To What Extent Do We Need Evidence To Support Our Belief Philosophy Essay

To What Extent Do We Need Evidence To Support Our Belief Philosophy Essay Evidence in my opinion can be described as some type of an authentication or a proof that is used to support one individuals own belief and thought. In other words, evidence is something that leads us to proof. This proof can be further used to strengthen or validate some kind of belief that we hold. That can then be considered to be a truth or a fact. For e.g. in todays world we dont accept something to be true until and unless suitable evidence is provided. Belief is a truth which might be considered as a truth not necessarily depending on the evidence of some sort. Beliefs in the beginning are thought to be as realistic by many people even when it has not been proved with evidence. It depends if that is going to be true or false. If a belief is proved then it becomes a fact. This undoubtedly means that beliefs are facts that are unproved. In case of past events, since we never had existed in the earlier period world we can never say if history was true at all. But to prove that we need evidences. Till we dont get an evidence for something it remains a belief. It is evidence that acts as a cause or a reason why beliefs can be thought of as something that does exist or is right. History is one such subject that requires some kind of evidence to make people believe that the past events that had occurred did exist. Even when I was taught history in the yester years we only had text books that were a stimulus material to learn and believe history. We were completely dependent on the text books but the examples provided in them sounded realistic. For e.g. we actually dont know if a Mughal emperor named as Shah Jahan ever existed in the Indian history. But to support this we have the beautiful Taj Mahal that is said was built by him for his wife. Here the Taj Mahal is regarded as evidence. Hence, we believe that there was a ruler called Shah Jahan. Likewise, there are many monuments and archaeological evidences that tell us about history i.e. the Harappa civilization and the rule of the British Empire etc. But there are many controversial things and different interpretations based on evidences that they get to know. The question that arises here is If evidence ca n affect our beliefs? How can one guarantee the truth involved in the evidences? A humans belief system does not always work on the basis of evidence. I think belief is made up of many diverse incidents which influence peoples mindset and their behavior. Hence, there is a high chance for someone to simply believe something if it is implanted within their belief even if the evidence is very less or not at all. For e.g. in our childhood days parents embed a thought in our mind that God exists, when in reality we dont really have a concrete evidence to support it. No one has actually seen God. But as we grow up the power of beliefs that are embedded in us slowly decline due to many extrinsic or intrinsic factors. Very little evidence is present in case of religions. Religion is somewhat an area where people believe in it even after being aware of the less evidence or sometimes no evidence present for it. Here, its a personal choice of a person whether to believe it or not. Its faith, that makes them believe in certain things. Many unlike ways of knowing such as perception, reason, emotions and language other than evidence affect the way people form or organize their beliefs in the natural sciences. Science is an area which can be experimented carefully only with the help of proper attentive methods which verify the theories that we have created with the help of other different ways of knowing we have. For example scientists believe that the whole evolution theory was developed. In natural science, we need some kind of a belief or in other words we an assumption to make. With the help of this belief in mind we can further prove them and then they can be known as facts. An example that can be given is when in the previous years the church used to say that its earth that is at the center and the other planets and sun rotate around it. But later this was proved wrong by Galileo Galilei with proper evidence. These types of evidences ultimately thought to be as true. People are more likely to focus on one parti cular piece of evidence which supports what they already believe. However, many areas of natural sciences are very unclear and open to different interpretations for different people. There always comes up evidence which contradicts the other one. That opens up new dimensions to the subject. As many peoples belief systems are so strong, they often choose to only pay attention to the evidence which support their claims. In our daily life, we tend to believe things that we see, hear or feel. There are many facts which are first deemed to be beliefs which if proved with proper evidence are considered to be facts. But there are many facts that dont need to be proved or were not proved. An example for this can be that we dont need to prove that Sun is the source from where we get light. Another example that can be given is it is the gravitational pull that pulls down objects. Evidence is a kind of theory that affects human mind a lot. Humans tend to believe things which have at least some kind of evidence attached to it. Human belief system is biased to the dissimilar ways of knowing. It acts according to the way they come to know about something. Psychologically it can be very difficult for our mind to accept something that has been taught to be right is in fact wrong. Areas of Knowledge: History, Arts, Ethics, Natural Science, mathematics, social sciences

Impact of Non-Governmental Organisations (NGOs) in India

Impact of Non-Governmental Organisations (NGOs) in India Abstract NGO’s have grown in number over the past years in India and has been an important factor that has an impact on business, government and society. NGO’s work directly or indirectly with companies to ensure proper corporate behaviour especially when it has an impact on the society and environment. NGO’s have become an important stakeholder in business activities, government decisions by playing an important role in pointing out the shortcomings of government and Multi national corporations. The visibility of NGO’s has increased throughout the years. Many corporations are partnering with NGO’s to carry out their Corporate social responsibility related activities. So this paper aims at measuring the impact of NGO’s on Business, government and society through certain indicators and case study . Literature Review Hansen and Spitzeck.H (2010) in their paper â€Å"Stakeholder governance:An analysis of BITC Corporate responsibility index â€Å" have found that over the years NGO’s have become an integral stakeholder of a multinational corporation. Companies are partnering with NGO’s in order to address social and community needs . LaFrance and Lehmann(2005) in their paper â€Å"Corporate-Awakening why some corporations engage in Public –Private partnership† have found that the important factors why companies engage in CSR activities are to improve the community as a whole and companies provide the necessary finance , the NGO’s ensure that the right amount reaches the right people. Hess and Warren (2008) in their paper have indicated that it is important that both the company and the society benefits from CSR activities. This is on the impact of NGO’S on the business and society front. The impact of NGO’s on the functioning of the government has also increased over the years. Inger Ull in his paper â€Å"The role and impact of NGO’S in capacity development â€Å" found that NGOs have become the main service providers in functions where government lacks efficiency and over the years NGO’s have moved a step ahead from a mere â€Å"gap filling â€Å" role to a capacity building role. So this paper aims at answering the research question â€Å"In India are the NGO’s able to play a significant role in CSR activities of a company and inturn help in the transformation of the society â€Å" and â€Å" Is the government in India shunting the role of NGO’s in improving the society ?†. Method The research methodology is a case study based approach in which Procter and Gamble’s Shiksha program is taken to study how NGO’s and companies can work in a collaborative manner to bring about a change in the society. The case of Karnataka is taken to discuss the relationship between NGO’S and the government . Case Discussion CSR ACTIVITIES IN INDIA A 2011 KPMG report showed that of 100 earning companies in India only 16% of the companies have a proper CSR strategy . Even after the 2009 rule that all companies must set aside atleast 2% for CSR activities many companies struggle in putting that to use. This is mainly because companies often lack expertise on how to manage these funds. This brings a wide range of opportunities for NGO’s to step in . Major companies are relying on NGO’s to manage the CSR activities. One of the companies that has successful CSR activity in collaboration with NGO’s is Procter and Gamble through their Shiksha program PG’s CORPORATE SOCIAL RESPONSIBILITY PROGRAM IN INDIA PG’s flagship CSR program is the shiksha program which was started in 2005 when PG found that education is the sector in which consumers were willing to contribute in their own little way. Shiksha enable consumers to contribute for education of under-privileged children through simple brand choices. Since inception Shiksha has gathered close to around 22 crores for helping children for a better education. The major pillars that help PG in this endeavor are the consumers and the NGO’s with which PG has partnered with. It has partnered with NGO’s like Save the children India, Army wives welfare association, Round Table India etc where these NGO’s help in building infrastructure, lay emphasis on education of girl child and differently abled children . Through this program PG along with the NGO’s have built SHIKSHA schools which gives children proper health and hygiene facilities at schools such as clean drinking water, advanced educational aids for chi ldren such as libraries and computer centres. Shiksha has also evolved into a national consumer movement with support from media, employees , consumers and celebrities . IMPACT ON THE SOCIETY The shiksha program now reaches around 385,000 children in across 200 schools in India. It has provided children with various facilities like digital library and schemes like mid-day meal and parivartan. In 2012 PG’s initiative brought about distance learning program at Government High schools through which children had access to listen to experts from various parts of the country. PG also partnered with IBTADA an NGO to adopt a girls high school in Rajasthan to encourage education of girl child. PG’s key partner a NGO called Round Table India, takes care of the maintenance and running of the RTI Shiksha schools . With the Motto of â€Å"Padhega India Toh Badhega India† PG believes that secret of brighter India lies in the future generation attaining good quality education. Through this program PG commits a minimum donation of 1 Crore every year. IMPACT ON BUSINESS CSR activities at PG had not only benefited the society , it has benefited the business activities of PG too. The shiksha program became a huge movement which was endorsed by top notch celebrities . This has increased the brand image of PG products among consumers. Moreover by making the consumers also contributors to their CSR program , PG has made the consumers also their major partners in the CSR activities and gives them the sense of giving back to the society by buying PG products. All this wouldn’t have been possible without proper partners who can make use of the funds appropriately and ensure that the money reaches the right hands. So major credit for the success of this program is owed to the NGO’s who ensure that all activities take place in a smooth manner. Therefore NGO’s indirectly contribute to the growth of a company by helping companies manage the CSR activities. Therefore from the above example of PG we can conclude that a collaboration between a company and NGO can have a significant impact on the business and society. IMPACT OF NGO’S ON GOVERNMENT Over the years NGO’s have become an integral part of the society they have become the main service providers in areas where government fails to achieve. They not only play the role of gap filling but they also help in capacity building . Unless government and NGO’s partner with each other capacity building initiatives will not be successful. But does the government in India really support NGO activities is a big question mark. Inorder to answer the question the case of relationship between government and NGO’s in Karnataka is taken. IMPACT OF NGO IN KARNATAKA In India there can be observed a pattern in the relationship between state and NGO’s pre independence NGO’s where silent partners . Post independence the relationship became antagonistic. The state sought to control the NGO’s by posing many restrictions and regulations. But in the present India most of the states work in a collaborative manner with NGO’s and the NGO’s have also become highly professionalized. Karnataka was one of the states which has an active collaboration with NGO’s. Karnataka has a fair amount of voluntary groups and they are majorly rural oriented NGO’s. One major factor for NGO development in Karnataka is the devolution of powers within the panchayathi raj. Decentralization of power makes the relationship between the government and NGO’s easier. The NGO’s in Karnataka are mostly rural oriented NGO’s but apart from these there are NGO’s who emphasize on growing importance on the alliance between the state and NGO’s . In 1990 when Infrastructure was lacking in bangalore CIVIC was started to address the issue of rapidly decaying infrastructure in Bangalore and to pressurize the government in taking necessary steps. Today Bangalore is one of the cities that has best infrastructure. Karnataka also has a strong formal networks which helps NGO’s to express solidarity, share experiences and help in identifying developmental problems. Another important factor that has helped in the collaboration of NGO’s and the state is the establishment of point of contacts. The government of Karnataka regulates and funds NGO’s . The government has also taken initiatives in setting up NGO’s or supporting existing NGO’s . An example of this is the establishment of MYRADA inorder to resettle Tibetean stay homes. The government of Karnataka has also attempted to establish institutional channels for communication with the NGO’s. In 1984 it set up a forum that consisted of NGO representatives and government heads and it was chaired by the development commissioner . This forum meets atleast twice a year inorder to discuss developmental problems and to resolve the procedural problems between the government and NGO’s . This has facilitated a better relationship between the two parties. Today Karnataka is one of the states that has active voluntary groups and the number has increased year on year. From the above case we can conclude that if NGO’s work in collaboration with the government they can have a huge impact on the government and the society Conclusion The number of NGOs in India has increased over years and they play an important role in the society. NGO’s can also have a huge impact on business and government. Through CSR activities NGO’s help companies in manging their funds and ensure that the money allocated for CSR purpose reaches the right hands. With proper collaboration with governments NGOs not only do the role of gap filling but they also help in capacity building. Therefore NGO’s have a significant impact on business, government and society. References Allard, Gayle. The Influence of Government Policies and NGOs on Capturing Private Investment. Diss. Instituto De Empressa, 2008. Web Home. PGIndia.com Social Responsibility Programs in India: Team Building, Employee Engagement. N.p., n.d. Web. 17 Mar. 2014. Hansen, and Spitzeck. Stakeholder Governance:An Analysis of BITC Corporate Responsibility Index. N.p., n.d. Web Lafrance, and Lehmann. Corporate-Awakening Why Some Corporations Engage in Public –Private Partnership. (2010): n. pag. Web

The Search for Self in Tirra Lirra by the River Essay -- Tirra Lirra b

The Search for Self in Tirra Lirra by the River  Ã‚   It has been suggested that Tirra Lirra by the River can be regarded as a novel which aims eventually at a better understanding"2. In my opinion understanding is achieved at two levels in the novel. The first type of understanding is personal and introspective, and is discovered by the central character. The other is societal, achieved through allegory and symbolism, and aimed at the reader. Jessica Anderson aims to develop this dual understanding through the exploration of two main themes: the quest for self-knowledge, and the consequences of gendered societal repression. In this essay I will explore these themes, and how much Nora and the audience respectively finally understand in relation to them. The Quest for Self-Knowledge Nora Porteous, the main character of Tirra Lirra by the River, embarks on a voyage of self discovery as an elderly lady - mostly while in bed recovering from pneumonia. As physical exertion, which the reader later discovers has been her usual response to periods of 'waiting', is denied her, she begins to explore her inner world of imagination and memory. Her most important discovery is that she has lived under the curse of an imbalance between imagination and reality all her life. This imbalance is signified by Nora's many correlations to Tennyson's "Lady of Shallot", and by the chasm between her physical appearance and actions and her inner character. One of the most obvious traits shared by the Lady and Nora, is their desire for the perfect social world of Camelot. Nora's 'Camelot' is a "region of [her] mind, where infinite expansion was possible" and is more real than "the discomfort of knees imprinted by the cane of a chair" (... ... from p. 61. Willbanks, p. 62. Pam Gilbert, Coming Out From Under: Contemporary Australian Women Writers (London: Pandora, 1988) p. 140. Elaine Barry, "The Expatriate Vision of Jessica Anderson," Meridian 1 (3) (1984), 3-11. This from p. 8. Alfred Tennyson, "The Lady of Shallot," In Elaine Barry, Fabricating the Self: The Fictions of Jessica Anderson (Queensland: UQP, 1992), Appendix 2. Elaine Barry, Fabricating the Self: The Fictions of Jessica Anderson (Queensland: UQP, 1992), p. 89. Barry, Meridian, p. 9. Barry, Fabricating, p. 83. Roslynn Haynes, "Art as Reflection in Jessica Anderson's Tirra Lirra by the River," Australian Literary Studies 3 (12) (1986), 316-323. This from p. 318. Willbanks, p. 60. Barry, Fabricating, p. 73. Barry, Meridian, p. 7. Barry, Fabricating, p. 74. Willbanks, p. 60. Barry, Fabricating, p. 71. Willbanks, p. 62.      

Susan Smith :: essays research papers fc

Susan Smith In the blink of an eye, North America was informed of Susan Smith's tragic loss of her two young boys. No one would have guessed that such a violent crime could have occurred in a small town . Throughout the ordeal , police began to see the flaws in Susan Smith's story. This lead to suspicions, causing the police to make Susan Smith their prime suspect. Days later, Susan Smith confessed to the hideous crime she committed, leaving the nation in disgust. The actions of Susan Smith, which were based on her background and the events in question have left a profound social and legal impact on society's views of violent crimes. Susan Smith lived what most would consider a normal life up to the time before the event concerning the murder of her two children. The only exceptional incident in her past was the suicide of her father when she was eight years old. Susan met her future spouse David Smith, at the age of nine- teen. The couple later went on to have two children, Michael and Alex. She was described as "well-known and well-liked" by her friends, neighbours and relatives. None of her friends or neighbours could have expected Susan Smith to commit such a horrible crime. The event took place in a small town in Union, South Carolina. On October 25th Susan Smith explained that she was "heading east on Highway 49 when she stopped at a red light at Monarch Mills about 9:15 p.m., and a man jumped into the passenger seat." She described the man "as a black male in his late 20s to early 30s, wearing a plaid shirt, jeans and a toboggan-type hat." She said that the abductor held her at gun point and told her to drive. She drove northeast of Union for about 4 miles. Then the man suddenly told her to stop the car. Mrs. Smith said she asked if she should pull over, but the man said for her to stop in the middle of the road. She claimed that she begged for the release of her two children, who were still strapped in the back seat, but it was to no avail. The town sent out thousands of volunteers to search through "over five hundred square miles for the children." The story later went national but there was still no sign of the children or the attacker. The town Sheriff, John Wells, with the help of an FBI computer system went after every lead that came in from psychics, crackpots and well-meaning citizens.

Estimation of Production Function of Public Sector Banks

Project| Estimation of Production function of Public Sector Banks | | | Contents 1. INRODUCTION3 2. Methodology4 2. 1General Approach:4 2. 2Data Collection:4 2. 3Data Processing:5 2. 3. 1Nature of Banks:5 2. 3. 2Nature of Variables:5 2. 3. 3Assumptions in the treatment of Variables:5 2. 4Data Analysis:5 2. 4. 1Objective of the Analysis5 2. 4. 2Production Function Relationship:5 2. 5Limitation8 3. Data analysis and Results9 4. Conclusion15 5. Bibliography16 1. INRODUCTIONThe structure of the banking industry has undergone sweeping changes in the past two decades. In response to heightened competition from non-bank financial firms enabled by technological progress among other factors, banks have been expanding both the scale and scope of their operations, largely through consolidations. This merger wave coincides with extensive deregulation, which has removed restrictions on product offerings and interstate banking. These changes have motivated many studies. The estimation of bank prod uctivity and returns to scale is of particular nterest because of its broad practical applications and important policy implications The Banking Sector is characterized by multiple inputs and outputs that are associated with various attributes, such as different types of deposits, loans, number of accounts, classes of employees and location of branches. Transformation in terms of moving from high operating cost, low productivity and high spread to being more efficient, productive and competitive has been an important challenge for the banking sector in India.Recent years have witnessed substantial research efforts that have been devoted to measuring the efficiency and productivity of the banking industry. However, assessment of performance of banks has been a problematic one because of the unresolved questions concerning inputs and outputs. In the absence of any coherent definitions, researchers have used a variety of inputs and outputs, mostly based on an intermediation or producti on approach. The study of the Indian banking sector is of special interest for multiple reasons.Besides being one of the fastest-growing emerging economies of the world, India has one of the largest state-owned banking systems and generates employment of around 1 million people. Secondly, the vast network of around 70,000 commercial bank branches provides the base of the finance-led growth and development process in India. Thus the issue of efficiency and productivity of banks in India is particularly important. In the aforementioned context we define productivity as a concept that involves the transformation of resources into final goods and services.Production function is a function that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs. It indicates the highest output that a firm can produce for every specified combination of inputs. This function is an assumed technological relationship, based on the current state of engineering kno wledge; it does not represent the result of economic choices, but rather is an externally given entity that influences economic decision-making. Almost all economic theories presuppose a production function, either on the firm level or the aggregate level.In this sense, the production function is one of the key concepts of mainstream neoclassical theories. In micro-economics, a production function is a function that specifies the output of a firm for all combinations of inputs. 2. Methodology 1 2 3. 1 General Approach: This section describes the general approach taken for the analysis of the Production function of the Public Sector Banks (PSBs) in India. A bank for its operation takes several inputs and generates several outputs. For e. g. the typical inputs are Employees, Capital for operation, Reserve & Surplus, number of Branches, number of ATMs of a bank etc.Its output is typically the Loan (Advances), Interest Income etc. Since Multiple Regression is used so the production outp ut is taken only one at a time. Also, only two input variable at a time is used, though several regression analysis have been done for different combinations of input and output to get the most reasonable and best approximate relationship. However, a bank uses any number of variables as input simultaneously. A bank measures its performance among other parameters on how much Loan or Credit it has disbursed in a fiscal year or how much Deposit it has collected from the customers etc.Though such data in isolation may not be a true estimate of the efficiency of the business because unregulated disbursal of loans may cause Non Performing Assets (NPAs) which will lower the Retained Earning of the Bank but since the report is concerned only with the Production function of the PSBs hence no comment will be made on this aspect. Similarly how competitively the Deposits have been taken will not be a subject matter of this report. The Methodology of the report is to be first gather relevant inp ut/output data from authoritative source.The data so obtained are processed and any assumptions made for their subsequent analysis is clearly defined. In the next phase the data analysis is done wherein suitable regression technique is used to generate the relationship between the input variables and the Production output. Finally the Interpretation is done to assign the meaning to such endeavor. 3. 2 Data Collection: The data for the Public Sector Banks (PSB) in India for the following variables have been collected from the Reserve Bank of India’s (RBI) official website for the fiscal 2004-05 to 2008-09: Deposits * Capital * Loans & Advances * Labour * Interest Income 3. 3 Data Processing: Nature of Banks: All the 20 Nationalised Banks including IDBI as well as all the Associate Banks of the State Bank of India have been considered for the study. Thus a total of 27 banks has been focussed from the fiscal 2004-05 to 2008-09 for their Production output vis-a-vis different inpu ts. Nature of Variables: For the Banking Sector there are few variables which are clearly treated as input variables and output (production) variables.Example includes Labour and Loan (Advances) as input variables and Interest Income as output variables. But their are variables like Deposits which are ambiguous in their treatment as either input or output. It is input because to disburse loan which is an output the bank requires deposits. It is this deposit which is finally disbursed as loan. However, Deposit is treated as Output because the performance of a Bank is measured among other parameters by how much Deposit it has been able to generate in a fiscal year. For our analysis we treat Deposits as Output/ Production variable.Assumptions in the treatment of Variables: 1. It is assumed that the cost of per unit Labour is constant and same across all banks. Thus we may take the Labour as a quantity across all banks as an input variable, without bothering about the variable wage rate for each labour i. e the Cost of Labour is a linear function of the quantity of Labour. 3. 4 Data Analysis: Objective of the Analysis The report wish to obtain the following objectives: * To establish a mathematical model of Production Function for PSBs in India. * To analyze the regression coefficients obtained vis-s-vis the PSBs’ input and output. To analyze the regression coefficients for specific banks over five years Production Function Relationship: To estimate the one variable Production output function for an economic entity the Cobb-Douglas Production Function is widely used. For the Banking industry the report establishes the relationship between the following input variables and the Production output variable: (A) For all the 20 Nationalised Banks (including IDBI) along with the Associate Banks of SBI, the following Regression Analysis is done across all the years starting from the fiscal 2004-05 to 2008-09. S.No| Input Variable1| Input Variable 2| Production Outp ut| Across Time Period| Banks| 1| Labour| Capital| Deposit| 2004-05 to 2008-09| All PSBs| 2| Labour| Capital| Advances| 2004-05 to 2008-09| All PSBs| 3| Labour| Capital| Advances + Deposit| 2004-05 to 2008-09| All PSBs| 4| Labour| Capital| Interest Income| 2004-05 to 2008-09| All PSBs| The number observations made = Number of Production Functions * Number of Fiscal Years for which the observation is made = 4*5 =20 (B) Specific to the Largest Nationalised Bank as per capital viz. State Bank of India (SBI) and the Smallest PSB as per Capital viz. State Bank of Indore (SBIndore) were taken for regression analysis separately. The merger of  State Bank of Indore, the smallest associate bank of State Bank of India (SBI), was completed in the last week of August 2010, ut for our analysis we still continue to treat its data as separate from that of SBI. S. No| Input Variable1| Input Variable 2| Production Output| Across Time Period| Bank| 1| Labour| Capital| Deposit| 2004-05 to 2008-09| S BI| 2| Labour| Capital| Advances| 2004-05 to 2008-09| SBI| 3| Labour| Capital| Advances + Deposit| 2004-05 to 2008-09| SBI| 4| Labour| Capital| Interest Income| 2004-05 to 2008-09| SBI| 5| Labour| Capital| Deposit| 2004-05 to 2008-09| SBIndore| 6| Labour| Capital| Advances| 2004-05 to 2008-09| SBIndore| 7| Labour| Capital| Advances + Deposit| 2004-05 to 2008-09| SBIndore| 8| Labour| Capital| Interest Income| 2004-05 to 2008-09| SBIndore|The number observations made = Number of Production Functions * Number of Fiscal Years for which the observation is made = 8*5 =40 3. 5. 1. 1 Multiple Regressions: For modelling and testing of multiple independent variables (or predictor variables), Multiple Regression is used. Since it is for only single dependent variable (or criterion variable) hence Multiple Regression is not a multivariate test. The model for a multiple regression takes the form:   y  =  ? 0  +  ? 1Ãâ€"1  +  ? 2Ãâ€"2  +  ? 3Ãâ€"3  + †¦.. +  ? And we wish to estimate the  ? 0,  ? 1,  ? 2, etc. by obtaining   ^ y1  =  b0  +  b1x1  +  b2x2  +  b3x3  + †¦..Where the  b's are termed as the â€Å"regression coefficients† and ? is the error or residual value. For 2 independent variables we fit the data for a plane. The beta values are used in measuring how effectively the predictor variable influences the criterion variable. R2, in multiple regression is the square of the measure of association which indicates the percent of overlap between the predictor variables and the criterion variable. 3. 5. 1. 2 Cobb-Douglas Production Function: The Production of an economic entity may be defined as a function of its inputs. In a general mathematical form, a production function can be defined as: P= f(X1,X2,X3,†¦Xn) Where: P = Production or output quantityX1,X2,X3,†¦Xn = Input variables such as Labour, raw material, capital etc. f() = function defining the relationship. This function may be a L inear Function of all input variables. It can also be a Product Function of all the individual variables with each variables weighted for a corresponding exponent. The Cobb-Douglas Production Function follows the latter approach and is as follows: P = A. L?. K? Where, P = Production or output quantity L = Labour (the number of employees) K = Capital (the monetary worth of all machinery, equipment, and buildings) A = Total factor productivity, a variable which accounts for effects on total output not explained by chosen inputs. ?, ? are the output elasticity of labour and capital, respectively. These values are constants. We assume ? , ? ;lt; 1 so that the firm has decreasing marginal products of labour and capital. The Multiple Regression is to be done using the Cobb-Douglas Production Function, then the said function needs to be in a the linear form. To achieve linear scale the exponential Log of the Cobb-Douglas Production Function may be taken. Thus the following function is bein g used in the report for regression: Log (P) = a0 + ? *Log(L) + ? *Log(K) Thus the Input 1= Log(L), Input 2 = Log(K) and Output = Log(P) and Model Coefficients = ? , ? 3. 5. 1. 3 Return to Scale:Returns to scale refers to a technical property of production that examines changes in output subsequent to a proportional change in all inputs (where all inputs increase by a constant factor). If output increases by that same proportional change then there are constant returns to scale (CRTS). If output increases by less than that proportional change, there are decreasing returns to scale (DRS). If output increases by more than that proportion, there are increasing returns to scale (IRS). To summarise, it is as follows: ? + ? | Returns to scale| =1| constant| ;lt; 1| decreasing| ;gt; 1| increasing| 3. 5 Limitation * The correlation between labour expense and production across banks may be limited if the business model of the bank varies.For example banks who primary operate in larger   ci ties can produce more with a smaller workforce because of greater labour utilization while labour in far flung remote branches might be under utilized and may not contribute to production that efficiently. Hence we assume a linear utilisation of labour. * This correlation is limited because as technology is increasingly substituting labour in banks so a bank with smaller workforce but superior technology can still produce more. Different PSBs may differ on this aspect of technological implementation vis-a-vis their labour. * Our analysis has restricted inputs and outputs to very few variables. There can be other variables although the report has included the most important ones for the study. * In analysis of SBI and State bank of Indore we have taken only 5 data points for 5 years. This may limit the authenticity of analysis. We have chosen only two input case to estimate the production while other inputs are collectively taken in intercept. * There is an assumption that the produc tion function follows Cobb-Douglas Production estimation. Other Production estimation methods like Olley/Pakes and Levinshon/Pertin functions are not considered. * In the regression model, we have not factored in any smoothing techniques. * In the analysis of bank over the years the data may be misleading,banks over the year may with better technology produce more with lesser input this effect will lower their economies of scale in the given analysis, this is a wrong conclusion 3. Data analysis and Results We referred the website of RBI to get the data needed for our analysis.A total of 27 banks were taken for analysis and the data for these banks from the period 2004-05 to 2008-09 have been used for the analysis. We used the Cobb Douglas Function for the models, wherein Q = A * (Input1^ ? 1) * (Input2 ^ ? 2) The production functions thus attained provides us a view of the overall sector as a whole for the following the outputs. 1. Deposit 2. Advances 3. Deposit + Advances 4. Intere st Income Further, we focussed on two banks, State Bank of India and State Bank of Indore, the largest and smallest in the sector in terms of capital, to understand the applicability of the product functions attained in the above study.Here, the data across the five years in the consideration were used to obtain the production functions for each of the input-output combinations mentioned above. The results have been summarized in the Table 1 below for the four different models taken for all the banks across five years and Table 2 for all the four models for 2 specific banks: Table 1: Case| Year| Intercept| ? ( Elasticity of Labour)| ? (Elasticity of Capital) | R2| Model 1:Input1: Labour Input2: Capital Output: Deposits| 2004-05| 0. 6431| 0. 7257| 0. 2440| 0. 9596| | 2005-06| 0. 8010| 0. 5535| 0. 4239| 0. 9802| | 2006-07| 0. 8944| 0. 5655| 0. 4017| 0. 9731| | 2007-08| 1. 2448| 0. 4426| 0. 676| 0. 9707| | 2008-09| 1. 2768| 0. 3591| 0. 5694| 0. 9685| Model 2:Input1: Labour Input2: Capi tal Output: Advances| 2004-05| 1. 0543| 0. 2347| 0. 6749| 0. 8900| | 2005-06| 0. 9721| 0. 1998| 0. 7609| 0. 9372| | 2006-07| 0. 9495| 0. 3228| 0. 6367| 0. 9448| | 2007-08| 1. 2994| 0. 2608| 0. 6275| 0. 9544| | 2008-09| 1. 2154| 0. 2486| 0. 6746| 0. 9641| Model 3:Input1: Labour Input2: Capital Output: Deposits + Advances| 2004-05| 1. 2041| 0. 4583| 0. 4768| 0. 9416| | 2005-06| 1. 2145| 0. 3679| 0. 5987| 0. 9695| | 2006-07| 1. 2331| 0. 4450| 0. 5174| 0. 9662| | 2007-08| 1. 5742| 0. 3575| 0. 5422| 0. 9663| | 2008-09| 1. 5500| 0. 3101| 0. 6157| 0. 9683|Model 4:Input1: Labour Input2: Capital Output: Interest Income| 2004-05| -0. 1461| 0. 5320| 0. 4036| 0. 9584| | 2005-06| -0. 0207| 0. 2972| 0. 6656| 0. 9610| | 2006-07| 0. 0246| 0. 3640| 0. 5843| 0. 9733| | 2007-08| 0. 3381| 0. 3250| 0. 5629| 0. 9639| | 2008-09| 0. 4347| 0. 2483| 0. 6411| 0. 9711| Table 2 State Bank of India| Case| Intercept| ? ( Elasticity of Labour)| ? (Elasticity of Capital) | R2| Input1: Labour Input2: Capital Output: Deposits| -3. 03105| 0. 978999| 0. 77501| 0. 976381| Input1: Labour Input2: Capital Output: Advances| 2. 773811| -0. 31806| 0. 972634| 0. 93499| Input1: Labour Input2: Capital Output: Deposits + Advances| -0. 37579| 0. 453894| 0. 852554| 0. 64079| Input1: Labour Input2: Capital Output: Interest Income| -3. 36783| 0. 872917| 0. 74153| 0. 996843| State Bank of Indore| Case| Intercept| ? ( Elasticity of Labour)| ? (Elasticity of Capital) | R2| Input1: Labour Input2: Capital Output: Deposits| 1. 693202| -0. 37172| 1. 310855| 0. 985134| Input1: Labour Input2: Capital Output: Advances| -3. 03629| 0. 124397| 2. 214496| 0. 938827| Input1: Labour Input2: Capital Output: Deposits + Advances| 0. 119414| -0. 21134| 1. 712892| 0. 966654| Input1: Labour Input2: Capital Output: Interest Income| 5. 081366| -1. 73671| 1. 552713| 0. 993676| The macro-economic factors in India definitely affect the performance of the banks.The various parameters like inflation, GDP affect the sentiment of the market in general, while the regulatory measures taken by RBI through changing CRR, SLR, repo and reverse repo rates effect a shift in the business outlook of the bank. Since these parameters keep on changing from time to time, we decided to have separate product functions for every year. This guards us against the negative impacts making an assumption of Ceteris Paribas in determining the product functions, where we might have a few more variables. But the correlation of those factors with the performance of the banks is not the motive of this study, and hence not in its scope.Also, while analyzing the performance of the banks, we have to keep in mind that, being in the public sector, their focus is not always on profit maximizing. Rather, the goal is often carrying out the social responsibilities like providing banking facilities at places where the venture might not be profitable, and hence not a feasible for the private sector to open branches at those places. Analysis and Results for the different models Model 1: Input variables: Labour (L), Capital (K) Output variable: Deposit The first graph below captures the variation in output with respect to change in labour and the second with respect to change in capital. A strong similarity in graph indicates that labour n capital can be almost perfect substitutes. If the graphs differ then they are not good substitutesDeposit is essentially an intermediate variable, here treated as an output. As expected, we see some variation in the results across the years. An interesting observation here is that the elasticity of labour decreases along the period under study. This is in keeping with the redundant labour created by the technical innovations of the operations reducing the productivity of labour. The policies of the Public sector bank do not allow them to reduce the input of labour suddenly. Also, the higher elasticity of capital for 2008-2009 indicates the mood of the market during the recession, where the safety of t he bank deposits looked better when weighed against the risks and lower outputs of other avenues of investment.The high values of R2 point at the stability of the regression through which the production functions were attained. As the sum of Output Elasticity’s of Inputs (Labor and Capital) as ? +? value is close to unity, it implies that the Indian Public sector banks are in Economies of Scale. This is consistent with the earlier economic researches which imply the banking sector in general is in Economies of Scale (Increasing returns to scale). Model: 2 Input variables: Labour (L), capital (K) Output variable: Advances Here, again, we see that the R2 values are high indicating higher stability in the production functions. An interesting phenomenon that can be noticed in these results is in the relative stability of all three parameters across the years.The relative variation of the coefficients across the years is relatively low. Model: 3 Input variables: Labour (L), capita l (K) Output variable: Deposit Advances Here, again, we see that the R2 values are high indicating higher stability in the production functions. An interesting phenomenon that can be noticed in these results is in the relative stability of all three parameters across the years. The relative variation of the coefficients across the years is relatively low. The economies of scale ? +? value is again close to unity and signifies that for all the different outputs there is an increasing scale of return. Model: 4 Input variables: Labour (L), capital (K) Output variable: Interest IncomeAgain, we see a clear trend of declining elasticity of labour across the years, validating the observation made in case 1. The relatively higher elasticity of capital in 2008-09 indicates the stability and optimization of performance of the Indian banks in turbulent global scenario. For each of the banks under study, the income under both the heads, Interest and other, showed a steady rise. Analyzes for Spe cific banks: State bank of India and State bank of Indore All the above mentioned four models of input and output parameters where analyzed for State bank of India and State Bank of Indore for period of 5 Years . The below graphs are a couple of sample graphs of the analysis . All the graphs of the analysis are attached below.We must note a very interesting trend in the economies of scale (ie the sum of alpha n beta) in our result. The economy of scale for almost all the cases in the initial four analysis is slightly less than or almost equal to 1 but it is greater than 1 both for SBI and State bank of Indore respectively. This means that when we look at the overall sector the banks of larger size have almost proportionally large output as compared to their input but both in SBI and State bank of Indore the increase in output is disproportionally larger compared to increase in input. The Data used for the analysis and detailed regression analyses are attached below:The complete set of graphs created for all the models are as well attached below: 4. Conclusion The study focused on modeling the Production Function for public sector banks. The regression curves obtained from all the banks that were considered for production functions for Deposits, Advances, sum of Deposits and Advances and interest income. The coefficient of variation was above 90% in most of the cases which reinforces the assumption that the level of capital and labour count significantly explains the variation in output level. The sum of ? and ? , the parameters of the system, is nearly unity. This indicates that the industry has a production which exhibits constant returns to scale.For the analysis done on individual banks (SBI and State bank of India), the values of negative value of alpha  and beta indicate that the increase in labour or capital (as the case may) decreases the overall output of the bank. We have seen constant or slightly decreasing economies of scale across banks in any gi ven year whereas SBIs have shown increasing scale of economy (;gt;1) over the years. To explore this issue further we had done a few more regression for some more banks for 5 years (5 data points). The analysis has thrown up very interesting conclusion, the economy of scale fluctuates by huge degree across various banks and overall it is negative. This happens when the bank is already utilizing more than the needed labour or capital for its given capacity and any further increase in it decreases the overall production .It can be concluded from this analysis that although overall it may not be desirable to have a large size bank, it is desirable to increase the size of both SBI and State bank of Indore as here the incremental return will outmatch the incremental investment as they have economies of scale greater than unity. Our results have been consistent with the previous research findings which state that banking industry has economies of scale i. e. output more than doubles with doubling of input. It was also observed that sum of output elasticity’s of factor inputs (? +? ) was greater for certain banks like SBI and State bank of Indore. 5. Bibliography * Microeconomics, 7th Edition. Robert S. Pindyck, Daniel L. Rubenfield, Prem L. Mehta. * http://en. wikipedia. org/wiki/Banking_in_India *

Freakonomics position paper Essay

Freakonomics is an â€Å"alternative† look at debunking some of the established wisdom as far as our ideas about life in general and economics in particular go. It is an irreverent and funny book about some of the truths that we take to be self-evident. It is one of the books in the new genre of non-fiction that attempts to question some of the academic theories that all of us take for granted. There are other books like â€Å"Black Swan†, â€Å"Undercover Economist† and â€Å"Tipping Point† that have tried to explain social phenomena in terms of going beyond the academic dogma. The topic for this essay is the â€Å"Perfect parent† hypothesis that deals with some of the myths concerning child rearing and safety that parents use in bringing up their children. The essay looks at the chapter in detail along with the material presented and then attempts to support the claims as well as present some criticism of the same. However, Freakonomics can also fall into the trap that it has laid for established theories. For instance, chapter five that deals with a â€Å"Perfect Parent† hypothesis can easily be debunked by theories that contradict the authors’ claims. Usage of Data and otherwise Freakonomics relies heavily on statistical evidence to debunk many of the â€Å"truths† and offers some data to prove some counter-intuitive truths. As the authors’ state, they want to expose â€Å"the hidden side of everything†. Towards this, the authors’ take on many established certainties and prove that we often tend to overestimate the potential risk in say, flying and under-estimate the risk associated with driving when statistical evidence clearly shows that more people die in road accidents than air accidents. The book is definitely an attempt to look for the â€Å"hidden connections† as can be seen from the linkage of abortion to the low crime. The example of Roe. vs. Wade and the resulting decrease in crime is a good example of this. While it makes sense to blame everything on our inability to measure risk or use quantitative analysis in everyday life, the fact remains that with the abundance of theories being floated on a daily basis, there is no â€Å"one correct† way to lead a life, let alone parenting. While the purpose of this essay is not to debunk â€Å"Freakonomics†, nonetheless we should remain cautious about â€Å"information overload† . This is one tendency that would make us derive some meaning out of the current age. Chapter Five: The Perfect parent hypothesis The chapter deals with the question â€Å"What makes a perfect parent? † It deals with the statistical evidence to prove that: – Though there is correlation between parents who are highly educated, kids not from single homes and their test scores, it is not enough to establish a cause and effect scenario between two sets of factors – The data also proves that black children doing badly at school most probably means that they are from a low income household rather than that they are black. An example of this would be the success of black golfer Tiger Woods. Having an upbringing that was virtually elitist, the success of Tiger Woods proves the above hypothesis. Though the authors’ have not quoted this as an example, they nonetheless state that the data from the ELCS scores is highly encouraging for anyone who wants to have a shot at the â€Å"black white† hypothesis of doing badly/well at school – The other set of data that the authors’ present relates to the child safety seats that sell in millions compared to having a child in a rear seat. This is what they call the â€Å"outrage reduction† for the obsessive parenting. This can be compared to the example of a terrorist attack like 9/11 that can be seen in terms of â€Å"sensational† value as compared to the number of people who die from gun shot wounds. Countering the authors’ claims in Chapter Five The main criticisms against chapter five are: – Overgeneralization – Attempt to dazzle – Usage of anecdote when the authors’ make claims based on data The authors’ contention that â€Å"good parenting† as the experts claim may not hold the key and their frank admission that many of the outcomes of a child’s personality cannot be measured kind of stand out against their other claims. The last point refers to the black kid who had to fend for himself at the age of twelve and the white kid who has all the advantages. The black kid turned out to be Levitt’s co-author while the white kid turned out to be the Unabomber. The point being made here is when the authors’ use so much data, what is the point of using anecdotes. The authors’ repeatedly try to discourage the â€Å"anecdotal evidence† and instead concentrate on statistics to prove their point. So, this is one trap that the authors’ laid for themselves . Also, the temptation to dazzle with â€Å"truths† sometimes is overarching and can be avoided. Conventional wisdom The books’ as well as the chapter five’s thesis is all about how conventional wisdom can often lead us wrong. And it is here that the authors’ score their best. Often, we take the â€Å"truths handed down† to us as the norm and though scholarly studies have tried correcting the myths, the authors’ deserve credit for putting out the evidence in a fashion as understood by everybody. Conclusion Though we have taken one â€Å"truth† as our thesis and provided views on both sides i. e. to support as well as debunk, nonetheless the book is an entertaining read and is a serious attempt to get past the â€Å"scholarly daze† that most of the academic journals and mainstream research provide. At times, the book might seem to be â€Å"like a journalist explaining economics† but the reason for this is that the authors’ are trying to put their point across to laypeople.

The Truth And Nothing But The Truth? The Legal Liability Of Employers For Employee References Essay

Negligent Referral Introduction   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Common law refers to a legal system native and developed in England and in which court decisions set precedence in decreeing case laws subject to usages and customs rather than the codified written laws. In common law, the duty of care refers to a legal obligation in which an individual is demanded to confirm to a standard and degree of reasonable care while undertaking any activity that could inflict foreseeable harm to others (Martin & Jonathon, 2009). This concept was developed by Lord Atkins and it set pace for determination of Tort Laws and especially negligence. For instance, employers are bound by law to observe standards of procedures in referring their former employees to other employers such that the other employer does not suffer (MacLeod, 2011). This paper explores the liability of the employer in making references about his or her employees in common laws, duty of care.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Business corporations today are afraid of providing their former employees’ information to prospective employers for fear of possible lawsuits. Often, the human resource department strongly fears these suits that they result to strong policies against employment references. However, the question of this action as to being the â€Å"best practice† substantially differs between one episode and another (MacIntyre, 2013). Essentially, the liability of employers may arise in any of the following four areas. Firstly, the employer may be liable for defamation at common la. Secondly, the employer may be bound for invading on the privacy of their employees at common law. Thirdly, the Civil Rights Acts, and the retaliation under the Fair Employment Act may deem the employer liable (Adams, 2013). Finally, the common law may fault the employer liable for negligent referral or in breach of the duty to warn potential and subsequent employe rs.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The employer’s liability in negligent referrals of their employees arises from the doctrine of vicarious liability. Under this doctrine, a person is assigned liability due to inflicted harm or injury by a negligent person subject to their relationship to the negligent person. Vicarious liability is also known as imputed negligence (Finch & Fafinski, 2011). This doctrine is based on the theory of respondeat superior where â€Å"let the master answer† situation answers. For this liability to arise, the employee’s negligence must have occurred within the boundaries of his or her employment.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Legislation to the employer’s liability on employee referrals was sustained in reaction to the defamation privileges claims emanating from employment references. According to Section 895.487(2), it is presumed that an employer’s response to a reference request is made in good faith. Therefore, it is immune to civil liability that may arise from provision of the reference to a prospective employer (Middlemiss, 2011). The good faith presumption, however, may be invalidated or expired if the reference response provided clearly convinces malice and falsehood by the employer. In addition, the presumption expires when the reference response is made in contravention of the blacklisting statute.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Employer reference liability was first decreed in the Gibson v. Overnite Transportation Co. In this case, the plaintiff, Gibson became harassed by union supporters in crossing a picket line aimed at completing his work assignment (Partington, 2011). Consequently, he resigned from Overnite Transportation falsely on grounds that he was going to help in his ailing grandfather’s company. However, the plaintiff was hired by another trucking corporation.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Overnite Transportation responded to reference and the plaintiff was fired. He sued Overnite Transportation for defamation. The grand jury ruled that the previous supervisor acted maliciously and was hence liable for defamation. The jury awarded the plaintiff a compensatory damage of $33,000 for lost wages and punitive damages to the tune of $250,000. The appeal chambers upheld the award.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Court Of Appeals sent some light on the proof needed to convincingly establish defamation in employment references responses under the auspices of section 895.487(2) (Partington, 2011). According to the court, the plaintiff is burdened with proving that the employer’s response to a reference inquiry was made out of hatred, bad intent, ill will, envy, revenge, spite or other bad motive in regard to the defamed person (Finch & Fafinski, 2011). Therefore, it was not necessary to prove that the employer acted indeed, with actual malice.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Additionally, the employer maybe held liable for negligent referral or duty to warn prospective employers. This doctrine holds that an employer may be held liable or answerable for providing misrepresentation (Middlemiss, 2011). That is untrue reference information or omission of knowledge of the criminal propensities and dangerousness of its former employee. Most recent cases adopted general non legal obligation to warn potential employers about dangerous former employees as was held in the priest abuse scandal (Riches, Allen & Keenan, 2011). However, there are no clear and uniform rules derailing the liability of the employer to third parties with regard to referring former employees who are known to be dangerous to other employers.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the priest abuse scandal, multiple victims of the priest’s abuse scandal sued the diocese, a former employer of the priest for allegedly â€Å"knowing the priests potentiality to abuse children sexually and failing to referring him to the police or preventing further atrocities†. The court commented that doing so aggravated vast obligation overly exceeding the state and other jurisdictions.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In recent years, courts gave decreed in favor of the universities in liability lawsuits. As was held in the Bradshaw vs. Rowling, â€Å"students now demand and receive expanded privacy rights in their life at college†. The college administrators no longer have control over the wide berthed arena and hence colleges and universities are not bound to the negligent liability clauses (Finch & Fafinski, 2011). In recent cases, the courts have held no liability subsists for the University for failing to observe the duty to warn. In the 2007Virginia Tech Ruling, the courts held that there was no special relationship subsisting between the university and the students to impose corresponding responsibility (Parry & Parry, 2009). In addition, the court clarified that even if there was a special relationship, the provided evidence failed to give rise to a duty of warning third parties of the criminal acts. However, mental and health specialists attached to a university are obliged to warn potential victims of dangerous and violent students as well as the police of the impeding danger. References Adams, A. (2013). Law for business students (7th ed.). Harlow: Pearson/Longman. (2010). Duty To Warn Third Parties. Behavioral Sciences & the Law, 2(3), 235-236. (2010). Employers’ Liability At The Docks.. The Lancet, 142(3664), 1268-1269. Finch, E., & Fafinski, S. (2011). Legal skills (3rd ed.). Oxford: Oxford University Press. MacIntyre, E. (2013). Business law (6th ed.). Harlow, England: Pearson Longman. MacLeod, I. (2011). Legal method (8th ed ed.). Basingstoke: Palgrave Macmillan. Martin, E. A., & Jonathon, L. (2009). A dictionary of law (7th ed.). Oxford: Oxford University Press. Middlemiss, S. (2011). The Truth And Nothing But The Truth? The Legal Liability Of Employers For Employee References. Industrial Law Journal, 33(1), 59-67. Parry, G., & Parry, A. M. (1999). Randi W. V. Muroc Joint Unified School District 1997: Implications For Employer Liability In Employment References. Education and the Law, 11(4), 287-294. Partington, M. (2011). Introduction to the English legal system. Oxford: Oxford University Press. (Original work published 6th) Riches, S., Allen, V., & Keenan, D. J. (2011). Keenan and Riches’ business law (11th ed.). Harlow, England: Pearson/Longman. Source document