Average customer rating:
|
Workplace Clues for the Clueless: God's Word in Your World (Clues for the Clueless)
Manufacturer: Barbour Publishing, Incorporated ProductGroup: Book Binding: Paperback ASIN: 1577487400 |
Customer Reviews:
Workplace Clues for the Clueless.......2000-11-25
Average customer rating:
|
Global Aging and Financial Markets: Hard Landings Ahead (CSIS Significant Issues Series) (Csis Significant Issues Series)
Robert Stowe England Manufacturer: Center for Strategic & International Studies ProductGroup: Book Binding: Paperback Similar Items: ASIN: 0892063920 |
Book Description
The retirement of the baby boom generation poses a challenge to the world's financial markets. This book examines the prospect that, after 2020, pension funds will have to pay out more in benefits than employers will be contributing, and it considers the extent to which individuals will liquidate equity holdings, or switch to bond holdings, or do both to sustain their living standards. The book examines the possibility that these changes will drive down equity values.Customer Reviews:
Fad of the moment/ Hype/ Tempest in Teapot.......2005-12-21
Global Aging - Rush to judgment.......2004-08-03
Good review of the impact of global aging on the financial m.......2003-08-09
Pension funds will experience rising negative cash flows as their benefit claims will surpass their contributions. In the U.S. for defined benefit pension plans, Schieber and Shoven forecast that the gap between benefit claims and contributions will deepen from - 1.5% of payroll in 2040 to - 4% in 2065.
Regarding precise equity return outlook there is little consensus. The study from Schieber and Shoven forecasts that real equity returns will decline from an historical 8% down to 5%. Another study by Jan Mantel from Merrill Lynch claims that equities will not decrease in price throughout the retirement of the baby boomers. But, he did not express by how much equity returns would decline if equity prices grow at a slower than historical rate. Other economists forecast worse scenarios including bear markets lasting decades.
There are three factors that will negatively affect equities. The first one, as mentioned, is the baby boomers selling their stock holdings throughout their retirement years. The second one is the pension funds changing their investment mix away from equities towards bonds and cash to meet upcoming liabilities associated with retirees. Mantel forecasts that between 2000 and 2050 pension funds will reduce their equity allocation from 72% to 60% of investments in the U.K, from 63% to 54% in the U.S., from 45% to 30% in the Netherlands, and from 40% to 28% in Japan. Because these four countries account for 80% of the World's private defined benefit pension assets, this shift in investment mix will represent a huge downward pressure on equity prices. The third factor is an anticipated increase in worldwide interest rates associated with a rapid increase in government borrowing through the industrialized World to support government retirement systems and elders healthcare benefits. Governments worldwide are ill prepared for the funding of these liabilities. Roseveare, an OECD economist, predicts government debt will reach staggering levels by 2030, and represent 339% of GDP in Japan, over 200% throughout the EU, and 115% in the U.S. These debt levels are a multiple of current levels.
Reviewing the investment outlook for the second quarter of this century (2025 to 2050), we derive the following:
1) Equity prices and returns will be affected by a decrease in demand;
2) International equities should fare worse than U.S. ones because both the EU and Japan have more rapidly aging population and have weaker fiscal position associated with higher government debt level;
3) Bond prices and returns will be affected by a staggering increase in supply due to rising government debt. International bonds will be more vulnerable for the same reason as for equities;
4) Real estate will be affected by a declining demand associated with lower demographic growth and lower rate of household formation;
5) All medium to long term investments will be affected by a rise in real interest rates associated with a huge increase in government borrowing throughout the industrialized World to support government programs aimed at retirees.
There are several moderating factors that may reduce the impact of global aging. However, these arguments are not convincing. The first one is that all the above predictions regarding pension plans are associated with defined benefit plans where a pension fund pays a predetermined annuity to retirees. Apparently, the more modern defined contribution plans (401K) would have a different and more robust cash flow than defined benefit plans. Retirees would not draw down on their 401K holdings as quickly. This makes sense, but the dollar amounts in defined contribution plans worldwide is small compared to defined benefit plans.
The most intriguing economic argument that would counteract the negative impact of global aging relates to equities demand and supply equilibrium. If equities prices decline because of global aging, the cost of equity capital will go up for corporations. As a result, corporations will issue less equity and instead finance growth with bonds. Thus, the supply of equity will decrease and match the reduced demand for equity. And equity returns and prices ultimately will not be affected by global aging.
Unfortunately the demand and supply equilibrium argument is flawed. The reduction in equity supply, as depicted, will be minimal compared to the reduction in equity demand associated with pension funds selling equities both to meet retirees benefits and to shift their portfolio mix towards bonds. Also, for corporations to steadily finance their growth through bond financing will further jack up real interest rates. This is due to increasing bond supply and increasing the credit risk premium on corporate bonds. This increase in real interest rates will hurt both bonds and equities.
Average customer rating: |
Multilateral Institutions: A Critical Introduction
Morten Boas , and Desmond McNeill Manufacturer: Pluto Press ProductGroup: Book Binding: Paperback Similar Items:
ASIN: 0745319203 |
Book Description
In recent years, there has been a great deal of public attention and criticism of multilateral institutions such as the World Bank, The International Monetary Fund and the World Trade Organization. Their annual meetings are now events that hit the headlines of major newspapers all over the world. Yet there is still intense disagreement over what purpose they fulfill.While politicians and the established business community argue that multilateral institutions are essential tools for eliminating poverty, activists and many NGOs regard them as a means of perpetuating and strengthening the global market at the expense of developing countries. However, neither of these viewpoints are necessarily based on a detailed understanding of the multilateral institutions themselves.
This book offers students, practitioners and activists a critical introduction to the major institutions that make up the multilateral development system. The mandate of these institutions defines them as technical and functional organizations. Bøås and McNeil, however, convincingly demonstrate that they are political organizations and show how their programs have a significant impact on the domestic policies of the many countries in which they are involved.
Average customer rating: |
Coral gardens and their magic;: A study of the methods of tilling the soil and of agricultural rites in the Trobriand Islands
Bronislaw Malinowski Manufacturer: American Book Co ProductGroup: Book Binding: Unknown Binding ASIN: B000857STI |
Average customer rating: |
Soils of Papua New Guinea
P Bleeker Manufacturer: Commonwealth Scientific and Industrial Research Organization, Australia, in association with Australian National University Press ProductGroup: Book Binding: Unknown Binding ASIN: 0708111041 |
Average customer rating: |
Yangpela Didiman Bosim Graun (Yangpela Didiman bilong Papua Niugini)
Manufacturer: Kristen Pres ProductGroup: Book Binding: Paperback ASIN: 9980741643 |
Product Description
Translation into Tok Pisin of "Care of Soil".
Average customer rating: |
Bibliography of soil fertility and plant nutrition in Papua New Guinea (Technical report)
R. M Bourke Manufacturer: Dept. of Agriculture and Livestock ProductGroup: Book Binding: Unknown Binding ASIN: 998082106X |
Average customer rating: |
Effect of lime and phosphate on the aluminium status of peat soils of the southern highlands of Papua New Guinea (Technical report)
Mary Macfarlane Manufacturer: Dept. of Agriculture and Livestock ProductGroup: Book Binding: Unknown Binding ASIN: B0007BW9K6 |
Average customer rating: |
Effect of shifting cultivation on some soil properties of the Bismarck Mountains, Territory of Papua and New Guinea (University of Hawaii)
Harley I Manner ProductGroup: Book Binding: Unknown Binding ASIN: B0007G527I |
Average customer rating: |
The effects of shifting cultivation and fire on vegetation and soils in the montane tropics of New Guinea (University of Hawaii)
Harley I Manner ProductGroup: Book Binding: Unknown Binding ASIN: B0007BEIQY |
Average customer rating: |
Inventory of natural resources, population distribution and land use
S. M Cuddy Manufacturer: Land Utilization Section, DPI ProductGroup: Book Binding: Unknown Binding ASIN: B0007C5W36 |
Average customer rating: |
The land resources of Upper Mendi (Research bulletin)
David J Radcliffe Manufacturer: Dept. of Primary Industry ProductGroup: Book Binding: Unknown Binding ASIN: 9980660414 |
Average customer rating: |
Landslide investigation at Pagwih, East Sepik Province (Technical note TN)
I Loveday Manufacturer: Geological Survey of Papua New Guinea ProductGroup: Book Binding: Unknown Binding ASIN: B0007BJAKS |
Average customer rating: |
A Secret World: Natural Products of Marine Life
Francesco Pietra Manufacturer: Birkhauser ProductGroup: Book Binding: Hardcover ASIN: 0817623469 |
Average customer rating:
|
The Ages of Gaia: A Biography of Our Living Earth (Commonwealth Fund Book Program (Series).)
J. E. Lovelock Manufacturer: W. W. Norton & Company ProductGroup: Book Binding: Paperback Similar Items:
ASIN: 0393312399 |
Book Description
Lovelock presents the theory that the earth is a living organism and draws expertly from chemistry, biology, geology, paleontology, physics, and meteorology that life has evolved not just by adapting to its surroundings but by taking control of them and remaking them into an immense life-sustaining organism.Customer Reviews:
A Delightful Little Book.......2007-10-09
Lovelock is a bit wordy but a good read.......2003-09-11
Living Earth.......2002-07-18
This Look Into The Past Can Insure Our Future.......2000-06-03
Reviewing Lovelock's second book on the Gaia Hypothesis.......1996-12-05
What is the Gaia Hypothesis? Stated simply, the idea is that we may have discovered a living being bigger, more ancient, and more complex than anything from our wildest dreams. That being, called Gaia, is the Earth.
More precisely: that about one billion years after it's formation, our planet was occupied by a meta-life form which began an ongoing process of transforming this planet into its own substance. All the life forms of the planet are part of Gaia. In a way analogous to the myriad different cell colonies which make up our organs and bodies, the life forms of earth in their diversity coevolve and contribute interactively to produce and sustain the optimal conditions for the growth and prosperity not of themselves, but of the larger whole, Gaia. That the very makeup of the atmosphere, seas, and terrestrial crust is the result of radical interventions carried out by Gaia through the evolving diversity of living creatures.
Encountering the Earth from space, a witness would know immediately that the planet was alive. The atmosphere would give it away. The atmospheric compositions of our sister planets, venus and mars, are: 95-96% carbon dioxide, 3-4% nitrogen, with traces of oxygen, argon and methane. The earth's atmosphere at present is 79% nitrogen, 21% oxygen with traces of carbon dioxide, methane and argon. The difference is Gaia, which transforms the outer layer of the planet into environments suitable to its further growth. For example, bacteria and photosynthetic algae began some 2.8 billions of years ago extracting the carbon dioxide and releasing oxygen into the atmosphere, setting the stage for larger and more energetic creatures powered by combustion, including, ultimately, ourselves.
That is how James Lovelock discovered Gaia; from outer space.In the 1960's, during the space race which followed the launching of Sputnik, he was asked by the Jet Propulsion Laboratory and Nasa to help design experiments to detect life on Mars.The Viking lander gathered and tested some Martian soil for life with no results. Lovelock had predicted as much, by analyzing the atmosphere of Mars: it is in a dead equilibrium. By contrast, the atmosphere of Earth is in a "far from equilib rium" state- meaning that there was some other complex process going on which maintained such an unlikely balance. It occurred to him that if the Viking lander had landed on the frozen waste of antarctica, it might not have found any trace of life on Earth either. But a sure giveaway would be a complete atmospheric analysis... which the Viking lander was not equipped to do. Lovelock's approach was not popular at Nasa because Nasa needed a good reason to land on Mars, and the best was to look for life. Viking found nothing on Mars, but Lovelock had seen the Earth from the perspective of an ET looking for evidence of life. And he began thinking that what he was seeing was not so much a planet adorned with diverse life forms, but a planet transfigured and transformed by a self-evolving and self-regulating living system.By the nature of its activity it seemed to qualify as a living being. He named that being Gaia, after the Greek goddess which drew the living world forth from Chaos.
"The name of the living planet, Gaia, is not a synonym for the biosphere-that part of the Earth where living things are seen normally to exist. Still less is Gaia the same as the biota, which is simply the collection of all individual living organisms. The biota and the biosphere taken together form a part but not all of Gaia. Just as the shell is part of the snail, so the rocks, the air, and the oceans are part of Gaia. Gaia, as we shall see, has continuity with the past back to the origins of life, and in the future as long as life persists. Gaia, as a total planetary being, has properties that are not necesarily discernable by just knowing individual species or populations of organisms living together...Specifically, the Gaia hypothesis says that the temperature,oxidation, state, acidity, and certain aspects of the rocks and waters are kept constant, and that this homeostasis is maintained by active feedback processes operated automatically and unconsciously by the biota."
Even the shifting of the tectonic plates, resulting in the changing shapes of the continents, may result from the massive limestone deposits left in the earth by bioforms eons ago.
"You may find it hard to swallow the notion that anything as large and apparently inanimate as the Earth is alive. Surely, you may say, the Earth is almost wholly rock, and nearly all incandescent with heat. The difficulty can be lessened if you let the image of a giant redwood tree enter your mind.The tree undoubtedly is alive, yet 99% of it is dead.The great tree is an ancient spire of dead wood,made of lignin and cellulose by the ancestors of the thin layer of living cells which constitute its bark. How like the Earth, and more so when we realize that many of the atoms of the rocks far down into the magma were once part of the ancestral life of which we all have come."
The root question of Gaia's critics, and a central point in his theory concerns the difference between a planetary environment which might only be the aggregate result of myriad independent life forms coevolving and sharing the same host, and one which is ultimately created by life forms deployed, so to speak, to accomplish the purpose of the larger being. Is the idea of Gaia only a romantic and dramatized description of the terrestrial biosphere and its effects, or is there a planetary being, whose life cycle must be counted in the billions of years, which spawns these evolving life forms to suit the purpose of its being. Do our kidney cells ask each other these sorts of questions? While your white blood cells thrive and reproduce, going about their business,they are indisputably serving the life of the larger body which you use, though whatever consciousness they experience in their realm is certainly far from that which you, the larger being, the whole, experience.
Recent scientific work, such as in the field of complex systems, have begun to give us the impression that this opposition of terms, the larger caused by its constituents, or the costituents created by the larger, may be one of those oppositions which are the constructs of our own minds, and must be dropped if we are to understand the truth, which is neither the one nor the other, but more difficult to comprehend and more fascinating to behold. Perhaps there is awareness appropriate at every level.Perhaps that is a property of life.
And what might be the nature of its evolution, this planetary being called Gaia? Anthropocentrists to the last, we might assume that the production of the human species is a great step upward for Gaia, a sort of rapidly evolving brain tissue. Or that she prepares the earth as a cradle and crucible of consciousness evolving. Other analogies come to mind: are we part of her arsenal of interplanetary spores?
And what might constitute a life cycle for such a being- might it be as strange as that of the slime mold? What stage would Gaia be in now? Is our species part of her maturity or an incubation period? Is Gaia herself somehow part of a larger living being, perhaps on a galactic scale? If so how do the cells of this larger being remain in communication? Will we eventually be able to experience something of the awareness which Gaia has?
Lovelock points out that Gaia, being ancient and resourceful enough to have carried out these successive changes of the planet in spite of asteroid collisions and other setbacks, is herself probably not endangered by the relatively momentary depradations of the human species, as it befouls and cripples the bio-dynamics of its environment. Rather,the danger is to the human rac
Average customer rating: |
The Ages of GAIA (A Biography of Our Living Earth)
James Lovelock Manufacturer: Oxford University Press ProductGroup: Book Binding: Paperback ASIN: B000VYF4C4 |
Average customer rating: |
Ages Of Gaia - Biography Of Our Living Earth
James Lovelock Manufacturer: Bantam Books ProductGroup: Book Binding: Paperback ASIN: B000JZWWCK |
Average customer rating: |
The Ages of Gaia: a Biography of Our Living Earth (Commonwealth Fund Book Program)
James Lovelock Manufacturer: Bantam Books ProductGroup: Book Binding: Paperback ASIN: B000N75B7C |
Average customer rating: |
THE AGES OF GAIA: THE BIOGRAPHY OF OUR LIVING EARTH
James Lovelock Manufacturer: W.W. Norton & Co ProductGroup: Book Binding: Paperback ASIN: B000J3UBNO |
Average customer rating: |
Histories of the Electron: The Birth of Microphysics (Dibner Institute Studies in the History of Science and Technology)
Manufacturer: The MIT Press ProductGroup: Book Binding: Paperback Similar Items:
ASIN: 0262524244 |
Book Description
In the mid to late 1890s, J. J. Thomson and colleagues at Cambridge's Cavendish Laboratory conducted experiments on "cathode rays" (a form of radiation produced within evacuated glass vessels subjected to electric fields) -- the results of which some historians later viewed as the "discovery" of the electron. This book is both a biography of the electron and a history of the microphysical world that it opened up.
Average customer rating: |
Histories of the Electron - The Birth of Microphysics
JZ Buchwald Manufacturer: The MIT Press ProductGroup: Book Binding: Paperback ASIN: B000OR3TXO |
Average customer rating:
|
The Book of Dede Korkut (Penguin Classics)
Anonymous Manufacturer: Penguin Classics ProductGroup: Book Binding: Paperback ASIN: 0140442987 |
Customer Reviews:
Das Book.......2005-09-28
The Stuff of Dreams.......2001-10-04
Dede Korkut: Oral Traditions in Turkic Epics.......2001-02-20
Average customer rating:
|
The Book of Dede Korkut: A Turkish Epic
Faruk Sumer , and Ahmet E. Uysal Manufacturer: Univ of Texas Pr ProductGroup: Book Binding: Paperback ASIN: 0292707878 |
Customer Reviews:
A Turkish Epic!.......2006-03-23
Average customer rating: |
The Book of Dede Korkut A Turkish Epic
Kitab-i Dede Korkut; Trans. Into English & Ed. By Faruk Sumer et al Manufacturer: University of Texas Press ProductGroup: Book Binding: Hardcover ASIN: B000MSHNEG |
Average customer rating: |
The Book of Dede Korkut: A Turkish Epic
Sumer, Faruk; Uysal, Ahmet E.; Walker, Warren S. (Translated and Edited) Manufacturer: Univ. of Texas Press ProductGroup: Book Binding: Hardcover ASIN: B000S9DJ6K |
Average customer rating: |
The Book of Dede Korkut
Geoffrey, Trans. And Ed. Lewis Manufacturer: Penguin Classics ProductGroup: Book Binding: Paperback ASIN: B000OJ5GNS |
Average customer rating: |
The Book of Dede Korkut
Faruk (translator) Sumer Manufacturer: University of Texas Press ProductGroup: Book Binding: Hardcover ASIN: B000MBMBH2 |
Average customer rating: |
The Book of Dede Korkut: A Turkish Epic
Faruk; Uysal, Ahmet E. Sumer Manufacturer: Univ of Texas Pr ProductGroup: Book Binding: Paperback ASIN: B000OROLVS |
Average customer rating: |
Book of Dede Korkut: A Turkish Epic.
Faruk Sumer Manufacturer: see notes for publisher info ProductGroup: Book Binding: Hardcover ASIN: B000M4T5IM |
Average customer rating: |
The poetics of "The Book of Dede Korkut" (Ataturk Culture Center publication)
Kamil Veli Nerimanoglu Manufacturer: Ataturk Culture Center Publications ProductGroup: Book Binding: Unknown Binding ASIN: 9751610648 |
Books:
Recommended Books