounts for almost 82% of the total sales. The lithium ion electric cargo bikes market is expected to create an incremental $ opportunity of US$ 560.6 Mn between 2018 and 2026 in the global electric cargo bikes market.
By end use, in terms of volume, the courier & parcel service provider segment is estimated to be pegged at 41,939 units in 2018. This segment is expected to grow with a CAGR of 13.3% between 2018 and 2026 in the global electric cargo bikes market. The personal transportation electric cargo bikes segment is projected to create an incremental $ opportunity of US$ 153.1 Mn over the forecast period.
By product type segment, PMR forecasts that the three wheeled electric cargo bikes segment is projected to reach US$ 566.6 Mn in 2026 from US$ 193.0 Mn in 2018, representing a compound annual growth rate (CAGR) of 14.4% from 2018 to 2026.
Key Players Dominating the Global Electric Cargo Bikes Market
Some of the key market participants reported in this study of the global electric cargo bikes market include Jiangsu Xinri E-Vehicle Co., Ltd., Jinhua JOBO Technology Co., Ltd., Cero Electric Cargo Bikes, Worksman Cycles, Douze Factory SAS, XYZ Cargo, Butchers & Bicycles ApS, Dutch Cargo Bike, Kocass Technology Co., Ltd, G & O Family Cyclery, Yuba Electric Cargo Bikes and Cargocycles, among others.
Persistence Market Research (PMR) analyzes the Electric Cargo Bikes market in its new publication titled “Electric Cargo Bikes Market Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026”. This study provides data for 2017 along with the forecast for the period (2018 – 2026). The main objective of the report is to identify the dynamics of the market and provide recent updates and insights that affect various segments of the global electric cargo bikes market. To provide a better understanding of the electric cargo bikes market, the report also includes the analysis of global drivers, restraints and trends, which influence the current market scenario and will impact the future status of the global electric cargo bikes market.
To understand and assess market opportunities and trends, the global electric cargo bikes market report is categorically split into different sections based on market segmentation – by product type, by battery type, by end use and by region. The report starts with an overview of the electric cargo bikes market and provides market definition & taxonomy, along with value chain and pricing analysis, drivers, restraints and trends in the market. The sections that follow include the global electric cargo bikes market analysis by product type, by battery type, by end use and by region. All the above sections evaluate the electric cargo bikes market on the basis of various factors affecting the market. Each section discusses the qualitative and quantitative aspects of the global electric cargo bikes market. To give a brief idea about revenue opportunities from the product type, battery type, end use and region segments, the report also provides the value of the electric cargo bikes market, absolute $ opportunity and total incremental opportunity for each segment over the forecast period (2018 – 2026).
In the final section of the report, we have provided the global electric cargo bikes market structure and a detailed competition landscape with company market share and performance to provide a dashboard view of key players operating in the global market along with their business strategies to report audiences. This is expected to enable clients to assess strategies deployed by market leaders and help them develop effective strategies accordingly.
For market data analysis, we have considered 2017 as the base year, with market numbers estimated for 2018 and forecast made for 2018 – 2026. To calculate the market size, the report considers the weighted average price of electric cargo bikes based on the product type across key geographies on a country basis. The forecast assesses the total revenue (US$ Mn) and volume (Units) of the global electric cargo bikes market. To deduce the market value, the cost of each type has been considered. In order to provide an accurate forecast, we started by sizing up the current market, which forms the basis of how the global electric cargo bikes market is expected to develop in the future. Critical market data, including the base number and segment splits, was devised through in-depth secondary and primary research. This data was then triangulated on the basis of different verticals by considering supply side as well as demand side drivers and other dynamics of various regional markets, along with primary interviews of manufacturers and industry experts operating in the global electric cargo bikes market. The forecast presented in the report evaluates the actual cost of the different types of Electric Cargo Bikes and the cost as per brands in the global electric cargo bikes market over the forecast period.
We have also analyzed the different segments of the global electric cargo bikes market in terms of Basis Point Share (BPS) to understand the relative contribution of individual segment to market growth. This detailed level of information is important for identifying various key trends governing the global electric cargo bikes market. The report also analyzes the global electric cargo bikes market based on the absolute dollar opportunity. This is usually overlooked while estimating the market forecast. However, from a sales perspective, it is essential to identify the absolute dollar opportunity to identify potential resources in the electric cargo bikes market.
PMR has developed a market attractiveness index to understand the key segments in terms of their performance and growth in the global electric cargo bikes market. This market attractiveness index is expected to help clients identify real market opportunities in the global electric cargo bikes market.
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NewsfeedThe Big Picture
Early Education Is a Game Changer: New Report Shows That Reaching Infants and Toddlers Reduces Special Education Placement, Leads to Soaring Graduation Rates
Access to early-childhood education significantly reduces students’ chances of being placed in special education or held back in school and increases their prospects of graduating high school, according to new research published by the American Educational Research Association. The report synthesizes evidence of the lasting, long-term benefits of high-quality preschool programs, which have often been dismissed as transient.
Authors from Harvard, New York University, the University of California, the University of Washington, and the University of Wisconsin contributed to the brief, a meta-analysis of 22 experimental early-childhood-education studies conducted between 1960 and 2016. Although previous research reviews had focused on programs targeting 3- and 4-year-olds, the AERA brief examined services offered to children between birth and age 5.
The results were impressive: The programs reduced subsequent special education placement for participating students by 8.1 percentage points, reduced the chances of being held back by 8.3 percentage points, and boosted high school graduation by 11.4 percentage points. Though high-quality preschool is generally thought to accelerate cognitive and language development in the near term, the researchers conclude that its effects can be detected as late as high school.
“These results suggest that classroom-based ECE programs for children under five can lead to significant and substantial decreases in special education placement and grade retention and increases in high school graduation rates,” they write.
Tallying the financial blow of children’s academic struggles, the brief presents a case for greater public investment in early education. The estimated cost of placing a student in special education classes is roughly $8,000, and holding a student back a grade costs about $12,000, according to the report. Meanwhile, each of the 373,000 American high schoolers who drop out each year earn almost $700,000 less over the course of their careers than peers with diplomas.
Although providing excellent preschool programs to the millions of children currently without them is an expensive proposition, economists have recently argued that later-life payoffs — better health, lower rates of incarceration, and higher earnings for participants — justify the costs many times over. In a study of two of the oldest and most famous preschool experiments, the Carolina Abecedarian Project and the Carolina Approach to Responsive Education, Nobel Prize–winning economist James Heckman estimated that the programs yielded $7.30 of benefit for each dollar spent.
Intensive Preschool Programs Can Yield Massive Returns, Especially for Boys, Nobel Laureate’s Study Shows
Yet even as states have contributed millions of dollars in new spending on preschool systems, skeptics like the Brookings Institution’s Russ Whitehurst believe that the impact of the programs is unlikely to be retained once they are scaled up to serve millions more children.
Others have pointed to evidence of “fadeout,” a phenomenon by which the positive impacts of preschool dissipate in the years following completion. One Michigan lawmaker, whose nomination to a post in the Department of Education was withdrawn after a cache of his old blog posts were criticized, denounced the federal Head Start early childhood initiative as “a sham program” this month.
“There have been a number of independent studies over the years that have concluded that these program children come to school with no more social or cognitive abilities than their non-program counterparts,” he wrote in one post. “So why then do we continue to pay for this failure?”
But the authors conclude that nearly 60 years of experimental studies indicate clear results from such programs that last into at least adolescence.
In fact, the effects on special education and retention were found to be greater when researchers followed up years later than they were at the end of the early-childhood programs in question.Submit a Letter to the Editor
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Making it happen: Technology, finance and statistics for sustainable development in Asia and the Pacific (Asia-Pacific Regional MDG Report 2014/15)
The end of 2015 is the target date for the Millennium Development Goals. Governments across Asia and the Pacific have been striving to meet the Goals, particularly on reducing income poverty. Some subregions and countries have made faster progress than others, but it is clear that the MDGs have prompted high levels of commitment and achievement. As MDGs come to a close and a post-2015 agenda takes shape, to be formulated as the Sustainable Development Goals (SDGs), this report focuses on three key issues for implementation of this new agenda: technology, finance and statistics. It argues that priority should be given to identify and disseminate the most productive technologies; the necessary investment for sustainable development should come from a diverse range of sources, including public and private, domestic and international; and supported by statistics that should serve as a launching pad for evidence-based policymaking.
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Between the year 1960 and 2010, there had been a stark change in American GDP. In United States, hike in real GDP per person has been found to be triple from its original value. Living in a dormitory during the 60’s would provide the people with a single bedside lamp, 1 desk lamp, and 2 power outlets. However, in comparison to that time, in current times you will find numerous gadgets at your service in addition to power bar. Some of them include personal laptop or computer, fridge, TV, Toaster, DVD player, coffeemaker, and much more. With changing times and spurt in economic growth, we are able to see these changes in our living standards.
In fact, if you take a look at modern Asia, you will find an even higher economic growth in comparison to United States. In Shanghai, which is one of greatest cities in the world and situated at Yangtze River’s mouth; its development is moving at a faster pace.With creation of innumerable businesses and development of global and local market, people are transforming their lives by investing in latest technologies. Their incomes have risen 3 times not in half a century by in just 13 years. And the starting year of this development is from 1997.
7 year back, in the year 2010, Japan was overtaken by China, making it the second largest highly economic country in the world. Now the important question related to China is why isitsincome growing at such a rapid pace?
Here we will come to know about the various forces that make this real GDP develop.By the time this chapter comes to its completion, we will return to China’s economic growth and compare it with the growth of United States and Japan.
Links of Previous Main Topic:-
Links of Next Macroeconomics Topics:-
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How did banking develop from being seen as a ‘trade’ in the 1800s to a skilled profession? This extract from ‘Debtors to their profession – A history of The Institute of Bankers 1879 – 1979’ by Edwin Green sets out a brief history.
Banking as a ‘trade’
Traditionally, commentators on banking in England and Wales had described the business as a trade rather than as a specialist professional skill. In the later seventeenth century, for example, Sir William Petty, the political economist, explained that 'the Trade of a Banker' was 'the buying and selling of Interest and Exchange'. The business was 'a beneficial Trade, founded upon a good Opinion of the World, which is called Credit’.
This treatment of banking as a category of trade clearly reflected the structure and practices of the business. Like many other trades, banking was carried on in a small way by large numbers of private partnerships, and it was not unusual for the partners to maintain their banking interests alongside other commercial ventures. As a result the term 'banker' denoted ownership or part-ownership of a banking firm rather than any distinctive expertise; the private bankers of Petty's time operated with only a rudimentary knowledge of accountancy and law, and the training of newcomers to the business was on the same footing as working apprenticeship in other trades.
With the important exception of the Bank of England, the banking system of England and Wales continued to be dominated by private banking partnerships until the 1820s. The survival of this pattern restricted the range of skills which were required for banking work, mainly because the private firms concentrated their business in a small geographical area and dealt with a limited variety of financial transactions. After 1826, however, when new company legislation permitted the formation of join stock banks with publicly quoted shares, the salaried managers of the new banks began to emerge as a recognisable occupational group.
Unlike the private bankers, managers in many of the joint stock banks were faced with the responsibility of controlling relatively large networks of branch offices as well as supervising the routine work of head office departments. Economic expansion during the railway booms of the 1830s and 1840s was an exacting test of managerial and technical competence, but the managers of the joint stock banks were also required to master a complex framework of company legislation and to exercise close control over their banks’ balance sheets.
The development of these skills, partly by learning from the joint stock banking tradition in Scotland, enabled the new banks to displace or to absorb many of the old private bankers and to open offices in areas where there was no previous link with banking.
By winning the confidence of their shareholders and customers, the managers and branch managers of the new banks now took their place alongside other groups of professional people in the cities and towns of England and Wales.
By the mid-nineteenth century the directors and shareholders of joint stock banks expected to see men of proven ability and experience filling senior management posts.
Value of qualifications
Managerial appointments were often open to competition, and it was increasingly important that managers or potential managers should show evidence of their abilities. This growing emphasis upon managerial and technical expertise was clearly identified by the founders of the short-lived Banking Institute of 1851- 3 and the proposed Incorporation of Bankers of 1862. Despite the eventual failure of these two ventures, their recognition of the value of qualifications was a sign that banking skills were becoming more generally accepted as part of a complex business profession.
The transition was also mirrored in the changing use of the designation 'banker'. The title was effectively reserved to private bankers before the mid-nineteenth century, and the 2,000 'bankers' listed in the 1841 census represented no more than 10 per cent of the total number of banking employees. In the second half of the century, this distinction was abandoned as more and more managers and other senior officials in joint stock banks described themselves as bankers.
Although the rise of the joint stock banks opened up new career opportunities in banking, many of those working in the banks realised that the growing awareness of technical skills could be harnessed to a system of banking qualifications.
By the 1870s the initiative and much of the support for the introduction of qualifying examinations came from the junior managers and clerks of the banks. Their arguments were partly inspired by the conviction that qualifications in banking subjects would be helpful to the banks in the selection of managers and other senior officials.
The changing role of the bank clerk
The career structure of appointments in the joint stock banks, for example, made it possible for employees to advance steadily up the ladder from junior clerk to general manager; this opportunity was in marked contrast to the limited scope for promotion in the private banks.
At the same time, those who favoured the use of qualifying examinations recognised that the role of the bank clerk was rapidly changing.
In the 1860s and 1870s bank clerks were required to take on a heavier burden of responsibilities, including clerical work connected with the growing expansion of overseas banking business, the greater use of the cheque clearing system after the 1850s, and the growing complexity of book-keeping and legal documentation.
The performance of these duties demanded a minimum standard of technical competence throughout the clerical staff of the banks, and it was increasingly important to the directors and shareholders of banking companies that these standards of knowledge and efficiency were maintained to keep pace with changes in banking business. For these reasons, the introduction of qualifications for the assessment of bank officials' practical knowledge was of great concern to the clerks as well as to their employers and their managers.
When The Institute of Bankers was established in 1879, this breadth of support for its proposed qualification was a major advantage.
Accessible to all
The founders of the Institute, including senior bankers and the clerks who had advocated the introduction of a banking qualification in the 1870s, made certain that its role as a professional body was not in any restrictive. In contrast to professional associations which used their membership and qualification as a ‘licence to practice’, the Institute as launched on the understanding that its qualification would be accessible to many thousands of bank employees. This willingness to monitor standards, award qualifications, and provide study facilities at all levels of banking work quickly drew the Institute to the centre of the banking community in England and Wales and gave it important links in overseas banking.
With a deliberately broad base of membership, it was soon clear that the Institute’s development would be closely adjusted to changes in bank employment and banking business as a whole.
Extract from ‘Debtors to their profession – A history of The Institute of Bankers 1879 – 1979’ by Edwin Green, pp xvii –xxxi, published for The Institute of Bankers by Methuen & Co Ltd, March 1979
Find out more
11 March 2019 marks our 140th anniversary and, to celebrate, we have lots of surprises in store.
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Let me start with a bit of history.. Global trade and globalisation has been around for centuries in various forms across various time lines..
The World Economic Forum classifies the history of globalisation as below..
- Silk roads (1st century BC-5th century AD, and 13th-14th centuries AD);
- Spice routes (7th-15th centuries);
- Age of Discovery (15th-18th centuries);
- First wave of globalization (19th century-1914);
- Second and third wave of globalization;
- Globalization 4.0 – current age
The age of discovery is when global trade truly kicked in as it was from the end of the 15th century onwards, that European explorers connected the East with the West, in the process accidentally discovering the Americas..
The age of discovery aided by discoveries in the fields of shipping, physics, mechanics and astronomy allowed the European colonisers – Portuguese, Spanish, the Dutch and the English to discover, subjugate and integrate these colonised lands into their economies..
The first wave of globalisation aided by the British Industrial Revolution and its advanced industrial technologies such as the steam engine and steamships assisted in globalisation, allowing trade to grow at 3% per year and propelling exports from 6% of global GDP in the early 19th century to 14% at the beginning of World War I..
Globalisation took a nosedive during World War II, but saw a strong resurgence at the end of the war aided by more advanced technologies..
Trade started growing again, eventually accounting for around 14% of global GDP in 1989..
The collapse of the USSR and the Berlin Wall saw globalisation became truly global with the formation of the World Trade Organization (WTO) through which, most of the nations around the world became members and entered into FTAs (Free Trade Agreements) including China in 2001..
The 3rd Industrial Revolution brought the Internet into play and suddenly the world became that much smaller, helping global exports soar to almost 25% of global GDP..
Digitalisation, which was very much in its infancy a few decades ago has now become the new frontier of globalization heralding the arrival of the 4th Industrial revolution..
Digital advances like Blockchain, IoT, Big Data, Machine Learning and Artificial Intelligence have arrived in our industry and are here to stay, innovate and enhance global trade..
Which brings us to the subject of this article and one of the digital advances that is catching on quite quick – an Electronic Bill of Lading..
As you know by now, a Bill of Lading (B/L) is one of the most important commercial documents in the whole shipping and freight chain fulfilling 3 functions..
- Evidence of contract of carriage
- Receipt of Goods
- Document of title to the goods
Traditionally (and even currently), the bill of lading, especially a negotiable one is issued as a physical paper document signed and stamped by the carrier, usually as 3 originals..
This bill of lading is then physically couriered to the consignee or receiver at destination for release..
Depending on how the bill of lading is issued, there are several permutations/combinations in terms of who should endorse a bill of lading for cargo release..
What is an electronic or paperless bill of lading and how will it be different from a traditional paper bill of lading..??
An electronic paperless bill of lading is a bill of lading issued electronically instead of being printed on paper and issued physically to the customer as a hard copy..
Recently, CMA CGM, the world’s 4th largest container shipping line announced the availability of their paperless bill of lading on their eBusiness platforms..
As per CMA CGM, the “Paperless Bill of Lading replicates the same functions as a traditional paper Bill of Lading“..
Whether using an electronic paperless bill of lading issued on the back of a Blockchain based platform or a Bolero based platform, these electronic bill of lading options are said to fulfill the above mentioned functions in the same manner as a traditional paper bill of lading..
Many believe that the electronic bill of lading will be a game changer in the shipping industry with its faster, efficient transactions, reduction in costs with greater security and less risk…
As per CMA CGM, the electronic paperless bill of lading will have the same level of insurance coverage that traditional paper bills of lading provide..
BUT and this is a BIG BUT, there is the issue of safety, security and acceptability relating to the transmission and receipt of electronic paperless bill of lading..
It is important that you check whether you and your country are ready for electronic paperless bill of lading..
A question of safety, security and acceptability
All shipowners, operators and charterers (shipping lines among them) are covered for marine liability by P&I (Protection & Indemnity) Clubs..
These clubs cover their members against a wide range of third party liabilities arising out of the use and operation of ships such as loss of life, personal injury to crew, passengers and others on board, cargo damage and loss, pollution by oil and hazardous goods, wreck removal, collision and damage to property etc..
These Clubs also provide a wide range of services to their members including claims handling, advice on legal issues and loss prevention, and play a leading role in coordinating the response to and management of maritime disasters and casualties..
The International Group of P&I Clubs comprising of thirteen P&I Clubs cover approximately 90-95% of the world’s ocean-going tonnage..
This background is important to know because these clubs which started covering liabilities arising in respect of the carriage of cargo under electronic paperless trading systems only from the 20th of February 2010, have approved only 4 electronic paperless systems as below
- Bolero by Bolero International Ltd – Rulebook/Operating Procedures September 1999;
- CargoDocs by Electronic Shipping Solutions;
- e-titleTM by E-Title Authority Pte Ltd;
- edoxOnline by Global Share S.A.
This simply means that if any liabilities occur on goods shipped under other electronic paperless trading systems not approved by the Group, the members will NOT be covered for this..
It is important for carriers to be aware of this in terms of their liabilities and cover..
It is also worth remembering that like any form of insurance, the extent of your liability cover (whether you are a carrier or logistics service provider or shipper) can only be tested when there is a claim and in some cases it may be too late for you..
Not just in terms of carriers, you also need to check if all other entities involved in bill of lading transactions such as Banks, Chambers of Commerce, Cargo Insurers etc accept electronic paperless bill of lading..
For example, CargoDocs eB/Ls are accepted and recognized by industry bodies such as the ITIC and TT Club which means freight forwarders covered under TT Club can also use electronic bill of lading.. How many other paperless trading systems are accepted by these entities..??
Studies have found that at present, English law does not recognise an electronic paperless bill of lading as a negotiable document of title..
As a consequence of this, the holders of electronic paperless bill of lading issued under COGSA 1992 will not be able to pursue claims against the issuing carrier unless there is an express contractual agreement covering this aspect..
As of this article, there is no known changes to legislation for the Carriage of Goods by Sea Act 1992 to include electronic paperless bill of lading..
So this may be seen as a serious problem for shippers who wish to use electronic paperless bills of lading under COGSA 1992.. Of course UK’s situation post Brexit is an ever bigger unknown..
Like UK, various countries have their own regulation and legislation surrounding an electronic bill of lading and it would be prudent for you to check its acceptability..
Not just for container shipments, electronic paperless bill of lading is also used with charter parties..
BIMCO has shown explicit support to electronic bill of lading and as part of this, has created an exclusive electronic bill of lading clause in 2014.. This eB/L clause needs to be incorporated into charter parties when the parties know that an electronic bill of lading will be issued..
BIMCO’s Chief Officer for Legal and Contractual Affairs, Grant Hunter, has stated that “BIMCO has for many years fully supported the concept of electronic bills of lading as a means of providing a more efficient and secure method of dealing with bills of lading, waybills and delivery orders.”
The new BIMCO eB/L clause is a major development in the recognition of electronic bills of lading by major industry bodies and NGO’s who support and acknowledge the benefits for all the parties involved in international trade..
The BIMCO Electronic Bill of Lading Clause reads :
(a) At the Charterers’ option, bills of lading, waybills and delivery orders referred to in this Charter Party shall be issued, signed and transmitted in electronic form with the same effect as their paper equivalent.
(b) For the purpose of Sub-clause (a) the Owners shall subscribe to and use Electronic (Paperless)Trading Systems as directed by the Charterers, provided such systems are approved by the International Group of P&I Clubs. Any fees incurred in subscribing to or for using such systems shall be for the
(c)The Charterers agree to hold the Owners harmless in respect of any additional liability arising from the use of the systems referred to in Sub-clause (b), to the extent that such liability does not arise from Owners’ negligence.
Under sub-clause (a) of the BIMCO clause, owners and charterers agree that the eBL issued will have the same effect as a paper BL.
Phew, as you can see, switching fully to an electronic paperless bill of lading is not that easy as there are several factors to be considered before you decide to so..
In the current global trade setup, many countries have legislation which allows contracts to be created and signed electronically but the legal status of the electronic bill of lading seems clear as mud to many..
Then there is the issue of fraudulent freight forwarders, the various scams they operate.. Electronic accesses always carry a certain amount of risk and it is a collective responsibility to ensure the safety and security of these electronic bills of lading..
It is hoped that once the UNCITRAL model law has been adopted, it would assist in making things clearer with regards to the rights and liabilities of those who wish to use electronic paperless bill of lading..
Have any of the readers used or are using electronic paperless bill of lading and how is it working for you..?? Would be pleased to hear..
*** End of Article ***
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Limiting carbon emissions won't work. Better to begin adjusting to a warmer world.
By EDWARD P. LAZEAR
Sept. 2, 2014 7:30 p.m. ET THE WALL STREET JOURNAL
The Obama administration is instituting a variety of far-reaching policies to reduce carbon emissions and mitigate climate change. Are any of these capable of making a difference? Simple arithmetic suggests not. Given this reality, we would be wise to consider strategies that complement and may be more effective than mitigation—namely, adaptation.
According to the Paris-based International Energy Agency, in 2012 the world emitted a little over 31 gigatons of carbon dioxide. China was the No. 1 emitter, accounting for more than one-fourth of the carbon produced. The U.S. was second, emitting about one-sixth.
China and India, among other developing countries, argue that they should be allowed to increase carbon emissions. They're still developing and require higher rates of economic growth. Moreover, they aren't responsible for previous emissions, and on a per capita basis U.S. emissions are much higher.
These arguments have merit but must be measured against the reality of carbon growth. Consider China: Its carbon emissions increased by an average 8.6% a year between 2002 and 2012. Were China to continue at this pace for 27 years until it reaches today's U.S. GDP per capita, it would emit 99 gigatons of carbon in 2041 alone, or three times the world's current emissions.
This scenario is too pessimistic. As countries develop, they become more efficient in energy use. But even if China tapered its emissions growth from 8.6% to zero over the same 27 years, it would still emit as much carbon in 2041 as the entire world does today. And that's not including emissions growth from India, Africa and South America.
Is there any hope of limiting carbon emissions to 30-50 gigatons in 2030, as many climatologists have called for, with substantial reductions thereafter? Some countries, notably Denmark and Sweden, have significantly reduced emissions. Can the U.S. do the same?
Feel-good actions won't make a dent. For example, it is fashionable to favor locally grown produce in part to reduce the carbon from transport. But transport from producer to retailer is a trivial part—less than 5%—of energy used in the life cycle of produce. Almost all of the emitted carbon is associated with production, which means that growing a tomato bound for Chicago in an Illinois winter hothouse rather than outdoors in Florida is not a carbon-saving strategy.
How about using public transportation, driving carbon-friendly vehicles, living closer to work, or biking instead of driving? Suppose that the U.S. completely eliminated carbon emissions from transportation over the next four years. The IEA data show that world emissions would still rise because the reduction from the U.S. would not cover the increase in carbon emitted by the rest of the world. Without world-wide changes, there is limited gain, even from dramatic action by the world's second-largest emitter.
The economics also work against a major transformation in the technology of producing power, either mobile or stationary. Coal is cheap. Natural gas is becoming even cheaper, but its carbon emissions, according to the U.S. Energy Information Administration, are still half those of coal and three-quarters those of gasoline per unit of energy produced. Although a switch to natural gas for many power uses would help, and accounts for recent drops in U.S. emissions, it cannot change the carbon arithmetic enough to prevent the world from exceeding "safe" levels.
Unless an economical low-carbon source of power generation becomes available, it is unrealistic to expect that countries, especially developing ones, will accede to any demand to produce power in a higher-cost manner merely to emit less carbon.
Very high carbon taxes or severely restrictive cap-and-trade policies might provide substantial motivation to conserve. These could reduce carbon-intensive consumption and motivate a switch to lower carbon power sources like nuclear. But these actions are undesirable because of their adverse effects on the economy. Australia instituted a $22 per ton carbon-dioxide tax in 2012. It repealed the highly unpopular measure this July, mainly because of its economic costs and perceived ineffectiveness. Research and development are worthwhile. But they can be wasteful and ineffective—recall Solyndra—and if R&D is to be government sponsored, all developed countries should participate in funding.
Given these limitations on mitigating carbon emissions, it is important to study how to adapt to climate change. There are myriad possibilities for adaptation, including the obvious, like building dikes in low-lying areas, and planting heat-tolerant crops and trees in cities. Some adaptation will occur naturally. For example, economic incentives will induce people who are setting up new households, businesses and farms to move to areas that are less severely harmed by warming temperatures.
Organizations like the U.N.-sponsored Intergovernmental Panel on Climate Change have pushed adaptation as a complementary strategy to mitigation. Still, adaptation has received little attention by the Obama administration and is hardly mentioned in public discussion. Proponents of strong anti-carbon measures seem to believe that even considering an alternative to mitigation will weaken the public's willingness to bear the costs of mitigation.
Carbon math makes clear that without major effort and a good bit of luck, we are unlikely to control the growth of emissions enough to meet the standards that many climate scientists suggest are necessary. It is time to end the delusions and start thinking realistically about what can and will be done.
Mr. Lazear, chairman of the President's Council of Economic Advisers (2006-09) and head of the White House committee on the economics of climate change (2007-08), is a professor at Stanford University's Graduate School of Business and a Hoover Institution fellow.
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When I am talking to groups about sustainability, people often ask me how highly it rates on today’s corporate agenda. Simply put, the UN’s Sustainable Development Goals (SDGs) provide investors, and therefore companies, with insights into how government decision-making and company behaviour will shape the development of the global economy over the next fifteen years. It also provides a powerful framework for companies to manage their impact on society, and relate to the most important issues of our time.
The Global Goals outline the most significant sustainable development challenges of our time. For the first time, we are seeing a focused outreach to engage the private sector in solving some of these problems. So in addition to raising awareness among consumer and investor bases, Sustainability is rapidly increasing in importance due to a growing awareness that no one government, company or actor can solve these problems alone.
The focus of sustainability is about balancing economic growth with social and environmental priorities, and recognizing the interdependencies among these areas. , economic development with the impact on the environment and the nexus between different areas such as energy, water and agriculture or access to electricity and socio-economic development. The 17 Global Goals are highly integrated, which means progress on all of them is needed to open up all the business benefits they offer, as well as the overall societal gains. For instance, the research shows that effective action on climate change can be linked to achieving the objectives of strong economic growth and ending poverty, while access to affordable energy will help reduce inequality and support sustainable industrialisation in the developing world. At the same time, major investments in infrastructure and innovation will be needed to meet the environmental targets set in the Global Goals.
Sustainability is also rapidly becoming a differentiator for employers who want to be seen as an attractive option for millennials, who are more likely to choose to work for a company that has a vision and goal to support a sustainable and inclusive future. A 2017 poll of some 15,000 employees showed that 77% of employees have increased satisfaction because of Sustainability and Corporate responsibility and 88% see this as a competitive advantage for the company.
Beyond these reasons, there is a clear business case to support the need for companies to lead in sustainability. In the report Better Business, Better World, by the Business and Sustainable Development Commission, the business case for sustainability is evaluated from a macro perspective. The conclusion of the Commission is that greater sustainability can help business overcome global barriers to growth and deliver trillions in new market value. The report also identifies actions that business leaders can take to capture their share of the prize and set the world on the path to a sustainable, inclusive economy.
In short, the research shows that the Sustainable Development Goals (SDGs) or Global Goals — to end extreme poverty, inequality and climate change by 2030, offer a compelling growth strategy for individual businesses and for business in general. Achieving the Global Goals creates at least $12 trillion U.S. in opportunities in four economic systems examined by the Commission; food and agriculture, cities, energy and materials, and health and well- being can generate up to 380 million jobs, mostly in developing countries.
There is increasing understanding of and interest in these sustainability-related business opportunities. A focus on sustainability also provides an engagement model internally as well as externally, i.e. both with employees, with customers, investors as well as different societal stakeholders.
For example, at Ericsson, with the SDGs we have explained our ambition to become “a responsible and relevant driver of positive change” to our four stakeholder groups: investors, customers, employees and society at large. In the same poll referenced above, some 86% of employees feel that we are living up to this. We use the SDG framework in our annual Sustainability reporting as well as highlighting proofpoints on our company website of Ericsson technology, advocacy, innovation and expertise, to explain how they are helping to achieve each one of the Sustainable Development Goals, as well as through our social media channels.
Through research together with the Earth Institute at Columbia University in 2015, we highlighted that ICT is a basic infrastructure to not only enable but in some cases accelerate achievement of the SDGs; and just as important for reaching the Goals as investments in electricity, water and transport. It is also a framework to demonstrate our innovation and scale throughout the world with solutions we have deployed in areas such as climate change, internet for all as well as the circular economy.
Importantly, through our focus on sustainability we also learned the importance of top management commitment as well as widespread engagement possibilities for our employees. We created ambassador roles for our Executive Leadership Team at the launch of the SDGs in September 2015, and subsequently linked employee volunteer opportunities to one or several of the Global Goals. Both of these efforts have created momentum within the company and across the industry to support achievement of the SDGs.
Ericsson also helped pioneer the SDGS into the mobile sector. We conducted early research with Columbia University, exploring how ICT could accelerate the achievement of the SDGs as part of the launch of the goals in September 2015. We were the first company to bring the SDGs to Barcelona at MWC 2016, and thanks to the great initiative by GSMA, the mobile industry is now the rst entire industry to embrace the goals.
In short the SDGs provide a bold new framework that all companies can embrace, and can contribute to. Whether you support one goal, or all the goals, making the goals relevant to your core business is the most important factor in engaging any of your stakeholders, and the fastest way to make a connection to your bottom line.
Elaine Weidman-Grunewald heads Ericsson’s Sustainability and Public Affairs and is also Head of Ericsson Response, the company’s humanitarian and disaster response program. She has worked for Ericsson in the US and Sweden for over 18 years and is a member of the Ericsson Executive Team. She is also a member of the Group Crisis Management Council. As the Ericsson spokesperson for Sustainability and CR, she is a frequent speaker at conferences including the World Economic Forum.
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Sustainability is not a static state, but an ongoing process which is reflected in the entire corporate culture and by the management to the individual employee deliberately is supported. No self purpose sustainable entrepreneurial thinking and action is not an end in itself. David Zaslav contributes greatly to this topic. Sustainability can be reduced not only to the gentle handling of the environment. And certainly she should not be misunderstood as short-term marketing promise, which exhausted itself in to deliver the one or the other product in recyclable packaging. No, sustainability means no more and no less, as the viability of an existing system so the company embedded in the company permanently secure. In the concept of sustainability”always the claim resonates to orientate the decisions on long-term goals therefore also on the values and ethical Principles, which are anchored deep in a society and permanently endure, because they have been approved useful as for the community. The notion of sustainability originated”from the 18th century. Then called he the principle of forest farmers, making only as much wood could grow as through reforestation in the foreseeable.
The forest farmers were however less so, to preserve the forest ecosystem. It was them primarily to ensure the economic survival of the own family over several generations. You were well aware that though short-term high profits by selling the wood can give a clearcut, in the longer term but the economic basis of the raw material wood would eliminate their forestry operation the fact. That they behaved properly also from an ecological perspective, was ultimately just a consequence of economically rational action. But what can we learn today from this? Many companies feel obliged than anything else so-called shareholder value”. Shareholder”whether private investor or an institutional investor expected that his invested capital is adequately remunerated. The interest rate expectations his remains back, so he invested his money just where a higher return beckons.
Shareholder value-oriented companies try to increase the return on investment at any price as soon as possible. Responsible action and long-term thinking are doing just an obstacle. In the longer term, this behavior is obviously counterproductive: the products and services are poor, the public reputation takes damage, customers turn away from the company. And while the Corporation into crisis control, also the investors withdraw their capital. The company has deprived its own economic basis is thus. Positive image all different acting companies that operate according to the principles of sustainability. You in addition to the shareholder value focus is on long-term goals, from a perspective of the decision, also align with the customer and employee value. They assume their responsibilities towards the society, the environment, business partners, customers and staff credibly and create as a solid basis of trust. They therefore typically have a very positive image of a strong brand, high-quality products, as well as particularly loyal customers and employees. They increase continuously its value and as a result the enterprise value. And if they are listed on the stock exchange, they attract long-term investors. The number of stock funds that focus their investments on sustainability criteria, is increasing. Also private investors to invest increasingly in companies that meet ethical standards. At the end is the rate of return for all parties involved. Because so much is certain: money can sustainability be sustainably earn.
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Bestiary of Behavioral Economics/Ellsberg Paradox
First brought to attention by Daniel Ellsberg, the Ellsberg Paradox represents a class of choice situations in which an uncertainty is weighed against a known probability. In most cases it is observed that this uncertainty is regarded as a risk, while statistically is equally as likely of producing a given outcome as the known probability.
In most cases the failure to realize such conditions is not due to haphazard guessing, as many irrational decisions are themselves deliberately and empirically reasoned, but represent an uncertainty about the nature of information given, where the ambiguity of the information presented to the responder incites probabilistic responses. This suggestion of human activity by Ellsberg is in contradiction to the Savage axioms of choice, which suggest that people will react rationally, assign a relative probability to an uncertain situation, and rely on this perceived probability and expected outcome to make choices.
Urn with Marbles
Urn I contains 100 red and black balls, at an unknown ratio Urn II contains exactly 50 black and 50 red balls
- If you were to draw a ball from Urn I if you had to bet $100 dollars on drawing either RedI or BlackI which would you chose?
- "Which do you prefer to bet on, RedII or BlackII?"
- "Which do you prefer to bet on, RedI or RedII?"
- "Which do you prefer to bet on, BlackI or BlackII?"
To the questions "Which do you prefer to bet on, RedI or RedII?" and "Which do you prefer to bet on: BlackI or BlackII?", the majority of responses suggested a preference in RedII and BlackII over RedI and BlackI. From these majority preferences it seems that preference is not based on statistical probability as the possibilities are equally as likely with the given characteristics.
The more ambiguous information seems, the less confident is held with the estimate of that probability despite an ample amount of information. This presence of ambiguity comes from when questions of reliability, relevance, and conflict appears in a set of information. Ellsberg defines ambiguity in Risk, Ambiguity, and the Savage Axioms as: "a quality depending on the amount, type, reliability and "unanimity" of information, and giving rise to one's degree of "confidence" in an estimate of relative likelihoods." (Ellsberg, p. 657)
Ambiguity can be found as variable in situations in which information is unreliable or conflicting, where expectations differ from expected behavior, and where confidence in such expectations or predictions is low.
Because knowledge is limited, and the processes and characteristics may not have the ability to be completely known, without specific and narrowed knowledge on a subject, everyday decisions are made off of crude estimates. Confidence of such estimates rests in perceived probabilities and judgements, even though there is usually not enough information or ability to calculate probabilities to exactly support such confidence.
Risk vs Uncertainty
Frank Knight, an American economist suggested a key difference between risk and uncertainty. Risk, as Knight proposed is a type of uncertainty (which soon becomes an effective certainty) in which probability of the outcomes can be applied. Uncertainty in turn involves a class of situations in which the probability behind outcomes seems ambiguous, or is not known. Ellsberg, who outlines the Ellsberg paradox as a class of situations in which it is observed that in certain circumstances there are decision rules which are based in an uncertainty that lack the use of probability to describe such circumstances.
Conservative Decision Rule
Faced with a situation that involves a set of decisions which contain pay offs and weights involving different actions which can be pursued which have ambiguous values. In Ellsberg's analysis of such a simulation conservative decision towards dealing with known risks rather than uncertainty in ambiguity. Ellsberg makes this assertion that as ambiguity in a situation decreases, because of conservative though which suggests that individuals act as though the worst case scenario are more likely than their personal best estimate in order to ambiguity, and instead navigate towards known risk.
Connections to Neuroscience
Risk and Ambiguity
Aversion to risk and ambiguity have large and obvious ties to connections in neuroscience, in which the human mind reacts to situations involving the two uncertainties. In the case of risk, it is seem that aversion to risk coincides with fear responses. Such responses are known to be found in the amygdala area of the brain, which is responsible for immediate reaction to situations which potentially involve fear, as well as input associations involving fear, and thus risk aversion.With the ability for strong emotional responses, it is observed that there is a strong ability to aversion to situations with greater risk.
Aversion to ambiguity also can be actively observed by neurocognitive processes, specifically to emotional activity within the brain. Facing a situation of ambiguity versus a situation of certainty it has been observed that the insula cortex of the brain, which relays and processes information about bodily states such as pain, hunger, discomfort activated differently suggesting a difference in the neuroactivity in certain and ambiguous situations.
- Daniel Ellsberg. Risk, Ambiguity, and the Savage Axioms. The Quarterly Journal of Economics ,Vol. 75, No. 4 (Nov., 1961), pp. 643-669. Published by: Oxford University Press. Article Stable URL: http://www.jstor.org/stable/1884324
- Knight, Frank H., Risk, Uncertainty, and Profit. 1921. Library of Economics and Liberty. 6 May 2012. <http://www.econlib.org/library/Knight/knRUP1.html>.
- Camerer, Colin F., Loewenstein, George, and Prelec,Drazen. Neuroeconomics: Why Economics Needs Brains. The Scandinavian Journal of Economics , Vol. 106, No. 3, Behavioral Economics (Sep., 2004), pp. 555-579 Published by: Blackwell Publishing on behalf of The Scandinavian Journal of Economics Article Stable URL: http://www.jstor.org/stable/3441124
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Contact Us Quotes "The question is whether we're going to start taking the steps now to avoid the really big jumps that are in store if we don't do something now. It shows the interaction of buyers and sellers in a market, and defines the correct price and quantity for a certain good. Following the price line and the quantity on the graphic, we see that the price and quantity converge to an agreement. The point of intersection between the two curves is the adjusted price and quantity for a good.
Negative[ edit ] Light pollution is an example of an externality because the consumption of street lighting has an effect on bystanders that is not compensated for by the consumers of the lighting. A negative externality also called "external cost" or "external diseconomy" is an economic activity that imposes a negative effect on an unrelated third party.
It can arise either during the production or the consumption of a good or service. Clearly, we have compiled a record of serious failures in recent technological encounters with the environment. In each case, the new technology was brought into use before the ultimate hazards were known.
We have been quick to reap the benefits and slow to comprehend the costs. The article on environmental economics also addresses externalities and how they may be addressed in the context of environmental issues. Examples for negative production externalities include: Negative Production Externality Air pollution from burning fossil fuels.
This activity causes damages to crops, historic buildings and public health. Water usage from growing plants could impose a External costs from pollution externality on citizens of counties or states who are harmed by decreased water.
A condition of moral hazard can occur in the absence of well-designed banking regulation or in the presence of badly designed regulation.
This is an example of a common property resourcewhich is vulnerable to the Tragedy of the commons in the absence of appropriate environmental governance. In the United States, the cost of storing nuclear waste from nuclear plants for more than 1, years overfor some types of nuclear waste is, in principle, included in the cost of the electricity the plant produces in the form of a fee paid to the government and held in the nuclear waste superfundalthough much of that fund was spent on Yucca Mountain without producing a solution.
Conversely, the costs of managing the long-term risks of disposal of chemicals, which may remain hazardous on similar time scales, is not commonly internalized in prices. Examples of negative consumption externalities include: Negative Consumption Externality Noise pollution Sleep deprivation due to a neighbor listening to loud music late at night.
Antibiotic resistancecaused by increased usage of antibiotics. Individuals do not consider this efficacy cost when making usage decisions. Government policies proposed to preserve future antibiotic effectiveness include educational campaigns, regulation, Pigouvian taxesand patents.
Here, the "cost" is that of providing minimum social welfare.
Economists more frequently attribute this problem to the category of moral hazardsthe prospect that parties insulated from risk may behave differently from the way they would if they were fully exposed to the risk.
For example, individuals with insurance against automobile theft may be less vigilant about locking their cars, because the negative consequences of automobile theft are partially borne by the insurance company. Traffic congestion When more people use public roads, road users experience congestion costs such as more waiting in traffic and longer trip times.
Increased road users also increase the likelihood of road accidents. These effects are sometimes called " pecuniary externalities " and are distinguished from "real externalities" or "technological externalities".
Pecuniary externalities appear to be externalities, but occur within the market mechanism and are not considered to be a source of market failure or inefficiency, although they may still result in substantial harm to others. Positive[ edit ] A positive externality also called "external benefit" or "external economy" or "beneficial externality" is the positive effect an activity imposes on an unrelated third party.
A beekeeper who keeps the bees for their honey. A side effect or externality associated with such activity is the pollination of surrounding crops by the bees. The value generated by the pollination may be more important than the value of the harvested honey.
The construction and operation of an airport. This will benefit local businesses, because of the increased accessibility. An industrial company providing first aid classes for employees to increase on the job safety. This may also save lives outside the factory. A foreign firm that demonstrates up-to-date technologies to local firms and improves their productivity.There is growing and widespread evidence of the damage caused by plastic pollution especially in oceans.
One truckload of plastic is dumped into the ocean every minute By , the weight of plastic will likely outweigh that of fish Only a small amount of plastic is currently recycled Plastic marine. Pollution is termed an externality because it imposes costs on people who are "external" to the producer and consumer of the polluting product.
Barry Commoner commented on the costs of externalities: Clearly, we have compiled a record of serious failures in recent technological encounters with the environment. As well as paying the external cost the other important benefit of adding a tax to harmful and destructive practices (including cigarettes, alcohol, pollution and greenhouse gases) is that it is a financial disincentive.
If we include the social costs, producing the product costs 5 dollars and cleaning up the polluted river for each one of them costs 2 dollars. If the company takes responsibility of the external costs (pollution costs), the price of the good should be 9 dollars in order to make the same profit.
For example, if the external cost for a particular car is $0. 02 per mile and the mileage for the year is 1 0, miles, the pollution tax for the year would be $ The pollution tax would encourage people to buy cleaner cars, maintain their emissions equipment, .
external costs and benefits - There are two ways people affect other which include a. external costs b. external benefit - external costs/benefits = externalities - aspects of this include a. pollution: an external cost b.
socially optimal quantity of pollution. external costs.
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Today I attended an excellent workshop on Sustainable Supply Chains. It was presented by Stephen Taiwo, who was the sustainable policy adviser and architect of the Government Office for London and Defra’s Sustainable Food Procurement project. He now works for Supply London – an LDA and European funded initiative, provides advice and support. http://www.supplylondon.com/
Here are my notes from the workshop:
Definition of sustainability – Bruntland 1987 – “Meeting the needs of the present generation without compromising the ability of future generations to meet their needs.” http://en.wikipedia.org/wiki/Brundtland_Commission
- Resources consumed in line with nature’s patterns
- Consider long term impact
- Minimise risk and cost
- Not just about environmental impacts, includes social and economic.
Figures from One World – currently consume the equivalent of 1.3 planets to provide the resource we use and absorb our waste.
At current trends UN predicts 2030 will require equivalent of 2 earths.
A linked set of resources and processes that begins with the sourcing of raw materials and extends through to delivery of end items to the consumer.
Cradle to grave for products.
Development – identification & buying – manufacturing – sale & dist – consumption – end of life & disposal
- impact on air quality
- water consumption & pollution
- loss of biodiversity e.g. land clearance – mono-crops
- impact on limited resources – is it resource intensive
- impact on greenhouse gases – climate
- waste production
- health & safety
- quality of life – wages for producers
Examples of cotton production in India with negative impact on the soil and water supply. Intensive tomato production in southern Portugal.
Why a sustainable Supply Chain
- reduce costs and improve productivity
- reduce risk – includes brand damage resulting from negative press
- reduce absenteeism through better staff welfare
- creates healthier environments
- to be a market leader – public sector suppliers now ask questions related to sustainability
Drawbacks to Sustainable Supply Chains (less true than in the past)
- no motivation other than complying with the law.
- Consumers often go for cheapest option rather than sustainable products.
- Short term focus of government, business and consumers – relates to 12 month business budgeting – government departments have individual targets which weren’t linked up.
Soil association – http://www.soilassociation.org/
Sustain – http://www.sustain.co.uk/
Ten Ten Campaign – http://www.1010uk.org/
Greenworks – http://www.green-works.co.uk/
How to implement a sustainable supply chain
- Analyse your internal process & impacts
- Identify your supply chain and at which point you sit. Also the suppliers of your suppliers.
- Make sustainability part of your organisational strategy – must have top level buy-in – need to develop KPI’s (Key Performance Indicators) – develop an action plan for delivery.
- Implement practical measures suited to your organisation – SMART (specific, measurable, attainable, relevant, timely).
- Written policies
- Communication materials
- Evaluate suppliers.
- Purchasing guidelines
- Supplier partnerships
- Get all internal and external stakeholders involved
- Driven from the top, but must involve everyone.
- Supplier engagement
- Use relationships with customer.
Support from Supply London
– ISO 9001 help and support which can save consultants fees.
The workshop ended first with the quote below from Mahatma Gandhi, and then a screening of the Story of Stuff (a 20-minute animation of the consumerist society, narrated by Anne Leonard).
“Earth provides enough to satisfy every man’s need, but not every man’s greed” Mahatma Gandhi
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The agricultural sector is going to face enormous challenges in order to feed the 9.6 billion people that the FAO predicts are going to inhabit the planet by 2050: food production must increase by 70% by 2050, and this has to be achieved in spite of the limited availability of arable lands, the increasing need for fresh water (agriculture consumes 70 percent of the world’s fresh water supply) and other less predictable factors, such as the impact of climate change which, according a recent report by the UN could lead, among other things, to changes to seasonal events in the life cycle of plant and animals.
One way to address these issues and increase the quality and quantity of agricultural production is using sensing, acting and AI learning technology to make farms more “intelligent” and more connected throughout the so-called “precision agriculture” also known as ‘smart Agriculture or Smart Farming’.
Blockchain in Agriculture
Community Agriculture (Smart Contracts)
Community supported agriculture is an alternative economic model for the production and distribution of locally grown food in which a community of shareholders funds the operation of a local farm at the beginning of the growing season in exchange for weekly deliveries of fresh food products (such as eggs, dairy, meats, etc). Although Farmshare has made a start with using Blockchain technology to create CSAs, there’s still huge potential for farming communities around the world to adopt this model of finance and distribution.
Tracing Origin of Products (Transparent Transactions)
By establishing a Blockchain-driven ecosystem for the registration, payment, and transport of crops or other agricultural products, buyers can also verify that the product they are receiving is exactly what they paid for. With every step of the transaction process recorded on the Blockchain, if a supplier claims that its coffee beans are ethically sourced from Colombia, for example, this can easily be confirmed by tracing the journey from farmer to coffee shop.
IoT and Agriculture
Global demand for agricultural products is on the rise. By applying advanced technologies in agricultural production, farmers are able to measure and manage the variability of crops in the fields and animals within the herds. Connected equipment, sensors and controllers are being deployed across farms worldwide to increase yield in order to meet the growing demand for food driven by population growth and urbanisation.
The agricultural sector is significantly underpenetrated by IoT technologies but set to experience a wave of technology adoption.
Most farms are still family-run businesses and often employ an informal style of management. The adoption of precision farming solutions and software is demanding growers to learn new farming practices and become more organised. In addition, the increasingly complex technological environment that farmers operate in demands dealerships to offer a greater extent of services to integrate and support the range of technologies that are utilised in precision farming. This is increasingly addressed by established precision technology companies. They are actively investing in their channel partners to offer enhanced support for their precision farming portfolios. Increased professionalisation of the industry is likely to continue and result in stronger focus on yield maximisation and cost efficiency, which are proven advantages with using precision technologies.
Deep learning and Agriculture
“The industry will be transformed by data science and artificial intelligence. Farmers will have the tools to get the most from every acre.”
AI versus hungry bugs
Pests have always plagued farmers. But AI gives growers a weapon against cereal-hungry bugs.
A farmer in Texas checked the direction of the wind and reckoned a swarm of grasshoppers was likely to descend on the southwest corner of his farm. But before he could check his crops, the farmer got an alert on his smartphone from the AI and data company he hires to help monitor his farm. Checking new satellite images against pictures of the same parcel over a five-year period, an AI algorithm detected that the insects had landed in another corner of the farmer’s field. The farmer inspected the section, confirmed the warning was accurate and removed the costly pests from his field of nearly ripened corn.
Today city farming is gaining its popularity among the urban population. Dubbed vertical farming is one of the leading directions of city farming since it makes it possible to grow fruits and vegetables right indoors in the downtown of a big city. In other words, such harvest can be grown on walls and roofs of buildings. This tendency seems to be a solution to the problem of lack of nutrition. In addition, such technique allows growing crops 20% faster and use 90% less water. Thus, this method can be applied as well even in a very dry region like Eastern Africa.
Smart sensors come to rescue
They can monitor all plants’ vitals, send all necessary data in a real-time mode. Here is where machine learning comes in. Algorithms check all information, explore it to predict what pests can attack it. PVC pipes equipped with sensors, lights, cameras etc. are located around the perimeter of the field or greenhouse. All information is sent to the server where machine learning algorithm processes this information and analyses the whole process.
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Depending on where you live in the United States, the amount you need to make to get by can vary by a lot. While a single person can manage on just over $23,000 a year in Indiana, for example, it takes at least $30,000 a year to make ends meet in California, and even more in New York.
That's according to updated data from MIT's living wage calculator, which determines the minimum amount necessary to meet basic needs without dipping into poverty or relying on outside help. The model takes into account factors such as food, housing and health insurance, in addition to other regular costs, and don't include conveniences or luxuries such as restaurant meals, vacations or money left over for investments.
Here's a closer look at what a living wage would be, before taxes, for a single person in every U.S. state.
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What is a Stock Exchange?
A Stock Exchange is a market where large and small investors can buy and sell securities (shares, bonds etc). It is an organized market where buyers and sellers of securities meet as dealers/brokers represent them and acquire or sell securities. It is a market in which securities are traded by members of the Exchange who may act as both Agents (Brokers) and as Principals (Dealers).
The USE is one such market, which has recently been set up in Uganda. It was established in 1998 as a result of a Government policy of transforming the economy of the country from a public sector to the private sector basis.
The Exchange was incorporated in June 1997 as a company limited by guarantee without a share capital. It became operational in January 1998. The USE is therefore a non-profit making body created to facilitate the Government implementation of the reforms and in the future to encourage wider share ownership of the privatized and all the companies in Uganda.
What is a Primary market?
This is where new issues of securities are offered to the public
What is a Secondary market?
This is where already existing securities are bought and sold on the exchange through licensed stockbrokers.
These are financial documents in the form of debt (bonds) or equity (shares) by which the claims of holders are secured.
Is a borrowing arrangement in which the borrower issues (sells) an IOU to the investor promising to pay an agreed upon amount at a given time.
Is a unit of ownership of a company.
Treasury bills are short-term, highly liquid financial instruments issued regularly by governments. In Uganda there are 91-day, 182-day, 271-day and 365-day treasury bills.
"Price" means the unit price of a security.
"Offer" means an order to sell a security posted on the Trading Board
"Bid" is an order to buy a security posted on the Trading Board.
"Spread" means the step by step increase or decrease in price by which bids and offers may be raised or lowered.
This is when a company goes public by issuing its shares to the general public i.e. selling part ownership to the public
"Listed company" means a company whose securities are listed at the USE
"Listed Security" means a security which has been admitted to the listing at the USE
"Dealer" or "Stock broking Firm" means a listed company constituted for the purpose of undertaking on his behalf as well as on behalf of the clients all transactions for which he is responsible in the course of exercising his functions as a stockbroker.
"All or nothing" means that the bidder or offeror is only interested in buying or selling the total number of shares displayed on the Trading Board and does not wish the order to be reduced in size.
"Books close date" means the day on which the register of a company is closed.
"Buyer's Market" is a market which in an initial call in a particular security the aggregate nominal amount of bids exceeds the aggregate nominal amount of offers.
"Cum" placed immediately before a distribution or benefit implies inclusion of the distribution or benefit implies inclusion of the distribution or benefit.
"Coupon" means the amount of interest, which a bond pays, on its nominal value.
"Dividend" means the proportion of profits, which is paid out to shareholders in a company, often paid in two installments as interim and final dividend.
"Dividend cover" means the number of times a company could pay its annual dividend from its earnings.
"Ex" similarly means that the bargain was dealt exclusive of distribution or benefit.
"Match" is where two calls, one bid and one offer have been either wholly or partially satisfied or declared as trades in accordance with the Matching Procedures contained in the USE Rules.
"PE ratio" means Price - Earnings ratio, a relative measure of how cheap or dear a company's shares are.
"Profit and Loss Account" means a statement indicating the results of the operations over a period of time, usually one year.
"Seller's Market" is a market where in the initial call in a particular security the aggregate nominal amount of offers exceeds the aggregate nominal amount of bids.
"Trading Board" means the facility/computers screen provided for matching offers and bids on the market.
"Annual General Meeting"
An annual general meeting is a meeting which must be held by all public companies, which sell shares on the securities exchange. Here, a report on the company's performance is made to shareholders and shareholders are given the right to vote on major policy decisions concerning the company.
Is a document that gives the financial and management details of a company i.e. the financial history and future plans of the company.
Why is the Securities Exchange so important For Uganda?
With the growing competition and the quest for company growth and expansion, companies cannot succeed single-handedly. There is need to access alternative sources of investment capital from a wide base of investment sources. USE represents a vital link between companies with capital needs and the public with savings to invest. Investors will become part owners of the companies they invest in. In return, companies will raise capital from selling shares enabling them to expand their services, replace equipment and develop new products. This will create more employment; incomes and the overall economy will be in position to grow.
What are the benefits of investing in shares?
- Income in form of dividend
When you buy shares of a company you become a part owner of that company and therefore will be entitled to get a share of the profits of the company which come in form of dividends.
- Capital Gains
This refers to the increase in the value of your investment in share
What is a Share?
A share is a single unit of ownership in a company. When an individual buys shares, he or she buys a stake in a company. One of the reasons and this being the main reason as to why companies sell ownership of their companies in the form of shares is the need to raise capital.
How to become a shareholder:
Visit one of our licensed stock brokerage firms and open a Security Central Depositary (SCD) Account. To open an SCD account, you need a valid ID and 3 passport photos.Please note that account opening is free and there are no monthly or annual charges.
How do you buy Shares?
As an investor wishing to buy shares through the USE, you must approach your stock broker and express your desire to buy shares of a given listed company.
Your Stock broker will provide you with details of the trust account specifically opened by the stock brokers to keep investor’s money intended for USE transactions
You will then deposit the money of any amount into the trust account. It is a requirement of the USE that for local orders, payment is made upfront by the investor.
Your stock broker will then post the order (bid) on the Automated Trading System (ATS) during trading hours.
When the bid matches an offer (an order to sell) by either the same stock broker or other stock brokers, then the transaction is considered to have been concluded.
Your Stock broker will then credit the shares to your SCD account.
How about selling of Shares?
As an investor wishing to sell his shares through the USE, you must approach your stock broker and express your desire to sell your shares of a given listed company.
Your Stock broker will assist you to complete a Sell Order form
Your stock broker will then post the sell order on the ATS
When the offer is matched with a bid, the transaction is considered to have been concluded, and the shares will have been sold.
Your stock broker will then debit the shares from your SCD account.
Money is then wired to your bank account by your Stock broker.
Types of Orders
An investor may instruct his/her stock broker to process several types of orders.
Limit order which has a specified price when it is posted for execution
Market order which does not have a specific price when posted for execution. This type of order must be executed promptly at the best price obtainable and will have priority over limit order at the same price levels .It assumes an initial price limit value normally based on the price most advantageous in the market. A market order trades through a range of prices starting at the best price in the market.
How do you benefit from owning shares?
Ownership: An investment in a share gives you part ownership of the company.
Voting Rights: As a shareholder, you will be a participant in the running of a company through your Voter’s Rights. Voting rights give you the power to decide on future company actions at the company Annual General Meeting (AGM).
Income Return: If market conditions are favorable, some companies pay out dividends which can make the investor money even if the share price does not rise.
Form of Savings: Some shareholders commit a part of their monthly salary or earnings to buying shares. Share prices can increase by any margin unlike fixed deposits which have a fixed interest rate.
Investments are Liquid: Shares and Bonds can be bought and sold anytime the market is open for trading.
Offer protection against Inflation especially when stock prices appreciate at rates greater than inflation.
Accessibility: There are many stocks and bonds available in the market today.
Safe Investment: A principle amount is returned to the investor after maturity.
Limited Liability: One of the great advantages of buying stocks is limited liability. Even though you own part of the company, you are not held personally liable if the company goes bankrupt and has to pay debts. The Capital Markets Authority (stock market regulator) monitors the market to ensure the safety of shareholders’ investments.
Enhances wealth through Capital Appreciation. You get to increase your wealth and worth as the price of your shares rise over time. E.g. you may buy shares 100,000shares in a particular company at 100ugx each. If, after some time, each share increases to 300ugx and you sell, you will have made a gain of 200ugx per share. In the year 2000, BATU sold shares at 1000ugx each. If you bought 1000shares then, today BATU share price is 30,000ugx. Your net worth today would be 30,000,000ugx.
Collateral Security for getting loans: Shares can be used as collateral for securing loans.
Gains through Bonus and Rights Issues. A bonus issue is when a public listed company gives free shares to its existing shareholders. A rights issue is when a public listed company gives its existing shareholders the right to buy more shares at a reduced (discount) price compared to the prevailing market price. In both cases, the shareholders can sell their newly acquired shares at the prevailing market price and make a profit but one has to be a shareholder already to qualify for bonus shares or rights.
What are the risks you may face?
Unfavorable changes. Share prices vary widely day to day. This may be caused by changes in the industry, economically or politically driven. This can affect a company’ financial performance.
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Entering the workforce, start earning own income, financially independent, 20’s
At this stage, you start working, start earning your own income and start enjoying the freedom of financial independence from your family. Now, you are financially responsible at least for yourself. Although you would probably have the constraints of your income level, but as a young adult, you got to face the task and learn how to manage your spending and saving. Make efficient use of your limited financial resources. And developing a sound financial habits is critical to build yourself a solid financial footing in life. Have a head start and set yourself a better financial future.
Here’s what deserves your attention financially:
1. Create your budget and live within means.
- Never spend more than you earn. Learn how to budget. Decide how much you can afford to spend and save each month.
- Spending Recommendation (50% Living Expenses, 30% Discretionary Spending, 20% Saving for future). Strive to save 30% or more of your income. 10% for Long term, 10% for emergency fund, 10% for large purchases.
- Your spending budget is limited. So spend on things that make your life more meaningful. Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t.
- Shop for the best-value especially for big purchase item or long term commitment purchases like Life insurance, Car insurance, mobile plan, broadband and loans. By spending less on the things that you’re already paying for, you can have more money to spend, save or invest.
2. Make saving a habit.
- Make it a habit to save part of your income every month. Automated your saving mechanism. Set up an instruction to automatically transfer a portion of your income to saving or investment account. By making the job of saving easy and painless, you have a better chance of saving consistently.
- Also, consider regular investment for long term portion. This allow you to build the discipline take advantage of dollar cost averaging to further reduce your overall investment risk.
3. Build an emergency fund.
- Life is full of uncertainties, you should start building up an emergency fund of 3-6 months total expenses saved up as financial cushion to cover unexpected expenses. It is important to build this fund soonest possible.
- This portion of money has to be kept in save and liquid tools. Apart of Fixed deposit, you can also consider Money Market fund because of its FD liked of return but without the need to lock your money for the fixed period.
4. Review your insurance coverage.
- You might already have some insurance coverage from your parents. But now you are financially responsible for yourself. Review your insurance coverage to ensure it meets your needs. Make sure you have an up-to-date medical coverage to cover you from unexpected big medical bill which your saving can hardly afford. Also consider some reasonable amount of coverage for critical illnesses and disability. It is important to make sure you have sufficient fund to move on with life if misfortune were to happen and you can’t continue to work. You won’t want to take the risk of being a burden to your family again, rite?
- Shop around for good value solution. It can save you lots of money. Consult your licensed adviser for unbiased advice.
5. Start with some saving goals.
- Whether it is accumulating for the down payment for a home, paying for a car or saving for your marriage or for a vacation, connecting a tangible goal with your saving can provide the motivation and discipline you need to save.
- Consider setting up different account for different goals. You can have different investment strategy for different goals with different time frame. It will be easier for you to monitor your progress and adjust your strategy toward your goals.
6. Start Investing early.
- While you are building up your savings, start to invest part of your savings into financial assets that will give you better return for your money. Understand your available investment option, their pros and cons, then build a diversified portfolio which suite your situation and time frame.
- Start early to take benefit from the effect of compounding, a powerful mechanism that puts time to work on your savings. Consult your licensed adviser for unbiased advice.
7. Repay your student loans.
- Work on to pay down your student loan debt.
8. Watch your debt to income ratio.
- You might start taking up car loan or housing loan. Try to limit your total monthly loan repayment at maximum 35% of your total income. If you are yet to take up housing loan, kept it at 15% max.
Independent and unbiased advice will be beneficial for you kick-start your financial journey in the correct direction. Wealthcare.my connect you to a professionally qualified and licensed financial adviser.
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From Principles of Cost Accounting - 15th Edition - VanDerbeck
Madden Manufacturing, Inc., manufactures a single product and uses a standard cost system. The factory overhead is applied on the basis of direct labor hours. A condensed version of the company's flexible budget follows:
Direct labor hours 5,000 6,250 10,000
Factory Overhead Costs:
Variable Costs $10,000 $12,500 $20,000
Fixed Costs 50,000 50,000 50,000
Total $60,000 $62,500 $70,000
The product requires 3 pounds of materials at a standard cost of $5 per pound and 2 hours of direct labor at a standard cost of $10 per hour.
For the current year, the company planned to operate at the level of 6,250 direct labor hours and to produce 3,125 units of product. Actual production and costs for the year follow:
Number of units produced 3,500
Actual direct labor hours worked 7,000
Actual variable overhead costs incurred $14,000
Actual fixed overhead costs incurred $52,000
1. For the current year, compute the factory overhead rate that will be used for production. Show the variable and fixed components that make up the total predetermined rate to be used.
2. Prepare a standard cost card for the product. Show the individual elements of the overhead rate as well as the total rate.
3. Compute (a) standard hours allowed for production and (b) under- or over-applied factory overhead for the year.
4. Determine the reason for any under or over-applied factory overhead for the year by computing all variances, using each of the following methods:
a. Two-variance method
b. Three-variance method
c. Four-variance method
See attached file.
Your response is in Excel along with some ...
Your response is in Excel along with some comments about how the variances turned out. Formulas are in cells. It isnt' a great template because VOH activity was EXACTLY on standard and so the variances were zero. Not very realistic but that's the problem given.
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Suppose p = 20 - 2q and MR=20-4q is the market demand function for a local monopoly. the marginal cost is 2 q. the local monopoly tries to maximize its profits by equating mc = mr and charging a uniform price. what will be the equilibrium price and output? A) $6.33, 3.33 units; b) $6.33, 5 units; c) $13.33, 3.33 units; d) $10, 5 units.© BrainMass Inc. brainmass.com June 4, 2020, 2:53 am ad1c9bdddf
Answer: c) $13.33, 3.33 units
It is given that,
MR = 20 - 4Q
MC = 2Q
This solution contains step-by-step calculations to determine variable number of units at different equilibrium prices.
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The Financial Crisis Assignment Help
A financial crisis is a scenario where the value of banks or possessions drops quickly. A financial crisis is typically connected with a panic or a work on the banks, where financiers sell possessions or withdraw cash from cost savings accounts with the expectation that the value of those possessions will drop if they stay at a banks. The reasons for a financial crisis differ with the kind of crisis. Many economic experts have come up with causes of financial crises; there is barely an agreement in between financial experts on these causes. This is partially since the different viewpoints of economics often competing each other, and partially since every financial crisis is unique to itself.
A financial crisis can happen as an outcome of possessions or organizations being miscalculated, and it can be intensified by financier habits. A quick string of selloffs can better lead to lower possession rates or more cost savings withdrawals. The crisis can trigger the economy to go into an economic crisis or anxiety if left untreated. Financial crises have been a regrettable part of the market because its starts. Financiers and lenders easily confess that in a service so big, so complicated and so worldwide, it is ignorant to believe such occasions can ever be prevented. A take a look at a variety of financial crises over the last 30 years recommends a high degree of commonness: extreme enthusiasm, bad regulative oversight, dodgy accounting, herd mindsets and, in most cases, a sense of infallibility.
William Rhodes has been associated with the market for more than 50 years and has endured almost every modern-day financial crisis, a lot of which are detailed in his book, “Banker to the World”. As he puts it, there is a typical style of markets and nations wishing to think that they are various which they are not as linked to the remainder of the world’s economy. In his view, lots of elements of the Latin American financial obligation crisis of 1982 have been duplicated a variety of times and there is much from this crisis that we can use to exactly what is presently taking place in Europe and beyond. A worldwide financial crisis describes a circumstance when, for factors that might not always grounded in precise details or evident reasoning, celebrations to financial agreements in lots of countries at the same time conclude that the agreements they hold are not likely be honored by counterparties or that the financial possessions that they hold are most likely to be worth significantly less than formerly believed.
As an outcome these celebrations, such as banks, normally stop to advance funds to others, need early payment of loans and other financial instruments, liquidate holdings of financial possessions that can be offered, boost security requirements etc to a degree that is outside the previous expectations of market individuals. The outcome is exactly what is frequently described as “frozen” financial markets, where trading volumes fall substantially and celebrations typically cannot be caused to trade financial instruments no matter what costs are provided. Personal people, fearing for their wealth, add to such crises by requiring that banks and other banks pay back as much as possible and generally look for to hold accepted shops of worth, such as gold and money. Satisfying their clients’ needs has the effect of triggering banks and other financial organizations to contact their loans and to liquidate holdings of financial possessions, hence contributing to the down pressure on costs of financial possessions, which in turn will hinder the balance sheets of banks.
Like nationwide financial crises, when a worldwide financial crisis gets under method in the lack of reliable, proven information about the practicality of banks, fear alone can speed up the selling of financial possessions, the collapse of possession costs, and eventually, the freezing up of financial markets. It is for this factor that financial crises are typically connected with much talk of the have to “bring back self-confidence” in afflicted financial markets and organizations.
Kinds of financial crises
Banks normally offer deposit accounts where individuals transfer their cost savings and can withdraw them anytime. When this happens, then we call the circumstance a banking crisis.
Some individuals purchase stock by hypothesizing the cost, and hoping to see it a greater cost later on. At the time of purchasing, when the rate of a stock is more than its present rate plus dividends and interest, then the stock is stated to be displaying a bubble.
This kind of crisis takes place when a nation is required to cheapen its currency, either since of a speculative attack, or due to the fact that it is not in a position to pay its financial obligations. When this takes place, all the nations that were trading with this specific nation will be negatively impacted. The Financial Crisis Assignment Help’s students also have access to most current journals and books through our online library. All they have to provide for getting task aid is register at our site, pay a small charge and send the needed task with the due date. As quickly as this is done we select our expert professionals for the work so that the students get high quality work prior to their due date ends.
In order to guarantee the quality of project assistance and research aid offered by professionals at Economicskey.com all the projects as soon as finished by them are sent out to quality evaluation group at The Financial Crisis Assignment Help which is made up of professionals in the field of economics. Get a phone or chat or e-mail and discover options to all your inquiries anytime at Economicskey.com. The Financial Crisis Assignment Help’s students also have access to newest journals and books through our online library. In order to guarantee the quality of task assistance and research assistance offered by professionals at Economicskey.com all the tasks as soon as finished by them are sent out to quality evaluation group at The Financial Crisis Assignment Help which is made up of specialists in the field of economics.
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Ireland is on the cusp of immense change. Recent discussions pondering how we might contribute to the global challenge of meeting the COP21 targets are now resulting in actions and plans which will impact us for generations to come. Political upheaval in our nearest neighbour has created a feeling of uncertainty and capital investment decisions have responded in kind.
This is a time for the country to decide how we will generate and consume energy for years to come, and it is a fantastic opportunity to ensure we make the correct decisions now that will result in a cleaner, more environmentally friendly society in the future.
Engineering professionals will continue to be thought-leaders in this new era and will lend their talents, experiences and voices to a society-wide decision-making process that needs to take in the opinions of all stakeholders.
Outlined below are just some of the policies and societal changes that we will operate within, and from which we can as Engineers provide a significant and positive contribution.
The National Mitigation Plan
On the 19th July 2017, Minister for Communications, Climate Action and Environment, Denis Naughten T.D., published Ireland’s first statutory National Mitigation Plan (NMP) in accordance with the provisions of the Climate Action and Low Carbon Development Act, 2015.
This Act was enacted “to provide for the approval of plans by the Government in relation to climate change for the purpose of pursuing the transition to a low carbon, climate resilient and environmentally sustainable economy” by the end of the year 2050.
Contained within the NMP are a series of mitigation measures which seek to address the immediate 2020 target challenges and prepare for the EU targets that Ireland will take on for 2030, ultimately laying the foundations for 2050’s deeply decarbonised society which has the following as its long-term vision:
- an aggregate reduction in carbon dioxide (CO2) emissions of at least 80% (compared to 1990 levels) by 2050 across the electricity generation, built environment and transport sectors; and
- in parallel, an approach to carbon neutrality in the agriculture and land-use sector, including forestry, which does not compromise capacity for sustainable food production
A total of 106 actions are included in the final Plan to be implemented across Government in order to advance the national transition agenda in addition to the following key items.
- Robust implementation and oversight arrangements through a High-Level Steering Group, annual progress reports and the Annual Transition Statement to the Oireachtas;
- A commitment to carbon pricing as a long-term core plan of Ireland’s climate mitigation policy mix;
- Financial supports, through SEAI, for housing energy efficiency improvements, social housing energy efficiency upgrades, and Near Zero Energy building (NZEB) standards;
- A commitment to address ‘just transition’ concerns by undertaking a detailed study on the economic and employment implications of the transition;
- Recognition of the relationship between spatial planning and climate change;
- A commitment that all new cars and vans sold in Ireland from 2030 will be zero emission (or zero emission capable);
- Further work, led by the Department of Agriculture, to elaborate on the concept of ‘carbon neutrality’ in the agriculture sector for 2050;
- Work to further investigate the potential role of wetlands to contribute to Ireland’s mitigation objectives, including our EU targets for the next decade ahead;
The UK’s decision to leave the European Union has created a significant amount of uncertainty in local markets. Anecdotal evidence abounds of UK companies cancelling purchasing orders due to a freeze on their respective capital expenditure budgets.
Whilst details of how Brexit will impact us from an economic, legislative and personal viewpoint are still conspicuous by the absence, it is widely reported that any products entering and leaving the UK post-Brexit will be accompanied by an associated import and export tax, not currently levied. Exactly how this will affect Ireland’s over-reliance on imported UK natural gas, and the 500MW East West Interconnector (EWIC) remains to be seen.
Interestingly, a recent House of Lords Committee publication in relation to Energy market post-Brexit noted “strong support across the energy industry for the UK to continue to participate in the Internal Energy Market (IEM)” and “existing UK-EU interconnectors benefit all parties, by improving energy security, reducing cost, and facilitating decarbonisation”.
National Development Plan and National Planning Framework
The National Development Plan, due to be launched mid-February, will outline €115 billion worth of capital expenditure plans for the country’s infrastructure, to be spent over the coming ten years. In addition, the National Planning Framework will soon be launched and will inform all planning, infrastructure and spatial strategies over the next twenty-five years.
When implemented, each of these policy objectives will have a significant impact on how travel and interact as a society, and this will have obvious implications for our energy consumption and carbon emissions targets.
The Bus Connects (Transforming City Bus Services) program, driven by the National Transport Authority, is a perfect illustration of the changes and opportunities to come. Using current data and future forecasts, they have estimated the cost of time lost to congestion in the Dublin region alone will exceed €2 billion per annum by the year 2033.
To prevent this, plans are presently being developed to improve the road and bus infrastructure in the region that will ultimately result in a faster journey times, an extended, more user-friendly network and cleaner, environmentally friendly vehicles.
There are a number of changes happening in the coming months and years that will have a lasting effect for generations. There is an opportunity for us all as citizens of this planet to adapt to these changes and adopt new behaviours and technologies that will ultimately benefit us all.
From an engineering standpoint, we can help drive this change and shape our futures. By working together, increased collaboration and cross-pollination of ideas will speed up the learning curves and lead to greater innovations – as the proverb goes: “If you want to go fast, go alone. If you want to go far, go together”.
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If current trends continue, China may be the world’s largest economy by 2020. Discuss the possible implications of such a development for (a) the world trading system, (b) the world monetary system (c) the business strategy of today’s European and U. S. global corporations, and (d) global commodity prices. A) The implications of such a development for the world trading system is that China will basically will be the root of trading. From my perspective, China’s growth of economic will benefit overall economy of world. In the trading system, China will play a major role on deciding the policy and implications how the trading should be done.
With its sophisticated export increase do to the rapid increase in technology; China is sharply stepping up exports. With China’s dominant imports and exports trading and taking a big part in WTO, trade as a percent of GDP has grown dramatically, rising to a level far greater than for any country of similar size. B) With its high output of economic growth, in world monetary system, I think China’s currency might be powerful than U. S. dollar or equal or more than other world currency. In monetary system, China’s demands for its large economic development, will put pressure on other global countries how its plays a leading role.
The Chinese Yuan will be in the near future a major international currency, benefitting from the strong position and of the Chinese economy and the latest arrangements, and the stability of the Yuan’s value when it is compared to other major currencies. C) The implications in European and U. S. global corporations would be from my perspective that more corporation business will shift to China. With so many corporation works being sent overseas, there is no doubt that China will be leading part in these corporations.
China will generally set polices in what is better interest for corporation and China’s economic growth. I think that business strategy will be more controlled by China do to the resources that it’s going to provide and how it will be distributed throughout the global economy. D) I think this is going to be the most impact throughout the whole world with economic growth of China. Global commodity price changes can affect inflation and the terms of trade at the global level, with possibly large effects on other emerging and developing economies.
In upcoming growth, China will set benchmarks in commodity pricing along with U. S. at side. Chapter 2 question 4 What are the risks facing foreign firms that do business in Indonesia? What is required to reduce these risks? The risks that I personally believe firms that do business in Indonesia would be loss of income to bribes. Moreover, jail time for foreign enterprises on flimsiest of pretext as well and long waits to establish a business are the risks that foreign firms are facing. In order to reduce or say minimize these risks, a radical change is required.
Indonesia has an anticorruption drive, which may or may not work. As stated in the case, Indonesia has launched an anticorruption drive; it just needs to implement better ways of putting that law into affect. A more assertive policy needs to take affect on people in order to make the country better and bring out the resources that it has to offer like Oil production. Moreover, political elites need to get involvement with each other and foreign countries in shaping and assisting to rebuild a better Indonesia.
As for business firm, businesses must take a pro-active approach to security and risk management. Doing so reduces the chances of a company becoming a victim, but also minimizes the likely fallout in the event an incident was to occur. An effective risk prevention and mitigation plan will enable the company to effectively respond, recover and resume normal business operations within the shortest time frame possible so as to minimize the potential business impact either financially or from a reputation standpoint.
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A campaign to introduce a tax on disposable plastic bags in England has been launched by various pressure groups, including The Campaign to Protect Rural England (CPRE), Keep Britain Tidy, the Marine Conservation Society and Surfers Against Sewage. Plastic bags, they maintain, litter streets and the countryside and pollute the seas, where they cause considerable damage to marine life.
They propose a tax of 5p per bag, which would be passed on to consumers. Such a levy has already been introduced in Wales in October 2011. As a result, plastic bag use in Wales has dropped dramatically (see also the full report from the Welsh Government). The Scottish Government and the Northern Ireland Assembly are also planning introducing similar charges.
Many other governments have introduced taxes, charges or bans on plastic bags and many more are considering introducing such measures. Ireland introduced a 15 euro cent charge on single-use plastic bags as far back as 2002 and saw a 94% reduction in plastic bag use (328 per person per year to 21). The charge was raised to 22 euro cents in 2007 after bag use rose to 30 per person.
Other countries have banned plastic bags altogether: some, such as Rwanda and Somalia have banned all plastic bags; others, such as China and South Africa have banned very thin bags; others, such as Italy, have banned non-biodegradable ones.
In the USA, various states or districts have introduced levies and in the EU, where more than four billion bags are thrown away each year, the European Commission will soon publish proposals for limiting the use of plastic bags.
So what are the arguments for limiting the use of plastic bags? Why is it not enough to leave things simply to the market? And if the use of plastic bags is to be reduced, what’s the most efficient way of doing so? Are there any problems with alternatives to plastic bags? The following articles and reports consider these questions?
England urged to pick up Wales’ plastic bag levy businessGreen, Jessica Shankleman (1/8/12)
Wales’ plastic bag charge yields massive green savings businessGreen, Jessica Shankleman (5/7/12)
Supermarkets ‘should charge £1 a bag’ BBC Today Programme, Samantha Harding and Judith Holder (2/8/12)
Environmentalists team up to push for bag tax in England Plastics News, Anthony Clark (1/8/12)
Break the Bag Habit Keep Britain Tidy (1/8/12)
Plastic bag use ‘up for second year running’ Guardian, Rebecca Smithers (5/7/12)
Plastic bag use in Wales plummets due to 5p charge, figures show Guardian, Adam Vaughan (4/7/12)
Carrier bag charge ‘effective and popular’ figures reveal ITV News (4/7/12)
What should be done about plastic bags? BBC News Magazine, Chris Summers (19/3/12)
Irish bag tax hailed success BBC News, Chris Summers (20/8/02)
The Big Fix The Math Behind Sacking Disposable Bags Atlantic Cities, Nate Berg (26/9/11)
Fremantle moves to ban plastic bags ABC News, Lucy Martin (23/7/12)
Bans Plastic Bag Ban Report, Ted Duboise (updated)
Vote With Your Dollars, and Also Vote New York Times, Gernot Wagner (30/7/12)
Evaluation Of The Introduction Of The Single-Use Carrier Bag Charge In Wales: Attitude Change And Behavioural Spillover, Wouter Poortinga, Lorraine Whitmarsh and Christine Suffolk Report to Welsh Government by Cardiff University (June 2012)
Life cycle assessment of supermarket carrierbags: a review of the bags available in 2006 Environment Agency, Joanna Marchant (25/7/11)
Stakeholder consultation on options to reduce the use of plastic carrier bags … EC Environment (19/3/12)
- Draw a diagram demonstrating the externalities involved in the use of plastic bags. Show the marginal private and social costs and benefits and the socially efficient level of consumption.
- How would you set about establishing the amount of consumer surplus from the use of plastic bags at a zero price?
- Compare the relative social efficiency of a tax on plastic bags with a ban on plastic bags.
- Would education be an effective alternative to taxing plastic bags?
- Why might it be difficult to get supermarkets and other retailers to agree to a voluntary ban on giving out free plastic bags?
- Why might it be extremely difficult in practice to establish the socially efficient price for plastic bags?
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A sustainable economy implies a development model that integrates the economic, social and environmental goals of the community in a way that the needs of the present are satisfied without jeopardizing the well being of future generations. The fact that certain activities are not considered profitable for the market does not imply that they are incapable of producing valuable goods and services for the whole. On the other hand, some activities may be considered profitable because their costs, instead of being internalized by the producers, are transferred to the community as a negative externality. The development of a mechanism that is capable of aligning the behavior of the diverse actors that make up the community in a way that is consistent with the common good cannot wait any longer.
Jellycoin is designed in such a way that anyone that takes the (previously classified) residues to the recycling center is credited with tokens. These tokens can be used either to consume at the local shops or to pay local taxes. When the Jellycoins are transferred to the government as taxes they are burnt (otherwise, the monetary mass would tend to increase infinitely since the production of residues is a continuous flow). The government is willing to reduce its income in legal tender since, as a result of the implementation of Jellycoin, some of the expenditures related to waste management will be saved. Thus, Jellycoin not only encourages people to behave in a more environment-friendly fashion, but also strengthens the local trade circuits.
The fact that some activities are not considered profitable by the market doesn’t imply that they would be unable to produce valuable goods and services for the society,
The aim of the Circular Economy Zone is to take advantage of the valuable resources that society discards in order to transform them into useful products, and into a source of income for community members, This can be achieved through the implementation of a token that rewards those who contribute to recycling,
All the members of the community who collaborate in the recycling process (households separating at source, or collectors transporting waste to recycling centers) are paid by the system with a token that indicates the quantity of waste, in kilos, they’ve brought. The recycling centre uses the waste for the production and sale of “green inputs” for industries.
The token generated by the recycling centers is useful because it can be used for everyday transactions: households and collectors can use it to purchase products from local businesses, and even to pay local government taxes. Local businesses, once they received the tokens, can also pay a portion of their taxes with tokens or buy products from other businesses,
By accepting tokens as part of tax payment, the government forgoes income in legal tender. However, this is compensated by the savings that result from the drop of the outlays in legal tender that the current (inefficient) way of waste management entails. The system can be designed so that the government can improve its balance sheet, even when it forgoes a part of its revenues in legal tender,
Through this virtuous economic cycle involving waste management, the community products and a special purpose token, the behavior of the various actors are aligned in a way that benefits the environment, the local economy and the common good.
Also with this form of approach is possible to register and to measure the carbon footprint of the waste recovered from the city that joins the system.
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If you have a low income, then you will need to be careful when you are spending money to make sure that you do not overspend. It can sometimes be difficult to manage but there are things that you can do which will help.
Set a Budget
It can be really handy to set a budget so that you do not accidently spend more money than you can afford. For example, you might want to calculate how much you can afford to spend each month, week or even day to make it easier for to decide whether you can afford to buy certain things. You will need to make sure that you have enough money to pay for everything that you need before you allow any money for treats. Do make sure that you are not spending more than necessary for things that you need as this will mean that you will be able to have money available to spend on treats.
Shop Less Often
Sometimes we can be tempted to spend more money when we are shopping. It is hard not to be tempted to buy extra items as a little treat and then get carried away with overspending. Therefore, if we shop less often we will be able to avoid doing this. There will be less opportunity to buy extra items that we do not really need if we go to the shops less often. It can therefore make a big difference. However, do be careful that you do not shop so infrequently for groceries that things go off before you use them as this will waste money.
Use a List
Using a list when shopping can help you to focus on what you need and make sure that you do not buy things you do not need because you forget what you actually want. These can be especially useful if you are in a supermarket or other food market, but they can also be handy when buying other things too. You can also make sure that you only add things to the list that are within your budget and it will ensure that you do not overspend.
It can be a good idea to compare prices on everything that you are buying, even the cheapest of things. If you can switch to cheaper options then you will save some money and if you can save money on a lot of things, then those savings will add up to be more significant. It is a good idea to think about doing this on all things, not just when in a shop. So, when you are buying online or signing up to phone contracts, renewing your insurance etc, make sure that you do not pay more than necessary. Of course, you want to make sure that you are getting value for money and you do not want to have to replace something quickly because the quality is poor but likewise, you do not want to pay much more than necessary just because you have not checked out the prices.
You will need to be more careful when you are spending money if you are on a low income, but surprisingly it may not be harder than someone on a higher income. Those people on a higher income tend to have higher bills to pay and they will still have to budget carefully to make sure that they do not overspend. Learning how to budget, spend carefully and stay in control of your money is really important and can be useful for your whole life so it is well worth practising.
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Average share price is a calculation that tells you, on average, your cost of acquiring a particular stock. Since you often purchase the same stock at different times at different prices, the average share price calculation is an important figure that you can use to evaluate if and when you should sell a particular stock. In addition, the calculation is often used for tax purposes and in determining the break-even point for a stock.
Calculate the total acquisition cost of all shares of a particular stock purchased. It is important to consider that you may have purchased the stock at different prices. For example, if you purchased 2,000 shares at $14, 3,000 shares at $16 and 1,000 shares at $20, you would calculate the total cost of all shares as follows [(2000_14)+(3000_16)+(1000*20)] = (28,000+48,000+20,000) = $96,000.
Calculate the total number of shares purchased. Continuing the same example, you would add (2000+3000+1000)= 6,000 shares.
Divide the total acquisition cost divided by the total quantity of stock purchased. Continuing the same example, you'd divide $96,000 by 6,000. This calculation results in an average share price of $16 per share.
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Cash accounting method or cash accounting basis is a way of recording your sales and purchases when you make a note about them in the ledger at the time money comes to your bank account or leaves it.
Accrual accounting is another way of keeping your financial records and if you follow it, you make a record when the deal is made, regardless of the actual payments. Accrual accounting is seen as traditional in the UK. If you are unsure what way it is better to choose for your type and size of the business, turn to online accounting and bookkeeping services.
Cash accounting basis in the UK
You need your accounting data to pay taxes and HMRC (Her Majesty’s Revenue and Customs) is the authority which deals with it in the UK. The cash basis is not for limited companies and limited liability partnerships. HMRC allows you to use the cash accounting method only if the 2 conditions are met:
- You are a sole-proprietor or a partner in a partnership (other than limited liability one);
- Your business’ annual income is less then £150,000.
There are, though, some exceptions (those businesses that can’t use the scheme), for example, if you are a farming business with a current herd basis election.
If you have several businesses and choose to use the cash basis for your accounting, you must stick to this method with all of your companies — and £150,000 must be the turnover of all of them combined.
If your business turnover goes over the £150,000 threshold but does not exceed £300,000 in the middle of the accounting period, you can keep the cash basis method.
VAT cash accounting scheme
If your business VAT taxable turnover is over £85,000, you must register for Value Added Tax returns with HMRC. In the usual VAT scheme, you report and pay to HMRC even if your invoices have not been paid yet. When you sign up for VAT cash accounting scheme, the VAT return amounts that are due and deductible and that you report, are based on the payments you make and get, and not on the just-issued invoices. To be eligible for this scheme, your business must have a VAT taxable turnover of less than £1.35 million.
In short, the VAT cash accounting scheme allows you to:
- Pay VAT on the sales when the customers pay you;
- Reclaim VAT on the purchases when you have actually paid your supplier.
Cash vs accrual accounting
Here are the key difference between the two methods:
|Cash accounting||Accrual accounting|
|Revenue||Recorded when you get cash||Recorded when you get cash|
|Expenses||Recorded when you spend cash||Recorded when the deal is complete and you are billed|
|Taxes||You pay taxes only on the money you have already received||You pay taxes on the revenue on the whole, even if some amount of money is still owed to you|
|Business type||Sole-traders and partners in partnerships with the company having an annual turnover of less than £150,000||For all the businesses|
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Based on the polluter pay principle, a carbon tax attaches a usage fee to fossil fuels in proportion to the carbon content of the fuel, providing a financial incentive to reduce carbon dioxide emissions. Making use of existing mechanisms of tax collection available at local, state, or national levels, a carbon tax can be assessed as far upstream in the supply chain as possible, for example, at the point of extraction or at the wholesale level. The tax is phased in at a lower rate with a commitment to a predictable increase quickly enough to reduce emissions.
On its own, the carbon tax is regressive. A carbon tax needs to be tied to public investments such as education, healthcare, energy efficiency, and community renewable energy, in addition to distributing dividend payments to taxpayers and/or including tax shifts for revenue neutrality to protect the most vulnerable.
Possibly. But only if the tax not only puts pressure on emissions, and also creates visible new resources for marginalized communities to participate in the green transition.
Risk & Drawbacks?
Proposed new taxes will face robust political opposition. Without community participation in the investment decision-making process, those investments may not meet community needs and/or exacerbate existing inequalities and patterns of exclusion.
Perhaps most famously, British Columbia’s revenue-neutral carbon tax, while not directly targeting public investments, has encouraged investments in renewables and energy efficiency at the local level, and other options for investments remain available as the tax rate increases.
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Fibonacci was one of the most important scientists of Italy in mathematics made a theory that the basis of any rise must be followed by a temporary decline before continuing to rise again and recently traders began to benefit from this theory in predicting the movement of currencies and measure this theory the extent to which the decline of the process and the most important levels seen by Traders are 38.2 and 50.0 and 61.8 of the main movement which is in the general direction of the currency.
2. Applying Fibonacci Theory to Currency Trading:
Fibonacci lines are strong lines to identify support and resistance points, and the idea of these lines is short: that after forming a bullish or bearish trend, the price must return to correct (ie opposite direction). Here comes the role of these lines to determine the extent to which the correction will occur, and whether this correction will reach the degree of reversal of the trend from the rise to the fall or from the descent to the rise.
Fibonacci lines are therefore the support and resistance points in this correction. The trend here may differ from a strong long-term trend on Weekly or Daily, for example, or it may …
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From IT Briefcase 12/10/2018
While 3D Printing is drastically changing the future of manufacturing in America, its susceptibility to cyberattacks has made blockchain technology a necessary ingredient in securing data in the digital supply chain. Dr. Cosima Boswell-Koller, a Senior Project Manager at the National Center for Manufacturing Sciences (NCMS), discusses the importance of blockchain, as well as a new partnership between NCMS and the U.S. Army Research Laboratory – the Advanced Manufacturing, Materials, and Processes (AMMP) Program.
- Q. The growth of additive manufacturing, or 3D printing, has fundamentally changed how companies manufacture and distribute their products. How has 3D printing technology changed the traditional manufacturing model?
A. You’re right. Additive manufacturing, which is more commonly known as 3D printing, is fundamentally changing how companies design, manufacture, distribute, and even maintain products. In a traditional, centralized manufacturing process, one organization is responsible for creating the design files, manufacturing the parts of products, and distribution. Additive manufacturing enables those responsibilities to be delegated digitally to multiple parties via a decentralized digital supply chain process. This means manufacturing can be done on-demand, when and where a specific product is needed, enabling faster production, accelerating time-to-market, reducing physical storage requirements, and transforming sustainment.
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Huawei was founded in Shenzhen, China in 1987. Huawei spent 30 years to become the largest Telecomm Manufacturer, yet Ericsson had spent more than 100 years in development history and they are no. 3 in market share. I am wondering, what is the magic of Shenzhen, a city that has incubated so many big companies that drive the economy of China?
Shenzhen is the so-called Silicon Valley of China. In the 1980s, the country’s national congress set Shenzhen as the first Special Economic Zone of China. Since then, Shenzhen has been the driving force of “Trickle Down” policy which “allows some population to get rich first so that they can lead the economy and create jobs, and last to achieve common prosperity.” Shenzhen homes 13 million people, almost double of the Bay Area in the west coast. In order to better understand the economy and the living situation of the people, I scraped more than 20k pieces of information on the housing marketing. In the following, I am presenting the findings and in the end comparing that with the Bay Area.
First, Data Collection
The website: Lianjia.com (The most widely used housing website)
Scraped Information includes the name, address, price, advantages, house plan, house areas, release date, tenancy term, leasing requirements, parking space, electricity, and distance to the bus station using Ocoparse.
Second, scraping process:
Third, visualize the data
The graph above shows the rental cost per squared meter. Blue means the lower end of the price spectrum, whereas the red shows the higher end of the spectrum. The size of the circle means the number of rentals on the market. The larger the circle, the denser the number is. As you can see the price radiance from the map, the price of rental close to Hong Kong (located south of Shenzhen) is higher than that away from.
Next, the rent and the correlated number of houses on the market. The bars are the number of records and the red line represents the unit cost per square meter in Chinese Yuan. For example, the 2nd bar from the left shows that Futian district 2550 units available for rent for an average of ￥130/m2($1.75/sqft).
Then, let’s take a closer look at the data for subdistricts (aka 2nd-degree districts. A district comprises of multiple subdistricts).
The following graph shows the cost per square meter vs. the size of an apartment in square meters. It is apparent that smaller apartment costs more to rent at the unit price level. A micro-apartment which is smaller than 2o sq.m. has the highest unit cost.
Homes that are 8-15 sq.m have the most expensive rental cost per unit. Whereas the homes between 70 to 110 sq.m have a much lower rental cost per unit. Rental cost bounces back with the homes larger than 110 sq.m.
Let’s look at the correlation between rent and walking distance to the subway station. The correlation coefficient value is -0.49 which means the distance to the subway station has a relatively strong relationship with the rental cost. The rental cost decreases as the distance to a subway station increases.
Huawei headquarter is located in Longgang District, of where has been historically treated as outside of the center of the city. The rent per unit cost is only 55 Yuan per square meter. So a 50 square meter apartment will cost 50 * 55 = 2750 Yuan, which is the Imperial system equates to 538 square feet for 400 dollars.
However, if you work for most tech companies including Tencent and Baidu and all the startup companies in Nanshan district and make an income of 8,000 Yuan a month and rent a 50 square meter apartment. The apartment monthly rent would be 50*130 = 6500 Yuan. So you cannot afford it and have to find a roommate. If you are a 3-5 year software developer, you probably make 20,000 Yuan a month. Then a 50 square meter apartment looks quite affordable in Nanshan district.
Related Articles about Real Estate Data Analysis: American Dream is losing affordability in housing
Author: Ashley Ng
Ashley is a data enthusiast and passionate blogger with hands-on experience in web scraping. She focuses on capturing web data and analyzing in a way that empowers companies and businesses with actionable insights. Read her blog here to discover practical tips and applications on web data extraction
Si desea ver el contenido en español, por favor haga clic en: 5 Razones por El Web Scraping Puede Beneficiar a Su Negocio
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If you follow the news you’ve no doubt heard of the Higgs boson (named for physicist Peter Higgs), the mysterious subatomic particle that helps explain the Big Bang and the “standard model” of the universe. But there is another important Higgs hypothesis that you should know about—named for economist and historian Robert Higgs—that explains the big bang of endless expansion of modern government. In his pathbreaking 1988 book Crisis and Leviathan: Critical Episodes in the Growth of American Government, Higgs explains what he calls the “ratchet effect,” that is, the way in which government expands in size and scope to deal with a crisis, but remains permanently larger after the crisis recedes—a sort of “two steps forward, one step back” phenomenon. The ratchet effect is displayed schematically in the figure below. (Congratulations to Bob, by the way; a 25th anniversary edition of Crisis and Leviathan, with a new preface, is just out, and belongs on your Christmas book list if you don’t have it already.)
The ratchet effect should be kept prominently in mind as we watch the unfolding of any compromise (if there is one) to avert the fiscal cliff, for Obama is bidding to cement in place the next major ratchet in the size and reach of government, not simply with Obamacare, but with the overall share of the economy that the federal government will command in perpetuity. Amity Shlaes notes this in her Bloomberg column this week on why 2013 might come to resemble 1937:
In the old days, federal spending amounted to about 19 percent or 19.5 percent of gross domestic product. That ratio was so reliable that economists took it as a given, the American normal, from which divergence was unnatural and temporary. By the old 19 percent rule, federal spending would have dropped back once the worst of the 2008 economic crisis passed.
That didn’t happen. Instead the federal government continued to spend. Most important, even in 2012, when the crisis was long past, the government went on a spree, spending the equivalent of 24.3 percent of the economy, more than the 24.1 percent for the year earlier.
In 1936, a similar barrier was breached. Up until 1936, federal spending flowed at smaller levels than the spending by states and towns combined, with wartime being the exception. Roosevelt slowly ratcheted up the outlays, and in 1936, Washington spent more than the states and towns. This shift was dizzying for a country based on the principle of federalism, of strong states.
Bottom line: the Republican grand strategy should be to return federal spending to its postwar historic share of GDP of around 19 or 20 percent, where it was, by the way, at the end of the Clinton Administration, held up as the glory days by liberals today. By all means let’s go back to the Clinton era tax rates (which were lower than what will occur under Obama’s current position on taxes by the way) if it also means returning to Clinton-era levels of spending as a share of GDP. I continue to argue that perhaps the best means of retracing our steps is through the indirect route of letting all the Bush tax cuts expire at the end of the year, after which everyone, especially middle and lower income taxpayers, will feel the pain of paying for Obama’s ratchet. If everyone (not just “the rich”) have to pay for all the government they get, they may start wanting less of it. And then the GOP House will have increased leverage to tie any tax reform to serious spending reductions.
Postscript: The Higgs boson is an evanescent particle expiring after nanoseconds, while the Higgs ratchet seems to be a robust phenomenon, which has alternately been identified as “Governmentium” on the periodic table of the elements:
The heaviest chemical element yet known to science. Governmentium (Gv) has 1 neutron, 12 assistant neutrons, 75 deputy neutrons, and 224 assistant deputy neutrons, giving it an atomic mass of 312.
These 312 particles are held together by forces called morons, which are surrounded by vast quantities of lepton-like particles called peons. Since Governmentium has no electrons, it is inert. However, it can be detected as it impedes every reaction with which it comes into contact. A minute amount of Governmentium causes one reaction to take over four days to complete when it would normally take less than a second. Governmentium has a normal half-life of three years; it does not decay, but instead undergoes a reorganization in which a portion of the assistant neutrons and deputy neutrons exchange places.
In fact, Governmentium mass will actually increase over time, since each reorganization will cause some morons to become neutrons, forming isodopes.
When catalyzed with money, Governmentium becomes Administratium–an element which radiates just as much energy as Governmentium since it has half as many peons but twice as many morons.
“Oh my God–Don’t touch that!! It’s Governmentium. My cousin Sal drank some mixed with Tang when he was a kid, and now he’s a lawyer.”
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Mathematics for Economists with Applications provides detailed coverage of the mathematical techniques essential for undergraduate and introductory graduate work in economics, business and finance.
Beginning with linear algebra and matrix theory, the book develops the techniques of univariate and multivariate calculus used in economics, proceeding to discuss the theory of optimization in detail. Integration, differential and difference equations are considered in subsequent chapters. Uniquely, the book also features a discussion of statistics and probability, including a study of the key distributions and their role in hypothesis testing. Throughout the text, large numbers of new and insightful examples and an extensive use of graphs explain and motivate the material. Each chapter develops from an elementary level and builds to more advanced topics, providing logical progression for the student, and enabling instructors to prescribe material to the required level of the course.
With coverage substantial in depth as well as breadth, and including a companion website at www.routledge.com/cw/bergin, containing exercises related to the worked examples from each chapter of the book, Mathematics for Economists with Applications contains everything needed to understand and apply the mathematical methods and practices fundamental to the study of economics.
Table of Contents
2. Matrices and Systems of Equations
3. Linear Algebra: Applications
4. Linear Programming
5. Functions of One Variable
6. Functions of One Variable: Applications
7. Systems of Equations, Differentials and Derivatives
8. Taylor Series
10. Quadratic Forms
11. Multivariate Optimization
12. Equality Constrained Optimization
13. Inequality Constrained Optimization
15. Eigenvalues and Eigenvectors
16. Differential Equations
17. Linear Difference Equations
18. Probability and Distributions
19. Estimation and Hypothesis Testing
James Bergin is Professor of Economics at Queen’s University, Canada.
Please visit our companion website for additional support materials.
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Transitioning the world to 100 percent renewable electricity isn't just some environmentalist pipe dream — it's "feasible at every hour throughout the year" and is more cost-effective than the current system, which largely relies on fossil fuels and nuclear energy, a new study claims.
The research, compiled by Finland's Lappeenranta University of Technology (LUT) and the Berlin-based nonprofit Energy Watch Group (EWG), was presented Wednesday at the Global Renewable Energy Solutions Showcase, a stand-alone event coinciding with the COP 23 climate talks in Bonn, Germany.
The authors say that the existing renewable energy potential and technologies coupled with storage can generate enough energy to meet the global electricity demand by 2050.
The researchers estimate that the switch will bring the total levelized cost of electricity on a global average down to €52 ($61) per megawatt-hour (including curtailment, storage and some grid costs) compared to €70 (82) megawatt-hour in 2015.
“A full decarbonization of the electricity system by 2050 is possible for lower system cost than today based on available technology," said Christian Breyer, the lead author of the study.
"Energy transition is no longer a question of technical feasibility or economic viability, but of political will," added Breyer, who is also a professor of Solar Economy at LUT and serves as chairman of EWG's Scientific Board.
According to the study, solar power and battery storage are critical parts of the transition. Falling prices will also lead to widespread adoption of the technologies. The researchers predict that the globe's electricity mix by 2050 will consist of solar photovoltaics (69 percent), wind energy (18 percent), hydropower (8 percent) and bioenergy (2 percent).
By following this path, greenhouse gas emissions in the electricity sector will come down to zero and drastically reduce total losses in power generation, the study found. Not only that, the renewable energy transition would create 36 million jobs by 2050, 17 million more than today.
"There is no reason to invest one more dollar in fossil or nuclear power production," EWG president Hans-Josef Fell said. "Renewable energy provides cost-effective power supply. All plans for a further expansion of coal, nuclear, gas and oil have to be ceased. More investments need to be channeled in renewable energies and the necessary infrastructure for storage and grids. Everything else will lead to unnecessary costs and increasing global warming."
This is the not the first time researchers have suggested that the planet's road to 100 percent renewables is possible. Earlier this year, Stanford University professor Mark Jacobson and 26 co-authors published a study and created clean energy roadmaps for 139 individual countries. The chosen countries emit more than 99 percent of all carbon dioxide worldwide.
Here are the key findings of the current study:
- Existing renewable energy potential and technologies, including storage can generate sufficient and secure power to cover the entire global electricity demand by 2050. The world population is expected to grow from 7.3 to 9.7 billion. The global electricity demand for the power sector is set to increase from 24,310 TWh in 2015 to around 48,800 TWh by 2050.
- Total levelized cost of electricity (LCOE) on a global average for 100% renewable electricity in 2050 is €52/MWh (including curtailment, storage and some grid costs), compared to €70/MWh in 2015.
- Due to rapidly falling costs, solar PV and battery storage increasingly drive most of the electricity system, with solar PV reaching some 69%, wind energy 18%, hydropower 8% and bioenergy 2% of the total electricity mix in 2050 globally.
- Wind energy increases to 32% by 2030. Beyond 2030 solar PV becomes more competitive. The solar PV supply share increases from 37% in 2030 to about 69% in 2050.
- Batteries are the key supporting technology for solar PV. The storage output covers 31% of the total demand in 2050, 95% of which is covered by batteries alone. Battery storage provides mainly diurnal storage, and renewable energy based gas provides seasonal storage.
- Global greenhouse gas emissions significantly reduce from about 11 GtCO2eq in 2015 to zero emissions by 2050 or earlier, as the total LCOE of the power system
- The global energy transition to a 100% renewable electricity system creates 36 million jobs by 2050 in comparison to 19 million jobs in the 2015 electricity system.
- The total losses in a 100% renewable electricity system are around 26% of the total electricity demand, compared to the current system in which about 58% of the primary energy input is lost.
The research was co-funded by the German Federal Environmental Foundation and the Stiftung Mercator.
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Kaitlin Montoya March 8, 2020 Income Statement
Income statements are made using two chief to take into account your income. The first point to consider about any revenue statement is the fact that the announcement is calculated dependent upon the of product offered, but maybe not the quantity of product produced. If you are unsure what goes into the statement, it is crucial that you know as much as you can before starting the company. It is critical to thoroughly review the income statement been produced. Standard income invoices have a firm's earnings and its own cost above a period. A far more complicated CVP income announcement be produced along those lines.
Normally, cash flow statements are broken up three principal Pieces. Financial announcements including analysis certainly show line thing column. As an example, the yearlong announcement prepared for stockholders and investors will not do much for direction while they have been trying to conduct the year.
Single and multi are procedures which be employed to make income invoice. The Income announcement is by management within the business enterprise, in addition by creditors and investors beyond the enterprise to evaluate profitability, performance and the of threat for the investor or creditor. The multi-step revenue statement earnings statement with numerous sub totals.
With the aid of your own income statement, you will to learn how much profit you each day week, month, and year to ensure you can aim to cultivate your accordingly. Knowing a profitability is vital to ensuring it really is certainly going to deliver necessary profits and keep solvent. can be forecasted in ways.
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People sometimes ask how we should define “strategic risk”. Fortunately this simple question has a simple answer. But answering this question can also help us to define any other type of risk. First let’s consider “strategic risk”:
- One basic definition of risk is “uncertainty that matters”. We can expand this into a more formal definition such as “any uncertainty that if it occurs will affect achievement of objectives”. Or we can keep it simple, like the definition in the international risk standard ISO31000:2009, where risk is “effect of uncertainty on objectives”.
- So risk always involves uncertainty. But risk matters because it has the potential to affect objectives.
- This means that each risk must be linked to at least one objective. Risk cannot be defined in a vacuum or without a context. Wherever we find a risk, we will also find something that is “at risk”, which is our ability to achieve our objectives.
- Organisations have different types of objectives, ranging from high-level corporate objectives down to detailed technical or operational objectives. Each type of objective can be affected by uncertainty. So where there are multiple levels of objectives, there are also multiple levels of risk.
- People who are interested in strategic objectives need to know about any uncertainty that could affect their ability to achieve those objectives. So now we can define strategic risk. It is “any uncertainty that if it occurs will affect achievement of strategic objectives”.
And there you have it – simple!
We can use the same thinking to distinguish a variety of risks, by linking them to a range of different objectives. For example:
- Project risks are uncertainties that would affect achievement of project objectives
- Technical risks affect achievement of technical objectives
- Environmental risks affect environmental objectives
- Reputation risks affect reputational objectives
- Safety risks affect safety objectives
- Personal risks affect personal objectives
- and so on
The distinctive characteristic of strategic risks is that they are linked to strategic objectives. This is also important when we consider risk ownership. Each risk should be owned by the person who owns the objective that would be affected. So strategic risks usually have senior management owners, since these are the people who are responsible for achievement of strategic objectives. In the same way, project risks are usually owned by people at the project level, most technical risks are owned by technical staff, and each one of us has to take responsibility for managing our own personal risks.
Defining risk at different levels is easy. Start with the objectives at that level, and look for the uncertainties that matter. Only then we can manage risk wherever we encounter it.
[© Copyright April 2012, David Hillson/Risk Doctor & Partners]
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What is a hedge?
As per Investopedia definition :
"A hedge is an investment to reduce the risk of adverse price movements in an asset. Normally, a hedge consists of taking an offsetting position in a related security."
Read more from Investopedia on hedging here.
Hedging in Markets
There is a saying the best hedge a trader can have is a stop. That's very much true. Trading without stops can be extremely risk and in most cases unless you are a fund, money manager, real cash investor the risk is usually not justifiable. However, hedging can be a valuable tool for every trader with or without the use of stops.
Here we will attempt to explain how hedging can be valuable using the understanding that each market is its own but tends to have correlations with other markets/asset classes.
For example, let us assume SPX and AUDUSD hold a 90% correlation. That means every 1% move in SPX would ideally be 0.9% in AUDUSD.
Do you notice, however, that there a 0.1% difference between SPX and AUDUSD?
Hedge funds, quants and many others try to exploit correlations and these difference. What they would do, is say they like the long side, and they know that SPX is the instrument that moves more than AUDUSD, but don't want full exposure to "risk-on" market moves. They would thus do the following:
Long SPX and Short AUDUSD; Assuming the 90% correlation holds, and assuming a 1% move up the fund will make 0.1% profit from the two positions. Now why would one do that?
The answer is simple, if things go terribly wrong, say the market makes a huge move on a news event, or just any major development that may occur and lead to a large sell-off, instead of suffering 100% losses on the position as the trader normal would have he would only suffer ideally 0.1% of those losses. In essence, hedging can be an amazing way to exploit market conditions and attempt to reduce overall portfolio Beta while increasing your portfolio's Alpha and protect yourself from unexpected market events.
For example, if we take a look at the very volatile week behind us, if a currency trader had a long-risk exposure via AUDUSD but a short-risk exposure via SPX he would have lost about 3% on his Aussie position but gained 11% on his SPX position. Netting a gain of 8%. Last week was a unique situation in which hedging could have been extremely profitable. Generally speaking there is a saying for equities that they take the "stairs" to the upside and the "elevator" to the downside. Thus, usually, during large market crashes FX tends to produce smaller moves than stocks.
Should a trader hedge?
Really that depends on the trader. There are plenty of really smart quant traders that make good profits exploiting complex hedging models. However, for most of us hedging is just a way to reduce exposure. XBTFX manages risks on its liquidity in a similar way to the above described, for example:
We see clients are aggressively buying a certain pair and the risk is unproportiantly higher that what is normal. In these situation if the market is particularly volatile XBTFX may make a decision to hedge some % of the exposure.
In such an instance we look to take, especially if we feel leverage is too high measured by Utilized Margin (Total Margin Used / Account Size), an opposite position to the Net position on our liquidity account.
How to figure correlations?
There are plenty of sites that offer correlations ready on the go on different timeframes, but we advise you do your own. It is actually fairly simple.
1) Select time frame you want
2) Pull raw data from your broker about the two instruments which instruments you want to check
3) Open Excel
4) Select on which price you want to run correlations - Bid, Ask, Mid
5) Open Data Tools in Excel and Run a Regression Model
6) The R squared you get is your correlation between the two, or how much the move of one of the instruments effects the movement of the other instrument.
Can you hedge without correlations?
Actually we believe one can. We believe in a market thats whole dynamic goes around "RISK". Risk stands to abbreviate risk assets or assets that offer return greater than that of what is considered the Zero-Free Rate (US 10y Bond). In FX terms the higher the yield the more risky an asset is. However, rates change and this also changes the correlations and dynamics of markets. Now, these are all the basics a Technician (Person that deals with Technical Analysis trading) needs to know to be able to hedge.
For example, as market dynamics change, you might often see divergences, for example situations in which EURUSD doesn't necessarily go up with the AUDUSD. These divergences occur due to many reasons from big fundamental shifts, to funds buying and so on. In such instances, one should be able to identify them before they actually occur or in the start of their occurrence. That is why, it is usually a good idea for any professional trader to keep a close eye on correlations via their preferred analytical tools and run their own correlation regressions.
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Economics, as compared to the phrase depicts, is the research into economic climate. The thinking behind business economics involves goals turning out to be unlimited and information useful to accomplish these goals are limited. Therefore business economics is study regarding allocation of in short supply products. Business economics is divided into two major branches i.e. microeconomics and macroeconomics. Microeconomics is targeted on factors that have been influenced by a person or a agency to give an example pricing to demand, offer and supply of labor, how and what drastically to make. At the same time macroeconomics clinical tests economic conditions overall, considering the amount of job, output and consumption. Therefore macroeconomics, in contrast to microeconomics, deals with inflation, exchange rate and interest rate prevailing in an economy.
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Macroeconomic stabilize is made up of external and internal balance. When an current economic climate is powered at total potential, the internal stability is achieved. By contrast, external balance occurs when current account is equal to the target goal. What this means is the appreciation and depreciation on the exchange cost triggering modification of market deficit or removal of surplus, correspondingly. Internal and external stability are connected to one another nevertheless, not always they have to co-exist. After we explore internal and external steadiness, we talk about two separate insurance plan devices i.e. the monthly interest rate along with swap fee (Frankel, 2005). The external and internal account balance are brought up thoroughly directly below: Internal Harmony and External Level: A country must achieve an output equal to maximum potential output in order to attain internal balance, which is equal to employment at its natural rate. Any output in excess of the potential yield ends up in inflationary stresses for the reason that charges surpass the requirement for products and solutions.
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The change amount and therefore the rate positively correspond to inside account balance. This is because weaker value of the currency kindle exports and hence to make sure that economy is not operating beyond capacity, it is offset by a higher value of interest rate. In a similar fashion, reducing the swap fee weakens the interest and viceversa. On the other hand, the swap and the rate contain a pessimistic marriage contained in the outward steadiness. This is caused by larger exports that happens to be linked to the low amount of foreign currencies, producing much higher imports which prompts aggregate market demand which are consistent with reduced loan rates (Abedlen, 2006). Macroeconomics, as stated before, is concerned with the, behavior and performance framework among the overall economy all together (Snowdon, 2006). Fluctuations in macroeconomic variables such interest rate and the exchange rate.
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Alternatively, a shift in overall prices have an impact on individuals as well as firms. So that you can handle this kind of fluctuations monetary and fiscal policy can be used by its national. Contemporary business economics cover how good policies are meant myexcellentwriting.com/buy-essay to make the best technique external and internal steadiness. A change in trade fee will soon have benefits inside the present accounts excess or debt. Furthermore a shift in annual percentage rate can result in adjustments in money present with an market, which actually is affecting the degree of the cost of living. Including, international locations like Britain, japan, US and Australia have used the macroeconomic equilibrium get in touch with to look for the quantity of outstanding interest and exchange fee (Borowski, 2003). A simple equilibrium of internal and external sense of balance have long term implications on your equilibrium of payment, inflow of overseas money, residential demand and supply and the amount of money circulating inside a economic situation which most importantly have an impact on macroeconomic parameters which can includeGDP and unemployment, potential customer rate list, etcetera. To determine, macroeconomics is the backdrop associated with an economical move. Simply because the macroeconomic issues have incredible effects on financial markets, the steadiness of macroeconomic level causes refinement in the general performance of some economic climate.
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How markets work
Let’s use a car analogy
James is the king of buying and selling used cars. Every 2 or 3 years he sells his car and buys another used car. If he doesn’t make a profit each time, he always seems to at least break even.
If James offers to buy my car for £10,000 and then sells it to my neighbour Jenny, for £20,000, overnight James has doubled his money. But he probably couldn’t make that kind profit if Jenny had had access to market data on used car pricing.
In a different scenario, I could take James offer and then compare it to other prices that cars like mine have recently sold for (thanks to easy-access information online). My research showed me I could potentially sell my car for between £19,000 to £21,000.
If I needed to sell quickly, I could agree to sell the car to James for £19,000. If I had more time to be patient, I could probably find a buyer and sell the car for a higher price.
James could then go to Jenny, who also had access to market data on used cars. Jenny could see that the most recent transaction for a car of my make and model was £19,000. If Jenny wasn’t in a hurry to buy a car, she won’t buy from James for £20,000.
Instead, Jenny could choose to wait until someone offers her a similar car for £19,000 or until James drops the price.
Back to the Basics: Price and the Impact of Supply and Demand
In reality there are likely to be many more buyers and sellers in the used car market than just James, Jenny, and I. This could impact what I sell my car to James for, and what Jenny is willing to pay James for it.
If the market had a large amount of sellers, and a shortage of buyers, Jenny could most likely get the car for a lower price, whether that be from James or someone else willing to accept less profit. If James had the only car in the market, and there were lots of buyers, he would have the advantage and could sell at a much higher price.
This example demonstrates a simple market in which participants with different objectives, and varying levels of information, set prices through the basic forces of supply and demand. The more people that participate in the market, the more information that gets incorporated into the eventual transaction price, and the more confident we are in getting a ‘fair’ price.
In James case, he had a good chance of “beating the market” when Jenny and I were the only other participants, particularly if we didn’t have information from the internet at our disposal. But if more buyers and sellers of used cars enter the market, James will have less of an opportunity to make a big profit.
So what does all this have to do with the stock market?
Why Beating the Market Is Harder Than You Think
The stock market is much like any other market of buyers and sellers. And yet, as logical people, we tend to think we can beat the financial markets, even though it’s powered by the same supply and demand factors we face in everyday life.
In 2017, the global stock market had 76.5 million trades per day worth $441 billion dollars. The market prices you see at any given moment reflect the buying and selling by millions of market participants incorporating all known information about a company.
These market participants are collectively highly educated and highly motivated. And as a result, information is quickly incorporated into market prices.
While it’s natural to want investments that beat the market, being a successful investor doesn’t necessarily require you to find a manager that outperforms. Most investors that take this route underestimate the competition within financial markets and overestimate the opportunity for excess return.
Although the odds of any investor consistently outsmarting the market are very slim, that doesn’t mean you shouldn’t invest. It simply suggests that actively trying to beat the market isn’t a smart strategy if you want to focus on building long-term multi-generational wealth.
Rather than compete with the market, you can improve your chances for success by simply embracing market returns, accepting the temporary and very normal declines, and focus on more important things – like your family, or hobbies, or travel.
Want more proof?
Take a look at our Investment Principles page, with supporting video produced by Dimensional Fund Advisors.
Optimism is the only realism. Understanding this is wisdom.
THE VALUE OF INVESTMENTS AND THE INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.
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Trends to Abstract Throughout history, the expansion of human population has been supported by a steady growth in our use of high-quality exosomatic energy. The operation of our present industrial civilization is wholly dependent on access to a very large amount of energy of various types. If the availability of this energy were to decline significantly it could have serious repercussions for civilization and the human population it supports.
But there are other reasons nuclear power is in trouble as well. Far more plants are in danger of closing than are being built 37 or more may close. This is a liquid transportation fuels crisis.
The Achilles heel of civilization is our dependency on trucks of all kinds, which run on diesel fuel because diesel engines are far more powerful than steam, gasoline, electric or any other engine on earth Vaclav Smil.
Prime Movers of Globalization: According to a study for the Department of energy society would need to prepare for the peaking of world oil production 10 to 20 years ahead of time Hirsch But conventional oil peaked in and been on a plateau since then. Here we are 12 years later, totally unprepared, and the public is still buying gas guzzlers whenever oil prices drop, freeway speed limits are still over 55 mph.
Although some will have their licenses extended, 37 reactors that produce half of nuclear power are at risk of closing because of economics, breakdowns, unreliability, long outages, safety, and expensive post-Fukushima retrofits Cooper Nuclear power is too expensive, 37 costly reactors predicted to shut down and A third of Nuclear Reactors are going to die of old age in the next years.
Luminant seeks new reactor. What utility wants to spend billions of dollars and wait a decade before a penny of revenue and a watt of electricity is generated?
New nuclear reactors are expensive. March 6th,By Dave Levitan, Ensia: In general, the more experience accumulated with a given technology, the less it costs to build. This has been dramatically illustrated with the falling costs of wind and solar power. According to the Union of Concerned Scientists, the actual costs of 75 of the first nuclear reactors built in the U.
More recently, costs have continued to balloon. Some projects in the U. In Septembera South Carolina effort to build two new reactors at an existing plant was delayed for three years.
In Georgia, a January filing by plant owner Southern Co. These problems have a number of root causes, from licensing delays to simple construction errors, and no simple solution to the issue is likely to be found. In Europe the situation is similar, with a couple of particularly egregious examples casting a pall over the industry.
A reactor in France, where nuclear is the primary source of power, is six years behind schedule and more than twice as expensive as projected. The Financial Times estimates that would require ten thousand billion dollars be invested world-wide in electric power systems over the next 30 years.
Cembalest, an analyst at J. This raises serious questions about the viability of nuclear power in about two decades time, when hydrocarbon resources are likely to be well past their production peaks.
Further, the study concludes that nuclear power is simply not efficient enough to replace fossil fuels, an endeavor which would require nuclear production to increase by The upshot is that the books cannot be balanced as the tremendous amounts of energy necessary for mining and processing uranium ore, building and operating the power plant, and so on, cannot be offset by output in a high growth scenario.
In particular, growth limits are set by the grade of uranium ore available-and high-grade uranium is predicted to become rapidly depleted in coming decades, leaving largely low-grade ore falling below 0.
Peak Uranium Energy experts warn that an acute shortage of uranium is going to hit the nuclear energy industry. Dr Yogi Goswami, co-director of the Clean Energy Research Centre at the University of Florida warns that proven reserves of uranium will last less than 30 years.
Byall proven and undiscovered reserves of uranium will be over. Current nuclear plants consume around 67, tonnes of high-grade uranium per year.
With present world uranium reserves of 5. If more nuclear plants are built, then we have less than 30 years left Coumans. Uranium production peaked in the s but supplies continued to meet demand because weapons decommissioned after the Cold War were converted commercial fuel.
Those sources are now drying up, and a new demand-driven peak may be on the horizon. The only way we could extend our supplies of uranium is to build breeder reactors.
China switched on its 19th nuclear power reactor as it rushes to increase nuclear generation. The country plans to switch on 8.
Beijing may have to import some 80 percent of its uranium byas compared to the current 60 percent. There may not even be enough uranium to power existing plants Source:All nuclear plants produce radioactive waste.
To pay for the cost of storing, transporting and disposing these wastes in a permanent location, in the United States a surcharge of a tenth of a cent per kilowatt-hour is added to electricity bills.
Roughly one percent of electrical utility bills in provinces using nuclear power are diverted to fund nuclear waste disposal in Canada. Update of the MIT Future of Nuclear Power Study 3 In a group of MIT faculty issued a study on The Future of Nuclear Power.1 The study was motivated by growing concern about global warming and the.
Support Prograz, Assistant Secretary for Nuclear Energy, provides farther guidance for the Field on this imjmrtant matter and serves as a reminder of the significance The Nuclear Power Options Viability Study (NPOVS) was initiated at the beginning of calendar year Aug 12, · Questions remain about viability of building new nuclear reactors Five years ago, a study from the Union of Concerned Scientists correctly predicted a nuclear expansion at Plant Vogtle would be.
Nuclear energy is currently the most efficacious energy source. Every time the word ‘nuclear’ is mentioned, the first thought that people have is the devastating effects of nuclear energy.
Granting it does come with its drawbacks; this form of energy emits far less pollution than conventional power plants.
The energy system costs is not ‘none’. Just like any generator, nuclear can trip. If 3GW of Hinkley C trips, the deficit has to be made up instantly by spinning reserves, pumped storage, demand response etc, just like every other source.
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Introduction to Economics will present the foundational concepts, major ideologies and practical topics of the field of micro and macro economics through a combination of traditional textbook, fictional examples, independent projects and current events. Class lectures are fun, interactive discussions, and homework, while rigorous, includes textbook assignments, supplemental reading, and assorted video clips (cleaned up if necessary!) of movie and TV programs that demonstrate economic concepts in a way that make topics come alive. Suggested grade level 10-12.
Economics is usually coupled with American Government during a student’s junior or senior year of high school for a full social science credit.
Exploring Economics Student Textbook (textbook only) by Ray Notgrass
Noah’s Castle by John Townsend (Kindle or paperback, used, on Amazon)
Whatever Happened to Penny Candy 6th or 7th edition by Richard Mayberry
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US regulators on Friday gave a green light to sales of the country's first copied version of a biotechnology drug, or "biosimilar," with approval of Novartis' white blood cell-boosting Zarxio.
The Affordable Care Act provided a pathway to approval for such drugs, which are cheaper approximations of complex, extremely expensive pharmaceuticals that are made from living things. Biosimilars have the potential to save the healthcare system billions, according a RAND Corporation analysis.
Jason Millman of The Washington Post explains why we don't see generics of some of these newer, often astronomically expensive drugs, called "biologics:"
Biologics are more complex than traditional drugs made from synthetic chemicals. They're made from living organisms, so they can't be exactly replicated by another product. Instead, the biosimilar manufacturer has to prove that its copycat product is similar enough in safety and effectiveness.
Even though biosimilars are not as deeply discounted as traditional generics, for patients with complex diseases like arthritis and some cancers, Millman notes, they stand to "save thousands of dollars" if biosimilars become available for the biologics they are treated with.
Pharmaceutical companies see biosimilars as a major opportunity — a fresh stream of revenue when the patents on these newer drugs out. The approval of a biosimilar in the US though also means the companies that have developed profitable biologics could soon face potential competition for the first time. "Innovative biotechnological companies have been enjoying bonanza times since the biodrug discoveries of the 1990s," researchers wrote in the journal Pharmaceuticals. "However, the market value captured by these companies is under threat due to the imminent biologics patent cliff."
When researchers first started developing biosimilars, "companies with the original patents initially resisted, arguing that their drugs were so complex that it was not possible to make an exact copy," The New York Times noted. "But that position eventually became untenable."
The US is expected to see many more drugs that follow this route, but Zarxio is the first such biosimilar approved here. Several pharmaceutical companies are now racing to develop biosimilar versions of some of the top-selling biologics, according to Ronny Gal, a senior analyst at Bernstein. There are already four applications for the approval of biosimilars in the pipeline, an FDA spokesperson confirmed to Business Insider.
The new drug contains the same active ingredient as Neupogen, or filgrastim, which logged 2014 worldwide sales of $1.2 billion for manufacturer Amgen. It helps patients undergoing cancer treatment fight off infections.
The FDA said it approved Zarxio for treating the same five conditions for which Neupogen is used.
The move had been expected after Zarxio, which is made by Novartis' generics unit Sandoz, won unanimous backing from an FDA panel in January. The drug has already been sold as Zarzio in Europe, but it's not yet known when it will become available to patients in the US or how much it will cost. Novartis is awaiting the results of a court challenge from Amgen, The Wall Street Journal reports.
(Reporting by Ben Hirschler. Editing by Jane Merriman)
This story was updated to add additional context.
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Let’s start with some common terms related to Credit Score such as what it is, why is it important and what is considered to be a good credit score in the UK.
What is a Credit Score?
A credit score is an indicator that lenders such as banks will use as a reference to determine if you can pay your loan amount due on time. This gives financial institutions like banks a reasonable level of confidence that you will not default on your loan.
A credit score is like your track record with earlier payments. Banks who loan money to you get an estimate of how creditworthy you are and whether or not you will repay the loan amount. A credit score is generally a number that ranges between 1 and 999.
What is a Credit Check?
If you have a good credit score in the UK, you can approach banks for a loan. At this time, the bank will assess if you are worthy of being approved for the loan. Banks do this to check if your finances are stable and to be sure that you can pay for such a loan. The Credit Check report will list details such as whether you have a mortgage, how much you owe on credit cards and if you have missed any payments so far.
What is a Good Credit Score in the UK?
A good credit score in the UK should be above 700. If you have a good credit score, you can save yourself a lot of money on interest rates. This is due to the fact that the on-time payments can give banks the confidence that you will repay the sum on time or at the very least repay the loan in fixed, regular instalments.
If you have a less than average credit score or credit rating, you will be given a small loan amount at a high-interest rate. Should your score is quite bad, some banks will even refuse to provide you with a loan. If you really need a loan, you may be required to pledge some collateral as security for the bank in case you default on the loan payments. This collateral can be anything valuable that the bank can sell in an auction to recover the money you owe.
What are the Benefits of a Good Credit Score?
Paying your credit card bills in a consistent manner is seen by banks as a good sign. As they will gauge you as a reliable debtor and will lead to them offering you with better interest rates. The main benefits of having a good credit score in the UK are as listed below.
Low-interest rates on Credit Cards and Loans
A small change in the interest rate on a long term loan can have a significant influence on the cost of the loan. Similarly, having a high credit score can get you a cheaper loan with a low interest rate.
Better Chances for Credit Card and Loan Approval
Having a good credit score in the UK makes it easier for you to avail credit cards and loans. This doesn’t always mean that you will be guaranteed money but it offers you a higher chance in case the need arises.
More Negotiating power
When you have a good credit score, the chances of you defaulting on a loan are slim which gives banks a greater assurance. Based on your credit score, many competing banks will give you an offer. These offers will tend to be shallow interest ones to secure your debt.
Getting Higher Limits
The loan amount you get is based on your income and credit score. One of the benefits of having a good credit score is that banks are more willing to let you borrow large amounts of money once you have shown that you can pay back the borrowed amount on time. If you have a poor credit score, you may still be approved for a loan, but it will be limited.
Easier Approval for Renting Houses and Apartments
Many landlords use credit scores to determine the trustworthiness of their tenants. A credit score in the UK that is affected by poor financial records or through unstable sources of income (unemployment between jobs) can severely affect your chances of securing a loan.
How can I improve my Credit Score in the UK?
If you default on a loan, it doesn’t mean that your account is now blacklisted or banned from credit. Your credit rating can take a hit but you will need to improve your rating based on the following.
Register on the electoral roll
Registering on the electoral roll is the easiest ways to get credit. It tells the government that you are a reliable citizen worthy of credit.
Demonstrate financial responsibility
Don’t spend money that you don’t have, try to live within your means. Manage your payments well and don’t miss any of the deadlines.
Close down old and unused accounts
If you have accounts with a small amount of money in banks that you no longer visit, it would benefit you to close these unused accounts.
Cut financial links with old partners
Having combined financial statements makes the person a subject of scrutiny for the credit company. Ask all three Credit Rating Agencies to add ‘notice of disassociation’ to your file to sever ties with an ex-partner.
Get a credit card
Do this only if you are capable of clearing credit card debts regularly. As regular payment of your credit card bill will definitely improve your credit score in the UK.
What are the Causes that Downgrade your Credit Score?
Listed below are a few of the reasons that have a negative impact on your credit score in the UK.
Late Payments are seen as a red flag, it shows that you are struggling to keep up with your expenditures. This puts your lenders on alert.
If you go bankrupt, your credit score will undoubtedly take a significant beating and result in a low credit score.
No financial history
If you’ve never borrowed money or have never held a job before, banks will perceive you as a candidate with no financial history. Banks tend to be wary of these people because there is no prior financial record.
Applying for credit regularly
If you keep on going to a bank for a loan, then your credit score will be in trouble. Doing this tells the bank that you are in regular need of cash and that a financial crisis is almost imminent.
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Universal Access to the Gig Economy for People with Disabilities
Background Information and Analysis
By Bobby Silverstein, Principal, Powers Pyles Sutter & Verville, PC
The following document is background information I compiled for an interview with PEAT about the policy implications for people with disabilities participating in the gig economy.
The information below reflects my own research and analysis and does not represent the views of PEAT, the Department of Labor, or any other agency or organization. This background information should not be construed as providing legal advice; readers need to consult with their own attorney.
I. Definition of Gig Economy
The gig economy is a domain where companies hire workers for specific short-term projects or “gigs.” Gig economy workers complete tasks on a project-by-project or client-by-client basis by sharing and selling services and goods on platforms. Examples of gig economy workers include:
- Drivers for Uber, Lyft, or Sidecar;
- Any freelancer, such as a writer, photographer, consultant, artist, or journalist;
- Worker for a temporary agency; or
- Someone who is available for hire on websites like Fiverr, Guru.
II. Design of Platforms of Key Importance for How People Interact in the Gig Economy
The design of platforms becomes of key importance for how workers/other users and companies interact in the gig economy. With the “vendors” in the gig economy becoming individuals, the platform as a marketplace needs to be designed carefully, by providing the right piece of information to companies and other users when they are making different kinds of decisions.
Firms creating and running platforms are the ones that decide how to structure, elicit, and act upon customer feedback.
- What questions do they ask,
- What answer format is available,
- How is it analyzed, and
- How quickly, and with what other information is the feedback integrated?
Some platforms may result in some biases and discrimination. Albeit sometimes unintentionally. Are customer review systems having a discriminatory impact? People use different signals to assess the trustworthiness of other participants on the platform and how these platforms should take into consideration how people communicate and form impressions online in order to design a neutral platform where the “good” workers can be rewarded while the “bad” actors can be punished.
III. Classifying Employees as Independent Contractors or Employees
One of the biggest issues facing the gig economy, in the context of labor and employment law, is worker classification—whether gig economy workers are employees or independent contractors.
Companies that use contractors, freelancers, or temporary workers need to make sure workers are properly classified. The Equal Employment Opportunity Commission (EEOC), Department of Labor (DOL), Internal Revenue Service (IRS) and courts consider a variety of factors in making the determination whether an individual is an employee or an independent contractor.
Federal Agencies are beginning to recognize the need to refresh their policies in light of the new gig economy and increase scrutiny of employers and their business relationships with gig economy workers.
- Equal Employment Opportunity Commission (EEOC), which is responsible for implementing our nation’s equal employment opportunities laws, including Title I of the Americans with Disabilities Act. EEOC’s Strategic Enforcement Plan (2017-2021) issued on October 17, 2016 will:
- “Address issues related to complex employment relationships and structures in the 21st century workplaces, focusing on temporary workers, staffing agencies, independent contractor relationships and the on-demand economy.”
- “Focus on class-based recruitment and hiring practices that discriminate against people with disabilities. These include restrictive application processes (including online systems that are inaccessible to individuals with disabilities), and screening tools that disproportionately impact workers based on their protected status (e.g., pre-employment tests and medical questionnaires impacting individuals with disabilities).”
- National Labor Relations Board (NLRB) Office of General Counsel recently prepared an Advice Memorandum Misclassification of Employees as Independent Contractors (December 18, 2015). NLRB is responsible for implementing collective bargaining agreements and other aspects of the National Labor Relations Act.
- Wage and Hour Division, Department of Labor is responsible for implementing the Fair Labor Standards Act (e.g., overtime and minimum wage). Recently, W&H issued Administrator’s Interpretation (January 20, 2016)
- Internal Revenue Service is responsible for income taxes and FICA.IRS has issued Revenue Ruling and published articles about “Employee vs independent contractor: Differences You Need to Know” and the article “Independent Contractor (self-employed) or Employee?”
- EEOC, DOL and NLRB have issued guidance expanding the definition of “joint employer.”
IV. Title I of the ADA Barring Discrimination in Employment
One of the biggest issues facing the gig economy, in the context of labor and employment law, is whether a worker is covered by our nation’s civil rights statutes. Title I of the ADA prohibits discrimination by employers and employment agencies against applicants, employees, and former employees with disabilities. EEOC’s jurisdiction does not extend to independent contractors.
EEOC has discussed the existence of “customer preference” discrimination within the gig economy, which can occur where a gig economy website or platform conditions user access to its marketplace on customer reviews. Studies have found that task-sharing sites had more negative reviews of black users than white users and those who hired female workers were less likely to leave any feedback at all. At least one gig economy company has acknowledged that it incorporates reviews into its algorithm that decides search rankings.
If the EEOC wants to quash workplace discrimination in a growing area of the American workforce, it makes sense that the EEOC might start here, which means that companies need to get out on the forefront and ensure their businesses are not out of compliance with civil rights laws. Many legal scholars believe that, eventually, there might be a new classification of worker outside of the binary employee or independent contractor rubric. It is only natural that the EEOC could consider identifying a new “class” of workers who are not currently protected against discrimination to see whether the agency could blanket them under their protection.
B. EEOC Compliance Manual - Section 2 Threshold Issues
1. Who is a covered individual?
A charge must allege that a covered entity took a discriminatory action against a covered individual. A covered individual includes:
- Employees and applicants for employment
- Former employees
- Applicants to, and participants in, training and apprenticeship programs.
2. Who is an employee?
In most instances, an individual is only protected if he or she was an “employee” at the time of the alleged discrimination, rather than an independent contractor. An employee is an individual employed by an employer. The question of whether an employer-employee relationship exists is fact-specific and depends on whether the employer controls the means and manner of the worker’s work performance. This determination requires consideration of all aspects of the worker’s relationship with the employer.
Factors indicating that a worker is in an employment relationship with an employer include the following:
- The employer has the right to control when, where, and how the worker performs the job.
- The work does not require a high level of skill or expertise.
- The worker furnishes the tools, materials, and equipment.
- The work is performed on the employer’s premises.
- There is a continuing relationship between the worker and the employer.
- The employer has the right to assign additional projects to the worker.
- The employer sets the hours of work and the duration of the job.
- The worker is paid by the hour, week, or month rather than the agreed cost of performing a particular job.
- The worker does not hire and pay assistants.
- The work performed by the worker is part of the regular business of the employer.
- The employer is in business.
- The worker is not engaged in his/her own distinct occupation or business.
- The employer provides the worker with benefits such as insurance, leave, or workers compensation.
- The worker is considered an employee of the employer for tax purposes (i.e., the employer withholds federal, state, and Social Security taxes).
- The employer can discharge the worker.
- The worker and the employer believe that they are creating an employer-employee relationship.
The determination of whether an individual is an employee must be based on all of the circumstances in the relationship between the parties, regardless of whether the parties refer to it’s a an employee or as an independent contractor relationship.
3. Joint Employers
The term “joint employer” refers to two or more employers that are unrelated or that are not sufficiently related to qualify as an integrated enterprise, but that each exercise sufficient control of an individual to qualify as his or her employer. The joint employer issue frequently arises in cased involving temporary staffing agencies.
4. Employment Agencies
An entity is a covered employment agency if it regularly procures employees for at least one covered employer, whether or not it receives compensation for its services.
5. Contingent Workers and Staffing Firms
Contingent workers generally refers to workers who are outside an employer’s core work force, such as those whose jobs are structured to last only a limited period of time, are sporadic, or differ in any way from the norm of full-time, long-term employment. Staffing firm refers to temporary employment agencies, contract firms, facilities staffing firms, lease-back firms, and other firms that hire workers and place them in job assignments with the firm’s clients. Staffing firm workers are generally covered under the ADA and other anti-discrimination statutes. This is because they typically qualify as employees of the staffing firm, the client to whom they are assigned, or both.
6. ADA covers third-party interference.
Under the ADA, the respondent must be accused of interfering with an employment relationship but the respondent need not be a covered employer. Interference with an independent contracting relationship is NOT covered. Example: Respondent is an insurance company that provides insurance for the employees of Company ABC. An employee of ABC company files a charge alleging that the Respondent violated the ADA by providing a lower level of coverage for AIDS-related illnesses. Under the circumstances, the employee has an ADA claim against the Respondent insurance company for providing discriminatory insurance benefits arising out of the employment relationship.
V. Section 504 of the Rehabilitation Act - Claims by Employees and Independent Contractors
Section 504 of the Rehabilitation Act (Section 504) prohibits discrimination on the basis of disability by recipients of federal financial assistance. Section 504 specifies that:
“No otherwise qualified individual with a disability in the United States …shall, solely by reason of her or his disability, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal financial assistance or under any program or activity conducted by any Executive agency or by the United States Postal Service.”
To ensure consistency between Section 504 and Title I of the ADA (employment), Congress added Section 504(d), which specifies that: “The standards used to determine whether [Section 504] has been violated in a complaint alleging employment discrimination under this section shall be the standards applied under title I of the ADA…”
The Department of Justice has issued coordination regulations, providing a template for each federal agency to issue their own Section 504 rule. The coordination regulations include the following policies:
- A recipient, in the selection of procurement contractors, may not use criteria that subject qualified individuals with disabilities to discrimination on the basis of disability.
- A recipient may not, directly or through contract or other arrangement, utilize criteria or methods of administration that have the effect of subjecting qualified individuals with disabilities to discrimination on the basis of disability.
- A recipient shall take appropriate steps to ensure that communications with applicants, participants, members of the public are as effective as communications with others.
B. Circuit Court Conflict
Several Circuit Courts of Appeal have addressed the question whether Section 504 permits discrimination suits by independent contractors as well as employees.
- The 6th and 8th Circuits have concluded that Title I of the ADA (employment) is incorporated by Section 504 literally for all purposes i.e., only covers employees, not independent contractors.
- The 5th, 9th and 10th Circuits have concluded that Section 504 incorporates the standards of Title I of the ADA for proving when discrimination in the workplace is actionable, but not Title I in toto, and therefore the Rehabilitation Act covers discrimination claims by independent contractors.
C. Flynn v. Distinctive Home Care, Inc., 812 F3d. 422 (5th Cir. 2016)
Section 504 of the Rehabilitation Act permits employment discrimination suits by independent contractors. Unlike Title I of the ADA, Section 504 is not limited to the employment context. Section 504 is far broader—it prohibits discrimination under any program or activity receiving federal financial assistance and program or activity is defined to include “all of the operations of the ….[entity]” Importing Title I of ADA’s requirements that the plaintiff and defendant have an employee-employer relationship would conflict with the plain language of the Rehabilitation Act, which broadly authorizes discrimination suits against a wide variety of entities, including non-employers.
Section 504(d) of the Rehabilitation Act adopts only the substantive standards for determining what conduct violates the Rehabilitation Act, not the definition of who is covered under the Rehabilitation Act.
D. Fleming v. Yuma Regional Medical Center 587 F. 3d 938 (9TH Circuit, 2009); cert. denied, 561 U.S. 1006 (2010)
An independent contractor may assert a disability claim against an employer under the Rehabilitation Act. Scope of Rehabilitation Act is broader than ADA—covers any otherwise qualified individual who has been excluded from the participation in, or denied the benefits of, or subjected to discrimination under any program or activity receiving federal financial assistance. Program or activity includes all of the operations of entities, not only those related to employment.
Section 504(d) addresses only the substantive standards for determining what conduct violates the Rehabilitation Act (employment nondiscrimination standards) when a recipient engages in particular act in the capacity of an employer vis a vis an employee, not the definition of who is covered under the Rehabilitation Act. The language of the Rehabilitation Act is not limited to employers and employees as defined in Title I of the ADA, but rather applies to independent contractors and the entities that hire them.
YAMS repeatedly insisted that its agreement with Plaintiff established “no employment relationship” and that an “employment agreement does not exist.” Alleges case should be dismissed because plaintiff is not an “employee.” YAMS cannot have it both ways. If plaintiff is not an employee and defendant is not an employer, then the complaint should be not be treated as one alleging employment discrimination. YAMS is also subject to suits under Section 504 by individuals who are not employees. Section 504 affords comprehensive protection against disability discrimination in the workplace and beyond.
VI. Title II of the ADA Barring Discrimination by State and Local Governments
Under Title II of the ADA, no qualified individual with a disability shall, by reason of such disability, be excluded from participation in be denied the benefits of the services, programs, or activities of a public entity, or be subjected to discrimination by any such entity. Regulations implementing Title II of the ADA shall be consistent with regulations implementing Section 504 of the Rehabilitation Act. [Section 202 and 204 of the ADA; 28 CFR 35.130]
- A public entity, in the selection of procurement contractors, may not use criteria that subject qualified individuals with disabilities to discrimination on the basis of disability. [28 CFR 35.130(b)(5)]
- A public entity may not, directly or through contract or other arrangement, utilize criteria or methods of administration that have the effect of subjecting qualified individuals with disabilities to discrimination on the basis of disability. [28 CFR 35.130(b)(3)]
- A public entity shall take appropriate steps to ensure that communications with applicants, participants, members of the public are as effective as communications with others. [28 CFR 35.160]
VII. Title III of the ADA Barring Discrimination by Public Accommodations
Under Title III of the ADA, no individual shall be discriminated against on the basis of disability in the full and equal enjoyment of the goods, services, facilities, privileges, advantages or accommodations of any place of public accommodations by any entity who owns, leases, (or leases to) or operates a place of public accommodation. [28 CFR 36.201] A place of public accommodation includes a service establishment. [28 CFR 36.104]
- A public accommodation shall not, directly or through contractual or other arrangements, utilize standards or criteria or methods of administration that have the effect of discriminating on the basis of disability, or perpetuate the discrimination of others who are subject to common administrative control. [28 CFR 36.204]
- A public accommodation shall furnish appropriate auxiliary aids and services where necessary to ensure effective communication with individuals with disabilities. [28 CFR 36. 303(c)] Auxiliary aids and services includes accessible electronic and information technology.[28 CFR 36.303(b)]
- Federal and state laws barring discrimination in public accommodations or, as in California, “business establishments” more generally, may apply, and with a much longer list of protected statuses.
A. Framework for Ensuring Universal Access to the Gig Economy for People with Disabilities
1. Policy Underpinnings
The policy underpinnings of the framework are the precepts of the ADA, including Title I (employment), Title II (state and local governments) and Title III (public accommodations i.e., businesses providing goods and services to the public). The ADA is a civil rights statute ensuring that people with disabilities enjoy opportunities to participate in the gig economy that are equal to and as effective and meaningful as those provided to others.
- Businesses should be provided the opportunity to select the best, brightest, and most creative individuals.
- Individual vendors should be provided the opportunity to compete in the marketplace on the basis of their qualifications and not be excluded or denied opportunities based on arbitrary and capricious reasons such as disability status.
2. Policy Issues
Businesses participating in the gig economy may want to consider addressing the following issues:
- Whether the businesses that use the web-based platforms to select gig workers are acting as employers and whether the individual vendors are considered employees subject to Title I of the ADA.
- If the vendors are considered independent contractors and the companies are not considered employers subject to Title I of the ADA (and other civil rights acts), whether the company that retains the vendor’s services is still required to select vendors based on their qualifications to perform specified tasks, in their capacity as public accommodations (or state and local governments) subject to the nondiscrimination provisions of Title III (or Title II) of the ADA.
- Whether the company designing the web-based platform is required to ensure that the marketplace offered through its web site provides equal, meaningful, and effective opportunity to all vendors, including vendors with disabilities.
- Is the company operating the platform an employment agency subject to Title I of the ADA?
- Is the company operating the platform a public accommodation subject to Title III of the ADA?
- Is the platform accessible to and usable by all, including individuals with disabilities?
- Does the platform include questions and analyze answers in a manner that is neutral or do the algorithms used to analyze the data result in discriminatory treatment of certain vendors on the basis of disability?
3. Implications if Employer-Employee Relationship Exists
Title I of the ADA prohibits discrimination on the basis of disability when there is an employer-employee relationship. Title I of the ADA does not cover independent contractors. The question of whether an employer-employee relationship exists is fact-specific and depends on whether the employer controls the means and manner of the worker’s work performance. This determination requires consideration of all aspects of the worker’s relationship with the employer, regardless of whether the parties refer to the relationship as an employer-employee relationship or as an independent contractor relationship. The factors indicating that an employer-employee relationship exists are described above.
If an employee-employer relationship is established, the company hiring the gig worker may not discriminate on the basis of disability. Discrimination includes:
- Denying effective and meaningful opportunities to compete for work (e.g., recruitment, hiring, retention, and advancement);
- Adopting criteria or methods of administration that deny opportunities to work; and
- Entering into contracts or other arrangements that have the effect of denying opportunities to work.
As part of its Strategic Enforcement Plan, EEOC is reviewing the factors and the weight given particular factors to determine whether an employee-employer relationship exists and Title I of the ADA and other civil rights statutes apply.
4. Vendors are Considered Independent Contractors
If the vendors are considered independent contractors and the companies are not considered employers subject to Title I of the ADA, is the company that retains the vendor’s services still required to select all individual vendors, including individuals with disabilities, fairly (ensuring effective and meaningful opportunity), in their capacity as public accommodations (or state and local governments) subject to the nondiscrimination provisions of Title III (or Title II) of the ADA?
The pending cases against Uber illustrate a possible approach for addressing this question. It is my impression that in cases pending around the country, Uber is arguing that since drivers are not employees and thus Uber is not an employer, then complaints by drivers should not be treated as allegations of employment discrimination under Title VII of the Civil Rights Act or Title I of the ADA. Instead, Uber's theory appears to be that drivers (just like passengers) are its customers, paying for access to the web-based platform. Thus, if Uber convinces courts that it isn’t in the “driving” business at all but instead is merely creating an online marketplace through its web-based platform, then the result should be that drivers may state their claims as customers seeking fair access to the marketplace offered on the web-based platform rather than as employees seeking fair employment opportunities.
In other words, companies cannot have it both ways. If an individual vendor is not an employee and the company seeking workers is not an employer, then a complaint should not be treated as one alleging employment discrimination but rather as one alleging that the company, in its capacity as a public accommodation, is engaging in discriminatory acts by entering into contracts or other arrangements with entities that fail to design and implement a nondiscriminatory marketplace (web-based platform).
Recently, several circuits (5th, 9th, and 10th) of the U.S. Court of Appeals, interpreting the law on which the ADA is modeled (Section 504 of the Rehabilitation—nondiscrimination on the basis of disability by recipients of federal financial assistance) held that independent contractors serving as workers may file a discrimination complaint, even though they were not protected by the specific provisions of Section 504 applicable to the employer-employee relationship.
In addition to Title I the ADA (employment discrimination), the ADA includes Title III applicable to public accommodations and Title II applicable to state and local governments. In a nutshell, under Title III and Title II of the ADA companies and state and local governments, respectively, procuring goods and services may not discriminate against individual vendors on the basis of disability. These covered entities may not, directly or through contract or other arrangement, adopt criteria or methods of administration that have a discriminatory effect, including the entering into of contracts or other arrangements with companies establishing marketplaces on web-based platforms. If the company offering the platform is engaging in discriminatory practices then the company using its services is liable.
5. Companies Operating Web-Based Platforms
The framework can also be used for determining whether the company designing the web-based platform is required to ensure that all vendors, including individuals with disabilities enjoy equal, meaningful, and effective opportunity to participate in the web-based marketplace. If the company operating the platform is considered an “employment agency” it is subject to Title I of the ADA and other civil rights statutes. An entity is considered an employment agency if it regularly procures employees for at least one covered employer, whether or not it receives compensation for its services.
Let’s assume that the company operating the platform is not an employment agency subject to Title I of the ADA but rather an independent contractor. The company is still providing a service to the public (a marketplace for its customers—both those wanting to purchase goods and services and those wanting to provide the goods and services). The company could be considered a public accommodation under Title III of the ADA—a service establishment.
The Department of Justice has entered into numerous settlement agreements with public accommodations and state and local governments requiring that their web sites, online systems, mobile apps, and other forms of information and communication technology are accessible to and usable by individuals with disabilities. Other settlement agreements require that criteria e.g., questions and algorithms used to analyze answers/data must be neutral and not have discriminatory effects.
Settlement agreements with DOJ have been entered into by companies that only use web sites as their sole mode of business i.e., they do not have a physical store. In addition, a number of U.S. Circuit Courts of Appeals have held that companies operating web sites (platforms) are subject to Title III of the ADA, regardless of whether they have a physical store. (1st, 2nd, 5th, and 7th). It should be noted that other circuits require a physical store or nexus between the web site and a physical location (3rd, 4th, 9th, and 11th).
B. Summary of Major Points
First, a company procuring services or goods in the gig economy must determine whether it is considered an employer and the workers are considered employees. If an employer-employee relationship has been established, the company is subject to the nondiscrimination provisions of Title I of the ADA. The ADA does not, however, cover independent contractors. Likewise, if the company making available the web-based platform is serving as an employment agency, it is subject to the nondiscrimination provisions of Title I of the ADA. These determinations are fact-specific and depend on certain factors assessing the extent to which the company controls the means and manner of the worker’s work relationship, regardless of how the parties refer to the relationship.
If an employer-employee relationship exists, discrimination includes entering into contracts or other arrangements with third parties that have a discriminatory effect e.g., entering into an arrangement with an entity that establishes a marketplace via a web-based platform that discriminates on the basis of disability.
Second, even if there no employer-employee relationship or employment agency-applicant relationship exists, a company operating in the gig economy that procures goods or services is still required to provide equal opportunity in the selection of individual vendors, in their capacity as public accommodations. Public accommodations may not adopt criteria or methods of administration or enter into contracts or other arrangements that deny equal, effective, and meaningful opportunity to its customers, including entering into arrangements with entities that provide marketplaces via platforms on websites that are inaccessible to and unusable by individuals vendors with disabilities and/or that include questions and answers that are discriminatory.
Third, the entities establishing the marketplaces via web-based platforms may also be considered public accommodations and required to make their websites accessible to and usable by people with disabilities and design platforms that include questions and answers that are neutral and nondiscriminatory.
Companies should embrace the concept of universal design i.e., ensure that the greatest number of people can participate in the gig economy free from discrimination. Whether an entity participating in the gig economy is subject to the provisions of the ADA is less important than whether the company embraces the concepts of universal design, the policy underpinning of the ADA.
Companies may wish to evaluate their use of individual independent contractor relationships, to determine the extent to which an individual may properly be considered an employee rather than an independent contractor and the attendant risk. Similarly, companies indirectly using independent contractors, such as through staffing or “temp” agencies, may want to consider evaluating their agreements with these agencies to ensure that they contain appropriate safeguards (including guarantees of compliance) and perhaps indemnification agreements to protect against the potential risk of a finding of “joint employer” status. Companies may wish to consider adding terms to contracts with vendors entitling the companies to guarantees of compliance with federal and state laws and may consider including indemnification provisions in agreements with third-party vendors.
- U.S. Equal Employment Opportunity Commission Strategic Enforcement Plan Fiscal Years 2017 – 2021
- How is the Department of Justice Addressing Website and ICT Accessibility?
- National Labor Relations Board Office of General Counsel Advice Response Memo Misclassification of Employees as Independent Contractors (December 18, 2015)
- Department of Labor Wage and Hour Division Memorandum: Joint Employment under the Fair Labor Standards Act and Migrant and Seasonal Agricultural Worker Protection Act. (January 20, 2016).
- EEOC Compliance Manual Section 2: Threshold Issues
- Flynn v. Distinctive Home Care 812 F3d. 422 (5th Cir. 2016)
- Fleming v. Yuma Regional Medical Center 587 F. 3d 938 (9TH Circuit, 2009); cert. denied, 561 U.S. 1006 (2010)
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Technology and finance have always gone together. So what’s new this time around? Virtual currencies are part of a broader tech revolution that is driving fundamental change in the global economy.
While the money is virtual, the rewards and the risks are very real. It boils down to this: how best to encourage financial innovation while regulating to protect consumers and avoid other possible harm. A few of our economists, financial experts, and lawyers decided to tackle the issue in a new paper with a global view. Christine Lagarde, the IMF’s Managing Director also spoke about virtual currencies in Davos.
Virtual currencies like Bitcoin (there are many others too), have gone from underground to over-hyped in a very short period of time. So far, they remain a relatively small part of the financial sector: $ 7 billion compared to the $1.4 trillion in US currency in circulation.
The benefits: more people may eventually gain access to financial services, many of them traditionally excluded from their country’s financial system. Financial inclusion, in other words. Also, the distributed ledger technologies underlying virtual currencies have applications that go well beyond money and payments, and hold the promise of big gains in efficiency for many types of financial business.
The risks: people using virtual currencies for money laundering, terrorist financing, as well as fraud, tax evasion, getting around capital controls, and people not understanding the risks they’ve taken on.
The solution: regulations that limit the risks and encourage innovation. Still, a lot of work remains to be done to find the right approaches and the right balance.
You won’t be surprised to learn authors also find that international cooperation (part of the IMF’s bread and butter) is key for countries to develop effective regulations. Interestingly, so far the risks to financial stability and monetary policy are minor, but this assessment may change as virtual currency use grows.
The paper has something for everyone: policy advice, a useful country-by-country guide to virtual currency regulations, a primer on how distributed ledgers work, and a look back at the history of private money in a number of countries and how it worked out.
- This post was originally published in the iMFdirect blog and is reposted here with permission. It is based on the paper Virtual Currencies and Beyond : Initial Considerations, written by a team of IMF economists, financial experts and lawyers (Dong He, Karl Friedrich Habermeier, Ross B Leckow, Vikram Haksar, Yasmin Almeida, Mikari Kashima, Nadim Kyriakos-Saad, Hiroko Oura, Tahsin Saadi Sedik, Natalia Stetsenko and Concha Verdugo Yepes.)
- The post gives the views of its authors, not the position of LSE Business Review or the London School of Economics.
- Featured image credit: Bitcoin, by Antana CC-BY-SA-2.0
iMFdirect is a blog covering the global economy and policy issues posted by the International Monetary Fund (IMF), headquartered in Washington D.C. iMFdirect posts content related to the IMF’s work in economics and finance at the global or national level, and posts currently highlight the debate over policies and responses to the biggest global recession since the Great Depression.
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At the end of this unit, you will be able to:
The price of a commodity and the quantity exchanged per time period depend on the market demand and supply functions and the market structure. The market structure characterises the way the sellers and buyers interact to determine equilibrium price and quantity. The existence of different forms of market structure leads to differences in demand and revenue functions of the firms. The market structure mostly determines a firm’s power to fix the price of its product. The level of profit maximising price is generally different in different kinds of markets due to differences in the nature of competition. As such, a firm has to closely watch the nature of the market before determining its equilibrium price and output. In this unit, we shall discuss the nature of four of the most important market structures namely, perfect competition, monopoly, monopolistic competition and oligopoly and how these market structures operate to determine short-run and long-run equilibrium price and quantity. We shall start our analysis with perfect competition.
Suppose you go to a vegetable market and enquire about the price of potatoes from a shopkeeper. He says potatoes are for ₹ 20 per kg. In the same way, you enquire from many shopkeepers and you get the same answer. What do you notice? You notice the following facts:
(i) There are large number of buyers and sellers in the potatoes market.
(ii) All the shopkeepers are selling potatoes at ₹ 20 per kg.
(iii) Product homogeneity i.e. all the sellers are selling almost the same quality of potatoes in the sense that you cannot judge by seeing the potatoes from which farmer’s field do they come from. Such type of market is known as perfectly competitive market.
In general, a perfectly competitive market has the following characteristics:
(i) There are large number of buyers and sellers who compete among themselves. The number is so large that the share of each seller in the total supply and the share of each buyer in the total demand is too small that no buyer or seller is in a position to influence the price, demand or supply in the market.
(ii) The products supplied by all firms are identical or are homogeneous in all respects so that they are perfect substitutes. Thus, all goods must sell at a single market price. No firm can raise the price of its product above the price charged by other firms without losing most or all of its business. Buyers have no preference as between different sellers and as between different units of commodity offered for sale; also sellers are quite indifferent as to whom they sell. For example, most agricultural products, cooking gas, and raw materials such as copper, iron, cotton, and sheet steel etc. are fairly homogeneous. In addition, all consumers have perfect information about competing prices.
(iii) Every firm is free to enter the market or to go out of it. There are no legal or market related barriers to entry and also no special costs that make it difficult for a new firm either to enter an industry and produce, if it sees profit opportunity or to exit if it cannot make a profit.
If the above three conditions alone are fulfilled, such a market is called pure competition. The essential feature of pure competition is the absence of the element of monopoly. Consequently, business combinations of monopolistic nature are not possible. In addition to the above stated three features of ‘pure competition’; a few more conditions are attached to perfect competition. They are:
(iv) There is perfect knowledge of the market conditions on the part of buyers and sellers. Both buyers and sellers have all information relevant to their decision to buy or sell such as the quantities of stock of goods in the market, the nature of products and the prices at which transactions of purchase and sale are being entered into.
(v) Perfectly competitive markets have very low transaction costs. Buyers and sellers do not have to spend much time and money finding each other and entering into transactions.
(vi) Under prefect competition, all firms individually are price takers. The firms have to accept the price determined by the market forces of total demand and total supply. The assumption of price taking applies to consumers as well. When there is perfect knowledge and perfect mobility, if any seller tries to raise his price above that charged by others, he would lose his customers.
While there are few examples of perfect competition which is regarded as a myth by many, the agricultural products, financial instruments (stock, bonds, foreign exchange), precious metals (gold, silver, platinum) approach the condition of perfect competition.
Price Determination under Perfect Competition
Equilibrium of the Industry: An industry in economic terminology consists of a large number of independent firms. Each such unit in the industry produces a homogeneous product so that there is competition amongst goods produced by different units. When the total output of the industry is equal to the total demand, we say that the industry is in equilibrium; the price then prevailing is equilibrium price. A firm is said to be in equilibrium when it is maximising its profits and has no incentive to expand or contract production.
As stated above, under competitive conditions, the equilibrium price for a given product is determined by the interaction of the forces of demand and supply for it as is shown in figure 14.
Fig. 14: Equilibrium of a competitive industry
In Fig. 14, OP is the equilibrium price and OQ is the equilibrium quantity which will be sold at that price. The equilibrium price is the price at which both demand and supply are equal and therefore, no buyer who wanted to buy at that price goes dissatisfied and none of the sellers is dissatisfied that he could not sell his goods at that price. It may be noticed that if the price were to be fixed at any other level, higher or lower, demand remaining the same, there would not be equilibrium in the market. Likewise, if the quantities of goods were greater or smaller than the demand, there would not be equilibrium in the market.
Equilibrium of the Firm: The firm is said to be in equilibrium when it maximizes its profit. The output which gives maximum profit to the firm is called equilibrium output. In the equilibrium state, the firm has no incentive either to increase or decrease its output.
Firms in a competitive market are price-takers. This is because there are a large number of firms in the market who are producing identical or homogeneous products. As such these firms cannot influence the price in their individual capacities. They have to accept the price determined through the interaction of total demand and total supply of the commodity which they produce.
This is illustrated in the following figure:
Fig. 15: The firm’s demand curve under perfect competition
The market price OP is fixed through the interaction of total demand and total supply of the industry. Firms have to accept this price as given and as such they are price-takers rather than price-makers. They cannot increase the price above OP individually because of the fear of losing its customers to other firms. They do not try to sell the product below OP because they do not have any incentive for lowering it. They will try to sell as much as they can at price OP.
As such, P-line acts as demand curve for the firm. Because it is a price taker, the demand curve D facing an individual competitive firm is given by a horizontal line at the level of market price set by the industry. In other words, the demand curve of each firm is perfectly (or infinitely) elastic. The firm can sell as much or as little output as it likes along the horizontal price line. Since price is given, a competitive firm has to adjust its output to the market price so that it earns maximum profit. Let us continue our example on page 4.163 in which demand and supply schedules for the industry were as follows:
Table 4: Equilibrium price for industry
|Price (₹)||Demand (units)||Supply (units)|
Equilibrium price for the industry is determined through the interaction of demand and supply is ₹ 2 per unit. The individual firms will accept ₹ 2 per unit as the price and sell different quantities at this price. Let us consider the case of firm ‘X’. Firm X’s quantity sold, total revenue, average revenue and marginal revenue are as given in Table 4.
Table 5: Trends in Revenue of a Competitive Firm
|Price (₹)||Quantity Sold||Total Revenue||Average Revenue||Marginal Revenue|
Firm X’s price, average revenue and marginal revenue are equal to ₹ 2. Thus, we see that in perfectly competitive market a price-taking firm’s average revenue, marginal revenue and price are equal. As a result, when the firm sells an additional unit, its total revenue increases by an amount equal to its price. AR = MR = Price.
Conditions for equilibrium of a firm: As discussed earlier, a firm, in order to attain equilibrium position, has to satisfy two conditions as below: (Note that because competitive firms take price as fixed, this is a rule for setting output, not price)
(i) The marginal revenue should be equal to the marginal cost. i.e. MR = MC. If MR is greater than MC, there is always an incentive for the firm to expand its production further and gain by selling additional units. If MR is less than MC, the firm will have to reduce output since an additional unit adds more to cost than to revenue. Profits are maximum only at the point where MR = MC. Because the demand curve facing a competitive firm is horizontal, so that MR = P, the general rule for profit maximization can be simplified. A perfectly competitive firm should choose its output so that marginal cost equals price.
(ii) The MC curve should cut MR curve from below. In other words, MC should have a positive slope.
Short-Run Profit Maximization by a Competitive Firm
We shall begin with the short-run output decision and then move on to the long run. In the short run, a firm operates with a fixed amount of capital and must choose the levels of its variable inputs so as to maximize profit.
In figure 16, DD and SS are the industry demand and supply curves which intersect at E to set the market price as OP. The firms of perfectly competitive industry adopt OP price as given and considers P-Line as demand (average revenue) curve which is perfectly elastic at P. As all the units are priced at the same level, MR is a horizontal line equal to AR line. Note that MC curve cuts MR curve at two places T and R respectively. But at T, the MC curve is cutting MR curve from above. T is not the point of equilibrium as the second condition is not satisfied. The firm will benefit if it goes beyond T as the additional cost of producing an additional unit is falling. At R, the MC curve is cutting MR curve from below. Hence, R is the point of equilibrium and OQ2 is the equilibrium level of output.
Short run supply curve of the firm in a competitive market
One interesting thing about the MC curve of a firm in a perfectly competitive industry is that it depicts the firm’s supply curve. This can be shown with the help of the following figure:
Fig. 17: Marginal cost and supply curves for a price-taking firm
Suppose the market price of a product is ₹ 2 Corresponding to it we have D1 as demand curve for the firm. At price ₹ 2, the firm supplies Q1 output because here MR = MC. If the market price is ₹ 3, the corresponding demand curve is D2 . At ₹ 3, the quantity supplied is Q2 . Similarly, we have demand curves D3 and D4 and corresponding supplies are Q3 and Q4 . The firm’s marginal cost curve which gives the marginal cost corresponding to each level of output is nothing but firm’s supply curve that gives various quantities the firm will supply at each price.
For prices below AVC, the firm will supply zero units because the firm is unable to meet even its variable cost. For prices above AVC, the firm will equate price and marginal cost. When price is high enough to meet the AVC, a firm will decide to continue its production. In fig. 17, at price ₹ 2, the AVC of the firm is covered and therefore, the firm need not shutdown. Thus, in perfect competition, the firm’s marginal cost curve above AVC has the identical shape of the firm’s supply curve.
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Article: Cash is medieval, cards break vicious economic cycles (Indian Express)
In the wake of Demonetization and the high-pitched debate that has taken place, it is easier to forget the benefits of demonetization apart from curbing black money and corruption. A reduction in cash usage and consequent shift to digital payment methods augurs well for the economy as it will result in higher tax collections, improvement in tax to GDP ratio, more liquidity in the financial system, a reduction in informalization etc.
Now try and answer the following questions:
- Why is there a high level of informalization in Indian Economy? How will demonetisation and other policies like these lead to a reduction in the same?
- How would a reduction in cash usage lead to higher tax to GDP ratio? What are the reasons for a low tax to GDP ratio in India? What are the other policy measure required to tackle this?
- What are the challenges involved in shifting to a cashless economy? Is our infrastructure ready for this shift?
Points to Ponder:
- How can GST help in reducing informalization? Will it help in improving tax to GDP ratio? Explain.
- What challenges in the realm of Cyber-Security our financial infrastructure faces? What are the steps that have been undertaken till now?
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This is a textbook for the standard undergraduate econometrics course. Its only prerequisites are a semester course in statistics and one in differential calculus. Arthur Goldberger, an outstanding researcher and teacher of econometrics, views the subject as a tool of empirical inquiry rather than as a collection of arcane procedures. The central issue in such inquiry is how one variable is related to one or more others. Goldberger takes this to mean “How does the average value of one variable vary with one or more others?” and so takes the population conditional mean function as the target of empirical research.
The structure of the book is similar to that of Goldberger’s graduate-level textbook, A Course in Econometrics, but the new book is richer in empirical material, makes no use of matrix algebra, and is primarily discursive in style. A great strength is that it is both intuitive and formal, with ideas and methods building on one another until the text presents fairly complicated ideas and proofs that are often avoided in undergraduate econometrics.
To help students master the tools of econometrics, Goldberger provides many theoretical and empirical exercises and real micro-and macroeconomic data sets. The data sets deal with earnings and education, money demand, firm investment, stock prices, compensation and productivity, and the Phillips curve.
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What Is a Pip?
Pip is an acronym for "percentage in point". A pip is the smallest price move that an exchange rate can make based on forex market convention. Most currency pairs are priced out to four decimal places and the pip change is the last (fourth) decimal point. A pip is thus equivalent to 1/100 of 1% or one basis point.
For example, the smallest move the USD/CAD currency pair can make is $0.0001 or one basis point.
- Forex currency pairs are quoted in terms of 'pips', short for percentage in points.
- In practical terms, a pip is one-hundredth of one percent, or the fourth decimal place (0.0001).
- Currency base pairs are typically quoted where the bid-ask spread is measured in pips.
What Is A Pip?
How Pips Work
A pip is a basic concept of foreign exchange (forex). Forex pairs are used to disseminate exchange quotes through bid and ask quotes that are accurate to four decimal places. In simpler terms, forex traders buy or sell a currency whose value is expressed in relationship to another currency.
Movement in the exchange rate is measured by pips. Since most currency pairs are quoted to a maximum of four decimal places, the smallest change for these pairs is 1 pip. The value of a pip can be calculated by dividing 1/10,000 or 0.0001 by the exchange rate.
For example, a trader who wants to buy the USD/CAD pair would be purchasing US Dollars and simultaneously selling Canadian Dollars. Conversely, a trader who wants to sell US Dollars would sell the USD/CAD pair, buying Canadian dollars at the same time. Traders often use the term "pips" to refer to the spread between the bid and ask prices of the currency pair and to indicate how much gain or loss can be realized from a trade.
Japanese Yen (JPY) pairs are quoted with 2 decimal places, marking a notable exception. For currency pairs such as the EUR/JPY and USD/JPY, the value of a pip is 1/100 divided by the exchange rate. For example, if the EUR/JPY is quoted as 132.62, one pip is 1/100 ÷ 132.62 = 0.0000754.
Pips and Profitability
The movement of a currency pair determines whether a trader made a profit or loss from his or her positions at the end of the day. A trader who buys the EUR/USD will profit if the Euro increases in value relative to the US Dollar. If the trader bought the Euro for 1.1835 and exited the trade at 1.1901, he or she would make 1.1901 - 1.1835 = 66 pips on the trade.
Now, let's consider a trader who buys the Japanese Yen by selling USD/JPY at 112.06. The trader loses 3 pips on the trade if closed at 112.09 but profits by 5 pips if the position is closed at 112.01.
While the difference looks small in the multi-trillion dollar foreign exchange market, gains and losses can add up quickly. For example, if a $10 million position in this set-up is closed at 112.01, the trader will book a $10 million x (112.06 - 112.01) = ¥500,000 profit. This profit in US dollars is calculated as ¥500,000/112.01 = $4,463.89.
Real World Example of Pip
A combination of hyperinflation and devaluation can push exchange rates to the point where they become unmanageable. In addition to impacting consumers who are forced to carry large amounts of cash, this can make trading unmanageable and the concept of a pip loses meaning.
The best known historical example of this took place in Germany's Weimar Republic, when the exchange rate collapsed from its pre-World War I level of 4.2 marks per dollar to 4.2 trillion marks per dollar in November 1923.
Another case in point is the Turkish lira, which reached a level of 1.6 million per dollar in 2001, which many trading systems could not accommodate. The government eliminated six zeros from the exchange rate and renamed it the new Turkish lira. The average exchange rate was then reduced to a more reasonable 2.9234 lira per dollar.
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Global stock markets have fallen sharply as investors continue to worry about the broader economic effects of the coronavirus. (Source: BBC)
How could COVID-19 affect you as a consumer?
Let’s take a look at the pie chart below that depicts the % share of the global economy. (Source: IMF)
China is sometimes referred to as the “world’s factory” due to its massive manufacturing and export base. According to this estimation, China’s top 10 exports accounted for approximately two-thirds (67.7%) of the overall value of its global shipments in 2018.
It is fair to say that whatever happens to the countries that take a significant chunk of the global economy, happens to the rest of the world.
What is the situation like?
Car dealerships, restaurants, shops in China have seen a noticeable fall in demand.
Fewer people decide to leave their homes, hoping to avoid the virus.
The travel industry is largely impacted. Flights are getting canceled around the world.
In the case of Jaguar Land Rover, Chinese car parts are flown to the UK in suitcases due to supply chain issues.
Logistics is a vital component of successful trade. Without it, prices on imported products will climb up. In February, China took measures to temporarily “stop” their economy, the idea that was met with wildly negative criticism.
Bloomberg Economics has been releasing weekly estimates, which show that “China’s economy is running at 60%-70% of its normal level in the last week of February, up from 50%-60% the previous week.”
The economic impact of the coronavirus on the U.S. could potentially turn out to be more damaging than the impact on the Chinese economy. Moreover, it is the developed countries that are at the highest economic risk.
For instance, sports is a huge business in the United States. Americans spend $56 billion on sporting events. If the virus starts spreading at a faster rate, very few of us will be buying tickets to watch a game.
Governments around the world are taking action to relieve the global economy. Such organizations as the IMF and the World Bank have contributed billions of dollars towards the outbreak aftermath. In addition, Trump signed an $8.3 billion emergency coronavirus aid package.
Dear reader, do not panic. The number of cases in China is already falling significantly. Moreover, any considerable change in our consumer behavior will only harm us. Stay safe, wash your hands more regularly, and don’t read too much news.
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dry weather affecting the mid-season bean harvests in the Ivory Coast, the African nation and largest producer (37%) of cocoa beans in the world. The export of cocoa beans is prohibited when they are too small to satisfy a ratio of 120 beans per 100 grams during this second harvest (the ratio is 100 beans:100 grams for the primary October-March harvest), a determination established by the regulatory Cocoa-Coffee Council. Due to unusually dry conditions, Ivory Coast cocoa beans are smaller, taking 140 to 150 beans to measure 100 grams.
Farmers are reporting an inability to sell their products, which has caused a near 10% rise in cocoa futures this year and speculation that the beans may be sold illegally, as rising global demand for cocoa only serves to entice the impoverished farms. But this weather-related shortage also serves as a reminder of how important forecasting of all types can be to ensuring a healthy supply chain.
Analysts already crunch every economic figure available to forecast and predict every optimal financial scenario in an attempt to manage costs, and each market's political climates and socioeconomic trends are studied as well to capitalize on a trend, like the surge of foreign investment in the U.S. due to the weakened dollar in the late '00s, or the shifting of manufacturing out of China due to a changing labor situation. At Source One, we are seeing a surge of forecast-related business moves due to disaster readiness concerns, as we are contacted daily by current and future clients looking to capitalize on our success in Mexico and Latin America -- regions that provide relative security from natural disasters while also providing low cost manufacturing.
By extension, weather forecasting should begin playing a larger role in supply chain analysis, as the U.S. Department of Commerce estimates more than one-third of U.S. economic activity is affected by weather and forecasting technology is getting better with long-term predictions with every hardware upgrade. Using these increasingly accurate long-term forecasts, organizations are better able to predict and control energy costs, agricultural output and costs, and even retail forecasts based on weather-determined product preferences.This is in addition to the increased accuracy and effectiveness of weather-related disaster readiness planning.
Because it allows organizations to avoid pending natural disasters like the hard drive-rarifying Asian flooding of 2012, and because it is becoming increasingly accurate, expect weather forecasting to play an even larger role in supply chain analysis.
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Debt has been an increasingly common problem and, if left unchecked, can severely affect your financial future.
The temptation to take on debt is everywhere these days, from credit card offers for college students to car loans to mortgages. While some types of debt may be necessary, debt is an issue that must be handled responsibly.
Fortunately, there are some simple steps you can take to avoid getting in over your head.
The benefits of a budget
Not keeping track of income and expenditures is a great way to fall into debt. A simple household budget that outlines income and expenditures on a monthly basis is a very convenient and effective tool to avoid falling into debt.
A budget forces you to see how you spend your money and presents your financial data in an easy format to follow. The bottom line is that a budget is a way for you to hold yourself accountable.
Seeing all the small expenses that add up to a lot of money each and every month can be very powerful.
How to construct a budget
Constructing a budget is not as complicated as many think and is time well spent. The simplest way to build a budget is to itemize all monthly expenditures.
These will include all monthly expenses including mortgages or rent, utilities, car payments, credit card payments, food costs, fuel, student loans and other miscellaneous expenses. It is important to include any and all expenditures on this list.
Next, you will list all sources of income. This will include your full-time job as well as any additional income you may get regularly from a second job or other source such as dividends or rental income.
Determine your totals
If you have bills that vary from month to month, such as electricity or gas bills, you may want to take an average of the last several months to come up with a budget amount.
Better yet, consider using the highest bill amount of the last 12 months. By using the highest bill amount, you may have extra funds built into your budget for that bill each month, and the excess money can be used elsewhere such as credit card debt or for an emergency fund.
Now, simply subtract your expenditures form your income and determine the total. In order to avoid incurring debt, you must have money left over.
If you are breaking even or your expenses are more than your income, you will have to consider some ways to earn additional income or ways to cut expenses in order to avoid debt.
Any excess money left over should be used to build an emergency fund and savings portfolio.
Consult the pros
If you’re having a tough time figuring out all the ins and outs of your new budget, consider meeting with a financial counselor. They can help you decide what amounts to allot where and give you advice on how to start putting away money.
If your credit score is low, you can start fixing it with the help of some professionals. According to the Lexington Law reviews, a credit repair company can help you improve your credit score. This, along with a professionally-reviewed budget, will help your finances for years to come.
Making a budget and sticking to a budget are two very different things. Keeping to a budget can be very challenging at times.
What about when you see a new car that you would like? Or perhaps you are longing for a Caribbean vacation during the winter. Maybe your friends all go out to dinner on a regular basis and you would like to join them.
Whatever the case may be, a budget only works if it is followed. If you have extra money left over or if you have money budgeted for going out to dinner twice a month, by all means feel free to do so.
If you are trying to get out of debt, however, these are expenses that can and should be cut to a minimum until your debt is paid.
A well-constructed budget can help you make the most of your money and climb your way out of debt. Budgeting and paying bills on time will have the added benefit of improving your credit score. The key to getting out of debt is following a plan, and a budget provides the road map to being debt-free.
Image from Pixabay
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Part Three: The Reproduction and Circulation of the Total Social Capital
Marx analyses the circulation of individual capitals as part of the total social capital.
For the individual capital to be able to lay out money as capital not only labour-power, but also specific MP had to be available.
In order for LP to be reproduced, and so available, means of consumption must be available in the market.
For the capitalist to sell his product, to realise his commodity capital in the form of money, there has to be a market for that product.
It is through these purchases and sales of commodities that the interdependence of the various individual capitals as parts of the total social capital is expressed.
They are the material content of the individual exchange relationships between individual capitalists and between capitalist and workers.
Marx analysed these relations of interdependence in terms of the two departments of social production:
Department I is the production of MP
Department II is the production of means of consumption (MC) subdivided into:
IIa producing workers’ MC
IIb producing ‘luxuries’ for capitalists’ consumption
Capitals of department I produce MP for departments I and II, capitals of department IIa produce MC for workers of departments I and II, capitals of department IIb produce for the consumption of all capitalists.
C1 + V1 + S1 = MP
C2 + V2 + S2 = MC
(where C = constant capital, V = variable capital and S = SV)
In simple reproduction all the SV is simply consumed, thus the system will be in equilibrium when MC (the amount of the MC produced) equals V1 + V2 + S1 + S2 (the amount consumed by capitalists and workers) and when MP (the amount of MP produced) equals C1 + C2 (the amount consumed by both departments).
If this is the case then every individual capitalist will be able to buy what he needs at its value, and will be able to sell his product (and so realise his SV).
In expanded reproduction the capitalist will devote some of S to buying MC for himself, and some to buying MP and LP (and so MC) in order to expand production.
Thus for expanded reproduction the output of departments I and IIa must be increased and that of department IIb reduced.
In the same way, if capitalists are steadily increasing the value composition of capital, then the output of department I will have to increase relative to that of department II.
Marx shows how the market mediates these interrelationships in order to make sure that commodities are in fact produced in the required proportions (that equilibrium is indeed achieved), e.g. if too few MC and too many MP are produced, the price of MP falls below their value and that MC rise above their value. Capital will therefore flow into the production of MC and out of the production of MP so that equilibrium is restored.
Thus the market operates in order to ensure proportionality between departments.
This implies that disproportionality on its own cannot give rise to a crisis, because the market automatically adjusts the proportions between departments.
Hence a crisis cannot arise out of circulation alone.
Even if the crisis breaks out in the sphere of circulation (e.g. capitalists are burdened with unsold commodities), the source of the crisis must be sought in the conditions of production of SV.
That is, some capitalists cannot sell their commodities because others have stopped buying them. Other capitalists have stopped buying them because they have decided to withhold their capital: they are neither buying MC, nor are they buying MP and LP.
But if they are not buying MP and LP it must be because they judge the conditions for the production of SV to be unfavourable (e.g. the rate of profit too low).
Thus a fall in the rate of profit is expressed in the refusal of some capitalists to invest, so that others find themselves with unsold commodities: the crisis first appears in the sphere of circulation but it has its roots in production.
Marx’s reproduction schemes have played an important role in subsequent Marxist debate about the breakdown of capitalism.
Some have argued that for Marx the source of the crisis was disproportionality between departments. This leads to the reformist argument that state intervention can regulate production to solve problems of disproportionality and so resolve capitalist crises.
This argument is simply based on a misreading of Marx, because Marx certainly felt that the market could look after problems of proportionality.
Others have argued that capitalism has an inherent tendency to underconsumption (i.e. to produce more than can be sold – this is a variant of the disproportionality thesis).
The argument is that as more and more SV is produced the problems of ‘spending’ that SV increase: the total that department II can produce is limited by the size of the consumption of workers and capitalists, thus the bulk of the increase in production must take place in department I.
But the argument then goes, why should capitalists go on producing MP without limit, if those MP are not destined to produce more MC in the end?
This leads to the argument therefore, that the survival of capitalism depends on a massive increase in unproductive consumption (i.e. luxuries, weapons, etc) to absorb the ever increasing SV (this is the argument of Baran and Sweezy: Monopoly Capitalism as well as of some theories of the “permanent arms economy”)
The answer to this argument is that capitalists will go on buying more MP not without limit, but so long as it is profitable for them to do so.
If the amount of SV produced cannot be spent on LP and MP in the existing proportions (because there are not enough new workers), then it can be spent by increasing the organic composition of capital (spending more on MP relative to LP), and capitalists will do this so long as it is profitable to do so.
Thus again it is not underconsumption that precipitates a crisis, but the unfavourable conditions for the production of SV.
Chapter 18 – Introduction
Chapter 19 – Former Presentations of the Subject
Chapter 20 – Simple Reproduction
Chapter 21 – Accumulation and Reproduction on an Expanded Scale
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This topic presents an analysis of firm behavior under perfect competition. It begins by identifying the requirements for perfect competition. It then covers the definitions and meaning of costs in the short and long run, describes the firm’s profit-maximizing output decision and its entry-exit decisions. It ends with a discussion of the efficiency implications of perfect competition.
Community College / Lower Division, College / Upper Division
Ohio TAG Social and Behavioral Sciences (OSS) Standards
Core OSS004 Outcome: Core skill demonstrated by students who successfully complete a Principles of Microeconomics Course
Standard: Understand basic microeconomics terms and concepts, including scarcity and choice, equilibrium, efficiency and equity, positive and normative economics, comparative advantage, and specialization.
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In a move to boost a "disappointingly slow" economic recovery, the Fed has finally announced that it will buy $600 billion of US government months over an eight month period to lower interest rates and encourage more borrowing. In addition to this announcement, the Federal Reserve also made it clear that it is ready to do more if growth isn't achieved in the months ahead.
Policy makers in emerging markets have criticized QE2 (second round of quantitative easing), saying that pumping more money into the US economy will escalate the influx of cash in fast-growing developing economies. From South Korea to Brazil, officials have said that they intend to curb the flood of money going to their economy - to protect their export and to avoid asset price bubbles.
Within the United States itself, there are various concerns. This is because although the move is intended to boost growth, its concept is founded on shaky grounds: that manipulating the dollar can lead to economic growth and employment. The experience from the last 40 years has shown that markets may react the opposite way.
Establishing a stable dollar value by restoring dollar-gold convertibility may be the best way for the Fed to accomplish its goals of price stability and employment. It is important to compare the era before the "floating dollar" to today to get a glimpse of how glaring their differences are.
Analyzing the Gold Standard
An analysis of the past showed that from 1947 up until 1967, unemployment rate in the United States averaged 4.7% and it never went higher than 7%. Real growth rate was around 4% a year. There was also low inflation during this period - consumer-price inflation averaged 1.9% annually. Meanwhile, interest rates were also low and the yield on triple-A corporate bonds averaged 4% and never went higher than 6%. The above scenario was an era before the US turned its back on dollar-gold convertibility.
In 1971, after finally breaking the link between dollar and gold, the US experienced slower growth, decline in economic resilience, greater instability, and higher average unemployment. From 1971 until 2009, the jobless rate averaged 6.2% which is 1.5 percentage points higher than the previous decades. In addition, real growth rate was placed at 3%. Aside from these, the US also underwent the three worst recessions since the Second World War. In 1975, unemployment averaged 8.5%; in 1982, it was at 9.7%, and for the last 14 months to today, it is placed at 9.5%.
In the years that the Federal Reserve was allowed to manipulate the currency, consumer-price index, on average, increased by 4.4% each year. This means that one dollar today is only worth a sixth of what it was before. Interest rates have also become highly volatile. The yields on triple-A corporate bonds significantly increased to 8% and it never got lower than 6% until 2003. These developments are merely manifestations of monetary uncertainly. The economy has become less resilient to external shocks - leading from one financial crisis to another.
Also as a result of discretionary monetary policies, the world experienced more than 10 financial crises. As early as 1973, there was already the oil crisis. It was followed by several other major incidents, the Asian financial crisis, and finally, the economic crisis of 2008-2009. In addition, the threat of global currency war still looms - making 2010 and beyond look even bleaker for investors that haven't discovered gold and silver yet (they will, but at much higher prices).
Unfulfilled Promises of the US Dollar
At the center of these problems is gyrating currency value of the US dollar either in real terms (products and services) or in foreign-exchange markets. Because it can swing dramatically in either direction, windfall profits and losses are produced. The cycle feeds market speculation. Seeing the vulnerabilities of the dollar today, investors are finally putting their money back to gold and other commodities in the hope that it can hold its value amid FOMC's plan to decrease American buying power even further.
It should be noted that the "floating dollar" was well-received before because of the promise that it will improve the country's trade balance and make the labor force more competitive. Everything turned out exactly the opposite of what has been hoped for. In 1967, a dollar is worth approximately 2.4 euros (based on the German mark) and around 362 yen. 42 years on, the US dollar is devalued 72% against the euro and at around the same rate (at 75%) against the Japanese yen. And instead of gaining a surplus, the economy has a $390 billion deficit of GDP today.
Similar to their predecessors, FOMC are trying to find the best solution possible. But a glance at the past reveals that they might be going the wrong way about it. Federal-funds rate have been almost zero for nearly two years. Yet, businesses find it difficult to get loans from banks and other institutions. Savers are getting severely punished for being frugal because of the artificially low interest rates. Given that returning to the gold standard is not a plausible option at this point, the clear answer is still to increase the inflation rate. As we said in a previous article, however, this needs to be from demand-pull inflation rather than cost-push inflation to be effective.
Long Term Gold Chart
This week's long-term chart (courtesy of stockcharts.com) reveals that gold did not move above the upper limit of the long term trading channel. In a previous premium update, we said that some consolidation was expected. Is more to be expected? At this time, there is not enough information to make a call. Looking at the solid blue lines, the breakout in the upper limit is likely to be followed by a move to $1,500 in the succeeding months. Until this breakout appears, gold may not move significantly.
Gold Bulls See Gold Hitting $10,000
The idea of gold hitting $10,000 seems impossible at first glance but Shayne McGuire believes that it can happen. Shayne McGuire runs the Teacher Retirement System of Texas and handles a $330 million gold portfolio. While Wall Street analysts consider this claim outlandish (we believe gold could easily go above $6,000 and silver above $100), Mr. McGuire sticks to his claim. And he provides reasons to back it up.
Back in 2007, the 44-year-old pension-fund-manager and a colleague persuaded the $100 billion Texas fund to invest in the precious metal. It was a novel strategy at the time. Mr. McGuire called gold "the most under-owned major asset, widely seen as an eccentric, anachronistic leftover from the pre-information age that is best for 'end of the world' types." At the time, gold was valued at around $650, half its current price.
The precious metal's historic round-up is boosted by fears of inflation, uncertainties about currencies, and further monetary easing by the Fed. However, not everyone is impressed with gold. Billionaire investor Warren Buffet said that "It doesn't do anything but cost you charges and stare at you" in a recent interview. Indeed, the value of gold is hard to gauge because it produces no revenue and even costs money to store.
Despite all these, there is no doubt that gold will continue to be on an uptrend. Other gold bulls such as John Paulson predict that gold can go up by as much as $4,000 an ounce in 2013. For his part, Mr. McGuire said that gold can reach $10,000 if big investors and pension funds start to move as little as 1% of their assets (bonds and global stocks) to gold. This demand will contribute to the metal's rising prices. Combined with inflation, these developments can push the price of the precious metal tenfold from its current level. And then there is China which sees gold as a "basic savings asset."
Another reason why gold prices might continue to rise is the popularity of exchange-traded funds (ETF). These funds track an index but they are still traded like stocks. GLD, the largest ETF now invests $50 billion. It can go even higher if more investors move a percentage of their portfolio into gold. Right now, the total stock-market capitalization of gold ETF is placed at $80 billion, around the same as McDonald's Corp.
According to Mr. McGuire, "Now that the value of modern money is becoming highly questionable, more and more people are turning to gold. It's not the new thing; it's a return to normal." He further added that his prediction might seem aggressive (in fact, it is the most aggressive call he made to date) but that "it's really a comment on what governments have been doing to the monetary system."
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Thank you for reading.
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India and Africa have had a rich history of partnership. Many African countries like Ghana, Kenya, and Tanzania drew inspiration from Mahatma Gandhi’s principle of non-violence. In fact, following India’s independence in 1947, many African countries broke off the yoke of slavery and became free and independent nations.
And who can forget the inspiration of Mahatma Gandhi on the anti-Apartheid struggle in South Africa?
Just after her independence, India and Africa became central figures in the Non-Aligned Movement. The role of Kenya, Tanzania and Egypt in NAM is too fresh to be forgotten.
The ties of both the regions go beyond politics. More than 10% of the Indian diaspora lives in Africa. The main countries where the diaspora is settled are Kenya, Tanzania, South Africa and some other parts of East Africa.
Over the years, India and Africa have begun to engage with each other in several new ways.
From India’s point of view, the African continent is not just a giant market, but a strategic theatre as well. Both the regions have identified multiple common interests in the fields of trade, investment, technology, education, manufacturing and defence cooperation.
One result of this cooperation is the African Development Bank.
The African Development Bank and India
India became a member of the African Development Bank in 1983 and since then has been cooperating with members of this Bank in several areas.
India is also a member of the bilateral trust fund, the India-Africa Economic Cooperation Fund.
The significance of India being a member of this Bank can be gauged by the fact that the 52nd AGM of the African Development Bank took place in 2015 in Jaipur.
Let’s look at some of the initiatives between India and this Bank.
In 2015, both the bodies signed an agreement under which India advanced a loan of USD 9.5 million to the Bank. This loan was meant to augment the technology infrastructure of the member countries of the African Development Bank. This fund would be used in the railways, communication and technology, and Public-Private Partnership areas. In fact, the Bank is quite eager to tap into India’s expertise and experience in the PPP model.
Similarly, the Indian Exim Bank, Infrastructure Leasing &Financial Services and the State Bank of India are cooperating with the Kukuza Project Development Company. The main objective of this Company is to lay down several bankable infrastructure projects across the African continent.
Elsewhere, India-Africa trade relations are improving day by day. According to the Exim Bank, India is the fourth largest trading partner of the continent. Trade between both the entities has grown more than 8 fold from 7.9 billion USD in 2001 to 59 billion USD in 2017.
Looking at these figures, it makes sense for Indian businesses to invest aggressively in Africa.
1. Trade between India and Africa- https://www.eximbankindia.in/Assets/Dynamic/PDF/Publication-Resources/SpecialPublications/Deepening-South-South-Collaboration_An-Analysis-of-Africa-and-Indias-Trade-and-Investment.pdf
2. India- Africa Development Bank Partnership- https://www.afdb.org/en/countries/non-regional-member-countries/india
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Living debt free would be ideal. However, it is almost impossible to not acquire debts.
Contrary to popular belief, not all debt is bad. But how do you determine what is good debt and what is negatively affecting your credit?
One source says that your monthly debt payments - including your credit cards and mortgage should ideally not exceed 36% of your gross monthly income. Though it may be difficult to avoid debt altogether, figuring out what debt makes the most sense can help with your financial obligations.
What is considered good debt?
Taking out a loan or using a line of credit is not always a negative thing. In fact, utilizing financing can allow you to have cash reserves in case of an emergency. Also, a history of borrowing is needed to establish an accurate credit score.
Sources of good debt include:
- Mortgages: Investing in a home purchase can be a source of good debt, provided you do not borrow more than you can afford.
- Student loans: Paying for college, especially with government-backed student loans, is a smart investment in your (or your child's) future.
- Auto financing: Consider paying for a car by looking into leasing options. However, car payments can be acceptable debt when you need an automobile for your daily life.
- Business loans: Investing in the future income of a potentially profitable business is a wise investment and is considered good debt.
The above types of debt have the potential to increase wealth or are used to purchase goods that have long-term use.
What is considered bad debt?
Unlike good debt, bad debt does not have the potential to increase your wealth through investment in a business, your home, or your education.
Some examples of bad debt include:
- Credit cards: Although many view credit cards as necessary, many times cards are used for expendable items that lose value quickly and luxuries like vacations. Also, if you do not pay off balances each month, you may end up paying more in interest than the item is worth.
- Store charge cards: These cards often have higher interest rates than good debt sources and the purchases (clothes, consumables, etc.) typically do not add to your long-term wealth.
- Payday loans: A questionable financing option, payday loans charge much higher interest rates. Based on a scenario given by the FTC and the example they provide, you could pay an annual percentage rate of 391% for these loans.
Effects of your credit rating
Good credit can open various doors for you. A strong credit score (typically 680 to 850) can help you:
- Be approved for mortgages, car loans and other lines of credit
- Get lower interest rates on credit cards and loans
- Remove barriers to renting a home or getting a job
Conversely, a bad credit score (usually under 580) can hurt you. Poor credit may cause you to:
- Be denied a loan or line of credit
- Pay higher interest rates, which potentially could cost you thousands of dollars
- Fail the background check required to rent an apartment or to get certain jobs
Understanding your credit scores
It is important for you to know your credit scores and how it can impact future financial decisions.
Having good debt may not always mean you have good credit.
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BASF has launched a blockchain pilot project in British Columbia to help increase the circularity of the plastics lifecycle.
Called reciChain, the project combines blockchain with a digital badge and loop count technology that enables the secured sharing of data among market participants, while improving the sorting, tracing and monitoring of plastics throughout the value chain.
The result is intended to be a more competitive circular supply chain rather than a linear one, extending the lifecycle of plastics. Additionally, due to the increased transparency reciChain brings, the platform can provide better assurance to brand owners of the validity of the certificates they purchase from recyclers and converters.
According to a report produced by Deloitte for Environment and Climate Change Canada, the country disposed of nearly 3.3 million tons of plastic waste in 2016. Of these plastics, less than 11 percent was recycled, meaning the rest was landfilled or lost into the environment. If the present trend continues, the report estimates that Canadians will dispose of $11.1 billion worth of plastic materials each year by 2030.
“There is a clear global challenge around the economics of recycling plastic,” said Marcelo Lu, president of BASF Canada.
“Much of the collection and sorting activities are challenged by manual processes and material contamination. Additionally, traceability is a concern as new commitments start to emerge from brand owners and retailers. With reciChain, our goal is to revitalize the value of plastics and significantly improve circularity in the supply chain.”
Initially piloted by BASF in Brazil, the inspiration for reciChain came from a need in that market to deal with social inequality issues as well as regulatory concerns around recycling certificates. Given its ability to tokenize the recycling value of plastics, the platform enables a fairer distribution of value added along the supply chain, even to cooperatives, which traditionally generate lower returns compared to other businesses.
As well, better visibility into material flow through the platform provides better compliance with recycling documentation. The project has secured participation of some major Brazilian players and will continue to be developed in parallel with the Canadian pilot.
“A successful implementation of reciChain will result in a collaborative digital consortium that will bring together plastic manufacturers, suppliers, government entities, retailers, waste collectors and recyclers aimed at keeping the life of plastic molecules circular,” said Anthony DiPrinzio, head of the BASF Blockchain Lab.
Deloitte is a strategic advisor on the pilot project in B.C.
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Consumer Price Index and How It Measures Inflation
Why You Should Pay Attention to the Core CPI
The Consumer Price Index (CPI) is a monthly measurement of U.S. prices for household goods and services. It reports inflation, or rising prices, and deflation, or falling prices. Both can seriously erode a healthy economy.
The Federal Reserve, the U.S. central bank, monitors price changes to make sure economic growth remains stable. If it detects too much inflation or deflation, it has many monetary policy tools it can use to intervene.
What Is the CPI?
The CPI is the U.S. government's measurement of price changes in a typical basket of goods and services bought by urban consumers.
- Alternate Name: CPI for All Urban Consumers (CPI-U).
- Acronym: CPI
How the CPI Is Calculated
Each month, the Bureau of Labor Statistics (BLS) surveys the prices of 80,000 consumer items to create the index. It collects this price information from thousands of retail and service companies. It chooses the types of businesses frequented by a sample of 14,500 families.
What's in the CPI Basket?
The basket represents the prices of a cross-section of goods and services commonly bought by urban households. They represent 93% of the U.S. population.
Here are the major categories in the basket and how much each contributes to the CPI.
|Energy (Incl. Gasoline)||5.8%|
|Commodities (Incl. Medication and Autos)||20.3%|
The CPI includes sales taxes. It excludes income taxes and the prices of investments such as stocks and bonds.
The CPI does not include sales price of homes.
Instead, it calculates the owner's equivalent of primary residence (OER). That's what the owners would have had to pay if they were renting the home.
The OER can often be misleading. Rental prices drop when there is a high vacancy rate. That occurs when interest rates are low and housing prices are rising. People are more likely to buy houses when the market is improving. Conversely, home prices fall when interest rates rise. As the housing market deteriorates, people move into apartments. That makes rents increase. As a result, the CPI gives a false low reading when home prices are high and rents are low. That's why it did not warn of asset inflation during the housing bubble of 2005.
How Is the Index Calculated?
The BLS computes the CPI by taking the average weighted cost of a basket of goods for this month and dividing it by the cost of the same basket for last month. It multiplies this percentage by 100 to get the number for the index.
Consumer Price Index =
Cost of Basket (This Month) / Cost of Basket (Last Month) X 100
The index shows how much the prices have changed since the base year of 1982. For example, in May 2020 the index was 256.394. That's how much prices have increased since 1982 when they were set at 100.
The BLS conveniently publishes the percentage change since last month or last year. In May 2020, the seasonally adjusted percentage change since April 2020 was -0.1%. That means prices dropped by that amount in a month.
Why the CPI Is Important
The CPI measures inflation, one of the greatest threats to a healthy economy. It eats away at your standard of living if your income doesn't keep pace with rising prices. Over time, it increases your cost of living.
If the inflation rate is too high, it hurts the economy. Since everything costs more, manufacturers produce less. Ultimately, they are forced to lay off workers.
How the CPI Affects the Fed
The Fed uses the CPI to determine whether economic policies need to be modified to prevent inflation. When it recognizes inflation, the Fed uses contractionary monetary policy to slow economic growth before inflation develops. It changes the fed funds rate. This makes loans more expensive. It tightens the money supply, which is the total amount of credit allowed into the market.
The Fed's actions reduce the liquidity in the financial system, making it becomes more expensive to get loans. It slows economic growth and demand, which puts downward pressure on prices. That returns the economy to a healthy growth rate of 2% to 3% a year.
How the CPI Affects Other Government Agencies
The Bureau of Economic Analysis uses the CPI to adjust prices in other economic indicators, such as gross domestic product.
The government uses the CPI to improve benefit levels for recipients of Social Security and other government programs.
How the CPI Affects Housing and Investments
Landlords use the CPI forecasts to determine future rent increases in contracts.
When the CPI jumps, it can depress bond prices. All fixed-income investments lose value during inflation. As a result, investors demand higher yields on these investments to make up for the loss in value.
That increases interest rates. That costs businesses more to borrow money to expand. The net effect is a decrease in earnings, which depresses the stock market.
The CPI measures two commodities that often swing wildly. They are food and energy, such as oil and gasoline. These products are traded constantly on the commodities market. Traders can bid prices up or down based on news, such as wars in oil-producing countries or droughts. As a result, the CPI often reflects these price swings.
Core CPI solves the problem of volatile food and energy prices by excluding them.
Core CPI is important because the Fed considers it when deciding whether or not to raise the fed funds rate. The core CPI is useful because food, oil, and gas prices are volatile, and the Fed's tools are slow-acting.
For example, inflation could be high if gas prices have risen. But the Fed won't react until those increases trickle through to the prices of other goods and services.
Many worry when the Fed uses expansionary monetary policy. They are concerned it could trigger inflation. But as long as the core CPI remains within the Fed's 2% target inflation rate, inflation is under control.
The current CPI does not indicate any threat from inflation.
Why not? First, low-cost Chinese imports and technology improvements have kept prices down for the last decade.
Second, the Great Recession depressed economic growth. That lowered demand and prevented businesses from raising prices. Instead, they cut costs, resulting in high unemployment. After the recession, the Fed gradually increased interest rates. That kept inflation at bay.
In 2020, the Fed lowered rates to combat the 2020 recession. The COVID pandemic kept people at home, decreased demand, and triggered a mild deflation.
The U.S. inflation rate by year shows that inflation used to be much worse. In 1946, it hit a record annual high of 18.1%. The economy had overheated due to World War II.
The second-highest record was in 1974. It hit 12.3% at the same time the economy contracted 0.5%. That anomaly is called stagflation.
Deflation occurred in 1932 when prices fell a record 10.3%. One reason was that Congress imposed the Smoot-Hawley Tariff two years earlier. It created a trade war that lowered prices and worsened the Great Depression.
The BLS publishes a handy inflation calculator. You can plug in the dollar value for any year from 1913 to the present, and it will tell you what it's worth for any year from 1913 to the present. It uses the average Consumer Price Index for that calendar year. For the current year, it uses the latest monthly index.
Bureau of Labor Statistics. "Consumer Price Index." Accessed July 3, 2020.
U.S. Bureau of Labor Statistics. "Consumer Price Index Frequently Asked Questions." Accessed July 3, 2020.
U.S. Bureau of Labor Statistics. "Table 1. Consumer Price Index for All Urban Consumers (CPI-U): U. S. City Average, by Expenditure Category." Accessed July 3, 2020.
U.S. Bureau of Labor Statistics. "How the CPI Measures Price Change of Owners' Equivalent Rent of Primary Residence (OER) and Rent of Primary Residence (Rent)." Accessed July 3, 2020.
Bureau of Labor Statistics. "Chapter 17. The Consumer Price Index (Updated 2-14-2018)," Page 18. Accessed July 3, 2020.
Bernard Baumol. "The Secrets of Economic Indicators, Third Edition," Page 305-316. Pearson Education, 2013. Accessed July 3, 2020.
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How LPG works
However, compared to petrol performance, drivers of bi-fuel cars may notice a small loss of power at full throttle when in gas fuel mode. Under most driving conditions, however, the difference is hardly discernable. Many car manufacturers now produce duel fuelled cars which can run from Petrol or Liquefied Petroleum Gas (LPG). Alternatively if a new car is too expensive or you just want to save money on your existing vehicle the most cost effective and popular method is to have a LPG conversion. See how it should be done - take a look at our latest LPG CONVERTION
Most petrol engines are suitable for an conversion to lpg which means that you can enjoy the cost and environmental benefits of driving an LPG vehicle immediately after conversion. The vast majority of Autogas vehicles are dual fuel meaning they can run on both LPG and petrol and as such have two independent fuel systems & tanks. Most petrol powered cars and light commercials can be converted to run on LPG. If you already have a petrol powered vehicle chances are you could convert you vehicle immediately and start to enjoy the financial and environmental benefits of LPG.
BENEFITS OF CONVERTING A PETROL POWERED ENGINE TO LPG :
Combustion of LPG is smoother as it has high octane content. No additive is required to guarantee high quality performance. LPG has an anti knocking power which is superior than gasoline. LPG’s high octane number permits the use of higher compression ratio which leads to significant enhancement in efficiency.
LPG run car will increase the engine oil drain period, extending the life of the spark plugs and in turn the drivability and less expenditure on oil cost.
Adulteration or spilling or theft is not possible.
LPG reaches the engine in pure form resulting in an improved air/fuel mixture and enables refined combustion.
There is hardly any discharge of CO (Carbon mono-oxide) as compared to petrol and diesel since the exhaust fumes contains less harmful substances. The CO emissions are around 80% less than petrol and 40% less than diesel. Hydrocarbon emissions are 60% less than petrol and 50% less than diesel. Nitrous oxide emissions are around 80% less than petrol and 90% less than diesel. Carbon dioxide which contributes to global warming is less in LPG.
The engine oil doesn’t dilute with a consequential reduction in servicing cost.
Existing fuel system is retained which can work as an option in turn increasing the vehicle range.
To understand this better certain facts are to be given due consideration.
Fixed Auto LPG Tanks are made as per BIS Standards and International standards to meet all safety requirements.
All the vehicles have a crumple zone. In the event of any accident for the tank to explode you really need first to cross the crumple zone which will take most of the impact from the accident and residual force is never capable of exploding the tank.
A tank can normally bust only in the event of a fire in the car where the surrounding temperature exceeds atleast 400-500 degree centigrade which again never happens in a car.
No, a car is designed to carry sufficient load. This is similar to carrying a passenger with luggage. Moreover, the LPG Tank of 60 litre capacity weighs not more than 23 kgs.
A smaller tank is fitted in small cars to facilitate easy removal of Stepney. Toro dial tanks (in the shape of a tyre) can also be installed which will help to add luggage.
The content gauge on the Multivalve and the indicator on the switch mounted on the dashboard shows the level of LPG inside the tank.
1 Litre of LPG will give approximately 0.9 to 1 time mileage as petrol. For e.g. if a car on petrol runs for 10 km/liter the same will run for 9-10 km with 1 liter of LPG considering the lower cost up to 50% cost savings could be expected.
No, it will not damage any part of the engine or fuel system. There is no lead in LPG.
Very low emissions, no smoke, no compromise on the pickup.
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Each Canadian province felt these decreases differently, with some gaining over 26,000 jobs over the course of the month and others still losing more than 2,000.
According to Audra Bowlus, the chair of the department of economics with Western University, decreasing unemployment across the country can often be traced to the stabilization of the Canadian dollar.
WATCH: Canada’s unemployment hits the lowest level since 2008
“The lower dollar now for a substantial period of time has meant that the industry has started investing again,” Bowlus explained.
Below is a provincial breakdown of the jobs created in Canada and industries that were most successful in 2017.
Ontario experienced a small decrease in unemployment by approximately 0.9 percentage points, to 5.5 per cent. However, Ontario saw an increase of employment rates by almost three per cent in 2017, which is more than double the province’s growth rate in each of the previous two years, with an additional 176,000 people employed by year end.
The primary industries that saw increases include wholesale and retail trade, manufacturing, professional, scientific and technical services, and transportation and warehousing.
Bowlus emphasizes that provinces that see a high volume of part-time jobs added in December should note that this is usually the case due to the holiday shopping season, and likely won’t be sustainable into the new year.
“December is always a period in which part-time employment rates go up. That gain is always there.”
From November to December 2017, full-time work decreased by approximately 13,000 jobs, and over 15,000 part-time jobs were added. Through the rest of 2017 however, the majority of jobs added were full-time.
In Quebec, increases in full-time work accounted for almost all the 86,700 jobs added in 2017 as the unemployment rate dipped 1.6 percentage points for the year. The province finished the year with an unemployment rate of 4.9 per cent, and added over 26,000 jobs in the month of December alone.
The trend follows a two-year downward pattern, the lowest since comparable data became available in January 1976. Bowlus suspects that the lower Canadian dollar is starting to contribute to this trend in Quebec.
“My understanding of what’s happening in both Quebec and Ontario is that the lower Canadian dollar is starting to see benefits for manufacturers.”
WATCH: Quebec has lowest unemployment rate ever seen
In 2017, British Columbia’s unemployment rate fell by 1.2 percentage points to 4.6 per cent, making it the lowest of all the provinces. The coastal province closed out the year having added over 83,000 new jobs, almost all of which were full-time positions.
The industries that saw the most growth include health care and social assistance, construction, finance, insurance, real estate and leasing. These correspond to the industries that saw increases nationally, which were led by finance, insurance, real estate, and rental and leasing.
While Alberta added over 26,000 jobs in the month of December, Manitoba and Saskatchewan saw modest increases of 700 jobs for the former and 5,000 jobs for the latter.
Following an employment slide in the resources sector between autumn 2015 and the summer 2016, Bowlus explains that recent unemployment numbers indicate that Alberta may be starting to recuperate. Industries in Alberta that saw the greatest increases are manufacturing, wholesale, retail trade, natural resources, finance, insurance, real estate, rental and leasing, transportation and warehousing.
“With the fall in the dollar and the fall in oil prices, they lost the highest number of jobs, against the trend of everybody else. My guess is they’re starting to rebound from that,” said Bowlus.
Saskatchewan on the other hand saw unemployment dip by just 0.2 percentage points during 2017 and added just 300 jobs by the end of the year. Bowlus suspects that following the Alberta resources decline in 2015, former workers in the industry migrated back east, bolstering the unemployment rate in those regions.
“Even if they have seen some employment gains that some of the other provinces have seen, they’re being affected by things happening in other parts of the country,” Bowlus said.
In New Brunswick and Newfoundland and Labrador, unemployment saw little change between 2016 and 2017. Unemployment fell by 1.5 percentage points to 7.8 per cent in New Brunswick, but that was largely due to less workers in the labour market.
Bowlus adds that small decreases in unemployment may actually represent more people being confident enough to actively look for work.
“When things start to improve and they start to see that jobs are available, they will actually come back into unemployment and start looking again,” Bowlus said. It’s important to note that unemployment rates are comprised of individuals who are actively looking for work but are still unemployed.
Nova Scotia on the other hand, added 6,300 jobs in 2017, all in full-time work, though the 8.0 per cent unemployment rate saw little change.
Employment increases in natural resources of over 15,000 followed heavy losses in previous years. Other areas that saw significant employment increases included manufacturing by 86,000, and construction by 51,000.
Furthermore, over 203,000 workers aged 55 and over joined the workforce in 2017 in almost equal parts men and women. Workers aged 65 and over had the greatest year-over-year rate of employment growth in December, rising by 7.8 per cent.
Bowles said that Canadians should also be prepared for some interest-rate policy to come from the Bank of Canada in response to these latest statistics.
“I would anticipate that we would start to see the Bank of Canada look quite seriously at these numbers.”
*No employment data was provided for the North West Territories, Nunavut or Yukon as part of this report.
© 2018 Global News, a division of Corus Entertainment Inc.
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Trump has been attacking wind turbines for quite a while. He has made the most bizarre claims about them, as he tried to prevent the construction of wind turbine parks (in…) in order to built golf courses instead. Jumping on the climate change hoax bandwagon, Trump recently claimed that the noise of wind turbines can cause cancer. He also said that electricity in houses will go off when there is no wind.
As climate change is yet again framed as fake news and many worry about the cost of climate policy, the tech scene might be the most hopeful place to save the planet. Tech hero’s can come up with great alternatives and solutions, while the rest of the world is fighting over the same arguments.
How? Let’s first have a look how the tech scene is tackling the biggest greenhouse-gas-emitting categories.
- Electricity. Consume Energy Smarter
Surely, you are quite attached to your coffee machine in the morning, your blowdryer and shaver. And who would be able to deal without lights in your building, your washing machine and phone? As the world is set on constantly increasing living standerds and this comes inevitably with higher electricity consumption.
Today, all over the world we spend most of our time in buildings. It constitutes 40% of our global energy demand. Luckily, start-up PHYSEE is out on a mission to make 100% of new buildings nearly zero-energy by 2021.
Founders Willem Kesterloo and Ferdinand Grapperhaus created an electricity generating glass skin, right out of Delft technical university. All laptops and coffee machines in office buildings should be running on solar power and the household appliances in the apartments of the future. A sensory system regulates and optimises the climate in buildings, to lower energy consumption.
- Transport. Optimising routes
Almost a third of the total European greenhouse gas emission come from the transport sector. MaaS Global wants to make public transportation so attractive, we wouldn’t want to spend our money on cars any longer. With their Whim app, already out in Finland, you can plan your route with public transport, car service or bike share. You conveniently pay all the way by the app, or you pick a plan. For just fifty euro’s a month and you have unlimited access to public transportation, and 30-minute shared bike rides.
A growing contributor to CO2 emissions is the shipping sector. The sector is already responsible for 2,5% of greenhouse gas emissions, but the emissions can increase anywhere between 50% and as much as 250% by 2050. Searoutes, the startup of Pierre Garreau has developed a model which calculates optimal shipping routes. With the app, ships will arrive quicker at their destination and the climate will be spared with less emissions. Go Searoutes!
- Agriculture. Changing how we handle food
Agriculture is the cause of about a quarter of all greenhouse gas emissions worldwide, half of which are carbon dioxide. For a big part this is caused by clearing forests for cattle, soy, palm oil and the likes, but emissions are also caused by production. Worst part of the story: half of all food around the world ends up in the garbage.
If rotten vegetables and half finished plates make you sad, Leanpath is the company to consult. They are on a mission to prevent food getting wasted. Since 2014, their food waste tracking technology helped commercial kitchens around the world prevent 25 million pounds of food from ending up in the trash.
- Towards the Garden of Eden. Just plant billions and billions of trees
The loss of forestation, primarily because of agriculture, contributes more to CO2 emissions than all cars and trucks on the road in the world. One the one hand, less trees means less filtering of CO2 out of the air and on the other hand, the cutdown trees release their stored CO2 into the air.
One of the most happy solutions to climate change: let’s restore the ecosystem. The startup BioCarbon Engineering is thinking bigger and bolder, the only way to tackle the challenge of deforestation, according to the company. They are on a mission to plant an amazing 500 billion trees by 2060, with the use of drones. Their drones analyse environments and disperses seeds across massive areas, adjusted to challenging areas.
The company values ‘expanding the art of the possible’. And this, might be exactly what the tech scene can do to make an impact. Or in the words of BioCarbon Engineering: “harness our own adventurous spirits to search for the solutions that will enable and inspire.”
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Your credit score is an important part of your financial profile. Understanding how credit scores work, why they’re important, and what you can do to improve yours is essential to your overall financial well-being.
A credit score is a number ranging from 300 to 900 that represents how likely you are to pay your bills on time, also known as your credit risk. This score is used by lenders to evaluate your request for credit (like when you want to buy a car or take out a mortgage) and determines if you qualify for a loan and at what interest rate.
How Credit Scores Work
In Canada, credit scores are officially calculated by two major credit bureaus: Equifax and TransUnion. Some factors used to calculate this score include your payment history, the amount of credit you’re using, and the length of your credit history.
The higher the number, the better your credit score which means you have demonstrated responsible credit behavior in the past and thus you are more likely to be approved by lenders. Here is a general breakdown of credit score ranges:
- Poor credit: 300-579
- Fair: 580-669
- Good: 670-739
- Very good: 740-799
- Excellent: 800-850
It is important to keep in mind there are many different scoring models and some take into account your income as well. But according to Equifax, here is a detailed breakdown of the main factors that are considered to calculate your score:
- 35% Payment history (do you make your payments on time?)
- 30% Used credit vs. available credit (how much of the total available credit is being used on your credit cards?)
- 15% Credit history (how long have your credit accounts have been in existence?)
- 10% Public Records (any prior history of bankruptcy or collection issues?)
- 10% Inquiries (are there any signs of financial distress that appear on your credit file?)
Why Are Credit Scores Important?
As we’ve discussed briefly so far, credit scores can have a huge impact on many big decisions in your life, like renting your apartment or deciding whether to change an interest rate or credit limit on your credit card.
In a nutshell, people with higher credit scores generally receive better credit terms, which means lower payments and less paid in interest over the duration of the account. In addition to having a better chance of being approved, a good credit score will also get you a better interest rate. The lower your interest rate = the less money you have to pay to interest.
Even if you have a great income, pay all your bills on time, have no debt BUT you’ve never had any credit history, you won’t have a credit score. And this means you won’t be able to take out a house loan.
How to Improve Your Credit Score
Your credit score is extremely important and so you should do everything you can to improve it. Luckily there are many techniques at your disposal:
- Always pay your bills on time. If you miss payments or are late on bills, your credit score will go down.
- Don’t take out a lot of lines of credit within a short period of time.
- If you don’t have any credit, get some now. The easiest way to do this is by opening up a credit card. The longer your credit history, the higher your credit score.
- Avoid high credit card balances and high balances on loans.
- Make sure your credit reports are accurate.
Also remember that your payment history doesn’t just include your credit card bill, it also includes things like your cellphone bill. So make sure to be on top of all your payments!
The bottom line, consistency is key. Heather Battison, vice president of TransUnion Canada explains that “the most important factor for building and maintaining your scores is to pay your bills on time and in full each month. This activity demonstrates your ability to responsibly manage credit and can positively impact your credit scores.”
Hopefully, this article answered most of your questions regarding the importance of your credit score and gave you some practical tips on how to improve it. Your credit score is ultimately one number that can both cost and saves you a lot of money, so be sure to review your credit report regularly and keep it healthy!
When was the last time you checked your credit score? You can check your credit scores directly from TransUnion and Equifax!
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Millions of informal workers across India may see their minimum wage entitlement more than double from Rs 176 per day at present to Rs 375 per day or Rs 9,750 per month, if the government accepts the norms proposed by a committee set up to determine how the national minimum wage should be calculated.
Currently, the formula for calculating the national minimum wage presumes that each wage earner supports three persons (“consumption units”), and that a “consumption unit” needs at least 2,700 calories per day (in addition to essential non-food items such as clothing, medicines and transport).
The new formula, arrived at by using new evidence on how and how much households consume, suggests increasing the number of “consumption units” per household to 3.6.
Given “a reduction in the proportion of workers engaged in heavy work and an increase in the number of workers in moderate and sedentary occupations”, the committee recommends reducing the per head (adult) minimum calorie requirement to 2,400 calories, but also that the monetary value for food consumption used in the formula must account for including 50 grams of protein and 30 grams of fat in an adult diet.
With the new formula – which also ascribes enhanced values to essential non-food items – the committee has arrived at a figure of Rs 375 per day, or Rs 9,750 per month, as the national minimum wage.
The Report of the Expert Committee on Determining the Methodology for Fixing the National Minimum Wage has been prepared by a committee chaired by Anoop Satpathy, a fellow at the VV Giri National Labour Institute, an autonomous institute under the labour ministry.
Estimation Of The Daily National Minimum Wage (In Rs)
Such a national minimum wage would apply across the country irrespective of sectors, skills, occupations and rural-urban locations, the report recommends, and would represent the basic minimum wage that enables healthy living and efficient performance at work.
More than 80% of Indian workers are employed in informal jobs, as per the International Labour Organisation’s 2018 report, Women and Men in the Informal Economy: A Statistical Picture. These workers are unable to negotiate decent wages and working conditions, and often have no social security benefits.
The increase in minimum wage recommended by the committee – to Rs 375 – looks like a lot compared to the Rs 176 at present, “but if you compare it to the central minimum wage, it is not an increase”, Sabina Dewan, president and executive director of research organisation JustJobs Network, told IndiaSpend.
The central minimum wage is what is paid to workers in central government organisations or those working on central government projects, for example, a building in Odisha for the IT department.
It starts from Rs 333 for agricultural unskilled workers and goes up to Rs 728 for highly skilled industrial workers.
“Such a minimum wage is in no way representative of the workers’ skill levels and the employer’s capacity to pay,” the report says, “It is just enough to meet the basic requirements of workers and their families and can be made statutory.”
Alternatively, the committee suggests, the country could be carved up into five different regions with diverse socio-economic and labour market situations. The national minimum wage for each region could be estimated using a nationally representative food basket (but at regional average unit price of each food item), the committee says.
The report discourages using regional food baskets in order to “dissociate the consumption pattern from the level of poverty and ability to pay in a region”.
The required expenditure for non-food items would, however, be estimated separately for each region.
As per the committee’s estimates, the minimum wage for various regions, thus calculated, would range between Rs 342 per day (or Rs 8,892 per month) and Rs 447 per day (Rs 11,622 per month).
Rent allowance extra
Recognising that house rent “accounts for a significant proportion of the overall non-food component”, the committee has recommended an additional house rent allowance, averaging up to Rs 55 per day or Rs 1,430 per month in cities, to be paid “over and above” the national minimum wage.
The rent allowance may vary by city and town, and the committee has recommended that a separate study look into it.
Wages by skill-level
At present, various state governments have opted to fix minimum wages for at least three or four categories of workers based on their skills level–unskilled, semiskilled, skilled and highly skilled.
The national minimum wage recommended by the present committee applies to workers across skill levels.
However, the committee says, to know whether minimum wages should vary by skill level would need a detailed analysis of the National Skill Qualification Framework, as well as a standard approach to define skill levels at the national and state levels.
It recommends that a separate committee be set up to study this in collaboration with stakeholders such as the skill development ministry as well as employers’ and workers’ organisations.
The panel has also recommended reviewing the minimum wage every six months based on the changes in retail price fluctuations, as some states do at present (and others do after a gap of five years).
“I think it is a good idea to revise the minimum wage based on inflation and other economic indicators that change regularly, but implementation will undoubtedly be difficult,” Dewan of JustJobs Network said. “For one, how do you ensure that enterprises of all sizes are apprised of the changes on a regular basis? What will the administrative cost of revising payroll be?”
The labour ministry, in its preface to the report, says the committee’s work aims to achieve “decent work and inclusive growth” for India’s workers, and acknowledges the need for India to address issues such as low pay, wage inequality and gender wage gap.
“The government is ever committed to improving the living conditions of informal economy workers who contribute significantly to India’s economic growth and progress,” the preface states, “A minimum guaranteed income for all workers would therefore go a long way towards bettering workers’ living standards and help India achieve many of its socio-economic goals, including the United Nations Sustainable Development Goals.”
The Code on Wages Bill introduced in Parliament in August 2017 aimed to achieve these objectives by making the national minimum wage legally binding by giving it statutory backing.
At present, although a national minimum wage floor has been in place since the 1990s – and has risen progressively to Rs 176 per day in 2017 – some 62 million workers are paid less than the indicative national minimum wage, as per the International Labour Organisation’s 2018 India Wage Report. The rate of low pay is higher for women than for men.
Making the national minimum wage legally binding would require fixing a single national minimum wage – or different national minimum wages for different states or geographical areas – which was the remit of the present committee.
However, the term of the 16th Lok Sabha having ended, the Code on Wages Bill has lapsed and would have to be reintroduced in Parliament after the next government comes to power. The committee’s report would also have be considered by the subsequent government.
A study by JustJobs Network that looked at wages across the globe suggests that successful wage regimes include a minimum wage that serves as a floor to ensure workers’ basic needs, Dewan said. “They must also provide compensation ladders, established through sound industrial relations and collective bargaining in which wage growth is aligned with productivity and prices,” she added.
This article first appeared on IndiaSpend, a data-driven and public-interest journalism non-profit.
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Credit Card Articles
What is a Grace period?
A grace period is a period during which a creditor will waive all or most penalties applicable if the loan benefactor is late but pays up during the period. A legal definition for a grace period is "the additional period of time a lender provides for a borrower to make payment on a debt without penalty." Grace periods are often used by insurance firms, utility companies, lenders and credit card companies.
How Grace Periods Work?
Funny enough, grace periods are always as simply as their definition. These periods are often applied in a variety of ways that could have misinformed consumers confused. Some credit card users are made to believe a grace period shelters them from incurring interest on previous purchases. Other card users and beneficiaries of credit and utility services think the grace period is actually when they are supposed to pay up. Though the first instance is correct with some credit cards, the second is almost never true.
Speaking in the context of credit cards, there are three ways a grace period could work.
Full grace period
Credit cards employing this methodology charge interest based on an average daily balance that "excludes" new purchases. This way, cardholders enjoy the benefits of a grace period whether or not they paid in full the previous month.
Typical grace period
A typical grace period charges interest based on an average daily balance that "includes" new purchases. Credit cards' using this method start charging interest on new purchases transactions immediately they are carried out except the previous month's bill was paid in full.
No grace period
A credit card with no grace period calculates the average daily balance including new purchases. Interest is charged immediately whether or not the previous month's bill was paid in full.
Asides credit card companies, other lenders may make use of either one of the three grace periods with a little modification. For example, a utility company charge late fee after the due date while service continues, but other service providers may cut off service until the bills are paid for in full or up to the required percentage.
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Credit Card FAQ
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- More at: Credit Card FAQ
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As with the stock market, climate change requires a diversified portfolio of solutions.
As with the stock market, climate change requires a diversified portfolio of solutions. California Gov. Gavin Newsom recently signed an executive order to develop a comprehensive strategy for making the state’s water system climate-resilient. The order calls for a broad portfolio of collaborative strategies to deal with outdated water infrastructure, unsafe drinking water, flood risks and depleted groundwater aquifers.
In a related study published earlier this year, Stanford researchers Newsha Ajami and Patricia (Gonzales) Whitby examined effective strategies to rising water scarcity concerns. Ajami is director of Urban Water Policy at Stanford’s Water in the West program and a hydrologist specializing in sustainable water resource management. Whitby is a recent Ph.D. graduate from Stanford’s civil and environmental engineering department and currently a water engineer at environmental consulting firm Brown and Caldwell. Below, they discuss their research and how a diversified water portfolio can meet the water needs of California into the future.
Read more at Stanford University
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Uganda has been largely cash based payment system economy with little or no electronic system of payment at all until 1997.The first evolution happened in 1997 with the introduction of the Automated Tellers Machine (ATM) by some of the commercial banks, which was followed by the introduction of the electronic clearing House in 2002 and the introduction of the Real time gross settlement payment system (RTGS) in 2005. As we speak today, other payments system innovations such as credit cards, mobile money and agency banking have also been introduced. The use of electronic payment systems has increased dramatically over the years, enabling more people to gain access to financial services beyond the traditional branch brick and mortar.
Despite the increased relevance of payment systems in day to day financial transactions, there is no comprehensive payments system law that supports the Payment Systems infrastructure in Uganda. However, there is a National Payment System Policy Framework which was approved by Cabinet on 22nd of December 2017. It is also imperative to note that the Principles of Financial Market Infrastructure emphasize the importance of a sound legal and regulatory framework for payment systems.
What is payment system?
Generally speaking, a payment system is a system used to effect a transaction through the transfer of monetary value. One of the unique characteristics of such a system is that it allows settlement of transactions between two or more parties.
Who is the regulator of Payment systems under the proposed law?
Under the National Payments Systems Bill 2018, the institution mandated to regulate payment systems in Uganda is the Central Bank which is also known as the Bank of Uganda. The Bank of Uganda will supervise payment systems service providers and all operators of payment systems and e-money issuers in Uganda.
Which payment system is eligible for licensing under the proposed Legal frame work?
A payment system is eligible to be licensed under the proposed legal framework if it satisfies the following objects:
Does the Bill anticipate Regulatory Sand Box frame work?
Yes. The proposed law anticipates a regulatory sandbox framework. The purpose of the sandbox is to govern the manner in which a person or institution obtains a limited access level to a payment’s system’s ecosystem for purposes of testing. A person who wishes to operate a sandbox will be required to make an application to the Central Bank specifying the location, whether physical or virtual, that is adequately accessible to the Central Bank from which experiments will be developed and where all required records and data will be maintained.
Does the Bill impose any threshold or limits on amount of transactions?
No. There are no proposed thresholds or limits imposed on transactional amounts by the Bill in its current form.
Are there proposed duties imposed on an electronic money issuer?
Yes. There is a duty imposed on an electronic money issuer to issue electronic money only after an equivalent amount of cash is deposited in the trust account or a special account opened with a regulated financial institution. The electronic money issuer will also be required to submit in electronic format customer information to the financial institution holding the trust account, indicating the names of the customer whose funds are held in the trust account; balances of the electronic money account and any other information as the Central Bank may prescribe.
Does the Bill anticipate financial collateral arrangements?
Yes. Financial Collateral arrangements are valid and enforceable against third parties.
Are there provisions on Consumer Protection?
Yes. The Bill contains provisions on consumer protection.
Is there retention of payment systems records in the Bill?
Yes. The proposed law provides for maintaining of all records relating to payment transactions and any other information obtained during the operation and managing of payments system.
What are your views on the proposed legal framework?
In the recent past, payment systems have not fallen under any regulatory purview. We think that the proposed law if drafted in a participatory manner taking into account consultations from the relevant stakeholders such as aggregators, mobile and e-money issuers would certainly provide a guiding frame work for business operations in this unique industry.
The proposed law also appears to us to provide for the extent of liability attributed to the parties involved in the e-money business. In the event of any transactional challenges the Bill sets out the nature of liability assumed by any of the participants and any incidental costs which have to be met in the form of indemnities.
We also think that the law if enacted in the current form will end the provision of aggregation services by entities with no physical presence in Uganda. On the other hand, we think that the Bill ought to have prescribed minimum qualifications and experience for all technical officers and managers employed by participants particularly, in the digital and financial services sector purposely to build capacity and promote stability in this space.
What are some of the current trends in payment and digital user platforms in Uganda?
There are currently developments in the e-money based merchant payment systems where customers are able to make payments to buy goods and services using an equivalent electronic value of cash. There are also merchant payment systems which are interlinked to customer bank accounts enabling payments made from electronic money accounts directly into merchant bank accounts either in real time or settlement periods ranging between one to two days (T+1 or T+2).
Generally, mobile money refers to the use of mobile money account(e-money) to perform financial and banking services. Mobile money transactions appear to be taking the center stage with many customers adopting the service compared to the number of transactions done via visa debit and credit cards. We have also noted in the recent past, integrations have been achieved between Mobile Network Operators and financial institutions, making it possible to withdraw money from ATMs machines through mobile money originated transactions and one-time PIN cord access.
Point of sale machines remain an important usage channel that enable swiping of cards either to facilitate payments between merchants or to make payments to merchants by holders of the cards to their merchandise owners. There has been also the introductions to card less withdraws on ATM Machines some commercial banks where holders need not to hold physical ATM Debit cards but can nonetheless transact on ATM Machines.
Lastly the emergency of agency banking has also enabled the adoption of branchless banking where services are extended to previously hard to reach areas. Although few commercial banks have fully embraced the idea of branchless banking, this could be one of the promising strategies for financial inclusion.
The Government of Uganda is also an active player in this space. By way of illustration, the Central Bank is effecting payments to civil servants, contractors and suppliers by electronic means using Electronic Funds Transfer. The Bank of Uganda with other key stakeholders has made significant progress in fostering the development of the interbank clearing and settlement infrastructure for both large value and retail payments over the years.
These improvements include the Uganda National Interbank Settlement (UNIS) system which is a Real Time Gross Settlement System (RTGS) operated by the Central Bank; the East African Payment System (EAPS) for cross border payments within the EAC; the Central Securities Depository (CSD) for government debt; the Electronic Clearing System (ECS) for processing low-value cheques and electronic direct debits and credit transfers; the payment switch which processes card payments; and the Regional Payment and Settlement System (REPSS) for processing cross border payments within the Common Market of the East and Southern African (COMESA) countries. Overall, these initiatives have helped to mitigate risk and enhance efficiency in the electronic payment and settlement systems. The development in the infrastructure has facilitated a steady migration from paper-based instruments to electronic means of payments.
Authors: Arnold Lule Sekiwano and Ronald Williams Lwanga
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Why Retailers Need the TPP
In recent months, the acronym “TPP” has made international headlines, and has been a somewhat unexpected cause of dissension and acrimony among governments and citizens.
The Trans-Pacific Partnership, more commonly known as TPP, is a trade agreement that aims to deepen economic ties among 12 countries along the Pacific Rim by reducing tariffs and stimulating trade to create growth. In a nutshell: If passed, the agreement will create the foundation for a single world market.
TPP supporters believe the agreement will boost the economy and open doors for improved goods, while those opposed argue that jobs will be lost and the economy will suffer. As with previous trade agreements, the crux of the debate is around jobs and border control. The retail industry is at the center of TPP and has the most to gain—or lose—with the fate of the bill.
Retail’s race to the bottom must end
Over the past several years, the retail industry has experienced a race to the bottom in terms of price and quality. Retailers have sacrificed quality in order to pay a lower price for raw materials and associated manufacturing costs, which has led to decreased sales. This trend was starkly illustrated in a post-2015-holiday season Bloomberg report, which revealed that retail sales only posted annual gains of 2.1 percent over 2014, the worst performance since 2009. Given this trend line, it is clear retailers have won—or more appropriately, lost—the race to the bottom, allowing big box stores to gain a competitive edge over more traditional retail stores.
The first step in rectifying this quality problem is identifying what led to it in the first place, and taking the proper measures to adopt different actions. In terms of TPP, there are a few reasons why retailers need to stand behind the passage of the agreement including:
- Increasing product quality. The passage of TPP allows for greater opportunity to lower pricing while also ensuring that a quality product is delivered to the end consumer. TPP also enables retailers and manufacturers to focus on using quality materials to create a product, without having to worry about paying hundreds of different tariffs instituted by international governments. Decreased tariffs means retailers can revert back to selling goods at a competitive price; the key will be differentiating them on the market.
- Expanding markets. With the absence of harsh tariffs, open free trade allows retailers to expand into different markets and openly source materials. Retailers and manufacturers will be able to grow their businesses and seek international suppliers, not just nearshore options. Suppliers will also benefit from TPP and gain more exposure and materials penetration in various international markets. International supply chains will follow suit and become truly diverse, answering the needs of manufacturers.
- Creating jobs. To support international expansion, retailers and suppliers need to create more jobs and put a focus on infrastructure. We currently do not have the infrastructure in the United States to handle some of the manufacturing that happens in Asia, which is putting us at a disadvantage. In order to compete on an international stage, retailers must have the equipment and people in place to support rapid growth.
Retail is evolving on a daily basis with many companies seeking to leverage new technology and expand into new markets. While there are those that oppose the passage of TPP, retailers need to come together in support of the trade agreement that will ultimately improve the industry for all.
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Not to be confused with the Midas touch, the gold standard is a basis for gauging the value of currency, and it played a critical role in the establishment of the U.S. dollar. The nation steadily veered further and further from a true gold standard, and today the U.S. dollar is truly fiat in nature — not backed by any intrinsically valuable commodity.
Yet we still see misconceptions about the state of the gold standard. For instance, 29% of respondents in our recent study How Well Do Americans Know Money? 2019 believe that the U.S. dollar is still backed by gold. The public deserves some conclusive answers about the state of the gold standard, how it came to be, why it was valuable, and why we ultimately did away with it. Lucky for you, we have those answers right here.
What is the gold standard?
The gold standard is a measure of value for a nation’s currency that is based upon the amount of gold that nation holds in its reserves. The idea becomes more tangible when presented as an example: if Tim or Jane holds fifty paper dollars from any nation, they should be able to swap those dollars out for a certain amount of gold based on a defined exchange rate. That’s the idea, at least.
The amount of gold that one would receive in exchange for their dollar is often referred to as the “par value”. Whether you were to be exchanging a franc, pound, euro, or dollar for gold, the par value would determine how much gold you’d receive in return.
So, the concept of a gold standard isn’t too complicated, at least on the surface level. What is less clear is how the gold standard came to be, and how most of the world eventually broke from the gold standard as a tangible measure of value.
What is the history of the gold standard?
Greek historian Herodotus wrote of what we believe to be the earliest use of gold as currency. He pointed to the use of gold coins by the Lydians, who resided in the region that is modern-day Turkey, during the fifth century. These coins arguably represent the earliest use of a gold standard, albeit one that was more directly tied to gold (the currency itself was at least partially comprised of gold) than the gold standard Americans and others would come to know centuries later.
We can trace the roots of the American gold standard to the discovery of gold in California in January 1848. This discovery precipitated the Gold Rush, and America’s newfound abundance of the valuable precious metal would lead President McKinley to sign the Gold Standard Act in March of 1900.
The Gold Standard Act set the price of gold at $20.67 per ounce, and the value of each dollar at 25.8 grains of gold. This put an end to long-held debates over whether gold or silver was preferable as a store of value — fans of silver would simply have to deal with this new reality. It would turn out that they wouldn’t have to deal with it forever, though.
As worsening economic conditions leading up to the Great Depression caused the stock market crash of 1929 and banks to increasingly fail, Americans began to hoard gold. One economic tool for stimulating the economy — increasing the money supply — became impossible, as the amount of money was directly tied to the amount of gold in government reserves, and citizens were wary of selling their gold to the government or anybody else.
Credit: Bettmann Archive/Getty Images
This led the administration of Franklin D. Roosevelt to follow England’s lead, signing the Gold Reserve Act in 1934. This made it illegal for American citizens to own most forms of gold, in doing so requiring them to turn their gold coins over to the Treasury at a set price of $20.67 per ounce.
This seemingly helped stimulate the economy, but many have argued its long-term effects remain primarily detrimental. The final nail in the American gold standard’s coffin came in 1971, when President Richard Nixon ended the ability to exchange dollars for a fixed amount of gold, and in doing so upended the fixed nature of international currency. Prior to 1971, the Bretton Woods System tied most international currencies to the dollar, which was tied directly to gold.
This was no longer the case post-1971, and while the cessation of the gold standard initially halted inflation and a run on gold, it would have far-reaching effects, many of them negative.
What are the advantages of the gold standard?
World War I served as an early and a prime example of the value of tying paper currency’s value to something of tangible value, in this case gold. In the face of massive wartime costs, several European nations abandoned the gold standard, allowing those nations to print as much money as necessary to pay the high cost of war.
However, this ultimately led to massive hyperinflation, as the value of paper money lessened as it saturated the marketplace and consumers (and the government) lost confidence in the real value and purchasing power of paper money. The reality of hyperinflation is common when any nation moves away from a real basis of value, such as gold, as an anchor for its paper currency.
Herein lies the value of the gold standard: paper money is worth a defined amount, and that paper money can be exchanged at any time for the item of real value that backs the paper currency, in this case gold. This tends to stabilize the real value of money as well as consumers’ confidence in the value of that money.
As we’ve seen, abandoning the gold standard can cause a funny money effect that can ultimately causes worldwide inflation and degrade the sense of true, definable value that paper money is supposed to have.
What are the disadvantages of the gold standard?
History illustrates that the primary disadvantage of the gold standard is the inability of a government to manipulate the money supply in tough economic times. When signs of trouble arise, the public tends to exchange their paper money for gold, preferring the item with inherent value versus paper money, which is only theoretically linked to the item of inherent value.
This understandable human inclination to hoard gold only exacerbates a contracting economy, and the government’s inability to purchase gold from the people in exchange for paper money only lessens the perceived value of that paper money. Put yourself in the government’s shoes: how could you allow the people to hoard all of the gold, and thus the element that imparts value on a nation’s paper money?
The answer: you can’t allow this, and therefore we get The Gold Standard Act of 1933 and Nixon’s outlawing of paper money’s exchangeability for gold in 1971. With these acts, America and the world kissed the gold standard goodbye, with little likelihood of a future return.
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If you are seeking funding for your business by way of investment, it is likely that you will need to include an estimate of the return on investment an investor can expect to make from their investment in your business plan. Investors use the return on investment calculation to compare several different investments in deciding whether to invest or not.
How to Calculate Return on Investment
Different investors will use different methods to calculate return on investment, various techniques exist, the main ones of which are described below.
When presenting your plan and financial projections for funding, you should decide which method suits the particular application and include the calculated amount in your documents.
Return on Investment – ROI
The return on the investment measures the overall profit on an investment expressed as a percentage of the amount invested. It takes no account of the time value of money, and represents the return over the lifetime of the investment.
The return on investment formula is
As an example, if an investor invests 100,000 in your business and after 5 years receives 400,000, then the ROI is given by.
ROI = Profit / Investment ROI = (400,000-100,000) / 100,000 = 300%
Annual Return on Investment – AROI
The AROI seeks to give an average annual return based on the total return on investment.
Using the figures form the previous example, the AROI calculation is then given as follows:
AROI = ROI / Term AROI = 300% / 5 = 60%
Implicit in the calculation of this AROI is the assumption that the business goes on forever with annual returns of 60,000.
The multiple, tells and investor how many times their original investment has been returned. The multiple is given by the formula:
In the example above, the amount returned was 400,000 and the amount invested was 100,000, the multiple is calculated as follows:
Multiple = Total amount returned by the investment / Investment Multiple = 400,000 / 100,000 = 4
Again, the multiple takes no account of the time value of money.
Compound Annual Growth Rate – CAGR
The compound annual growth rate seeks to take account of the time value of money. The calculation uses discounted cash flow techniques, and seeks to find the steady annual growth rate which the investment cash flows are equivalent to.
Mathematically, the compound annual growth rate is the same as the internal rate of return (IRR) of the cash flows from the investment.
In the above example, the investment was 100,000 and the investor received 400,000 after 5 years. In this simple example the internal rate of return or compound annual growth rate is given as follows:
Compound annual growth rate = (Amount returned / Amount invested)(1 / Term) - 1 Compound annual growth rate = (400,000 / 100,000)(1 / 5) - 1 = 31.95%
This can be seen in the table below
So when an investor receives 400,000 after 5 years from an initial investment of 100,000, it is equivalent to them receiving a compound annual growth rate of 31.95%.
Our compound annual growth rate calculator can be used to work out the discounted cash flow calculation for you.
Typical Rates of Return on Investment
Depending on the stage your business is at, the return required by investors will vary. Generally the earlier stage the business, the more risky it will be perceived and the greater the return required.
Typically investors will look for the best return on investment with a minimum of 30 – 40% compound annual growth rate. The table below sets out example compound annual growth rates with corresponding ROI, AROI and multiples for a 5 year term.
Whichever method is chosen, the return the investor is expected to make by investing in your business, should be clearly identified in you business plan summary or financial projections.
About the Author
Chartered accountant Michael Brown is the founder and CEO of Plan Projections. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.
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The cost of pouring greenhouse gas emissions into the atmosphere is going up.
These costs are set by carbon traders operating under New Zealand's Emissions Trading Scheme (ETS).
The latest figures show they have reached their highest level in four years.
Under the ETS, businesses such as petrol companies that emit carbon dioxide (CO2) must pay money to businesses such as forestry companies that absorb carbon dioxide.
This works when forestry companies sell a so-called carbon credit on a carbon exchange and the fuel companies buy it.
These credits were once worth over $20 a tonne of CO2 but fell to $10 a tonne in February 2012, before dropping as low as $1.55.
Critics called this a paltry sum that did little to incentivise companies to clean up their act.
Carbon credits, however, are now back to the brink of $10.
One carbon trader, Lizzie Chambers, said this was a positive development.
"There's no question that the market is becoming more robust," she said.
"Emitters are not allowed any more to use cheap international units... The only units they are allowed to use are of New Zealand origin, and that is causing the market to deliver prices that might actually point towards lower carbon solutions."
Ms Chambers attributed the rise to last December's agreement in Paris for the whole world to reduce greenhouse gas emissions.
She said emitters thought New Zealand would have to lift its game in order to comply with Paris, and so it was wise to start taking measures now.
The rise in the carbon price was welcomed by the Forest Owners Association, whose members must plant trees if New Zealand's emissions are to be offset.
The association's chief executive, David Rhodes, said tree planting was not worthwhile when the carbon price was low.
He said a $10 price was a step in the right direction but more was needed.
"We did have a price of $20 a tonne at one stage and we were getting a substantial level of new planting at that level," he said.
"Some new planters come in earlier than that but many will be looking for something at about that level before they will commit to new planting purely on the basis of the price of carbon."
Higher prices forecast
Forecasts indicate these growers could get their way in the coming years.
A document issued by the Ministry for the Environment quoted estimates of $35 to $57 a tonne by 2030, though it pointed out this still fell short of what scientists said was needed.
The same document also noted that a special subsidy to greenhouse gas emitters, known as the two for one scheme, could be abolished, which would make them pay more cash for each tonne of emissions than they do now.
Both Ms Chambers and Mr Rhodes said this possibility was helping raise the price of carbon credits.
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Most new Projects or new Companies Start with ...
A “feasibility study” can be defined as a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes and assessing the range of costs / benefits associated with a project.
It is conducted during the delibera6on phase of the business development cycle prior to commencement of a formal Business Plan. It is an analytical tool that includes recommendations and limitations, which are utilized in the decision making process.
The “Business Feasibility Study, BFS” is mainly used to support the decision making process based on a cost-benefit analysis of the actual business of project viability.
It is estimated that few ideas are actually commercially viable.
Then a BFS is an effective way to safeguard against wastage of further investment or resources.
If a project is then feasible, the next step should be moving to a Business Plan.
Some of the Factors Our Analysis Address
Market Size and Customer Potential
Distribution Structure Options
Business Plan and Strategy Consultancy
Once Feasibility Study is OK, then Business Plan ...
A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it. If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one.
Business plans are inherently strategic.
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‘Papa! what’s money?’
The abrupt question had such immediate reference to the subject of Mr Dombey’s thoughts, that Mr Dombey was quite disconcerted.
‘What is money, Paul?’ he answered. ‘Money?’
‘Yes,’ said the child, laying his hands upon the elbows of his little chair, and turning the old face up towards Mr Dombey’s; ‘what is money?’
Mr Dombey was in a difficulty. He would have liked to give him some explanation involving the terms circulating-medium, currency, depreciation of currency, paper, bullion, rates of exchange, value of precious metals in the market, and so forth; but looking down at the little chair, and seeing what a long way down it was, he answered: ‘Gold, and silver, and copper, Guineas, shillings, half-pence. You know what they are?’
‘Oh yes, I know what they are,’ said Paul. ‘I don’t mean that Papa. I mean what’s money after all?’
From Dombey and Son by Charles Dickens.
Money is hard to define because it serves two separate functions. It is both a store of value and a measurement of value. It’s a bit like asking ‘what is a litre?’ You can buy milk by the litre and you can store a litre of milk in the fridge, and the meaning of ‘litre’ is different in each case.
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Teaching behaviors to help children be better financial stewards.
When my wife and I married, a good friend gave us a book titled Smart Couples Finish Rich. It was the sort of book that would catch one’s attention in the financial section of a bookstore. After all, who doesn’t want to finish rich? This wasn’t the first time I’d ever thought about financial management, surely. In Scouting, I had to earn a merit badge that required setting up a personal budget. My mother had taught me how to balance a checkbook. The real question arose, however — how much did I know about financial management?
We are familiar with many of the basics of what one should teach their children — tying their shoes, not talking to strangers, calling 911 in an emergency, and a host of other obvious life skills. Do we ever really think about what to teach children when it comes to money? Quite often, our strategy is to teach our kids using allowances and encourage them to save up for what they want. What do we really teach, though?
Selena Swartzfager of the Mississippi Council on Economic Education (MCEE) is quick to point out that “Financial management education isn’t just about knowledge, it’s also about behavior.” Her words ring true. It is easy enough to sit down and do the math to balance a checkbook or to set up a budget. The reality, however, is that once we have done that, we have to have the discipline to follow through. When we see, for example, that our budget for a given month only allows $60 for entertainment, we can’t expect that we will be going to the movies and getting drinks and popcorn every week of that month.
The unfortunate reality is that Mississippi comes in lowest on the vast majority of positive economic indicators and highest on the vast majority of negative ones. It is easy to look at these and want to give up. But there is hope. We can improve our own accountable living and financial management and ensure that future generations do the same.
Educating Our Children
MCEE is working with schools across the state in order to bring financial management education to students. Currently, programs are in place that make financial education part of the high school curriculum. Financial programs are also being adopted by middle schools. These programs help fill in a common gap in a child or teenager’s financial education.
School-based programs are not enough on their own. They must be combined with lessons and best practices at home. According to Swartzfager, a combined front makes all the difference.
Here are some practical steps to get started:
- First, Embrace an Economic Way of Thinking
- Second, Understand Income
- Third, Develop Checking Account Skills
- Fourth, Demonstrate Budgeting
- Fifth, Learn to Save
Kids must embrace what Swartzfager refers to as “the economic way of thinking.” Everything we do comes at a cost, which must be weighed against other factors. These costs are not only monetary. They affect what we can do in the future. If I spend $10 on lunch today, that is $10 subtracted from the amount available for other expenditures.
To manage one’s finances, one must have finances to manage. Kids need to develop income streams. For children, those income streams are often in the form of allowances, neighborhood chores (such as babysitting or cutting grass), and financial gifts on special occasions. Regardless of where the income originates, this is an opportunity to teach your children how to responsibly allocate income to spend, to invest, and to save.
It is also worth noting that part of financial responsibility is learning that you are not compensated for everything you do. While allowances are typically set by parents with age in mind, there are some chores that are simply being part of a family and a community.
From the time a child is able to perform basic addition and subtraction, it becomes possible to teach them about balancing a checkbook. It doesn’t take an actual checking account or a checkbook register. If the child receives an allowance or money from other sources, have them record this in a small notebook. Also, have them record the money they spend. With addition and subtraction, they are able to keep up with their balances and occasionally check them by counting their actual money and comparing the amounts. While you are teaching them this, let them see you balancing your accounts.
As a child gets older, it becomes possible to teach them about budgeting. While it is not necessary to share with them the entirety of household finances, it is important that they see the budgeting process. Do not merely show the mathematics of it, but explain how decisions are made. Encourage your children to take their income and budget it according to categories that are important and necessary to them — spending, savings, tithing, etc. There are a number of budgeting models available to use. One of the most popular is the envelope system espoused by experts such as Dave Ramsey.
One of the greatest financial problems in modern American society is the tendency not to save. Once a child is old enough, teach them to set aside a portion of any money they receive for savings. This amount can be kept separately from the rest of their money. It too should be tracked in the notebook register and compared once a month between register and the physical money kept.
It is important to model the behavior for your child. Quite often, children respond better to modelling than to instruction. Observation leads to questions. Responding to childhood curiosity with age-appropriate answers is a great teaching tool in their journey to understanding financial management principles.
Understanding why we buy is fundamental to embodying an economic way of thinking. We buy based on emotional decisions. We “want.”
While many of our purchases go toward basic needs, the ways in which we fill those needs are generally based on emotion. As an example, clothing is a basic need. The clothing we choose to buy, however, is based on emotional influences such as wanting to fit in with peers or developing a style that makes us feel good. Once we have made an emotional purchase, we find ways to justify that decision with practical features and benefits, such as “this goes with other items in my closet,” “my other needed replacing,” or “I really needed something this color.”
Understanding emotional buying and justification allows us to begin separating and balancing purchasing needs and emotional wants. We can certainly make purchases for emotional reasons, but it is important that they are recognized for what they are: “want” purchases.
In addition to understanding emotional purchasing, and essential to any lessons in financial management, is the importance of an understanding of debt.
Easy access to credit proves tempting to practically everyone, even those without jobs. Often times, when a young person is first able to get a credit card in college, they jump at the chance, and this can be the beginning of long-term, high-interest debt.
Debt represents an increased cost for whatever it is we are buying. The money spent on interest does not add any value to the purchase; it just increases the price tag.
Across the board, debt is an increasing problem in our country; however, it is becoming extremely prevalent with students. Due to rising tuition costs and the core importance of a college education for most people entering the workforce, college students are graduating with significant financial burdens from college loans. College loans combined with credit card debt can be crippling for an out-of-work new graduate seeking an entry-level job.
It is one thing to understand the knowledge of how debt works. It is another to experience it. As parents, we need to teach our children to avoid having debt to manage, where possible, and help them understand the ways in which debt cripples income, limits economic freedom in the moment, and increases the cost without increasing value.
As parents, we all want to empower our children and provide for them as best we can. Early financial management education can give a young person the tools to approach financial management with confidence and knowledge that will open doors and opportunities for the rest of their lives. As parents, mentors, and teachers, we may all learn something ourselves.
Justin Griffing is a former parish treasurer at Dormition of the Mother of God Greek Orthodox Church in Burlington, VT, and has recently returned to Mississippi.
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Compare the following two sentences:
Number 1 – the actual text of §163(a) – suffers from the same awkward and convoluted wording of many tax code sentences. The second sentence employs a clear, “subject, verb, predicate” structure that a reader can quickly grasp. While the second sentence is editorially preferable, we’re stuck with the first sentence.
The statute’s first four words follow a pattern similar to §162 – a dummy subject followed by a verb phrase where “shall” is substituted for “will,” to indicate future tense. The verb “allow” means, “to let someone … do something.” The complete impact of the first four words is that the government is granting taxpayers permission to do something. Ideally, the next five words would clearly tell the taxpayer what that is.
Instead, the next five words (“as a deduction all interest”) are awkward. The drafters want to say, “all interest is allowed as a deduction.” Unfortunately, the prepositional phrase which tells is in what capacity we can treat interest comes before the noun, creating an awkward phrasing that requires several readings to fully understand. “As a deduction” tells how we can treat “all interest.”
The statute allows the taxpayer to deduct two types of interest: paid and accrued. Pay means, “to give (money) in exchange for goods or services.” Its past tense is “paid.” This verb invokes the cash method of accounting, which allows a taxpayer to deduct an item, “for the taxable year in which actually made.” Accrued is the past tense of accrue; it is an accounting term of art, which the Treasury Regulations define as,
Generally, under an accrual method, income is to be included for the taxable year when all the events have occurred that fix the right to receive the income and the amount of the income can be determined with reasonable accuracy.
The payment (whether paid of accrued) must occur “within the taxable year.” "Within" is a preposition which means, “Inside the range of.” The code defines a “taxable year,” as “… the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A.”
The preposition “on” has numerous meanings. It’s use in the phrase “on indebtedness” connotes, “used to indicates a source or basis.” There are several ways to defines indebtedness. I like the definition contained in UCC §3-104(a): “an unconditional promise or order to pay fixed amount of money, with or without interest or other charges described in the promise or order.” While this is the definition of a check, it has the same elements as a debt and is a well-written sentence.
Concise Oxford English Dictionary, © 2004, p. 36
Merriam-Webster Online Dictionary (https://www.merriam-webster.com/dictionary/as), last visited on February 13 (as means, “in the capacity, character, condition, or role of.”)
The American Heritage Dictionary, Second College Edition © 1985, p. 911
Treas. Reg. 1.446-1(c)(ii)
Id; see also 1.446-2 Method of Accounting for Interest
Oxford at 1657
26 U.S.C. §7701(a)(23)
American Heritage at 867
In my last post on business deductions, I argued that the statutory language of §162 allows taxpayers to deduct a wide range of business expenditures. The Treasury Regulations support that analysis, largely due to a verb and preposition contained in the opening paragraph of the accompanying regulations.
“Include,” is a transitive verb that means, “to … comprise as a part of a whole or group.” The verb’s object is a member of a larger category of items. For example, “The complete list of Hall of Fame Baseball players incudes Joe DiMaggio.” The verb’s object (Joe DiMaggio) is a member of a larger group (all the members of the Baseball Hall of Fame). The opening paragraph of the §162 Treasury Regulations states, “Business expenses deductible from gross income include the ordinary and necessary expenditures directly connected with or pertaining to the taxpayer's trade or business…” This sentence is clear: the large number of deductions allowed thanks to the adjectives, “ordinary” and “necessary” are part of an even larger group of allowed expenses.
The preposition “among” means, “Being a member of members of a larger set.” The preposition’s object (which is usually the word, clause of phrase immediately after the preposition) is part of larger group. The opening paragraph of the accompanying regulations contain the following sentence:
Among the items included in business expenses are management expenses, commissions), … labor, supplies, incidental repairs, operating expenses of automobiles used in the trade or business, traveling expenses while away from home solely in the pursuit of a trade or business (see § 1.162-2), advertising and other selling expenses, together with insurance premiums against fire, storm, theft, accident, or other similar losses in the case of a business, and rental for the use of business property.
This is a fairly broad list of potential deductions, covering most of the major expenses taken by a business. The preposition “among” means that this list is non-exhaustive – it is part of a larger number of potential deductions.
Finally, the Treasury Regulations contain 35 specific entries that explain a number of specific deductions. This is the final piece of evidence supporting the contention that the tax laws grant the taxpayer broad discretion to deduction expenses incurred in the production of income.
Merriam-Webster online dictionary, https://www.merriam-webster.com/dictionary/include, last visited on February 11, 2019.
Treas. Reg. 1.162-1(a)
The Concise Oxford English Dictionary, © 2004, p. 43
§162 grants taxpayers the right to deduct ordinary and necessary business expenses. 162’s text, however, requires us to open a few reference books to completely understand its statutory intent. Here’s the section’s opening sentence:
The word “there” has several grammatical functions; here, it’s used as a pronoun to, “introduce a clause or a sentence.” A more precise definition is to describe it as a, “dummy subject” used to, “assert existence” or “introduce a topic.” The sentence contains the verbal phrase, “shall be allowed.” Shall is a used as a substitute for “will,” a common scheme used in legal writing. “Will” is an auxiliary verb signifying the future tense while “allow” means, “To let do or happen.” This phrase grants the taxpayer permission to deduct “ordinary and necessary expenses.”
An “ordinary” expense is “common,” “normal, or usual,” while a “necessary” expense is, “required to be done” or “needed.”The former implies temporal regularity while the latter connotes an unavoidable disbursement. The combined effect of these two adjectives is to grant the taxpayer broad authority regarding deductions.There are few standard or extraordinary expenses a skillful lawyer couldn’t argue weren’t described by either adjective – an interpretation supported by the Treasury Regulations:
Business expenses deductible from gross income include the ordinary and necessary expenditures directly connected with or pertaining to the taxpayer's trade or business, except items which are used as the basis for a deduction or a credit under provisions of law other than section 162. The cost of goods purchased for resale, with proper adjustment for opening and closing inventories, is deducted from gross sales in computing gross income. See paragraph (a) of § 1.161-3. Among the items included in business expenses are management expenses, commissions (but see section 263 and the regulations thereunder), labor, supplies, incidental repairs, operating expenses of automobiles used in the trade or business, traveling expenses while away from home solely in the pursuit of a trade or business (see § 1.162-2), advertising and other selling expenses, together with insurance premiums against fire, storm, theft, accident, or other similar losses in the case of a business, and rental for the use of business property.
American Heritage Dictionary, 2nd College Edition, p. 1261, © 1985
The Merriam Webster Dictionary of English Usage, p. 899, © 1989
The Chicago Manual of Style, 16th Edition, p. 237, © 2010
American Heritage at 96.
American Heritage, p. 875
Concise Oxford English Dictionary 11th Edition, p. 1007, © 2004
Oxford at 956
American Heritage at 834
Treas. Reg. 1.162-1(a)
Link From Our Previous Blog
The Law Office of Hale Stewart
734A E. 29th Street
Houston, Texas 77009
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John Law – 300 Years On
The comments below are an edited and abridged synopsis of an article by Alasdair Macleod
Most people are aware of speculative bubbles—the South Sea bubble, tulips and, more recently, dot-coms.
The most infamous has to be the Mississippi bubble, whose central figure was John Law. Law set up an inflation scheme in 1716 to rescue France’s finances. He proposed a scheme that would be based on a new paper currency.
Law had studied finance and the principles of trade. He was a successful gambler, because of his ability to calculate odds. Similarities with Keynes 200 years later are striking. Both Law and Keynes felt that sound money was too restrictive for the enhancement of an economy.
Much of what Law enacted in France rhymes with our neo-Keynesian world today. The difference is that when given the opportunity, Law seized it. Keynes never directly drove his schemes. Even though he wrote that gold was a barbaric relic, gold convertibility for the reserve currency was only abandoned long after his death.
This article looks at John Law’s actions in the years following Louis XIV’s death in 1715, and how he brought a brief period of prosperity to France with a mixture of monetary and asset price inflation. Macleod examines the monetary history of this period in France to see what lessons we can draw from it, given the similarity between Law’s monetary policies and those of governments today.
Up for discussion: The establishment of Banque Generale; the Mississippi connection; peak hubris; and the lesson for today.
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A UNIQUE REWILDING OPPORTUNITY
CANA Foundation has developed an innovative rewilding solution to address the controversial “overpopulation” of America’s wild horses.
This proposed project’s goal is to establish a long-term viable, ecologically well-adapted, and naturally self-stabilizing population of wild horses in tribal lands. If successful, this program can be replicated on other Native American lands, saving the wild horses, as well as taxpayers’ money.Livelihood benefits would accrue to tribal members and others involved that could include ecotourism, wild horse behavior and ecological studies, biodiversity studies, film making opportunities, photo and camping safaris, among many others.CANA professional ecologists believe that as the wild horse-containing ecosystem is restored, the cost of maintaining the wild horses will diminish and the excess funds resulting from this can be diverted to further improving the habitat, acquiring more land, and providing for a larger, more genetically viable herd of wild horses.
YOU CAN HELP
CANA is looking for assistance in working with Native American communities and the BLM. We want to work with government agencies to acquire large tracts of land on reservations, where we can place wild horses in return for socioeconomic programs for Native communities.Additionally, we are working to secure either private or public funding for the development of commerce and industry opportunities. We are pursuing government grants for alternative energy projects, organic farming, veteran and wounded warrior and cultural preservation programs, as well as other responsibility programs.
America’s Wild Horses Are Among Our Nation’s Most Cherished Resources; They Are Diminishing Quickly.
By ensuring wild horses remain wild and free we are: conserving diminishing western territories and natural resources, contributing to the protection of our natural ecosystems, and preserving Native culture for generations to come. The success of the Pilot Project would benefit the horses, the people, and their lands.
Facts And Figures
More than $80 million tax dollars are used every year to round up wild horses from public land, and deposit them into small, mismanaged, and over-populated holding pens.1
5 out of every 8 wild horses are held captive in government holding facilities.2
Maintaining horses in government long and short-term holding facilities cost American taxpayers $5.08 and $1.27 per horse, respectively, per day.3(That exceeds $120 million every day!)
Taxpayer-funded livestock grazing on public lands costs more than $132 million dollars per year. Yet only 3% of America’s beef supply comes from these cattle.4
Native Americans have among the highest rates of high-risk drinking5 and suicide6 of any American ethnic group, according to research from the NIH and CDC respectively.
Native Americans are nearly 2.8 times more likely to have Type II diabetes than white individuals of comparable age.7
While the unemployment rate for white workers peaked at 9.1 percent in 2010 and is now down to 6.1 percent, Native Americans have experienced double-digit unemployment rates ever since 2008, according to an analysis from the Economic Policy Institute. Their current rate hovers over 11 percent.8
1 Department of the Interior http://www.doi.gov/budget/appropriations/2016/upload/FY2016_BLM_Greenbook.pdf
2 American Wild Horse Preservation Campaign http://www.wildhorsepreservation.org/
3 Government Accountability Office http://www.gao.gov/products/GAO-09-77
4 American Wild Horse Preservation Campaign http://www.wildhorsepreservation.org/
5 National Institutes of Health http://pubs.niaaa.nih.gov/publications/argh40/152-160.htm
6 Centers for Disease Control http://www.cdc.gov/ViolencePrevention/pdf/Suicide_DataSheet-a.pdf
7 US Department of Health and Human Services http://archive.ahrq.gov/research/findings/factsheets/diabetes/diabdisp/diabdisp.html
8 Economic Policy Institute http://www.epi.org/publication/bp370-native-american-jobs/
We’re committed to transparency and our mission to save our #WildOnes, that’s why we received a “Gold” rating from GuideStar, the world’s leading source for information about non-profit organizations.
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U.S. higher education may be the strongest in the world, but to help produce the future leaders we need and to secure our economic future, it must adapt to new realities.
The biggest challenge is posed by swift changes in the college-aged population. The number of students from communities who traditionally attend college is dropping, while the fastest-growing segment is composed of students from families and communities with no experience of college—how to choose one, how to apply, how to pay and how to thrive once there. Many are from low-income families; many are children of immigrants.
America mostly did well in absorbing previous waves of new populations. But back then a high-school education was enough to lift them into the middle class; now they need college. To an alarming degree, though, our higher education system doesn’t seek out these students, isn’t affordable for them and fails to offer the academic and personal support they need to succeed once on campus.
Both government and individual institutions have roles to play in turning things around.
By word and example, President Obama can persuade members of these communities that they can attain higher education. Congress can make the federal financial aid system easier to understand and generally more supportive of low-income students. State governments, even as budgets tighten, can put a priority on making their campuses more affordable for those in need.
At the same time, colleges and universities must adapt, often in ways counter to the instinct to pursue higher institutional rankings and to boast about ever-rising SAT scores, falling admission rates and the like. Almost every useful step involves suppressing institutional self-interest for a broader public good. For instance, merit aid can enhance the status of a college or university at least in the short run, but—since aid dollars are finite and merit awards often go to students who would attend college anyway— the overall result is usually less affordability for low-income students. The many such students who have been under-prepared bring lower test scores. Meanwhile, the special support they need while on campus costs institutions money.
In tough financial times it will be even harder for schools to look beyond their narrow institutional interests. But both the mission of every nonprofit college and university and the broad support that taxpayers provide for higher education, public and private, compel us to pursue the social good.
For our part, Williams has made great strides in recent years. Almost one-third of the members of the Class of 2012 identify themselves as U.S. students of color. Almost one-third have at least one parent without a bachelor’s degree. And over the last 10 years the number of students who qualify for grant aid that covers at least three-quarters of the cost of attendance has grown from one in 20 to one in five. At the same time, we’ve expanded support services for these students so that their experience at the College can better mirror that of students from backgrounds more traditional for Williams.
It’s clear, though, that we can do more to find such students, convince them that they can afford Williams and make sure that we have in place the programs they need to take full advantage of what the College offers. If we allow current financial challenges to keep us from these goals, we will be doing a great disservice to our wonderful college.
U.S. higher education has long been an engine for social mobility. But to remain so it will have to adapt, and fairly quickly, to the new social and economic realities, and Williams needs to be at the forefront of this effort.
– Morty Schapiro
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Food, agricultural and more widely, rural interests have been insufficiently considered as strategic assets in our developed societies…
We must renew the expertise surrounding agricultural policies to make our representations evolve and find solutions to the challenges of the 21st century
Demographic growth is the main factor determining the international geostrategic context. Within one and a half centuries, from 1900 to 2050, the population on the globe will have gone from 1.5 billion to 10 billion inhabitants.
This big bang has had economic, social and environmental repercussions stimulated by tremendous technological progress with the unlimited expansion of computing means. The lines of force that carry Nations and the fault lines that throw them into crises compose the movements that make new economic and military powerhouses emerge.
Destabilization risks are global: massive migratory phenomena, global warming, increasing wealth gaps and terrorism.
In this environment perpetually changing, world food security and its counterpart, people’s food sovereignty, are primary stability objectives.
That is why agriculture and food industries are at the heart of the 21st century’s challenges.
Satisfying increasing food and non-food needs, fighting poverty, avoiding disrupting speculating phenomena, protecting the environment and biodiversity are pressing objectives for the international community.
That is why since the 2008 food crisis, all countries have been reinforcing their food and agricultural policies… except for Europe that “declassified” agriculture, because of a lack of political will and long term vision.
The successive crises may they be related to food, finance or the economy are proof of the limitations of the way of thinking that has been inherited from the 1990’s.
Yet agricultural markets are unstable and the price of commodities is very volatile which creates crisis after crisis and great insecurity for farmers.
This situation is harmful at all levels :
- For farmers, especially those from countries in which agricultural policies aren’t robust enough : Europe, Africa, Middle-East;
- For companies and cooperatives from the food industry, who need a good long term visibility to make investments, innovate and develop;
- For states who should optimize their pedoclimatic and economic assets by deciding of a proper degree of openness in order to ensure their food security
Because the illusion of systematic openness for agricultural markets has been long gone with the Doha cycle in the WTO, and because of their instability, the usefulness of public regulation policies appears as vital. The market must, therefore, remain the reference, but regulations must compensate for its dysfunctions.
From there, a new multilateralism in agricultural matters that will allow thinking of a cooperation between national stabilizing and sustainable policies is to build.
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South Asia faces enormous economic challenges unmitigated by generally poor economic growth. Increasing economic imbalance between countries hinders regional development. Recently, it has been confirmed that trade liberalisation aimed at expanding trade, has been insufficient in optimising the potential contribution of trade to economic development and reduce poverty. Thus, economists pay attention on Trade Facilitation (TF) which has the potential to contribute to economic development. This has motivated us to examine how TF can achieve this development in South Asia, where trade has yet to make its full contribution to economic growth. The aim of this chapter is to examine the economic impacts of TF on trade and economic growth in South Asia. Our analysis revealed that poor TF restricts trade between countries as it increases Trade Transaction Costs (TTCs). Trade delays are relatively high and affect the region’s landlocked countries even more adversely. An efficiently facilitated trading system will enable these countries to participate more actively in global trade. There has been greater focus on TF policies in South Asia, however due to the complexity of TF measures and their investment needs, it is difficult to identify which TF measures have the most significance for the region.
Part of the book: Poverty, Inequality and Policy
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Loonies, Toonies, Credit & Debit: Financial Literacy for Canadian Teens
Catalogue Number: MCI051
Producer: McIntyre Media Inc.
Subject: Family Studies/Home Economics
Grade Level: 6 - 8, 9 - 12
Country Of Origin: Canada
Copyright Year: 2011
Running Time: 20
In this financial literacy program, a concerned teacher stages a financial intervention for some of her students. Through a series of modern and relatable case studies, we explore the balance between needs vs wants, the Canadian wage system, income tax, deductions, banking and interest, credit card responsibility, and some basic info on the stock market.
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Financial expert and author Bruce Sellery joins Canada AM to help answer that age-old question: Can...
Making Sense of Your Cents: Financial Literacy for Elementary...McIntyre Media Inc. MCI057
Introduce your younger students to money and financial literacy! From a field trip in a Dollar...
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This year could be the tipping point for electric cars to start competing more seriously with gas and diesel vehicles. The key is price, and electric vehicles are more affordable than ever. With more and more people adopting this new mode of transportation, the limit and capabilities of these cars are beyond imagination.
Better Battery Technology
The invention of the lithium-ion battery in 1980 was an excellent achievement for technology. Many hybrid cars primarily use lithium-ion, lead-acid or nickel-metal-hydride batteries. Battery technology hasn't changed much in recent decades.
However, some recent breakthroughs are seeing massive advancements in battery life and capacity. The inventor of the lithium-ion battery, 94-year-old John Goodenough, along with research fellow Maria Helena Braga, invented a new battery last spring.
The need for these advancements is ever growing, not only for electric vehicles but electronics as well. The Tesla Gigafactory in Nevada is ramping up production of the lithium-ion batteries it uses in its cars. Their projected production is 35 gigawatt-hours of batteries, decreasing the price while technology improves.
Creation of Charging Stations
Charging stations are popping up all over the United States. Owners of electric are quickly finding their ranges extending beyond a few hundred miles.
Oklahoma is seeing them pop up all over the state as well. Weatherford, Perry, Ardmore and Tulsa have Tesla Superchargers available for owners of Tesla vehicles needing a quick recharge. Oklahoma City has several charging stations around town to help you get a boost.
Most charging stations only cost a small fee to plug in your vehicle. Tesla Superchargers give owners of their S and X models 400 kWh of charging credits annually. Otherwise, the costs are minimal.
Electric vehicle only parking spots with charging stations are also not uncommon to see now, and they too will become more popular in the next year.
Lower Prices on Electric Vehicles
Just a few years ago, having an electric vehicle was an expensive endeavor,especially with the larger sedans. The cars were mostly a luxury item with brands like Tesla leading the way.
As people adopted the original Tesla Roadster and later the Model S, they were funding the research and development of the more affordable versions of the Tesla lineup. What was a starting price of $74,500 for the base version of the Model S, has now come down to $35,000 for their upcoming Model 3.
Other car manufacturers are following this trend. Just to mention a few: Chevrolet has the Bolt EV starting at $37,495, Nissan has the Leaf starting at $30,680, and Ford has the Focus Electric starting at $29,120. Almost every car manufacturer has an all-electric vehicle either on the market, or soon to be on the market.
More companies will adopt electric fleet trucks and cars this year and in the coming years. With Tesla again leading the pack. Their new self-driving all-electric Semi is getting a resounding applause, with hundreds being pre-ordered from shipping giants like UPS, PepsiCo and Anheuser-Busch.
Tax Credit Opportunities will Begin Expiring for Electric Cars
In the United States, taxpayers who purchase a new electric vehicle receive up to a $7,500 tax credit. The EV Tax Credit only applies to new cars and the original vehicle owner. It’s a non-refundable tax credit, which means it can’t reduce your liability below $0. This credit is an incentive for purchasing an electric vehicle, but it isn’t available indefinitely.
The tax credits will begin phasing out after a manufacturer delivers its 200,000th qualifying vehicle in the United States. After reaching the limit, the tax credit will continue at its full $7,500 value for the remainder of the quarter and the following quarter. Then the credit will be reduced to $3,750 for two quarters, and then is cut again to $1,875 for another two quarters.
The credit will be eliminated after about 16 to 18 months after the phase out process begins.
States also have incentives for purchasing fuel efficient or electric cars. As these vehicles become the norm on the road, many states will eliminate the incentives before they become too expensive to maintain.
This prediction means if you’re planning to purchase an electric vehicle and you want the tax benefits, you might need to consider buying earlier this year rather than later.
Is the Electric Car Really Green?
Yes, the electric car will clean up the air on our city streets by reducing direct CO2 emissions from the vehicle. However, the production of the vehicle and charging the batteries can be pretty rough on the environment. The creation of just one electric car creates more than 25,000 pounds of carbon emissions. A conventional vehicle is responsible for 16,000 pounds of carbon emissions during production (although it is responsible for more once it’s on the road).
In America, the electricity used to charge the vehicles is usually coal, which means during the life of the car including production, electricity consumption and scrapping, an electric vehicle might emit on three or four tons less of carbon monoxide than a similar gasoline car. It’s possible an electric car will be much cleaner in the future when solar and wind energy is used more widely.
Is green right for you? It depends on your lifestyle and road time. If you’re crisscrossing the nation and frequently traveling hundreds of miles in one trip, then you might want to wait for better batteries (but gas efficient is a great choice).
If you’re ready to buy a car this year, electric or not, you’ll want to know what will affect prices in the coming months. Download our guide on six factors that’ll affect how you purchase a car in 2018.
Federally Insured by NCUA
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Are you worried about saving for your child’s education after high school?
What if we told you there’s a way you can start saving now for their future, and get a boost from the Canadian government?
The registered education savings plan (RESP) is a savings account that can be set up by parents, grandparents, guardians, relatives or family friends for your child.
You can invest the funds in any way you wish, whether it’s through mutual funds, guaranteed investment certificates (GICs), stocks, bonds or exchange-traded funds (ETFs).
The sooner you set up the RESP and invest the funds, the longer investment income can accumulate, and the more you can contribute to an education fund for the child in your life.
While contributions to a RESP are not tax-deductible, any investment gains will build up tax-free while the plan is active.
Plus, the Canadian government will contribute to your RESP in the form of education grants, which means more money for your child’s education.
You can open an RESP at any financial institution as long as you have your Social Insurance Number (SIN), along with the child’s SIN.
What education grants are available for my RESP?
The government will match 20% of what you contribute per year, up to $2,500 per account, through the Canada Education Savings Grant (CESG).
What that means is that you can contribute more than $2500 to the account, but you won’t get more than $500 from the government per year.
The lifetime maximum the government will contribute is $7,200, and the child will qualify for the CESG until the end of the year they turn 17.
They can also carry forward unused CESG contribution room until they turn 17.
You can also receive additional funds through the Canada Learning Bond if you are a lower-income family.
The Canadian government will contribute up to $2,000 to an RESP per child.
This includes $500 in the first year of eligibility and $100 each year until the child turns 15.
The good news is you don’t need to have any money in the RESP for your child to receive the Canada Learning Bond.
What can the RESP be used for?
The money in a RESP can be used to pay for expenses related to part-time or full-time studies in:
- Apprenticeship programs
- Trade schools
If your child continues with education after high school, they receive the funds in the form of educational assistance payments.
These payments aren’t taxable — your child is taxed on any investment gains and the government grant money.
Since your child is likely to be in the lowest tax bracket while attending school, that means they’ll pay very little tax — or no tax at all — on the money.
They also may be able to receive educational assistance payments for up to six months after they finish their education.
How long can I contribute to a RESP?
You can contribute to the RESP for up to 31 years (35 years if your child qualifies for the disability tax credit).
The plan can stay open for a maximum of 35 years (40 years if your child qualifies for the disability tax credit) in case it takes a while for your child to decide if they want to continue their education after high school.
There’s no annual contribution limit and the lifetime contribution limit to a RESP is $50,000.
What if my child decides not to continue their education after high school?
If your child decides not to continue with school, you can transfer the RESP to their sibling (if they're under 21).
Otherwise you would pay tax on any accumulated income in the RESP if you withdraw it and use it.
It would be taxed at your regular income level plus an additional 20%.
If there’s no sibling, you may be able to transfer the funds to your personal RRSP tax-free (as long as you have enough contribution room).
You could also contribute the money to a spousal RRSP account.
Grant money from the CESG must be returned to the government if it isn’t transferred to a sibling.
Disclaimer: The material above is provided for educational and informational purposes only. Please contact a tax professional like FBC regarding your specific tax situation.
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It is the transfer of a legal equitable interest in specific immovable property for securing the payment of debt. The person who pans with the interest in the property is called mortgagor and the bank in whose favour the transfer takes place is the mortgagee. The instrument of transfer is called the mortgage deed. Mortgage is, thus, conveyance of interest in the mortgaged property. The mortgage Interest in the property is terminated as soon as the debt is paid. Mortgages are taken as an additional security for working capital credit by banks.
Where immovable property of one person is, by the act of parties or by the operation of law, made security for the payment of money to another and the transaction does not amount to mortgage, the latter person is said to have a charge on the property and all the provisions of simple mortgage will apply to such a charge. The provision are as follows:
• A charge is not the transfer of interest in the property though it is security for payment. But mortgage is a transfer of interest in the property.
• A charge may be created by the act of parties or by the operation of law. But a mortgage can be created only by the act of parties.
• A charge need not be made in writing but a mortgage deed must be attested,
• Generally, a charge cannot be enforced against the transferred for consideration without notice. In a mortgage, the transferee of the mortgaged property can acquire the remaining interest in the property, if any is left.
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Kids are expensive. To avoid, on top of everything, having to pay off their student debts and put the down payment on their first home because they never learned how to save, you might want to start teaching them about money right away. Here are five everyday opportunities to start.
It’s Saturday morning and, like always, you’re out of milk, bread or, worst of all, coffee. To add to your troubles, your five-year-old is insisting on going with you to the grocery store. Take a deep breath, and use the occasion to teach them some fundamentals. At that age, you have to keep it simple. You can start by explaining that, to buy something, you need money. Give them a $20 so they can pay for the kamut miche themselves. Gradually, you can also teach them to compare prices between different brands and products. If there’s a corner store close by, you can even send them to buy milk on their own (under close supervision, of course). It’s a tactic that Alexis Gagné, economist and commentator on the Télé-Québec show Format familial, has used with his daughter since she was five. “I’m hoping eventually I can give her $50 to go buy what we need for dinner!” he says.
Grandma let loose and gave your seven-year-old son a crisp $50 bill. Perfect timing, gifts of cash are a great way to teach kids the basics of saving. Alexis Gagné suggests dividing children’s pocket money into three transparent jars, so that their contents are visible. The first is mad money (buying candy), the second is to save up for something bigger (the hoverboard they’ve been talking your ear off about for weeks, for example) and the third is for charity, or a gift for a friend. Every time someone gives them money, they have to split it between the three jars. It’s a good habit to get into, since eventually they’ll have to do the same with their salary. But instead of a hoverboard it’ll be an RRSP.
Your daughter dreams of an African safari, but your budget only allows for a week of #vanlife. “It’s a good idea to get your kids involved in the planning and decision-making that goes into a vacation,” says Alexis Gagné. You can ask them whether they’d prefer a hotel with a pool for $200 a night or camping at $40 a night, with $160 left over for activities. If you have teenagers, you can even let them know what the budget is (say, $4,000) and ask them for destination suggestions. An AirBnB in Costa Rica? Two weeks in the sun at an all-inclusive? Not only will playing around with the vacation budget sharpen their math skills, it will also help cut down on extras once you’re there. There’s no WiFi to post your Snaps? Not my fault, my friend.
Paying a child to do everyday chores, like making their bed or emptying the dishwasher, is not the best idea, given that no one is really paid to do those things, explains Alexis Gagné. For bigger jobs though? Now we’re talking. Instead of hiring someone to rake leaves, mow the lawn or redo the flower beds after the city flattened them yet again while repairing the sidewalk, use the labour-force you engendered and pay them an hourly wage. “It’s only by earning money that a child learns to equate the things they want with the time and effort it takes to buy it for themselves,” says Martine Marleau, a budgetary advisor with the ACEF of Montreal’s east end. What better way to help your pre-teen appreciate the value of the $30 they need to buy that new pair of Vans than asking them to spend Saturday afternoon re-locating a pile of rocks.
Junior had the bright idea of watching YouTube in the bath, and dropped the family tablet in the water. Try waiting a while before you replace it. “We live in a society of over-consumption where credit is easy to access. You wake up one morning with a yen to redecorate, and by nightfall you have a brand new, “buy now, pay later” sofa. If children learn this behaviour from a young age, it can unfortunately follow them into adulthood,” explains Martine Marleau. So, explain to Junior that you have to earn enough money to pay for a tablet before you can get a new one. If they have any savings, you can ask them to contribute a little. You can also get them involved in bargain-hunting and shopping around to find the model with the best value.
There you have it. And if your kiddos object when you put on your personal finance hat, tell them they’ll thank you in 20 years (or not – lessons in gratitude is a whole other department).
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In this client alert we discuss the implications of the transition to a ‘circular economy’ for producers of, and traders in, raw and/or recycled materials of all kinds, manufacturers of products and actors in all stages of the commodity and product value chain, and provide an overview of the content and current status of draft EU implementing legislation.
Introduction Imagine a world without waste where everything is reused or recycled.
A world without customers, but instead only ‘users’, who access services rather than owning products.
A world in which manufacturers receive payment throughout their product’s life-cycle, rather than all at the beginning of its period of use.
A world in which economic growth is fundamentally decoupled from resource consumption.
Sound fanciful? Not to many of the world’s leading companies who are busy embracing the concept of the ‘circular economy’. Nor to the European Commission.
Closing the loop In December 2015, the European Commission published “Closing the loop — An EU action plan for the circular economy”.
The Commission’s initiative (to support the transition to a circular economy in the EU) proposes at least 54 separate policy measures – particularly in the areas of waste, eco-design, producer responsibility and product stewardship. It is one of the most wide-ranging policy initiatives the EU has ever proposed.
In March 2016, the European Commission published the first legislation that specifically derives from the Commission’s circular economy package, while the UK House of Lords staged a debate dedicated to the subject.
The circular economy is a global project of the World Economic Forum (WEF) and was also one of the themes at the WEF’s meeting in Davos earlier this year.
A transition to a truly circular economy would represent a major macro-economic shift: truly an end to ‘business as usual’.
EU (and indeed wider global) circular economy policies have significant implications for:
- Producers of, and traders in, raw and/or recycled materials of all kinds (including but not limited to metals, paper, glass and plastics and their constituent substances)
- Manufacturers of products (of all kinds, large, small, for consumers and businesses) and their packaging
- Actors in all stages of the commodity and product value chain, including those in the waste management/recycling sector and those providing asset-based financing solutions
For those not already familiar with the concept of the circular economy, this article:
- Explains the theory behind the concept
- Highlights some of the key legislative elements of the EU’s current plan
- Suggests some of the high level risks and opportunities that transition to a circular economy presents for existing and future businesses, including in particular from the concept of ‘enhanced producer responsibility’
The ‘circular economy’ concept The concept of a circular economy has its roots in sustainable development and corporate responsibility.
It is relatively new at the European level, although the term has been in use for a number of years and many businesses around the world have already embraced it.
In essence, moving to a circular economy represents a fundamental shift away from the current linear ‘take-make-consume-dispose’ economic model that prevails in the EU and most other developed economies.
That model – a system based on consumption rather than restorative use of resources – tends to assume that natural resources are abundantly available, easy to source and cheap to dispose of. As such, it does not adequately reward eco-designed products and is now considered by policy-makers and many businesses not to be sustainable.
Global resource use in 2030 is expected to be twice that of 2010, as the global population rises from 7.2 billion now to an expected 11 billion by 2100.
Meanwhile, EU recycling and energy recovery only captures around 5 per cent of original raw material value.
The concept of a circular economy has gained greater traction in European policymaking in recent times because it is seen to represent a positive, solutions-based approach to achieving economic development within increasing environmental constraints.
It has been estimated that full adoption of a circular economy model could save the EU economy net €1.8 trillion by 2030. We explain below some of the ways in which that might be achieved.
European country governments increasingly identify the circular economy as a political priority at domestic level.
Reducing dependency on natural resources Reducing EU dependency on natural resources is a key objective of the EU Commission’s plan, and this is significant for products manufacturers and those in the physical commodities supply chain.
Europe's economy depends on an uninterrupted flow of natural resources and materials, including water, crops, timber, metals, minerals and energy. Imports provide a substantial proportion of these materials. Increasingly, this dependence is seen as a source of vulnerability for the EU and its businesses.
Sustainable commodities and waste-as-a-resource business models A circular economy seeks ultimately to decouple global economic development from finite resource consumption.
It involves new models of business-to-consumer and business-to-business transactions, based on accessing services rather than owning products.
In a circular economy, products are specifically designed for remanufacturing, refurbishment and recycling; waste is ‘designed out’; prices reflect real, full life-cycle costs; and renewable energy sources power the economy.
By conserving materials embodied in high-value products, or returning wastes to the economy as high quality secondary raw materials, a circular economy intentionally reduces demand for primary raw materials.
Such materials will, of course, continue to play an important role. However, ever greater attention will be paid to the environmental and social impacts of their production.
The Commission has committed to promoting the sustainable sourcing of raw material globally across value chains, facilitating the substitution of chemicals of concern and the promotion of innovative industrial ‘symbiosis’ processes.
New finance models Circular business models also require and promote adaptive finance mechanisms.
For example, with a changed emphasis on selling services rather than products, property rights of products may increasingly not be transferred to the consumer (buyer), but may instead be kept by the producing company.
Significant opportunities exist in such a market for financing the managing and trading of second and third-life equipment, as well as new challenges in tracking and putting a value on assets as they are recycled and re-used.
In an economy in which businesses increasingly receive payment during their products’ period of use rather than at the beginning of their life cycles, the timing and management of cash flow becomes critical.
Contents of the EU’s action plan The EU’s action plan sets out a vast array of initiatives that are designed to address all stages of the lifecycle of products, including use and recycling of raw materials.
The circular economy is not merely an idea, it is being actively implemented today (both on a mandatory, but also on a significant voluntary basis).
The Commission’s ‘Closing the loop’ action plan includes proposals affecting various important areas of product-related legislation including:
- Eco design of products
- Packaging and packaging waste
- Landfilling of waste
- WEEE (waste electrical and electronic equipment)
- End-of-life vehicles
- Batteries and accumulators
Headline targets The proposals that have gained all the headlines are a series of proposed, overarching waste-related targets which include:
- A common EU target for recycling 65 per cent of municipal waste by 2030
- A common EU target for recycling 75 per cent of packaging waste by 2030
- A binding target to reduce landfill to a maximum of 10 per cent of municipal waste by 2030
- A ban on landfilling of separately collected waste
- Promotion of other economic instruments to discourage landfilling
A fundamental purpose of each of these targets is obviously to reduce demand for raw materials of all kinds in the EU.
While undoubtedly challenging, these targets are seen by some as too weak. For example, most of the main political groups in the European Parliament have been critical of what they see as a lack of ambition in the Commission’s proposals. One can expect the EU Parliament to push for the Commission’s plans to be further enhanced.
Packaging sector proposals Proposed changes to the Packaging Waste Directive would require each EU member state to implement measures that achieve a minimum of 65 per cent by weight of all packaging waste “prepared for reuse and recycled” by 31 December 2025, and 75 per cent by weight by the end of 2030.
This burden is to be shared across different categories of packaging as follows:
|Packaging type||2025 target||2030 target|
|Paper and cardboard||75%||85%|
Precisely what “prepared for reuse and recycled” means is still to be established.
Enhanced producer responsibility: WEEE, batteries and ELV-related proposals Although the Commission’s proposal appends draft directives amending the existing WEEE, batteries and ELV directives, the amendments to those directives are extremely minor, so at first blush it might appear that these sectors may feel little impact.
However, many of the most significant legislative proposals affecting these sectors are instead enshrined in proposed amendments to the EU Waste Framework Directive. This tends to mask the significance of some of those changes for individual sectors.
‘Differentiated fee’ take-back schemes Some of the more significant draft amendments to the Waste Framework Directive are those that will affect producer responsibility ‘take-back’ schemes.
In particular, draft new Article 8(a) would require EU member states to:
- Ensure that extended producer responsibility schemes make publicly available information about:
- their ownership and membership; and
- the financial contributions (to scheme take-back costs) paid by its producer members.
- Ensure that the financial contributions paid by producers to comply with their extended producer responsibility obligations:
- “cover the entire cost of waste management for the products [they put] on the Union market”; and
- “are modulated on the basis of the real end-of-life cost of individual products or groups of similar products, notably by taking into account their re-usability and recyclability”.
In other words, by some mechanism still to be agreed, within three and a half years of the revised Waste Framework Directive coming into force, costs of compliance will vary, according to how well each producer’s products comply with circular economy principles.
This is not a long lead time for manufacturers to work out and implement product design and composition changes that best prepare them for these new requirements.
These are complex issues to address. For example, there is an obvious conflict between recyclability and durability.
There are also arguably limits to how far companies can legitimately be held accountable for the actions of their customers and others (for example littering, failure to use recycling facilities) and therefore how far the ‘polluter pays’ principle can be extended.
The details of how these high-level principles are implemented in practice will be critical to their impact and effectiveness.
For a system of differentiated take-back fees to work, there needs to be measurable and meaningful criteria for differentiating between ‘good’ and ‘bad’ products.
Just as critical is the need for these criteria to be harmonised across markets. A patchwork of different criteria across individual EU member states would place manufacturers in an invidious position and be counter-productive to the overall objective.
Waste prevention measures Similarly, a completely rewritten Article 9 of the Waste Framework Directive will require member states to take the following measures, among others, to prevent waste generation:
- “encourage the use of products that are resource efficient, durable, repairable and recyclable”
- “identify and target (for what is unclear) products that are the main sources of raw materials of a high importance to the economy of the Union and whose supply is associated with a high risk to prevent that those materials become waste”
- “encourage the setting up of systems promoting reuse activities, including in particular for electrical and electronic equipment, textiles and furniture”
- “reduce waste generation in processes related to industrial production, extraction of minerals and construction and demolition”
Again, how these potentially very significant, but equally vague, requirements will be implemented at individual member state level remains to be seen.
Implementation is left to member state discretion, so is unlikely to be uniform, which has the potential to create a major strategic and compliance headache for global manufacturers.
It is worth noting that proposed Article 9(5) of the revised Waste Framework Directive would require the European Environment Agency to publish a report every year describing “the evolution as regards the prevention of waste generation for each member state…including on decoupling of waste generation from economic growth and on the transition towards a circular economy”.
Eco-design Eco-design, because it acts at the start of the value chain, is seen as a vitally important enabler of the transition to a circular economy.
Electrical and electronic products are considered particularly significant in this context. The EU Commission has promised to emphasise circular economy aspects in future product design requirements under the EU Ecodesign Directive.
To date, eco-design requirements have mainly targeted energy efficiency: in the future, issues such as repairability, durability, upgradability, recyclability and the identification of certain materials or substances, will be more systematically examined on a product-by-product basis.
At the time of writing, final reports of the Commission’s 2015-2017 Eco Design Working Plan study are reported to be in the process of being approved for publication.
Other initiatives Other new legislative measures in the EU to be developed under the Commission’s plan will apply to ‘priority’ areas such as construction waste, mining waste, plastics, food waste, wastewater, green public procurement and waste-to-energy among other areas.
In February 2016, the Commission also published a roadmap on exploiting the potential of waste energy as part of the circular economy. This foresees a Communication later in 2016, which will assess how existing waste energy processes such as incineration, co-incineration and other processes can be optimised through new technology and changes in operation.
Impacts for business Possible negative impacts to existing businesses of a move to a circular economy include:
- Reduced demand for virgin raw materials
- Changes to demand for employment in raw material production sectors and new product manufacturing
- Stranded assets
However, opportunities to gain competitive advantage exist for those who adapt most quickly and effectively through:
- Circular product design and production involving: prolonged asset life, reduced obsolescence and greater utility
- New business models, for example:
- Models that focus on access to services rather than ownership, (such as hiring, renting and leasing)
- Models in which the business establishes a longer-term relationship with the customer, resulting in:
- Greater insights into usage patterns
- New ways to creatively engage with customers
- Greater customer loyalty and satisfaction
- An ever-increasing focus on reverse cycling, value preservation and reverse logistics infrastructure (waste management, collection and treatment)
For these and other reasons, many of the world’s leading companies have already endorsed and begun to implement the circular economy concept into their own businesses, contracts and development plans.
The EU Commission’s ‘Closing the loop’ proposal has been referred to the European Parliament and first reading is pending. Each of the draft-amending directives are currently at the first reading stage of the EU’s ordinary legislative procedure. Now is therefore the time to become engaged in and seek to influence the shape of this important policy package.
Client Alert 2016-136
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Snap Nutrition Assistance Program – Get to Know if your Household is Approved for SNAP Benefits
Do you know of a platform where you get assistance financially by getting help buying fresh, nutritious food? You would want to put into consideration the SNAP (Supplementary Nutrition Assistance Program) Food Program which was formerly referred to as food stamps. SNAP comes from the United States federal government bodies to aid low-income households, elderly, and disabled individuals living in the U.S.
This program comes from the United States Department of Agriculture (USDA) with assistance from the Food and Nutrition Service (FNS).
Snap Nutrition Assistance Program
SNAP is the largest federal nutrition assistance program all around the states of America. The United States department of agriculture developed this program to supplement the food budget of needy families so they can be able to make an easy purchase of healthy food and move towards self-sufficiency. SNAP has benefitted over 40 million Americans including the young, old, and disabled. You gain access to the benefits through a debit card look-like object known as an Electric Benefits Transfer (EFT) Card. And this EFT card can only be used to purchase eligible food in authorized retail food stores.
CHECK THIS OUT >>> SNAP – SNAP Eligibility | SNAP Income Eligibility Limits
Benefits of SNAP
The SNAP organization has brought happiness to lots of Americans with their benefits. Some of which include:
- About 92% of SNAP benefits go to households with incomes at or below the poverty line, and 56% go to households at or below half of the poverty line.
- SNAP participation for 6 months was associated with a decrease in food insecurity, including households with food-insecure children.
- SNAP lifted over millions of children above half of the poverty line more than any other program.
- They provide assistance during economic downturns.
- SNAP has delivered over 40 billion US dollars in economic stimulus.
- SNAP helps individuals leaving the Temporary Assistance for Needy Families program by supporting their transition to economic independence.
- According to the USDA’s Economic Research Service, SNAP has created over millions in farm production, farm value-added, and over 3000 farm jobs.
- SNAP beneficiaries do spend more dollars buying food in local stores than eligible non-participants.
The SNAP benefits get to you by households meeting the basic income and other requirements. SNAP household is referred to as any person who lives, buys, and eats their food together. Matured children older than 21 living with their parents are qualified to register for the SNAP benefits if they purchased and eat food separately.
To be eligible to get SNAP benefits, your household must meet the required gross and net income limits, which include:
The Household size 1 = gross monthly income (130% of poverty) of above $1290 = net monthly income (100% of poverty) of above $1000.
Household size 2 = gross monthly income (130% of poverty) of above $1700 = net monthly income (100% of poverty) of above $1300.
Household size 3 = gross monthly income (130% of poverty) of above $2200 = net monthly income (100% of poverty) of above $1600.
The Household size 4 = gross monthly income (130% of poverty) of above $2500 = net monthly income (100% of poverty) of above $1900.
Household size 5 = gross monthly income (130% of poverty) of above $3100 = net monthly income (100% of poverty) of above $2400.
Household size 6 = gross monthly income (130% of poverty) of above $3600 = net monthly income (100% of poverty) of above $2700.
The Household size 7 = gross monthly income (130% of poverty) of above $4100 = net monthly income (100% of poverty) of above $3100.
Household size 8 = gross monthly income (130% of poverty) of above $4600 = net monthly income (100% of poverty) of above $3500.
Each other additional number to the 8 household size = +gross monthly income of $479 = +net monthly income of $369.
Note: Gross income is a household total, non-excluded income before deductions take place.
Net income means the gross income minus the allowable deductions.
YOU WILL LOVE THIS! Supplementary Nutrition Assistance Program – SNAP Eligibility | Benefits Of SNAP
How Will I Know if my Household is Approved for SNAP Benefits?
After you have filled the application, you will receive a notice within 30 days. This is to inform you whether or not your household has been approved for SNAP benefits. If this platform approves your household, then you will receive a letter on the number of benefits. You will also receive a letter advising you when you have to go through an interview for more benefits.
How Can I Use the SNAP Benefits?
If SNAP approves your household, the benefits will get into your SNAP benefits account each month. You will also get Electronic Benefits Transfer (EBT) card in the mail along with instructions on how to activate the card and how to choose a Personal Identification Number to access your benefits account. You can use these benefits to purchase almost any food item, except for ready-to-eat hot foods. Also, you can use SNAP benefits to buy seeds, and plants and vegetables. SNAP benefits cannot be to purchase; tobacco, alcohol, pet food, soap, and other household products, medicines, and other non-food items.
You can purchase the following using the SNAP benefits:
- Fruits and vegetables.
- Meat, poultry, and fish.
- Dairy products.
- Bread and cereals.
- Other food items such as snack foods and non-alcoholic beverages.
- Seeds and plants for households to grow.
That’s how it works!
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- Artificial Intelligence (AI) could help governments respond to COVID-19.
- The pandemic shows it's important for governments to proactively shape the development and deployment of AI technologies to ensure they are accountable and ethical.
- By utilizing public procurement, governments could support AI innovation and economic growth as well as set appropriate standards and regulations.
When she was elected European Commission president in 2019, Ursula von der Leyen put forward a coordinated European approach on the human and ethical implications of Artificial Intelligence (AI).
Many scenarios were in the bounds of the imaginable: strong AI legislation similar to the General Data Protection Regulation (GDPR), a ban on facial recognition technologies in public spaces, like the ban in San Francisco, and innovative approaches to AI deployment in the public sector similar to the Canadian Directive on Automated Decision Making.
Now, the public consultation on the European Commission’s White Paper coincides with the COVID-19 pandemic. AI could help in the response effort, as highlighted by UN Global Pulse. AI can be as accurate as human intelligence, save radiologists’ time and diagnose COVID-19 faster and cheaper than standard tests. For example, BenevolentAI, a UK startup, uncovered an already-approved drug as a potential treatment for COVID-19 in just 90 minutes.
Have you read?
These are promising developments, but also raise questions about what accountable and ethical deployment of AI should look like. As this discussion is too important to be left to the industry alone, it’s important for governments to proactively shape the development and deployment of AI technologies.
Adequate and proactive regulation by governments is key. But how can policymakers shape a regulation that mitigates the risks by being restrictive and prescriptive while also supporting openness and innovation? And, even more important, how can regulation also remain flexible as technology matures? These requirements lead to the urgent need to rethink how governments regulate – and specifically, how they use their regulatory power to shape the future of AI.
Agile governance principles can play a role. These principles include collaboration and data-informed decision making as well as flexible and inclusive regulatory concepts, which could help governments capture the dynamics of the industry and the market and stay on top of new developments.
One opportunity for governments to respond to these challenges is by taking an agile approach to public procurement. In the EU alone, more than 250,000 public authorities spend around EUR 2 trillion annually on external services, works and supplies, with a continuously increasing amount spent on software, cloud storage and IT support. By consciously using this commercial power and utilizing public procurement, governments could not only support AI innovation and economic growth but also set standards, with a signaling effect on the market.
To boost innovation and economic growth, governments could consider new approaches to procurement to drive innovation in the market.
For example, flexible routes to market and requests for proposals would enable governments to focus on the challenge rather than on a detailed specification of the technology. AI-specific tender templates, model contract clauses and specific procurement frameworks such as challenge-based procurements (like the UK GovTech catalyst) can support this.
Another idea would be to systematically approach smaller or young companies, which might not have the right incentives or the organizational strength to respond to a public call for proposals. Challenges for them include long tendering processes, late payments and a lack of awareness of opportunities with the public sector. However, as the market evolves quickly, it would be beneficial to include these players in the public discourse. As one route, governments could reach out to start-ups through “show-and-tells” and co-working spaces. This could help ensure that public procurement processes do not hinder young and small innovative firms from obtaining the public sector as a customer.
The proactive and strategic design of public tenders is also an opportunity for governments use public procurement as a lever to foster the development of ethical and accountable AI.
Embedding accountability and ethics in the purchasing cycle would allow governments to use their purchasing power to effectively operationalize these principles in a practical manner. For example, governments can pre-approve suppliers that meet ethical standards similar to the Canadian AI suppliers list or ask for the use of best practices for explainable AI. Evaluation could include a score for interpretability. In addition, AI systems and AI impact assessments, like those described by AINow, should be part of the procurement documentation.
What is the World Economic Forum doing about the Fourth Industrial Revolution?
The World Economic Forum was the first to draw the world’s attention to the Fourth Industrial Revolution, the current period of unprecedented change driven by rapid technological advances. Policies, norms and regulations have not been able to keep up with the pace of innovation, creating a growing need to fill this gap.
The Forum established the Centre for the Fourth Industrial Revolution Network in 2017 to ensure that new and emerging technologies will help—not harm—humanity in the future. Headquartered in San Francisco, the network launched centres in China, India and Japan in 2018 and is rapidly establishing locally-run Affiliate Centres in many countries around the world.
The global network is working closely with partners from government, business, academia and civil society to co-design and pilot agile frameworks for governing new and emerging technologies, including artificial intelligence (AI), autonomous vehicles, blockchain, data policy, digital trade, drones, internet of things (IoT), precision medicine and environmental innovations.
Learn more about the groundbreaking work that the Centre for the Fourth Industrial Revolution Network is doing to prepare us for the future.
Want to help us shape the Fourth Industrial Revolution? Contact us to find out how you can become a member or partner.
The EU Commission White Paper underlines the importance of responsible and forward-looking adoption of AI by public administrations and mentions dialogues on public procurement. However, it does not explain in detail the goals of transforming public procurement processes or how this transformation would be implemented. When the public consultation ends on 14 June, the EU Commission will finalize the regulatory approach towards AI.
It is desirable, then, that the Commission’s response to the complex demands of AI technologies would not only adopt agile principles, but also kickstart the process of rethinking traditional approaches to public procurement. Today, national governments should move beyond talking about AI in principle, and put into action practical solutions to foster the adoption of AI while mitigating its risks.
The “AI procurement in a box” toolkit by the World Economic Forum’s Artificial Intelligence and Machine Learning Platform provides an overview of best practices for AI procurement and tools that support their implementation by government teams.
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ASEAN leaders have repeatedly conveyed their political will and commitment to building ASEAN Economic Community (AEC) by 2015. They establish ASEAN Vision 2020, signed the ASEAN Charter, and decided to accelerate ASEAN Community into 2015. ASEAN Charter puts in place the institutions and mechanisms to build up an ASEAN Community. ASEAN Vision 2020 consisted of three pillars: ASEAN Economic Community, ASEAN Socio-cultural Community and ASEAN political security community.
ASEAN Economic Community consists of four main elements: single market base, competitive economic region, equitable economic development, and integration into global economy (ASEAN Secre-tariat, 2009). ASEAN Economic Community Blue-print has been signed and adopted at the 13th ASEAN Summit on 20 November 2007 in Singapore.
In the competitive economic region, there are five pillars: free flow of goods; free flow of services; free flow of investment; free flow of capital; and free flow of skilled labor.
In the case of “equitable economic development”, ASEAN developed the Initiative for ASEAN Integra-tion (IAI), which identified the needs of CLMV countries (Cambodia, Lao, Myanmar and Vietnam) and the promotion of small and medium enterprises.
Accounting for 30-60% of GDP of ASEAN mem-ber states and the largest source of employment for all economic actors, small medium enterprises is a very important economic actor in Southeast Asia (ASEAN Secretariat, 2013). Indonesia, for example, is home to 55,2 million SMMEs which contributes to 57% Indonesian GDP (Chandra & Hattari, 12). SMEs are important in cyclical downturns and recessions. They cushion the impact on economies that more often than not comes from large enterprises (Nixon, 2009).
Single market and production means greater opportunities for SMEs to export their products to ASEAN market. A strong, dynamic and efficient SME sector will ensure the sustainable, inclusive and broad-based economic and social development. A vibrant SME sector is critical in supporting closer regional
integration through the establishment of the ASEAN Community, particularly the ASEAN Economic Community (AEC). Thus, the encouragement and promotion of competitive and innovative SMEs is necessary in contributing to greater economic growth and social development towards more inclusive and broad-based integration of the ASEAN region.
The SME sector in ASEAN, however, is confronted with a wide-range of structural, financial and other challenges, among which are limited access to finance, technologies and markets. There is also the question of entrepreneurial spirit and management skills among ASEAN SMEs. These problems are compounded by the lack of information, inadequate capacity for compliance with standards and certification, and the absence of a more conducive business and policy environment.
In addition, there are the new trends of conducting business utilizing information and communications technology (ICT) with on-line linkages across the value chain as well as the outsourcing and networking strategies adopted by large enterprises and multina-tional companies (MNCs) which lack participation by SMEs. All these require SMEs and government to undertake proactive capacity building and other measures to ensure and sustain SME participation in supply networks and to sharpen SME competitiveness, flexibility and hence business sustainability.
The formation of SME-based clusters, and inter-firm networks and linkages within ASEAN will help leverage collaboration and collective efficiency, includ-ing scale economies across the value chain, thus creating further opportunities for business develop-ment and supply linkages for SMEs and their entrepre-neurs in the region.
There is additionally a need to create and promote a more conducive business and policy environment for SME development where Government, ASEAN institution and the private sector assume synergistic and complementary roles. The Government and ASEAN institutions act as a facilitator, while SMEs themselves are the engine of growth. Indeed, collabora-tive SME development programmes within a public-private partnership framework will ensure the contin-ued economic growth and social development in the region. These programs can be achieved through structured and organized action plans and develop-ment initiatives, including though the introduction of wide-ranging capacity building and fiscal and financial incentive programmes, with SMEs and their entrepre-neurs as the main target beneficiaries.
As one of international organization, ASEAN has many important roles in developing SMEs. Together with states, ASEAN institutions can guide, direct, and fund many development programmes related to SMEs. In the context of AEC, ASEAN has big responsibility to nurture SMEs. Moreover, AEC, a new set of regional liberalization package, will have important consequences to SMEs’ growth in the ASEAN mem-ber states. It can be two-edge swords for SMEs. AEC can be opportunities to internationalize SMEs but in other hand it can threaten the SMEs by fiercer compe-tition from big corporation.
Therefore, this paper will ask a question of: How AEC will affect SMEs in ASEAN member states using English School Theory in International Political Economy.
ENGLISH SCHOOL THEORY IN INTERNATIONAL POLITICAL ECONOMY
English School Theory (EST) is one of IR grand theory widely acknowledged by its comprehensive contribution in security and International Political Economy (IPE) studies. In IPE studies, EST at-tempted to examine the relationship between sover-eignty, international trade, international organization and non-conventional issues such as environment and human rights.
English School Theory, pioneered by Martin Wight, Hedley Bull and Barry Buzan, answered this debate by splitting up IR into three divisions. Wight (1992), for example, provides three conceptions on IR, which are realism, rationalism, and revolutionism. Realism offers pessimistic worldviews and revolutions represented radical movement toward idealist norma-tive goals. Rationalism is the middle ground between realism and revolutionism emphasizing the role of law and wisdom in IR.
Bull (1966) provided three basic conceptions of IR, which are international system, international society and world society. International system refers to power politics amongst states, and puts the structure and process of international anarchy at the center of its analysis. International society is about the institu-tionalization of shared interest and identity amongst states, and puts the creation and maintenance of shared norms, rules and institutions at the center of IR theory. Worlds society takes individuals, non-state organizations and ultimately the global population as a whole as the focus of global societal identities and arrangements, and puts transcendence of the states-system at the centre of IR theory.
Furthermore, Buzan (2004) argues that there are six spectrum of international society; asocial, power political, coexistence, cooperative, convergence, confederative. Each of this spectrum has its own assumptions on environment and non-state actors. Asocial, power political and coexistence considered that sovereignty and international order as the ulti-mate goal of international society meanwhile cooperative, convergence and confederative are very active in promoting new issues and actors in IR such as Interna-tional Political Economy.
There are some ES’ key concepts that can be used to analyze IPE. This research will focus to concept of market and sovereignty. Market, like war and diplo-macy, is a very old practice in human affairs, arguably perhaps the oldest candidate for the status of a pri-mary institution defining the relations between the highest level of organized human grouping at any given time (Buzan & Little, 2000). Market was the primary economic institution for much of human history until fairly recent times, often carrying with it secondary institutions such as the particular rights accorded to enclaves of foreign traders in most of the city-states and empires of the ancient and classical world until today.
For ES theorists, market means more than just trade and finance. Market becomes an institution when there is shared practice and norms for granting particular rights to particular individual and collective organization. It is a principle of organization and legitimation that affects both how states define and constitute themselves, what kind of other actors they give standing to, and how they interpret sovereignty and territoriality.
Another key concept was sovereignty. The emphasis on sovereignty will result to two perspectives; mercan-tilism and liberalism. Mercantilism is in harmony with balance of power, nationalism, and war. Liberalism has complex effects. It requires sovereignty/non-interven-tion to be reinterpreted to allow more porous borders.
Under mercantilism, states saw themselves in a zero-sum competition with others and sought to maximize their wealth, power, and autonomy, not least by seeking favourable trade balances and the accumulation of specie. Crudely put, mercantilism meant that self-reliance was preferred to trade because the national interest was defined in terms of an ability to wage war. On the other side was liberalism, which held that trade was a good in and of itself, lowering prices, increasing technological innovation, prosperity, and social dynamism, and reducing the incentives for war. Mercantilism enhanced the power of the state, while liberalism elevated the power of the market and a variety of non-state actors.
Two different perspectives and two different concepts will yield different result in terms key words, objects of investigation and recommended proposal. This battle not only affected the whole character of the IPE, but also radically altered the balance and meaning of the primary institutions of international society. For more than a century this struggle was a, and arguably the, central issue of international rela-tions.
In addition to having major impacts on the other institutions of international society, the market also changes the composition of the actors who are in one way or another members of or at least participants in international society. Under liberal rules, both indi-viduals and non-state actors have legal rights against the state even if those rights are granted by the state. In principle, liberalism as a doctrine and the market as a practice favour a minimal state and the maximum liberty for individuals consistent with maintaining social order. In practice this means the empowerment of civil society and the right of people to establish organizations for a wide range of purposes.
To convince the battle between market and sover-eignty, the author will use the concepts to analyze globalization. Some allege that the most important result of globalization is the triumph of the market over the nation-state and the consequent end of national sovereignty. Economic forces are said to be eroding national boundaries so that governments lose control over their economies, and national economic systems converge toward a common model.
Market-oriented proponents of globalization consider this development as signaling a grand mo-ment in human history; the supremacy of the market over the state and of economics over politics over the end of a human institution and of the political struggles responsible for war, domination and other problems. For critics of globalization, on the other hand, victory of the market means the end of the state as the protector of the economically weak against the economically strong, and the supremacy of ruthless market forces and those who control such forces.
Author : Verdinand Robertua
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The National Bureau of Economic Research (NBER) recently released a circulated but not-yet internally or externally reviewed study titled “The Gap within the Gap: Using Longitudinal Data to Understand Income Differences in Student Achievement.” Note that we have covered NBER studies such as this in the past in this blog, so in all fairness and like I have noted in the past, this paper should also be critically consumed, as well as my interpretations of the authors’ findings.
Nevertheless, this study is authored by Katherine Michelmore — Assistant Professor of Public Administration and International Affairs at Syracuse University, and Susan Dynarski — Professor of Public Policy, Education, and Economics at the University of Michigan, and this study is entirely relevant to value-added models (VAMs). Hence, below I cover their key highlights and takeaways, as I see them. I should note up front, however, that the authors did not directly examine how the new measure of economic disadvantage that they introduce (see below) actually affects calculations of teacher-level value-added. Rather, they motivate their analyses by saying that calculating teacher value-added is one application of their analyses.
The background to their study is as follows: “Gaps in educational achievement between high- and low-income children are growing” (p. 1), but the data that are used to capture “high- and low-income” in the state of Michigan (i.e., the state in which their study took place) and many if not most other states throughout the US, capture “income” demographics in very rudimentary, blunt, and often binary ways (i.e., “yes” for students who are eligible to receive federally funded free-or-reduced lunches and “no” for the ineligible).
Consequently, in this study the authors “leverage[d] the longitudinal structure of these data sets to develop a new measure of persistent economic disadvantage” (p. 1), all the while defining “persistent economic disadvantage” by the extent to which students were “eligible for subsidized meals in every grade since kindergarten” (p. 8). Students “who [were] never eligible for subsidized meals during those grades [were] defined as never [being economically] disadvantaged” (p. 8), and students who were eligible for subsidized meals for variable years were defined as “transitorily disadvantaged” (p. 8). This all runs counter, however, to the binary codes typically used, again, across the nation.
Appropriately, then, their goal (among other things) was to see how a new measure they constructed to better measure and capture “persistent economic disadvantage” might help when calculating teacher-level value-added. They accordingly argue (among other things) that, perhaps, not accounting for persistent disadvantage might subsequently cause more biased value-added estimates “against teachers of [and perhaps schools educating] persistently disadvantaged children” (p. 3). This, of course, also depends on how persistently disadvantaged students are (non)randomly assigned to teachers.
With statistics like the following as also reported in their report: “Students [in Michigan] [persistently] disadvantaged by 8th grade were six times more likely to be black and four times more likely to be Hispanic, compared to those who were never disadvantaged,” their assertions speak volumes not only to the importance of their findings for educational policy, but also for the teachers and schools still being evaluated using value-added scores and the researchers investigating, criticizing, promoting, or even trying to make these models better (if that is possible). In short, though, teachers who are disproportionately teaching in urban areas with more students akin to their equally disadvantaged peers, might realize relatively more biased value-added estimates as a result.
For value-added purposes, then, it is clear that the assumptions that controlling for student disadvantage by using such basal indicators of current economic disadvantage is overly simplistic, and just using test scores to also count for this economic disadvantage (i.e., as promoted in most versions of the Education Value-Added Assessment System (EVAAS)) is likely worse. More specifically, the assumption that economic disadvantage also does not impact some students more than others over time, or over the period of data being used to capture value-added (typically 3-5 years of students’ test score data), is also highly susceptible. “[T]hat children who are persistently disadvantaged perform worse than those who are disadvantaged in only some grades” (p. 14) also violates another fundamental assumption that teachers’ effects are consistent over time for similar students who learn at more or less consistent rates over time, regardless of these and other demographics.
The bottom line here, then, is that the indicator that should be used instead of our currently used proxies for current economic disadvantage is the number of grades students spend in economic disadvantage. If the value-added indicator does not effectively account for the “negative, nearly linear relationship between [students’ test] scores and the number of grades spent in economic disadvantage” (p. 18), while controlling for other student demographics and school fixed effects, value-added estimates will likely be (even) more biased against teachers who teach these students as a result.
Otherwise, teachers who teach students with persistent economic disadvantages will likely have it worse (i.e., in terms of bias) than teachers who teach students with current economic disadvantages, teachers who teach students with economically disadvantaged in their current or past histories will have it worse than teachers who teach students without (m)any prior economic disadvantages, and so on.
Citation: Michelmore, K., & Dynarski, S. (2016). The gap within the gap: Using longitudinal data to understand income differences in student achievement. Cambridge, MA: National Bureau of Economic Research (NBER). Retrieved from http://www.nber.org/papers/w22474
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Carlos and Edwin are brothers and they both love Holden Commodore cars.
Carlos likes to buy the latest Holden Commodore car for $40,000 every 4 years as soon as the new model is released. As soon as he buys the new car, he sells the old one on the second hand car market for $20,000. Carlos never has to bother with paying for repairs since his cars are brand new.
Edwin also likes Commodores, but prefers to buy 4-year old cars for $20,000 and keep them for 11 years until the end of their life (new ones last for 15 years in total but the 4-year old ones only last for another 11 years). Then he sells the old car for $2,000 and buys another 4-year old second hand car, and so on.
Every time Edwin buys a second hand 4 year old car he immediately has to spend $1,000 on repairs, and then $1,000 every year after that for the next 10 years. So there are 11 payments in total from when the second hand car is bought at t=0 to the last payment at t=10. One year later (t=11) the old car is at the end of its total 15 year life and can be scrapped for $2,000.
Assuming that Carlos and Edwin maintain their love of Commodores and keep up their habits of buying new ones and second hand ones respectively, how much larger is Carlos' equivalent annual cost of car ownership compared with Edwin's?
The real discount rate is 10% pa. All cash flows are real and are expected to remain constant. Inflation is forecast to be 3% pa. All rates are effective annual. Ignore capital gains tax and tax savings from depreciation since cars are tax-exempt for individuals.
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Two publications by the FAO and CCAFS can serve as useful planning tools for Nationally Appropriate Mitigation Actions (NAMAs) and Low-Emission Development Strategies within the agricultural sector. The guidance document is now available in Spanish.
The two publications - a review paper and a guidance document - offer readers building blocks for national mitigation action plans and easy-to-use guidance for designing them. The guidance document is also available in Spanish.
Country case studies illustrate the range of available options that countries can implement. Through these publications, policy makers, country climate change negotiators, and ministerial advisors can finally get support for their work in agriculture.
More than mitigation is considered in the national plans:
Based on an analysis of existing agricultural NAMAs, the reports find that most actions contribute to the three pillars of climate-smart agriculture: increased productivity, adaptation to, and mitigation of climate change.
In the NAMA review, prepared jointly by FAO and the CGIAR Research Program on Climate Change, Agriculture and Food Security (CCAFS), the authors document that developing countries have considered many synergies among multiple development goals in their NAMAs.
Synergies between agricultural mitigation and a range of critical development objectives, for example increased food security, reduced deforestation, reduced water pollution and improved resilience to climate change had all been addressed in several NAMAs.
To learn more about how food security, adaptation and mitigation are symbiotic, read: Countries reach for food security while reducing agriculture's climate costs.
Why are national mitigation actions needed for the agricultural sector?
Though the biggest challenge of agriculture is to feed the world while adapting to climate change, there is also a need to reduce GHG emissions from agriculture, forestry, and other land use (AFOLU) since AFOLU accounts for approximately one-fourth of global GHG emissions. Reduction of GHG emissions offers significant opportunities to address the food security and climate challenges in a more comprehensive fashion. Without reducing emissions in all sectors, the global average temperature will reise more than 2 degrees Celsius (3.6 degrees Fahrenheit), making it impossible to avoid extremely dangerous changes in climate.
The production of food, feed and fibers also contributes to deforestation and energy consumption, causing additional emissions that affect the climate. The NAMA context is also useful for building financing mechanisms to support climate change mitigation as well as adaptation actions in the agricultural sector, taking into account each individual country’s unique goals for their development.
1. Align national mitigation plans with agricultural development goals
NAMAs must be aligned with agricultural development goals. Moving forward with development and adaptation as the primary goals secures the viability of the actions reducing agricultural greenhouse gas (GHG) emissions. In practice, climate-smart agriculture means food security through better yields from more resilient, adaptive agriculture, that reduces GHG emissions and increases the uptake of atmospheric carbon by sinks, for example in trees and soil. More carbon in the soil most often increases fertility.
2. Take advantage of technical solutions that already exist
There are challenges that hinder the realization of climate changemitigation in agriculture, forestry and other land use activities. One of the key challenges to agricultural NAMAs is GHG emission monitoring, reporting and verification (MRV). The good news is that the necessary technical solutions already exist as well as data to construct baselines for emissions at national level. Many countries have already advanced well with their NAMAs.
3. Combine finance sources for mitigation activities
A NAMA can open up also other sources of funding. Countries are using existing funding sources including targeting agricultural investments and Global Environment Facility GEF, as well as leveraging the private sector’s investments.
4. Progress with the agricultural mitigation plans
Creating a NAMA in the agricultural sector can be done step by step: the planners won’t need to know everything to start the process. An introduction to the main mitigation planning approaches and the key elements to consider in planning can be found in the brand new guidance document: National planning for GHG mitigation in agriculture.
To understand where activities should be targeted and what their mitigation potential is, the FAOSTAT GHG database can provide assistance, especially for developing countries. The database gives country-level estimates of GHG emissions based on FAOSTAT activity data (using Tier 1 computations and following 2006 IPCC Guidelines). The database gives information on GHG emissions for the whole agriculture, forestry and land use sector at the global, regional, and national levels, and includes projections of emissions to 2050.
Brazil targets many agricultural practices in its various NAMAs, gaining the largest emission reductions from avoided deforestation of rainforests and savannahs. Estimations for the mitigation potential, expressed in units of reduced tonnes of cabon dioxide equivalent (CO2eq) per agricultural activity, compared to business-as-usual scenarios, have formed the basis of their decision making.
Kenya has attracted external funding for their plans to increase agroforestry as an agricultural practice to have a 10 percent tree cover on farms. Trees on farms don’t only produce fruit and firewood, but also heighten the adaptive capacity of communities as trees provide protection from extreme weather events and are an additional source of income if crops fail.
Ethiopia has submitted a large number of NAMAs based on its Climate-Resilient Green Economy Strategy, ranging from cropland and grazing land management to renewable energy production in agriculture. Ethiopia has also set targets for the extent of land area for mitigation activities.
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But productivity gains may take time to materialise and growth of the digital economy will bring its own set of challenges. Still, technology adoption has the potential to spur a global productivity boom in an environment where productivity growth is at an all-time low in most countries globally, the report says.
Electricity was introduced in US factories in the 1880s but labour productivity growth did not speed up for more than 20 years until factory layouts (and a generation of managers) changed from machines clustered near the main power source, as had been the case with steam engines to a single floor spread out.
In 1970s, computers' mass-market adoption materialised as productivity gains in the 1990s only after a wave of company business process redesign and the roll-out of large enterprise-wide IT systems that introduced process innovations like vendor managed inventory, cross-docking and efficient consumer response -- reshaping the entire retailing and distribution industries.
Digitisation, which entails the adoption of advanced technologies such as big data, machine learning, artificial intelligence, cloud computing, internet of things and advanced robotics, is aimed at enhancing information processing and the quality of decision making while further automating routine tasks.
Economists label the select few technologies that can change history as 'general-purpose technologies.' Only three technologies previously earned this distinction: the printing press, the steam engine and the electricity generator.
"Today, many experts believe that digital technologies have the potential to spur exponential growth in economic well-being and prosperity, similar to what the steam engine and electricity have done in the past," said Elena Duggar, Chair of Moody's Macroeconomic Board.
"The digital world has different economics from the physical world. As a result, digital technologies can lead to 'winner-take-all economics and result in a rising gap between the 'superstars' and rest of the 'winners' in a field,' she said in the study.
Digital technologies will create new types of work at the same time as they act as substitutes for labour. Repetitive tasks performed by both low- and high-skilled labour will likely be automated. Technology adoption may further increase income inequality by increasing demand for high-skill labour and suppressing wages for low-skill labour.
The study said digital technologies can help governments operate more efficiently and target public services better. "But they will also challenge current taxation structures, income redistribution schemes and education systems. Political risks are likely to rise amid labour dislocations."
The digital economy will be radically different than the past. Agile governments will be needed to embrace the opportunities and challenges created by digital technologies. Forward-looking government policies and prioritising education will help countries better prepare for the era of digitisation.
But credit impacts will depend on policy reforms to improve education, promote human capital development, support entrepreneurship, remove regulatory impediments to new business formation, support better labour-to-jobs matching, support science and innovation, and upgrade infrastructure.
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As you may know, being a president of The United State of America holds a lot. This is because the position attracts respect, power, and authority in the world. Apart from this, this position is equally considered to have a financial boost to the occupants.
In the U.S. the president is seen as someone who will power, influence and authority among his follow presidents and they belong to the wealthiest category of the society. In this article, we will examine the top 7 American presidents and their net worth.
Donald Trump (net worth: #3.7 billion) 2017-till date
Born on 1946, Donald Trump, who is the current president and he is known as a controversial president following the circumstances surrounding his election. Despite this, there is one thing that you can not take away from him and that is, he knows how to make money, having businesses which span across real estate, hotels, TV network, sales, entertainment to mention but a few.
George Washington (net worth: $580 million) 1789-1797
George Washington was one of the American presidents who made history, George is known for his enormous wealth.
George’s Virginia plantation, Mount Vernon, consisted of five separate farms on 8,000 acres of land which is run by his slaves numbering over 300. George is considered as one of the richest presidents, having earned 2% of the U.S. Budget as his salary in 1789.
Thomas Jefferson (net worth: 234 million) 1801-1809
Jefferson inherited 3,000 acres of land and a good number of slaves from his father Monticello. Jefferson’s mansion built on a 5,000 acres plantation in Virginia, was one of the architectural beauty of its time. He acquired money from the various political positions he held before becoming president in 1801. After his 8 years in office, he was enmeshed in debt, thus, he lost most of his wealth and was in a huge debt.
Theodore Roosevelt (net worth: 138 million) 1901-1909
Roosevelt who came from a rich New York City family is considered as an outstanding president of the U.S. He received a good portion of a trust fund from his family. Roosevelt worked as an author to pay his bills, having lost most of his in a ranching business in the Dakotas.
Roosevelt has a 235 acres estate situated at Sagamore Hill in Long Island.
Andrew Jackson (net worth: $131 million) 1829-1837
Andrew Jackson from 1829 to 1837, serving for two terms in office. He was to a large extent considered as a public man, having been in touch with the middle class. Andrew has a large investment in the real estate. His homestead, The Hermitage which included 1,050 acres of prime real estate.
Andrew married into a wealthy home and he equally made money as a military officer and he was featured in the 20-dollar bill for a while.
James Madison (net worth: $112 million) 1809-1817
James started acquiring wealth as Secretary of State before he became president. He has a landholding which consisted of 5,000 acres and the Montpelier estate which made him a number one landowner in the Orange County, Virginia.
Lyndon Baines Johnson (net worth: $108 million) 1963-1969
Despite Baine’s father losing all his money when he was still a young boy, he was not deterred by this rather he worked hard. He accumulated about 1,500 acres in Blanco County, Texas, which included his home, which is called Texas White House.
Brines and the wife owned a radio and television station in Texas and some other businesses which he does. He equally owned a private aircraft.
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Section 1332 State Innovation Waivers, named after the section of the Affordable Care Act (ACA) that created them, are intended to allow states to implement innovative or alternative strategies to achieve health coverage. As of early September 2019, thirteen states have had State Innovation Waivers approved.
While State Innovation Waivers can help improve the market and lower premiums, they can also cause harm if used the wrong way. Recent changes in federal guidance could have potentially negative impact on access and affordability of health coverage for older adults. All states, whether or not they plan to pursue State Innovation Waivers in the future, should have a sound understanding of these waivers and the implications of recent federal and state changes to these waivers. States considering waivers in the future can look to other states that have successfully implemented waivers for promising practices to improve access to and affordability of coverage for older adults.
This latest Insight on the Issues highlights five key steps that states should take to understand and evaluate the impact of State Innovation Waivers on older adults:
1) Learn how a State Innovation Waiver works
2) Recognize opportunities to improve coverage: reinsurance and other state waivers
3) Approach recent federal guidance with caution: protecting older adults
4) Understand the waiver process and public input opportunities
5) Keep an eye on federal activity
Suggested citation for the latest report in the State Innovation Waiver series:
Dean, Olivia and Jane Sung. Health Insurance State Innovation Waivers and Older Adults: A Guide for States. Washington, DC: AARP Public Policy Institute, September 2019. https://doi.org/10.26419/ppi.00081.001
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