Money Growth Rule :: essays research papers

Money Growth Rule The Money Growth Rule is based upon a theory originally set forth by Milton Friedman as a solution to keep the United States economy on a controlled course of growth. The thoery revolves around the premise that the best monetary policy that the Federal Reserve can follow is to establish a constant growth rate of the money supply independent of current economic fluctuations. The reasoning is that as the economy experiences changes in relative output, the money supply can have dramatic effects upon the economy. Additionally, by establishing a money growth rule, Friedman believed that this would eliminate the possibility of short-run mismanagement and, in the end, be more beneficial for the economy. The problem with balancing an economy is that human judgment and evaluation of economic situations enter into the equation. Establishing a constant growth level in the money supply would eliminate the decision making process of the central banker. The problem with human intervention is the short-sided nature of many of the policies designed to aid the economy. Such interventions, which yields unintended negative consequences, is the result of the time inconsistency problem. This problem is understood through situations during which central bankers conduct monetary policy in a discretionary way and pursue expansionary policies that are attractive in the short-run, but lead to detrimental long-run outcomes. Friedman believes that by leaving money growth decisions to an individual, the results are poor long-run management and eventually high inflation rates, an obvious detriment to the economy. The idea of the money growth rule is contingent upon the relationship between the money supply and inflation. Therefore, the question arises whether there even is a relationship between money supply and inflation. As stated earlier, one can see a relation between money and inflation. Presented above is series data that displays this relationship between money supply and the inflation rate over the previous decades. The problem is that there are fluctuations within the data and therefore a broader definition of the money supply must be utilized. Based on the research of Dr. Terry J. Fitzgerald, an economist at the Cleveland Federal Reserve Bank, if one defines money supply as M2, when examining the data over a multiple year progression, a pattern begins to present itself. Further, by graphing the difference between adjusted money growth and inflation, the link becomes evident. These graphs show the weight that changes to the money supply can have upon an economy’s inflation rat e.

Kant Moral Ethics Essay

Immanuel Kant’s moral theory can be best explained by comparing it to a math equation. Kant’s moral system will always hold true no matter what the circumstance just like how two plus two will always equal four. According to Kant, our lives should be lived according to maxims that can be willed into universal law (Kant, Fundamental Principles of the Metaphysic of Morals, p 303). However the action regarding a moral decision is not judged by the consequences of that action, rather by the motive of that action. Kant’s the method of moral reasoning starts off by first realizing the principle the rational agent is acting under. To fully understand what this means, a rational agent is to be defined as an entity who is capable of making rational decisions regardless of their natural inclinations. This condition excludes such examples as, animals, infants, and people in a coma from being considered to be a rational agent because they do not show the capacity to reason. After realizing the principle the person is acting under, determine if the reason is morally right. In order to determine if the maxim is ethical and able to be willed into universal law, it must pass three tests: autonomy, respect for humanity, and the kingdom of ends. Autonomy describes the feeling of accomplishment. This can be illustrated as a man who promises his wife that he will take off the weekend from golfing and file their tax reports. By keeping his promise to his wife he not only feels the satisfaction from finishing their tax report but also, more importantly feels good about following through with his promise. Autonomy is important because if the husband breaks his promises and lives his life as a promise breaker then this maxim is clearly self-defeating. The entire maxim of promising to break promises does not pass the test of autonomy therefore could never be passed as a universal law. However, if after passing the autonomy test, then a principle must also respect everyone else’s autonomy. In order to respect humanity, make decisions that show an overall concern for rational agents. If by treating them as a rational agent, then the principle will not affect another person’s ability rationalize. In order to do this, it is never acceptable to treat a rational being as merely a means (Kant, Fundamental Principles of the Metaphysic of Morals, p 307). That is to say, the act of rape treats the rational agent as a means to sexual gratification. The act of rape does not respect the agent as a rational being and could never be willed into a moral universal law. However if a principle was able to pass the first two conditions, then it is necessary to subject it to the kingdom of ends test. The kingdom of ends is composed of a group of rational agents all with different objectives in life. The importance of having different objectives in life insures that all perspectives and backgrounds have been covered. These agents have been given the responsibility of creating a free society. A free society entails laws that every rational agent in that society would agree upon. If the principle is not a measure that the kingdom of ends would enact, then the principle, by Kant’s definition, is immoral. Let us analyze the principle of apathy. Living an apathetic life does indeed pass the test of autonomy and by showing indifference to other rational agents it also passes the test of humanity. However, apathy would not pass the kingdom of ends, as no rational being would accept such a maxim. As a result, an apathetic life could not be passed as universal law. As an example, we will refer back to the persecution of Jews during World War II. Say a man is hiding a Jew in his house and the Gestapo comes knocking on door. However, as the Gestapo questions the man of the whereabouts of the Jew, the man cannot lie and say that no one is hiding within his house, but at the same time, if he were to tell the truth he would be indirectly bringing harm upon himself and the Jew. The man should question the Gestapo about what they plan on doing to the Jew once they have located him. According to Kant, consequences have no relevance, although if all possible consequences were known, then it would be permissible to lightly take them into account. Since telling the truth by giving the Gestapo the whereabouts of the Jew would bring direct harm, it is permissible to lie. The maxim would be to never lie unless the truth results direct or indirect harm. This maxim respects autonomy and human nature and would be pass the kingdom of ends test and thus can be willed into universal moral law. Now take the case of Harry and Sally, according to Kantian moral reasoning, should Sally seduce Harry? If Sally were to seduce Harry by taking him back to her place and having sex with him, she would be using him as a means to her ends. By Sally using Harry simply as a means to achieve her ends, that moral decision is breaking a fundamental Kantian principle. Using people as only a means is never acceptable. The difference between Sally seducing Harry into sex and Sally having consensual sex with Harry is the difference of deception and coercion. According to Mappes, deception and coercion are the methods for sexually using someone (Mappes, Sexual Morality, p. 166). The whole idea is based off the respect for an individual person to voluntarily make their own decisions. By deceiving someone, it is clearly misleading a person to make a decision that they would not have made, had it been on their own regard. However the objection can be made that Sally should do what ultimately brings her pleasure. Using Utilitarian morality, something that results in the greater pleasure, or avoidance of harm, of the populations involved is morally correct. Even though Harry is somewhat apprehensive of the whole casual sex idea, he is not defiant or strongly against it. It can even be reasoned that Harry might even enjoy himself once him and Sally are having sex. And also, casual sex is perfectly okay if there is no lying, deceiving, or exploiting (Elliston, In Defense of Promiscuity, p. 170). I believe Elliston’s definition of deceiving is different that Kant’s definition. Kant covers all and any type of deception as immoral. Elliston agrees that deception is indeed immoral, but his definition of deception would be a man telling a woman he does not have herpes when indeed he does. As long as sex is consensual, there is no harm. Sally would only be seducing Harry back to her house under, say, the premise to watch a movie, however when the actual act of intercourse happens, Harry is not being deceived at all. Even with the arguments above, Sally would ultimately be using Harry simply as a means to achieve her ends of sexual pleasure. By using Kantian morality, Sally should not pressure Harry to going home with her nor should she try to seduce him. Kant reasons that human beings have been given this gift of free will to act as the dividing line between humans and animals. Animals are considered animals because they lack the ability to rationalize. What then, is the ultimate value and purpose of having a free will? If the point of having a free will was to seek pleasure and avoid harm, then we are nothing more than animals and have wasted this ability to reason. Instead, humans have free will so they could follow moral law. Therefore, follow moral law even in situations where social laws or natural inclinations could conflict. By following Kant’s moral reasoning, what we do in our lives is right not only because we ourselves believe it to be right but also since we have willed it to become universal law, it could not possibly be wrong. The maxims that we base our lives on are intrinsically good because we are able to will it into universal law. Therefore, moral decisions made using Kant’s ideas can be applied universally. Kant’s ideas show respect for humanity and people’s decisions are not made for selfish pleasure seeking reasons by treating people as a means, but rather they are made based on universal morals and by treating everybody as an rational agent. By following Kant’s moral reasoning a rational agent will be able to make the right decision when faced with any type of moral dilemma.

The Tragedy Of Oedipus The King By Sophocles - 2776 Words

The battle between whether people follow fate or have free will has been a difficult argument to find an answer to. â€Å"Do I have free will or is everything fate?† It has been argued that everyone s life has a plan and is determined by fate. Others also believe that people create their own destiny with free will. Therefore, people come up with many justifications for why events happen in their lives to determine free will or fate. For example, many individuals people that finding their soulmate is fate. They believe that no matter what you may do, the person that one is supposed to be with will come into their life. Others feel that there is no such things as a soulmate. Many people believe that a person ends up with whomever they work to be in a relationship. On the other hand, what if the person that someone is working to be with is actually the person that fate puts them with. In the tragedy, Oedipus the King by Sophocles, Oedipus’ fate starts with a prophecy. No m atter how much Oedipus tries to do the â€Å"right† thing, the prophecy comes to term. It is argument-able that Oedipus was led to his tragic ending by fate. It is also possible that his tragic ending was brought open by his own actions. The idea of fate and free will both played an important role in Oedipus’ downfall. Even though he was a victim of fate. It did not control him. Oedipus was destined to kill his father and murder his mother from the day he was born. No matter what he’d done, he could not stop thisShow MoreRelatedThe Tragedy Of Sophocles Oedipus The King )1044 Words   |  5 PagesThe Forgotten Ones (Describe the Significance of the Chorus in Sophocles’ Oedipus the King) Oedipus the King is a famous play written by the renowned author Sophocles and first acted out back in 429 BC. It is the second of three plays written by Sophocles that dealt with Oedipus; the first one being Oedipus at Colonus and the last one being Antigone. This play relates the story of Oedipus, a man who becomes King of Thebes while unwittingly fulfilling an old prophecy that said that he would killRead MoreThe Tragedy Of Sophocles Oedipus The King Essay1490 Words   |  6 PagesSophocles’ â€Å"Oedipus the King,† successfully demonstrates Aristotle’s definition of tragedy. According to Aristotle â€Å"tragedy† is vastly different from what one would likely describe if requested in modern times. It is common today to hear one speak of a tragic vehicular crash, but what is being spoken of as a tragedy, is an accident, not a tragedy. Thus, it is important to understand what Aristotle thought when he spoke of a â€Å"tragedy.† Based on Aristotl e, POETICS, CHAPTER VI, The tragedy is an imitationRead MoreThe Classical Tragedy Of Sophocles Oedipus The King950 Words   |  4 Pagesâ€Å"Greece’s Golden Age introduced many excellent playwrights, all of whom contributed to the success of Greek Literature† (sites.google/ Playwrights of the Golden Age). Sophocles, the author of the classic tragedy, Oedipus the King, was one of the three best play writers during that time frame. Born in 495 B.C., Sophocles â€Å"lived for nearly ninety years through the most of the turbulent events of his country during the fifteenth century B.C.† (Charters and Charters). He was born in Colonus, not farRead MoreExposure to Tragedy in Sophocles Oedipus the King702 Words   |  3 PagesSophocles background influenced him to write the drama Oedipus the king. One important influence on the story was his exposer to tragedy all around him. Jeffrey buller in â€Å"Sophocles† told us that Sophocles learned the art form of tragedy from Aeschylus. So phocles later went to the Great Dionysus a competition for the greatest tragedy and won first place over Aeschylus. Also, Sophocles shows tragedy in the play by telling us about the legend the heard while he grew up (Buller 2-4).Similarly, OedipusRead MoreThe Tragic Tragedy Of Sophocles Oedipus The King1601 Words   |  7 PagesThe Tragic Hero Tragedy deals with unexpected or unfortunate events that usually results in negative outcomes that affects the downfall of the main character in a play. Tragedy within Greek drama incorporates the time within the their lifestyle of religious and superstitions. Greek writers use tragedy as a theme in literature because it represents their civilization. Sophocles uses this theme in his dramatic plays because the audience is able to correspond to the story line. It allows the audienceRead MoreThe Perfect Aristotelian Tragedy: Sophocles Oedipus the King918 Words   |  4 PagesAristotle considered Sophocles Oedipus the King to be a nearly perfect example of Greek tragedy. His reasons were based on the structural perfection of the play, in which the protagonists recognition of his circumstances (anagnorisis) comes at the same moment as his reversal of fortune (peripeteia). But the terms whereby Aristotle defines character in Greek tragedy are slightly harder to work out where is the hubr is of Oedipus? An examination of the plot will demonstrate that Oedipus hubris is manifestRead MoreEssay about Tragedy in Sophocles Oedipus The King and Antigone 1403 Words   |  6 PagesTragedy in Sophocles Oedipus The King and Antigone The Greeks considered tragedy the greatest form for literature.   However, the tragic ends for the characters were not ordained or set by fate, but rather caused by certain characteristics belonging to that person.   Such is the case with the characters of Sophocles plays Oedipus the King and Antigone.   Oedipus from King Oedipus, and Antigone and Creon from Antigone posses characteristics, especially pride, that caused their tragic ends.   AsRead MoreDeconstructing Tragedy And The Definition Of The Protagonist’S1173 Words   |  5 PagesDeconstructing Tragedy and the Definition of the Protagonist’s Innocence In Sophocles’ Oedipus Rex, Oedipus meets the Aristotelian definition of a tragic hero as divine fate and tragic flaws lead to his downfall. Oedipus’s tragic flaws like hubris, curiosity, and anger, contribute to his unfortunate fate. The components of a perfect tragedy as defined in Aristotle’s Poetics are at the center of Oedipus Rex. The play contains the elements of a perfect tragedy such asRead MoreOedipus Tyrannus, A Tragic Hero. Summary: . Context. Oedipus1391 Words   |  6 PagesOedipus Tyrannus, a Tragic Hero Summary: Context Oedipus Tyrannus is a Greek tragedy that was first performed as a play in 429 BCE. The setting of the play is in Thebes, one of Greece’s city states that is suffering from a tragic plague. King Oedipus’s brother in-law; Creon, reports back from the oracle of Apollo that the plague would only be lifted if the murderer of his predecessor; King Laius, is found and brought to justice. Before the whole city of Thebes, Oedipus vows to apprehend and punishRead More tragoed Oedipus as the Ideal Tragic Hero of Oedipus the King (Oedipus Rex)1217 Words   |  5 PagesOedipus as the Ideal Tragic Hero of Oedipus the King In the introduction to Sophocles Oedipus the King, Sophocles defines a tragic hero as one who [behaves] admirably as a man, [but who] is nevertheless tripped up by forces beyond his control and understanding... (Sophocles 76).   In Oedipus the King, Oedipus is the tragic hero. The force that trips up the hero is fate, or, moira. It is Oedipuss actions that set the events into motion,   but it is ultimately his fate, and his attempted