Markets and the Economy Term Paper Example | Topics and Well Written Essays - 1000 words

Markets and the Economy - Term Paper Example These built-in stabilizers are: transfer payments and income taxes. During economic downturn, government employs loose fiscal policy in order to increase aggregate demand which leads the economy towards recovery. The government offers subsidiaries to the business sector in order to reduce the level of unemployment. The tax cut increase the profit at the cost of decrease government revenue. According to the Keynesian economists, an expansionary fiscal policy employed by the government during the recession could stabilize the economy. This is so because as the result of this policy aggregate demand will increase that will stimulate the passive economy. This point of view of loose fiscal policy is rejected by many economists on the ground that the increase in aggregate demand (AD) will generate the crowding out situation in an economy. A crowding out situation means the fall in the spending of the private sector as the result of increased government spending. However, this rejection is ruled out by the counter argument that ‘crowding out’ will not formulate because the government will increase its spending only by using its previously unemployed resources. IS curve is a curve that is formed to show a negative relation between the interest rate and the income. During the time period of recession, the effectiveness of the fiscal policy depends on the sensitivity of IS curve. The effect of the fiscal policy will be greater in case of steeper IS curve whilst it will be less in case of flatter IS curve. Thus, in case of inelastic IS curve (steeper) the fiscal policy will be effective due to a little crowding out of the private investment. Khan (2010) indicated in an article that it is important for economies to keep deficit as low as possible in order to be able to meet the deficit by use of domestic resources or by borrowing from international fund providers. A low budget deficit helps an economy to become stabilized early by meeting

Writing Style of J.R.R. Tolkien Essay Example | Topics and Well Written Essays - 1000 words

Writing Style of J.R.R. Tolkien - Essay Example This paper will weigh what had been said of Tolkien's style, and how it changed the perception of readers and colleagues as well. Judith Johnson talks about decades of criticisms for the works of Tolkien. "Tolkien criticism spans more than six decades. Several commentators divide it into chronological categories. Bruce Beatie (B533) saw three stages between 1954 and 1968: the first, between 1954 and 1956, consisting of reviews and questions of genre; the second, from 1957 to 1964, containing mostly reactions from scholars; and the third, from 1965 to 1968, consisting primarily of general reader and cult reaction." (xi) Meanwhile, according to George Clark and Daniel Timmons, "Commentators have taken strong positions for and against these books," as they compiled a long list of reviews about Tolkien. "C.S. Lewis hailed The Fellowship of the Ring (FR) as a work of genius (1082); in the 1960s, Marion Zimmer Bradley noted that love was 'the dominant emotion' in LR, not only love of honor and country, but 'Gandalf's paternal and Goldberry and Galadriel's maternal love' (109); in the 1970s, W. R. Irwin called LR 'the most impressive' work of its kind of the twentieth century (161); in the 1980s, Ursula K. Le Guin stated that Tolkien's style was 'outstanding' (79)" (Clark and Timmons 218). Lastly, "in the late 1990s, C. W. Sullivan III commended, 'Tolkien's eminently successful attempt to create a traditional narrative' ( 82)" (Clark and Timmons 218). On the other hand, some negative remarks were also associated with Tolkien's writing style that Clark and Timmons added in their list. "Catharine Stimpson thought that Tolkien displays 'subtle contempt and hostility toward women' and that unlike 'many very good modern writers, he is no homosexual' (19, 20). Michael Moorcock claimed it was like 'Winnie-the-Pooh posing as epic' ( 125 )" (Clark and Timmons 218). Meanwhile, in the late 1990s, "C. W. Sullivan III commended, 'Tolkien's eminently successful attempt to create a traditional narrative' ( 82 ); John Goldthwaite stated: 'Very seldom does one encounter emotion this fraudulent and writing this b ad in any genre,' after quoting a passage of a battle scene from The Return of the King (RK)" ( Clark and Timmons 218 ). Today, the reviews on Tolkien have not shed any reluctance admiring and criticizing his contribution to literature. A research done by Stephanie Lessard-Pilon stated that, "J.R.R. Tolkien was a famous and spectacular author. He should be remembered today as the one of the best fantasy writers of all time, and one of the most advanced philologists in England." Furthermore, Lessard-Pilon had managed to give the conventional style of Tolkien, "such as description, character development, and dialogue." According to Lessard-Pilon, "He manages to use simple, understandable words to paint complex images in the reader's mind. 'As if through a gate they saw the sunlight before them. Coming to the open, they found that they had made their way through a cleft in a high bank, almost a cliff. At its feet was a wide space of grass and reeds, and in the distance another bank almost as steep. A golden afternoon of late sunshine lay warm and drowsy upon the hidden land between.' (Tolkien, Fellowship of the Ring, 162-63). Another example of good description ... of Tolkien's is that of Treebeard, an old Ent. 'It belonged to a manlike, almost troll-like, figure, at least