Oxygen Essay -- essays research papers

Oxygen Oxygen, symbol O, colorless, odorless, tasteless, slightly magnetic gaseous element. On earth, oxygen is more abundant than any other element. Oxygen was discovered in 1774 by the British chemist Joseph Priestley and, independently, by the Swedish chemist Carl Wilhelm Scheele; it was shown to be an elemental gas by the French chemist Antoine Laurent Lavoisier in his classic experiments on combustion. Large amounts of oxygen are used in high-temperature welding torches, in which a mixture of oxygen and another gas produces a flame of much higher temperature than is obtained by burning gases in air. Oxygen is administered to patients whose breathing is impaired and also to people in aircraft flying at high altitudes, where the poor oxygen concentration cannot support normal respiration. Oxygen-enriched air is used in open-hearth furnaces for steel manufacture. Most of the oxygen produced in the United States is used to make a mixture of carbon monoxide and hydrogen called synthesis gas, used for the synthesis of methanol and ammonia. High-purity oxygen is used also in the metal- fabrication industries; in liquid form it is of great importance as a propellant for guided missiles and rockets2. I have chosen the element "Oxygen" because without Oxygen, human beings would not be able to live. Oxygen is probably the single most important element...

Neutrality of money

The â€Å"neutrality of money† refers to the notion that the effect of changes in an economy’s nominal supply of money will have no effects on the real variables like the real GDP, employment and consumption and only the nominal variables such as the prices, wages and the exchange rate are affected. It was the standard feature of the classical[1] macroeconomic model of unemployment and inflation that was based upon the assumption of quickly clearing perfectly competitive markets and the money market was governed by the quantity theory (Ackley, 1978). This resulted in what was known as the â€Å"classical dichotomy† – the real and monetary sectors of the economy could be analysed separately as real variables like output, employment and real interest rates would not be affected by whatever was going on in the nominal segment of the economy and vice-versa. The objective of the present endeavour is to explore this concept of neutrality by delving into its theoretical motivations and basis and thereby introspecting upon the extent to which distinguishing between short run and long run neutrality are important before briefly exploring the possible methods of empirically investigating the notion and concluding. In the standard classical macroeconomic model, which was the basis of answering all macroeconomic questions before Keynes’s General theory brought forth its capturing   assault onto it, the connection between the money supply and the price level was made through the quantity theory thus implying that the price level would vary to ensure the real aggregate demand, which was assumed to be a function of the real money supply, was in alignment with the available supply of output determined in the market for labour. The quantity theory simply posits that real money balances are demanded in proportion to real income. This can be expressed as MD/ P = (1/v).Y; where MD represents the nominal demand for money balances, P the price level, v the velocity of circulation of money and finally Y the real GDP.   Now by assumption, v is constant; MD equals the supply of money which is exogenous (MD, = MS = M) in equilibrium and Y is fixed at its equilibrium value (Y= Y*) determined in the labour market. As a result the quantity theory equation essentially becomes an equation that determines the price level for different levels of money. We have,  Ã‚  Ã‚   P = v.(M/Y*) . Evidently, changes in the money supply now shall only influence the prices. This is the basis of the notion of neutrality of money which therefore is a direct derivative of the assumption of the quantity theory itself (Carlin and Soskice, 1990). An increase in the supply of money initially leads to a rise in the aggregate demand above the real output (Y*, which is exogenous to the money market) due to increased availability of cash balances. Due to the excess demand situation the prices are pushed up until the demand for real output reduces to equal the supply of it. Note that in the classical system, the rate of interest plays the role of equating savings and investment at full employment and does not enter the money market. However, in the 1930s the great depression which was essentially a situation of cascading mass unemployment had no convincing explanation in terms of the classical framework which proposed that an economy would always operate at full employment. This situation of mass unemployment and the lack of forthcoming explanations of the phenomenon in terms of the classical full-employment framework provided the context for the introduction of the Keynesian model of unemployment. Although he upheld the assumption of perfectly competitive markets, he assumed prices to be fixed and money wages to be rigid and inflexible especially in the downward direction in the short run thereby implying the inability of the prices and wages to adjust to excess supply situations in the labour market; employment and output were determined by the effective aggregate demand in the product market. Consumption was assumed to be a function of real income implying savings, essentially the remainder of real income after consumption to be a function of real income as well rather than a function of real rate of interest as in the classical framework, and aggregate demand was made up of the planned expenses for consumption, investment and government expenses (for a closed economy). Contrary to the classical model, in the Keynesian framework the rate of interest serves in equating real demand and supply of money rather than equating investment and full employment savings. This set up not only brings forth the possibility of equilibrium with unemployment prevalent in the labour market, it also dispels the concept of neutrality of money. An exogenous increase in the money supply through its effect on the real rate of interest affects the amount of investment and through that causes a change in the aggregate demand and thus in the real output and employment. So, this framework proves the non-neutrality of money the short run (Mankiw, 2000). But in the long run, money can be deemed to have neutral effects through the following reasoning. An increase in the money supply will reduce the interest rates and increase investment. However, as the money supply rises, the real stock of money balances exceeds the desired level thus necessitating the expenditure on goods to be raised in order to re-establish the optimum and in that creating an excess demand in the goods market. In the long run prices and wages are perfectly flexible and in the presence of excess demand, there is a rise in the price level until the excess demand is satisfied, at the new equilibrium. Again this rise in prices leads to an increase in the demand for money and thus leads to a restoration of the real interest rates and investments to their initial levels (Patinkin, 1987). Therefore, in the long run money supply increases have no effects on real interest rates, investment, or output in the long run. So, we find that although money is actually non-neutral in the long run due to the wage-price inflexibility in the short run, in the long run money has neutral effects. Infact, Patinkin (1956) notes that not only is money neutral in the short run but this short run neutrality is absolutely necessary for the quantity theory to hold. If this non-neutrality is denied and the classical dichotomy is accepted, then there is no theory of money, quantity theory or otherwise. Testing the neutrality of money would require one to measure the effects of altered money supply has on real variables like the real GDP, employment and real interest rate. One approach possible would be to use a time series data set with values for these variables. A regression would be run to ascertain the extent of effects if any, the changes in money supply over time has had on the real variables. In fact, Fisher and Seater (1993) have used time series data in this manner to test the neutrality of money. Their methodology however requires the usage of advanced econometric tools. Many consequent studies[2] have adopted this methodology to test time series data for different regions and check for neutrality of money. Another option would be to use cross section data with different regions specified by different money supply values. By gauging the differences in the values of the real variables of these regions and relating these with the differences in the money supply values through regression analysis can be another way of testing for neutrality of money. So, to sum up, we have seen that although short run neutrality of money is not a valid proposition, money does not have real effects in the long run. In the final section we have suggested two possible approaches to testing the neutrality of money. References: Ackley, G., (1978). Macroeconomics: Theory and Policy, New York: Macmillan Boschen, J.F. & Otrok, C.M., (1994) Long run neutrality and superneutrality in an ARIMA framework: comment, American Economic Review 84, 1470-1473. Carlin, W., & Soskice, D., (1990) Macroeconomics and the Wage Bargain: A Modern Approach to Employment, Inflation, and the Exchange Rate, U.K.: Oxford University Press Fisher, M.E. & Seater, J.J., (1993) Long run neutrality and superneutrality in an ARIMA framework, American Economic Review 83, 402-415. Mankiw,   N.G., (2000) â€Å"macroeconomics† 4th ed, Worth publishers, New York Patinkin., D. (1987) â€Å"Neutrality of money,† The New Palgrave: A Dictionary of Economics, v. 3, pp. 639-4 Patinkin, D., (1956) Money, interest and prices: An integration of monetary and value theory, New York: Row Peterson [1] One should be beware of the misleading potential of the term classical and note its distinct presence in macroeconomics and its modern adoptions in the forms of new classical economics and thereby avoid confusing it with the school of economic thought associated with Marx, Smith and Ricardo. [2]   e.g., Boschen and Otrok (1994) for the US

Statement of Purpose for Computer Science - 635 Words

My inclination to see logic helped me code right from high school. I still remember the â€Å"Computer Applications† course that I took, where despite learning very basic Java, I could write snippet programs. I was fascinated with loops and arrays and was surprised how easily I could learn to apply logic and get the required output. An undergraduate program in Information Science and Engineering gave me the exposure to core concepts of programming and hands on experience across categories like –utility applications, microprocessors and web applications. My skill of formulating algorithms and writing codes in required language to meet the requirements were being honed here. My programming abilities can be attested by the fact I scored more than 90% aggregate (top 2 in a class 120) for my entire practical courses. As the passion for programming grew, I could extend beyond academia and design and execute a basic Customer Relationship Management (CRM) application for my father’s business; build an Android game along the lines of â€Å"Wordament† – where the player had to find logic between numbers, amongst participating and winning various extracurricular activities. An academic project I undertook, Crowdsourcing in Intelligent Transportation System or Crowd-ITS on the Android mobile plat form, recorded crowd-sourced location data, I was enthralled how this information could be used to avoid traffic congestion and build better roads in urban areas. This project paved way for anShow MoreRelatedStatement of Purpose of Computer Science827 Words   |  3 PagesSTATEMENT OF PURPOSE Every generation has its own dimension. In the ages of Apes, man’s primary motive was to feed himself and so, he learned the means of hunting; In the Stone Age he learned means, which made his work easier and he invented tools in this pursuit; In the Iron Age he discovered technologies, he started manufacturing and later established business. This development saga of the man continued, always re-inventing him. Information is the dimension of the present age. How fast, how efficientRead MoreStatement of Purpose for Computer Science812 Words   |  3 PagesIt is universally agreeable that with the advent of Computer technology, every ambitious and enthusiastic individual is really obsessed with the idea of doing computer science at graduate level because it seems to have created a zeal and enthusiasm in the hearts of youth, particularly those who aspire to be marked as high achievers. I, for one, seem to have been enchanted by these computer applications as they have made the world smaller, speaking in terms of globalization. I have no hesitation toRead MoreStatement of Purpose Computer Science Essay773 Words   |  4 PagesSTATEMENT OF PURPOSE My four years of undergraduate studies in CS at PSG College of Technology, Coimbatore and my exposure and penchant for research have made the choice of further study, for me, an obvious one. My goal is to pursue a career in research, either in industry or in academia. Ten years from now, I envisage myself as a full-fledged research professional in an organization, or a faculty member at one of the leading universities. The first step towards my objective would be to pursueRead MoreA Statement of Purpose: Computer Science Essay545 Words   |  3 PagesStatement of Purpose Course applied: Computer Science My passion for Computers developed when my fingers felt the first touch of it. The abstruse world of computers fascinated me to penetrate the technology and learn more about it, when I was in my 6th grade. The passion for this ever changing technology of computers enthralled me to take up graduation in Computer Science, further to go for research in this stream. My ambition towards this subject andRead MoreStatement of Purpose: Master in Computer Science602 Words   |  2 Pages Statement of Purpose/Computer Science Master Playing games on my fathers computer as a child fascinated me in the way the computer works, how fast it develops, and now how the computer helps the world to communicate. It still amazes me in how fast computers change and how communication across the globe is enhanced with the computer. Computers have drastically changed how society lives and does business. Even small businesses can do global sales without leaving their location. With new strategiesRead MoreStatement of Purpose on Computer Science and Management614 Words   |  3 Pageshave been fascinated by technology since childhood. This motivated me to pursue my bachelor’s degree in the field of Computer Science, which exposed me to programming languages such as C, C++ and JAVA. I also learnt the concepts of Data Structures, Algorithm Analysis and Design, DBMS, Data Warehousing and Data Mining. My inclination towards exploring the practical domain of computers led to my involvement in many projects like ‘Virtual DOS using JAVA’, ‘Steganography’ and ‘Hotel Management System’Read MoreStatement of Purpose for Master in Computer Science540 Words   |  2 Pagesachievement and begin to replace youth with wisdom, innocence with understanding, and lack of purpose with self-actualization. -Bo Bennett I present upon myself a precious gift of â€Å"Curiosity† which made me what I am today in the field of Computer Science. The quote attributes to my tendency to pursue the path of knowledge and passion to reach this goal with due diligence and perseverance. I have chosen Computer Science as major during Bachelors and pruned the knowledge with industry experience at Tata ConsultancyRead MoreEssay on Statement of Purpose for a Masters of Computer Science940 Words   |  4 Pages Statement of Purpose Security of computer systems and networking has become an issue of extreme importance due to the rapid increase in Internet usage. Making computer systems and Internet more secure for the society is the goal that I have set for myself. I have continued to make serious efforts in this direction during my undergraduate education and presently at software industry. My urge to continue my efforts aggressively propelled my interests to pursue Masters of Computer Science at theRead MoreStatement of Purpose for a Masters Degree in Computer Science 798 Words   |  3 PagesMy decision to undertake a master’s degree stems from my aspiration to have greater knowledge about Computer Science, an avid interest in the field of Software Engineering and a stimulating research environment present at the University of Pennsylvania. By pursuing a graduate degree, I will be able to strengthen my knowledge base and also further my career prospects. One of the greatest discoveries in the past few decades has been the Internet. It has revolutionised how we live, made distanceRead MoreEssay on Statement of Purpose for MS in Computer Science640 Words   |  3 PagesPersonal Statement MS in Computer Science, University of Illinois Being naturally intrigued about Computers, I pursued my undergraduate studies in Computer Science and Engineering at College of Engineering Trivandrum, University of Kerala, India. I intend to do my higher education in Computer Science and would like to get enrolled into the Masters Program at University of Illinois at Urbana-Champaign starting Fall ‘14. My Interest in science started in early childhood. I was fascinated by