The Global Drinking Water Shortage Essay -- Potable Water Scarcity

" We never know the worth of water till the well is dry." -- Thomas Fuller, Gnomologia #5451 (1732) While it is the single most important substance on earth, we usually don’t think about water other than when we’re thirsty. Most homes have at least two indoor faucets. Almost every public building has water fountains conveniently placed for easy, instant refreshment. Water is simple; it’s always there. Yet despite all this convenience, simplicity, and lack of excitement, water is the most essential part of life. Water is part of every step of the life cycle, every food chain and every organism. Perhaps the effort associated with getting a drink of water is too little to bring to our realization the magnitude of water’s significance. After enough contemplation, it begins to seem too good to be true. Perhaps it is. In Ethiopia, famine due to drought claimed 1 million lives in 1984 (Thurow A8). While Ethiopia has the right temperatures for good agriculture, it lacks consistent rainfall, and crops can only be grown through the wettest season. All of this adds up to a lot of starving, thirsty people (A1). When I say â€Å"Nile†, you think â€Å"Egypt†. When I say â€Å"Ethiopia†, you think â€Å"famine.† The Nile River, which brings life into the hot dessert of Egypt, starts in Ethiopia. In fact, 85% of the water in the Nile River comes from tributaries in Ethiopia (Thurow A1). Ethiopia has a wealth of water running through it; why not use that water to grow food for one of the most impoverished parts of the world? Politics. For years, Egypt has str... ...ntal Psychology. 24 (2004): 91-103. Thurow, Roger. â€Å"Ravaged by Famine, Ethiopia Finally Gets Help From the Nile.† Wall Street Journal. 26 November 2003, eastern ed.: A1,A8. United States. Environmental Protection Agency. Water-Efficient Landscaping. Washington, D.C.: GPO, September 2002. ---. ---. National Management Measures to Control Nonpoint Pollution from Agriculture. Washington, D.C.: GPO, July 2003. ---. General Accounting Office. Water quality [microform] : key EPA and state decisions limited by inconsistent and incomplete data : report to the Chairman, Subcommittee on Water Resources and Environment, Committee on Transportation and Infrastructure, House of Representatives / United States General Accounting Office. Washington, D.C.: GPO, March 2000. Weiss, Rick. â€Å"Threats Posed by Water Scarcity Detailed.† The Washington Post. 5 March 2003: A3. The Global Drinking Water Shortage Essay -- Potable Water Scarcity " We never know the worth of water till the well is dry." -- Thomas Fuller, Gnomologia #5451 (1732) While it is the single most important substance on earth, we usually don’t think about water other than when we’re thirsty. Most homes have at least two indoor faucets. Almost every public building has water fountains conveniently placed for easy, instant refreshment. Water is simple; it’s always there. Yet despite all this convenience, simplicity, and lack of excitement, water is the most essential part of life. Water is part of every step of the life cycle, every food chain and every organism. Perhaps the effort associated with getting a drink of water is too little to bring to our realization the magnitude of water’s significance. After enough contemplation, it begins to seem too good to be true. Perhaps it is. In Ethiopia, famine due to drought claimed 1 million lives in 1984 (Thurow A8). While Ethiopia has the right temperatures for good agriculture, it lacks consistent rainfall, and crops can only be grown through the wettest season. All of this adds up to a lot of starving, thirsty people (A1). When I say â€Å"Nile†, you think â€Å"Egypt†. When I say â€Å"Ethiopia†, you think â€Å"famine.† The Nile River, which brings life into the hot dessert of Egypt, starts in Ethiopia. In fact, 85% of the water in the Nile River comes from tributaries in Ethiopia (Thurow A1). Ethiopia has a wealth of water running through it; why not use that water to grow food for one of the most impoverished parts of the world? Politics. For years, Egypt has str... ...ntal Psychology. 24 (2004): 91-103. Thurow, Roger. â€Å"Ravaged by Famine, Ethiopia Finally Gets Help From the Nile.† Wall Street Journal. 26 November 2003, eastern ed.: A1,A8. United States. Environmental Protection Agency. Water-Efficient Landscaping. Washington, D.C.: GPO, September 2002. ---. ---. National Management Measures to Control Nonpoint Pollution from Agriculture. Washington, D.C.: GPO, July 2003. ---. General Accounting Office. Water quality [microform] : key EPA and state decisions limited by inconsistent and incomplete data : report to the Chairman, Subcommittee on Water Resources and Environment, Committee on Transportation and Infrastructure, House of Representatives / United States General Accounting Office. Washington, D.C.: GPO, March 2000. Weiss, Rick. â€Å"Threats Posed by Water Scarcity Detailed.† The Washington Post. 5 March 2003: A3.

Hard to Be Fair

BEST PRACTICE Everyone knows that being fair costs little and pays off handsomely. Then why do so few executives manage to behave fairly, even though most want to? Why It’s So Hard to Be Fair by Joel Brockner W hen Company A had to downsize,it spent considerable amounts of money providing a safety net for its laid-off workers. The severance package consisted of many weeks of pay, extensive outplacement counseling, and the continuation of health insurance for up to one year. But senior managers never explained to their staff why these layoffs were necessary or how they chose which jobs to eliminate.What’s more, the midlevel line managers who delivered the news to terminated employees did so awkwardly, mumbling a few perfunctory words about â€Å"not wanting to do this† and then handing them off to the human resources department. Even the people who kept their jobs were less than thrilled about the way things were handled. Many of them heard the news while driving home on Friday and had to wait until Monday to learn that their jobs were secure. Nine months later, the company continued to sputter.Not only did it have to absorb enormous legal costs defending against wrongful termination suits, but it also had to make another round of layoffs, in large part because employee productivity and morale plummeted after the ? rst round was mishandled. When Company B downsized, by contrast, it didn’t offer nearly as generous a severance package. But senior managers there explained the strategic purpose of the layoffs multiple times before they were implemented, and executives and middle managers alike made themselves available to answer questions and express regret both to those who lost their jobs and to those who remained.Line managers worked with HR to tell people that their jobs were being eliminated, and they exharvard business review 122 pressed genuine concern while doing so. As a result, virtually none of the laid-off employees ? led a wr ongful termination lawsuit. Workers took some time to adjust to the loss of their former colleagues, but they understood why the layoffs had happened. And within nine months, Company B’s performance was better than it had been before the layoffs occurred.Although Company A spent much more money during its restructuring, Company B exhibited much greater process fairness. In other words, employees at Company B believed that they had been treated justly. From minimizing costs to strengthening performance, process fairness pays enormous dividends in a wide variety of organizational and people-related challenges. Studies show that when managers practice process fairness, their employees march 2006 respond in ways that bolster the organization’s bottom line both directly and indirectly.Process fairness is more likely to generate support for a new strategy, for instance, and to foster a culture that promotes innovation. What’s more, it costs little ? nancially to imple ment. In short, fair process makes great business sense. So why don’t more companies practice it consistently? This article examines that paradox and offers advice on how to promote greater process fairness in your organization. The Business Case for Fair Process Ultimately, each employee decides for him or herself whether a decision has been made fairly.But broadly speaking, there are three drivers of process fairness. One is how much input employees believe they have in the decision- making process: Are their opinions requested and given serious consideration? Another is how employees believe decisions are made and implemented: Are they consistent? Are they based on accurate information? Can mistakes be corrected? Are the personal biases of the decision maker minimized? Is ample advance notice given? Is the decision process transparent? The third factor is how managers behave: Do they explain why a decision was made?Do they treat employees respectfully, actively listening t o their concerns and empathizing with their points of view? It’s worth noting that process fairness is distinct from outcome fairness, which refers to employees’ judgments of the bottom-line results of their exchanges with their employers. Process fairness doesn’t ensure that employees will always get what they want; but it does 123 OLEG DERGACHOV B E S T P R A C T I C E †¢ W h y I t’s S o H a rd t o B e Fa i r mean that they will have a chance to be heard.Take the case of an individual who was passed over for a promotion. If he believes that the chosen candidate was quali? ed, and if his manager has had a candid discussion with him about how he can be better prepared for the next opportunity, chances are he’ll be a lot more productive and engaged than if he believes the person who got the job was the boss’s pet, or if he received no guidance on how to move forward. When people feel hurt by their companies, they tend to retaliate. And w hen they do, it can have grave consequences.A study of nearly 1,000 people in the mid-1990s, led by Duke’s Allan Lind and Ohio State’s Jerald Greenberg, found that a major determinant of whether employees sue for wrongful termination is their perception of how fairly the termination process was carried out. Only 1% of ex-employees who felt that they were treated with a high degree of process fairness ? led a wrongful termination lawsuit versus 17% of those who believed they were treated with a low degree of process fairness. To put that in monetary terms, the expected cost savings of practicing process fairness is $1. 8 million for every 100 employees dismissed. That ? gure–which was calculated using the 1988 rate of $80,000 as the cost of legal defense – is a conservative estimate, since in? ation alone has caused legal fees to swell to more than $120,000 today. So, although we can’t calculate the precise ? nancial cost of practicing fair process, it’s safe to say that expressing genuine concern and treating dismissed employees with dignity is a good deal more affordable than not doing so. Customers, too, are less likely to ? le suit against a service provider if they believe they’ve been treated with process fairness.In 1997, medical researcher Wendy Levinson and her colleagues found that patients typically do not sue their doctors for malpractice simply Joel Brockner ([email  protected] edu) is the Phillip Hettleman Professor of Business at Columbia Business School in New York. 124 because they believe that they received poor medical care. A more telling factor is whether the doctor took the time to explain the treatment plan and to answer the patient’s questions with consideration – in short, to treat patients with process fairness.Doctors who fail to do so are far more likely to be slapped with malpractice suits when problems arise. In addition to reducing legal costs, fair process cuts down on employee theft and turnover. A study by management and human resources professor Greenberg examined how pay cuts were Using process fairness, companies could spend a lot less money and still have more satis? ed employees. handled at two manufacturing plants. At one, a vice president called a meeting at the end of the workweek and announced that the company would implement a 15% pay cut, across the board, for ten weeks.He very brie? y explained why, thanked employees, and answered a few questions – the whole thing was over in 15 minutes. The other plant implemented an identical pay cut, but the company president made the announcement to the employees. He told them that other cost-saving options, like layoffs, had been considered but that the pay cuts seemed to be the least unpalatable choice. The president took an hour and a half to address employees’ questions and concerns, and he repeatedly expressed regret about having to take this step.Greenberg found that durin g the ten-week period, employee theft was nearly 80% lower at the second plant than at the ? rst, and employees were 15 times less likely to resign. Many executives turn to money ? rst to solve problems. But my research shows that companies can reduce ex- penses by routinely practicing process fairness. Think about it: Asking employees for their opinions on a new initiative or explaining to someone why you’re giving a choice assignment to her colleague doesn’t cost much money. Of course, companies should continue to offer tangible assistance to employees as well.Using process fairness, however, companies could spend a lot less money and still have more satis? ed employees. Consider the ? nancial fallout that occurs when expatriates leave their overseas assignments prematurely. Conventional wisdom says that expats are more likely to leave early when they or their family members don’t adjust well to their new living conditions. So companies often go to great expen se to facilitate their adjustment – picking up the tab for housing costs, children’s schooling, and the like.In a 2000 study of 128 expatriates, human resources consultant Ron Garonzik, Rutgers Business School professor Phyllis Siegel, and I found that the expats’ adjustment to various aspects of their lives outside work had no effect on their intentions to depart prematurely if they believed that their bosses generally treated them fairly. In other words, high process fairness induced expats to stick with an overseas assignment even when they were not particularly enthralled with living abroad. In a similar vein, some companies have devised expensive solutions to help employees cope with the stress of modern work.They’ve set up on-site day care centers and sponsored stress management workshops to help reduce absenteeism and burnout. Those efforts are laudable, but process fairness is also an effective strategy. When Phyllis Siegel and I surveyed nearly 3 00 employees from dozens of organizations, we found that work/life con? ict had no measurable effect on employees’ commitment– as long as they felt that senior executives provided good reasons for their decisions and treated them with dignity and respect. Of course, executives should not simply emphasize process fairness over tanharvard business reviewW h y I t’s S o H a rd t o B e Fa i r †¢ B E S T P R A C T I C E gible support. Determining exactly how much tangible support to provide is perhaps best captured by the law of diminishing returns. Beyond a moderate level of ? nancial assistance, practicing process fairness proves much more cost effective because, although money does talk, it doesn’t say it all. Fair Process as a Performance Booster Process fairness can not only minimize costs but can also help to increase value, inspiring operational managers to carry out a well-founded strategic plan eagerly or embrace, rather than sabotage, an organiz ational change.This form of value is less tangible than direct reduction of expenses, but it affects the bottom line nonetheless. The fact is, most strategic and organizational change initiatives fail in their implementation, not in their conception. Several years ago, I worked with the CEO of a ? nancial services institution that needed a major restructuring. The bank’s operational managers, however, were showing signs of resistance that threatened to stop the process dead in its tracks. I advised the CEO and his senior management team to conduct several town hall–type meetings and to hold informal focus groups with the operational managers.During those senior managers to respond to the root problem. Moreover, since the operational managers felt respected, they showed a similar level of process fairness with their direct reports during the actual restructuring, making the change go more smoothly. Michael Beer, of Harvard Business School, and Russell Eisenstat, preside nt of the Center for Organizational Fitness, recently provided evidence of how systematically practiced process fairness (embedded in an action-learning egy implementation as well as the shortcomings that could hinder it.Task force members distill the information they gain from these interviews into major themes and feed them back to senior management. Then they discuss how the strategy could be rolled out most effectively. SFP is a model for process fairness: More than 25 companies – including Becton, Dickinson; Honeywell; JPMorgan Chase; Hewlett-Packard; and Merck – have used it with great success to hone the substance of their strategic initiatives and, probably more important, to gain employees’ commitment to making those initiatives happen.Most companies say that they want to promote creativity and innovation, but few use process fairness to achieve those ends. They’re missing out on a great opportunity to create value. Harvard Business School profes sor Teresa Amabile has conducted extensive research on employees working in creative endeavors in order to understand how work environments foster or impede creativity and innovation. She has consistently found that work environments in which employees have a high degree of operational autonomy lead to the highest degree of creativity and innovation.Operational autonomy, of course, can be seen as the extreme version of process fairness. When employees feel that they are heard in the decision-making process, they are more likely to support–rather than merely comply with– those decisions, their bosses, and the organization as a whole. talks, it became clear that the managers felt that the CEO and senior executives failed to appreciate the magnitude of the change they were asking for. Interestingly, the managers didn’t request additional resources; they simply wanted those at the top to recognize their dif? ult plight. By expressing authentic interest, senior execu tives created a trusting environment in which managers felt they could safely voice their true objections to the change effort. That enabled march 2006 methodology known as the strategic ? tness process, or SFP) has helped numerous organizations capture value by getting employees to buy in to strategies. A critical element of SFP is the appointment of a task force consisting of eight well-respected managers from one or two levels below senior management.Their job is to interview roughly 100 employees from different parts of the company to learn about the organizational strengths that are apt to facilitate strat- The nature of organizations, though, means that few (if any) employees can have complete operational autonomy – just about everyone has a boss. Creativity and innovation tend to suffer in work environments characterized by low levels of process fairness, such as when employees believe that the organization is strictly controlled by upper management or when they believ e that their ideas will be summarily dismissed. When employees believe that 125B E S T P R A C T I C E †¢ W h y I t’s S o H a rd t o B e Fa i r their supervisor is open to new ideas and that he or she values their contributions to projects, however, creativity and innovation are more likely to ? ourish. Two examples illustrate how process fairness creates value by attracting innovative employees or additional customers. The CEO of a renowned electricalengineering ? rm, for instance, wanted to change the corporate culture to be more receptive to new ideas, so he separated a large group of workers into teams of ten, asking each team to come up with ten ideas for improving the business.Then the team leaders were brought into a room where the company’s executives were gathered and were asked to â€Å"sell† as many of their team’s ideas as possible. The executives, for their part, had been instructed to â€Å"buy†as many ideas as possible. The team leaders swarmed like bees to honey to the few executives who had reputations for being good listeners and open to new ideas. The other executives stood by idly because team leaders assumed from past experience that they wouldn’t listen. One company that used process fairness to create value is Progressive Casualty Insurance.In 1994, the ? rm began to give potential customers comparison rates from two competitors along with its own quotes for auto insurance. Even though Progressive’s rates weren’t always the lowest, the very act of delivering this information created goodwill. Potential customers felt that they were being treated honestly, and the practice drew many new sales. servant, Winston S. Churchill. † After being castigated by his countrymen for the letter’s deferential tone, Churchill is said to have retorted, â€Å"When you have to kill a man, it costs nothing to be polite. In a change management seminar I’ve taught to more than 40 0 managers, I ask participants to rate themselves on how well they plan and implement organizational change. I also ask the managers’ bosses, peers, direct reports, and customers to rate them. The measure ers were â€Å"lucky enough to still have their jobs. † But economically supporting those who lost their jobs doesn’t cancel out the need to show process fairness to those affected by the change–which, incidentally, includes everyone.Ironically, the fact that process fairness is relatively inexpensive ? nancially may be why this numbers-oriented executive undervalued it. Another reason process fairness may be overlooked is because some of its bene? ts aren’t obvious to executives. Instead of wrestling with uncomfortable emotions, many managers ? nd it easier to sidestep the issue– and the people affected by it–altogether. contains more than 30 items, and managers consistently give themselves the highest marks on the item that measure s process fairness: â€Å"When managing change, I ake extra efforts to treat people with dignity and respect. † Those rating them, however, are not nearly as positive. In fact, this is the only item in which managers’ self-assessments are signi? cantly higher than the ratings they receive from each of their groups. It’s not entirely clear why this perceptual gap exists. Perhaps managers are tuned in to their intentions to treat others respectfully, but they aren’t as good at reading how those intentions come across to others. Or maybe it’s just wishful – and self-serving – thinking.Some managers wrongly believe that tangible resources are always more meaningful to employees than being treated decently. At a cocktail party, the CEO of a major international bank proudly told me about the hefty severance pay his company gave to its laid-off employees. I expressed admiration for his organization’s show of concern toward the people who lost their jobs and then asked what had been done for those who remained. Somewhat defensively, he said that it was only necessary to do something for the employees who were â€Å"affected† by the layoffs.The othSocial psychologist Marko Elovainio of the University of Helsinki and his colleagues recently conducted a study of more than 31,000 Finnish employees, examining the relationship between employees’ negative life events (such as the onset of a severe illness or death of a spouse) and the frequency of sicknessrelated absences from work for the subsequent 30 months. The study showed that the tendency for negative life events to translate into sickness-related absences depended on how much process fairness employees experienced before the events occurred.That is, not being pretreated with process fairness led to absences waiting to happen. Sometimes corporate policies hinder fair process. The legal department may discourage managers from explaining their decisio ns, for instance, on the grounds that disclosure of information could make the company vulnerable to lawsuits. Better not to say anything at all, the thinking goes, than to risk having the information come back to haunt the organization in the courtroom. Clearly, legal considerations about what to communicate are important, but they should not be taken to unnecessary extremes.All too often organizations withhold information (such as the alternatives to downsizing that have harvard business review Why Isn’t Everybody Doing It? With all that process fairness has going for it, one might expect that executives would practice it regularly. Unfortunately, many (if not most) don’t. They’d do well to follow the example of Winston Churchill, who keenly understood the cost-effectiveness of process fairness. On the day after the bombing of Pearl Harbor, Churchill wrote a declaration of war to the Japanese, ending it as follows: â€Å"I have the honour to be, with high con sideration, Sir, Your obedient 126W h y I t’s S o H a rd t o B e Fa i r †¢ B E S T P R A C T I C E been considered) when revealing it would have done far more good. Legal and medical advocates in Hawaii, for instance, are currently drafting a statute that would allow health care professionals to apologize for medical errors without increasing the risk of lawsuits. Doctors often refrain from apologizing for mistakes because they fear that admitting them will anger their patients, who will then be more likely to ? le malpractice suits. In fact, the opposite is true: Patients who feel they’ve been treated disrespectfully ? e more malpractice suits than those who feel they have been treated with dignity. By making apologies for medical mistakes inadmissible during a trial, the law would let doctors express regrets without worrying that doing so would hurt them in court. Managers who unwaveringly believe that knowledge is power may fear that engaging in process fairnes s will weaken their power. After all, if employees have a voice in deciding how things should be run, who needs a manager? Managers sometimes do run the risk of losing power when they involve others in decision making.But usually the practice of process fairness increases power and in? uence. When employees feel that they are heard in the decision-making process, they are more likely to support– rather than merely comply with – those decisions, their bosses, and the organization as a whole. The desire to avoid uncomfortable situations is another reason managers fail to practice process fairness. As Robert Folger of the University of Central Florida has suggested, managers who plan and implement tough decisions often experience con? icting emotions. They might want to approach the affected parties out of sympathy and to explain the hinking behind a decision, but the desire to avoid them is also strong. Andy Molinsky at Brandeis University and Harvard Business Schoolâ₠¬â„¢s Joshua Margolis analyzed why managers ? nd it so hard to perform necessary evils (such as laying off employees and delivering other bad news) with interpersonal sensitivity, which is an important element of process fairness. Leaders in this situation have to manage their own internal dramas, including feelings of guilt (for, say, making poor strategic decisions that led to the downsizing) and anxiety (about having suf? ient interpersonal sensitivity to accomplish the task gracefully). Instead of wrestling with those uncomfortable emotions, many managers ? nd it easier to sidestep the issue–and the people affected by it– altogether. â€Å"Emotional contagion† also comes into play in these situations. Just as we tend to laugh when we see others laugh, even when we don’t know why, we also involuntarily feel anxious or sad when those around us feel that way – and that’s uncomfortable. No wonder so many managers avoid people in emotional pa in. Unfortunately, such avoidance makes it very unlikely that they will practice process fairness.Breadth. Depth. Performance. Leadership. Tuck Executive Program July 22–August 11 Leading high-potential and senior executives to new levels of business performance Gateway to Business Management April 30–May 5 & November 12-17 Delivering skills and perspective functional managers need for advancement Finance Essentials for Senior Managers September 10–15 Offering greater accountability and transparency in your organization New Branding Imperatives May 7–9 Presenting strategies for maximizing brand equity and competitive positioning www. tuck. dartmouth. edu/exec 603-646-2839 tuck. xec. [email  protected] edu B E S T P R A C T I C E †¢ W h y I t’s S o H a rd t o B e Fa i r I can understand how managers feel. Several years ago, I was working with a telecommunications organization after the ? rst layoffs in the company’s history. The CEO an d his senior management team wanted me to talk to the midlevel managers about how the layoffs would affect the people who remained and what they could do to help their direct reports â€Å"get over it. † Feeling betrayed and fearful, however, the midlevel managers were in no mood to help others return to business as usual. They identi? d me with the problem and implied that I was partly responsible for the decision to downsize. That was a moment of real insight for me: Trying to counsel this unhappy and suspicious group, I completely understood the discomfort that managers experience when they’re called on to act compassionately toward people who feel aggrieved. It was much harder than I expected. The senior managers of the company admitted to me that they were tempted to avoid the rank and ? le – partly out of guilt and partly because they doubted whether they would be able to keep a cool enough head to practice process fairness.That’s a natural response , but ignoring negative emotions only keeps them swirling around longer. When senior managers made themselves more accessible to their workforce, employees reacted positively, and the organization developed a renewed sense of purpose. ter able to cope with (and hence not act on) their negative emotions. Furthermore, managers are more likely to endure a dif? cult process when they know that the effort will have a tangible payoff. But it’s not enough for managers to be vaguely aware that process fairness is cost effective. Corporate executives should educate them about all the ? nancial bene? ts, using charts and ? ures, just as they would when making a business case for other important organizational initiatives. Invest in training. Study after study has shown that fair-process training can make a big difference. Subordinates of the trained managers, for instance, are When I was working with an executive at a utility company several years ago, for example, I noticed that she m ade a common mistake: She didn’t tell others that she had seriously considered their opinions before making her decisions, even though she had. I advised her to preface her explanations by saying explicitly that she had â€Å"given their input some serious thought. Six months later, she told me my advice had been priceless. She learned that it’s not enough for executives just to be fair, they also have to be seen as fair. Training is most effective when it’s delivered in several installments rather than all at once. For example, one suc- It’s not enough for executives just to be fair; they also have to be seen as fair. Toward Process Fairness Companies can take several steps to make fair process the norm. Address the knowledge gaps. Managers need to be warned about the negative emotions they might experience when practicing fair process.Merely acknowledging that it is legitimate to feel like ? eeing the scene can help managers withstand the impulse to do so. Studies have shown that people can tolerate negative experiences more easily when they expect them. Just as forewarned surgical patients have been found to experience less postoperative pain, forewarned managers may be bet128 not only signi? cantly less likely to steal or to resign from the organization, but they are also more likely to go the extra mile – aiding coworkers who have been absent, helping orient new employees, assisting supervisors with their duties, and working overtime.Several studies by Jerald Greenberg have even found that employees whose managers underwent process fairness training suffered signi? cantly less insomnia when coping with stressful work conditions. Daniel Skarlicki, of the University of British Columbia’s Sauder School of Business, and Gary Latham, of the University of Toronto’s Joseph L. Rotman School of Management, have identi? ed some factors of an effective process fairness training program. Participants respond better to active guidance than to a lecture on the bene? ts of improved process fairness.That’s why it’s particularly effective to give trainees speci? c instructions on what they need to do and how they need to do it, such as how to detect resistance to a new strategic initiative. After the participants have practiced these behaviors, give them feedback and let them try again. cessful program consisted of a two-hour session each week for eight weeks, along with assigned role-playing homework. That way, participants could receive feedback from instructors during the formal training sessions and from their peers in between meetings.As with most constructive feedback, referring to behaviors (â€Å"You never explained why you made this decision†) rather than to traits (â€Å"You came across as condescending†) proved to be most compelling. Both the process and the outcome of the training need to be communicated to participants – but not at the same time. Before the sessions begin, focus on the outcome. Participants are likely to be far more engaged if they are told that the program will help them gain their employees’ commitment to strategy implementation than if they are told it will help them communicate that they’ve seriously considered other people’s points of view.During the course, however, focus on process. Thinking about expected outcomes (improved strategy implementation, for instance) can distract people from learning the speci? c practical skills they need (such harvard business review as how to involve people in decision making) to achieve the desired results. Finally, it is important for trainees to maintain expectations that are both optimistic and realistic. Once again, the distinction between outcome and process is useful to keep in mind.You can generate optimism by focusing on the outcomes: Touting the improvements that previous trainees have made should help people feel positive about their own chanc es for growth. And you can inject realism by focusing on the process: Behavioral change is dif? cult and rarely takes a linear course. Trainees shouldn’t expect to get better at process fairness day by day; but, if they keep working at it, they will improve. I suggest trainees ask themselves three months after the program if they are practicing process fairness more on average than they were three months prior to it.Conducting after-action reviews also helps managers continue to hone their skills long after the training sessions are over. Make process fairness a top priority. Like most managerial behaviors, the practice of process fairness must begin at the top. When senior managers explain why they have made certain strategic decisions, make themselves available for honest two-way communication with the rank and ? le, involve employees in decision making, provide ample advance notice of change, and treat people’s concerns with respect, the practice of process fairness is likely to spread like wild? e throughout the rest of the organization. By modeling process fairness, senior management does more than communicate organizational values; it also sends a message about â€Å"the art of the possible. † People are more likely to try to tackle dif? cult challenges when they see others whom they respect doing so. In one company that was trying to implement a much-needed restructuring, senior executives effectively served as role models not only by describing the mixed feelings they had about practicing process fairness but also by articulating the process they went through that ultimately convinced them to do march 2006 o. The message they sent was that it was legitimate for operational managers to have mixed emotions, but, at the end of the day, the reasons in favor of practicing process fairness prevailed. In addition to acting as role models, senior managers may communicate the value they place on process fairness by making its practice a leg itimate topic of conversation throughout the organization. I worked with one company, for example, that selected its employee of the month based on process fairness skills as well as bottom-line results.Other organizations have made managers’ annual pay raises partly dependent on 360-degree feedback about how they plan and implement decisions, in which perceptions of process fairness ? gure prominently. Recent corporate scandals show that giving workforces outcome-only directives (â€Å"I don’t care how you get there, just get there†) can be disastrous. Forwardthinking organizations care not only about the outcomes their managers produce but also about the fairness of the process they use to achieve them. This is not a call for micromanagement.Just as there is usually more than one way to produce ? nancial results, there is more than one way to involve people in decision making, to communicate why certain actions are being undertaken, and to express thoughtfulne ss and concern. †¢Ã¢â‚¬ ¢Ã¢â‚¬ ¢ There is a moral imperative for companies to practice process fairness. It is, simply put, the right thing to do. As such, process fairness is the responsibility of all executives, at all levels, and in all functions; it cannot be delegated to HR. But with that moral responsibility comes business opportunity.An executive must minimize the costs of decisions that might threaten employees and maximize the bene? ts of decisions that may be sources of opportunity for them. In both instances, practicing process fairness will help get you there. The sooner you realize it, the better off you and your company will be. Reprint R0603H To order, see page 151. â€Å"A new, surprising, and authoritative take on an important aspect of modern society that most people just don’t know about. † Toby Lester, Deputy Managing Editor, The Atlantic Monthly Fred Reichheld is the godfather of customer loyalty. His new book, The Ultimate Question, continues to push the envelope with innovative, practical ideas. † John Donahoe, President, eBay Marketplace â€Å"Perceptive analysis brought to life by references to real people and real situations. † Kieran C. Poynter, Chairman, PricewaterhouseCoopers LLp AVAILABLE WHEREVER BOOKS ARE SOLD, INCLUDING: 5th Ave. & 46th St. , NYC Rockefeller Center 5th Ave. & 48th St. , NYC HARVARD BUSINESS SCHOOL PRESS www. HBSPress. org

The Issue Of American History Essay - 2225 Words

In the discussion of American history, one controversial issue has been the importance of laws. On the one hand, some people argue that laws shapes history. On the other hand, other contends that laws reflect American history. The latter argument is correct. Though, American history spans only 300 years, numerous laws in the country have changed the lives of its people. It is obvious that America today is different than 100 years ago. Today, attitudes towards certain subjects such as gay rights, torture, crime, marijuana have changed the direction of laws in the country. In those cases, the laws have been beneficial to those cause, because the country voiced their opinion on those issues. The same could be said about America in its infancy, both as a group of colonies and its beginnings as an early, yet dominant Republic. In Pre-Modern America, it was a transitional period as some laws were reflected religious beliefs. As the country modernized it became more progressive and legal ca ses were more based on precedent (Hoffer 2016). Women and African-American were disenfranchised groups, and laws did not help them until much later in American history. Looking at the Gilded Age, the government looked to help business and believe in free-market ideology. In retrospect, those decisions are laughable, but it affected a lot of people at the time. Sometimes stubborn beliefs affected law’s passage or rejection in the courts. Attitudes of different eras have dictated the laws in theShow MoreRelatedThe Issue and History of Illiteracy Among African Americans1510 Words   |  7 PagesThe Issue And History Of Illiteracy Among African Americans Becca White Writing 123 Instructor Sydney Darby 27 May 2008 Illiteracy is a growing issue in America. The U.S. Department of Education funded the National Adult Literacy Survey (NALS) in 1992 that estimates over 90 million Americans fall well below an eight grade literacy level (Rome, 2004, pp. 84). Nowhere is this tragedy more prevalent than among the impoverished African Americans. Illiteracy has always been higher among AfricanRead MoreFree College Is Not An Issue That Has Transcended American History1048 Words   |  5 PagesFree education is not an issue that just affects today’s society, it is a problem that has transcended American history. Founding Father, John Adams stated, â€Å"The whole people must take upon themselves the education of the whole people, and must be willing to bear the expense of it.† Every year many high school graduates find themselves asking themselves, â€Å"What next?† For most, the logical answer is to continue their education. That is, if they can afford it. For those more financially-needy studentsRead MoreThe Brown v. Board of Education Court Case Essay993 Words   |  4 PagesThe Brown v. Board of Education Court Case served as a highlighted issue in black history. Brown v. Board help different races comes together in public schools. This case became very big 1950s lots of attention was draw n to the case at that time. News reporter and critics had different views and opinions about this case. This case in 1954 causes lots of issues and views towards the black race. The quote â€Å"separate but equal† is vital due to â€Å"Plessy v. Ferguson† and the famous lawyer Thurgood MarshallRead MoreThe United States : A World Leader And Its Responses Will Have Key Consequences1693 Words   |  7 PagesFrom the mid-20th to the early-21st century, the United States faced many conflicts, pressures, and changes that were brought about by events and issues which occurred outside of American borders. In response, there was no way for the nation to avoid becoming more globalized. 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However, House bill HB 2120, which would prohibit ethnic-focused studies, should not be passed because it would restrict our history, it is unconstitutional, and it would be harmful to our schools and students. Passage of this bill would do more harm than good in our local community. In 1998, courses in Mexican-American studies (MAS)Read MoreHistorical Racial Issues of Broadcast Television699 Words   |  3 Pagesto issues of race over the years. Especially around the time of the Civil Rights Movement, broadcast networks began to face public backlash over the representation of African Americans on television or the lack thereof. In the early 1960s, the NBC affiliate station WLBT in Jackson Mississippi refused to show The Nat King Cole Show or civil rights coverage (Hilmes, 269). Many people were upset by this because it was yet another way for the South to discount the citizenship of African Americans. The

How individuals, institutions, governments and business acquire financial resources - Free Essay Example

Sample details Pages: 2 Words: 697 Downloads: 8 Date added: 2017/06/26 Category Business Essay Type Analytical essay Did you like this example? Organizations or intermediaries that help the financial system operates efficiently and transfer funds from savers and investors to individuals, business and government that seek to spend or invest the funds. Financial Markets: These are the physical location or electronic forums that facilitate the flow of funds amongst investors, business and governments Don’t waste time! Our writers will create an original "How individuals, institutions, governments and business acquire financial resources" essay for you Create order Investments: It involves sale or marketing of securities, the analysis of securities, and the management of investment risk management of investment risk through portfolio diversification. Financial Management: It involves financial planning, asset management, and fund raising decision to enhance the value of business. Course Work: Question No. 1: Net Present Value: It is basically the difference between the present value of cash inflows and the present value of cash outflows. NPV is used in capital budgeting to analyze the profitability of an investment or project. If the NPV of the project is positive, then the project should be accepted. However, if NPV of that project is negative, the project should probably be rejected because cash flows of that project will also be negative. Calculations for Alice and Wonderland Limited: The market weighted gearing of Alice Ltd pound;1 ordinary shares amounts 500 million GBP = owns 500 million shares. Market value of shares = 500-4 = pound;2000 million Market value of bonds = 5.7-93 = pound;530.1 million Market value of debt = pound;530.1 million Total value = 2700+530.1 = pound;3230.1 million Fraction debt = 530.1/3230.1 = 16.4% Fraction equity = 2700/3230.1 = 83.6% Asset beta for Alice Ltd Assets beta = (2700/ (2700+530.1-.65))-1.5 = (2700/ (2700+344.565))-1.5 = (2700/3044.565)-1.5 = 0.887-1.5 = 1.33 Wonderland equity beta Beta wonderland = 1.33 (1 + (0.35-0.65/0.65)) = 1.33 (1 + 0.35) = 1.33- 1.35 = 1.796 Cost of equity Using CAPM (Capital Asset Pricing Model), the formula for cost of equity is Cost of equity = risk free rate + beta- (market return risk free rate) Cost of equity = 3.5% + 1.796- (12% 3.5%) = 3.5% + 1.796-8.5% = 3.5% + 15.27% = 18.77% CAPM: It is a model which describes the relationship between risk and expected return and that is used in the pricing of risky securities. This model says that the expected return of a portfolio or of a security equals the rate on a risk-free security plus a risk premium. If this expected return does not match or beat the required return, then the investment should not be undertaken. The security market line plots the results of the CAPM for all different risks (betas) Cost of equity for Wonderland Inc. = 18.77% Capital Asset Pricing Model Cost of equity = 18.77% Cost of debt = 8% Fraction debt = 35% Fraction equity = 65% WACC (Weighted Average Cost of Capital): Corporate assets are financed by two ways either by debt or by equity. WACC is the average of the costs of these sources of financing, each of which is calculated by its respective use in the given situation. By taking a calculated average, we can see how much interest the corporate has to pay for every penny a corporate finances in the project or in its business. WACC can be calculated as follow: WACC = Fraction equity cost of equity + fraction debt cost of debt- (1 T) WACC = 0.65-0.1877 + 0.35-0.8- (1 0.35) = 12.2% + 0.35-0.8-0.65 = 12.2% + 18.2% = 30.4% NPV for Wonderland Theme Park: Admission price = 25- (0.3-20,000) + 15-(0.7-20,000) = 150,000 + 210,000 = pound;360, 00 Contribution from food and drinks = 10-20,000-0.4 = pound;80,000 Contribution from gifts and souvenirs = 7-20,000-0.45 = pound;63,000 Revenues = pound;503,000/day Revenue Projections Annual revenues = 503,000-365 = pound;183.6 million Revenues at year 0 = pound;183.6 million Revenue at year 1 = 183.6-1.05 = pound;192.78 million Revenue at year 2 = 192.78-1.05 = pound;202.4 million Revenue at year 3 = 202.4-1.05 = pound; 212.52 million Revenue at year 4 = 212.52-1.05 = pound;223.146 million Revenue at year 5 = 223.146-1.05 = pound;234.3033 million Wonderland can secure a loan of pound;400 million at 8% fixed rate. Thus the company will pay an interest on the loan which is tax-free. Hence this must be excluded from the taxable income similar to capital allowance. Hence the company will pay pound;32 million as interest every year. The after tax realizable value of the non-current assets after five years of the project is given to be between pound;100 million and pound;200 million. This is assumed to be pound;150 million. NPV= initial cash outlay of -250 -net working capital of -60= net cash flow of -310 Critical Analysis: Going with the NPV rule for single projects, the negative NPV of cash flows indicates that the theme park project should not be undertaken.

Genocide An International Crime - 2054 Words

Genocide is a horrific, systematic destruction of people that affects the international community because of its severity and violation of human rights. Genocide is considered an international crime because its consequences rattle the world. Genocide can occur for many reasons. The reasons vary from a group feeling threatened, to sending a warning to others, or to simply gain power among the community. Another reason for the occurrence of genocide may be to gain wealth, whether it is economical or territorial. If a group sees another as a barrier between their wealth and power they will do whatever it takes to exterminate the threat. In this paper, I will focus on the Rwandan Genocide that occurred in 1994 and the impact it had on the victims. Genocide was defined in 1948 by the United Nations as an international crime. Prior to the Holocaust in Nazi Germany, there was no definition for the word genocide. The international world realized that this was a major crime that could not go unnoticed and needed to start defining and prosecuting perpetrators. The UN identified genocide as the killing of groups, causing serious bodily or mental harm, deliberately inflicting on the group actions to bring physical destruction, preventing births within the group, or forcibly transferring children from one group to another (Campbell, 2009). Any one of these acts executed with the purpose to destroy, in whole or in part, a national, ethnical, racial or religious group isShow MoreRelatedThe International Convention on the Prevention and Punishment of the Crime of Genocide2250 Words   |  9 Pagestheir will. This essay will look into relevant case law, analysing and evaluating judgments of a particular case in relation to the stolen generation being a form of cultural genocide. This essay will also critically analyse arguments and evidence that surrounds the topic as to whether the stolen generations was a form of genocide made by the Australian Government at the time. II Kruger v Commonwealth The matter of the Alec Kruger and other plaintiffs against the Commonwealth of Australia was heardRead MoreThe Armenian Genocide Committed By The Ottoman Empire1579 Words   |  7 PagesThe Armenian genocide committed by the Ottoman Empire against its minority Armenian population from 1915-1917 left an estimated 1.5 million dead and to date, not one individual has been tried for these egregious crimes. The mass killings of Armenians by the Ottoman Empire in World War I and Jews by the Nazis in World War II shocked the conscience of the international community and led to the creation of the Convention on the Prevention and Punishment of the Crime of Genocide (CPPCG), in order toRead MoreThe End Of The Cold War1069 Words   |  5 Pagesreconciliation period were accountability and reconciliation. To facilitate this in two different post conflict environments, two respective tribunals were established. These tribunals were known as the ICTY (The International Criminal Tribunal for the Former Yugoslavia, est.1993) and ICTR (International Criminal Tribunal for Rwanda, est.1994) . The ICTY was formed to address the conflict in former Yugoslavia. The situation started when two of the six republics of Yugoslavia, Slovenia and Croatia, declaredRead MoreInternational Community Is Culpable For The Rwandan Genocide1376 Words   |  6 PagesTutsi and moderate Hutu were murdered during the Rwandan genocide (Destexhe, 1994). The international community failed to prevent or stop this slaughter. Considering the horrific nature of this genocide and the vast number of victims, there is a question whether the international community is culpable for the Rwandan genocide; specifically, the role of its key players, the US, the UN, France and Belgium. I will argue that the international community is culpable and focus on three reasons for thisRead MoreCrimes Against Humanity : Genocide1414 Words   |  6 Pages Crimes against Humanity final Name: Institution: â€Æ' Crimes against humanity Introduction The law is credited with ensuring that people get justice and fair treatment in the legal system. The law prohibits the occurrence of different forms of crimes by prosecuting people that are found to participate in such incidences. One of the areas that have continued to have significance across the globe is international legal systems. Different crimes have been experienced in some parts of theRead MoreForensic Anthropology In War Crimes. The End Of The Twentieth1199 Words   |  5 PagesForensic Anthropology in War Crimes The end of the twentieth century was a particularly dark time in history in regards to human rights abuses and genocide. In 1948, the United Nations proposed and approved the Convention on the Prevention and Punishment of the Crime of Genocide (CPPCG). This convention, put into force in 1951, confirmed that genocide, whether committed in time of peace or in time of war, is a crime under international law and that the contracting parties would undertake actionsRead MoreRwanda Genocide : The First Conviction1264 Words   |  6 Pages Rwanda Genocide: The First Conviction Kaylee Schmit Ms. Sandbulte Advanced Composition January 11, 2016 Kaylee Schmit Ms. Sandbulte Advanced Composition January 11, 2016 Rwanda Genocide: The First Conviction Rwanda is a small country in Africa, made up of three ethnic groups: the Hutus, who held the majority of the population; the Tutsis were only a small portion of the population; and there were also very few Twa. All three groups spoke Kinyarwanda. There were differences in theRead MoreThe And Punishment Of The United Nations1640 Words   |  7 PagesGermany, the international community pledged that never again would it allow monstrous crimes against humanity or genocide to take place. The United Nations recognized the need for an international criminal court to prosecute and punish persons responsible and to help end impunity for these perpetrators of the most serious crimes against humanity. In 1948, the United Nations General Assembly adopted the Convention on the Prevention and Punishment of the Crime of Genocide. By 1951, international treatiesRead MoreDo We Need An International Criminal Court?1227 Words   |  5 Pages Do we need an international criminal court ? The International Criminal Court (ICC), governed by the Rome Statute, is the first interminable, treaty based, international criminal court established to help end exemptions for the perpetrators of the most serious and heinous crimes of concern to the international community. The ICC was mandated in July of 1998 but was bought into force by July of 2002.1 The Rome Statute is a mutual treaty which serves as the ICC s foundational and leading documentRead MoreThe Death Of Genocide : The Annihilation Of Minorities Essay1548 Words   |  7 Pages Genocide is the systematic mass murder of an ethnic, race, religious, or national group based on discriminatory preconceptions (Payne 33). The heart of genocide is destruction: the annihilation of minorities. Minorities have always been the scapegoat for most governments in times of crisis or when the government has been mismanaged. Minorities are even considered non-human. The annihilation of a specific target group does raise to question why and how this would be carried out. A genocide happens

Deregul;Ation Of The Electrical Industry Essay Example For Students

Deregul;Ation Of The Electrical Industry Essay Deregulation of the Electrical IndustryThe roots of modern day regulation can be traced all the way back to thelate 1800s and found in the form of antitrust. By the beginning of the 20th century, the U.S. government had formed the interstate Commerce Commission to regulate the railroad industry, and shortly thereafter, many other regulatory commissions were founded in the transportation, communication, and securities fields. The main goal of these regulatory commissions was to create a reasonable rate structure that would be appealing to both producers and consumers. While this system has worked for many years, it has recently come under heavy criticism, with many people pushing for open competition among electric power producers. Although once believed to be an impossible proposal, competition among electric power producers is finally a reality in a few areas. Massachusetts is just one state where legislation implemented to create competition among electric power producers is not only favored by the people of the state, but has also provided significant rate reductions as well. The attempt at regulating price in the electric industry is a troublesome one. The objective is not only to minimize the cost to consumers, but also to create a rate structure that will entice the electric company to remain in the industry. The regulatory commission wants the electric company to have a reason to innovate so that they will be able to provide cheaper power in the future. However, if the commission captures all gains from innovation in the form of lower pric es, then the electric company has no incentive to undertake any type of innovation. Therefore, a compromise must be reached which would provide adequate incentives for firms to undertake cost-reducing actions while at the same time ensuring that the price for consumers is not exorbitant. The term regulation refers to government controlled restrictions on firm decisions over price, quantity, and entry and exit. Each factor of an industry must be regulated for producers and consumers to truly benefit. The control of price does not mean setting one fixed price, but rather entails the creation of a price structure for purchasing electricity during peak and non-peak times. The control of quantity refers to the governments attempt to control the amount produced or in this case the amount of electricity produced. For example, in the electric industry, it does not make sense to have a lot of small power plants produce electricity. However, at the same time one company can not be allowed to monopolize the industry and set prices at its own discretion. Another factor in this problem is the control of entry and exit in the electric industry. By controlling who can enter the industry, the government can control who produces the electricity and how much of it they produce. However, the effectiveness of regulation has begun to be questioned, and created the evolution of a more competitive market. Ever since the Public Utility Act of 1935, which in turn created the Federal Power Commission, the role of electric utility regulation and its effectiveness has been questioned. Since that act was passed into legislation, the question has always remained: has electric regulation made a difference? Major studies done throughout the 20th century found conflicting results. A study published in 1962 and conducted by Stigler and Friedland compared the price of electricity in states with regulation to the price in states without regulation. However, at the time all states had electric re gulation, so Stigler and Friedland had to go back to the 1920s and 1930s to find states without regulationTheir finding was as expected. In 1922, the average price of electricity was 2.44 cents per kilowatt-hour in states with regulation. However, in states without regulation, the average price increased to 3.87 cents per kilowatt-hour. While many would say that prices could vary for reasons other than regulation, Stigler and Friedland controlled the analysis of other variables and found that no significant difference in price existed. Other critics felt that this study was done in a time when regulation was just getting started, and that regulators in the present day are more effective. Two other studies which found different results were those conducted by Meyer and Leland and another done by Greene and Smiley. In their study, which used data from 1969 and 1974, Meyer and Leland utilized econometric estimates of demand and costs to find hypothetical unregulated prices. Their concl usion was that the regulated prices were significantly lower, but that even lower prices were demanded. In a similar study conducted by Greene and Smiley, they found that unregulated prices were 20-50% higher than actual regulated prices. Although these studies seem to reach conclusions that support regulation, the alternative finding by Leland and Meyer that even lower prices were demanded seems to be an indication towards open competition among electric producers. Soon thereafter, the trend toward competition between electric producers began to emerge. Life And Times Of Alexander The Great EssayHowever, even though the law seems to have many more benefits than it does negatives, it has come under recent criticism. Many opponents of the law feel it is not doing its designed purpose, and consumer backlash was so great that Issue 4 asking whether or not the law should be repealed. An organization called The Campaign for Fair Electric Rates, backed by failed congressional candidate John OConnor and consumer advocate Ralph Nader, led the effort to repeal the law, calling it the biggest consumer rip-off in Massachusetts history. The big issue involved in the attempted repeal was lawmaker reneging on their promise to protect consumers by allowing utilities to recover 100% of their bad investments. Because deregulation will cause some utilities to lose money on investments in power plants or on contracts they made when they expected to keep selling power at a regulated price, the question becomes do they deserve compensation for these st randed costs, which may approach $200 billion nationally? For instance, utilities spent more than $5 billion building the Seabrook nuclear plant in New Hampshire, which produces 1,150 megawatts. In contrast, private developers have proposed more than 50 new plants, which combined would produce 30,000 megawatts, and the cost of these projects is estimated at slightly more than $15 billion. The utilities argue that public regulators approved those expenses and that the state can not back out on them now, stating that many plants have already begun to implement the new law, including selling most of their power plants. Repealing the law now, they argue, would create utter chaos. Therefore, a provision was written into the law allowing for utilities to recover all of their stranded costs over a 10-year transition period. While proponents of the law were hoping for a 30% rate reduction, of which two-thirds would have come from consumers not having to pay for most of the utilities strande d investments, they will now have to settle for a guaranteed 15% rate cut, hopefully with more to come through competition. The question now on everyones mind is: has the law served its purpose and reduced electric rates? In a study done by Standard and Poors DRI entitled Economic and Environmental Analysis of the New Massachusetts Electricity Law, and released on September 2, 1998, it found that the new has triggered substantial economic and environmental benefits. According to the study, electric rates will decline by almost 28% by the year 2010 as a direct result of retail competition and industry restructuring. The DRI, a conservative report when compared to others, predicts that consumers will save $470 million in 1998 alone, and increases that estimate to at least $550 million per year in future years as a result of the new law. Also, the study predicts the Commonwealth to achieve higher economic output and employment growth triggered by the estimated $10 billion consumers and businesses will save on electricity costs. By 2010, there will be over 60,000 more jobs, a $19.6 billion gain in consumers cumulative real discretionary income, and lower price inflation. All of this forecasting appears to put the law in a favorable light, but many want to know how its working now. According to the Massachusetts Electric Company, its 970,000 customers have saved a total of $67 million on their electricity bills in the first six months of the new electricity law. On September 1, savings for the companys customers increased to more than 15%, or a total savings of $25 million per month, one full year ahead of the required rate cut. This was due to the companys affiliates selling their power plants. SummaryBy examining the early results of the Massachusetts Electricity Law, along with projections such as the ones provided by Standard and Poor, one can determine that the deregulation of the electric industry has been long overdue. The deregulation of the electrical industry proves that any industry can and should be deregulated. It also proves that competition of the utility companys is in the best interest of society as a whole and that no industry should be allowed to exist without it. Economics Essays

The Odyssey Vs. The Aeneid Essays - Greek Mythology, Epic Poets

The Odyssey Vs. The Aeneid Comparisons: The Odyssey Vs. The Aeneid Virgil was a creative genius from his time, but it can be understandable that many of his works may have been influenced from previous works of literacy. A comparison of Virgil's, The Aeneid, and Homer's, The Odyssey, will help to show the different aspects of Roman and Greek cultures. It will also help to illustrate the effects the Greeks had on Roman culture. There are many differences and likenesses between these two epics. Greek culture and literature had a great dominating influence over Roman life, therefore, the influence of style and the stories written by Virgil adopted many of the old Greek ways. However, Virgil did not imitate, he gave a new meaning to the works that he borrowed and added his own thoughts and opinions that expressed and explained Roman life to the rest of the world. The Aeneid is not only a personal epic about Aeneas, but also exaltation and beautification of Rome and the future of the people. There is a greater emphasis placed upon the founding of Rome rather than the actual adventure of Aeneas. Virgil's epic shows that he had a great admiration and pride in Rome and its people. Homer used the story of The Odyssey to express his understanding of human nature and the world that humans live in. His techniques were used to express his ideas and beliefs. Homer's poems were accepted as the ultimate authority for information about mortality and early history.5 The introduction of epic poetry begins with an invocation. This is where the writer states the theme of his work and asks for divine aid in telling the story . During the time of Homer, an invocation was used as a prayer based on the belief that art and poetry were a sacred act of creation. In Virgil's time, the invocation was only used because it was a tradition in epic poetry. The change in Virgil's invocation reveals his different approach to this epic. This new subject reflects the role Aeneas plays in Rome and the influence the gods have over his future. For example, Virgil begins his epic asking for godly inspiration to tell his story correctly: ?Tell me the causes now, O Muse, how galled In her divine pride, and how sore at heart From her own wound, the queen of gods compelled him-? The Odyssey's invocation also announces the theme of his poem and he too asks for godly inspiration, except Homer uses real prayer to ask for this assistance. ?Sing in me, Muse, and through me tell the story of that man skilled in all ways of contending, the wanderer, harried for years on end, after he plunders the stronghold on the proud height of Troy.? Both of these pieces show similarities in their form and structure, but the statement that is being expressed is completely different. Homer uses more of a mythical, spiritual aspect, while Virgil uses a more formatted approach and less sacred emotions. Many of the situations from the Homeric poems are embraced in The Aeneid. They were however changed by Virgil throughout his writing of the epic. Some examples are the shipwreck, the tale told by the hero at the banquet, and the descent of Aeneas/Odysseus into Hades. The shipwreck, in the Aeneid in Book 1, is when Aeneas and his ships left Sicily, on the last part of their journey to Italy. Juno bribed Aeolus, the king of the winds, to cause a furious storm that would cause their ships to become overtaken by the sea. In The Odyssey, the shipwreck is told in Book X. Odysseus and his men landed on the island of Aeolus, the king of the winds. As a gift, from Aeolus, Odysseus received a large leather bag that contained all the vicious winds, which could drive his ships off course. When one of Odysseus' men opens the bag, the ship is blown off course and destroyed. Notice the same name used for the god Aeolus. Aeneas is asked to tell his tale at the banquet held by Dido, in Book 1, Aeneas tells his tale to Dido in Book 2. Odysseus tells his tale while he is among the Phaeacians. He tells his tale in Books IX, X. XI, and XII.