A Look at the Worth of Gold and Silver As Illustrated By Adam Smith in His Book, The Wealth of Nations

A Look at the Worth of Gold and Silver As Illustrated By Adam Smith in His Book, The Wealth of Nations In the first book of The Wealth of Nations, Adam Smith discusses the Variations in the Proportion between the respective Values of Gold and Silver. Throughout history, these two metals have been regarded as mints of significant value. Before mines were found in America, the difference in value between silver and gold was usually seen as proportionate, where one ounce of fine gold was considered equivalent to anywhere from ten to twelve ounces of fine silver. More recently, the values have changed as much as one ounce of fine gold to be equal to as much as fourteen or fifteen ounces of fine silver. Over the years, it is said that both silver and gold have dropped in value, but the drop of silver has come more rapidly, therefore leading to the reason why gold has become proportionately even more valuable than in the past. Smith does claim, however, that both the gold and silver mines of America exceeded in fertility all those which had ever been known before, the fertility of the silve r mines had, it seems, been proportionally still greater than that of the gold ones. As a result of silver being more plentiful in comparison to gold, though it is considered less valuable it is certainly more important in many cases. Adam Smith says that it would be absurd to infer that because an ounce of gold will commonly purchase from fourteen to fifteen ounces silver, that there are commonly in the market only fourteen or fifteen ounces of silver for one ounce of gold. The amount of silver that can be found in the market is in all probability worth more in proportion to gold. Adam Smith feels that the cheaper of the two metals is f both more value and greatness due to the quantity that is accessible. He explains, There are so many more purchasers for the cheap than for the dear commodity that not only a greater quantity of it, but a greater value, can commonly be disposed of. The whole quantity, therefore, of the cheap commodity must commonly be greater in proportion to the whole quantity of the dear one than the value of a certain quantity of the dear one is to the value of an equal quantity of the cheap one. Silver can be seen as more valuable in the sense that it is used more often and more common. Silver even outclasses gold in certain cases, for example in the French coin where silver preponderates. In another instance, it is said that silver plate is more of more worth than gold plates. Another way in which Adam Smith shows the greater importance of silver is through the Spanish Market. Though he does admit that gold will always be more expensive, he feels that it is also cheaper in certain senses. He states that product is claimed cheap or expensive, not only according to the absolute greatness or smallness of its usual price, but according to the absolute greatness or smallness of its usual price, but according as that price is more or less above the lowest for which it is possible to bring it to market for any considerable time together. In Spain during this time, gold is closer to its lowest price than silver is because the tax put upon gold is five percent, whereas the tax put on silver is ten percent. Thus, miners for silver in this country are much more successful. Silver understandably then still takes a big part in monetary system during this time and is more important than gold in many instances. Though the value may differ in favor of gold, other factors come into play which raise the importance of silver. In the European market silver has raised in value a bit because decline in the amount found. With silver becoming scarcer, it adds to the importance of the metal since it is not as available. Smith explains that as mass increases the value of gold and silver diminishes. Smith says that anytime a metal is more used it is less cared for. Silver is a very important part of European monetary system during these times. The outright overall value can sometimes be very deceiving in comparing two precious metals. A rare gem is evidently going to be worth a lot, but silver would be much more handy in comparison. Silver during these times experienced some difficulties as far as price diminishment of a few occasions during the time of Adam Smith. He explains this by saying: The increase of expense must either, first, be compensated altogether by a proportionable increase in the price of the metal; or, secondly, it must be compensated altogether by a proportionable diminution of the tax upon silver; or, thirdly, it must be compensated partly by the one, and partly by the other of those two expedients. This third event is very possible. As gold rose in its price in proportion to silver, notwithstanding a great diminution of the tax upon gold, so silver might rise in its price in proportion to labour and commodities, notwithstanding an equal diminution of the tax upon silver. Thus, a momentary drop in silvers value is not to define the eternal value of the metal by any means, and in fact, a raise in value is probable. Though gold is more expensive than silver, in many senses, silver carries more importance. It is said that, The word VALUE, it is to be observed, has two different meanings, and sometimes expresses the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. The value of silver is elevated thanks to the big role it plays in many cases. Adam Smith explains, Though such commodities, therefore, come to exchange for a greater quantity of silver than before, it will not from thence follow that silver has become really cheaper, or will purchase less labour than before, but that such commodities have become really dearer, or will purchase more labour than before. He continues by clarifying, It is not their nominal price only, but their real price which rises in the progress of improvement. The rise of their nominal price is the effect, not of any degradation of the value of silver, but of the rise in their real price. Silver has then equaled the worth of gold in many ways, and had become a fierce competitor of the other precious metal during this time. Thanks to these other factors that played a part in the increase in value of silver, silver has become closer is not equal to the price of gold. Though the difference in literal price has not changed, the use and surplus of silver has made it more important, therefore more useful than gold. Adam Smith felt that silver was a very useful precious metal indeed.

Gods Eye View Essay Example | Topics and Well Written Essays - 750 words

Gods Eye View - Essay Example The need to explain religious beliefs and culture of people results in the notion of God’s eye view. In the Iliad, every action of mankind was under the influence of a god. Zeus exerts influence upon a Trojan warrior to wound Melaneus and, thus, to break the truce existing between Greeks and Troy; Poseidon intervenes in the war and protects the Greeks from slaughter (Paley, 35). Homer managed to bring out the religious culture of the Greeks and the names of their gods.An analysis of the subject-object principle is essential in order to effectively describe this concept. An examination of human experience should be done, and a conclusion made on what is subjective and objective (Trigg, 51). The notion of subject-objective principle arises from the knowledge that the world consists of objects which are seen and subjects who are mainly observers. As observers, subjects possess knowledge and they can explain any circumstance facing the community.In the Iliad, Homer plays a subject ive role. He is an observer and, therefore, he gives out an analysis of the roles of the Trojan conflict. The Greeks and the gods are the objects. Home sees them and, thus, analyses their roles in the conflict. In describing this notion, the principles of subject and object need to be put in consideration. The world, as construed in the Iliad, is governed by the gods. The Greek gods were part and parcel of the Greeks’ way of life, and this is portrayed in the Trojan War where gods fought on different sides.

Harassment at Work Case Study Example | Topics and Well Written Essays - 1000 words

Harassment at Work - Case Study Example The plaintiff, Alisha alleged that her employer discriminated against her on the basis of her sex, by failing to restore her to her position, after she took a leave owing to complications with her pregnancy. This case shares some of the circumstances that are similar to the Collins case. Betty Cattino sued her former employers Genesis Healthcare for discriminating against her because of her sex and for the violation of Equal Pay Act. This particular case also has close affiliations with the Collins case. After conducting the research on the case under consideration by the sneaky method, one comes to the conclusion that Shepardizing is a much more organized and time efficient method of conducting legal research. This becomes peculiarly evident from the extreme variation in the results derived from the two suggested methods of research. Shepardizing saves a lot of inconvenience and hassle involved in conducting legal research. Especially the CLAR method of Shepardizing provided by Lexis cuts short the botheration and confusion involved in looking for the text of the document that cited a particular case by using keywords. Above all the hypertext features available in the online Shepard Citations enable a researcher to navigate conveniently from the Shepard's reference to the text of any specific document that cited a particular case. Almost all the sources located during the research referred to Title VII of the Civil Rights Act of 1964, which prohibits all forms of discrimination at work on the basis of an employee's color, race, sex, religion or national origin. In the case of Collins, she is specifically being discriminated against on the basis of her sex and the ensuing responsibilities as a mother and a partner. Thus she can undoubtedly sue her employers for the violation of Title VII. Some sources also refer to the Civil Rights Act of 1991, which allows for claiming damages in case of being subjected to any intentional discrimination at work. Evidently in the Collins fact pattern, the ABC Advertising is conclusively discriminating against Collins on the grounds of her dressing sense, sociability and parental responsibilities. Hence this legal provision can be

3.Account for the increasing number of children incarcerated in the Essay

3.Account for the increasing number of children incarcerated in the UK. Is this an effective means to tackle youth offending - Essay Example The increase in incarceration is simply a result of more punitive sentencing and remand decisions. At the same time, depriving children of their liberty is ineffective in terms of preventing further offending, is expensive and does incalculable damage to young people who are already among the most vulnerable in society – a point tragically confirmed by the death of two children in custodial establishments during 2004.† (Narco, 2005, p. 1) It is clear from such observation that though there has not been any such change at the rate of criminal activities in the socio-cultural backdrop of the United Kingdom, but the administration, as it has witnessed through its previous experience that, random imprisonment of children helps in cutting the rate of criminal offence down, that is why they are still sticking to the system. Such random process of child incarceration, though its is considered to be effective but in real life is not only results in tremendous psychological probl ems to the youth section of the society but at the same time they are also exposed to the risk of being abused or molested by criminal minded persons. Consequently, they either remain as psychological patients for the rest of their lives or they develop extremely hostile mentality against the society that provides them also with a criminal bent of mind. Statistics of 2004 shows that 205 youths, who were below 15 years of age were taken under custody and three of them, namely, Gareth Price (16), Gareth Myatt (15) and Adam Rickwood (14), expired unfortunately during their tenure in the custody. (Narco, 5005, p, 1) Such incidents bear enough evidence to show that in the name of justice or controlling crime what actually is happening is exploitation of the youth force of a nation and the administration is actually dragging the youth section to such a situation, where they are not

The Media's influence in politics and its impact on voters Assignment

The Media's influence in politics and its impact on voters - Assignment Example President Barack Obama will be a historical leader in America for having emphasized on the need of social media in his early campaigns. Together with his campaign team, they engaged the social media to market their agenda, while bringing people to share a common platform of driving America ahead while mobilizing citizens into action. The media has acted as a public agent for the people to criticize, correct and influence. However, the same agency can be used to spread propaganda, destroying many existing and emerging politicians’ careers. In 2010, the American midterm campaign was a hot spot to capture the defense of republicans and democrats through the social media. Both the parties used the moment to clean up in a-wait of the 2012 elections. Through the media, the American citizens got to understand the existing scandals in the political domain that led to indifferences and political exchange of words between the two rivals American parties. Rove went public through the med ia to dismiss President Obama claims that Republicans were using money politics all over the country, distorting the senate and white house race (â€Å"The Money & Media Election Complex† 11) . ... Once the message is out clearly in the public domain, the media uses the opportunity to seek opinions from the listeners and viewers. One of the media roles is to enlighten people on the current affairs and matters affecting them. President Obama’s claim was not an issue to be ignored and through the back up of media presentation, chances are that he ought to have pulled more supporters on his side. Being a famous leader, his opinion and how the media persistently presented the information generated deep public opinions. The government structure has a way to remit and receive information from the public through its press office. The concerned public servant speaks on behalf of the government to assert and clarify information. Following the democratic rights of the parties and the right to information by the people, the government declares openness in public domain as an effective measure to lead them in justice. Journalists and reporters work hard to gather information on issu es surrounding leadership and how they use their position to bring impact on the nation. No stone is left unturned for any message put across. American media industry, through the money and media election complex, has brought forward the use of money power campaigns and leadership funded by rich organization as a way to secure their uncertain future. Such information assists the public to start making an early opinion of the party involved in such an act. Any public service needs to prove accountability of performance; be it governance, economics, politics, sociology and even management. Different media houses work differently to market their organization, but in the same course they can damage their business at the expense of others while making profits. During political debates, some

Network Architecture Selection Essay Example | Topics and Well Written Essays - 1250 words

Network Architecture Selection - Essay Example However, it must be noted that there is no one type of architecture that may be considered the correct choice. Such choice relies on the consideration of several factors as well as on weighing such factors. Network architecture selection, according to Palley, should take into consideration the following factors: Frequency of use of global data entails considering whether the use or sharing of data is localized. Basically, if data is to be shared by elements on a wider geographical area, much consideration must be given to the choice of architecture (i.e. ring/hierarchical). However, if the use of data is primarily localized, then such factor should not be much of an issue. Secondly, if global data is dynamic or heavily updated, considerations need to be made since the redundancy of data may lead to combinatorial update problems and data integrity problems. However, if data is static, redundancy of data would not be a problem; and "replicated" global data would be appropriate. Also, one needs to consider whether quick responses are needed when exchange of data occurs. In cases when response times are significant, the discussion of network efficiency becomes vital to the development and planning of the network. Undoubtedly, the size of the network should also be considered together with the o ther factors cited. Also, the budget given for the planning of the network is likewise vital since certain types of network architectures are more expensive than others. Lastly, one must anticipate future changes to the network as there are updates that need to be made every so often. The case of Blue Skies Inc. is to be discussed in this paper. Blue Skies Inc. is an organization that is currently considering expanding its services throughout the United States. Based in Des Moines, the company plans to open at least two reservation counters in every U.S. city with a population over 800,000, and create a Web site where customers can make reservations online. In such an environment, Blue Skies expects that they will handle 200,000 transactions on a daily basis. As such, the company requires the setting up of a network that can efficiently handle the aforementioned volume of transactions. Specifically, the appropriate choice of network architecture that will meet the needs of the organization must be determined. The choice of network architecture entails choosing either a terminal services or a mainframe based network. Before selecting the appropriate network architecture, the distinction between the two options must first be identified. Also, the known advantages of each of the two types of architectures must likewise be stated. According to Software Diversified Services (SDS), "Mainframes used to be defined by their size, and they can still fill a room, cost millions, and support thousands of users. But now a mainframe can also run on a laptop and support two users. So today's mainframes are best defined by their operating systems: Unix and Linux, and IBM's z/OS, OS/390, MVS, VM, and VSE." Also, John Campbell identifies three features that a mainframe based

The law relating to non-fatal offences against the person is in urgent Essay

The law relating to non-fatal offences against the person is in urgent need of reform - Essay Example The law relating to non-fatal offences against the person is in urgent need of reform Some words have been interpreted in case laws, for instance, the term malicious which is used in Section 20 and 18 is not defined by the Act but courts have defined it as mens rea in section 20 and â€Å"with intent† in Sec 18. Assault, battery, grievous bodily harm and actual bodily harm are some non-fatal offenses which are contained in Section 18, 20 and 47 of the Offenses Against Persons Act 18612. Generally, offenses against a person refer to any crime which is committed by use of physical harm or force against the victim. Non-fatal offenses include assault, poisoning, wounding and inflicting grievous bodily harm, and battery. Wounding or inflicting grievous bodily harm is a crime according to Sec 18 of Offenses Against a Person Act 1861 while administering poison is offense which is outlawed by Sec 24 of the same Act3. The law has not defined the word malicious which is contained in Sec 18 and 20. The law should be reformed to give a proper definition of malicious which in simple language may refer to bad motive of the offender. Conflicting arguments about mens rea have also been witnessed. Sec 47 of the Act provides the same mens rea as for lesser offenses such as a battery or assault. The law in this case is inconsistent since it not a requirement for the offender to realize the risk of injury and liability will arise even when the offender causes grievous body harm that result to minor harm . 4. The law is also inconsistent in the sentencing structure on the maximum sentence attached to each offense. For instance, offenses under Sec 39 of the Act carries a maximum imprisonment term of six months while an offense under Sec 47 provides for a maximum of five years imprisonment5. Mens rea which is equivalent in both Sec 39 and Sec 47 of the Act leads to variations in the sentence thus unjust. Sec 20 offenses of the Act are considered to cause more injury yet they carry the same imprisonment sentence as sec 47 offenses. According to justice and fairn ess principles of the legal systems, offenders should be morally distinguishable and be treated in a different manner depending on their motive of committing the crime. The Offenses Against the Person Act 1861, is completely outdated since it does not reflect the current social structure. New forms of communication, diseases and methods of committing crime have not been catered for in the law. For instance, Sections 18, 20 and 47 of the Act use the common word â€Å"bodily harm† which leaves psychological injury that the victim may suffer due to fear or medical complications due to transmission of diseases such HIV. For instance, Sec 18 of the Act makes it offense wounding and causing grievous bodily harm with intention to the victim, but it fails to give a clear definition of injury. However, courts have been of the opinion that injury should constitute both physical and any mental injury sustained by the person including unconsciousness, pain, and impairment of the mental a bility of the person. Sec 20, which makes it offense to wound or inflict grievous bodily harm and Sec 39 on common law assault and battery does not define the nature of injury which can result from the reckless or intentional application of force to the victim6. The law on mens rea of battery needs urgent reforms. The prosecution should prove the unlawful application of force to the other person or the recklessness of the offender in his or her actions. Sec 47