Review the arguments and evidence for and against the efficient market Essay

Review the arguments and evidence for and against the efficient market hypothesis and discuss whether the recent financial crisis has caused the hypothesis irreparable damage - Essay Example The global financial crisis has made a huge impact on modern financial theory which was based on the hypothesis that the financial markets were more or less efficient. Many economists and writers were respected the efficient market hypothesis. Economists Robert Shiller touted EMH as the most important theory in the history of economics. This report will look at the implication of efficient market hypothesis in the functioning of the financial markets. It will focus the disadvantage of EMH and why some analyst wants to reject this hypothesis permanently. Efficient Market Hypothesis (EMH) is an investment theory in finance that states it is impossible to beat the market because the efficiency in the stock market leads to the reflection of all relevant information in the prices of shares. According to this theory, the trading of stocks always takes place at their fair values on every stock exchange. Hence it is impossible for investors to purchase stocks that are undervalued and also to sell stocks at a higher price than its fair market price. In this regard, it is not possible to outperform the return of the overall market through expert opinion on stock selection and also by timing the market. The theory also mentions that investors are left with only one way to obtain higher returns and it is through purchasing investments that are riskier in nature. The financial crisis of the year 2008-09 has left the economies of Europe and US vastly devastated. The rate of unemployment has reached very high and the economies in the US, Europe a nd also other countries are performing well below their economic capacity. The crisis has shaken the theory of efficient market hypothesis which assumes the existence of efficiency in every financial market. According to EMH, public information is reflected in the asset prices without any delay. It also suggests that the availability of any information which may affect the future price of any stock is already reflected in the

The Struggle Of Oil In America Essay Example for Free

The Struggle Of Oil In America Essay Introduction Since its discovery 150 years ago, petroleum oil has become lifeline of the world, the functional equivalent of blood in the human body. The mechanism driving the entire transportation system from automobiles, airplanes, railways, ships to space rockets is based on utilization of energy of petroleum oil. Petroleum products are also extensively used in a number of infrastructure industries that form the core of industrial processes and basis of existence of modern world. However, the petroleum resources of world are very limited and they cannot endlessly meet human demands. Various estimates have put the total extractable oil stock to exist for another 50-75 years if world continues to consume them at present rate. After that the cost of extraction of remaining petroleum products would become much more than the benefits obtained them and world would require new resources of energy to exist. These concerns have already spawned intense research in alternative technologies to meet the future energy needs in the face of an impending petroleum crisis. United States of America is world’s leading consumer of petroleum products accounting for approximately 25 % of total consumption of petroleum oil world over. In 2003, world’s consumption of petroleum oil stood at around 80 million barrels per day, out of which US’s share was close to 20 million barrel (Hirsch, Bezdek, Wending, 2005). To meet these huge petroleum demands US depends crucially on oil imports that is well above 50 % today and continuing to rise upward. This overwhelming dependence on imported oil poses various strategic and security challenges for US interests in the long run. The sharp oil price increases of 1973 and 1979-81 serve as testimony to the dangers of import dependence. Further as the oil sources would continue to deplete, the prices of oil would steadily and inexorably rise until the level when world is faced with an acute fuel crisis. Based on these observations it’s vital that U.S explores alternative technologies and fuels to sustain its development and growth structure. Oil Imports The continuous rise in U.S oil consumption has forced it to rely increasingly on imported oil to meet its expanding requirements. In the past 50 years, oil consumption fell just on two occasions that were marked with international increase in prices of oil, in 1973 and 1979-81.. Domestic production of oil that peaked in 1971 has fallen since then while oil imports have continued to rise, crossing the domestic supplies in 1994 (EIA, 2005). The net imported oil share in the net oil consumption was 34.8 percent in 1973 which went lowest at 27.3 percent in 1985 but since then it has continued to rise against a dropping domestic production levels (Reaardon, 2002). The upward trend in oil consumption and consequently in oil import have continued to take place despite multiple efforts and policy intervention that government has tried to introduced (Deutch J, Schlesinger J.R, and Victor D.G., 2006, 29). As of today with its 20 million barrel per day consumption U.S is the largest consumer and importer of oil, surpassing the combined consumption of Japan, Germany, China, Russia and South Korea (Reardon, 2004).. The share of oil in total energy produced in USA is just 17.2 percent while in consumption it rises to 40 percent that explains the need for huge oil import. Imports constitute 11 million barrels per day that is more than the aggregate oil import of Japan, Germany, and South Korea (Reardon, 2004). For oil imports U.S relies heavily on Canada, Venezuela and Middle east oil with Canada being the single largest exporter country of oil to U.S. However as a group the OPEC dominates among all the exporters supplying more than 50 percent of total oil imported by U.S (Petroleum Navigator, 2006). The total petroleum imports for U.S stood at over 5 billion barrels in 2005 out of which crude oil constituted 3.69 billion barrels which means that oil accounts for almost three-fourth of the total imports (Petroleum Navigator, 2006). Finished petroleum products constituted the second largest import segment with close to 15 percent contribution. The bulk of the oil consumption takes place in the transportation sector, which accounts for the 69 percent of the total oil consumption in US (Basic Petroleum Statistics, 2007). Overall there are five major sectors accounting for petroleum oil consumption. These sectors, along with their consumption share in year 2005 are (Petroleum-EIA, 2006) Domestic/Household: Consumption in 2005 was 869 thousand barrels of petroleum per day Commercial: 386 thousand barrels of petroleum per day Industrial: 5061 thousand barrels of petroleum per day Electric Power production: 545 thousand barrels of petroleum per day Transportation: 13, 825 thousand barrels of petroleum per day. A breakup of consumption pattern in the transportation sector reveals that consumption stands highest for motor gasoline. Average daily consumption of motor gasoline in U.S, according to Petroleum data (EIA, 2005) is 8933 thousand barrels per day. Distillate fuel oil is the second most consumed petroleum product with daily consumption at 2817 thousand barrels. These figures give a realistic view of inevitable oil import dependency U.S for present and future if it carries on the present rate of consumption. Indeed the chances to curb the massive oil imports are slim considering the fleet of 210 millions vehicle that depend solely upon motor gasoline for their functioning (Hirsch R.L, Bezdek R, Wending R, February 2005, 4). As on 1st January 2006, the total proven oil reserves with U.S was just 21.6 billion barrels, which implies that in future U.S would be forced to rely almost completely on oil imports for its entire transportation requirements. As the closer sources shall run dry, U.S’ dependency would shift to further sources from where oil must be transported over vulnerable supply lines, leading to rise in global oil price. The greater risk is certainly compromising with U.S national interests. The oil supply lines would always be at risk against subversive elements requiring another set of huge investment in ensuring safe transportation of oil to U.S onshore facilities. It will also place U.S interests in the hands of oil cartels such as OPEC that may freely manipulate oil supplies according to their own interests. The shortage of oil would be more manifest in coming times as oil demands are growing world wide, especially in China and India with rapidly expanding economy, transportation system and consequently requirement of petroleum oil. Even at present consumption rate there are grave uncertainties on the secure prospects of future supplies within next 50 years time frame, and the rising consumption rates threatens to bring the approaching crisis nearer. United States is thus faced with a great responsibility to secure its future interests without sacrificing its present requirements and needs. This issue forms the topic of the next section. Part II: Alternative fuel technologies The impending oil crisis has finally stirred policy makers in US. A number of approaches are suggested that include a. imposing taxes on oil consumption b. using tradable gasoline permits and c. exploration of new sources of oil ( Deutch J, Schlesinger J.R, Victor D.G. 2006 ). However, the pressing need of situation demands measures that would sustain the present structure while safeguarding the future against depleting sources and rising petroleum prices. As the world’s oil reserves are finite, even measures such stagnating oil consumption and using oil more efficiently are just helpful in delaying the inevitable without offering any permanent solution to the issue. Oil reserves are going down steadily and within a couple of decades prices will soar up inexorably disrupting the economy, industry and society in turn. The only practical solution to this problem is technological innovations in energy field that can reduce dependence on petroleum oil by providing alternative and sustainable sources of energy. It shall serve two immensely useful purposes that are a. minimizing U.S dependence on foreign oil and b. preventing the environment from damages associated with use of petroleum oils and products. The certainty of oil exhaustion has inspired efforts from both government and corporate sector to research and develop the new fuel technologies as a providential measure for survival, growth and progress in forthcoming days of oil crisis. Past decade has seen great thrust on technological researches in alternative fuels. Various new techniques and models have already been introduced in the market to test their viability and capacity to successfully replace petroleum as chief source of energy. Most of these innovations are specifically aimed at transportation sector owing to its liability as chief consumer of petroleum oil and as principle cause of soaring oil imports. Due to distinct requirements of different sectors in transportation, the technologies vary. Passenger vehicles, public transport vehicles and freight transportation carry specific needs that are difficult to be met by a single alternative fuel technology.   Some of the major and most popular of these technologies, where majority of research and development has taken place, are (Aldrich, 1996) 1.Hybrid Vehicle, 2. Bio-diesels 3. Ethanol 4. Hydrogen and 5.Solar energy Following section discusses the technology used in each of these new vehicle-systems and their benefits over conventional gasoline based internal combustion engine. Hybrid Vehicles: As the name suggests, hybrid vehicles combine dual technologies for their operation. Technically they are hybrid electric vehicle with an electric motor that drives the vehicle (Hoogma, Kemp, Schot and Truffer, 2002, 41 ). In the case of a typical electric vehicle, hydrogen fuel cell or chemical batteries such as advanced sealed lead battery, nickel cadmium and lithium ion are used for auxiliary power (Aldrich, 1996). However in the hybrid electric vehicles, the electric drive technology is combined with a gasoline-based power generator for running the electric motor and charging the batteries. Hybrid vehicles are either full hybrid or mid hybrid. A full hybrid vehicle can move forward from standstill purely on electric power while a mid hybrid requires gasoline power for initial movement, although both technologies concentrate on maximum utilization of electric motor power while reducing the use of gasoline as far as possible (Hybrid Terms, 2007). The electric motor and internal combustion engine (ICE) are connected either in parallel or in series in a hybrid vehicle. In parallel hybrid cars, power to engine is supplied by both the electric motor and internal combustion engine while in the series hybrid car the gasoline engine powers the electric motor and batteries to generate electricity, without directly providing power for the vehicle (Hybrid Electric Vehicles, 2007). There is another category of hybrid vehicles, called as ‘plug-in hybrid’ that can operate as a full electric vehicle. They require some additional batteries and use electricity net to charge the batteries thereby minimizing gasoline use to its lowest possible levels (Hybrid Terms, 2007). All hybrid electric vehicle use computer that constantly monitors speed, power required and charge conditions of batteries (Hybrid Electric Vehicles, 2007). Bio-diesel: Bio-diesel, as the term suggests, is a type of renewable fuel obtained by agricultural products and used as fuel in heavy-duty vehicles. The major sources currently under research for bio-diesel are soybean, rapeseed, corn, cottonseed, peanut, sunflower, and canola (Aldrich, 1996, 85). The process of making bio-diesel involves use of an alcohol such as methanol which is treated with oil of selected agricultural produce to form glycerin followed by separation of fatty esters, recycling of excess alcohol and purification of esters to produce a fuel that bears remarkable closeness to diesel, however with higher octane number (Aldrich, 1996, 85). Currently bio-diesel is used when blended with petroleum diesel, especially in European markets, with commendable results. Ethanol: Ethanol as a very long history as an alternative fuel, and it was tried in even 1880 as a fuel option for Ford cars (Aldrich, 1996, 51). Ethanol is derived from agricultural produces by process of fermentation and distillation to form a high-octane liquid fuel. Normally ethanol is not used alone as a fuel, instead it is blended with gasoline in ratio of 85 percent ethanol and 15 percent gasoline to form a fuel E-85, which is approved as an alternative fuel in US (Ethanol, 2007). The vehicles run on this fuel are called as flexi fuel vehicles. Ethanol has emerged as a successful alternative to fossil fuels in Brazil where more than 4 million vehicles on ethanol based fuel and it is finding increasing application in US as well. The benefits of using ethanol are multifold and they include (Ethanol, 2007) Hydrogen: There are great interests in using hydrogen as fuel in transport industry due to the great flexibility of options and performance it offers. Hydrogen can either be used as fuel in place of gasoline in internal combustion engine or it can be used as energy carrier in fuel cells, the latter being the major research area in automobile sector (Aldrich, 1996, 87). Solar Power: Use of solar power as energy in transportation sector has been subject of intense technological research. While the solar energy has found wide application as domestic energy supply, there are difficulties in their application in transport sector. Photovoltaic cells, that absorb sunrays to provide electricity, are inefficient under the current technology strains and unable to generate even a fraction of required power to drive a normal passenger vehicle. However, solar power has turned as a dependable source of energy in areas other than transport. All the initial costs are high in maintaining a solar energy power plant, its been shown that with increasingly sophisticated technology and wider application the cost of installation as well as generation of electricity can get comparable to normal power plants (Borowitz, 1999,112). Mass Transport System Apart from introducing alternative fuel and technologies to replace and minimize fossil fuel consumption, another area where fuel consumption can be easily reduced is creating a more robust and functional public transport and mass transit system. It is cost effective and time consuming to redesign the existing public transport system, especially in major cities, to cut down fuel consumption by reducing number of vehicles on the road. While airplanes are already a popular and heavily used long distance intercity mass transit system, there are many available areas of intervention in short distance intercity and intra-city transport to provide fast and reliable transit facilities while simultaneously reducing traffic, freeing up space on roads and parking and moderating fossil oil consumption. The transportation system of US, excluding freight transport, is presently divided in two broad categories a. privately owned individual all purpose vehicle transport system and b. public transport system consisting of buses, trains, trams, and metros under the control and maintenance of public administration and public transport companies ((Hoogma, Kemp, Schot and Truffer, 2002, 36-37). Public transport system is usually characterized by low cost, fuel-efficient transit system capable of carrying large number of people on a fixed route (ibid). It has been felt over time that a sustainable and efficient fuel policy needs to incorporate advanced public transport system as one of its key focus area. To improve the services of public transport system, increase its popularity and acceptance among people and highlight its role as an efficient and fuel incentive mode of travel, public authorities and corporations are required to introduce some important policy and technological measures. Three policy measures as highlighted by Hoogma, Kemp, Schot and Truffer (2002, 43)   are 1. Developing an integrated public transportation system where a single ticket can be used to commute irrespective of the number of switchovers made in the process. 2 Development of strong travel information structure in the public transport system, which can help people to navigate to their destinations easily. 3. Providing easy payment facility such as smart cards. These policies would greatly enhance the image and services of public transport system. Additionally the light rail and bus services can be expanded to cover specifically high traffic and downtown areas of major cities. An integration of public transport and private vehicle system can be achieved by providing sufficient parking space at stations and depots of public transport system. It would encourage people to use their private vehicles to access public transport system, resolving one of major issues of limited accessibility involved with mass transit system. Conclusion When fossil fuels were discovered around 150 years back, the existing technologies of steam engines were unable to utilize them. However, soon completely new technologies were developed in the face of these new energy sources and they were used to capitalize on the energy content and efficiency of fossil fuels. Soon petroleum fuels revolutionized the way the world moved and worked. The past 100 years of consumption has comprehensively depleted non-renewable petroleum deposits and estimates give another 50 more years before the remaining available sources would get almost exhausted. This fact is indeed a cause of concern, but only if viewed from existing technological frame. Declining petroleum resources offer the signal that its time to make transition towards different energy sources. Countries that would fail to read this signal or close their eyes to it are certainly heading for a major crisis. But fortunately US has the capacity to read these signals and develop reliable intermediate technologies and systems such as hybrid electric vehicle, ethanol and public transit systems that would considerably reduce fossil fuel consumption without adding to infrastructure cost thereby extending the life period of petroleum reservoirs. Meanwhile research can take place on new age technologies such as fuel cell and solar photovoltaic cells to complete replace fossil fuels as a source of energy. It is possible that if government and industry institute providential policy measures, there would be a host of alternative technologies in transportation sector by the time petroleum oil would get exhausted. But the question is that has US opened its eyes to the approaching crisis of oil shortage and if so, then what are the policy measures that are being taken to avert and stultify the crisis. Depleting oil resources are a reality, and it is certain that within decades oil prices would climb to astronomical height, bringing the entire present system to standstill. The whole structure of US is running efficiently on the energy of petroleum and it would collapse if this energy dries up. The responsibility to start transition towards new system, however, is not only of government but of every person because the future of crisis would be a common future. It would a collective exercise upon to use alternative technologies in their personal life, make maximum possible use of mass transit system and send the message to government and industry that people are ready for the great shift from petroleum oil. Reference Reference Basic Petroleum Statistics. Jan 2007. Energy Information Administration. 31st Jan. 2007 http://www.eia.doe.gov/neic/quickfacts/quickoil.html Benefits of Public Transport System-An Overview. 1st Feb-2007. American Public Transportation Association. 1st Feb 2007. http://www.apta.com/research/info/online/ben_overview.cfm Bob Aldrich.. ABCs of AFVs: a guide to alternative fuel vehicles. California Energy Commission, Sacramento-CA. April 1996. 1st Feb 2007 http://www.p2pays.org/ref/26/25156.pdf Borowitz, Sidney.   Farewell Fossil Fuels: Reviewing Americas Energy Policy.: Plenum Trade: New York: 1999 Deutch J, Schlesinger J.R, Victor D.G. 2006. Consequence of U.S Oil Dependency: Report of an Independent Task Force. 30th Jan. 2007 http://www.cfr.org/content/publications/attachments/EnergyTFR.pdf Ethanol. 2007. Alternative Fuel Data Center. US Department of Energy. 1st Feb, 2007, http://www.eere.energy.gov/afdc/altfuel/ethanol.html Faupel Karen and Al Kukri, 2002. Biodiesel: A Brief Overivew. NCAT Agricultural Specialist. 1st Feb, 2007. http://www.msenergy.ms/biodiesel.pdf Hirsch R.L, Bezdek R, Wending R. February 2005. Peaking of World Oil Production: Impact, Mitigation, Risk Management. 30th Jan. 2007 http://www.pppl.gov/publications/pics/Oil_Peaking_1205.pdf Hoogma Recmo, Rene Kemp, John Schot, Bernhard Truffer.   Experimenting for Sustainable Transport: The Approach of Strategic Niche Management.: Spon Press: New York: 2002. 36 Hybrid Electric Vehicles. Feb 2007. Hybrid Electric Vehicle: Implementing Agreement. International Energy Agency. 1st Feb, 2007. http://www.ieahev.org/hybrid.html#Anchor3 Hybrid Terms. HybridCars.com. 1st Feb 2007 http://www.hybridcars.com/types-systems/hybrid-terms.html Petroleum. July, 2006. Annual Energy Review-2005. 31s Jan, 2007 http://www.eia.doe.gov/emeu/aer/petro.html Petroleum Overview, 1949-2005. Annual Energy Review.31st Jan, 2007 http://www.eia.doe.gov/emeu/aer/petro.html Prospects For A Hydrogen Economy. Oct. 2002. Postnote. Parliamentary Office of Science and Technology. 1st Feb, 2007. http://www.parliament.uk/post/pn186.pdf Reardon Jack. .An Institutionalist Critique of the Bush Administrations Journal of Economic Issues. Volume: 38. Issue: 2. Publication Year: 2004. Page Number: 449+ Sanna Lucy. Driving the Solution: Plug-in Hybrid Vehicles. EPRI Journal. 1st Feb 2007. http://www.calcars.org/epri-driving-solution-1012885_PHEV.pdf U.S. Imports- Petroleum Navigator.Energy Information Administration. 31st Jan 2007 http://tonto.eia.doe.gov/dnav/pet/pet_move_impcus_d_NUS_Z00_mbbl_m.htm

Economic Analysis of Nepal

Economic Analysis of Nepal CHAPTER I INTRODUCTION 1.1 ackground of the study Nepal is a small landlocked country situated between China and India (area 147,181 square kilometers) with three primary ecological zones (Terai, Hilly and Mountain). The Terai region is the bread basket region of the country, but it is densely populated. The lower part of the Hilly region has climatic advantages for growing fruits and vegetables, and the higher part of the Hill to the Mountain regions have environmental suitability for livestock production. However, the lack of infrastructure and proper agricultural commodity promotion has made the Hill and Mountain regions economically less viable. These regions also have a disproportionate number of malnourished people. Lack of economic opportunities in the country has forced many people of the working class to look outside of the country for employment and source of income to sustain their livelihoods. From an economic viewpoint, Nepal can be characterized as a low income, densely populated, agriculturally dominant economy (IFAD, 2013). A quarter of Nepals population lives on less than US$1/day, and many Nepali lack the needed human capital and economic environment for income generation within the country . British Gurkhas Nepal (BGN) most important function is the annual recruitment process. Every year, a total of 186 men are selected following the rigorous selection process that is run from the camp at Pokhara. Of these, 126 join the British Army, while the remaining 60 join the Gurkha Contingent of the Singapore Police Force. BGN also facilitates transit, both to and from Nepal, of recruits, serving soldiers on leave and their families. Under the Gurkha Married Accompanied Service (GMAS) policy, all married serving Gurkha soldiers with three years or more service can be accompanied by their families to their posting, whether in the UK or Brunei. BGN has responsibility for arranging the call forward of Gurkha families under this scheme, and for organising flights to and from a posting.[N1] BGN has responsibility for organising the payment of pensions, while welfare for serving soldiers is run centrally from Kathmandu, with a number of Area Welfare Centres in other locations. Welfare for ex-servicemen is the responsibility of the Gurkha Welfare Service(GWS), an arm of the UK based Gurkha Welfare Trust, which is based at Pokhara. The GWS is responsible for the distribution of both individual welfare through distribution of pensions and grants to ex-servicemen and widows, and communal welfare through provision of infrastructure projects which helps to increase the remittance of our country. Currently there are 39 battalions serving in 7 Gorkha regiments in the Indian Army. For thousands of brave Gurkha those who are in service, ex-serviceman, their widows, and their families, the Welfare Pension is the difference between destitution and a life lived with dignity. The pension is enough to provide life’s essentials, including food, fuel, oil for cooking and clothes. By sponsoring a pensioner for  £20 a month, your gift will directly help to pay for a Welfare Pension that enables ex-Gurkhas and their families to live out their lives in dignity which has direct impact on Nepalese economy. According to Central Bureau of Statistics (CBS) 2011, among the total population of 28 million, the total labor force was 21.84 million and agricultural employment was 13.98 million (64 percent of the work force). The growth of agricultural gross domestic product (GDP) had been only 3percentduring the 15 years period (from 1995/96 to 2010/11), in comparison to the growth of population by 2 percent over the same period (CBS, 2011). Therefore, the increase in agricultural GDP is not yet sufficient to lift a large number of people engaged in agriculture out of poverty, reduce malnutrition, and assure food security of the nation , 2012). [N2]Despite the fact that agriculture is vital for the livelihood and economy of the country, food imports grew from $125 million to $373 million over the period from 1995/1996 to 2010/2011 (ADB, 2013).[N3]The 2013 United Nations Human Development Report (HDR) has shown that Nepal remains one of the poorest countries in thesecond world with a Human Devel opment Index (HDI) of 0.463, and is positioned at 157 out of 187 countries. In 2011, about 25 percent of the total population was below the poverty level, which was mainly due to concentration of the poor in the agriculture based rural economy (CBS, 2011; MOF 2012). One of the major impacts of this economic situation is malnutrition, which is evident as 42 percent of children younger than five years old suffered from stunting (CBS, 2011). In the year 2012, the country ranked 60th in the Global Hunger Index 1(IFPRI, 2012) and the prevalence of overall undernourished among residents of Nepal was18 percent of the total population (FAO, 2012). The lack of economic opportunities due to weak performance of the agricultural sector, high population growth, and unstable political situations has prompted many of the most productive members of rural households to migrate in recent years (ADB, 2013). Both internal and international migrations are common in Nepal (Gurung, 2001). [N4] Nepal has experienced a substantial exodus of working adults to international destinations. According to the Nepal Institute of Developmental Studies (NIDS,2010), India hosts the largest number of Nepali workers anywhere in the world, but accurate information on the number of migrants to India is not available as these two countries share open borders. However, it was estimated that approximately 1.3 million male and 153,000 female Nepali migrants work in India (NIDS, 2010). Among countries that require a visa/work permit to work, the largest number of Nepalese migrant workers had chosen to migrate/work in Malaysia (361,464) followed by Qatar (351,544), Saudi Arabia (246,448), United Arab Emirates (178,535) and Bahrain (20,303) during the period 2006-2013. Nepalese migrants working in these countries are the source of a large amount of remittance, officially estimated at over US$ 5.1 billion in 2012 (IFAD, 2013). During fiscal year 2013, Nepal’s economic growth fell to 3.6 percent because of political uncertainty, shortfalls in public expenditures and low agricultural output. Despite the Lower growth rate and instability, the country has able to fund its trade deficit through the robust remittance in flow (World Bank, 2013). According to CBS (2011), the percentage of households receiving remittances increased from 23.4 percent in 1995/1996 to about 55.8 percent in 2010/2011 and the share of remittances in household income increased from about 26.6 percent to 30.9 percent during the same period. Thus, remittance income has been playing a crucial role for sustaining the livelihood of people residing in the country. The general objective of my thesis is to understand labor migration, impact of army personnel serving at British and India, tourism and its impact in Nepal and to establish a link between remittance and Nepalese economy. Specifically, the research will determine the pertinent variables that affect the migration, providing an understanding on the economy generated by remittance and identify the factors associated with internal and international migration along with the impact that remittance pushes toward the national economy. Statement of Problem Nepal being traditionally agrarian economy (i.e. the economy which relies primarily on the agriculture sector) also generates huge number of employment though most of them are unpaid. Moreover, the family depends upon the agriculture sector have been practicing this as a means to sustain rather than in a commercial way which seems to be main hurdles behind the lack of adequate employment generation in the country. Similarly, industrial sector growth has also been limited in the country on back of political interference, acute power shortage and lack of investment friendly environment in the country. This also is creating a problem in the foreign as well as domestic investment in the county ultimately affecting employment market in the country as well. Therefore, some of these questions are relevant in terms of remittances challenges in Nepal. What is the current status of remittance in Nepal? Which all are the factors that are affecting the economic sector? What are challenges and opportunities behind the remittances and the focus areas for the government to overcome it? Objective of the study In general the study will target towards analyzing the major factor that are limiting the growth of agriculture and industrial sector which employs large sector of the population and has potentiality to generate large number of employment in the country. More specifically however, the study will focus upon the following areas: To study economy situation of Nepal in general. 1.3.2 To study foreign employment sector in Nepal in reference to its contribution on employment generation in Nepal. To study factors affecting the growth of remittances in Nepal. To study the impact of remittances on economic insecurity. To study the impact of remittances on economic growth and poverty reduction. [N5] Justification of the study Migration refers to the movements of a person or group of people from one place to another place, which is generally understood as a permanent or semi-permanent change of residence. Migrants selectively choose to move across an international border or within a domestic boundary. Migration is an important issue in many countries around the world. Benefits and drawbacks of migration can be described in terms of â€Å"brain drain,† â€Å"brain gain,† â€Å"flow of remittances,† and â€Å"flow of skill.†(1996, Karan)[N6]. Migration is a concern of both source and sinks countries. One of the major problem being faced by the Nepali economy or the country as a whole is the unemployment which is creating lot of political and social problem in the country. Meanwhile, the research being conducted about the challenges on employment generation in Nepal is being researched on limited manner which created the void sector for the research[N7]. At the same time, we can al so learn about the current status of employment market and its challenges in creating the job. Therefore, this research paper helps students, academician, policy maker, reader and scholar to know about the factor which is affecting the growth of the remittance of Nepalese economy. Limitation of the study The required information to carry out the research has been collected from secondary sources. The field research is difficult due to vast areas for the research topic and the limited timeframe. There are materials being available in the internet i.e. numerical and analytical data which is used as basic materials for the research. [N8] 1.6 Review of Literature Report on Nepal Labour Force Survey 2008 which was prepared by Central Bureau of statistics, National Planning commission secretariat under Government of Nepal has in-depth research material about the Nepal employment market, Time-related under employment and labour under utilization, unemployment, sub-national indicators of employment, informal sector and informal employment, seasonal variation in employment among others. This report have incorporated all the statics and analytical aspect related to Nepali labour market. In his research paper, Promoting Employment: Challenges and Opportunities in Nepal presented on July 9-11, 2012, Dr. Jagadish C Pokharel, Former Vice Chairman National Planning Commission, explains about the employment scenario, cause of unemployment, potential sector for an employment in Nepal. Hehas mentioned about the importance of demographic composition in the employment market in Nepal. In the research report, Growth with employment for inclusive and sustainable development prepared by the United Nations Conference on Trade and Development tells about the problem being faced by the least developed countries including Nepal in terms of employment. This research paper have focused upon the ineffective economic growth, need of employment creation in order to come out of poverty and focus areas for creation of sufficient quality jobs[N9]. 1.7 Research Methodology The research work has used qualitative method using secondary data. It is written analytically and in a descriptive way. Secondary data are attempted to collect from different website article, publication and research paper. It is great concern to make the research work as a more reflective of Nepalese economy and society. Chapter Organization The chapters of the research are organized as follows: Chapter 1. Introduction Chapter 2. To Migrate Or Not To Migrate: Decision Of Nepalese Adults Chapter 3. Remittance Economy Of Nepal And Migration Destination Choices Chapter 4. Food Security Of Households, Adults And Children In Nepal: The Role Of Remittance Chapter 5. Foreign Employment Causing Brain Drain Chapter 6. Conclusions, Recommendation And Suggestion [N10] [N1]Pls do reference/footnotes. [N2]Is it ABD or ADB? [N3]Is it ABD or ADB? [N4]Specifying page no is better†¦ [N5]Pls rewrite the Specific Objectives focusing only on the research questions†¦ [N6]Pls see IRP guidelines for footnotes [N7]Not clear what you want to say? [N8]May not be necessary. [N9]Write few more reviews on other books/articles. [N10]No need to make all chapter heading on Capital letters on this chapter org.

Acupuncture Essay -- essays research papers

Acupuncture A Chinese medical technique; acupuncture is a medicine originating in the orient over four-thousand years ago. Used primarily for pain relief, but also in curing disease and general health improvement. Oriental Medicine views (illness and pain) as an imbalance of one's energy. With Acupuncture the energetic balance can be restored, thus helping the body to rid itself of disease. Often illnesses can be diagnosed and treated at an early stage. Acupuncture consists of inserting hair thin needles through specific spots in the skin called acupuncture points. These specific spots of insertion are over neuroreceptors in underlying muscles. These needles are inserted along meridian points throughout the body; There are hundreds of these meridians, all serving different purposes. "Evidence proves that needling simulates peripheral nerves in the muscles which send messages to the brain to release endorphins (morphine- like peptides in the brain). These natural chemicals then block the sending of painful messages from the brain." (Acupuncture-Microsoft Network Nov. 30, 1996). Acupuncture needles are typically inserted 1/10 to 4/10 on an inch deep. Although some procedures require needles to be inserted as deep as 10 inches. Acupuncture points are then stimulated by various forms of needle stimulation. Acupuncture is an incredibly effective form of medicine; This essay will present details explaining some of the uses of acupuncture. Acupuncture; the insertion of needles into the body through specific spots, over neurorecepters. These needles are then stimulated by either: rotation, heat, or by a weak electrical current. Acupuncture is a medical technique used primarily as a relief of pain, but is known to cure disease, as well as improve general health. "The theory suggest that acupuncture blocks the transmission of pain impulses from parts of the body to the central nervous system." (Compton's interactive encyclopedia). Three main sites have been found for endorphin acupuncture analgesia. This type of acupuncture blocks the sending of pain messages from the brain. The pituitary gland being one; this gland, when stimulated by needles, releases endorphin. The second site are the periaquaductal gray neurons in the mid brain which release endorphins when stimulated. The third, el... ...les must be stimulated. The stimulation is what causes acupuncture to be so effective. There are several ways in which stimulation is reached: One being, a gentle twirling motion. The physician, by use of his/her fingers gently rotates the needles. Second, there is heat stimulation, the physician heats the needle with a cigar looking tool designed specifically for acupuncture. Third, electrical stimulation; the physician agitates the needles with a low powered 2 hz electrical current. The physician connects the needles to a low output electrical stimulation machine. Stimulation is key to the success of acupuncture. Acupuncture, a medical technique originating in the Orient, more than four-thousand years ago. Used primarily for reduction of pain, but to cure some disease, as well as improvement of general health. The most spectacular reason for acupuncture's success is: Stimulation of needles by the acupuncturist. Stimulation of the meridians; the rivers of energy throughout our bodies. These rivers get stopped up from time to time, acupuncture is the key to clearing the stop... Acupuncture a method of encouraging the body to promote natural healing and to improve bodily functions.

Franklin D. Roosevelt and John F. Kennedy’s Inaugural Speeches Essay

Thesis: Though they might be similar, the differences are of the utmost importance, the circumstances of each of their times, the changes in audience, and the purpose of their speeches. Needs Inprovement on: Machanics- grammer,punctuation, spelling Style – word choice, formality, sentence structure â€Å"The only thing we have to fear†¦ is fear it self†¦Ã¢â‚¬ and â€Å"Ask not what your country can do for you†¦ ask what you can do for your country.† Two of the most influential quotes of the twentieth century taken from their inaugural speeches, as they were about to embark on the Presidency of the United States of America. Former President Franklin D. Roosevelt voiced the first passage on March 4th, 1933 and late President John F. Kennedy voiced the second passage on January 20th, 1961. Both inaugural speeches came at important times during American History and both share similarities and differences. Though they might be similar, the differences are of the utmost importance, the circumstances of each of their times, the changes in audience, and the purpose of their speeches. Each can be interpreted it’s own manner in which they are. To start off, each speech is presented under different circumstances during American history. Franklin D. Roosevelt is dealing with the depression of the United States. His speech comes at a time when taxes have risen, the ability to pay has fallen, and not only is the American government faced with restriction of income, but governments around the world as well. He speaks of how many farmers can’t seem to find a market for their produce and how the savings of thousands of families have vanished. Most important of all he mentions a host of unemployed citizens faced with a life and death state of affairs due to the present economical situation. His presidency therefore faces very depressing circumstances throughout this time. John F. Kennedy, at his preset time is dealing with the Cold War and other war like adversaries. He aims at letting the entire planet know that the United States has the power to abolish all forms of human poverty and all forms of human life. Either they can friend or foe; the choice is up to them. He talks about how it doesn’t matter whether nations are with us or against us the goal is still the same, liberty. He pledges loyalty to faithful allies and requests a quest for peace from the opposition before another war begins. The circumstances at this time are crucial and his position is that mankind should face them together. The audience has a decisive part during these significant times. Roosevelt’s audience is hunger, tiered, and begging for change. Roosevelt recognizes these things and he thanks God that it is only material thing such as money, and residences that are effecting the nation instead of plagues and famine that could destroy our way of life. He speaks to the people with sympathy yet with the confidence that everything will be all right. That the dark days will be worth all they cost and that it will teach us that we will change the situation for the better and not for the worst. The citizens then have something to look forward to and that there will be work again in the near future. In the case of Kennedy his audience is the whole world. He lets them know that America means business. He speaks with enthusiasm that we are not afraid of defending our country and by no means are we going to back down. He feels that we should be fighting with our real foes; tyranny, poverty, disease and war itself. There should be no fighting for ideas such as communism. The world should take the same high standards of strength and sacrifice that Americans so proudly fight for and fight themselves. Kennedy’s audience is more focused on the resolution of peace than fighting another war. Purpose, together these speeches have a common purpose, to motivate. However there is a distinction in Roosevelt’s speech, his main purpose is to motivate the country into employment, there by creating job opportunities.  He affirms that it is not an impossible problem and the government can deal with it with by accomplishing greatly needed projects to stimulate and reorganize the use of national resources. He expresses this through out most of his speech. Giving motivation to keep on living, for there will be a beautiful future to look forward to. Thus the purpose of his speech is in his quote â€Å"The only thing we have to fear†¦ is fear it’s self. Kennedy on the other hand is not only trying to motivate the American people, but the world as well. The purpose of his speech is do declare a new beginning to point out his friends and foes. He offers a chance to all enemies to start anew in search of peace. The chances for nations to join together and explore the stars, conquer the deserts, eradicate disease, tap the ocean depths, and encourage the arts and commerce. He lets the public understand that what he is asking for will not be accomplished during present time but it will and that it is time to begin the chain of events that will prosper in the future. Not only for the people but also for their children. Though all this he lets the nation comprehend that we must be united in this pursuit and fight for what the country believes, â€Å"Ask not what your country can do for you†¦ ask what you can do for your country.† To finish up, both presidential inaugural speeches have their differences but they both get the similar message across: inspiration. Without speeches such as these the American people would just give up and die or our democratic government might have crumbled to the ground. Lucky for us both inaugural speeches couldn’t have come at better times in history. Each one in their times, with the changes in audience and there incredible purpose to change hopelessness into hope. Thus the contrast of Franklin D. Roosevelt and John F. Kennedy’s inaugural speeches, is of great importance and will be for generations to come.

How Homeschooled Students Should Prep for the ACT

How Homeschooled Students Should Prep for the ACT SAT / ACT Prep Online Guides and Tips Do you receive your education at home or outside the formal setting of a public or private school? If you're a homeschooled student aiming to go to a 4-year college, then you're probably planning to take the ACT (or its equivalent, the SAT). This guide will go over how you can prep for the ACT as a homeschooled student, come up with a solid test plan, and be strategic in your approach to taking this important test. The first step is asking yourself about your strengths and weaknesses as a student. Assess Your Strengths and Weaknesses Is your imagination carried away when you read fiction, but scientific charts and graphs make you feel stuck? Do you love the challenge of word problems, but feel scared of the big blank page when it comes time to write an essay? Maybe you find something interesting in all your subjects, but you struggle to answer questions under strict time limits. Taking the time to honestly assess your strengths and weaknesses as a student will help you prep for the ACT. Rather than studying every section and question type equally, you should focus your energies on those areas where you need the most improvement. If time management is tough for you, for example, then you should learn and try time-saving strategies, along with timing yourself while you take practice tests. Through targeting and drilling your weaknesses, you can enhance your skills, gain confidence, and improve your overall scores. As a homeschooled student, you might be especially aware of your strengths, interests, and challenges as a student. Self-Reflection and ACT Prep Many home educators follow a philosophy of "natural learning" or "autonomous learning" that gives students more independence and input into shaping their learning by following their passions. If this sounds like your experience, then you likely have more practice with cultivating self-awareness than your peers who went through a traditional school system. As mentioned above, students who really improve their ACT scores don't just get to know the test really well, they also get to know themselves really well. Rather than wastingtime repeating what youalready know, you canstrategically approach test prep with a plan to identify and drill yourweak spots. Any areas of difficulty can be improved with training, just like you get better at layups by practicing them or at playing piano by repeatingscales and songs. Distributing your effort where it can make the most difference will make your test prep most effective. Plus you might present an even stronger case to your teacher(s) for adding some ACT prep toyour daily classes or homework assignments. Give Input Into Your Curriculum Do you get any say in what you're learning? If your educators are open to your contributing to the curriculum - which is often the case within home education - perhaps you can incorporate ACTprep into your day. Share your goal of getting into a 4-year college, and articulate how important scoring well on the ACT is to meeting that goal. If you can integrate ACT science, math, English, Reading, and essay questions into your classroom learning, then you can ground your learning in the context of the test and apply your understanding to practice problems. It will be a two-way street where your classroom learning can complement your ACT prep, and vice versa. If you're studying geometry, for instance, find some official ACT practice questions and include them as practice or a test. To practice stating and supporting your point of view in a 5-paragraph essay, bring in ACT essay questions (bonus points if you can time them for 30 minutes). Lee Binz of HomeScholar says it's "helpful to have your teen choose curriculum - ESPECIALLY in their weak areas. As your teens progress, try to engage them in curriculum choosing." This applies to ACT prep as much as any of your learning. Hopefully you can share your post-secondary goals, integrate ACT prep into class and homework, and incorporate more time limits to get used to the strict timing of the ACT. Of course, in order to effectively design a study plan on your own and as part of your curriculum, you must gain a clear understanding of exactly what's on the ACT. Can you give some input into your curriculum? Understand the Content of the ACT What's the difference between the Reading and English section of the ACT? How many math classes should you take to do well on the math section? Is the Science sectionabout straight recall or interpretation of experiment results? How many questions are in each section, anyway? The first step whenpreparing for the ACT should be thoroughly understanding what's on the Reading, English, Math, and Science sections (and don't forget about the essay, if you're taking the ACT Plus Writing!). With all the information on the test out there, you shouldn't have any surprises on test day. After reviewing the content of the test, you should try taking a diagnostic practice test. Official ACT practice tests are best, and you cansimulate testing conditions by sitting in a quiet place and timing each section. Then you can score your test and figure out which areas were easy and which were challenging. Analyzing your mistakes, along with reflecting on your general strengths and weaknesses as I talked about above, will give you a good launchingpoint. Once you know where you're starting and where you'd like to arrive, you can design astudy plan that will take you there. Design a Study Plan It's helpful to know where you're starting out from and the target scores you want to achieve. Apart from integrating test prep into your classes, you'll benefit from putting in the time and effort to study on your own. The following is an estimate of how many hours of prep you should devote in order to improve your composite score. These are rough estimates that could vary depending on your individual learning style and rate of growth. ACT Composite Point Improvement 0-1 points - 10 hours1-2 points - 20 hours2-4 points - 40 hours4-6 points - 80 hours6-9 points - 150 hours+ Before freaking out about the 150 hours+, think about how much time you could accumulate if you start studying early. If you took the ACT in the fall of junior year, the spring of junior year, and again in the fall of senior year, you'd have a whole year to improve from your first test (plus all the studying you did the summer before junior year). Let's think about this year between your first and final ACT test.There are about 48 weeks in 12 months, so studying for just 2 to 3 hours a week already adds up to 96 to 144 hours. If you could set aside just a few hours each week, then you could put in lots of prep time and see a significant score improvement. Plus you probably want to ramp up your study time in the couple of months before your test date. Besides reinforcing the concepts you need to know for the ACT, you also want to learn about and try out strategies to learn which ones work best for you. Get Strategic While you can't know exactly what questions you'll get on test day, you can have a pretty clear idea. Since the ACT is a standardized test given nationwide (and internationally, too), the testmakers must use a similar template for their questions test after test. By really examining the types of math, reading, English, and science questions, you can have a sense of what the questions are getting at and how they are generally reformulations of the same types of questions. Besides looking strategically at the questions, you can use strategies to save time. By glancing over the passage-based questions and skimming the passages for the main points, for instance, you'll save a lot more time than if you did a close read the first time. By using process of elimination on the questions, you can see what "tricks" the ACT is using to distract you from the correct answer. Read about strategies, learn to recognize the common "distractor" answer choices, and utilize the approach that helps you avoid the common pitfalls and save time. Part of this, as I talked about above, is timing yourself as you prep to learn how to work quickly and efficiently. Ready...set...go! Use a Stopwatch Have an iPhone or Android? Use the stopwatch feature to time yourself as you take practice tests. Or kick it old school and use an actual stopwatch, like the shiny one above.Hereis how much time you get foreach section: English: 45 minutesMath: 60 minutesReading: 35 minutesScience: 35 minutesEssay: +30 minutes Taking your time to deeply understand the concepts is fine, but once you are taking practice tests, you should really set the same conditions that you'll experience on test day. If you can't demonstrate your knowledge in a short amount of time, then you unfortunately won't be able to hit the ACT scores you deserve. Studying concepts, applying strategies, and taking practice tests takes sustained focus and effort, and I'm definitely not trying to suggest that studying for the ACT is your only focus in high school. You have other classes, activities, plus the other parts of the college process to think about. But if you really want to perform well on the ACT, then you should make time to improve your scores through studying. So how can you balance ACT prep with everything else? (Hint: the answer is not to cut out sleeping at night.) Strike a Balance with Test Prep and Everything Else That last tip about starting early is really helpful for finding balance and making time for test prep in your busy schedule. Write down a schedule for yourself, and try to make a routine of it (things might come up, but try to keep this routine as regularas possible). If you start early, then you won't be struck with the anxiety of an approaching test date and no time (anxiety gets in the way of focusing and retaining information, too - no fun for anybody). Perhaps you're motivated by the last minute study rush, which is fine. Everyone has different study styles. But withoutlearning about the ACT and taking the diagnostic test, you won't know how much time you need. You won't know what you don't know, if that makes sense. So take the time to figure that out with months or a year to spare, and then design your optimal study plan from there, whether it's spread out equally or staggered to ramp up right before your test. Another important consideration when designing your schedule is what your other commitments are. Are you playing on a varsity sports team junior year? Are you designing an app, or have you convinced your parents to take you on a cross-country road trip in the name of college visits? Figure out what your competing commitments are so you won't find yourself overwhelmed by ACT prep. This mindset will help you find balance with your study plan and when choosing your test dates. Be Thoughtful About Your Test Dates I briefly touched on the typical schedule and prep hours for students. A lot of students take the real ACT for the first time in the fall of junior year, then again in the spring, and then for the final time in the fall of senior year if they still see room for improvement. This gives you three test dates, but you might want more to take the pressure off, get more real test experience, or build your scores up section by section. Plus if you're super busy junior year, then you can move prep ahead and get your test scores all finished and done with well ahead of your college deadlines. Even if you haven't studied some concepts extensively in school yet, like geometry or trigonometry, you can reinforce what you do know and get a headstart on new concepts.There are a lot of considerations when choosing your test dates, and by being thoughtful about each one you can devise a schedule customized to you. To keep all this straight, I can't emphasize enough the importance of writing everything down. Not you! Keep Track of Everything As a homeschooled student, you might nothave the same college-bound peer group or guidance counselors to be by your side and keep you updatedthroughout the college process (though you can make an appointment with a counselor at your local high school). That's why you might have some extra responsibilities when it comes to keeping track of your test dates, prep, deadlines, and application materials. Make sure you research your colleges' policies about standardized testing, expectations for scores, and any ACT-based scholarships they offer. Create a system of organization, whether you use binders or online tools like Google Calendar and Google Docs, to write everything down, create and stick to your schedule, and remember all those passwords you'll be creating for sites like the ACT and The Common Application. As a homeschooled student, you've probably developed a great deal of independence in your learning and organization, and you can draw on this strength as you work towards your post-high school goals. Not only will this help you geta strong ACT score and admission to your dream school, but these skills will help you be a successful and self-directed college student capable of achieving great things. What's Next? The best ACT practice questions come straight from the testmakers. Download official ACT practice tests with questions from previously administered tests here. Are you not sure when you should sign up for your first ACT? Should you take one just for the experience, or wait until you've put in some serious studying? Learn when to take your first official ACT here. Wondering what kind of science you need to study for the ACT Science section? Read about the only actual science you need to know(and how this section is more like the Reading section than you might think). Want to improve your ACT score by 4 points?We have the industry's leading ACT prep program. Built by Harvard grads and ACT full scorers, the program learns your strengths and weaknesses through advanced statistics, then customizes your prep program to you so you get the most effective prep possible. Check out our 5-day free trial today: