Why We Need a Goal of Zero Inflation Essay Example | Topics and Well Written Essays - 500 words

Why We Need a Goal of Zero Inflation - Essay Example Keleher reports that, "This objective has been endorsed not only by many of the world's most esteemed monetary economists but also by many Federal Reserve officials". A zero inflation rate will not impact the unemployment rate as critics contend. It will, however, stabilize the economy, and benefit the average worker. Though there is some debate about the definition of zero inflation, almost all economists agree that high inflation rates have a negative impact on the economy. When the inflation rate reaches double digits, economies will experience slower rates of growth. The unpredictable future of inflation rates reduces investment, spending, and creates a climate ripe for poor planning. Future prices and uncertainty about future income affects everything from automobiles to the real estate market. There is no doubt that a goal of zero inflation is desirable in today's instantaneous, global economy. As much as it is desirable for the corporate economy, it is even more so for the individual. Retirees on fixed incomes face an uncertain future with high inflation. For the average worker, an inflationary rise in wages will lag the increase in prices, which will place them permanently behind the inflation curve. The complexities of evaluating personal financial decisions in an inflationary market leaves the consumer open to exploitation.

Hackers are the true defenders of cyberspace Essay

Hackers are the true defenders of cyberspace - Essay Example There is a great divergence in the understanding of the role of hackers in modern cyberspace. While they are often considered to be criminals, breaking into computer systems to cause damage and engage in personal gain; most hackers are out there for the exact opposite reasons, to help the cyber-environment, and to do something they love. According to Wikipedia, "hacker is extended to mean a person who makes things work beyond perceived limits through their own technical skill." Hackers, then, strive to improve the internet for all users, and not damage or deface what currently exists. Hackers, not crackers (people whose primary goal is financial gain), are the true defenders of cyberspace, in that they work to uncover security flaws, attempt to regulate dangerous or immoral content, promote new technology and ideas, and strive to stop crackers from damaging critical cyber technology. By describing and proving each of the above concepts related to hackers and the defense of cyberspace , this essay seeks to prove that crackers, not hackers, are the primary threat to cyberspace; and that hackers, through their actions and love of technology, strive to and are successful at being the true defenders of cyberspace.All over the world, groups of hackers are gainfully employed as cyber cops, internet security, and virus stoppers. Everyday they find "cures" to hundreds of bugs, Trojan horses, and viruses that crackers and hackers have loosed on the cyber world. At the anti-virus firm Kaspersky, in Moscow, "woodpeckers" (young hackers) work in twelve hour shifts to protect the internet. In the media, they are called computer programmers. However, their job is to correct code, and to travel into crackers' computers to hunt out the source of these security breaches (Johnson 2006). Internet security requires hackers to learn not only how to fix the problems crackers cause, but also how to think like them, to understand not only the how but also the why of what the crackers do . The line between hacker (with a positive connotation) and hacker (with a negative connotation) is actually finite. They break into other people's computers, investigate personal files, and change the internet in thousands of ways. However, hackers only do it out of love for cyberspace, and a need to protect others, and strengthen the security of other people's systems. Crackers, (the group commonly called hackers in mainstream media) do the same; only they do it not just out of love, but also out of a desire for personal gain. For hackers, the need to learn to think like crackers is paramount. They are taught in classrooms how to think and behave like crackers, using the same tools to find a system's weakest points (School 2005). Yet few people would argue that these people are doing damage; instead, they are trying to strengthen security, and are called computer programmers by mainstream media. They use the same tools, and do the same actions. The only difference is the eventual goal: for hackers, to improve the internet, for crackers, to improve their wallet. Crackers not only go after financial gain for themselves, they also try to hurt others, a new wave called "cyber terrorism." Cyber terrorism is defined as "cyber terrorism is the premeditated, politically motivated attack against information, computer systems, computer programs, and data which result in violence against noncombatant targets by sub national groups or clandestine agents" (Federal Bureau of Investigations 2006). Crackers gain entrance into military and government sites, causing damage and defacing the sites. Cyber terrorism is considered one of the greatest new threats, and laws are popping up everywhere requiring jail time for these offenders. Yet their greatest skill is that of not being findable, at least not by laypersons. Instead, computer programmers are becoming cyber cops, searching out these criminals, and stopping dangerous attacks on data. These "cracks" into government security can only be

The Poetry of T.S. Eliot Essay Example for Free

The Poetry of T.S. Eliot Essay The poetry of T.S. Eliot is of such greatness that it will be read and analyzed by future generations of students and critics as long as there is poetry. Eliot received the Nobel Prize in Literature in 1948 and his work spanned a period of time from 1910 until his death in 1965. The period 1914—1922 was very significant for Eliot for obvious as well as personal reasons and events. He was living in England and Europe was witnessing the end of the First World War and realizing the devastation caused. Personally he was having marital difficulties as well as emotional and psychological problems. (Eliot xv—xviii) His work from this period is very dark and obviously influenced by the â€Å"wasteland† of Europe as well as his marital and personal issues. The poems are compelling and in their unique way stand to illustrate the beauty that can be created in the dismal.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   â€Å"The Love Song of J. Alfred Prufrock† was first published in 1915. It opens with Italian verse from â€Å"Dante’s Inferno†, seemingly trying to set a tone of death and damnation. There are no bright spots or happiness in the poem; instead there is a sense of anxiety, uncertainty and sadness. He walks â€Å"streets that follow like a tedious argument of insidious intent to lead you to an overwhelming question† (9). The women seem out of reach, â€Å"in the room the women come and go talking of Michelangelo† (10). It is not a pleasant scene. Eliot appears to want to escape it, to be â€Å"a pair of ragged claws scuttling across the floors of silent seas† (11).   His language in Prufrock is full of allusions and very difficult to read and interpret, and it is almost as if he has sympathy for the reader. He shows his frustration at miscommunication in several lines, some repeated. â€Å"That is not what I meant at all. That is not it, at all† is followed by later by â€Å"it is impossible to say just what I mean† (12). Later this thought is inverted and repeated, â€Å"that is not it at all, that is not what I meant, at all† (13). Towards the end he becomes melancholy and thinks of his old age and death: â€Å"I grow old†¦I grow old†¦I have heard the mermaids singing, each to each. I do not think they will sing to me†¦we have lingered by the chambers of the sea by sea-girls wreathed with seaweed red and brown till human voices wake us and we drown† (13). The reader is left to wonder if Prufrock was drowning in a sea of human voices. This conflict and miscommunication is symbolic of both Eliot’s marital and personal difficulties. The poem is depressing and full of darkness, conflict and anxiety. It is only the beginning of his bleak viewpoint.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   This theme of darkness and miscommunication continues to be reflected in his poetry. In â€Å"Morning at the Window†. Eliot is â€Å"aware of the damp souls of housemaid sprouting despondently at area gates†¦waves of fog toss up to me twisted faces†¦and tear from a passer-by with muddy skirts an aimless smile that hovers in the air and vanishes†¦Ã¢â‚¬  (24). He writes of his â€Å"Aunt Helen† not in reflection of her life, but upon her death, focusing on silence and the task of the undertaker: †¦the undertaker wiped his feet—he was aware this sort of thing had occurred before† (26). There is a gloominess that seems to be everywhere Eliot looks. His theme of miscommunication is in his very words, often bizarre and difficult to interpret. In â€Å"Mr. Apollinax† Mr. Apollinax â€Å"laughed like an irresponsible foetus ‘he is a charming man’—but after all what did he mean† (28).   Ã‚  If the words are difficult enough to understand, the final verse is all but impossible to comprehend. â€Å"I remember a slice of lemon, and a bitter macaroon† (29).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Through these unsettling works Eliot shows himself to be a master at portraying a side of the human condition no one really likes to see, yet invariably at sometime everyone does. Often he points out the contrary view as he does in â€Å"The Wasteland†. Springtime is a timeless topic for countless poets expressing the wonder and beauty of nature coming alive after a winter asleep. Not so for Eliot. â€Å"April is the cruelest month, breeding lilacs out of the dead land, mixing memory and desire, stirring dull roots with spring rain† (65). Not surprisingly he seems to prefer winter. â€Å"Winter kept us warm, covering earth with a forgetful snow, feeding a little life with dried tubers† (65). The theme of miscommunication continues to either cause or accompany the darkness. â€Å"Speak to me. Speak. Why do you never speak. Speak. What are you thinking of? What thinking? What? I never know what you are thinking† (69).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eliot revisits his earlier theme of death as sea in the â€Å"Death by Water† section of â€Å"Wasteland†, advising Gentile or Jew â€Å"entering the whirlpool†Ã‚   to remember â€Å"Phlebas the Phoenician, a fortnight dead† (77). In the final section â€Å"What the Thunder Said† his depression seems to come to triumph. Eliot emphasizes â€Å"after the agony in stony places the shouting and the crying†¦he who was living is now dead, we who were living are now dying† (78). His landscape has been ruined: â€Å"falling towers Jerusalem Athens Alexandria Vienna London Unreal† (79). Despite his viewpoint and topics his work is beautiful as it moves the â€Å"unreal† of his imagination to our â€Å"reality† in such a unique and personal way; overall he has in fact communicated his reality in a masterful and compelling fashion. Eliot has proved that good things can arise from, if not be inspired by terrible situations. Works Cited   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Eliot, T.S. The Waste Land and Other Poems. New York: Barnes and Noble Classics, 2004.

How Lomax and Fellow Prisoners are Treated Essay -- Prison Alan Lomax

How Lomax and Fellow Prisoners are Treated In this essay I will be looking at ways in which Lomax conveys how he and his fellow prisoners are treated here in this passage from the book. To show evidence of this I will select quotes which show choices of form, style, vocabulary and narrative viewpoint. Overall I aim to highlight the ways in which the attitudes and values are conveyed to the reader. Lomax Perfectly describes his transition from a P.O.W camp to Outram Gail. 'What our captors were in fact doing was consigning us to a lower circle of hell'. This extremely poignant statement shows use of imagery in a way that stands out to the reader. He uses 'lower circle of hell', which is a simile to emphasize the absurdity of prisoners being sent to Gail. Lomax goes on to describe the horrible neglect that prisoners of Outram road were experiencing. 'This was a place in which the living were turned into ghosts, starved, diseased creatures wasted down to their skeletal outlines'. Like the first quote this is Lomax being very graphic, morbid about what he has witn...

Consumer Preception Towards Online Shoping

Council for Innovative Research www. cirworld. com International Journal of Management & Information Technology Volume 1, No 1, May, 2012 CONSUMER’S PERCEPTION TOWARDS ONLINE SHOPPING- THE CASE OF PUNJAB Pawan Singh Rathour ABSTRACT India has more than 100 million internet users out of which one half opt for online purchases and the number is rising sharply every year. The growth in the number of online shoppers is greater than the growth in Internet users, indicating that more Internet users are becoming comfortable to shop online.The capability of purchasing without leaving your place is of great interest to many consumers. Not only does online shopping offer really good deals, but also brings optimum convenience to the consumers. Moreover, the use of Internet tools for price searching and comparison provides an additional advantage in consumers’ final decision, as they can purchase their desired products in the lowest available price. This paper focuses on the unders tanding of demographic profiles of adopters and non-adopters of online shopping.For this purpose the data from 400 respondents was collected in the form of questionnaires. The study has been conducted in 3 cities of Punjab, a sample of urban respondents were selected from the Jalandhar, Ludhiana and Amritsar The paper also analyses the various reasons for adoption and non-adoption of online shopping. KEYWORDS: Online Shopping, Consumer Perception, Factor analysis, Adopters and Non-Adopters of online shopping REVIEW OF LITERATURE Bellman et al (1999) investigated various predictors for whether an individual will purchase online.These authors concluded that demographic variables, such as income, education and age, have a modest impact on the decision of whether to buy online, whereas the most important determinant of online shopping was previous behaviour, such as earlier online purchases. Standing (1999) stated that traditionally retail travel agencies have acted as intermediaries be tween airline companies and wholesale travel companies and the consumer. The Internet and the World Wide Web provide a whole new set of challenges and opportunities for this business sector.The major threat stems from airlines and wholesale travel companies offering their products and services directly to the customer without the assistance of travel agencies. Large online agencies have gained significant attention in the travel industry and provide some evidence of a restructuring of the travel industry sector. Leong (2001) examined the marketing strategies adopted by local hotel establishments in the competitive hospitality industry. It also analyses the adoption and role of information technology in strategic marketing.It was found that most hotels seemed to have embraced the marketing concept, given the existence of extensive marketing plans. Although most hotels appeared to have successfully incorporated information technology into their marketing campaigns, the level of commit ment seemed to be insignificant. Following a brief comparison with a similar US study, the paper concludes that there are only minor differences between US and Singapore hotels in terms of their marketing practices. Parasuraman (2002) stated that the motivations for this special issue and propose a conceptual framework pertaining to the issue’s theme.Using this frameworks a backdrop, they then offer an overview of the remaining articles by segmenting them into categories and discussing their relationship to the framework. They conclude by highlighting research avenues for augmenting our understanding of marketing to and serving customers through the Internet. Sigala (2003) stated that despite the exponential growth of e-commerce on the Internet, little is still known on how the new medium is transforming marketing concepts/practices and their effectiveness.This empirical study aims to fill in this gap. This article first analyzes the Internet's capabilities and features as we ll as the new virtual market space that Internet advances have fostered. After reviewing models and strategies for Internet marketing, an Internet marketing mix is proposed based on the Internet strategies of hotels in Greece that were investigated. Know and Lee (2003) explored consumers’ concerns about payment security and its relationship to online shopping attitude and actual purchases.They observed a negative relationship between attitude towards online shopping and concerns about online payment security. Consumers with a positive attitude seem to be less concerned about payment security. Bechrer (2004) stated that Internet marketing is a field that is continuing to grow, and the online auction concept may be defining a totally new and unique distribution alternative. Very few studies have examined auction sellers and their INTRODUCTION With nearly half of the Indian population being young and net savvy, there has been an extra ordinary rise in the numbers of online shopp ers.The recent growth in the mall culture in the country has in fact made consumers more aware about different options and encouraged them to search and eventually purchase online. India has more than 100 million internet users out of which one half opt for online purchases and the number is rising sharply every year. The growth in the number of online shoppers is greater than the growth in Internet users, indicating that more Internet users are becoming comfortable to shop online.Until recently, the consumers generally visit online to reserve hotel rooms and buy air, rail or movie tickets, books and gadgets and gizmos, but now more and more offline product like clothes – saris, kurtis, T-shirts – shoes, and designer lingerie, consumer durables are being purchased online. At present the market is estimated at Rs. 46000 crore and is growing at 100 percent per year. The two most commonly cited reasons for online shopping have been convenience and price. The capability of purchasing without leaving your place is of great interest to many consumers.Not only does online shopping offer really good deals, but also brings optimum convenience to the consumers. Moreover, the use of Internet tools for price searching and comparison provides an additional advantage in consumers’ final decision, as they can purchase their desired products in the lowest available price . On the contrary, privacy and security have been the great concerns, resulting many people to browse the Internet for informational matters than for buying online. 1|Page www. ijmit. com Council for Innovative Research www. cirworld. om International Journal of Management & Information Technology Volume 1, No 1, May, 2012 internet marketing strategies. This research examines the internet auction phenomenon as it relates to the marketing mix of online auction sellers. The data in this study indicate that, whilst there is great diversity among businesses that utilize online auctions, disti nct cost leadership and differentiation marketing strategies are both evident. These two approaches are further distinguished in terms of the internet usage strategies employed by each group.Ryan (2004) conducted a research on the mosaic of institutional issues associated with gaining credibility for internet marketing standards. Strong claims for a predominantly self-regulatory approach are reviewed in conjunction with other factors that inhibit credibility, namely: competing internet worldviews, weak moral coherency and offline ambiguity about respective institutional roles, especially as regards moral dimensions of notions of regulation and self-regulation. Wang (2006) conducted a research to examine the current use and predict future Web-based marketing activities of U. S. onvention and visitor bureaus. A survey was sent to 600 randomly selected American convention and visitor bureaus with a focus on assessing the applications included in the bureaus’ Web sites, their Web site promotion techniques, and customer relationship management programs in relation to these Web sites. The results indicate that most bureaus’ Internet marketing activities are relatively limited, focusing on providing travel information to prospective visitors. Bengtsson (2007) stated that adopting the Internet for advanced marketing operations opens up challenging opportunities for firms of all sizes.However, such adoption might destroy investments in present market channels and thus has the characteristics of radical innovation. The results of analysis show that composition of factors on which firms base their decision to adopt advanced Internet-based marketing operations varies significantly with firm size. Chin ting (2010) stated that few school or educational studies have simultaneously explored both internet marketing and organizational commitment, and of those that have, only direct effects were examined. This study clarifies the relationship between school organiz ation’s internet arketing and teachers’ organizational commitment by examining the mediating role of teachers’ job involvement and job satisfaction. RESEARCH OBJECTIVES The study has been conducted to identify the consumer’s perception towards online shopping in Punjab. The specific objectives of the study are: ? ? To identify the demographic profile of adopters and non-adopters of online shopping in Punjab. To identify the various reasons for adoption and non-adoption of online shopping by the consumers of Punjab DATABASE AND METHODOLOGY The research is primarily descriptive in nature.The data was collected in the form of questionnaires. The study has been conducted in 3 cities of Punjab, a sample of urban respondents were selected from the Jalandhar, Ludhiana and Amritsar. The survey was carried out on 450 respondents. However, 31 Questionnaires were found to be incorrect or irrelevant, so a total of 50 questionnaires were deliberately rejected. Hence, the study sample was reduced to 400 respondents. The data was collected personally (and via emails) in the months of January 2012 to March 2012. The questionnaire was pretested in order to identify possible problems in terms of clarity and accuracy.Thus, several changes were made in order to improve the presentation of the items, based on comments and feedback. Apart from demographic-related questions, fivepoint Likert scale was used for all the questions concerning consumers’ expectations and perceptions about the online shopping. Most of the Respondents of the age group 36-45 years (44. 6%) were found to be adopters of online shopping (Table 1). Most of the Males (55. 3%) were the adopters as compared to females, where 53. 7% were non-adopters. The adopters were mostly post graduates (48. 9%) with monthly income in the range of Rs. 0000-Rs. 30000. The respondents those who use internet from 5 to 7 hours a day were found to be adopters of online shopping. The consumer respon ses ranked the retail websites at Number 1 with Electronics and comparison shopping websites at Number 2 and 3 respectively. Home items were ranked at Number 10 by the Punjab consumers (Table 2) Table 1 : Demographic profile of Adopters and Non Adopters Demographics Adopters No. Age: 15-25 26-35 36-45 Above 46 Gender: Female Male 84 104 44. 6% 55. 3% 114 98 53. 7% 46. 2% df=1 chi-square=53. 892 p=0. 000 34 67 84 03 18. 0% 35. 6% 44. % 1. 5% 45 72 91 04 21. 2% 33. 9% 42. 9% 1. 8% df=3 chi-square=48. 241 p=0. 000 % Non Adopters No. % Chi – square 2|Page www. ijmit. com Council for Innovative Research www. cirworld. com Education: Under Graduate Graduate Post Graduate Any Other Monthly Income: Under Rs. 10000 Rs. 10000-Rs. 20000 Rs. 20000-Rs. 30000 More than Rs. 30000 Not Employed Daily usage of the Internet 1 hour and below 1-3 hours 3. 1-5 hours 5. 1-7 hours 7 hours and above 21 38 56 65 08 18 37 78 55 00 31 43 92 20 International Journal of Management & Information Technology Volume 1, No 1, May, 2012 6. 4% 22. 8% 48. 9% 10. 6% 56 62 86 08 26. 4% 29. 2% 40. 5% 3. 7% df=3 chi-square=72. 452 p=0. 000 9. 5% 19. 6% 41. 4% 29. 2% 0. 0% 42 51 69 45 05 19. 8% 24. 0% 32. 5% 21. 2% 2. 3% df=4 chi-square=67. 453 p=0. 000 11. 1% 20. 2% 29. 7% 34. 5% 4. 2% 47 53 71 39 02 22. 1% 25. 0% 33. 4% 18. 3% 0. 94% df=4 chi-square=77. 344 p=0. 000 Table 2: Most visited category of websites: Category of Websites Retail Consumer Electronics Comparison Shopping Computer Hardware Apparel Movies Books Flowers/Gifts/Greetings Jewelry/Luxury Goods/Accessories Home itemsRank 1 2 3 4 5 6 7 8 9 10 Mean 3. 45 3. 12 2. 98 2. 87 2. 64 2. 55 2. 03 1. 76 1. 46 1. 55 Reasons for adoption or non-adoption of online shopping The factor analysis was applied on the responses provided by respondents. Factor analysis is a good way of identifying latent or underlying factors from an array of seemingly important variables. In a more general way, factor analysis is a set of techniques, which, by anal yzing correlations between variables, reduces their number into fewer factors, which explain much of the original data, more economically. (Malhotra,2002).In the present study, the factor analysis was applied in order to identify the various reasons for online shopping by the consumers, the responses obtain were put to factor analysis and the result so obtain were Table 3 : KMO and Bartlett’s test subject to Kaiser- Meyer- Olkin (KMO) measure of sampling adequacy and Bartlett’s Test of Sphericity. The approximate chi-square value is 621. 103 with df 290, which is significant at 0. 000 level. (Table 3). The value of KMO statistics (0. 783) is also large (; 0. 5). Hence, all factors are not considered equally important for Television viewing.From table 4, it is evident that the first four variables represent the 62. 092 % of variance. Therefore, only these four factors with the variance greater than 1. 0 are retained and the other factors are not included in the model. T hus, from eigen values in table 3, we extract only 4 factors from the 13 variables. 3|Page www. ijmit. com Council for Innovative Research www. cirworld. com International Journal of Management & Information Technology Volume 1, No 1, May, 2012 Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx.Chi-Square Degree of Freedom Significance .783 621. 103 290 . 000 Table 4: Total Variance explained Initial Eigenvalues Component 1 2 3 4 5 6 7 8 9 10 11 12 13 Total 4. 150 3. 144 2. 718 1. 411 0. 892 0. 789 0. 618 0. 601 0. 590 0. 449 0. 332 0. 217 0. 189 % of Variance 27. 823 14. 230 10. 783 9. 256 6. 068 5. 130 5. 003 4. 781 4. 350 4. 263 2. 963 2. 788 2. 562 Cumulative % 27. 823 42. 053 52. 836 62. 092 68. 160 73. 290 78. 293 83. 074 87. 424 91. 687 94. 650 97. 438 100. 00 Extraction Sums of Squared Loadings Total 4. 150 3. 144 2. 718 1. 411 % of Variance 27. 823 14. 230 10. 783 9. 56 Cumulative % 27. 823 42. 053 52. 836 62. 092 Rotation Sums of Squared Loadings Total 3. 921 3. 101 2. 318 1. 290 % of Variance 27. 823 14. 230 10. 783 9. 256 Cumulative % 27. 823 42. 053 52. 836 62. 092 Extraction Method: Principal Component Analysis Factor loadings are simple correlations between the variables and factors. The most commonly used method is the Varimax Table 5:Rotated Component Matrix rotation procedure. This is an orthogonal method of rotation that minimizes the number of variables with high loadings of a factor, thereby enhancing the interpretability of the factors.Orthogonal rotations results in factors that are uncorrelated. Component S. No. Statements 1 2 3 4 1 2 3 4 5 I prefer to purchase online due to heavy discounts available online It is easier to buy online rather than going on to shop at store Shopping online gives you larger options to choose from It is easier to pay online through credit card or direct bank transfer The quality of products purchased online from trusted sites is very good and are available at economical pri ces Shopping online saves my time and money as I don’t have to go through heavy traffic besides saving fuel 609 . 361 . 212 . 341 . 425 . 380 .427 . 521 . 517 . 489 . 336 .379 . 389 . 412 . 656 . 316 .235 . 260 . 352 . 419 . 296 6 .552 .272 .461 4|Page www. ijmit. com Council for Innovative Research www. cirworld. com 7 8 9 10 11 12 13 International Journal of Management & Information Technology Volume 1, No 1, May, 2012 . 402 . 642 . 285 . 403 . 502 . 325 . 580 . 326 . 561 . 223 . 326 . 346 . 436 . 352 . 561 . 452 . 311 . 262 . 663 . 516 . 431 . 613 . 497 . 591 . 570 . 371 . 696 . 280I am a bit concerned about the security and privacy of my payments online I cannot buy all the products on discount but some selected products only There are some shipping delays in getting the product I do not use the credit card so I cannot often shop online I prefer to purchase online due to easement of online buying procedures I physically need to check the products before purchasing it I ca n read the reviews also before purchasing online which helps me to select the right product at economical pricesPrincipal Component Analysis under the rotation method (Varimax with Kaiser Normalization), rotation converged in 15 iterations. The following four components (Table 6) may be extracted: Component 1: Factor 1,5,8,13 (Price Consciousness) Component 2:Factor 2,3,6 (Convenience and Variety) Component 3:Factor 4,11 (Easy payment options) Component shopping) 4:Factor 7,9,10,12 (Challenges of online The rotated component matrix suggests presence of the four interrelated factors.Table 6: Naming of Factors Factor No. F1 Name of Dimension Price Consciousness Item No. 1 I prefer to purchase online due to heavy discounts available online Variables Factor loading . 609 5 8 13 F2 Convenience and Variety 2 3 6 F3 Easy payment options 4 11 F4 Challenges of online shopping 7 9 10 12 The quality of products purchased online from trusted sites is very good and are available at economical pr ices I cannot buy all the products on discount but some selected products only.I can read the reviews also before purchasing online which helps me to select the right product at economical prices It is easier to buy online rather than going on to shop at store Shopping online gives you larger options to choose from Shopping online saves my time and money as I don’t have to go through heavy traffic besides saving fuel It is easier to pay online through credit card or direct bank transfer I prefer to purchase online due to easement of online buying procedures. I am a bit concerned about the security and privacy of my payments online There are some shipping delays in getting the product.I do not use the credit card so I cannot often shop online I physically need to check the products before purchasing it .425 . 642 . 580 . 521 . 517 . 552 . 656 . 663 . 613 . 591 . 570 . 696 Price Consciousness: It is the most significant factor with 27. 823 percent of total variance explained. T his explains the intent of Punjab Consumers being price sensitive. Most of the consumers prefer to buy some selected products online because they will get heavy discounts in comparison to store purchases. Also, the consumers feels that there are good websites available which can be trusted for purchases. |Page www. ijmit. com Council for Innovative Research www. cirworld. com International Journal of Management & Information Technology Volume 1, No 1, May, 2012 Convenience and Variety: It is the second most significant factor with 14. 230 percent of total variance explained. The consumers perceive that shopping online gives them larger options to choose from. Shopping online is very convenient as one has to just open a laptop or PC to shop rather then getting ready and pass through rush hour traffics. Easy Payment options: It is the third most significant factor with 10. 83 percent of total variance explained. Consumers feel that carrying cash or credit cards all the way to the stor e is meaning less if one can purchase the same product from their home. Challenges of Online Shopping: It is the fourth most significant factor with 9. 256 percent of total variance explained. The only worry of consumers is regarding the trustworthiness of some websites, since they have to give their credit card details to shop online. REFERENCES ? Bechrer C. (2004). Characteristics and internet marketing strategies of online auction sellers.International Journal of Internet Marketing and Advertising. 24(1), 24-37 Bellman, S. , Lohse, G. and Johnson, E. (1999) ‘Predictors of online buying behaviour,’ Communications of the ACM, 42 (12), 32-38. Bengtsson M. (2007). Integrating the Internet and Marketing Operations: A Study of Antecedents in Firms of Different Size. International Small Business Journal. 25(1), 27-48 Chin ting S. (2010). The Effect of Internal Marketing on Organizational Commitment: Job Involvement and Job Satisfaction as Mediators. Educational Administrati on Quarterly. 9(4), 65-74 Know, K. and Lee, J. (2003) ‘Concerns about payment security of Internet purchases: a perspective on current on-line shoppers,’ Clothing and Textiles Research Journal, 21 (4), 174-184. Leong C. (2001). Marketing practices and Internet marketing: A study of hotels in Singapore. Journal of Vacation Marketing. 7(2), 179-187 Parsuraman A. (2002). Marketing to and Serving Customers through the Internet: An Overview and Research Agenda. Journal of the Academy of Marketing Science. 30(4), 96-105 Ryan P. (2004).Internet marketing standards: institutional coherence issues. International Journal of Internet Marketing and Advertising. 15(4), 84103 Schiffman L. (2007) Consumer Behavior , New Delhi: Prentice Hall India Sigalla M. (2003). Developing and Benchmarking Internet Marketing Strategies in the Hotel Sector in Greece. Journal of Hospitality & Tourism Research. 27(4), 375-401 Standing C. (1999). Internet marketing strategies used by travel agencies in Australia. Journal of Vacation Marketing. 6(1), 36-42 Wang Y. (2006).Futuring Internet Marketing Activities Using Change Propensity Analysis. Journal of Travel Research. 45(2), 158-166 ? ? ? CONCLUSIONS It was seen from the study that most of the Respondents of the age group 36-45 years were found to be adopters of online shopping. Most of the Males were the adopters as compared to females, where 53. 7% were non-adopters. The adopters were mostly post graduates with monthly income in the range of Rs. 20000-Rs. 30000. The respondents those who use internet from 5 to 7 hours a day were found to be adopters of online shopping.Further, the factor analysis was applied to understand the various reasons for adoption and non-adoption of online shopping by the respondents. The following four factors were found to be significant Price Consciousness, Convenience and Variety, Easy Payment options and Challenges of Online Shopping. Most of the consumers prefer to buy some selected products onli ne because they will get heavy discounts in comparison to store purchases. Also, the consumers feels that there are good websites available which can be trusted for purchases.The consumers perceive that shopping online gives them larger options to choose from. Shopping online is very convenient as one has to just open a laptop or PC to shop rather then getting ready and pass through rush hour traffics. Shopping online saves time and money along with lesser effort is required in comparison to store purchases. Consumers feel that carrying cash or credit cards all the way to the store is meaning less if one can purchase the same product from their home. The educated consumers are aware of the buying procedures online which they feel are pretty simple.The only worry of consumers is regarding the trustworthiness of some websites, since they have to give their credit card details to shop online. Many of the consumers are aware of the various online scams due to which they are very concern ed and reluctant while providing their credit card information online. Also the online purchases take a longer time in shipments and deliveries. The psychology of an Indian consumer is still the same of checking the product physically before purchasing it, which creates a mental hurdle for online shopping. ? ? ? ? ? ? ? ? 6|Page www. ijmit. com

Ra 6713 “Code of Conduct and Ethical Standards for Public...

ETHICS â€Å"Is deciding what is RIGHT and doing it† ETHICS is equated with: * Good Governance: It requires us to decide what is good. * Public Service Ethics: Requires us to give quality service to the public. * Standards, Rules, Morals - ETHICS is the â€Å"science of human duty†. ETHICS OF GOVERNANCE Good Governance is characterized with: * Accountability * Transparency * Participation * Non-Discrimination * Responsiveness * Poverty Alleviation (According to UNDP as cited by Carià ±o) * Participation * Rule of Law * Transparency * Responsiveness * Consensus Orientation * Equity * Effectiveness and Efficiency * Accountability Ethical Bases†¦show more content†¦Recommending any person to any position in a private enterprise which has a regular or pending official transaction with his office. Soliciting or accepting, directly or indirectly, any gift, gratuity, favor, entertainment, loan or anything of monetary value which in the course of his official duties or in connection with any operation being regulated by, or any transaction which may be affected by the function of his office. Unfair discrimination in rendering public service due to party affiliation. Disloyalty to the Republic of the Philippines and to the Filipino people. Failure to act promptly on letters and requests within 15 working days from receipt, except as otherwise provided in these Rules. Failure to attend to anyone who wants to avail himself of the services of the office or to act promptly and expeditiously on public personal transactions. Failure to file sworn statements of assets, liabilities and networth, and disclosure of business interests and financial connections. RA 9485 â€Å"Anti-Red Tape Act of 2007† signed into law by Pres. Gloria Macapagal-Arroyo on June 02, 2007 Violations Refusal to accept application and/or request within the prescribed period or any document being submitted by a client. Failure to act on an application and/or request or failure to refer back to the client a request which cannot be acted upon due to lack of requirement/s within the prescribed period. Failure to attend to clients whoShow MoreRelatedEstrada vs Sandiganbayan3238 Words   |  13 Pagesof alias by respondent Estrada was not public, was allowable under banking rules, and was an exception to illegal use of alias punishable under CA 142; in limiting the coverage of the amended Information in Criminal Case 26565; and in departing from its earlier final finding on the non-applicability of Ursua v. Court of Appeals II. Objectives 1) To determine if the use of Estrada’s alias violates CA No. 142.and violates the Bank Secrecy Law or RA 1405. 2) To be able to identifyRead MoreBanking Laws and Jurisprudence Reviewer41247 Words   |  165 PagesBanking Laws CHAPTER 1 – Banks and Business of Banking †¢ Declaration of the state with regards to banking – recognize vital role of the banks to provide environment conducive to development of national economy o It also states that banks need high standards of integrity and performance Banks – entities engaged in the lending of funds obtained in the form of deposits (borrowing, lending, safe-keeping) Banks may engage in other activities allowed by the law other than lending 2 †¢ †¢ Nature

Theoretical Aspects Of Financial Crisis Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2993 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Sapir 2008 analysed that there were a combination of three things that were related to the financial crisis; a crisis of capitalism, a financial crisis and a liquidity crisis. This unusual combination explains how serious the impacts of the crisis were. Each element had different repercussions and at the same time was tightly linked. Don’t waste time! Our writers will create an original "Theoretical Aspects Of Financial Crisis Finance Essay" essay for you Create order Allais 2002 blamed excessive development of payment promises and their financing. He argued that the same causes generate the same effect, which explains some of the crises that had occurred in history and also explains the events of the last crisis that became a global issue. A journal article written by Kern Alexander 2008 Principles v Rules in financial recommended efficient regulation to prevent misconduct and misdemeanour of excessive lending to people that are unable to pay back loans, which has become a burden on the economy. Regulators do have the resources and expertise to cope with this issue. However efficient regulation is difficult because of the incentives financial institutions have to develop means to avoid the impact of regulations by loophole missing (Eaglesham 2012). Therefore it will always be a case where changes in regulations would not generally respond promptly to the pace of change in markets and economy (Kern 2009). Sapir 2008 concluded the emergenc e of new development models and that the crises imply a global re-evaluation of international integration strategies. Many would assume that Sapir is questioning as to what should be done about this issue. Boccara 2009 indirectly expressed his desire for Islamic finance and suggested that Islamic banking could be a new economic system base. Boccara 2009 complimented Islamic finance as a potential alternative. On the other hand Khan and Bhatti 2008 argued that Islamic banking will face challenges that could be difficult to overcome. A similar study to this research Bellalah et al. 2004 mentioned that there is a strong relationship between interest and instability, which are to do with financial and liquidity crisis mentioned by Sapir 2008. Akerlof and Shiller 2009 believe that financial crisis exist mainly because of changes in confidence, envy, illusions, temptations and stories about the nature of the economy. To understand Akerlof and Shiller 2009 theory Catts 2013 explai ned the theory in reference to reality and argued that those who could not afford a house or could not make payments were astonished by the fact that house prices would never fall. Therefore a lot of people were starting to take out subprime (high risk) mortgages and these were usually supplied by loan/mortgage brokers. Keynes 1937 believes how economic fluctuations are explained by spontaneous changes in the moods of people (optimism and pessimism). Minsky 1986 explained how a financial crisis would occur when a bubble in asset prices collapse. Greenspan 2003 said: The notion of a bubble bursting and the whole price level coming down seems to me as far as a national nationwide phenomenon, is really unlikely (CRAIG, Page 10). Keynes 1937 made the following argument: Even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than mathematical expectations, whether moral or hedonistic or economic. Nobody was aware of the consequences. Both Akerlof and Shillers (2009) point agrees with Keyness (1937) statement to an extent. However they point out that non economic motivations play a role in this, as they believe that the classical and new classical model ignores non economic factors. Barny 2005 argues that there was a substantial excessive inflation of house prices and on top of that interest rates were historically low. This created a mania for home ownership and lead to people optimistically buying homes, as explained by Minsky 1986 and Keynes 1937. Kindleberger 1987 and Friedman Schwartz 1963 argued that many banks would be forced to close. Economists Hayek 1935 and Wicksell 1935 (both subscribed to the Austrian school of economics) have in further depth elaborated the relationship between interest and instability. However Hayek 1935 examined Wickells 1935 study with the assumption of employm ent levels fluctuating, where as Wicksells 1935 assumed full employment. This would mean that both conclusions would slightly differ. Nevertheless the theories of the two economists in the end supported that interest leads to economic instabilities. The first part of the literature review managed to identify some of the causes that lead to a global financial crisis. It was important to have taken economic theories into consideration, as this dissertation will focus on how Islamic finance can assist the conventional system into becoming more resilient to the crisis. Therefore the second part of the literature review will look at the principles of Islamic finance. Islamic Finance History Islamic banking is one of the major economic developments in the early 1970s. However, the concept is not new. (Choudhury and Hussain 2005) discussed that Islamic banks have emerged since the 20th century and that they offer banking services through their resourced based view. Both Khan and Bhatti 2008 argued that Islamic finance made tremendous breakthroughs that have made the system viable and a competitive alternative to conventional banking. Currently Islamic banking is growing at 15-20% per year. Mawlana Maudidi proposed the idea of Islamic finance in the 1940s and was further developed by Anwar when Maududi died in 1979. According to Visser 2009 the main motivation of the development of specific Islamic views on the economy was due to the conviction that Islam was seen as backward by the European civilisation, which had little time for the tenents of Islam in the economic sphere (Visser, 2008 p4 8). Siddiqi 2002 has credited Maudidi for the development of Islamic finance, but argued that strong political ideas of Maudidi should be ignored as they might have arisen from a reaction of what the European civilisation thought of Islam and that no anti-western feelings need to be involved. Siddiqi 2002 has also stated that the world needs to participate in Islamic finance. Karbhari et al. 2004 explained that conventional banks have acknowledged the potential of Islamic finance. As result a number of conventional banks such as ANZ bank, Barclays, Citybank, HBSC and Lloyds TSB offer Islamic finance products, which not only illustrates there has been much recognised growth, but also how valuable the idea proposed by Maudidi has been. On the other hand, it must be mentioned that some scholars raised concerns about the legitimacy of Islamic products offered by conventional windows (Abdurahman, 2006, Yaquby, 2005 and Malik et al. 2011). Not one person can guarantee that funds provided to establish these windows did not involve interest, which means that t hat capital could be unacceptable according to the Shariah principles. These are potential challenges that many that many conventional banks that wish to open Islamic windows will face as mentioned by Khan and Bhatti 2008. These challenges could also explain as to why HSBC has decided to withdraw some of its Islamic windows. Different people have different ideology on why interest might be prohibited. However there are debates going on amongst scholars as to whether it is allowed for a transformed conventional institution to Islamic institution, could be classed Islamic if it commits to make charitable donations to purify their money. Tlemsani 2010 argued whether both Islamic and conventional banking can work together in a mutually productive manner. Lewis 2008 believes that Islamic finance varies little from conventional banking, which indicates a possibility that the two financial systems could co-evolve. Both might be correct in their suggestions, but Berger and Huntingdon 200 2 believe that the two systems are irreconcilable and conflict between each other, as conventional banking is merely profit motivated whereas Islamic banking focuses on the economic wellbeing and also profit. In addition Islamic banking completely avoids interest. Ahmad 1992 acknowledged that Islam completely prohibits interest. But if Islamic economics completely prohibits interest, then why do Muslim countries run their financial institution with the involvement of interest? This raised many questions and not one single person has managed to answer this (John Foster, 2009)., which also lead to people enquiring about whether Islamic finance is really Islamic (Foster, 2009). Shariah Board The activities and behaviours that caused the financial crisis are completely unacceptable in Islam. Every Islamic bank institution has its own Shariah board, and their responsibilities are to ensure operations adhere to Shariah law and give approval to management team regarding any operations and activities (Wilson, 2004 p9). After any approval the board monitors the ongoing activities and ensures that they are performed in the practice of the Shariah law. Both Hasan 2008 and Malik et al. 2011argue that there is no single organisation that governs the Islamic banking industry. It would be more beneficial to Islamic banking as a whole if there was a universal set of Islamic banking rules. Indonesia is a very good example, as the rulings are mandatory for all Shariah boards within the nation. Dr Hassan in a recent report that looked at the toughest issues facing Islamic finance admitted that the reason for this was that scholars with both Islam and finance knowledge are extremely scarce (which Malik et al. 2011 mentioned too) (Isra, 2012). In the same report Dr Laldin disagreed with Dr Hasans point as he claimed that there is no shortage of Shariah advisors in the market. As mentioned in the previous paragraph scholars in the Shariah board identify whether Islamic banking products are Shariah compliant. According to Wilson 2004 merely stating whether a product is Shariah compliant or not is insufficient. He recommends Shariah scholars should be more involved in the marketing as well as regulation. This shows that scholars are more proactive. Wilson 2004 also argued that Islamic banks need to consider ways to convince new and existing customers about the benefits of their innovative products and also demonstrate their products to new business circumstances and at the same time ensure customers that they are Shariah compliant. Van Gaal claimed that Islamic banks do engage with their customers. Therefore it can be assumed that Wilson 2004 might have been tr ying to explain that Islamic banking need to improve on their marketing (Van Gaal, 2012, p27). This assumption has been also made by a number of individuals who have analysed the challenges faced by Islamic finance (Mustafa 2011, Askari et al. 2010, Ramal Hussain 2010). Principles of Islamic finance Interest For many centuries Muslim nations have been developing ways of co-operating their religious beliefs and values within their business and banking. The fundamentals of Islamic banking are concepts in compliance with Islamic Sharia law principles. The Islamic bank is a banking establishment that solicits funds and employs them in accordance with the Islamic Shariah, for the purpose of building Islamic solidarity and ensuring justice of distribution and employment of funds in accordance with the Islamic principles. Abdelgadir B, Graham H.R, Cyril R.T ( 1994, p.6). In Islam there are two sources of principles that determine the Islamic structure, which primarily is the Quran itself and the Sunnah. The structure and basics of Islamic finance is different to the Western Commercial banking and financing system in many aspects. One way in which it distinguishes itself from conventional finance, is through the complete prohibition of interest (riba), whereas with conventional banking interest is the main driver (El-Gamal, 2006). Shariah law (Islamic law) strictly forbids interest. However it does not prohibit gains on capital. The Shariah law requires that performance of capital is taken into consideration when rewarding capital. In financial terms, use of capital must add value and not be devoid of risk (Arberry, 1964, p. 4). It is stated in the Holy Quran in the following verses: Those who devour usury will not stand except as stands one whom the Evil One by his touch hath driven to madness. That is because they say: Trade is like usury, But Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (the offence) are companions of the fire; they will abide therein (forever). Holy Quran, Surah al Baqarah, 2:275 (23 Source: The Meaning of the Holy Quran. (Translated by Abdullah Yusuf Ali. Ninth Edition 1997. Amana Publications, Beltsville, Maryland, USA). The former president Obasanjo speaking in 2000 about Nigerias mounting debt to international creditors stated: All that we have borrowed up to 1985 was around US$ 5 billion, and we have paid about US$ 16 billion. Yet we are still being told-that we owe about US$ 28 billion. That US$28 billion came about because of the injustice in the foreign creditors interest rates. If you ask me what the worst thing in the world is, I will say it is compound interest (Shakespeare, 2011)(PRESSTV) The repercussions of interest are so severe to not only cause unable mortgage payers to lose their property, but enough to put a whole country into debt. Many more countries in the world, especially third world countries have very large debts to be clearing. According to Shakespeare 2011, the region of Sub-Sharan Africa pays $10billion every year in debt services which is four times the amount countries within that specific region spend on health care an d education (NewsInt 1998). Shah 20005 pointed out that there is $523 billion debt burden after $550 billion has been paid in both principal and interest. Although this might be irrelevant to the topic it still is a very good example to consider and understand why Islamic finance prohibits interest. A general agreement among Islamic scholars is that the charging of interest and any positive, fixed, predetermined rate of return which are promised regardless of how well a project performs is prohibited and also usury. (Iqbal and Tsubota 2006). The financial crisis started with the subprime mortgage where mortgage originators collateralized the debt by mixing prime and subprime debt. This means that they had less incentive to undertake careful underwriting Ghafour 2008. Zarqa 1983; Siddiqi 1983 have described Islamic banking as one that is value based and aims to ensure moral and material well being of individuals and society as a whole, whereas conventional banking can act inconsid erate about the economic well being. Gambling and Speculation Kunhibiva 2010 stated that any activity that involved a form of gambling is strictly forbidden in Islam, as well as speculations that lead to zero sum outcome. It is stated in the Holy Quran: They ask thee concerning wine and gambling. Say: in them is great sin, and some profit, for men; but the sin is greater than the profit (Holy Quran, Surah al Baqarah 2:219). The main reason why gambling is forbidden, is due to the fact that one gains through no effort (Damansari 2007, p.219). Campbell 2008 in an interview unveiled that conventional banks were aware of the risks involved in the activities of excessive lending, leading to a zero-sum outcome. Although gambling in conventional thought is widely accepted as McGowan and Brown 1994 believe that one should have the economic freedom to do as they desire. However there are some that argue against it Borna and Lowry 1987 believe that such activity does not take the economic well being into account. Tickell 1999 on the other hand argues that it should be totally avoided in the conventional banking system. It is to be said that Islamic finance principles can assist conventional banking on how to be more resilient to a future crisis. Islamic banking has shown more resilience during the time of the crisis compared to conventional banking, where a number of big players had to be bailed out by the government. A published document by Nankin and Schmidth 2009 showed some of the institutions in the conventional system that had to be bailed out, because of the way the crisis had affected them: Fannie Mae / Freddie Mac: $400 Billion American International Group (A.I.G.): $180 Billion Bank of America: $142.2 Billion These were companies with huge reputations. They had to be bailed out, for the reasons that they were all involved with the subprime mortgage crisis. Islamic banking principles and why Khan 1985 noted that the abolition of interest based transactions is not a subject that is new to conventional economic thought. A number of economists have agreed that the conventional system is instable compared to Islamic finance and Islamic scholars blamed interest rates. People who supported the conventional system such as Metzler 1950 and many more were familiar with the fact that the conventional system was not stable in the long term. For that reason Metzler proposed an interest free model where contracts should only be based on equity. This illustrated a more economic stability, because as explained by Keynes 1937 and Akerlof Shiller 2009 economic fluctuations are caused by changing moods of individuals and the existence of illusions which are both influenced by interest rates. This explains that interest is an act of exploitation and injustice (Lewis 2008). However scholars such as Chapra (1985), Khan (1985) and Siddiqi (1980 and 1982) are not fully against interest. They argued that interest should be rewarded only if savings are used to create additional capital and wealth. In the real world however, this is not the case, because interest rates have nothing to do with capital productivity. Instead, interest is paid on money and has to be paid regardless of whether an investment is a success or not. A lot of research has been carried out in this field with many similar opinions. Choudrys and Hussain s 2005 have also stressed their point of view which closely relates to Zarqa 1983 and Siddiqi 1983 way of thinking. There are many more researchers such as Dusuki and Abdullah 2007 who have critically reviewed and explained how Islamic banking aims to create a much fairer and balanced society as prescribed by Islamic economics. Chapra 2009 discussed this issue and added on how it has the potential to minimise the chances for a future crisis. All these compliments to Islamic finance are thanks to the Shariah principles which ensure proper Islam ic banking to act in an appropriate manner John LIU , ; Iqbal and Mirakhor, 2006 and Islamic prohibits interest because: Alternative products and alternative options (musharakah, ijarah sukuk etc) Whether Islamic finance principles can be adopted (scholarly reviewed articles To organise valuable ideas and findings To identify other research that may be in progress To generate research issues To develop a critical perspective To organise valuable ideas and findings To identify other research that may be in progress To generate research issues To develop a critical perspective