The Effect Of Transcendentalism Henry David Thoreau

The Effect of Transcendentalism: Henry David Thoreau Transcendentalism is the American literary, political, and philosophical movement of the early nineteenth century that was rooted in the pure Romanticism of the English and the German (Goodman). Ralph Waldo Emerson is considered the father of Transcendentalism because his literature is the first to praise the notable spirituality of nature. The basic belief of the movement is to live authentically; being true to oneself (Day). The movement itself, in the years 1840-1860, is fertile in knowledge because people are now beginning to ask questions about religion. Questions about religion, at the time, would most likely consist of origin, morality, and rituals. Because of the complex level of intellect that surrounds the movement, the era of Transcendentalism is also known as the American Renaissance. To a great extent, modern society is affected by the literary works like Henry David Thoreau’s through his legacy he leaves behind , lifestyle constantly on exhibition throughout his writings, opinionated views in his manuscripts, and evidence of his values in modern today’s societies. Other venerable pioneers of this movement include: Elizabeth Palmer Peabody, Frederick Henry Hedge, and Amos Bronson Alcott. The legacy that Thoreau left behind also defines the societies of today. Thoreau’s compassion for his beliefs in Transcendentalism can be described in one quote: â€Å"To be a philosopher is not merely to have subtle thoughts,Show MoreRelatedEssay on Transcendentalism1619 Words   |  7 Pages Transcendentalism nbsp;nbsp;nbsp;nbsp;nbsp;Many people have theories and philosophies about life in general. There have been hundreds of thousands of books published by many different people on the ideas of people in the past and the present. Transcendentalism falls in amongst all of these ideas. There have been articles, essays, poems, and even books written about this subject. Transcendentalism has effected many people since the philosophy was first introduced. The idea was complex andRead MoreTranscendentalism, An American Philosophy1640 Words   |  7 PagesAmerican philosophers during the early to mid-1800s embraced a new liberal movement known as transcendentalism that posed a silent threat to the current social and political institutions of the time period. Henry David Thoreau acted as the father of this new philosophy that would go on to transform the social structure of America into what it is and is still becoming today. Transcendentalism is an American philosophy that humankind has an innate sense of being and knowledge of the world aroundRead MoreNature Ralph Walden Emerson and Henry David Thoreau Walden1693 Words   |  7 Pagesmake these works similar is Henry David Thoreau is affected by Ralph Waldo Emerson’s works and ideas very much. Secondly, their essays are both inspired from transcendentalism movement. Finally, their theme are both the same, they deal with mainly the idea of ‘nature’. While comparing these two essays, it is better to look at them deeper separately. Nature is an essay written by Ralph Waldo Emerson and published in 1836. The importance of this work is that transcendentalism arose with this art of workRead MoreFrederick Douglas And Henry David Thoreau950 Words   |  4 PagesFrederick Douglas and Henry David Thoreau The life and works of Henry David Thoreau and Frederick Douglass’ has had a lasting impact in the literary field since there work is studied now in most colleges. Although, the writers travelled in the same circle and were both friends of Ralph Waldo Emerson the pair were not friends. In looking at the life and works of the two dynamic literary giants analyzing their common goals, work, and their place in Transcendentalist history will bring more understandingRead MoreRalph Waldo Emersons Connection To Transcendentalism1223 Words   |  5 Pagesand essayist Ralph Waldo Emerson who was part of the Transcendentalist movement which geared philosophical thinking that involved viewing women as equal. Philip F. Gura, Transcendentalism and Social Reform, History Now, assessed May 14, 2017, https://www.gilderlehrman.org/history-by-era/first-age-reform/essays/transcendentalism-and-social-reform. Emerson s support for women s suffrage prompted him to write A Reasonable Reform to promote anti-suffrage and allow women to vote so that it [brings]Read MoreHenry David Thoreau: Transcendentalist Writer2009 Words   |  9 PagesHenry David Thoreau was a nineteenth century American author who lived during the height of Transcendentalism. He became an important contributor to this movement (â€Å"H. D. T.† Poetry Foundation). Thoreau received much information about this movement from Emerson, a noteworthy friend of Thoreau. Thoreau wrote many significant works in American literature, including Walden and â€Å"Civil Disobedience.† The works of Henry David Thoreau were strongly influenced by the Transcendentalist movement and centeredRead MoreNatural Justice : The Crux Of Transcendentalism And Abolitionism1651 Words   |  7 PagesLaurel Day HIST 1301-066 3 November 2015 Natural Justice: The Crux of Transcendentalism and Abolitionism The year was 1850. President Millard Fillmore had signed the Fugitive Slave Act into law, giving southern slave-owners the right to claim slaves they alleged had run away from their property in exchange for the federal government claiming California as a free state. Fillmore would not have signed the act without the pressure created by numerous slave rebellions over the last fifty years, withRead MoreHuman Nature Vs Transcendentalism883 Words   |  4 Pagesearth, no phone, no pool, no pets, no cigarettes, ultimate freedom, an extremist, an aesthetic voyager. Whose home is the road. No longer to be poisoned by civilization. He flees, and walks alone upon the land of to become, lost in the wild.† Transcendentalism, emphasizing human nature, truth, simplicity, comfort and the importance of comfort, emphasizing human intuition, people only by virtue of spiritual intuition to achieve the best living conditions. The Transcendentalists place an emphasis onRead MoreTranscendentalism in Henry David Thoreau and Emily Dickinsons Literature984 Words   |  4 Pageswished to know what transcendentalism was he should empty his mind of everything coming from tradition and the rest would be transcendentalism† (Boller 34). This literary period has dramatically shaped literature and religion, in America. Many writers like Henry David Thoreau and Emily Dickinson have been influence by transcendental ideas. It is astonishing how an inspiring literature movement can change so much of the world’s view and still is around today. Transcendentalism was an American literatureRead MoreAnalysis Of The Book Into The Wild By Jon Krakauer1669 Words   |  7 PagesElements of Transcendentalism In the book, â€Å"Into the Wild† by Jon Krakauer, Chris McCandless is an in-the-closet transcendentalist; all of his ethics match up with those of a transcendentalist, yet he never admits he is one. McCandless agrees with all of the components of transcendentalism and follows them unremittingly as soon as he graduates from college, and he lives by those components to a fault, which ultimately led to his death. Deliberate living, nonconformity, and simplicity are three cardinal

The Benefits and Detriments of Advertisement - 644 Words

There are several who believe that advertising is bad, opponents of advertisement state that it forces individuals to buy things that they do not actually need and persuades them to act in ways they normally would not. Corporate officials and supporters of advertising state that advertising is simply a positive method of exposing the general public to information and allowing the public to do what they please with the information. Advertising allows for free trade and prosperity, and is only detrimental to an individual if that individual allows it to be. For businesses and corporations, advertising is almost always positive; it provides the business with money and informs the general public of their product. For the consumer however, advertising can only have a negative effect if one allows it to. If the individual is well educated and can determine that they do not need a product or that a product is bad for them, then advertising cannot be harmful to them. During the twentieth cen tury cigarette companies managed to make cigarettes look cool in their adverts, allowing them to market them to millions of people. Over time people in the United States became more educated about the harm cigarettes could do to your body, causing the cigarette market in America to decline. Developing â€Å"markets in Asia, Eastern Europe, South America, and Africa† failed to educate themselves, allowing the cigarette companies to once again create a booming business in those areas (Source B). TheShow MoreRelatedThe Issues Arise : Andrew s Case Essay1622 Words   |  7 Pagescontract was formed. First, as a general rule, a advertisement amounts to invitation to treat( case in Partridge v Crittenden). This is because, in business sense, if advertisements were offers, then the sellers might find themselves unable to supply all those who accept the offer( the ‘limited stocks’ argument). A website is the electronic version of advertisement and it constitutes invitation to treat. An invitation to treat, in this case, the advertisement of the accommodation cost of  £300 accordingRead MoreThe Matrix Of Contract Law And Authority1469 Words   |  6 Pagesthat competent offers may be made not only to a specific person or specific group of people, but also to the world at large (as in this case) . There is a general rule that advertisements constitute invitations to treat rather than offers : see for example Partridge v Crittenden [1968] . However, in cases where the advertisement in question comprises a clear and certain set of terms and a commitment that objectively suggests an intention to establish legal relations, especially in the case of a unilateralRead MoreNegative Effects Of Social Media On Teenagers1147 Words   |  5 Pageswell as positive effects on person’s life and their carriers. The negative influence is more visible due to the consistence of the elaboration of negativism into people’s mind. Such as lack of privacy and detriment to work or school. However, it has positive influence by giving us social benefits such as stay connected to friends and family, keep us updated with news around the world and give us lots of job opportunities. The lack of privacy; is the one of the most negative influence on people’sRead MoreContracts 1 Assignment2064 Words   |  9 Pagesprice. In order to address the issue, one needs to start by examining each of the four essential elements for contract formation: agreement, consideration, certainty and an intention to create legal relations.[1] 1. NEWSPAPER ADVERTISEMENT The newspaper advertisement is not an offer but an invitation to treat. 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None1 Essay Example For Students

None1 Essay Introduction Hyper inflation has plagued most of the worlds developing countries over the past decades. Countries in the industrialised world, too, have at times duelled with dangerously high inflation rates in the post WWII era. With varying degrees of success, all have employed great efforts to bring their inflation rates within acceptable limits. Generally, a moderate rate of inflation has been the ultimate goal. More recently, however, a few countries have pursued policies that strive to eradicate inflation altogether through complete price stability. This has proven to be a contentious enterprise, which clearly indicates that there is still no universally accepted solution to the inflation problem. Indeed, there is not even an agreed consensus regarding the source of inflation itself. The monetarist perception that the root of inflation is solely the excessive creation of money remains. So too does the belief that inflation originates in the labour market. And amongst a variety of others, the opinion that inflation serves the critical social purpose of resolving incompatible demands by different groups is also strong. This last, and more widely accepted, case shows that the problem is hardly a technical one; but rather a political one. It highlights the now unquestionable fact that politics and inflation are inextricably linked. And as with all inherently political issues, consensus is difficult, if not impossible, to achieve. But, political characteristics do provide flexibility. In some countries, high rates of inflation have clearly been compatible with rapid economic growth and fast rising standards of living. In such cases, it is quite reasonable to suggest that higher rates of inflation are acceptableperhaps even necessary. In this setting, it is by no means clear that pursing a policy to stop moderate inflation is either required, or in the best interests of the mass of the population at all. While inflation guarantees that some will gain at the exp ense of others, the redistributions of income and wealth which do take place can, on normal value grounds, be quite desirable. In other circumstances, it may be quite desirable to place strict controls on inflation, or strive to keep it at zero level. Policies aimed at virtual price stability have been in use by central banks in Europe, New Zealand, and Canada over the past few years. Such policies have been particularly focused in Canada. As noted by Pierre Fortin, the only objective the Bank of Canada has pursued since 1989 has been to establish and maintain the inflation rate at zero level, which it sees as a CPI inflation rate that is clearly below two percent (italic added). To the surprise of many, it has been incredibly successful, achieving its objective several years before schedule. Although separated by only a few percentage points, Canadas policy is a sharp contrast to the moderate and balanced approach used in the U.S. Since 1989 the Federal Reserve has been satisfied w ith achieving an inflation rate of around 3 percent. In setting the interest rate, it has continued to pay explicit attention to real economic growth and employment, with the result that the U.S. unemployment rate is currently in the 5 to 6 percent range. Based on this statistic alone, it can be argued that the more moderate U.S. approach has enjoyed greater success than the deflation oriented policy pursued by the Bank of Canada: Canada continues to be burdened with a higher rate of unemployment. Yet, it continues to believe that the unemployment costs of low inflation are transitory and small . The directors of most European Central Banks also continue to support this dogma. Clearly, the credibility of the classical idea that the Phillips trade off between inflation and unemployment disappears in the long run is still very high throughout the world. But, in Canada, as in most of Europe, the waiting continues. This is not to suggest that the waiting game has been silent and entirel y pleasant. Indeed, the relative lack (or lag!) of success of zero inflation policies and strict price controls has spurred much heated debate. As a case in point, more people are curious why Canada has exclusively focused on inflation cutting and turned a blind eye to the more balanced, and arguably more successful, approach adopted by the U.S.. Is it actually desirable, or wise, to aim towards virtual price stability? Are there real long-term benefits to low, or zero, inflation? What are the real effects of low inflation? The intensity of the ongoing debate on these issues provides evidence that there are no straightforward answers. The purpose of this paper is to probe at these issues in an attempt to cast some clarity on the debate. Appropriately, it begins with an analysis of the consequences of low inflation on the conduct of monetary policy. As is well known, these effects are controversial, and this paper in no way purports to end the deadlock. Bringing the relevant issues t o the fore, however, is equal to carrying a well-stocked toolbox that contains many of the necessities for well-crafted opinions. The Consequences of Low Inflation on Monetary Policy In recent years, monetary policy has been promoted to the centre stage of economic policy making the world over. This is a contrast to the first half of the 20th century when it was relegated solely to experimentation in the shadows. During these early years, fiscal policy was solely used; due in part to the depression of the thirties, and the remainder, to the process of post WWII reconstruction and the Keynesian doctrine that fiscal action was necessary to prevent deficiency in aggregate demand. By the late sixties and early seventies however, most of the developed world was witnessing the emergence of a combination of high inflation and low growth; i.e., stagnation, and the revered Keynesian analysis was unable to devise plausible responses to the phenomenon. Consequently, monetary policy emerged as an eminent instrument of economic policy, particularly in the fight against inflation. Issues related to the conduct of monetary policy worked their way to the forefront of policy debates during the 1980s as growth and price stability were the intermediate and long term objectives. Gradually, a loose consensus emerged among industrially advanced countries that the dominant objective of monetary policy should be price stability, and from the outset of the 1990s, this belief has increased in popularity. However, differences continue to exist among central banks with regard to the appropriate intermediate target. While some consider monetary aggregates and, therefore, monetary targeting as operationally meaningful, others focus exclusively on interest rates-even though the inter-relationship between the two targets is well recognised. Again, as with all inflation-related issues, there seems to be little consensus. Though it will only be noted in passing here, monetary policy has also g one through a renaissance in developing economies. Much of the early literature on development economics focused on real factors such as savings, investment, and technology as the main springs of growth. Very little attention was paid to the financial system as a contributory factor. Indeed, through the years countless opinions have highlighted that inflation is endemic in the process of economic growth and is accordingly treated more as a consequence of structural imbalance than as a monetary phenomenon. However, with a growing body of overwhelming evidence, it has become clear that any process of economic growth where monetary expansion is disregarded also leads to inflationary pressures with resultant impacts on economic growth. Thus, price stability and monetary policy have assumed increased importance all over the world, in developing and developed economies alike. Yet, the widespread use of monetary policy to control inflation does not necessarily muffle the roars of policy de bate. In fact, the extent to which price stability should be deemed to be the over-riding objective of monetary policy has become an increasingly heated topic of discussion. The crucial question seems to be whether the pursuit of low inflation; (i.e., price stability) through monetary policy undermines the ability of an economy to attain and sustain higher growth. A substantial body of research occupies the examination of this trade-off, whose roots trace back to the Phillips curve (1958) which demonstrated the inverse relationship between the change in wage rates and unemployment rates. It was here that the suggestion of a trade-off between inflation and unemployment was first laid. Although the Phillips relationship has subsequently been challenged on theoretical and empirical grounds, it continues to form an important locus of analysis and it is prudent to look at in some detail below. The Phillips Curve It is well known, and generally accepted, that the downward slope of the Phi llips curve arises basically because of the presence of money illusion and expected inflation deviating from actual inflation. Based on this knowledge, and its subsequent critiques, the prevailing inflation/monetary policy controversy centres on the possible short-run and long run trade-off between inflation and unemployment. This distinction primarily stems from the assumption of error-learning process in the determination of inflationary expectations workers do have an anticipation on the inflation, but because they judge the inflation performance from the past data, the adjustment between the expected and actual inflation is slow. This implies that in the short-run, nominal wage rise will not fully absorb the actual inflation, and as such, there is scope for reducing unemployment through inflation. As people adjust their expectations of inflation, the short-run Phillips curve shifts upward and unemployment rate returns towards its natural level. As the expected inflation catches up with actual inflation, the Phillips curve becomes vertical, denying thereby a trade-off between inflation and unemployment in the long run. Seen in this light, the short term Phillips curve provides a trade-off between inflation and unemployment when an economy is adjusting to shocks in aggregate demand when expected inflation is lower than actual inflation. In the long run, the Phillips curve becomes almost vertical at the (controversial) natural rate of unemployment. Though not discussed in this paper, the plausibility of this natural rate of unemployment has been cast into doubt in recent years. For the moment, notwithstanding the critique of the natural unemployment rate, the Phillips curve presents the possibility of lengthening the short-run trade-offs indefinitely, since inflation surprises in each period can elongate the long-run perpetually. But, in that case the trade-offs will become sharper in each successive period. In other words, to maintain the unemployment below the natural rate, policy authorities will have to inflate the economy at higher rates in each successive period. This has a major policy implication even if the economy does not operate on the long-run vertical Phillips curve. Under the rational expectations hypothesis, as there are no deviations between actual, and expected inflation, both in the short-run and long-run, Phillips curves are treated as being vertical with no trade-off between inflation and unemployment. Another policy related question is the shape of the short-run Phillips curve itself. In reality, wages and prices are sticky as employment contracts are fairly long and there is also a cost in changing the individual prices too often, or re-negotiating wages after each price rise. It has been argued that the nature of stickiness in wages and prices could be different in different economies, and this could also be a function of the inflation history of the country concerned. If so, countries with high inflation rates would find themselves steeper on short-run Phillips curve than low inflation countries, which are more likely to be on the flatter side. For the purpose of this paper, what is important, therefore, is that the trade-off between price stability and employment is sharper for countries with relatively high inflation rates, and lower for those with low inflation rates. Price Stability as the objective of Monetary Policy Price stability as the objective of monetary policy rests on the notion that volatility in prices creates uncertainty in decision making. Rising prices affect savings adversely while making speculative investments more attractive. Thus, the most important contribution of the financial system to an economy is its ability to increase savings and allocate resources more efficiently. A regime of rising prices dampens the atmosphere for promotion of savings and allocation of investment. Moreover, there is a social element: inflation adversely affects those who have no protect ion against inflation; i.e., the poorer sections of the community. The critical question for policy makers is, thus, at what level of inflation do its adverse consequences begin to set in? Inflation affects fiscal balance in several ways. It adversely affects fiscal deficit when elasticity of expenditure to inflation is higher than that of revenue. A more significant impact of inflation arises from its effect on interest rate and the dynamic sustainability of fiscal situation. High rates of inflation signal weak resolve to control inflation and imply higher expected inflation in future. Obviously, this results in upward rigidity in nominal interest and leads to high debt service burden on the budget, thus reducing the flexibility of fiscal management. And as just noted, it is well known that the adverse implications of inflation are more intense at high rates of inflation. A moderate inflation rate is usually more desirable, and manageable as it ordinarily does not imply severe cost s. Indeed, moderate inflation rates are necessary if money is to remain a useful unit of account and if the costs of decision making are to be minimised. But, there is no consensus as to the optimum rate of moderate inflation, or even as to what the term moderate means. International evidence suggests that the costs of uncertainty tend to rise in a non-linear fashion with the inflation rate exceeding a threshold. One important caveat in interpreting the threshold of inflation rate beyond which costs exceed benefit is the provision of inflation protection measures available in the economy, which tends to moderate the adverse implications to some extent. In other words, countries with a moderate inflation rate, but an inadequate indexation provision, may show a higher degree of sensitivity to inflation than those with lower moderate inflation. For example, as noted above, most of the industrialised countries in recent years have inflation targets ranging between two to three per cent. But, among the developing countries, some of the fast growing East-Asian economies have not only demonstrated low inflation rates ranging between three to five per cent, but the growth rate at these inflation rates has been fairly high at around eight per cent. Empirical evidence on the relationship between the inflation and growth in cross-country framework is therefore somewhat confusing. Several studies make it clear that the negative impact of inflation on growth is more severe at unmistakably high rates of inflation, there is no consensus about the threshold inflation rate beyond which, or under which, the negative impacts of price stability become pronounced. The term moderate or low inflation is clearly relative and dependant upon a number of circumstances. In part, this fact also obscures the analysis of policies that seek zero inflation, or virtual price stability. The effects of virtual price stability Most policy makers generally worry about inflation, however moderate, because if not held in check, a little inflation can lead to higher inflation and ultimately affect growth. Several central banks believe that the economic benefits of reducing inflation, say, from 4 per cent to 2 per cent, are many and large and the unemployment costs are transitory and small by comparison. This perception rests on the Friedmans classical idea that the Phillips trade-off between inflation and unemployment disappears in the long run, and even in the short run if the central banks commitment to zero inflation is made credible and has a direct downward effect on expected and actual inflation that minimises the unemployment costs of disinflation. Yet, this appears to be more plausible in theory than in practice. As a case in point, the Bank of Canada has argued that the countrys inflation could not have been minimised without a short-term rise in unemployment and government debt. Thus, they concede that there are indeed short-term costs, although they hope that they wi ll be outweighed by the long-term benefits. According to this view, benefits will accrue because of Canadas resultant low-inflation environment, which will promote both the stability and competitiveness of the Canadian economy. This should result in a protracted increase in business investment. Yet, the economy continues to feel the short-term effects. It seems as though the short term is actually a very long one. Not surprisingly, this lag time has engendered a host of critics of such a narrow monetary policies. Perhaps most notably, P. Krugman has argued that while the belief that absolute price stability is a huge blessing with large benefits and few drawbacks, the concept rests entirely on faith. Empirical evidence actually indicates the opposite. The benefits of price stability are elusive and the costs of achieving it are large. And zero inflation may not be a good thing even in the long run. Critiques focused specifically on the Bank of Canadas policy further argue that the B ank has been overly obsessed with reducing inflation to the detriment of other concerns. Bringing down inflation in the early 1990s required a harsh contractionary monetary policy, with extremely high short-term interest rates. For these observers, the Banks tight monetary policy was badly mistimed, since it was applied during the recession of the early 1990s and the precarious recovery that followed. Critics also suggest that the Bank of Canadas policy surely has important long-run costs. Their argument relates to so-called hysteresis, which refers to the case where a variable that has been shifted by some external force does not return to its original state once the external force has been lifted. In the Canadian macroeconomy, it is argued that hysteresis took place when the recession increased the natural unemployment rate by creating new structural unemployment. As such, the economys self-stabilising tendency was hampered which damaged the economy because its potential level of real output decreased. To some degree, this explanation helps explain the stubbornly high rates of Canadian unemployment in the 1990s. Critics are also quick to point to another important cost of the Bank of Canadas contractionary policies during the early 1990s. High short-term interest rates have caused the interest bill on outstanding government debt to increase. And , by pushing down both real income and employment, the Bank has reduced government tax revenues. A vicious cycle has been the consequence, with the federal governments added interest obligations and sagging tax intake forcing it to run higher yearly deficits which have increased public debt even further. Thus, despite the success of reaching low inflation targets, low inflation monetary policy does tend to raise unemployment, either directly or indirectly. This can occur through its effects on investment or otherwise, unless the policy generates a great increase in confidence and public expenditure cuts. As the Canad ian case demonstrates, this may not be possible. The danger of a narrowly focused monetary policy, then, is that if unemployment rises more than expected, which may well happen, political pressures are likely to be generated leading to the abandonment of the experiment. In Canada, the pressure is increasing, and though virtually independent of the government, the Bank of Canada may not be able to withstand the costs of the experiment for much longer. Abandoning the policy, however, would also be very costly in that, by undermining confidence in the authorities capability and determination, it would make it almost impossible for the Banks future policies to have beneficial direct effects on expectations. The alternative strategy of defining a target path for unemployment, though liable to be condemned by the public as cold-blooded, might minimise this risk and thus lower the expected unemployment cost of the ultimate reduction of inflation. But, this too may prove to be different in practice. Empirical studies have shown that, contrary to the prevailing beliefs of many economists and central bankers, in the long run, a moderate steady rate of inflation permits maximum employment and output. Maintenance of zero inflation measurably increases the sustainable unemployment rate and correspondingly reduces the level of output. Zero inflation inflicts permanent real costs that are much larger than envisaged by present-day policy makers. Following Canadas path to zero inflation, empirical modelling demonstrates that the instigation of a policy of zero inflation immediately reduces employment, and it continues to decrease until the third year of the zero inflation experiment. The effects of wage rigidity mount as inflation approaches zero, increasing the incremental unemployment cost of reducing inflation further. The zero inflation rate target is not reached until the 6th year, at which point unemployment has reached 10.8 percent. Unemployment declines gradually from that point, nearing its steady state rate of 8.4 percent after a decade. Without much surprise, this does very closely reflect the effects of the zero inflation monetary policy pursued in Canada. Policy makers should not be satisfied with an ultimate unemployment rate of 8.4%. Not only is this rate of unemployment still high, but the costs involved in securing the target are certainly not worth it. Observations and Conclusions Inflation, both high and low, clearly poses great problems on the macro and micro economy. In higher doses, inflation erodes peoples savings, endangers economic growth and propagates social instability. So, it has been argued, why not in these more disciplined times try to eradicate the disease altogether, just as the world has gotten rid of smallpox? Why not, some central bankers and economists are asking, aim for zero inflation at least in the industrial countries? Only in recent years has this question even been feasible. Previously, if inflation was singl e digit, it was quite acceptable. Now, however, the world is entering an era of low inflation that brings more ambitious targets within reach. According to the International Monetary Fund, average inflation in the industrial countries is running at only just over 2 percent a year, and although the rate is much higher in the developing countries, it is falling quickly. As shown in this study, the proliferation of low inflation monetary policies to pursue virtual price stability is at the root of this phenomenon. However, as shown in this paper, zero inflation objectives are not wise: Central banks and governments may be trying to kill something that is not capable of being made extinct. This is particularly true in the era of globalisation. Fiercer global competition and freer world trade, low oil and commodity prices, the declining power of labour unions, the growing resistance of consumers to price increases, and the heavy penalties imposed by financial markets on undisciplined gov ernments are working to complicate monetary policies, and further make zero inflation impractical. Thus, even if zero or low inflation is readily achievable, as it seems to be, it does so in the face of very powerful variables. But, there are several additional reasons to end zero inflation policies. Above all, this paper has demonstrated that the macroeconomics of low inflation is a delicate science. Macroeconomic performance is very different when inflation falls lower half of the 1-3 percent range than in the upper-half of the 2-4 per cent range, particularly in the long run. Numerically small, but effectively huge, differences arise from the sharp non-linearity of the long-run Phillips curve at low inflation rates. Wringing the last drops of inflation out of the system has painful consequences for growth, jobs and investment that are neither politically acceptable nor economically desirable. Though central banks are reluctant to see the logic of this argument at the moment, the time may soon come when the credibility of giving up zero inflation experiments will be greater than their continued pursuit. A prerequisite to this, in all likelihood, is that the least unemployment costly path for stabilising prices must be found. And, unfortunately, this is a difficult, if not impossible, pursuit. From all of the confusion, what is clear is that a little inflation, perhaps 1 to 3 percent, is a far more efficient policy choice than zero inflation. Such a moderate inflation target would allow real wages to decline where necessary without firms having to impose wage cuts or fire workers. Thus, rather than misusing their energy pursuing zero inflation, governments should be exploring the other policy options now available. In todays low-inflation environment, central banks can afford to be less restrictive than they have learned to be over the past two decades and allow greater room for growth. Exchange rates can, if necessary, be nudged downward without automaticall y provoking the wage and price spirals they did in the past. Such examples are not necessarily a panacea for the damage caused by zero inflation experiments so far, but they are certainly less harmful. As argued by Pierre Fortin, public opinion is starting to reflect the reality that promised large benefits from zero inflation are actually a mirage and that the small unemployment costs are actually huge. This opinion has been voiced particularly loudly by Japan and France. And unless the elusive benefits of zero inflation soon manifest themselves, it is only a matter of time before the rest of the no inflation pack realises they are barking up the wrong tree. Bibliography: Youth Violence Essay

Submission to Standing Committee on Economics

Question: Discuss about the Submission to Standing Committee on Economics. Answer: Introduction: Issue: In the present situation, it is required to analyze the residential status of Julie as per Australian Taxation Office who originally belongs to Vancouver, Canada. Julie, 22 years old arrived Brisbane, Australia based on a 12- months working holiday visa on September 2, 2015 for the purpose of holiday and temporary work. Therefore, the case requires determination of Julies residential status in Australia for the year ended 30 June 2016 as per TR 98/17, ITAA 97. Law: Regulations of TR 98/17 ITAA 97 provides that an individual is considered as Australian resident for the purpose of tax if the individual has permanent residence in the country. However, in case of foreign resident, individual is referred as Australian resident for taxation purpose if the individual stays in the country for more than six months in the financial year according to the constructive residential test in Australia (Ato.gov.au 2016). The regulation of Income Tax Assessment Act 1997 further provides that if an individual arrives in Australia based on working- holiday visa and travels to different locations then the individual will not be considered as an Australian resident even if the stay exceeds six months (Austlii.edu.au 2016). Analysis: The present case of Julie is similar to Miller v. FCT (1946) 73 CLR in which court held that the individual should not be considered as a resident of Australia for taxation purpose since, the individuals permanent residence was England. The taxpayer arrived in Australia and stayed for more than six months but travelled to different locations for work hence, the taxpayer will be considered as a foreign resident as per Australian Taxation Office (Sharkey 2015). Another similar case on Applegate v. FCT (1979) ATC 4307, court decided that the taxpayer would not be regarded as Australian resident as per the meaning of ordinary resident since his permanent place of living was outside Australia. It was held that the taxpayer travelled Australia for the purpose of holidaying hence, he will be considered as non- resident as per Australian Taxation Office. Since, Julies permanent resident is in Canada and travelled Australia for holiday and work for temporary period hence, ordinary r esides test cannot be satisfied. On the contrary, Julie stayed in Australia for more than six months but travelled to different locations which is similar to the decided case of Reid v. ICR (1926) TC 292 (Kirsch 2016). Accordingly, Julie would be considered as non- resident in Australia for the purpose of tax. Conclusion: Considering the above discussion on Julies stay in Australia, it can be concluded that Julie is non- resident Australian during the year ended on 30 June 2016. Julies stay in Australia constitutes from September 2 2015 to June 16 2016 i.e. more than six months but since she travelled to different locations during her stay for holidaying and working, she cannot be considered as Australian resident under the principles of ITAA 97 TR 98/17 during the year 2015-2016. Principles of TR 98/17 ITAA 97 provides that the non- resident taxpayer is liable to pay tax under Australian Taxation Office only if the income has been earned in Australia during the stay referred as a source country. Any other income received from other countries will not be assessable in the taxable income as per the regulations of Australian Taxation Office since income generation was not from the source country (Ato.gov.au 2016). Accordingly, Julies income during the financial year 2015- 16 will be assessable as per her residential status determined in the first requirement. As per the conclusion of the requirement, it has been determined that Julie is non- resident Australian for the year ended 30 June 2016 therefore income derived in Australia would be assessable as per section 6-5, ITAA 97. Salary income derived from the employment in Canada for the period prior to August 31 2015 equivalent amount to AUD$ 5,500 will not be included in the assessable income as per Australian Taxation System because it was not derived in Australia. Similar to the case of Henderson v. FCT (1970) 119 CLR 612, court contended that income earned other than in source country would not be assessed for the taxation year (Zucman 2014). Income from salary derived in Bundaberg, Australia from the fruit grower amounted to AUD$ 6,000 would be included in the assessable income since it was earned in Australia. The income will be assessed according to the regulation of Australian Taxation Office because Julie earned the salary during her stay in Australia for the year ended 30 June 2016. Income earned as a bank interest in Australia amount to $180 would be included in the assessable income in accordance of ITAA 97 since Julie derived the income in Australia during her stay. The present situation is identical to the decided case of FCT v. Dunn (1989) 20 ATR 356 in which court decided that the income earned in the source country should be assessable in Australia in compliance with ITAA 97 (Cao et al. 2015). Interest income from the bank account in Canada is not an income derived in the source country therefore, the same would not be assessable as per the principles of Australian Taxation System (Lang 2014). Hence, referring to the decided case of FCT v. Dunn (1989) 20 ATR 356, the equivalent amount of interest income AUD$ 200 including withholding tax deduction $20 would not be assessable in Australia during the year 2015- 2016. Sale proceeds earned from the sale of personal stuffs including clothes and other things on eBay valued to $220 would be assessable as per ITAA 97. The income would be assessed as per Australian Taxation Office because Julie sold her stuffs before leaving Australia even though the transaction was through online- mode. Similar to the case of Arthur Murray Pty Ltd v. FCT (1965) 114 CLR 314, it can be contended that the income proceeds generated through online during the stay in source country would be deemed to be earned in Australia (King and Case 2015). Therefore, sales income $220 would be assessed as per Australian Taxation System for the year 2015- 2016. Related allowable deductions As per the taxation laws in Australia, every individual who is a resident or non-resident (income source is in Australia) requires to tax on the income generated from different sources (Woellner et al. 2016). There are mainly three different sources, which the government of the country considers for calculating the taxable income and these sources are personal income in terms of salaries or wages, capital gain and the income from business or any other professions. While calculating the taxable income, the government considers all applicable deductions and exemptions as mentioned in ITAA 97 (Ato.gov.au 2016). In this point, it is important to mention that while claiming for the deductions, the individuals who are paying the tax need to prove the expenditures are related to the work. At the same time, the individuals are also requiring to provide each relevant information or documents in support of their claim for deduction (Smith et al. 2016). Here, the deduction regime for the taxpayers in Australia is identified through critical analysis and discussion. In the first part of the discussion, the principles of good taxation system are evaluated critically. The discussion and evaluation show that how the principles of good taxation system can help the taxpayers in Australia. The critical analysis or evaluation is done so that the simplicity and reliability of good taxation system can be better understood. While analyzing these principles, the current taxation system in Australia is compared with the good taxation principles. Along with that, at the end, the Australian taxation system is compared with the New Zealands taxation system. Discussing the background of Australian taxation system Regulations provided under ITAA 97/36 are the main basis of calculating the taxable income of the individuals in Australia. In Australia, there are mainly three level of government, who take part in the tax calculation of income tax of the people in the country (Barkoczy 2016). These three levels help the government of the country verifying and calculating the actual tax liability of the individual in context of salaries or wages, income of professions or business and capital gains. The regulations under the ITAA 97/36 have mentioned that in order to get the deduction benefits on expenses, the individuals are required to prove that the expenses are related with their works. In case of Australia, maximum limit of paying the tax is 45%, which indicates that an individual can pay maximum tax of 45% on his or her total taxable income (Austlii.edu.au 2016). As per the rules, the Federal government in Australia requires to collect 67% of income tax revenue in a financial year (Austlii.edu.au 2016). In order to identify the taxable income of an individual in Australia, the government considers the time period, which starts from 1st July of the current year to 30th June of the next year (Warren 2016). The regulations and guidelines under the ITAA 97 have stated that the tax payers in Australia must file the withhold tax, income tax return and other income taxes and along with that paying the Medicare levy is also the responsibility of the income tax payers in the country. The individuals in Australia require paying 2% Medicare Levy on their taxable income (Ato.gov.au 2016). Evaluating the background of the Australian deduction regime Any taxpayer in Australia can claim for the deductions on the expenses, which are allowed by the Australian tax system for deductions. As per the Australian taxation law, the expenses for which the deductions are claimed must be related to the work of the tax payer (Wilson 2016). There is a particular time at which the individuals can claim the deductions and that is at the time of filling the return file of income tax. Apart from these two basic rules, there are many other rules, which must be maintained by the tax payers in Australian. These rules and guidelines are as follow: One of the main requirements for claiming the deductions on the income tax is presenting the sufficient evidences while making the claim. These documents must be able to prove that the expenses are met by the tax payer in that particular financial year only (Li and Tran 2016). The other requirement of availing the deduction facility in Australia, the expenses must be incurred by the tax payer. If the expenses are incurred by any other person or persons, then that expenses will not be considered as the deductible expenses while calculating the taxable income of the individual (Daniel et al. 2016). Another important requirement for claiming the deduction is that the individuals or the tax payers must claim the deductions only for the expenses which are to their work. The expenses, which are incurred by the taxpayers for any event other than their work, cannot be presented for claiming the deduction (Burton and Karlinsky 2016). The requirements, which are mentioned above are the primary requirements for the deduction claim. However, the deduction claim requires fulfilling many other requirements, which can be considered as the secondary requirements. In schedule A, it has been mentioned that the expenses, for which the tax payers are claiming the deduction must be itemized under the head ordinary and necessary expenditure. At the same time, the expenses, which the employer has not reimbursed, can be claimed for deduction but if that those expenses below 2% of the gross income, then that will not be considered as the deductible expenses (Chardon, Freudenberg and Brimble 2016). The eligible expenses for the deduction are as follows: Expense incurred for paying the license fees for complying with the regulations and professional tax. Expenses incurred for paying the legal fee so that work can be continued. Expenses incurred for purchasing the uniform. Expenses incurred for the work-related travelling (Tran-Nam 2016). Expenses incurred during the education as a part of job training. Depreciation expense that is incurred for the technology, used during the work. Good taxation principles Income tax is the major income source for the government of the country. The development steps taken by the government in any country depend on the amount of income tax that the government can collect from the income tax payers (Mulyadi et al. 2016). This is because if the government earns more income tax, then it can spend more money for the development purposes. However, the government in any country cannot increase its tax income easily. In a country, the government can charge only a certain percentage of tax on the incomes of the individuals (McClure, Lanis and Govendir 2016). At the same time, it is also true that the government cannot charge high percentage of tax on the incomes of the tax payers because that is unethical. Therefore, deciding the correct tax percentage and building a proper taxation system is very important. Daley and Wood (2016) stated that in order to maintain the proper income flow of the government, the country must have a good taxation system. Good taxation system includes neither high tax rate nor very low tax rate. If the tax rate in the country is much high, then the tax payers will try to avoid the tax payment or try to do the fraudulence. On the other side, if the government charges very low tax rate, then the income level of the government will go down and the government will not be able to improve the economic and financial situation of the country. Kiprotich (2016) mentioned that there are mainly four principles of a good taxation system. These principles are stated below: Principle of convenience This principle of good taxation system suggests developing such a taxation system, which is convenient to every taxpayer in the country. Clear and simple guidance or rules must be there so that a balance can be maintained between the time of generating the income and paying the tax for the income (Bernstein and Stiglitz 2016). Principle of economy The principle of economy suggests minimizing the cost of collecting the taxes from the tax payers in the country. The minimization of the cost is possible if the government follow a simple taxation system, so that the tax can be collected easily. If the cost of tax collection is reduced, then the net income of the country will be high (Burak and Nemec 2016). Principle of equality This principle suggests that there must be equality in the taxation system in the country. This indicates that the tax rate must be charged based on the income level of the individuals. If the individual is earning less income, then the tax rate for that individual must be low and if the income level of the individual is high, then the tax rate must be high (McClure, Lanis and Govendir 2016). Principle of certainty As per this principle, the taxation system in a country must charge such a tax rate so that it is ensured that the tax payers in the country can pay the tax properly. This means the tax income of the government must be certain (Bernstein and Stiglitz 2016). From the above discussion, it can be stated that a taxation system can be considered as the good taxation system when it meets the requirements mentioned under the above-mentioned four principles. The four principles indicate that the good taxation system must be simple and include standard tax rate, so that every tax payer in the country can calculate and understand the taxation system. Critically evaluating the Australian deduction regime and good taxation principles The Australian taxation system has mentioned that the individuals can claim for the deductions only on those expenses, which are related to the work of the taxpayers. However, Kiprotich (2016) noted that the taxation system in Australia requires making some amendments in order to convert the taxation system into the good taxation system. In this context, Wilson (2016) argued that the taxation system in Australia is much sound and includes the four primary principles of good taxation system. The TR 95/17 ITAA 97 of Australian taxation law has indicated that in order to claim the deductions, the individuals must prove that the expenses are work related (Barkoczy 2016). This can be identified in the case Lunney v. FCT (1958) 100 CLR 478. In this particular case, the court suggested that to claim the deduction, the expenses must have the characteristics that make the expenses deductible as per the Australian tax law (Tran-Nam 2016). Hence, the court asked the taxpayer Lunney to provide t he documents that prove the expenses are deductible. On the other side, in the case Edwards v. FCT (1994) 49 FCR 318, the tax payer was asked to present that the expenses were incurred for buying the work uniform and other work-related events, so that the deductibility of the expenses can be judge (Daniel et al. 2016). Therefore, from this judgment by the court also proves that in order to claim the deductions, the tax payer must have the relevant documents that prove the expenses are incurred for the work. In this context, Daley and Wood (2016) argued that the taxation system in Australia is much complex. There are huge numbers of rules and regulations, which make the tax payers confused regarding their tax liability. This indicates that the Australian taxation system does not meet the demand of the principle of convenience of good taxation system. In support of this, Wilson (2016) mentioned that many taxpayers in Australia face difficulties while calculating their tax liability because they do not have enough knowledge about the taxa tion rules and regulations. Therefore, in order to convert the taxation system of Australia in to a good taxation system, the government of the country must simplify the system. This simplification can help the government maintaining the principle of certainty. However, McClure, Lanis and Govendir (2016) commented that the government of Australia is able to collect the income tax properly in each financial year. On the contrary, Chardon, Freudenberg and Brimble (2016) stated that the tax rate in Australia is much high than that of the other countries, which can make the taxation system a burden on the tax payers. Therefore, from this discussion, it can be stated that the taxation system in Australia is well developed but in order to be a good taxation system, the government of the country requires simplifying the system and reducing the tax rate. Comparison and contrast with the New Zealand deduction system Unlike the taxation system of Australia, New Zealand taxation system provides tax collection power to the Inland Revenue Department in compliance with the taxation system at national level. According to the New Zealand Taxation System, individual taxpayers are required to pay tax on personal income as well as on business income for the supply of products and services. New Zealand Taxation System does not require taxpayers to pay tax on income from the transfer of capital assets or property (Dridi and Boubaker 2015). However, in certain situations taxpayers are required to pay tax on capital profit, which is considered as income including the profit on sale or transfer of patent right. For the purpose of measuring taxable business income, taxpayers are entitled to claim deductions with respect to several business expenses incurred to derive the business income (Flynn, Belak and Soltis 2014). However, certain business expenses cannot be claimed for deduction even if expended for genera ting the income for business in compliance with the regulations of New Zealand Taxation System. In order to claim the deduction on business expenses, it is important to spend the same particularly for generating the business income as well as during the taxation year. For example, charges of depreciation, charges on goods and service tax and other production expenses can be claimed as work- related deduction for computing taxable income from business during the financial year (Pinto-Sanchez et al. 2015). In view of the work- related deductions in Australia and New Zealand, it has been analyzed that the basic regulations for claiming deduction on business expenses along with requirements for maintaining records of business expenses. It has been observed that the deduction on business expenses can be claimed only if it is directly related to generate business income as per both the taxation system of Australia and New Zealand (Sawyer 2016). Travelling expense, for example can be claimed under work- related deduction only if it is spent solely for the purpose of business or profession. If the travelling expense has been spent for personal purpose fully or partly, then the sane would not be claimed as deduction. On the other hand, expenses incurred to commute in local work location cannot be claimed as deduction under the both the taxation system of Australia and New- Zealand even though it is directly related to work (Austlii.edu.au 2016). Moreover, there are several differences in deduction system of Australia and New Zealand for the purpose of computing taxable income. Taxation system of New Zealand provides that the taxation on capital gain is not applicable to the taxpayers therefore deduction on respective expenses on the capital asset cannot be claimed even if it is used to operate business (Dridi and Boubaker 2015). Besides, capital gain taxation is applicable under Australian Taxation System therefore, taxpayer is entitled to claim deduction expended on the business capital assets during the taxation year. According to the taxation system of New Zealand, provisional tax liability would be imposed on the individual assessees if the previous year residual tax exceeds the threshold limit amounted to $2,500 (Fellows and Kahng 2013). On the other hand, this regulation is not applicable to the taxpayers under the taxation system of Australian Taxation Office rather; probable taxation liability is applicable for payme nt of installment. For the purpose of claiming deduction related to work New Zealand taxation system require taxpayers to claim deduction for in- work tax credit with respect to the inflation rate growth. While, in case of Australian taxation system, individuals are not entitled to claim for such deduction in order to pace with the countrys inflation and economy (Hirte and Tscharaktschiew 2013). Conclusion Considering the explanation and analysis of work- related deduction system in Australia for the taxpayers, it can be said that the federal government is required to constitute simple and fair regulations in accordance with the good taxation system. It has been observed that the current years work- related deduction policy established by the federal government of Australia provides that the taxable income should be determined as and when incurred during the taxation year as well as should be related to specific work. In addition, Australian Taxation Office provides that the taxpayers need to maintain essential documents and invoices to validate the expenses spent on business work. It is also essential to consider the principles of good tax system based on equality, simple and fair means, certainty and economy for the benefit of taxpayers. Accordingly, federal government of Australia established deduction policy in accordance with the principles of good tax system yet there are certain complications in the regulations to claim work- related deductions as well as filing return. In view of the current taxation system, certain complex taxation rulings are difficult to understand and apply for the taxpayers to determine the taxable income under the principles of ITAA 97. For determining the appropriate and accurate nature of work- related expenses for the purpose of deduction with respect to capital and revenue nature, it is essential to for the individuals to have clear understanding of taxation principles. Further, comparison of deduction system in Australia with that of New Zealand reflected several similarities and dissimilarities. Similarities between the two-taxation systems included incorporation of actual expenses, preservation of expenses documents or invoices along with appropriate disclosure and direct relation with the business income derivation. On the other side, differences between the Australian deduction system and New Zealand deduction system are available in terms of in-work tax credit, capital gain tax deductions and provisional tax liabili ty. It has been observed that the deduction system of New Zealand is certainly different and complex compared to that of Australia for understanding the regulations on in- work tax credit or provisional tax liability. Therefore, in order to conclude the analysis, it can be said that the deduction regime of Australia needs to be improved in certain ways in line with the principles of good taxation system to provide equality, economic growth through simple and fair means of regulation. Reference List Ato.gov.au. 2016. Home page. 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