Keynes and the Classical Economists - 6500 Words

Keynes and the Classical Economists: The Early Debate on Policy Activism LEAR N I NG OBJ ECTIVE S 1. Discuss why the classical economists believed that a market economy would automatically tend toward full employment. 2. Explain why Keynes rejected the views of the classical economists. 3. Compare the views of Keynes and the classical economists with regard to the proper role of government. s you discovered in Chapter 10, unemployment and inflation impose costs on our society. Today, many Americans assume that it is the federal government’s responsibility to reduce those costs by combating unemployment and inflation when they occur. But the issue of government intervention to combat macroeconomic problems provokes sharp disagreement†¦show more content†¦But the classical economists did not see saving as a problem. Saving would not cause a reduction in spending because businesses would borrow all Keynes and The Classical Economists: The Early Debate on Policy Activism 3 EXHIBIT 1 Say’s Law: Supply Creates Its Own Demand aid for resou 0 is p rce $10 s Businesses Households $1 00 is s pen t on goods and ser e vic s If all the income created in the act of producing output is spent by households, supply will have created its own demand, and all the output will be sold. the saved money for investment—the purchase of capital goods, such as factories and machinery. Why were the classical economists so sure that the amount households wished to save would equal the amount businesses wanted to invest? Because of interest rates. In the classical model the interest rate is determined by the demand for and supply of loanable funds, money available to be borrowed. If households desired to save more than investors wanted to borrow, the surplus of funds would drive down the interest rate. Because the interest rate is both the reward households receive for saving and the price businesses pay to finance investment, a declining interest rate would both discourage saving and encourage investment. The interest rate would continue to fall until the amount that households wanted to save once again equaled the amount businesses desired to invest. At this equilibrium interest rate there would be no uninvestedShow MoreRelatedThe Classical Economists and Keynes: t he Debate on Government Policy Activism1189 Words   |  5 Pagesago with the famous economist John Maynard Keynes, and the classical economists of his time, whose economic foundations lay in Alfred Marshall’s seminal work, the Principles of Economic. The purpose of this paper is to discuss the classical economist’s non-activist view on unemployment, and Keynes’s critical response to the classical economist and his belief the government should play an activist role in combating unemployment. One of the most important tenets of classical economics is that marketRead MoreClassical and Neoclassical Economists: Adam Smith and John Maynard Keynes1289 Words   |  6 Pagesrevolutionary theories of many economists, that helped to shape the economic structure as we know it now, through many individuals and school of economic though that has existed through the ages. These schools are â€Å"the mercantilists, the physiocrats, the classical economists, Marxian economics, the neoclassical economists and the monetarist economics. For this essay I will only refer to the classical economists and the neoclassical economists. The two most influential economists that helped to shape ourRead MoreThe Keynesian Era During The Middle Of The Nineteenth Century1720 Words   |  7 PagesBefore the â€Å"Keynesian† era in the middle of the nineteenth century, economists Adam Smith, David Ricardo, Thomas Mathus, and John Stuart Mill all shared somewhat similar economic views of the world. 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Says law isRead MoreKayne vs Hayek1370 Words   |  6 PagesChanya Udomphorn ID# 5380040 Macroeconomics Mr. Rattakarn Komonrat Keynes vs. Hayek Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of the whole economy. Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. They develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflationRead MoreThe Classical View Of Employment And Income1523 Words   |  7 Pageswill be going into detail on the classical view of full employment, and the Keynesian view of full employment to help you understand better how each school viewed full employment, and how to achieve it. The classical view gives you a look into the supply side of the economy using Say’s law and the Say’s law flow diagram. Most economists followed the classical view up until the 1930’s. Then John Maynard Keynes influenced the world with the Keynesian Revolution. Keynes believed that de mand is what shouldRead MoreClassical Vs Keynesian Economics1235 Words   |  5 PagesClassical and Keynesian economics are both accepted schools of thought in economics, but each had a different approach to defining economics. The Classical economic theory was developed by Adam Smith while Keynesian theory was developed by John Maynard Keynes. Similarities: One of the most surprising similarities between the two theories is that John Keynes developed his theory based on the Adam Smith’s theory. Keynes did not entirely disagree with Adam Smith but rather, expanded the theory basedRead MoreKeynes Versus Friedman745 Words   |  3 PagesKeynes versus Friedman To begin with, I would like to say that these to economists made perhaps the greatest and the most significant contribution to economy in the twentieth century. They are beyond any doubt among most powerful intellectuals that set their feet over the ground. Ideas they created, patterns they discovered and laws they introduced have become fundamental in political economy and macroeconomics. Still, these two brilliant minds did not share each others’ views over some basic economicsRead MoreEconomics Essay1090 Words   |  5 Pagesmany people who have influenced the world with their individual economic point of view. Some of those people have made a fundamental impact upon not only the United States of America, but also upon the world. Adam Smith, David Ricardo, John Maynard Keynes, Friedrich Von Hayek, Milton Friedman, and Fengbo Zhang are six men who have accomplished just that. Their opinions, actions, and words have forever changed the world of economics. Adam Smith The â€Å"father of economics† was born in Scotland. HisRead MoreJohn Maynard Keynes Transformed Economics In The 20Th Century1507 Words   |  7 PagesJohn Maynard Keynes transformed economics in the 20th century by challenging traditionalist thinking and the postulates that underpinned their theories. Keynes disagreed with the laissez faire attitude of the classical thinkers, and argued for greater government intervention due to his belief that the focus should be on demand side macroeconomics rather than supply side. This belief transpired because of the Wall Street Crash of 1929 and the subsequent depression that highlighted the shortcomings

Business Communication Today Session 5 Final Paper Essay

Business Communication Today-Session 5: Final Paper Effective Business Communication requires order, accuracy, organization, and significance. When the Business Communication class began, I felt that I communicate effectively in my current job. I learned some new ideas and practices that I will incorporate into my work. I also discovered some new ideas that I will use in future positions I hope to attain. â€Å"No matter what job you have in life, your success will be determined 5% by your academic credentials, 15% by your professional experiences, and 80% by your communication skills.† -Author Unknown All messages, either written or verbal have a process through which it flows. â€Å"Viewing communication as a process helps identify steps to improve† (Bovee Thill, 2016, p.10) Understanding this process can help improve communication. First, a sender has an idea and computes the idea. Then they decide what avenue to use to transmit the idea. A few examples are email, text, letter, or in person. Once the sender transmits the idea, the audience receives the message. It must be interpreted and then responded to. Occasionally the receiver provides the sender feedback. â€Å"Considering the complexity of this process-and the barriers and distractions that often stand between sender and receiver-it should come as no surprise that communication efforts often fail to achieve the sender’s objective. Fortunately, the better you understand the process, the more successful you’ll be.†Show MoreRelatedDigital Indi Challenges Of Data Mining Essay1387 Words   |  6 PagesDigital india :- Challenges of Data Mining Implementation in E-Commerce in India Abstract: Data mining has drastically altered how businesses are being operated, especially in the online domain. This paper attempts to review the massive growth of data mining applications to improve the profitability of e-commerce ventures. 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Leg Ulcers Free Essays

Chapter One *A Brief Overview of a Venous Leg Ulcer *and the Assessment Process The nurse must have the skills and knowledge to identify a venous leg ulcer. Dowsett (2005) believes that it is important that nurses and other health care professionals look for the underlying cause of an ulcer. Whereas, the Royal College of Nursing (1998) has different views, and argues that, professionals who are fully trained in leg ulcer management should only be able to identify an underlying cause as it is easily mistaken that diagnosis of an arterial leg ulcer is made rather than venous which could cause serious treatment complications for the wound as well as the patient. We will write a custom essay sample on Leg Ulcers or any similar topic only for you Order Now There are major problems associated with a venous leg ulcer such as, pain, loss of mobility, financial implications and much more which will be discussed in chapter 3. Leg ulcers appear as shallow holes or craters in which the tissue underneath is exposed. They can vary in size, discolouration and depth (National Health Service Direct 2008) (NHS). The clinical factors of a venous leg ulcer are, lipodermatosclerosis (champagne bottle shaped leg) ,which is cellulites affecting the dermis and subcutaneous tissue (Finlay Chowdhery, 2007), hyperpigmentation, derived red blood cells extravagated from dilated, leaky capillaries which produces areas of brown discolouration (Brown Burns, 2007). Atrophic Blanche, where interspersed by visible engorged capillaries seen as tiny red dots just below the surface of the skin (Moffat et al, 2007). However before looking at the patients wound it is the nurses role to look at the patient holistically and find out past medical and family history as well as personal factor that could contribute to the condition (Moffat et al, 2007). There are essential details that the patient can tell the nurse about their ulcer and the factors that may contribute to this. Such factors are their full medical history these details should include varicose veins, diabetes, Deep Vein Thrombosis (DVT), previous leg surgery and any family history of leg ulceration (Dougherty and Lister 2004). The importance of this is that if a leg ulcer is diagnosed incorrectly, such as a venous ulcer being mistakenly diagnosed as an arterial one can have serious complications for the patient and causing further delays in the healing of the wound. Also the nurse must undertake baseline observations this includes, the patient’s weight, height, blood pressure (BP), oxygen saturations levels, temperature nd respiratory rate, and also the patient’s nutritional intake, urine samples and routine blood tests such as glucose and haemoglobin levels must be gained, as diabetes is present in approximately 5% of patients with leg ulcer (SIGN 1998). Murray (2004) also agrees with Dougherty Lister (2004) Bolton et al (2004) stating that that hyperglycaemia can have an eff ect in the wound healing process, as this can be linked with infection and decreased oxygen levels in the haemoglobin will slow down the healing process and go onto starve tissue. These factors are important to know as it plays a big part in the wound healing process. In clinical practice thesebasic observations are a vital part of information gained to ensure safer patient care and early recognition of deterioration. The key factor in order to gain a thorough assessment it is essential that the nurse must have is communication and listening skills not only for this purpose but also for a nurse patient relationship. Dealey, (1994) believes that fear is one of the most common experiences a human can feel and a patients illness release many fears, in which health care professionals are unable to identify when not allowing the patient to express their needs freely. If the patient has a full understanding of their condition they are more likely to comply with treatment regimes and have a more productive relationship with healthcare professional’s (Anderson 2006). The RCN (2008) states, that the nurse-patient relationship is founded on trust. The nurse patient relationship allows the conversation to flow easy in order to gain a holistic approach to the patients care. The Code (2008) also agrees that as nurses ‘we must listen to people in our care and respond to their concerns and preferences’. Much research has taken place regarding nurse patient relationships, McCabe (2002) carried out a study which aimed to explore and produce statements relating to the patients experiences of how nurses communicate. A qualitative phenomenological approach was used. This focuses on individual’s interpretations of experiences and ways in which they express them (Parahoo 1997), followed by unstructured questionnaires which were tape recorded and lasted for approximately thirty minutes. The results found that four themes emerged, these were, lack of communication, ‘attending’, empathy and friendly nurses. Therefore the conclusions were that in contrast to the literature, nurses are not good at communicating with patients, however nurses can communicate well if the task undertaken was a patient centred approach. Although research has taken place the limitations were that only eight patients participated, therefore this could reduce the validity and reliability of the study. Also with such a small sample the study could be used as a pilot study which could be replicated in the UK as this study was undertook in Ireland. How to cite Leg Ulcers, Essay examples

Contract between Mojo Beverages and Ben-Free-Samples for Students

Questions: 1.Advise Mojo Beverage, explaining applicable legal principles and citing relevant authorities. 2.Advise Livestock Brokers as to the rights and liabilities of the parties in the light of the commercial interactions taken place between them. 3.Advise Stuart, with reference to the relevant principles. Answers: 1.Issue Whether a contract was created between Mojo Beverages (MB) and Ben based on the things which transpired? Rule Andrews (2015) has defined contract in terms of a legally binding document which covers promise between the parties to such contract, and where each party has certain obligations, be it in terms of fulfilling the promised task, or paying the consideration value. The formation of any contract requires the presence of some key elements or the requisite elements, without which the contract does not hold legal validity in the eyes of law. These elements include offer, acceptance, consideration, intention, capacity and legality (Gibson Fraser, 2014). The first requisite in the creation of the contract is an offer to be made by one party to another party. The offer shows the terms which are offered and on which the contract is to be based. There is a need to point out at this stage that an offer is very different from an invitation to treat, which is not a part of contract formation. The reason for this is that invitation to treat just shows the negotiation phase of contract, which does not result in any binding or legal effect (Abbott, Pendlebury Wardman, 2007). To bring clarity to this issue, example of advertisements need to be cited. These in general, be it in newspaper or magazines, do not get the status of an offer, and instead are treated as invitation to treat and an example of this is Partridge v Crittenden [1968] 1 WLR 1204 (Swarb, 2016). However, when a unilateral offer is covered in the advertisement, the scenario is different and legal liabilities can be raised, as can be seen through Carlill v Carbolic Smoke Ball Company [1893] 1 QB 256. In this case, the terms of the advertisements were such that they created a binding effect on the parties (Bailii, 2018). The second step for creating a contract is to give acceptance to the offer which has been made. In order to accept the unilateral offer, simply the terms of the offer have to be performed. There is the requirement of showing reliance being made on the offer (Elliot, 2011). The next element is consideration, which needs to have an economic value, to be valid and it can be anything which is mutually decided between the parties (Trietel Peel, 2015). Three wrappers were deemed as valid consideration in Chappell and Co Ltd v Nestle Co Ltd [1960] AC 87 due to condition precedent (E-Law Resources, 2018). Application There is a similarity between the facts of the case study and the precent of Carlill v Carbolic Smoke Ball Company. There was uniformity in the advertisement being placed in the newspaper which resulted in a unilateral offer, due to the mentioned terms. The consideration held in the newspaper advertisement had validity due to it holding economic value. By the performance of the promise, an acceptance was given by Ben. Irrespective of the rumours he heard, he relied upon the advertisement and caught the fish. The other elements of contract formation are assumed to be present here. Conclusion Thus, due to the presence of unilateral offer, its performance resulting in acceptance and valid consideration, a contract was formed between MB and Ben 2.Issue Whether a contract was formed between Dorper Sheep Sellers Pty Ltd (DSSP) and Livestock Brokers (LB)? Rule The previous segment touched upon the requirement of essential elements for forming a contract. The offer is the first step in this regard, which needs to be accepted by the party to which the offer had been made. Where the terms of the offer are changed, the result is a counter offer instead of an acceptance. When this happens, the original offer is no longer valid as per Hyde v. Wrench (1840) 3 Beav 334 and is not open to be accepted afterwards (Marson Ferris, 2015). The date of acceptance, as per the instantaneous rules, is the date on which the communication is attained by the offering party. However, postal rules act as an exception of the instantaneous rules (Paterson, Robertson Duke, 2012). When the letter is posted to give the acceptance, the date of posting this letter is considered as the date on which the offer was acceptance. It does not matter on which date the letter actually reaches the offering party (Latimer, 2012). This is due to the precedent that the postal office is the agent of offeror and agency law determines the acceptance of agent as acceptance of principal. These rules apply over the fax and emails too (Gibson Fraser, 2013). Byrne v Van Tienhoven (1880) LR 5 CPD 344 was the precedent giving the status as agent to the postal office (Swarb, 2015). Where the offer made, has to be revoked, it can be done till the time the offer is not accepted by the other party and before the posting of the acceptance letter. Another important point was given in Tallerman Co Pty Ltd v Nathan's Merchandise (1957) 98 CLR 93, whereby the judges provided that the acceptance cannot be given through the postal rules till the time it is justified to the offering party that post is a valid manner of giving acceptance (Jade, 2018). In Harvey v Facey [1893] AC 552, it was provided that an acceptance is different from request for information (Poole, 2016). Amongst the other elements of contract formation is the intention of creating legal relations. The next requirement is for the terms of the contract to have legal validity and is not basically against any legislation or the common law. The last requirement in formation of a contract is for the parties to hold the legal capacity to get into a contract, which is usually in terms of the parties holding the legal age (Mulachy, 2008). When such happens that the terms or stipulations covered under the contract are not fulfilled by one of the parties, the contract is deemed to be ended through breach. Upon the termination of contract owing to its breach, the aggrieved party can seek remedies from the court of law, for instance monetary compensation (Latimer, 2012). Application The facts given in the case study highlight the presence of intent between the parties, owing to the different offers and counter offers being made to create a contract. The capacity and legality is deemed to be present. The communication dated June 01 by DSSP would be considered here as an offer as some terms were offered here to LB. On this, a request for information was made by LB where it was asked to finance the sale on general terms. With this, the original offer ended. Here, with no acceptance been given on this communication by DSSP, a contract was not created as an inquiry was made instead of acceptance. As a result of non-acceptance, the offer expired due to the time frame for which it was open ended. Where the June 06 communication is taken to be a counter offer, the same was again not accepted. In either the scenarios, where the June 06 communication is taken as counter offer or request for information, an acceptance was never given. This is because the fax had never been stated as a valid manner of giving the acceptance and based on Tallerman Co Pty Ltd v Nathan's Merchandise, fax would not be deemed as a valid mode of acceptance. DSSP had no reason to expect acceptance through fax. Till the contract was formed, a breach could not be claimed. The receipt or non-receipt of fax is not related to this due, due to the same not being a valid acceptance manner. Conclusion Hence, a contract was not formed between DSSP and LB, due to lack of acceptance. 3.Issue Whether Stuart has any rights in the given scenario? Rule Upon the creation of a contract, it becomes binding, and where any changes have to be brought afterwards, the contract needs to be drafted again to include the changed terms. This allows the amendments to be given a conclusive effect to and in applying these. Where the amendments are not made, the original contract continues to apply and the amendments have no legal validity. Under the contract law, estoppel helps in restricting a person from making assertions which are converse to the earlier position on the same issue (Waddams, 2011). A leading defensive principle is equitable estoppel which prohibits the parties from taking any unfair benefit of other party due to the false conduct or language. Through this concept, the individuals are restricted from inducing the other party which could harm the other party. Hence, the individual is precluded or stopped from taking such position which is varied from the earlier position, particularly where such variation would harm the other party (Blum, 2007). Promissory estoppel is a principle through which the person is stopped from acting so where the party promises not to do something, particularly when the other party has made reliance on such promise, and the first party attempts to defy such promise (Blum, 2007). To bring clarity to this concept, reference needs to be made to Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130. In the quoted scenario, two parties had gotten into an agreement for lowering the rent for the war period. Though, this promise did not have a consideration to support it. Upon the ending of war, the claimant asked for the rent to be brought back to the original rent in place of the reduced rent. The court ruled in the favour of the claimant. Though, the thing which makes this case interesting is the obiter given by Justice Denning. He stated that in such a scenario where the claimant would have asked for the reduced rent of the war period, when the promise had been made, the principle of p romissory estoppel would have to be put in play, and the claimant would have to be stopped from asking the reduced rent for the promised war period, despite the fact that the promise was not supported by consideration. The reason for the same was the reliance placed on the promise by defendant and this promise being accepted by claimant of the case (Stone Devenney, 2014). The other important concepts of contract law are unconscionable conduct, which refers to the conduct which is no reasonable and is against the good conduct (Vout, 2009). Misrepresentation is a vitiating factor in the contract, which renders the contract voidable. It refers to the false statement of fact or law (McKendrick, 2014). Application There is a stark similarity between the stated facts here and the quoted case of Central London Property Trust Ltd v High Trees House Ltd. As a result, here it can be stated that Stuart would be required to make payment of the entire rent from the period of December 2014 to Westphalia Marts. However, when it comes to the period for which the promise was made, i.e., from December 2013 till his business improved (which is assumed here to be December 2014), Westphalia Marts cannot ask for the reduced rent. This is due to the applicability of promissory estoppel and the quoted case. There would be no impact of absence of consideration due to promissory estoppel and Westphalia Marts cannot rely on this. This is due to the reliance placed by Stuart on the undertaken promise. Apart from this, the reasons of unconscionable conduct can also be cited in terms of Westphalia Marts doing against good conduct. Further, the presence of unconscionable conduct can be stated as Westphalia Marts breaching the promise in terms of their attempts to show the income of the mall being healthy. As a result of this being a false statement of fact, application of misrepresentation principle can be undertaken. Conclusion Hence, the application of promissory estoppel gives Stuart the right to restrict Westphalia Marts from claiming reduced rent. Along with this, claims of unconscionable conduct and misrepresentation can also be undertaken against Westphalia Marts References Abbott, K., Pendlebury, N., Wardman, K. (2007). Business law (8th ed.). London: Thompson Learning. Andrews, N. (2015). Contract Law (2nd ed.). UK: Cambridge University Press Bailii. (2018). Carlill v Carbolic Smoke Ball Company [1892] EWCA Civ 1 (07 December 1892). Retrieved from: https://www.bailii.org/ew/cases/EWCA/Civ/1892/1.html Blum, B.A. (2007). Contracts: Examples Explanations (4th ed.). New York: Aspen Publishers. E-Law Resources. (2018). Chappel v Nestle [1960] AC 87 House of Lords. Retrieved from: https://www.e-lawresources.co.uk/Chappel-v-Nestle.php Elliot, C. (2011) Contract Law (8th ed.). London: Pearson. Gibson, A., Fraser, D. (2014). Business Law 2014 (8th ed.). Melbourne, Pearson Education Australia. Jade. (2018). Tallerman and Co Pty Ltd v Nathan's Merchandise (Vic) Pty Ltd. Retrieved from: https://jade.io/j/?a=outlineid=65197 Latimer, P. (2012). Australian Business Law 2012 (31st ed.). Sydney, NSW: CCH Australia Limited. Marson, J., Ferris, K. (2015). Business Law (4th ed.). Oxford: Oxford University Press. McKendrick, E. (2014). Contract Law: Text, Cases, and Materials (6th ed.). Oxford: Oxford University Press. Mulcahy, L. (2008). Contract Law in Perspective (5th ed.). Oxon: Routledge. Paterson, J.M., Robertson, A., Duke, A. (2012). Principles of Contract Law (4th ed.). Rozelle, NSW: Thomson Reuters (Professional) Australia. Poole, J. (2016). Textbook on Contract Law (13th ed.). Oxford: Oxford University Press. Stone, R., Devenney, J. (2014). Text, Cases and Materials on Contract Law (3rd ed.). Oxon: Routledge. Swarb. (2015). Byrne v van Tienhoven and Co: 1880. Retrieved from: https://swarb.co.uk/byrne-v-van-tienhoven-1880/ Swarb. (2016). Partridge v Crittenden: QBD 1968. Retrieved from: https://swarb.co.uk/partridge-v-crittenden-qbd-1968/ Treitel, G H., Peel, E. (2015). The Law of Contract (14th ed.). London: Sweet Maxwell. Vout, P.T. (2009). Unconscionable Conduct: The Laws of Australia. Pyrmont, NSW: Thomson Reuters. Waddams, S. (2011). Principle and Policy in Contract Law: Competing or Complementary Concepts?. Cambridge: Cambridge University Press

Keiretsu and Chaebols free essay sample

Keiretsu and Chaebols Keiretsu a group of closely related Japanese companies, often with interlocking ownership. Traditionally, there have been both horizontal and vertical keiretsu. Horizontal keiretsu center on a main bank and their companies span various industries. Vertical keiretsu center on a major manufacturer, like Toyota, and include its various suppliers and wholesalers. The keiretsu encourage its members to award contracts to sister companies and cooperate with each other for the overall good of the keiretsu. The keiretsu dominated the Japanese economy in the last half of the twentieth century. More recently, however, the keiretsu have been losing their grip, and the long-term business relationships of the keiretsu are fraying. When written in Japanese, keiretsu comprises two characters, meaning system and row. Thus the term keiretsu is now used more generally to mean an alliance of companies and individuals that work together for mutual benefit Chaebols The chaebol are the large, conglomerate family-controlled firms of South Korea characterized by strong ties with government agencies. We will write a custom essay sample on Keiretsu and Chaebols or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The name, which means business association, is properly pronounced jay BOL but the spelling pronunciation chay bol is considered acceptable by Korean speakers. There were family-owned enterprises in Korea in the period before 1961 but the particular state-corporate alliance came into being with the regime of Park Chung Hee (1961-1979). The chaebol were prohibited from owning a bank. The Park regime nationalized the banks of South Korea and could channel scarce capital to industries and firms it saw as necessary for achieving national objectives. The government-favored chaebol had special privileges and grew large. This gave the impression of economic success for the chaebol that was not always valid. In some cases chaebol grew not because they were profitable but merely because they could borrow vast funds. When the international economy took a downturn these debt-ridden businesses were in trouble. In 1999 one quarter of the manufacturers in South Korea did not earn enough to meet the payments required for their debt. In recent years there has been the growth of mid-sized corporations which are outside of the chaebol arrangement. For example, Appeal Telecom was started by a former employee of Samsung, Lee Ga Hyoung. Appeal Telecom is manufacturing and marketing cell phones and has risen to the top in its field. In Germany the mid-sized corporation make a great contribution to the economy and there is no reason that such firms could not be an important element of the South Korean economy. How can Toyota regain its position in the hearts and minds of consumers after the massive car recalls beginning of this year? Toyota Turns To Twitter To Repair Its Image Toyota has been dealing with negative backlash from the massive safety recalls of its vehicles; and is even suffering in terms of sales. The Japanese auto giant has launched a branded channel on TweetMeme, in partnership with Federated Media, which aggregates and organize Twitter conversations regarding Toyota. Called Toyota Conversations, the site brings together the top stories being Tweeted about Toyota, from news articles to press releases. The site also shows visitors the most popular videos and images being shared about Toyota on Twitter. And the channel includes a Featured Tweets from Toyota’s Twitter account and press room as well as AdTweets, which are Tweetmeme’s retweetable ads for Toyota Negative news no more? As most of the top stories that are being aggregated on the site, that most of them is positive and thus doesn’t match that of the negative news that seemed to match the general tone of the media writing about Toyota, which has been quick to criticize the car company for its manufacturing mistakes. With Tweetfeel ( Twitter sentiment application), it seem that Toyota has chosen this as it can be step up to pick only certain news sources which may be positive to them. And by looking at how Twitter has influence things between numerous brands, Toyota has chose to follow suit and this allow Toyota not only to monitor and track what is begin said about Toyota but to influence and participate in the conversation. The main ideas behind Toyota utilizing Twitter are: 1) To help stem the tide of negativity and 2) To deal with the backlashes that have been heaped upon it during the car recalls period. Toyota’s twitter site does mainly revolves around assimilating the top stories being Tweeted about Toyota, such as news articles and press releases, while showing visitors the most popular videos and images being shared about Toyota on Twitter. Akios Plan Akio Toyoda is the president and CEO of Toyota Motor Corporation Lately, Toyota has not lived up to the high standards we set for ourselves. I am deeply disappointed by that and apologize. That is why I am personally leading the effort to restore trust in our word and in our products. 1. Launch a top-to-bottom review of our global operations to ensure that problems of this magnitude do not happen again and not only meet but also exceed high safety standards. 2. Ensure that our quality-control operations are in line with best industry practices. 3. Aggressively investigate complaints we hear directly from consumers and move more quickly to address any safety issues we identify. You have my commitment that Toyota will revitalize the simple but powerful principle that has guided us for 50 years: Toyota will build the highest-quality, safest and most reliable automobiles in the world.

School as Democratic Institutions

School as Democratic Institutions Academic freedom is a freedom to teach or to learn without inference by a government. Read about the restrictions of the academic freedom at institutions. Hashtag: #DelhiDecides School as Democratic Institution A democratic society is one ruled by the people. Therefore, the people decide who will head their government such as the #DelhiDecides in India and can freely express their sentiments or criticism against anyone in the public service. In practice, this particular power in some country is limited to influential democratic institutions such as schools where academics cannot express their opinion on social issues regardless of their academic freedom. Institutions supporting democratic way of life are organizations that promote good governance, rule of law, human rights, preservation of the environment, education, and so on. News Media is a democratic institution that often elicits accountability from state actors; promote peace and human rights. Academic institutions, on the other hand, are moral and democratic as they developed students’ moral and civil character, and promote a sense of community and participation in democratic processes. In other words, news media and schools have the power to influence and modify a social order. Some academics are aware of their influence and exercise their freedom as citizens of the state to express their thoughts and opinions in and out of school. For instance, social media users are freely giving their opinions regarding the election in India where #DelhiDecides. Some of them were academics expressing their thoughts on political issues, criticizing candidates, and policies of the incumbent government. These practices are actually encouraged by the institutions as concerned citizens contributing to public debate. However, they should make it clear that their views are not of the institution but their own. Moral Failure in Academic Institutions Academic freedom, therefore, is merely a guarantee that academics are free to research and publish papers on issues they find disturbing without government intervention. It is not about resistance but the use of freedom for the public good through research, dissemination of knowledge, and promotion of independent thinking and expression within the academic atmosphere. Overlapping Rights and Politically Motivated Restrictions The confusion in academic freedom, particularly in higher education, is in the overlapping scope of academic democracy and academic freedom. For instance, the rights specified in the academic democracy that says â€Å"within academic sphere† limit the rights provided by academic freedom of free expression and academic participation in activities that can help expands the frontiers of knowledge. In other words, contrary to belief, they can freely express their opinion but on the institution or the system in which they work and nothing more. However, if one would look closely on the recommended universal application of academic freedom, it will be quite clear that academics have the right to participate and contribute to social change. The UNESCO recommendation clearly states that academics should enjoy civil and political liberties and these include freedom of thought, conscience, religion, expression, assembly, association, and the right to contribute to social change. Specifically, academics can express their opinion on state policies and issues particularly those affecting the quality of education. The extent of academic freedom, therefore, depends on state policies that are often highly political. In fact, the freedom of expression and association in academic sphere are restricted along with terms commonly used by some governments to imply severity of violation and punishment. These include suppressing freedom of expression for â€Å"public safety†, a political act â€Å"necessary in a democratic society†, and it is â€Å"prescribed by law† so do not talk against your government. Instead of letting academic intellectuals share their expertise as valued citizens of the nation, the government created a climate of fear.

The Use of Capital Budgeting Models in Utility Estimation Essay

The Use of Capital Budgeting Models in Utility Estimation - Essay Example Three key terms are incorporated into the preceding description of alternative choice problems: cost, revenue, and investment. If the applicability of Hunter et al.'s (1988) critique to capital budgeting models of utility is to be fully evaluated, the reader must understand how finance managers and accountants use these terms. Cost refers to the number of resources used for any purpose (Anthony & Reece, 1983). Costs incurred in an accounting period are either assets or expenses. An asset is defined as a cost that yields benefits to the organization beyond the current accounting period (usually 12 months). For example, a machine that is expected to have a useful life of 10 years is classified as an asset because it is expected to produce outputs (such as machined parts) that benefit the organization by bringing in revenue over a long period of time (in this case 10 years). An expense is defined as a cost that yields benefits to the organization only within the current accounting perio d. For example, the cost of electricity for the machine for one month is classified as an expense because the resulting benefits accrue only over the short term. Revenue refers to the inflow of funds that results from the sale of goods and services to the firm's customers. An investment is the acquisition of an asset resulting in a future stream of expected cash inflows (i.e., revenues). For the example of the machine purchase given earlier, parts produced with the machine would be sold to customers, and the resulting stream of revenues would be received over the 10-year life of the machine.

Legislation Essay Example | Topics and Well Written Essays - 500 words

Legislation - Essay Example In the event that such programs become preferential based on gender, race or ethnicity, affirmative action becomes controversial (Dale, 2005). Originally, the Affirmative-Action legislation was intended to pressure institution including government institutions, schools, and contractors to comply with the non-discrimination provisions in the Civil Rights Act, 1964 (Dale, 2005). The article required that schools and colleges take affirmative action to counteract the effects of past discriminations and encourage affirmative so as to achieve a diverse student body. Most importantly, the legislation was intended to forbid inflexible and rigid quotas for the employment of minorities and encourages contractors, schools and colleges to take good faith efforts to meet targets and goals for the employment minorities and women without discrimination (Dale, 2005). Mr. Justice POWELL in his ruling on the Regents of the University of California v. Bakke case concluded that, the use of racial quotas in a university’s admissions process is unconstitutional. In addition, it concluded that the use of affirmative actions in the selection of minority applicants was constitutional in certain circumstances (â€Å"Regents of University of California v. Bakke,† 1978). This conclusion was based on the provisions of Title VI of the Civil Rights Act, 1964 that only those racial classifications that violates the Equal Protection Clause when employed by agencies of the state and the sate itself(â€Å"Regents of University of California v. Bakke,† 1978). The ruling was also based on the fact that while the goals of affirmative action are still compelling, the use of quotas in such programs is unnecessary in the achievement of such goals since it is, under the Equal Protection Clause, unnecessary. Additionally, the conclusion was based on the fact the petitioner could not furnish the court with sufficient proof that

Critique of an Article - Postwar Japanese Economy Term Paper

Critique of an Article - Postwar Japanese Economy - Term Paper Example One of these events is the first globalization wave of 1870s that was attributed to the international gold standards as well as international treaties related to tariffs. Furthermore, the downturn associated with second globalization wave of 1914 caused by the occurrence of World War I, and downfall of international gold standard contributed to adverse conditions in the Japanese postwar economy1. Based on the globalization perspective, the exceptional performance of the Japanese economy that occurred earlier than 1970s is attributable to an institutional evolution of economic system in Japan that begun in the early 1930s to address the downturn associated with the second globalization wave. In the postwar period, the evolutionary process modified the Japanese economy system to address various challenges related to the novel international environment. The underlying principles of the Japanese economic system devised by this institutional evolution were stability and coordination. As a result, it stirred aggressive corporate investments, upheld a high level of employment based on an approach of total employment, and stimulated bank lending by establishing excessive competition. However, the strong coordination of Japanese economic system resulted to weak control as well as monitoring. In addition, high stability of the system caused low capacity to upgrade Japan’s economic structure2. In addition to the chronological account of Japan’s economy, Tsutsui provides a specific focus in various attributes of Japan’s economy, including postwar recovery, stagnation, reversal, high growth, as well as reform versus recovery. In the context of postwar recovery, democratic reforms in Japan and shortages of materials along with the resulting hyperinflation caused significant effects on Japanese economy. These occurrences resulted to changes in the structure of the Japanese economy. The underproduction resulting from overuse and destruction of production e quipment during the war was a significant challenge encountered by Japanese postwar economy. In addition, postwar repatriation of civilian and military Japanese from overseas caused a rapid increase of domestic demand for services as well as goods, though the production of Japan had significantly decreased, especially due to loss of colonies that provided materials and labor. As a result, Japanese postwar economy faced an inevitable hyperinflation. To cope with this problem, Japanese government adopted the priority production program that encouraged production using limited resources in the iron, coal, fertilizer, and fertilizer industries3. The philosophies and strategies constituted in this program led to substantial development in Japanese postwar economy with the prioritization of production and minimization of consumption, and supersession of class-consciousness to promote national unity. National economic independence was upheld at the expense of attracting foreign investments , and economic growth became highly regarded than sustainability. According to Tsutsui (2009), Japan underwent a high economy growth era between 1955 and 1973, which was characterized by major structural adjustment, and an exceptional record of 4.1 percent, average annual growth. The high growth was attributed to Japanese industrial policy because of its significant influence

Methods Of Evaluation Of Vehicle Aerodynamics

Methods Of Evaluation Of Vehicle Aerodynamics Part a) Different methods of evaluation of vehicle aerodynamics: In recent years aerodynamics of vehicle has gained a lots of attention because of the major use of negative lift (down force) principle which improves the performance of vehicles. Thus evaluating vehicle aerodynamics has become an important part of car engineering and it is no longer only limited to vehicles initial designing. Several method and tools are used in this process such as wind tunnel testing, computational fluid aerodynamics or track testing. Each of these tools has their special need for e.g.:- at initial design stage wind tunnel can be used and after car is built it can be tested on the track. In the following paragraphs i discuss three mostly used methods i.e. wind tunnel testing, CFD software and track testing. http://www.atzonline.com/cms/images/sh05-09-20.jpg Wind tunnel testing: In 1870s first wind tunnel was designed but until 1960s it was just meant to use for aeronautical purposes but once this method brought to use for automotive purposes, within no time it became an essential part of car developments and provided good environment for aerodynamic evaluation. In the wind tunnel testing method a geometrical shapes or models is mounted in the test section of wind tunnel and air is blown over or sucked through a duct by a fan or number of fans. To make measurements more accurate closely spaces vertical and horizontal air vane are used which smoothes the turbulent flow before it reaches the model. Usually, measurements are taken from a balance on which model is mounted and various visualisation techniques such as smoke and tufts are used to understand the affect of some geometric features on aerodynamic performance. Wind tunnel helps to acquire lots of data such as: Aerodynamic forces drag, lift, side force Variation of these forces and movements with yaw Vehicle cooling drag Affect of aero features Surface pressure distribution There are different types of wind tunnels which are as follows: LOW SPEED WIND TUNNEL also named as SUBSONIC WIND TUNNEL are of open return type or return flow in which air is moved with a propulsion system made up of a huge axial fan which helps in increasing dynamic pressure and thus helps to overcome viscous loss. In this type mach number is kept very low and speed is maintained up to 400 km/h http://en.wikipedia.org/wiki/Subsonic_and_transonic_wind_tunnel#Subsonic_tun)Staffordshire University logo HIGH SPEED OR TRANSONIC WIND TUNNEL is designed to reach the speed close to the speed of sound. Mach and Reynolds number both are important here due to viscous or in viscid interactions. As compared to subsonic wind tunnel, much large scale facilities and pressurized wind tunnels are used. (http://en.wikipedia.org/wiki/Subsonic_and_transonic_wind_tunnel#Subsonic_tunnel) SUPERSONIC WIND TUNNEL generates supersonic speed. In supersonic wind tunnel, high pressure ratio is required and to avoid occurrence of liquefaction or condensation drying or pre heating facility is required. http://upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Supersonic-en.svg/400px-Supersonic-en.svg.png (http://reference.findtarget.com/search/supersonic%20wind%20tunnel/) HYPERSONIC WIND TUNNEL produces hypersonic flow field in test section. It runs with very high pressure ratio and like supersonic; hypersonic also requires pre heating facility. As compared to other types of wind tunnels, hypersonic wind tunnel has more challenges in its designing. Staffordshire University logo (http://commons.wikimedia.org/wiki/File:Langley_hypersonic_wind_tunnels.jpg) WIND TUNNEL SCALE: Model scale wind tunnel testing (MWT) plays an important role in aerodynamic development of motorsport vehicles, training and research though now it has been outmoded by CFD. wind_tunnel1 Figure: http://www.insightman.com/mag_photos/wind_tunnel1.jpg It is an ideal way to determine the affects of various features and body styles on aerodynamics of vehicles. In model scale testing, model lie between 30%,60%nand they can be be produced by various techniques such as fibre glass, stylist clay models, milled foam and rapid prototype models or a combination of all of these. Model scale testing doesnt needs high running cost as sophisticated test methods such as fitting a moving ground plane doesnt need high expense. In all, if styling method can be utilized than this testing method is a cheaper method to develop vehicle aerodynamics.Staffordshire University logo In spite of all, model scale testing has its own limitation such as: Ensuring geometric similarity: some special features can be difficult to model at small model scale. Reynolds number effects: Reynolds number (Re) of the flow around vehicles reduces with the reduction in scale which then requires an appropriate increase in the airflow. FULL SCALE WIND TUNNEL TESTING (FSWT):- FSWT has totally taken over MWT as it many problems faced during MWT are overcome by using full scale testing: It eliminates the effect caused due to Reynolds number. It totally avoids the cost of production of models. It helps to determine the influence of small geometric changes. Aerodynamics: Radical LMP2 in MIRAs Full Scale Wind Tunnel (http://www.mira.co.uk/Services/AerodynamicsMainPage.htm) COMPUTATIONAL FLUID AERODYNAMICS (CFD): It is a phenomenon or software used to improve the car aerodynamics. The software provides benefits from number crunching capability of computers used to solve the problems of fluid flow, heat transfer and related processes like chemical reactions with the use of simulations of fluid flow. The fluid here refers to a lot of substances as well which behave like fluids depending on the circumstances they are in, for example, winds blowing around buildings, cooling air flows in a laptop, drugs in asthma inhalers etc. It mainly focuses on affects made by pressure, temperature, density and the velocity of the fluids. It is powerful technique software with a wide range of applications. It is very commonly used software in automotive industry (the method has an ability to calculate the air flows around a vehicle or car), especially in motorsports because of the massive competition. It first came in light in 1990s.The software is now owned by Bar Honda Formula 1 team. The software has always been updated at times as the as the new computer technologies come in. since the software runs of a computer, the speed of the computer processor also plays an important role in improving the performance, in other words, more powerful the supercomputer, more accurate result of CFD process. As the time passes it has become cheaper and advanced.Staffordshire University logo Streamlines under a stock car (http://strangeholiday.com/oops/stuff/annurev.fluid.38.050304.092016.pdf) Working process of computational software is divided into phases: First of all, it divides the geometric structure of the object into a set of elements or cell which named as a mesh. The accuracy of the result of CFD totally depends upon the number of cells as higher their number is, more accurate result will be. Secondly, mesh representing volume occupied by the fluid is created. Now, when fluid flow comes into contact with the object, it gets separated into as many cells as possible. Then, computer starts finding out the problem it faced during the second phase. Besides this, it also set up a clear image of interaction of object and fluid flow. Finally, simulation is started and result obtained is analyzed. Staffordshire University logo INSTRUMENTED ROAD OR TRACK TESTING: This testing method has earned lots of popularity in short time as it a very cost effective testing method as all we need to perform this is good weather and cost of renting a track and instrumenting. Aerodynamic drag plays an important role to improve the performance (fuel consumption, speed) of car. These tracks are constructed especially for the vehicles which are new or are under research. The tracks are made under such circumstances that when testing a car it gives the most relevant or most accurate results. DSC_05442 Figure:http://www.speedsportlife.com/wp-content/2009/11/DSC_05442.JPG These tests are used to identify the different properties or aspects in different conditions such as traffic flow, weather (raining, dusty, snowing or at different wind flows) and time of day. The car is made run on the track at different and constant speeds to check the flow ratios with the help of the sensors fixed on both sides of the track. The sensors track the dynamic path of the car which give information about the flows and performance of the cars. The aerodynamic behaviour of the vehicle is then analyzed and the car is again made run on the track with improved or modified aerodynamic properties. Part 2Staffordshire University logo Computational Fluid Aerodynamics (CFD) The science that tries to verify a numerical solution to the equations that govern the fluid flow is called CFD (Computational Fluid Dynamics). In the recent years, CFD methods have been utilized as an important tool of design analysis within research organisation and industry with the help of supercomputers. In fact, science is now trying for the theoretical-experimental treatment so that results which are obtained in wind tunnel testing can be used to standardize and prove the numerical models. As everything have its dual aspects, so as CFD. It has its own lots of advantages and some disadvantages too which are discussed as follows: MERITS:- A large number of CFD simulations can be performed rapidly and of course it is way cheaper than making a real model and running it in a wind tunnel or an instrumented track. With CFD there is always a greater probability of getting design right first time before manufacturing the actual vehicle because overall concept and shape can be tested. CFD enables the designer to analyze and visualize the flow around the vehicle. It can be done a number of times to facilitate the design optimization. It is much cheaper than to perform a wind tunnel test. Auto optimization is the advanced form of CFD and is considered to be more accurate. In it computational methods that accesses mathematically the obtained results and makes changes to the configuration and the shape of the vehicle. It automatically selects the most suitable design. Automatic mesh deformation is one of the advancement in auto optimization. Performing computational optimization method and automatic mesh together, it is possible to explore geometry changes and the software alters the mesh along with the geometry. CFD technology helps to improve the aerodynamic performance of vehicles and also helps in reducing co2 emmision.Thus, this testing method not only serve a duty for automotive purposes but also helps in keeping environment pollution free. Staffordshire University logo Demerits: No doubt CFD is a best tool among all other ways of determining vehicle aerodynamics but scaling issues can create some limitations to it such as reduicton of transition from laminar to turbulent flows (e.g. boundary layers) or the calculation of separated flow and unsteady wakes.) CFD can make millions of calculations to achieve an accurate result but the final result can only be appropriate for some reasons like: non accurate or less accurate data, scientific knowledge base or reduction in number of calculations by supercomputer. So, there are more chances of making numerical errors since everything relays on computers. Besides this, approximation of result can cause Truncation errors and round off errors are also possible due to the word size available on a particular computer The bottom line is that solutions find by CFD rely upon user-defined elements like: grid generation and turbulence modelling, which will be soon an obstacle facing code developers. It is not yet possible to create full flow field model economically as in mostly vehicles the large scale flow regimes depends on inevitability of transition and turbulence. PART 3 25mph Pressure image:E:25MPH25mph Pressure.gif The pressure is very low (-21.71446) on upper and lower surface of wing .It is more (33.87485) on front tip of wing and also it is less( 23.76770) on front upper and lower surface, it also same on back upper and lower surface of wing. Velocity image:E:25MPH25mph Velocity.gif The velocity is very low (1.854647)on front tip of wing and it is high (6.536719) on upper and lower front surface of it. It is also same on back upper and lower surface of wing. Velocity is really low (9.658100) on lower surface and upper surface of wing but on mid portion of upper surface it is (7.317064) 45mph Pressure image: The pressure is very low (-16.66089) on middle upper and lower surface of wing .It is more (38.92842)on front tip of wing and also it is less( 23.76770) on front upper and lower surface, it also same on back upper and lower surface of wing. E:45MPH45mph pressure.gif Velocity image: The velocity is very low (2.634993)on front tip of wing and it is high (8.097410) on upper and lower front surface of it. It is also same on back upper and lower surface of wing. Velocity is really high (9.658100) on lower surface and upper surface of wing but on mid portion of upper surface it is (7.317064) E:45MPH45mph velocity.gif 65mph Pressure image:E:65MPH65mph pressure.gif The pressure is very low (-1.500165) on upper and lower surface of wing .It is more (33.87485) on front tip of wing and also it is less( 18.71413) on front upper and lower surface, it also same on back upper and lower surface of wing. Velocity image: The velocity is high (6.536719)on upper and lower front surface of wing. It is also same on back upper and lower surface of wing. Velocity is really high (9.658100) on lower surface and upper surface of wing but on mid portion of upper surface it is (7.317064) E:65MPH65mph velocity.gif 85mph Pressure image:E:85MPH85mph pressure.gif The pressure is very low (-16.66089) on upper surface and also low on lower surface(-11.60731) of wing .It is more (33.87485) on front tip of wing and also it is less( 23.76770) on front upper and lower surface, it also same on back upper and lower surface of wing. Velocity image: The velocity is high (8.097410) on upper and lower front surface of it. It is also same on back upper and lower surface of wing. Velocity is really high (9.658100) on lower surface and upper surface of wing but on mid portion of upper surface it is (7.317064) E:85MPH85mph velocity.gif Part 4: Conclusion: Staffordshire University logo As the technology improves day by day the things (automobiles) get cheaper, smaller (size) and advanced. Since there are a lot of ways of aerodynamic testing, but the CFD software is the best way of evaluating the aerodynamic performance of the car. There are a lot of thing which make CFD the best. Like we can also evaluate the aerodynamic performance of the car using methods like wind tunnels but using wind tunnels it becomes far more expensive (making arrangements for the sample model), whereas in CFD we just need a CAD model and everything is done more quickly than any other method. Also if the model needs any changes or modifications it is very easy as compared to making new models for wind tunnels.CFD is more affordable and there is no maintenance required whereas wind tunnels and instrumented tracks needs a lot of maintenance at the time of operation or when free. There are very less or no chances of any errors in CFD (since everything is done with the help of computer) only a human error could affect the results, whereas in the case of track testing and wind tunnels the probability of making errors is more as big machinery or equipments are used which are analyzed by humans (no doubt computers are more reliable). There are lots of models (heavy) which are dangerous to test in wind tunnels in full scale, whereas in CFD the simulation can be performed without worrying about anything. Using the mesh deformation makes the calculations more clear, one can focus on each and every single part the vehicle or model tested as compared to an overall result obtained from track testing or wind tunnels. It takes very less time to carry out the results. So CFD is the best method for testing the aerodynamic performance and it will become better and cheaper as the computers get more powerful and cheaper. Staffordshire University logo

The Signalman by Charles Dickens and The Red Room by H.G. Wells Essay

The Signalman by Charles Dickens and The Red Room by H.G. Wells 'To be denied of information as a reader is far more powerful than to know the truth.' In this assignment I will be looking at the two short stories written in the 1800’s: â€Å"The Red Room† by H.G.Wells where a man goes into an apparently haunted room and although he is warned by other old characters he does not listen and the tension builds up as he goes into the room where fear gets the better of him in a room which might not be haunted in the end. The other short story is â€Å"The Signalman† by Charles Dickens. In The signalman a man lives separated from the real world living a lonely life as a signal man at a train station and thinks he might be being visited by a spectre. I will examine the similarities and differences between them in content, style and language and I will say something about the influences of the writers’ backgrounds and will be comparing how each story creates suspense and tension within them. Both stories fit in to the Gothic genre with different elements associated with the conventions of a gothic genre. The gothic genre of stories was brought to life in 1764 with Horace Walpole's 'The Castle of Otranto' during the Victorian ages. It included the classic conventions in the setting, atmosphere and story line mainly to create an effect of suspense, tension and mystery used in the gothic genre since then. The Red Room is the more typical Gothic genre and Wells makes it clear how ancient and old fashioned everything is in the castle and includes spiral staircases, secret passages, a suspected ghost haunted room and an eerie atmosphere. Gothic literature attempts to terrify the reader and it nearly always involves the su... ...n The Signalman descends the cutting and when, looking at the signalman whose actions are very weird and in The Red Room how the old people warn the young man not to go in the room. Suspense is also created as the signalman tells the gentleman of the weird happenings recently and in The Red Room how tension is built while he stays in the room for longer. The settings are very mysterious and quite typical of the gothic genre and are even prone to unexplainable events happening. They use the characters' actions, language and the atmosphere in different ways to add to the suspense and tension. Dickens' story is based on a more contemporary idea. Both writers also include first person narrative adding up to make two suspense filled stories and keep the overall idea that: 'To be denied of information as a reader is far more powerful than to know the truth.'