During the 21st century our country and our planet as a...

During the 21st century our country and our planet as a whole is in energy crisis. We have used too many oils and fossil fuel that our non-renewable resources are running out. Oil is limited and is at outrageous prices, this result is making our economy suffering. With fossil fuel and oil as the main source of energy the people of this planet need to start looking for an alternative energy source because our fossil fuel will not last forever and fossil fuel also polluted our planet. This is where a renewable energy comes in. I will start talking about one of the oldest renewable energy know to man, one of the many renewable energy we have today are Geothermal Energy. Geothermal energy is one of the many different ways we can preserve our†¦show more content†¦Geologist who have studied geothermal energy uses the sonar, heat ray and satellite imagery to determine where are most of the geothermal activity going on. They still have to be careful to dig underground to find the pe rfect heat and water to build their power plant. There are four main kinds of geothermal resources; they are hydrothermal, Geo pressured, hot dry rock and magma. The most common use is the hydrothermal resource. Hydrothermal resources have a common ingredient of water and heat. This geothermal reservoir of steam or hot water occur naturally were magma comes close enough to the surface to heat the ground. Water circulates at great depth along the faults. Hydrothermal resources are used for many different energy purposes depending on the temperature. When low temperature occurs, it is a direct use for heating. The other kinds are the high temperature it produce electricity. When temperature of geothermal energy occurs around 104.444 Celsius it can used to generate electricity. Geothermal power in Australia is not much but it is still growing process, just like the rest of the world. There are a known and potential location nears the center of Australia that can be used to for geotherm al power plant. The earth is hotbed of geothermal energy. The most active geothermal resource is usually found near major earthquakes and volcanoes. One of the places where geothermal is generally produce is Iceland, according toShow MoreRelatedClimate Change : Urgent Issue2066 Words   |  9 Pagessinging Native American songs describing how â€Å"the Earth is our mother, we must take care of her.† The rising issue of global warming, scientifically known as climate change, is slowly becoming a worldwide epidemic that only 53% of Americans are even worried about, according to a 2014 survey by the IPCC. The definition of climate change is a change in global or regional climate patterns, in particular a change apparent from the mid to late 20th century onwards and attributed largely to the increased levelsRead MoreScience and Technology13908 Words   |  56 Pagesa Culture of Peace and a sustainable future, such as Respect for life, Caring for our planet, Learning to live together, and The role of media and ICT in building a peaceful world. The theme of the 2009 International Essay Contest for Young People was The role of science in building a better world. Scientific progress has brought many benefits to humanity, while some applications of science have had adverse impacts. Young people were invited to express their vision for the futureRead MoreThe History of Alternative Fuels4288 Words   |  18 Pagesethanol and methanol, have been produced and used on a small scale for decades. They are now being rediscovered due to the rising cost of oil and the instability of world politics. The discovery of these fuels changed the face of the planet, but since day one people have looked for other fuels that improved over the course of history. Alternative fuel vehicles have a long history, beginning with, Henry Ford. Ford was a conservationist who preferred harnessing nature as an energy source and usingRead MoreImpact of Science on Society38421 Words   |  154 PagesC. 20402 Foreword Science and technology have had a major impact on society, and their impact is growing. By drastically changing our means of communication, the way we work, our housing, clothes, and food, our methods of transportation, and, indeed, even the length and quality of life itself, science has generated changes in the moral values and basic philosophies of mankind. Beginning with the plow, science has changed how we live and what we believe. By making life easier, science has givenRead MoreImpact of Science on Society38427 Words   |  154 Pages D.C. 20402 Foreword Science and technology have had a major impact on society, and their impact is growing. By drastically changing our means of communication, the way we work, our housing, clothes, and food, our methods of transportation, and, indeed, even the length and quality of life itself, science has generated changes in the moral values and basic philosophies of mankind. Beginning with the plow, science has changed how we live and what we believe. By making life easier, science has givenRead MoreEnvironmental Degradation9511 Words   |  39 Pagesdeterioration of water because nowadays the fresh water resources in the earth are getting depleted and when calculated approximately around only two and half percent of water is fresh water in the whole earth. The rest is the oceanic water which is salty in nature.Another study states that almost 70% of the whole water present on earth is in solid state i.e they are in form of ice in the polar regions like antartica and Greenland. The water available for human consumption is very meager like its just thirtyRead MoreThe Sustainable Century By Design Or Disaster9705 Words   |  39 Pages The Sustainable Century by Design or Disaster Priorities, Strategies, Tactics Musings for More Better Corporate Sustainability in a Global Economyi Copyright @ 2015 by Marc de Sousa-Shields All rights reserved. In accordance with the US Copy Right Act of 1976, the scanning, uploading, and electronic sharing of any part of this book without the permission of Marc de Sousa Shields and or the publisher constitutions unlawful piracy and theft of the author’s intellectual property. If you wouldRead MoreThe Sustainable Century By Design Or Disaster9705 Words   |  39 Pages The Sustainable Century by Design or Disaster Priorities, Strategies, Tactics Musings for More Better Corporate Sustainability in a Global Economyi Copyright @ 2015 by Marc de Sousa-Shields All rights reserved. In accordance with the US Copy Right Act of 1976, the scanning, uploading, and electronic sharing of any part of this book without the permission of Marc de Sousa Shields and or the publisher constitutions unlawful piracy and theft of the author’s intellectual property. If you wouldRead MoreGlobalization and Its Impact on Malaysia13672 Words   |  55 PagesKorten It has been said that arguing against globalization is like arguing against the laws of gravity. Kofi Annan People have accused me of being in favor of globalization. This is equivalent to accusing me of being in favor of the sun rising in the morning. Clare Short This is a basic requirement the meaning of globalization is that we should admit that the economy of each country is dependent on the economy of all the others. Richard Grasso Read more:http://www.brainyquote.com/quotes/keywords/globalization_3Read MoreHow Global Economic Environment Is Affecting International Marketers?11351 Words   |  46 Pagesvillage. The truth is, we are going through the most severe global financial crisis since the days of Great Depression. Originated in USA, economic recession is affecting all the major players of world economy. Governments and major policy makers of world economy have taken notice of the urgency of the situation and frantic steps are undertaken to stem the rot. At the core of the term ‘recession’, spirals of several financial mistakes are intermingled. Many global opportunities have arisen because of

Agency Theory And The Separation Of Ownership Between...

Agency Theory describes the incentives problems between agents and in a business and the business principals and the separation of ownership between suppliers of capital within a firm (Morris,1987). Agency theory is also concerned with undertaking problems that can exist in the agency relationships due to irregular goals, different aversion levels of risk and decision making with control functions in the firm (Morris, 1987). Agency Theory demonstrates that the precipitate will incur agency cost, which then has an incentive to reduce. The cost of agency is, to decline in a firm’s value when the shareholder managers when pursuing the shareholder interest, particularly when the managers act incompetently or they do not have a to choose a project, making a profit to the shareholders, lastly the cost of monitoring and bonding managers so in the end they share an interest with the shareholders (Morris, 1987). Agency theory is the separation of ownership and the resources thatâ€℠¢s being controlled to explain the accounting choices within firms. Enron, was the world’s largest energy company in 2001. Enron forerunner, Northern Gas Company was incorporated in Delaware on April 25, 1930. From this date through July 1985, Enron had hundreds of purchases and new sub-entity constructions when they acquired Houston Natural Gas Inc. (Kastantin, 2005). On April 10, 1986, the company changed its name to Enron Corporation. Enron was an interstate and intrastate natural gas pipeline company,Show MoreRelatedCompeting Models Of Corporate Governance1398 Words   |  6 Pagesthe stakeholder model of corporate governance, firms owned and controlled by small number of major shareholders. This model of corporate governance often called as the relationship based method due to the close relationship maintained between companies and their major shareholders. This close relationship, little separation of ownership and control minimises the agency problem. However, as a re sult of the minimum separation of ownership and control, firms would experience misuse of power by dominantRead MoreFinancial Managers Need Only Concentrate on Meeting the Needs of Shareholders - No Other Group Matters1856 Words   |  8 PagesRatios: Profitability 6-8 Liquidity 8-9 Investment 9-10 Conclusion 10 Bibliography 11 Appendix 1 12 A shareholder is someone that legally owns one or more share of stock in a company. The objective of the firm is to maximize shareholder value by increasing the value of the company’s stock. Although other potentials exist, such as survival, maximizing market share, maximizing profits and so on, these are co-insistent with maximizing shareholder value. TheRead MoreThe Effects of Ownership Structure, Board Effectiveness and Managerial Discretion on Performance of Listed Companies in Kenya27922 Words   |  112 PagesTHE EFFECTS OF OWNERSHIP STRUCTURE, BOARD EFFECTIVENESS AND MANAGERIAL DISCRETION ON PERFORMANCE OF LISTED COMPANIES IN KENYA ONGORE, VINCENT OKOTH Thesis submitted in fulfillment of the requirements for the award of the degree of Doctor of Philosophy (Ph D) in Business Administration, School of Business, University of Nairobi, Kenya. 2008. DECLARATION I declare that this thesis is my original work and, to the best of my knowledge, has not been submitted to any university for a degreeRead MoreThe Difference Between Management Governance2146 Words   |  9 PagesThe difference between Management and Governance: Analysis in the context of Small and Medium Enterprises –SMEs.    By Callixte NYILINDEKWE    I. Introduction: Traditionally, corporate governance has evolved around the contract theory and agency problem based on separation of ownership and management (Dube, 2011). The benefits of this separation derive from the monitoring by the board of the CEO activity in the interest of shareholders, and generally in the interest of all stakeholdersRead MoreAgency Theory Essay 329591 Words   |  119 Pages1 The Fundamental Agency Problem and Its Mitigation: Independence, Equity, and the Market for Corporate Control DAN R. DALTON Kelley School of Business, Indiana University MICHAELA. HITT Mays College of Business, Texas AM University S. TREVIS CERTO Mays College of Business, Texas AM University CATHERINE M. DALTON Kelley School of Business, Indiana University Abstract A central tenet of agency theory is that there is potential for mischief when the interests of owners andRead MoreAgency Theory: an Assessment and Review9496 Words   |  38 PagesAgency Theory: An Assessment and Review Author(s): Kathleen M. Eisenhardt Source: The Academy of Management Review, Vol. 14, No. 1 (Jan., 1989), pp. 57-74 Published by: Academy of Management Stable URL: http://www.jstor.org/stable/258191 Accessed: 14/10/2010 10:43 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless youRead MoreFamily Business Essay3061 Words   |  13 PagesManagement Issues In The Family Business MGT-6340 Dominique Swaffin-Smith Word count: 2650 Submitted by E Pahlsson Content 1. Theory of discussion 2. Corporate governance 3. Family governance 4. Social responsibility 5. Philantrophy 6. Financial performance 7. Berry Bros amp; Rudd limited 8. Conclusion Introduction This report is intended to provide the reader with a discussion of the core areas of interest in terms of assessing a family companies performance. WeRead MoreEffect of Corporate Governance on Financial Performance14210 Words   |  57 Pagessummary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. †¦12 2.0 CHAPTER TWO: LITERATURE REVIEW†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 13 2.1 Introduction..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦....13 2.2 theoretical framework†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..13 2.3 Good corporate governance and operating costs†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦18 2.4 Correlation between good corporate governance and performance ratios†¦Ã¢â‚¬ ¦...20 2.5 Chapter summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 24 3.0 CHAPTER THREE: RESEARCH METHODOLGY†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦Ã¢â‚¬ ¦25 3.1 Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 25 3.2 Research design†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦25Read MoreCase Study Analysis of Royal Ahold Scandal7067 Words   |  29 Pagesinternational communities. In this paper I will focus on the case study of Royal Ahold and the large accounting fraud that took place within the company. The issues I will address include Ahold’s transparency and disclosure weaknesses, its demanding culture focused on economic growth regardless of certain ethical principles, the weaknesses of corporate governance within Europe and the United States, as well as the influences a company’s global expansion has on corporate governance and its financialRead MoreEmployee Resourcing5963 Words   |  24 PagesFinance Functions Require skilful planning, control and execution of financial activities. There are four important managerial finance functions. These are: a) Investment of Long-term asset-mix decisions These decisions (also referred to as capital budgeting decisions) relates to the allocation of funds among investment projects. They refer to the firm’s decision to commit current funds to the purchase of fixed assets in expectation of future cash inflows from these projects. Investment proposals

A social analysis of Child Support Policy in the U.S Free Essays

It is the social responsibility of the government to reliably provide for the basic needs of its citizens. This is of particular importance in ensuring sustainable and equitable social and economic development in the community. Due to this reason, numerous government policies have been formulated and implemented to promote provision of support services to the vulnerable minority members of the community. We will write a custom essay sample on A social analysis of Child Support Policy in the U.S or any similar topic only for you Order Now Of importance here is the Child Support Policy, which mandates financial support responsibility for single parent child by the other parent. This paper gives a critical social analysis of Child Support policy as well as a brief history of this policy in the US. History and provisions of Child Support policy in US The concern for child support policy in the United States can be traced back to the 19th century. This was after courts addressing martial breakdown and divorce cases identified the lack of enforceable legal provision providing for child support action by non-custodian parents (Hansen, 1999). This concerns and increased public outcry led to the passage of the first federal child support enforcement later in 1952. Available information indicates that this legislation provided guidelines to state welfare agencies on determining when aid is necessary for single parent families. In 1975, the federal government enacted the Social Security Act, which provided more legal authority for enforcing collection of child support (Hansen, 1999). This was followed by the 1984 amendment on Child Support Enforcement dictating for improvement in state and local support enforcement programs through establishment of state-wide child support guidelines. Through this amendment, the states gained authority to withhold income for non-custodial parents who were paying for child support (Josephson, 1997). In addition, the law required state governments to report defiance or late payment of support by non-custodial parents to consumer credit agencies. According to the provisions of the current child support laws, an individual is termed as a non-custodial parent in three conditions namely; if the child was as a result of a relationship, a marriage that was terminated through divorce or separation, and/or even in cases were none of such existed (Meyer, Cancian, 2005). Social value of child Support policy in the community Child support policy in the United States has been marked with numerous controversies among members of the political, social, and economic fronts of the community. Proponents of the policy have cited its instrumental role it plays in promoting sustainable parental care responsibility on children. According to available information, the high rates of divorce in the nation have resulted into increased burden to members of the society. This is because most victims of single families are economically dependent. Thus, the policy serves the ultimate purpose of ensuring sustainable economic independence in single parent families (Department of Health, and Human Services, 2005). Another common assertion by supporters of child support policy is that it functions to mitigate unethical practices in the society. True to the letter, divorce rates are increasingly becoming a major social concern in the nation. On the contrary, this is found to negate the underlying purpose of marriage in the society. This has the implication that failing to enforce mandatory parental care for both parents will only serve to create injustice in the community (Department of Health and Human Services, 2005). This can be supported by the fact that the child in question is in essence the result of the relationship of the couples. In addition, child support policy finds its importance in reducing government expenditure on individual citizens, an element that promotes public policies for the common good of all in the society (Melli, Oldham, 2000). As provided for in the constitution, the government should provide for the basic needs of its citizens. This means that the government will increase its investment on providing for single families at the expense of other public projects. Due to this reason, child support policy in the united states of American functions a crucial role in promoting ethics of care and equitable justice in the society. However, child support policies have not been without critics. It is a common claim by opponents that this policy is a real source of resource wastage in the community. The law requires a law enforcement of the policy through court agreement between the custodian parent and the non-custodian parent of the child. According to available statistical information, an estimated over 60 percent of child support cases end up in a long court battle between the disputing parties (Hansen, 1999). This has the ultimate implication that both parties are entail to loosing both in time and financial resources. Still, the provisions of the child support policy can be seen as a contradiction of individual right to equal opportunity. Existing legislations on child support enforcement give state and local governments to report to consumer credit agencies any delays by non-custodial parents to pay support (Meyer, Cancian, 2005). However, this requirement does not take into account the question of employment loss or financial crisis on the side of the non-custodial parent. This has the implication that the policy limits the sustainable social and economic development of these individuals in the society. Failure by the policy to appreciate the dynamics of the employment market is thus a contradiction of the constitutional provisions of equal opportunity. How to cite A social analysis of Child Support Policy in the U.S, Papers

Free Market Defense Essay Example For Students

Free Market Defense Essay Ludwig von Mises: Defender of the Free MarketLudwig von Misis thoughts on human behavior, socialism, and money and credithave had a major impact on economic thought. He championed true free markets andis seen as a defender of liberty. Former President of the United States RonaldReagan said Ludwig von Mises was one of the greatest economic thinkers in thehistory of Western Civilization. Through his seminal works, he rekindled theflames of liberty. As a wise and kindly mentor, he encourages all who sought tounderstand the meaning of freedom. We owe him an incalculable debt(MisesInstitute). The remainder of this paper will outline the life of Ludwig vonMises. This will be accomplished by describing the social, political, technical,and economic environment that influenced his ideas. A description of his majorideas in economic thought will be presented. Next, the people and ideas thatinfluenced his approach to economics will be addressed. Finally, the paper willconclude with an assessment of Ludwig von Mises contributions to economicthought. Overview of the Life of Ludwig von Mises Ludwig von Misis was born onSeptember 29, 1881 in Lemberg, Austria. He attended a private elementary school,the public Akademishe Gymnasium in Vienna from1892 to 1900. In 1900 Misesentered the University of Vienna. On February 20,1906 he received a Dr. Jurdegree, a Doctor of both Canon and Roman Laws, from the University of Vienna. When Mises attended the University, it had no separate economics department; theonly way to study economics was through law (Mises Institute). From 1907 to 1914Mises was employed as an advisor to the Austrian Chamber of Commerce. His firstmajor thesis, the Theory of Money and Credit was published in 1912. In 1913Mises was awarded the position of Privatdozent (unsalaried lecturer) at theUniversity of Vienna (Mises Institute). Mises academic pursuits wereinterrupted from 1914 to 1918 due to World War I. After World War I Misesreturned to the University of Vienna and his position at the Austrian Chamber ofCommerce. His next major thesis, Socialism, came in 1922. In 1934 Mises accepteda position as Professor of International Economic Relations at the GraduateInstitute of International Studies, in Geneva, Switzerland. Even though he badleft Vienna to accept this position in Switzerland, Mises did work for theAustrian Chamber of Commerce on a part-time basis until Hitlers annexation ofAust ria in March 1938 (Mises Institute). On July 6, 1938 Ludwig von Misesmarried Margit Sereny in Geneva. Ludwig von Mises immigrated to the UnitedStates in 1940 arriving in New York on August 2. In the United States Misestaught as a Visiting Professor at the University of New York from 1945 to 1969. He also traveled to Central and South America giving lectures from 1942 to 1959. In 1949 Mises published his crowning achievement Human Action. This treatisesummarized his thoughts on economics. Through out the rest of his life Misesreceived several distinguished awards. On October 10, 1973 Ludwig von Misespassed away at St. Vincent Hospital in New York City. Factors Influencing Ludwigvon Mises Ideas The major influence on Ludwig von Mises ideas was the Austrianschool of economic thought. The political and economic events that influencedMises included two world wars and an extended worldwide depression. In thepolitical turmoil after World War I, the main theoretician of the now socialistAustrian government was Marxist Otto Bauer. Mises had befriended Bauer duringhis school years and the two often discussed economics and politics. Misesexplained economics to him night after night, eventually convincing him to backaway from Bolshevik-style policies (Mises Institute). His actions kept Austriafrom following to the hyperinflation that the Germans experienced. Thepreva iling political climate during this time was Socialism. Mises stronglyopposed Socialism and its prevalence inspired him to write his next great workSocialism. The Great depression brought about the rise of Keynesian Economics. Mainstream economics embraced Keynesian economics and as a result Mises theoryof money and credit was pushed into the background as the cause for businesscycles. Political activity in Europe, specifically Hitlers aggression, droveMises from his homeland and then Europe just before World War II. Misescontinued to lecture widely in the United States, Europe and Latin America. Heserved as economic advisor to the Foundation for Economic Education (FEE) fromits founding in 1946 until his death. He was appointed a Visiting Professor atNew York University Graduate School of Business Administration in 1945 andserved there until 1969 (FEE). In his life time Mises witnessed the completionof the industrial revolution in the western world as well as the pervasion ofgovernment intervention into the free market through fiscal policy, based onKeynesian Economics, and through the institutionalization of central banking. The Constellation Orion EssayEugen von Boehm-Bawerk, a student of Menger, taught a young Mises from 1904 to1914 at the University of Vienna. His views on intervention of the governmentand how it reacted to economic law greatly influenced Mises thesis on socialism. Boehm-Bawerks theory on interest and capital and its time preference basisformed the logic needed to argue the viability of socialism (Spiegel). Misesthoughts on the business cycle were derived from Ricardian models, Boehm-Bawerkstheory on capital and the factors of production, and Knut Wicksells ideasregarding production and the effects the difference between real and nominalinterest rates has on it. Max Weber influenced Mises concerning economics as asocial science, but Menger was probably the major influence here as well. Assessment of Ludwig von Mises Contributions to Economics The completeness ofHuman Action is the most impressive contribution that Ludwig von Mises gave toeconomics. The marriage of micro and macroeconomics was accomplished throughMises theory on money and credit. This was the first time that this had beenaccomplished. His argument presented in Socialism has been historicallyvindicated and supported by empirical facts. Mises undying views on laissezfaire has been his sticking point with mainstream economics (Spiegel). Thefailure of the gold standard and the prevailing existence of central banks aretestaments to this. The biggest triumph of Mises is the methodology used tostudy economics. He solidified Mengers theoretical approach to economicproblems. BibliographyFoundation for Economic Education Ludwig von Mises AvailableInternet www.fee.org/about/misesbio.html Greaves, Percy L. Mises MadeEasier, 1974, Free Market Press Koether, George The Wisdom of Ludwig vonMises 1981, The Freeman Ludwig von Mises Institute Who is Ludwig von Mises Available Internet www.mises.org/mises.asp Ludwig von Mises InstituteWhat is Austrian Economics Available Internet www.mises.org/austian.aspLudwig von Mises Institute Why Austrian Economics Matters Available Internet www.mises.org/why_ae.asp Ludwig von Mises Institute AnAmerican Classical Liberalism Available Internet www.mises.org/classical.asp