Why do economists use models, and to what extent is it important that these models are realistic Example For Students

Why do economists use models, and to what extent is it important that these models are realistic? One of the main reasons as to why we construct models is because we wish to know why something is as it is. We use these models all the time to decide how to act, not only in economics but also in real life. For example because we know that fire burns we tend not to put our hands in a flame. In economics however these models are used obviously for economic understanding and to act upon the findings. In economics there are two types of models a positive model and a normative model. A positive model deals with facts and figures, which can be proven whereas when using normative models you tend to find that they deal with the way things ought to be. The main type of model for solving problems and looking at the economy are the positive models. The basic use of an economic model is to help economists to understand and predict a large number of economic problems such as unemployment and inflation. Economic models are usually based on real life situations, although they are often simplified in order for the economists to obtain a greater understanding of the problem or situation. Models help economists because they can explain a very complex problem in a very straightforward way. Models are used in everyday life, not just in economics. We will write a custom essay on Why do economists use models, and to what extent is it important that these models are realistic? specifically for you for only $16.38 $13.9/page Order now For example road maps of Britain are simplified models because they only show the main roads and give a rough shape of a city, whereas in A-Zs of a particular city, the maps show every road even the really small insignificant ones. Looking at models like this show us how models can be used to help the understanding of a situation because of someone was wishing to travel from Sheffield to London, they probably wouldnt use A-Zs of every area they went through, but instead they would use a road map, which only depicted the main roads. In economics terms this means that if an economist was generally looking at a problem he would use a model to get the basic idea of what the situation is and to highlight the main points of this problem. Models are very valuable resources to economists because not only do they portray a problem they also manipulate the recipients mind into a certain way of thinking. This mode of thought helps the economist not only in that particular example, but also in every problem they are faced with. This is because economists dont have to learn every single model ever made in order to become a good scholar, but it is helpful to have the skill of interpreting the majority of models that they come across. A single model helps to do this because if you can interpret one model you can usually cope with other examples. Although models can display problems in an understandable way they are not extremely realistic because they tend to concentrate on a specific area of a problem and then distort that point to make it more understandable. This means, in most cases, that in order to find out about the whole problem economists sometimes need to use a number of different models in order to solve one issue. Most people would expect that if a model were wore realistic then it would be of greater use to economists. This is not usually the case because in the real world most of the problems economist face are very ambiguous in that the real economy is not a straightforward system. Although models dont need to be entirely accurate they still rely on the fact that there is some element of certainty within them. If models were entirely fictional they would be of little use to economists, apart from portraying the perception, of that issue, by the models author. .u1c14db3a2027d8c7f65d058a5840de7d , .u1c14db3a2027d8c7f65d058a5840de7d .postImageUrl , .u1c14db3a2027d8c7f65d058a5840de7d .centered-text-area { min-height: 80px; position: relative; } .u1c14db3a2027d8c7f65d058a5840de7d , .u1c14db3a2027d8c7f65d058a5840de7d:hover , .u1c14db3a2027d8c7f65d058a5840de7d:visited , .u1c14db3a2027d8c7f65d058a5840de7d:active { border:0!important; } .u1c14db3a2027d8c7f65d058a5840de7d .clearfix:after { content: ""; display: table; clear: both; } .u1c14db3a2027d8c7f65d058a5840de7d { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u1c14db3a2027d8c7f65d058a5840de7d:active , .u1c14db3a2027d8c7f65d058a5840de7d:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u1c14db3a2027d8c7f65d058a5840de7d .centered-text-area { width: 100%; position: relative ; } .u1c14db3a2027d8c7f65d058a5840de7d .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u1c14db3a2027d8c7f65d058a5840de7d .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u1c14db3a2027d8c7f65d058a5840de7d .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u1c14db3a2027d8c7f65d058a5840de7d:hover .ctaButton { background-color: #34495E!important; } .u1c14db3a2027d8c7f65d058a5840de7d .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u1c14db3a2027d8c7f65d058a5840de7d .u1c14db3a2027d8c7f65d058a5840de7d-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u1c14db3a2027d8c7f65d058a5840de7d:after { content: ""; display: block; clear: both; } READ: Two Strong and Brave Women EssayTo summarise, the use and accuracy of models, here is a list of some of their main functions: ; Models may be used to predict the future. In this case it is unimportant if they are completely realistic because the value of the models should be judged in terms of its capability to foresee the future. ; Models may be used to analyse certain groups of individuals. This type of model is generalising the group of individuals so if one certain individual acts differently from the way stated by the model, it doesnt mean that the model is inaccurate because individuals will tend to behave in contrasting ways to the group. Models can be used to portray the workings of a market or an economy. In this case the fact that the predictions of the model are unrealistic is not particularly important because the detail may be realistic, in the model, but it may not be able to foretell the future. If the model is normative then obviously the realism is trivial due to the fact that is depicting what ought to be happening. Models that are very simple may still be useful because the assumptions raised by it may be powerful but simple conclusions. Good models, which are of the up most importance to economists, contain relevant insights into the problem even if this means that they have to modify what actually occurs in the real world, this gives a more in depth understanding of the issue at hand. Also the best models are usually the simplest due to the fact that they are easy to construe.

The Tokai Earthquake of the Future

The Tokai Earthquake of the Future The great Tokai Earthquake of the 21st century has not happened yet, but Japan has been getting ready for it for over 30 years. All of Japan is earthquake country, but its most dangerous part is on the Pacific coast of the main island Honshu, just southwest of Tokyo. Here the Philippine Sea plate is moving under the Eurasia plate in an extensive subduction zone. From studying centuries of earthquake records, Japanese geologists have mapped out segments of the subduction zone that seem to rupture regularly and repeatedly. The part southwest of Tokyo, underlying the coast around Suruga Bay, is called the Tokai segment. Tokai Earthquake History The Tokai segment last ruptured in 1854, and before that in 1707. Both events were great earthquakes of magnitude 8.4. The segment ruptured in comparable events in 1605 and in 1498. The pattern is pretty stark: a Tokai earthquake has happened about every 110 years, plus or minus 33 years. As of 2012, it has been 158 years and counting. These facts were put together in the 1970s by Katsuhiko Ishibashi. In 1978, the legislature adopted the Large-Scale Earthquake Countermeasures Act. In 1979, the Tokai segment was declared an area under intensified measures against earthquake disaster. Research began into the historic earthquakes and tectonic structure of the Tokai area. Widespread, persistent public education raised awareness about the expected effects of the Tokai Earthquake. Looking back and visualizing forward, we are not trying to predict the Tokai Earthquake at a specific date  but to clearly foresee it before it happens. Worse than Kobe, Worse than Kanto Professor Ishibashi is now at the University of Kobe, and perhaps that name rings a bell: Kobe was the site of a devastating quake in 1995 that the Japanese know as the Hanshin-Awaji earthquake. In Kobe alone, 4571 persons died and more than 200,000 were housed in shelters; in total, 6430 people were killed. More than 100,000 houses collapsed. Millions of homes lost water, power, or both. Some $150 billion in damage was recorded. The other benchmark Japanese quake was the Kanto earthquake of 1923. That event killed more than 120,000 people. The Hanshin-Awaji earthquake was magnitude 7.3. Kanto was 7.9. But at 8.4, the Tokai Earthquake will be substantially larger. Tracking The Tokai Segment With Science The seismic community in Japan is monitoring the Tokai segment at depth as well as watching the level of the land above it. Below, researchers map a large patch of the subduction zone where the two sides are locked; this is what will let loose to cause the quake. Above, careful measurements show that the land surface is being dragged down as the lower plate puts strain energy into the upper plate. Historical studies have capitalized on records of the tsunamis caused by past Tokai earthquakes. New methods allow us to partially reconstruct the causative event from the wave records. Preparation for the Next Tokai Earthquake The Tokai Earthquake is visualized in scenarios used by emergency planners. They need to create plans for an event that will likely cause about 5800 deaths, 19,000 serious injuries, and nearly 1 million damaged buildings in Shizuoka Prefecture alone. Large areas will be shaken at intensity 7, the highest level in the Japanese intensity scale. The Japanese Coast Guard recently produced unsettling tsunami animations for the major harbors in the epicentral region. The Hamaoka nuclear power plant sits where the hardest shaking is foreseen. The operators have begun further strengthening of the structure; based on the same information, popular opposition to the plant has increased. In the aftermath of the 2011 Tohoku earthquake, the plants very future existence is clouded. Weaknesses of the Tokai Earthquake Warning System Most of this activity does good, but some aspects can be criticized. First is its reliance on the simple recurrence model of earthquakes, which is based on studies of the historical record. More desirable would be a physical recurrence model based on understanding the physics of the earthquake cycle, and where the region sits in that cycle, but that is still not well known. Also, the law set up an alert system that is less robust than it seems. A panel of six senior seismologists is supposed to assess the evidence and tell the authorities to make a public warning announcement when the Tokai Earthquake is imminent within hours or days. All the drills and practices that follow (for instance, freeway traffic is supposed to slow to 20 kph) assume that this process is scientifically sound, but in fact, theres no consensus on what evidence actually foreshadows earthquakes. In fact, a previous chairman of this Earthquake Assessment Committee, Kiroo Mogi, resigned his position in 1996 over this and other flaws in the system. He reported its grave issues in a 2004 paper in Earth Planets Space. Maybe a better process will be enacted someday- hopefully, ​long before the next Tokai Earthquake.

Direct Managers Letter of Recommendation for an Employee

Direct Manager's Letter of Recommendation for an Employee SAT / ACT Prep Online Guides and Tips What does a good recommendation letter look like? Below you’ll find a sample letter written by a direct manager for an employee who works in software sales. If you’re responsible for managing or leading a team, chances are you’ll be called upon to write similar letters. Read on to see how this manager endorses one member of his sales team, and then check out the breakdown of what this letter does well. Sample Letter #1: Written by a Manager for a Full-Time Employee Ms. Greta JohanssenSales ManagerStreambase Corp.66 Western BoulevardSanta Fe, New Mexico 87500 Dear Ms. Johanssen, It’s my pleasure to provide this letter of recommendation for James as he seeks employment in software sales with Streambase. As James’s sole direct manager at Waretech, I’ve worked closely with him over the past three years, sharing the same open office space the majority of the time. James showed excellent communication skills and consistently exceeded company quotas. On a personal level, he’s charismatic and well-spoken, both qualities that have served him well in his role as software sales professional. Due to his wife’s cross-country transfer, James is seeking employment out west. All of us at Waretech will be sad to see such a valuable employee go, but our loss is truly your gain. Allow me to point out three examples of James’s strengths. First, James brought great value to Waretech by consistently exceeding quotas and selling in the top 15% of his peers. James has an understanding of market trends and instincts for identifying and pursuing qualified leads. Not only does he provide stellar service to existing clients, but he’s established a number of new business-to-business and business-to-customer accounts during his time at Waretech. Last fall, for instance, he added Voxacorp to our client list, a huge acquisition, and has been working closely with its IT department ever since. James has the combination of business acumen and communication skills that makes him an outstanding salesperson. Second, James has a very strong grasp of technology. He knows our software inside and out and helps relay technical information to customers in an accessible way. He explains our products clearly to customers and makes the most of technological avenues to gain new leads and customize his sales pitch to clients. During an early review, I observed him discuss in detail with a prospective client the specific ways that our software could boost the sales of her online bakery. By monitoring clients’ presence across our website and blog, he provides each one with personalized service to meet his/her needs. James makes the most of technology to find new prospects, provide modern solutions, and drive results. Finally, James has proven himself to be a strong cultural fit here at Waretech. He’s always ready to lend a helping hand to his teammates and contributes during brainstorming sessions and meetings between the sales and marketing teams. Last month, James co-led an enlightening meeting on content marketing and account management. Outside of official events, James also takes turns leading weekly spin classes at our in-house gym. James is an active member of the Waretech team and supports his colleagues professionally and personally (not to mention athletically!). In closing, I’d like to restate my strong support for James’s application to the role of software sales professional with Streambase. I’m confident that he will surpass your expectations in this new role. James is driven, self-confident, proactively helpful, and smart, and I know he will continue to find success in sales. Please feel free to contact me at (866) 8-5546 or ssaasman@waretech.com with any other questions. Thank you for your time. Sincerely, Samuel SaasmanSales ManagerWaretech, Inc.ssaasman@waretech.com(866) 8-5546 Based on this letter, should James pack his bags and get ready to move out west? Recommendation Letter 1: The Breakdown This first recommendation letter sample represents a common type of letter,one written by a direct manager for an employee who’s applying to a new company. Right off the bat, the writer gives a strong statement of support for James by saying that it’s his great pleasure to provide the recommendation. If he started by simply saying, â€Å"I am writing this letter of recommendation for James,† it wouldn’t have quite the same impact. Samuel Saasman incorporates the first key feature of strong letters by stating who he is and how he got to know James. He also indicates the reason that James is applying elsewhere. Including this information can be useful for the hiring manager, especially if it’s followed by a statement of support like, â€Å"Our loss is truly your gain.† Samuel structures his letter by presenting three of James’s major strengths: his sales record, his use of technology, and his relationships with his co-workers. This structure can be an effective one for recommendation letters; some writers might choose to use bullet points to clarify their thinking. Samuel writes about James’s qualifications while incorporating specific examples in each paragraph to illustrate his work performance. Since James is applying to a similar position in software sales, all of the strengths described relate directly to the requirements of his target job. Samuel recommends James with highly positive language. He repeats his strong support of James several times and his confidence in his future success. He seems to have chosen with words carefully, using strong descriptors like â€Å"charismatic,† â€Å"driven,† and â€Å"proactively helpful.† As is the custom for recommendation letters, he concludes by inviting the hiring manager to contact him with any further questions. Overall, Samuel writes a glowing letter for James’s application to a new job in software sales. His high opinion is evident, and his examples prove that James has the qualifications to excel in his next position. What's Next? Ready for the next recommendation letter sample? Click hear to read a sample letter written by a principal for a teacher applying to a new school. Want to learn more? If you want to readabout what goes into a strong letter of recommendation or find additional samples, you can head tothe full guide here. Want to provide a strong recommendation for your employee, but don't have the time to craft the perfect letter? PrepScholar's new recommendation tool, SimpleRec, takes you from good intentions and a blank page to a fully written and formatted letter of recommendation in under 5 minutes. All you need to do is give us some simple pieces of information about your employee and your experience working with them, and we'll do the rest. Try out SimpleRec risk-free today: Have friends who also need help with test prep? Share this article! Tweet Rebecca Safier About the Author Rebecca graduated with her Master's in Adolescent Counseling from the Harvard Graduate School of Education. She has years of teaching and college counseling experience and is passionate about helping students achieve their goals and improve their well-being. She graduated magna cum laude from Tufts University and scored in the 99th percentile on the SAT. Get Free Guides to Boost Your SAT/ACT Get FREE EXCLUSIVE insider tips on how to ACE THE SAT/ACT. 100% Privacy. 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Hinduism Essay Example | Topics and Well Written Essays - 750 words - 1

Hinduism - Essay Example e answer to this question can be found in the book â€Å"God is Dead: Secularization in the West†, 2002, wherein Steve Bruce defines religion as â€Å"beliefs, actions and institutions predicated on the existence of entities with power of agency (that is gods) or impersonal powers or processes possessed of moral purpose (the Hindu notion of Karma), which can set the conditions of, or intervene in human affairs†. Thus Karma is an essential component of Steve Bruce’s definition of religion and moral purpose that unites all Hindus. For Hindus the central belief is the never ending cycle of birth and death that an individual has to go through in his earthly existence, till salvation through unification with the Almighty is attained. In these different phases of an existence an individual is likely to commit both good and bad deeds. Karma is the total effect of these good and bad actions, which is the determining factor of the destiny of the individual (Chaudhuri, C. N., 1979). Hinduism is an open religious philosophy that gives its followers to tolerate any other religious beliefs. There are many who believe that Hinduism is more a way of life than a religion. In short this implies that it is the cultural and societal influences of Hinduism that are more important than the rigid religious beliefs. This aspect of Hinduism becomes extremely valid for the sub-continent of India, where Hinduism originated. The region is one of the most densely populated regions of the world. This population is made up of diverse religions in varying proportions with Hindus being the dominant religious grouping by far. Hinduism has provided to beneficial factors for the region. In the first place it as extremely tolerant religion on the basis of its nature, and thus religious minorities by far have not been subjected to domination by the Hindus. On the contrary in India the minority religious groups are recipients of special benefits from the administration just because they a re a

Manufactured Operations in China Research Paper Example | Topics and Well Written Essays - 500 words

Manufactured Operations in China - Research Paper Example There is an abundance of labor in China due to the fact that the country has the highest population in the world. The workers in China are more disciplined than its American counterparts and have higher respect for the job. A major obstacle to doing business in China is that companies must abide by the governmental rules of a communist nation. Companies that want to expand internationally have to seriously consider expanding to China. Abiding by the governmental rules is a constraint that can be overcome by the abundance of business opportunities for companies operating in China. The business rules of China are not as strict as in the past. Prior to China’s entrance in the World Trade Organization (WTO) in 2001 companies that wanted to penetrate China had to form a 50-50 joint venture with an established Chinese company (Cnn, 2001). Today firms from the United States or other parts of the world can form whole owned subsidiaries in China. I think that the rule that sales in China have to be contingent on a company establishing its operations there is not that bad. Operating a manufacturing center in China is an extremely profitable proposition due to the lower operating costs in comparison with other parts of the world. Exploiting the Chinese retail market is a very beneficial proposition. In China due to the industrialization movement and economic growth there is a growing middle class that is eager to purchase consumer products in order to increase their quality of living. The massive population of China can help any company increase its sales numbers in a short amount of time. Short term gains are very important to increase the immediate profitability of a company. There are opportunities for market penetration in China in many industries. Overcoming the cultural barrier in China is important towards the success of an enterprise that establishes operations there. The majority of Chinese

Typography and Persuasive Essay Essay Example for Free

Typography and Persuasive Essay Essay A. Write a persuasive essay on: People depend too much on computers. B. Audience: Your college professor C. Position: For or against it? D. Composing your three page persuasive essay: 1. Introduction A. Hook B. Thesis 2. Body (several paragraphs) A. Topic sentence B. Supporting Details C. Transitions 3. Conclusion (a paragraph) A. Restate your main point B. Leave the reader with something to think about Nowadays people use computers in business, public services, education and, most of all, in entertainment. Almost everything we do and every aspect of our life is affected by modern technology with computers above all.   People Depend Too Much on Computers and Technology A. Write a persuasive essay on: People depend too much on computers. B. Audience: Your college professor C. Position: For or against it? D. Composing your three page persuasive essay: 1. Introduction A. Hook B. Thesis 2. Body (several paragraphs) A. Topic sentence B. Supporting Details C. Transitions 3. Conclusion (a paragraph) A. Restate your main point B. Leave the reader with something to think about Nowadays people use computers in business, public services, education and, most of all, in entertainment. Almost everything we do and every aspect of our life is affected by modern technology with computers above all.  People Depend Too Much on Computers and Technology A. Write a persuasive essay on: People depend too much on computers. B. Audience: Your college professor C. Position: For or against it? D. Composing your three page persuasive essay: 1. Introduction A. Hook B. Thesis 2. Body (several paragraphs) A. Topic sentence B. Supporting Details C. Transitions 3. Conclusion (a paragraph) A. Restate your main point B. Leave the reader with something to think about Nowadays people use computers in business, public services, education and, most of all, in entertainment. Almost everything we do and every aspect of  our life is affected by modern technology with computers above all.  People Depend Too Much on Computers and Technology

The Character of Marlow in Joseph Conrads Heart of Darkness :: Heart Darkness essays

The Character of Marlow in The Heart of Darkness  Ã‚      The Heart of Darkness may just be the title of a book to some people, but I believe that it goes much deeper than that. I think that this title describes the books main character, Charlie Marlow. Throughout this story I saw the many confusing and ever changing sides of Marlow’s character and his heart of darkness.    Charlie Marlow appeared to be a man of great pride and civilization. He always spoke very proper and was a classic example of a man of his time. Throughout this novel though, this painted image I have of Marlow begins to slowly drip away.    There were several instances where I was confused about Marlow. The first one was at the very beginning of the story. Marlow began talking about his childhood and how he had dreamed of becoming a captain or a skipper on one of the glorious steamboats. He went on and on about it in such great detail that you almost began to believe that he was a captain, though he was only a young boy at the time. His determination and love seemed eternal, and nothing was going to take his dream away from him. At least that is what we were lead to believe. Marlow soon grew old and so did his dream. I slowly saw the determination side of Marlow slipping away into the river along with his childhood vision of being a captain. I didn’t think that something like age would stop Marlow from taking on this challenge. After he talked about it so much you would think only death itself would stop him. Unfortunately, Marlow gave up and decided to move on with his life. That was the way it was going to have to be, or so he thought.    I saw Marlow as a seemingly comfortable old man now. He didn’t have his dream job, but he was still well off. One day though Marlow’s fantasy job basically just fell into his lap. A steamboat captain was killed and Marlow was not about to let another soul take this job away from him. He was fixed to get the job, but wasn’t sure how to get it himself This is where I start