TortureIs It Ever Ethical?
Part I: Resource Companion
Instructions: Complete this section of the Organizer as you are exploring the Resources to take
notes on each philosophers ideas and how they might apply to the issue of torture.
1. Michael S
This is your ticket.
Present this entire page at the event.
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The Labor market
As W falls, L/K rises, shift to more labor intensive methods of production
Market for Capital
Each team has a set number of worker and have to decide how much capital to hire.
Profit go to the capitalist, wages go to the workers.
Classical Theory, prices play different role than in neoclassical economics
Reproduce itself &grow
There are different ways of thinking about the economy.
How does the price system work in this theory?
Simple model with no surplus:
20 tons wheat +
How does Marxian economics differ from the orthodox neoclassical economics?
Classical Surplus Approach
Theory Supply and demand
- Concerned with explaining how an economic system generates and
allocates a surplus
- More profit = mor
Capitalism = a socioeconomic system in which most of its economic activity is organized through markets, the means of
production are privately owned, and there is a large wage earning working class
dialectic method = ideas develop through the confrontatio
Direct Finance when borrowers borrow funds directly from lenders
through financial markets by selling securities (financial instruments).
Financial markets are critical for producing an efficient allocation of capital
which contributes to high
Default Default occurs when the issuer of the bond is unable to make
interest payments or pay off the face value when the bond matures.
o US Treasury bonds have no default risk. They are called default-free
Risk premium the spread betwe
A bond is a debt security that promises to make periodic payments for a
specific period of time.
The bond market is where interest rates (the cost of borrowing) are
determined. Current: 0.75% (this might increase to 1.5% in 2017)
NOTE: The in
Three players in the Money Supply process:
o The Fed
The Feds Balance Sheet:
o Liabilities The monetary liabilities of the Fed include currency in
circulation and the reserves.
Currency in Circulation It is the amount of
Wealth total resources owned by an individual, including all assets.
o An increase in wealth raises the quantity demanded of an asset.
An increase in the assets expected return relative to that of an alternative
asset, raises the quantity dema
A banks balance sheet is a list its of sources of funds (liabilities and capital),
and uses to which the funds are put (assets).
o Total assets = total liabilities + capital
Sources of funds:
o Borrowing and deposits
Uses of funds:
o Loans an
Simple Loan A lender provides the borrower with some money (principal),
which must be paid before the maturity date along with some interest.
o E.g.: Jackpot problems, calculating present value, etc.
Fixed Payment Loan a.k.a. fully amortized l
One Period Valuation Model
1+k 1+ k
P0 current price of stock
dividend paid at the end of 1 year
price of stock at the end of 1 year
required return on investments
Generalized Dividend Valuation Model
Money Anything that is generally accepted as payment for goods or
services or in the repayment of debt. Currency is a type of money.
Wealth The value of all the assets owned by an individual. It includes
money, bonds, property etc.
The Federal Reserve System was created in 1913. The Federal Reserve Act
of 1913 created the Federal Reserve System with its 12 regional Federal
Structure of the Federal Reserve System:
o Federal Reserve Banks The three largest
BANCO CENTRAL DE COSTA RICA
GRUPO DE POLTICA MONETARIA
MECANISMO DE TRANSMISIN DE LA POLTICA
MONETARIA: MARCO CONCEPTUAL
Lorely Villalobos Moreno
Carlos Torres Gutirrez
Jorge Madrigal Bad
BANCO CENTRAL DE RESERVA DEL PER
Los Mecanismos de Transmisin de la Poltica
Monetaria en Per
Paul Castillo B.*
Fernando Perz F.*
Vicente Tuesta R.*
* Banco Central de Reserva del Per
* Prima AFP y CENTRUM Catlica.
DT. N 2010-013
Serie de Documentos de Tra
Transmisin de la
Como bien sabemos, actualmente, tanto polticos como economistas debaten que
debe perseguir la poltica monetaria, qu objetivos se deberan plantear para
lograr lo que se desea. En este sentido es que los bancos
File: ch01, Chapter 1: The Power of Principles: A Historical Perspective
1. Which of the following did not contribute to the high transaction related risks for U.S. potato sales in
a) Infrequency of transactions
b) Changing transacti
Eco 201: Homework 2
Covers Chap 4 & 5 & 6
PROBLEMS and APPLICATIONS (10 points each problem):
Suppose we are analyzing the market for hot chocolate. Graphically illustrate the impact each of the
following would have on demand or supply. Also sho
1 the most important savings surplus in the economy is
2 which of the following four basic economic units consistently represents a savings surplus unit
3 if personal consumption expenditure are 1 billion, government pu
Shipment of currency from Fed goes to banks = does not affect money supply b/c just replacing old notes
When notes are returned to the Fed = it reduces the liability of the Fed
Full term of a board of Governor (7) = 14 years
Who chair the FOMC = the ch
Question*Elements of the classical surplus approach = (corn model)
- Concerned with explaining how an economic system generated and allocates surplus (Surplus sees
income distribution as a key factor of economic growth, workers = wages, lan
repurchase agreement = corporation sells a security with the promise to buy it back at a higher price (accounts for
interest). only corporations issue
Total bank's reserve = vault cash + deposits at the Fed.
How can banks increase their liquidity = by sel
(Indirect Financing - go through other companies to get)
(Direct Financing - go directly to the company)
Primary Markets: Investment banker: such as Smith Barney, Goldman
Term structure = relationship between yield & maturity of equally risky bonds
if curve is upwards, market expectancy yield/interest goes up
If short term yield is higher than long term, which way does the yield curve slope = down
Review Questions part 1:
How the Fed Reserve regulates money supply: Increase money supply by buying bonds, causing interest
Decrease money supply by selling bonds to public.
Medium of exchange = means of payments
Function of money = medium
Review Questions Chapter 11
Portfolio Diversification = not investing in only 1 assets type
Financial intermediaries = easier to save (because they offer interest rates for saving)
Asymmetric information = everyone does not have the same amount of informa