Catholic Rosary Practical And Pious Religion Essay Example

Catholic Rosary Practical And Pious Religion Essay Example Catholic Rosary Practical And Pious Religion Essay Catholic Rosary Practical And Pious Religion Essay Introduction Throughout history legion devices have been created and used for the intent of numbering. Within the field of mathematics the abacus and its beads was of great importance because of its ability to keep a numerical run. Religions have since adapted this method to points more applicable to the religion due to the repeat of supplications. For illustration within Islam, beads are used to number the 90 nine names of Allah, and Buddhists besides use beads to declaim 1,000s of mantras.[ 1 ]However, beads are a simply a compliment to the ritual it is used in. A spiritual religious order within Christianity have non merely used beads to number but termed the object the same name as the ritual pattern it is used in. General Description Within the Christian religion, Catholics use a prayer beads as a agency of devotedness to Mary, who is known as the Mother of Jesus.[ 2 ]The word prayer beads can be used within two contexts: a physical set of beads and the rite of devotedness. The beads are used as a method to track the supplications completed during the pattern. The rosary when mentioning to the stuff object is a twine composed of five sets of 10 beads, each separated by one big bead severally.[ 3 ]The twine is held together with a round image, which is similar to that of a necklace. The image has two big and three smaller beads along with a pendent attached[ 4 ]( Appendix A ) . Rosaries come in all forms and sizes, in assorted colorss and can be made from anything from wood to plastic. The term prayer beads, when referred to in the context of the ritual, consists of the repeat of three chief supplications along with the statement of beliefs in the beginning.[ 5 ]This pattern can be completed by anyone, at any clip , irrespective of whether in a group or praying by one s ego. The rosary can be viewed as a non-discriminatory pattern wherein people from all religion s can partake in it. It can besides be said in any location, but sooner in a Catholic topographic point of worship, the church. Technical Description The descriptions mentioned above are but an lineation for what the physical prayer beads is, every bit good as the Catholic pattern of the prayer beads. Further inside informations will now be given in order to develop a better apprehension of the rosary as exemplified within both of its contexts. In footings of the physical object, the pendent attached to the beads is better known as a rood, a term Catholics usage typifying an article in the signifier of a cross picturing Jesus decease[ 6 ]. In add-on the round image is one of Mary, it joins the five sets of 10 beads to the separated five other beads and rood. This image embodies the fact that the rosary as devotedness, was foremost offered to Mary. The traditional stuff used to fabricate prayer beadss is olive wood, which is said to hold been the wood of the cross that Jesus was hung on.[ 7 ]However, due to modern versions prayer beadss are now are made from assorted stuffs. The Catholic pattern of the rosary Begins with the mark of the cross. This symbolic usage is one that commences every rite within the Catholic religion.[ 8 ]The action happening is merely utilizing one s custodies to touch the brow, so the bosom, and each shoulder, left to compensate severally in order to do a cross. After finishing this action, practicians complete a set of preliminary supplications get downing with the Catholic supplication titled the Apostle s Creed ( Appendix B ) . The words contained within this supplication express the religion of the practician and the chief system of beliefs for Catholics.[ 9 ]This would so take to the praying of the Our Father ( Appendix B ) , followed by three Hail Mary s ( Appendix B ) and stoping with a Glory Be to the Father ( Appendix B ) . This would tag the stoping of the preliminary part and lead to a speculation which changed depending on the twenty-four hours the prayer beads was said. After this begins another Our Father, but this clip with 10 Hail Mary s, followed by yet another Glory Be to the Father. This sequence of supplications get downing with the speculation and stoping with the Glory Be to the Father is referred to as one decennary.[ 10 ]There are a sum of five decennaries within one prayer beads, but four different versions of the prayer beads. As antecedently mentioned, the speculations of the rosary alteration depending on the twenty-four hours of the hebdomad it is said. There are four different versions referred to by Catholics as enigmas, including: Joyful ( Monday and Saturday ) , Sorrowful ( Tuesday and Friday ) , Glorious ( Wednesday and Sunday ) and Luminous ( Thursday )[ 11 ]( Appendix B ) . Each enigma has five speculations on specific events refering to the subject. Each of these five speculations is reflected on while praying the prayer beads. Location within the Religion Within Catholicism, the prayer beads is considered to be a symbolic point every bit good as an informal pattern. The first visual aspect of the physical set of beads is early within the faith and can be seen in assorted images picturing early practicians. The ritual itself is viewed as secondary agencies of devotedness ( primary being sacraments and Holy Eucharist ) that can be completed at one s ain will.[ 12 ]Though the act of praying the prayer beads is non formal in the sense that it is non a demand, it serves as a brooding method of supplication for those seeking a deeper religious religion. Historical Information and ties to Doctrines The praying of the rosary hints its beginnings to the Book of Psalms contained within the Bible. Catholics refer to Psalms as vocals of congratulations to God.[ 13 ]During the early yearss of the Catholicism, many lay people wanted to partake in the praying of the Psalms but could non perpetrate all 150 to memory, therefore a replacement was created. There is grounds in the early 16th century of a book titled the Chiropsalterium, which instructed practicians to utilize their custodies as a mnemotechnic device when praying.[ 14 ]This besides integrated 150 repeats of the Our Fathers as permutations for the Psalms. The Our Father is said to be the most perfect of all supplications, since it was composed for our demands by our Lord himself as stated by John S. Johnson.[ 15 ]He goes on farther to province that within the Gospel of Matthew in the Catholic Bible, Jesus declares that this is the method in which 1 should pray to God.[ 16 ]Catholics today take these words with a few changes and see it the Lord s Prayer. These 150 repeats were subsequently divided into three sets of 50, a fact certifying to the prayer beads s adaptability.[ 17 ]During this clip, the popularity of the celebrated supplication, the Hail Mary grew, and was added as an option to some of the many Our Father s owing to its simpleness. The initial diction of the Hail Mary comes from the Gospel of Luke when Mary is foremost greeted by the angel Gabriel along with the recognizing Elizabeth gives to her cousin Mary.[ 18 ]The remainder of the text was contributed to assorted other leaders within the religion to make the supplication that is normally used today. With the bulk of the rosary as repeats of the Hail Mary, it was so associated with devotedness to Mary. This is where the term rosary comes from. The Latin word rosarium, intending rose garden was apparent in early images of Mary.[ 19 ]The word prayer beads merely stemmed from at that place. The add-on of the Glory Be to the Father occurred over clip by assorted leaders a s the ritual grew in credence throughout the religion. This supplication is shorter than the other two but is filled with congratulations and worship type phrases. Deep roots are found refering to the subject of the Holy Trinity, denoting the look of how three individuals exist in one God.[ 20 ] As Catholicism grew in Numberss, so did the demand for speculations refering to Jesus life. It was out of convenience that each of the three sets of 50 was so farther cut down to groups of 10, with each enigma holding five of import events associating to a several subject.[ 21 ]It is St. Dominic, who during the 15th century, is attributed to the initiation of what is now referred to as the Rosary. Harmonizing to tradition, Mary is said to hold appeared to him and told him to distribute the word contained within the Psalter.[ 22 ]This so formalized to the three enigmas with five decennaries in each. In 2002, the 4th enigma was added by the Pope finishing what is now known as the Catholic Rosary.[ 23 ] Analysis Praying by manus distinguished the Catholic prayer beads from other signifiers of popular devotedness. Even with the absence of the twine of beads, one s 10 fingers could easy function as a counter and reminder that when chew overing the whole organic structure and head should be focused on the enigmas. The kernel behind repeat is to ingrain the message behind the words into one s head in order to do application easier. Though the pattern of the rosary appears insistent by nature, it is of import to look at the large image. The rite is said to be a method of supplication offered to Mary. Why so are the enigmas refering to the life of Jesus? One might reply that the Christianity is rooted in Jesus, therefore all component must associate to him. Mary is viewed as a agency to Jesus and her importance within the prayer beads has decreased significantly since its initial development.[ 24 ] Another issue to be raised is the fact that the Catholic Church prides itself on its traditions. The roots of the Rosary relate to The 150 Psalms contained within the Bible, yet the modern rosary appears to hold no relation to that whatsoever. The reply to this can merely be attributed to the fact that the prayer beads is an informal pattern and has adapted through clip.[ 25 ]The enigmas of the rosary drama a larger function when compared to the Psalms. Decision Though the history of beads serves as a utile method of numeration, Catholicism has adapted its public-service corporation into a pattern and object that provide far greater service to practicians within the religion. The rosary as discussed earlier plays a critical function in methods of devotedness to both Jesus and Mary. The physical beads of the rosary service as a practical counter during supplications. The existent usage of praying the prayer beads is completed in order to construct a stronger relationship with God or to be pious. Appendix Ahttp: //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Rosary.svg/424px-Rosary.svg.png Beginning: Microsoft ClipArt Appendix B Apostle s Creed I believe in God the Father, Almighty, Creator of Eden and Earth: And in Jesus Christ, his merely begotten Son, our Godhead: Who was conceived by the Holy Spirit, Born of the Virgin Mary: Suffered under Pontius Pilate ; was crucified, dead and inhumed: He descended into snake pit: The 3rd twenty-four hours he rose once more from the dead: He ascended into Eden, and sits at the right manus of God the Father Almighty: From thence he shall come to judge the quick and the dead: I believe in the Holy Spirit: I believe in the holy Catholic Church: the Communion of saints, the forgiveness of wickednesss: The Resurrection of the organic structure: And the life everlasting. Amons. Our Father Our Father, Who art in Eden Hallowed be Thy Name ; Thy land semen, Thy will be done, on Earth as it is in Eden. Give us this twenty-four hours our day-to-day staff of life, and forgive us our trespasses, as we forgive those who trespass against us ; and take us non into enticement, but present us from immorality. Amons. Hail Mary Hail Mary, full of grace. Our Lord is with thee. Blessed art 1000 among adult females, and blessed is the fruit of thy uterus, Jesus. Holy Mary, Mother of God, pray for us evildoers, now and at the hr of our decease. Amons. Glory Be to the Father Glory be to the Father, and to the Son, and to the Holy Spirit. As it was in the beginning, is now, and of all time shall be, universe without terminal. Amons. Mysteries of the Rosary The Five Joyful Mysteries The Lady day The Trial The Birth of Our Lord The Presentation of Our Lord The Finding of Our Lord in the Temple The Five Sorrowful Mysteries The Agony in the Garden The Scourging at the Pillar The Crowning with Thorns The Carrying of the Cross The Crucifixion The Five Glorious Mysteries The Resurrection The Ascension The Coming of the Holy Spirit The Premise of our Blessed Mother into Heaven The Coronation of our Blessed Mother The Five Luminous MysteriesA The Baptism in the Jordan The Wedding at Cana The Proclamation of the Kingdom The August 6 The Institution of the Holy sacrament

Lower Leg Ulcers Essay Example | Topics and Well Written Essays - 1750 words

Lower Leg Ulcers - Essay Example Venous ulcers, often referred to as stasis ulcers or varicose ulcers, are wounds occurring on the legs due to improper functioning of venous valves. Referring to a research organized by Weller, Ademi, Makarounas-Kirchmann and Stoelwinder (2012), venous ulcers are the main causes of chronic wounds that constitute 70-90% of leg ulcer cases. The authors indicate that it develops along the medial distal legal mainly and this medical condition can be very painful. Venous ulcer is the major cause of lower extremity ulceration and it is growing to be a potential health issue in Canada. In their article titled ‘Diagnosis and treatment of venous ulcers’, Collins and Seraj (2010) say that endothelial damage, intracellular edema, platelet aggregation, and inflammatory processes resulting in leukocyte activation are the major identified causes of venous ulcers. The authors add that older age people and individuals with obesity, venous thrombosis, previous leg injuries, and phlebitis are greatly prone to the risk of developing of venous ulcer. Collins and Seraj point out that venous ulcers seem to be irregular and shallow in physical examination and they are mainly located over bony prominences.  Ã‚  Ã‚  Ã‚  Ã‚   Studies indicate that the chance of developing venous ulcers in Western population is relatively high and 10-20/1000 adults in the Western world are likely to be diagnosed with venous ulcer at some point in their lifetime. In order to evaluate the status of venous ulcers in Canada, a group of researchers including Graham., Harrison, Shafey, and Keast (2003) organized a study about various issues concerning this medical condition. For this, the researchers collected responses from physicians who were members of the College of Family Physicians of Canada. Among the participants, 107 physicians reported that 226 patients had been diagnosed with leg ulcers but only a few had undergone ultrasound assessment. When 16% of physicians were confident about man aging this complex medical condition, a vast majority (61%) reported that they were not knowledgeable about wound-care products. The researchers noted that over 50% of the participants were unaware of the fact that compression could be an effective treatment for venous ulcers. Referring to the study, the researchers listed a number of issues negatively affecting venous ulcer management. First, physicians often failed to deal with venous ulcer care effectively due to lack of evidence-based clinical practice guidelines. In addition, lack of evidence-based protocols in home care agencies also contributed to inefficient disease management. Finally, poor communication among health care providers and restricted access to wound-care produc

There is an ongoing debate on the use of capital punishment. Discuss Essay - 1

There is an ongoing debate on the use of capital punishment. Discuss the social, moral and historical aspects of this controversial topic - Essay Example religious leaders, and foreign press make quite a spectacle of how the Throughout the world legal systems regularly sentences people to die for the crimes they have committed. As such, many nations around the globe view the death penalty as something of a novelty (Debrevnik, 2004). From a purely economic standpoint, capital punishment is an extraordinarily expensive form of punishment. As compared with life in prison, the average cost of execution is approximately the same cost to keep a prisoner housed and fed for over 100 years (Petersen & Lynch, 2012). Currently, the average cost of execution in California exceeds 4 million dollars per criminal executed. Comparatively, the average cost to keep a prisoner housed and fed as well as ensuring proper health care and medicine usually does not exceed $35,000 per year (Semeshenko et al, 2012). At such an exorbitantly high expense, it is clear that choosing capital punishment on the grounds that killing the criminal will somehow save the state money over time is entirely illogical. As such, the argument for execution does not hinge on economic savings; instead, it hinges upon the Judeo-Christian belief of â€Å"an eye for an eye and a tooth for a tooth†. In this way, the major supporters of the death penalty believe that certain crimes are so heinous that rehabilitation is not possible. As such, one’s life is forfeit for certain crimes if convicted. This further raises the tangential issue of the purpose of prison; whether it is it to rehabilitate or to punish. According to death penalty activists, prison’s primary objective is to punish with rehabilitation being a very distant second. A secondary issue with the death penalty in its current form is that they death penalty has been proven not to be a significant deterrent against the crimes it punishes. It is obvious that murder rates throughout the world are comparably higher than almost any other nation that currently does not have the death penalty as

United Nation Science Essay Example for Free

United Nation Science Essay United Nation Science by Kofi This article tackles the issue of human dependence on technology and the role of information technology in globalization. The author also proves the fact the human’s dependency on technology is growing as new innovation are being developed. The effect of this dependency on human relationship and interaction was also discussed. Although information technology has great contribution in globalization, its effect on human interaction, culture and values are also considerable. As technology advances, we are losing our humanity as viewed by the author. Communication Technology Update by Grant and Meadows The book on Communication Technology Update provides a timeline for the development in the field of communication technology from books, newspaper and periodicals to phones to internet. Thus, it offers an introduction to the field of communication technology which is the topic of this paper. It is important to know the trends in the development of technology in order to have an overview or rather a glimpse of what is to come. It also proves the point that human’s reliance on technology for communication is increasing with the advances in the said field. The article also shows how fast information technology is growing. The W5H of Technology by Hallen The W5H of technology by Hallen provides additional information about information technology. It also describes the different type of communication in from the simplest to the most complex in terms of the number of individuals involved. Hallen introduced the readers to what there is to know about technology, the basics as well as the important. The influences of technology were also studied, both the positive and the negative effects. The main importance of technology was development and globalization that was made possible through the innovations in technology while technology dependency was the negative effect. This belief coincides with the main argument of this paper and so is very useful as a reference. Utilizing Information and Communication Technologies for Development: The Social Dimensions. Information Technology for Development by Morales-Gomez and Melesse The article by Morales-Gomez and Melesse offered to question the impacts of technology on society. They argue that although technology has brought great development in society, there are areas that had to be explored; some areas were technology harms rather than helps. They also view the fast development made possible by technology as unrealistic and dangerously naive. The authors also explored the long term effects of information technology in a nation’s social and cultural system. Thus, the article offers support of my claim on this paper. Information and Communication Technologies and the Effects of Globalization: Twenty-First Century Digital Slavery for Developing Countries Myth or Reality? by Ogunsola This article examines the revolution in the field of information technology. It also tackles the issue of globalization as well as its impact in developing countries. The authors argue that information technology is widening the gap between the poor and the developing countries. They also offer and evaluated the concept of â€Å"digital slavery†. Global communication had been viewed as â€Å"the world’s largest machine† and unknowingly, humans are being enslaved by it. The article also explored the negative effects of communication technology in personal communication. The article is important in establishing the main point of my paper. References Annan, Kofi. {1999}. United Nation Science. 19th February. p. 1079. Grant, A. and Meadows J. (2006). Communication Technology Update. Burlington, MA: Focal Press. Hallen, R. M. (2008). The W5H of Technology. Vigyan Prasar. Morales-Gomez, D. and Melesse, M. (1998). Utilizing Information and Communication Technologies for Development: The Social Dimensions. Information Technology for Development. 8(1). pp. 3-14. Ogunsola, L. (2005). Information and Communication Technologies and the Effects of Globalization: Twenty-First Century Digital Slavery for Developing Countries Myth or Reality?. Electronic Journal of Academic and Special Librarianship. V. 6, No. 1-2. United Nation Science by Kofi This article tackles the issue of human dependence on technology and the role of information technology in globalization. The author also proves the fact the human’s dependency on technology is growing as new innovation are being developed. The effect of this dependency on human relationship and interaction was also discussed. Although information technology has great contribution in globalization, its effect on human interaction, culture and values are also considerable. As technology advances, we are losing our humanity as viewed by the author. Communication Technology Update by Grant and Meadows The book on Communication Technology Update provides a timeline for the development in the field of communication technology from books, newspaper and periodicals to phones to internet. Thus, it offers an introduction to the field of communication technology which is the topic of this paper. It is important to know the trends in the development of technology in order to have an overview or rather a glimpse of what is to come. It also proves the point that human’s reliance on technology for communication is increasing with the advances in the said field. The article also shows how fast information technology is growing. The W5H of Technology by Hallen The W5H of technology by Hallen provides additional information about information technology. It also describes the different type of communication in from the simplest to the most complex in terms of the number of individuals involved. Hallen introduced the readers to what there is to know about technology, the basics as well as the important. The influences of technology were also studied, both the positive and the negative effects. The main importance of technology was development and globalization that was made possible through the innovations in technology while technology dependency was the negative effect. This belief coincides with the main argument of this paper and so is very useful as a reference. Utilizing Information and Communication Technologies for Development: The Social Dimensions. Information Technology for Development by Morales-Gomez and Melesse The article by Morales-Gomez and Melesse offered to question the impacts of technology on society. They argue that although technology has brought great development in society, there are areas that had to be explored; some areas were technology harms rather than helps. They also view the fast development made possible by technology as unrealistic and dangerously naive. The authors also explored the long term effects of information technology in a nation’s social and cultural system. Thus, the article offers support of my claim on this paper. Information and Communication Technologies and the Effects of Globalization: Twenty-First Century Digital Slavery for Developing Countries Myth or Reality? by Ogunsola This article examines the revolution in the field of information technology. It also tackles the issue of globalization as well as its impact in developing countries. The authors argue that information technology is widening the gap between the poor and the developing countries. They also offer and evaluated the concept of â€Å"digital slavery†. Global communication had been viewed as â€Å"the world’s largest machine† and unknowingly, humans are being enslaved by it. The article also explored the negative effects of communication technology in personal communication. The article is important in establishing the main point of my paper. References Annan, Kofi. {1999}. United Nation Science. 19th February. p. 1079. Grant, A. and Meadows J. (2006). Communication Technology Update. Burlington, MA: Focal Press. Hallen, R. M. (2008). The W5H of Technology. Vigyan Prasar. Morales-Gomez, D. and Melesse, M. (1998). Utilizing Information and Communication Technologies for Development: The Social Dimensions. Information Technology for Development. 8(1). pp. 3-14. Ogunsola, L. (2005). Information and Communication Technologies and the Effects of Globalization: Twenty-First Century Digital Slavery for Developing Countries Myth or Reality?. Electronic Journal of Academic and Special Librarianship. V. 6, No. 1-2.

Parental Relationships in Chinua Achebe’s Things Fall Apart and Buchi E

Parental Relationships in Chinua Achebe’s Things Fall Apart and Buchi Emecheta’s The Joys of Motherhood Chinua Achebe’s Things Fall Apart, and Buchi Emecheta’s The Joys of Motherhood, are two novels that emphasize the complexities of relationships between parents and their children. In Achebe’s story, the protagonist of the novel, Okonkwo, has distant relationships with his children (particularly Nwoye and Ezinma) because their father sees them as inadequate in many ways. Okonkwo has high expectations of his children, especially Nwoye, his eldest son and often finds fault in almost everything he does. Okonkwo resents the fact that the child he feels has the most promise is his daughter Ezinma. Her strength of character is everything he has ever wanted in a son. In Emecheta’s story, Nnu Ego, the protagonist of the novel, dedicates her life to working for the health and happiness of her children. Unlike Okonkwo’s situation, Nnu Ego’s children do not try to seek her approval. In fact, her children, namely Oshia and Adim, are not appreciative o f all the sacrifices she has made for them and even blame her for the family’s misfortunes. Things Fall Apart and The Joys of Motherhood are two telling stories that demonstrate the differing relationships parents and their children can have. One story, shows a father whose children can never meet up to his standards, although the children unsuccessfully strive for his praise. The other story displays a mother whose unappreciative children do not try to seek their mother’s approval, even though she strives to please them in the best way she knows how. Okonkwo is the type of man that has had to work for everything that he has attained in life. His father left him... ... children. Her children do not fully understand nor do they appreciate their mother as much as they should, because as hard as life was for them, Nnu Ego is the reason they are alive. On the other side of the spectrum is Okonkwo, the main character from Things Fall Apart. He is not the type of father who is very caring of his children. In fact, Okonkwo’s only worry for them is that they live up to his expectations. Okonkwo’s children try to please their father but a man of such impossible and illogical standards can never be satisfied. Whether a relationship between parents and children is one of love, struggle, or expectation, the truth remains that no bond is ever perfect. Works Cited Achebe, Chinua. Things Fall Apart . Oxford: Heinemann Educational Publishers, 1958. Emecheta, Buchi. The Joys of Motherhood. Oxford: Heinemann Educational Publishers, 1979.

English Olvier Twist essay Essay

Dickens has a very unique style; he uses very descriptive language that contains a lot of adjectives. He also uses lists particularly when he’s describing a place in the following passages the features of dickens style are evident.  What impressions does the reader gain of the nineteenth century in London?Dickens knew London very well and in Oliver twist he describes the London he knew. The artful dodger takes Oliver to Fagin’s den through London’s streets. The reader gets the feeling of speed to show this dickens uses a list â€Å"They crossed from the angel into st Johns road; struck down the small street which terminates at saddlers welis theatre†.  This sounds like directions for somebody who doesn’t know where they are going it creates a sense of speed. As Oliver looks around him he realises that he is in a poor, slum area dickens write  Ã‚  Ã¢â‚¬Å"A dirtier or more wretched place he had never seen†Ã‚  Ã¢â‚¬Å"And the air was impregnated with filthy odours†.  By writing this Dickens gives the reader a feeling of what sort of disgusting area Oliver is travelling through. The word dirtier suggests that the area looks poor and indecent. The word wretched means that even the people who live there are unhappy. The word filthy gives an impression of a smelly odour. Dickens also appeals to not just to the sense of sight but to the sense of smell too. How does dickens create an atmosphere of sadness at the start of chapter 18?  At the start of chapter 18 Oliver is recaptured by Fagin again and locked up in his den. Dickens describes how Oliver is feeling at this point of time. Dickens writes  Ã¢â‚¬Å"And so Oliver remained all that day and for the greater part of many subsequent days†.  He uses repetition to describe the pasting of time so slowly for Oliver, he also uses an alliteration the words left and long also to show the pasting of time. At the end of the paragraph dickens uses the word â€Å"sad† to describe Oliver mood because the times passing by so slowly.  Dickens then describes the room. He uses adjectives to show the large, dirty and the darkness of the room. Dickens uses â€Å"Great high and large†Ã‚  To describe how small Oliver feels walking the large doors. Dickens also uses the words  Ã¢â‚¬Å"Black, neglect and dust†Ã‚  To show the dirtiness and darkness in the room. Alliteration has also been used  Ã¢â‚¬Å"Dismal and dreary†Ã‚  This describes the gloominess and the sadness in the room. These words have long symbols.  Dickens then describes what its like for Oliver inside room  Ã¢â‚¬Å"Spiders had built their webs in the angles of the walls and ceilings.†Ã‚  The quote describes the neglected house the same way as Oliver was. Dickens also uses the quote.  Ã¢â‚¬Å"The mice would scamper across the floor and run back terrified to their holes†.  This quote is similar to when Nancy used to say that her and Oliver were like brother and sister. Oliver was terrified just like the mice when people entered the room. Dickens starts his description of Oliver and Sikes journey to chirstey at dawn. The streets are quiet, dickens writes  Ã¢â‚¬Å"A few country wagons were slowly toiling†.  Dickens uses toiling and slowly to show the pace is slow. As the passage goes on the pace speeds up. Dicken’s shows the pace is speeding up by using a quote,  Ã¢â‚¬Å"other shops began to be unclosed and a few scattered people were met with†.  In the next paragraph the pace increases, Dickens lists all the people coming into London  By the end of this passage the streets become livelier, also at the end of this passage dickens uses alliteration a quote to show this is  Ã¢â‚¬Å"Shoreditch, Smithfield, Sheets and Swelled†. These words all begin with the letter S this shows the pace and movement. Dickens also uses the word ‘roar’ this gives the reader an idea of what sort of sounds he hears.  This carried on in the next few lines, Dickens writes  Ã¢â‚¬Å"So into Smithfield from which the latter place a rose a trumult of discordant sounds†.  Dickens uses the word discordant this means formitting out; he also uses the word trumult, which means noisy and bustle.  The book Oliver Twist is a very different book compared to the other novels that Charles Dickens wrote. But in all his books he uses the same technique, which keeps the reader interested.

The use of Mean Variance Analysis in the economy - Free Essay Example

Sample details Pages: 23 Words: 6920 Downloads: 5 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? It is a very important for an investor to analyse the decision of selecting the investment options before actually executing the choice. Also, it is even more imperative to follow the right approach to reach the correct investment option. Harry Markowitz in 1952 introduced the notion of mean variance analysis to quantify the risk before effectively deciding on the portfolio. Don’t waste time! Our writers will create an original "The use of Mean Variance Analysis in the economy" essay for you Create order Again, the idea was to look for the maximum return corresponding to the minimum risk (Markowitz et. al., 2000). This essay focuses on the importance of mean variance analysis while selecting the individual assets for the portfolio. In addition, it will traverse through different aspects of the same. The primary objective of the essay is to understand its importance in the portfolio selection. Also, it will focus on critical issue involved with the analysis in different background. Moreover, it will highlight the limitations and advantages of its use complemented with the brief discussion on the technical issue in between. The essay will start with general discussion describing the asset and its classes and then, will introduce the points for the necessity for its use. It will also highlight the importance of extraordinary events in between along with the small but, critical issues like currency fluctuation. Finally, it will put some light on the advancement in the same area and try to critically analyse the weakness of the mean variance framework in the real world. GENERAL DISCUSSION For the investors in the developed markets the broadly observed investment are classified as: (1) Stocks/Equity (2) Bonds (debt) (3) cash or cash equivalents and (4) Property/Real Estate. This can be further extended into subcategories depending on the specific needs of particular investor (Fabozzi, F., J., 2009:4-6). Similarly, the assets can be categorised in risky and Risk free assets. For example, stock of a company in the equity market is a risky asset while, 1 year bond of US government is risk free because it is almost sure that the returns on the bond will be materialised in future to a very good certainty (Fabozzi, F., 2009: 15-18). APPLICATION OF MEAN VARIANCE ANALYSIS The importance of financial scrutiny of investment options is clear from the fact that, it is an essential part of the investment process to choose the most appropriate from a variety of options. Whether, it is a small scale investment by an investor via any broker in the US equity market or a large scale investment by the large investors in infrastructure bonds of Australia (Brown, C., 2005: 431-438). The investigative approaches used for minimising the financial risk while, choosing the portfolio encourages the analysts to look for the proper economic agents for sharing the risk. Taking mean variance as the bases for studying the portfolio risk and return for the US investors Liu (2010) pointed to the gains made by them while holding the foreign corporate bonds. As the economies are transforming into more globalised ones, the application of such methods is becoming more important. In the light of financial meltdown during the year 2008, the significance of diversifying the por tfolio again got highlighted. In brief, pooling of assets from different background is widely practiced approach and so is the utilization of data for the analysis of variety of assets. While studying the US Stock and bond market Chordia et. al. (2005: 92-93) mentioned that returns in assets are affected by lot of factors. The complexities of analysing the return are clear from the details in his work. For Example, time of investment corresponding to the specific circumstances of economic cycle such as recession or boom. Again, aspect of investment like economic vulnerabilities of the potential investment opportunity, external vulnerabilities such as Russian default crises in 1998 especially, when the examined seek after asset is exposed to such external factors determines the final realised return. For this reason, the analysis of returns is requires good amount of statistical and fundamental analysis. Consequently, risk and return is now considered to be a specialised area of w ork for the finance professionals. Going into more detailed examination of the Mean Variance Analysis for portfolio selection Campbell et. al. (2004:1-3) found that, predictability of return with respect to the time is complex; nonetheless, the shift over a period of time is supposed to be fairly estimated within a band of uncertainty. Though, the exercise of statistical or fundamental testing heavily relies on certain assumptions. For instance, data for the past will almost reflect the same proposition for the future analysis, the probability of unexpected events like collapse of Lehman brothers is rare phenomenon and so on. Despite, all the ambiguity in the analytical work researchers like Samuelson (1969:50-55) argued that, the empirical analysis gives fair degree of plan to the investors while considering the long term or short term investment strategies. As pointed above, the analysis can also be applied in cross country analysis to achieve greater information lead before investing. Following the same CAPM model and optimizing the mean-variance relationship Fidora et.al. (2006:4-10) concluded that, there is significant degree of home biasness occurs in the investment decisions. The currency fluctuation adds additional risk while choosing the foreign assets unless the real foreign currency exchange rate is negatively correlated to the realised returns on foreign assets. This suggests that the risk return analysis points towards greater home biasness for higher degree of volatility in a currency and vice versa. This is endorsed by the study by French et. al. (1991:222-226). They had found that, almost 98 percent of holdings in Japan was by domestic investors similarly, the figure stands at 94 and 82 percent for the US and UK market. Diversification of Portfolio and Important Issues According to Martellini et. al. (2007:3-4) standard mean variance technique suffers from several limitations such as, parameter uncertainty and non-normal asset distribution. Hence, the more robust techniques are needed for taking advantage of the diversification. While arguing on the case of mixing the hedge fund with the traditional investment opportunities Terhaar et. al. (2003) shown that volatility or in other words risk get decreased for a particular level of return. Furthermore, the hedge funds found to have low correlation with traditional investment opportunities. Alternatively, going into the technicality of the mean variance practice if, the volatility is minimised in the statistical model then, it is accompanied by a significant amount of increase in extreme risk with fatter tails (Sornette et. al., 2000). Accordingly, in the case of fat tailed return functions, the usability of the mean variance technique does not seems to be optimal solution and consequently leadin g to significant loss of its utility (Cremers et. al., 2004:1-4,18-19). Furthermore, a number of times it is quite difficult for the researcher to collect the appropriate data for the study. Parameter estimation is tedious task in the absence of data for required period of time. In addition, the difficulty in finding the relevant data for the relevant regularity also adds to the uncertainty in the parameter estimation. This suggests that it is quite difficult to estimate the expected return within a reasonable estimation error in the real world of scarce data (Fung et.al., 1997:375-302). Nonetheless, progress by Black and Litterman (1991:7-18) in the static mean variance setting, to estimate the uncertainty on the return in terms of deviation while analysing the investment opportunities optimized the scrutiny process to an extent. To put it more simply they had simply added the parameter for psychological side of the trading namely, the inclusion of confidence level and individua l beliefs on the prior distribution and estimating the joint distribution in the model. The simplicity of his approach has been widely acknowledged and has been used by analysts to decide on the assets while deciding for the portfolio. Idzorek (Jul, 2004: 1-3, 27) confirmed the same in his research and stated that the psychological part in the active asset allocation should weigh significantly. In other words the study summarized the fact that, all the new work on the mean variance framework has fixed the weaknesses like negligence of intuitiveness, unintended portfolio concentration and error estimation. Extending the Discussion (Parallel Issues) Taking the conversation to the another plane, many of the quantitative analysts and researchers in finance pointed to the facts that, the accuracy of the mean variance result depends notably on the factors like interest rates and dividend yields (Breen et. al., 1990: 1177-1189). But, the complications of the real world are very difficult to elucidate in simple mean variance practice. There are many issues like currency, tax and transaction which can make the mean variance analysis merely a statistical exercise for active portfolio allocation (Harvey et. al., 1992). Keeping the above points in mind Leon (2008:272) conveyed the similar point in the context of selected emerging market including Greece, Korea, Thailand, Indonesia, Argentina and Brazil. Interestingly, he deducted a very puzzling point that, in these markets the relationship between the future return and dividend is systematically negative. Whereas, the prior studies by Fama et. al. (Nov, 1989:23-49) and others has sh own that dividend return is natural variable for predicting the expected return. That implies a direct relationship between the two. On the contrary, Leon (2008:277-278) explained his finding by explaining the reinvestment of the dividend as the main reason; reinvestment of the sizeable amount of dividend reduces the return over the period. Besides this, they had found that, except Thailand the significance of risk focused investment strategies is minimal. Despite this, the timing of decision with respect to the volatility cannot be ruled as irrelevant in the same way. In summary, he inferred that conditional mean based strategies provide better return than conditional variance based ones in case of the emerging markets after leaving the exception of Thailand. As the mean variance framework is incorporated by many of the statistical financial models for example the Capital Asset pricing model and Arbitrage Pricing Theory therefore, examining its effectiveness is a curious case of study. To test the efficiency of the mean variance analysis Kandel et. al. (1986: 61) used a framework involving the correlation between the originally intended portfolio and the proxy portfolio. While going through the tests they concluded that efficiency of the mean variance method can be rejected if the efficiency of any other portfolio containing the subset of the original portfolio is rejected. As a result it can be said that, it is important part of portfolio selection but, its use might not give perfect answer to an investors about the portfolio selection Kandel et. al. (1986:87-88). Conclusion The mean variance framework is widely used for making the investment decisions. With the advancement in the theoretical and practical understanding its relevance in the modern day analysis still holds great importance. However, many assumptions have to be made before applying it to find the optimized portfolio; moreover, the difficulty in finding the appropriate data often constraint its use. Many small but significant issues affect the efficiency of obtained result but, it gives fair amount of planning power to the investor. Despite its weaknesses, its importance as a chief risk return analysis tool made many researchers to work on it and to find the solution for the weaknesses. 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M., (2004), Lond-Horizon Mean Variance Analysis: A User Guide, Global Risk Guard, pp 1-3 [Online Available] https://www.globalriskguard.com/resources/assetman/assetall_0015.pdf Accessed on 21-03-2011 Chordia, T., S arkat, A., Subramanyan, A., (2005), An empirical analysis of stock and Bond Market Liquidity, The Review of Financial Studies, Vol 18, No. 1, Oxford University press, pp 92-93 [Online Available] https://www.jstor.org/stable/3598068?origin=JSTOR-pdf Accessed on 21-03-2011 Cremers, J., H., Krizman, M., Page, S., (Sep, 2004), Optimal Hedge fund allocations: Do Higher Moments Matter?, Revere Street Working paper street, Financial Economics 272-13, pp 1-4,18-19 [Online Available] https://ssrn.com/abstract=587384 Accessed on 30-03-2011 Fabozzi, F, J., (2009), Institutional Investment Management: Equity and Bond Portfolio Strategies and Applications, Vol 177, Frank J. 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