"An eye for an eye makes the world go blind"

If you order your cheap custom paper from our custom writing service you will receive a perfectly written assignment on "An eye for an eye makes the world go blind". What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality "An eye for an eye makes the world go blind" paper right on time. Out staff of freelance writers includes over 120 experts proficient in "An eye for an eye makes the world go blind", therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your "An eye for an eye makes the world go blind" paper at affordable prices! "An eye for an eye makes the world go blind." Discuss in relevance to recent events.

Two guys were always engaged in bitter rivalry. The cause for this rivalry a girl. Both these guys fought against one another to get the eventually the luckier one won her heart. But the ill fortuned one didnt give up. He mind started working as crookedly as it could. He thought of a devious scheme to dispose of his foe. He had a grandly sinister plan. One day, he set out to accomplish his plan.

The next day morning, the entire media was buzzing. The news of a person being murdered was always a cause for publicity. The murdered, not surprisingly was the lucky man. Forensic examinations revealed that he had been poisoned. All evidence pointed towards the ill fortuned man. His motive was extremely conspicuous. He was trialed, found to be guilty, and was sentenced to capital punishment. The only one left in tears was the girl.

Such is the tragic end to any story beleaguered with revenge and malice. Nor do people learn from such stories. In this context also pertinent is the saying "An eye for an eye makes the world go blind." I pluck your one eye out and in retaliation you gouge one of mine out. I go for the second round of fire and pull out your last eye. You, overwhelmed with fury, and remove my last eye. The end result two blind people. I fear that that is only the surface meaning of a metaphorical quote which has so much to teach us. If one might remember, the infamous quote mentioned above was said by the venerable Mahatma Gandhi when he saw the atrocities committed during the partition in 147. India was divided into India and Pakistan based Muslims and Hindus (The people belonging to these religions can be seen as an allusion to the two eyes). The Muslims would take part in incursions into Hindu territory and cause disruption and the Hindus would also do likewise. Riots were frequent and many families were left distraught. (The families insinuate blindness).

This question over the relevance of this quote can to be seen as one of optimum importance. Not that there is an escalated level of people quibbling over one another because of jealousy and malice. One can look at the quote at two levels. One is the personal level of which I have given an example earlier on. The second is at an international level. What appeals to me and is more pertinent in todays current affairs of the world is the latter.

"An eye for an eye makes the world go blind." In todays world nothing is stable. Erratic economy is but one thing. Peoples corrupt mind work in perverted ways to terrorize or to reach pinnacles of power. And then there are the other few who wish to eliminate such evil. Even the superpowers such as US anditain fail to recognize the evocative nature of Mahatma Gandhis quote. Not only them but also do the vast counties under dictatorship. Countries fight for material procession and also for land. Two classic examples that have arisen in the past and which still present a plethora of issues are worth noting.

One of them is undoubtedly the US War in Iraq. Mr. Bush had clearly stated that his intentions for waging a war in Iraq were to root out the Baath party and toing an end to Saddam Husseins regime. Also, he had a strong feeling that Iraq had alleged links with the Al Qaeda terrorist group. He had also received intelligence that Iraq was responsible for the production of Weapons of Mass Destruction (WMD). He has also receiveditish intelligence that Iraq solicited for significant amounts of Uranium from the countries in Africa to advance with its nuclear program. However, deeper to these reasons, one can not also dismiss the fact that this war was about petroleum and that Mr. George W. Bush was making attempts in securing and completing what his father set out to do ten years ago. So, Mr. Bush Junior amassed all the military power he could and attacked Iraq to oust the dictatorship and crush any insurgents. Alas! Mr. Bush has not yet succeeded. With the recent evidence showing that Iraq had no connection with any African country over the sale of Uranium, one begins to wonder whether Mr. Bush falsified statements to swing in his favor. Cynics and detractors can also draw fresh ammunition from the fact that no trace of a single WMD has been found in Iraq. Whats worse? Polls recently revealed that Americans trusted pop start Eminens lyrics more than Mr.Bushs words. Doesnt this all hint that the real intention is to usurp the oil supplies in Iraq? The peace keeping processes could be but an excuse not to draw to much attention.

And intention it might be, but Mr. Bush is no where near to getting his hands on it. With the war declared officially over nearly months, coalition troops were optimistic about a return back home. But no. As each day unfurls attacks on the coalition keep mounting as does the death toll. Also, the cost for the war which was estimated by secretary of defense, Mr. Donald Rumsfeld, earlier at billion per month has now totally . billion. The tables have been turned around and now Mr. Bush now finds the odds on him. He pulled an eye out and is having one of his pulled out now. More worrying for him is that the general elections are to be held next year and the question of whether the choice of going to war was a right one will erupt time and again. The repercussions of this war on Mr. Bush has still not reached its zenith but is slowly becoming more conspicuous. No evidence still remains as to whether Saddam Hussein is alive or not but from what we might believe he might be having a hearty laugh at Mr. Bush. "War never has positive Outcomes". Also "An eye for an eye makes the world go blind." Mr. Bush has experienced the sincerity of this quote. Hopefully he has learnt a lesson and will be sensible enough in not waging a war with North Korea.

A better example and one which will match all the criteria for the quote is the ongoing violence between Israel and Palestine. And this heated violence is not new to anyone. For over five decades, the Palestinians have fought to reclaim back what is rightly theirs. The history goes back to a period around 150 when Israel was proclaimed as its own country by the Jews, mainly because they felt that they were being oppressed by the Westerners. Because there were Palestinians and Israelis living in the same area and because they were of different religions but were still of Arab descent problems arose. The Palestinians were driven out the country and were compelled to live as refugees. Hence, the PLO was formed with its main aim being the destruction of Israel and the regaining of the land that was rightfully theirs. Over half a century has passed and we are still far away from restoring peace within both communities. Headlines such as "BOY KILLED IN SUICIDE BLAST" or "THREE KILLED IN WEST BANK THREATS POSED TO SIGNING OF NEW PEACE TREATY" have become customary but still cause great concern. Many eyes are being pulled and the world is gradually going blind.

When the situation become so dire, one can not just rely on peace keepers (like Mahatma Gandhi) toing about stability. When people contemplate about the quote and achieve a sense of self realization and remove feelings of vengeance and malice from their minds, only then we will see an end to such atrocities. I wonder when I will see that day and when I can feel assured that I am in a fully secure environment.

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IPT Databaseing Phase 1

If you order your cheap custom paper from our custom writing service you will receive a perfectly written assignment on IPT Databaseing Phase 1. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality IPT Databaseing Phase 1 paper right on time. Out staff of freelance writers includes over 120 experts proficient in IPT Databaseing Phase 1, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your IPT Databaseing Phase 1 paper at affordable prices! Needs Analysis

Pestos pizza parlour is a relatively small and new business. They have a customer base of about 00 customers. Their current database system is old and out of date, and cannot cope with their expectations of expanding in the future. They have requested my assistance in designing a new system to correspond with their expectations of the business in the future. They want to expand the business so that they not only sell to people in the store but also provide the option of delivery if the customer wishes. In order for them to be able to deliver, I have decided that it will be easier for them to keep a database of their customers Names, Addresses and telephone numbers, than to write them down every time they receive an order. Not only are they looking at adding the delivery aspect to the business, but they are also thinking of expanding their menu to suit more customers and become more family friendly. All these aspects and all of the old options of the store will be easier to understand and follow if they are put into a database. The correct design of a quick and easy to use database will help the store in expanding and help them to run the business a lot easier.

See Appendix A for needs list of subsections.

Expected System benefitsBy installing a new system the store will be able to take orders from regular customers a lot faster as there will be no need for the shop assistant to take down the details of old customers time and time again. Instead all that will need to be done is for the shop assistant to request the customers telephone number of where they would like to have their order delivered to. If they are a regular customer, all their details will already be registered on the database so there will be no need for the shop assistant to take down name and address. Hence the order will take half the time, freeing up the phone lines for more orders. However if they are a new customer the shop assistant will have to take all of their details. The benefit of this is that in the future that customer will be registered and his/her details will already be on the system. The second aspect is that if the shop wishes to expand in the delivery side of things, that means employing drivers and they will need to keep track of their drivers. Eg. How many deliverys they have done in the night, the amount of money that they should have on them from all the deliverys, where they have gone and how many deliverys they are doing. Along with all this information I would recommend that the company keep a database of all their employees who work for them, including their details of name, address, contact numbers, pay rate, age, tax file number, account numbers and position at the shop. Eg. Chef. An easy to use system will store all this data in one place and make acquiring it a lot easier for the managers of the store.

System Input and Output

The system will have an easy to use interface which will allow the user to initially enter the customers phone number. If there is a match the system will be directed straight to the delivery or take away option. Once this has been chosen the menu will appear, the customer may select what he/she wants and the assistant will select it on screen. A total price will be calculated and the assistant can convey that to the customer. Once the order is complete an order slip will be printed, this can be handed to the Chef who will make the order, the next available driver will select the order number from a separate screen but linked system, and the that drivers details will be attached to that order.

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How the Black death of 1348, affected all aspects of society in England.

If you order your cheap essays from our custom writing service you will receive a perfectly written assignment on How the Black death of 1348, affected all aspects of society in England.. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality How the Black death of 1348, affected all aspects of society in England. paper right on time. Out staff of freelance writers includes over 120 experts proficient in How the Black death of 1348, affected all aspects of society in England., therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your How the Black death of 1348, affected all aspects of society in England. paper at affordable prices! The Black Death arrived in England in August 148 and only petered out in 150, until there were further outeaks in 161. The plague wasought on by fleas, transmitted by rats and could be caught either by direct contact with a flea, or by airborne droplets of saliva coughed up by infected humans. Thisought the overall death toll to around half the population of England, which had stood at four or five million, and it was not selective of social status, religion or age. The Black Death caused an upheaval in the main religion of the day and the lives of the ruling class and peasants were altered indefinitely. The society of England prior to the Black Death was never revisited. "The Black Death speeded up the process of social stratification and drew a sharper distinction between country and parish gentry."

In the era before the Black Death religion played a very important part in peoples lives. Everyone (rich and poor alike) was expected to attend church regularly and had to pay a tax of one tenth of their goods to the Church. The priest was usually the most knowledgeable person in a village and people looked to him to explain things they did not understand. He was also the person to whom they confided in and confessed their sins and it was vital that he was called upon to give the last rites before someone died. Priests and other church leaders taught that the power of the nobility and the poverty of the peasants was part of Gods plan. As long as people accepted their station in life and did what was expected of them, they were assured of an eternal life in heaven. For such eternal happiness, peasants were willing to accept their short, wretched lives on earth.

With the onset of the Black Death many questions concerning the church arose. The church said that the Black Death was Gods will, although the reason for this horrific punishment was unknown. One of the worst aspects of this disease in Christians minds was that people died without last rites and without having a chance to confess their sins. As a result people were allowed to confess their sins to one another or even to a layman, and, if a man is not at hand then to a woman. This was something that would never have been tolerated before the plague.

Many priests died, or fled from their posts and finding quality replacements proved difficult. Priests played an important role in blessing the sick and so as a result thousands of new, inexperienced, unreliable, and sometimes corrupt priests were ordained as replacements, as is written, "priests cannot be found who are willing out of zeal [and] devotion". Filling church offices with the young or incompetent was not a practice that began with the plague, but it did intensify during the pestilenceChristianity remained a dominant force in their lives, but many people began to believe they did not need clergy to lead them to salvation but rather that it was possible for them to have an individual relationship with God. People began to undertake a variety of good works that required no involvement of priests, such as giving money to hospitals or poor monasteries, and even going on pilgrimages. It also became common for people to pick out a special saint known as a plague saint, to pray to for protection. The sacramental wafer was taken as often as possible, instead of the old prescribed minimum communion of once a year.

Just as some people turned to religion, others turned away from it, denouncing God for doing such a terrible thing as sending the plague into the world. Many people became worshipers of Lucifer, calling themselves Lucifereans, and praying to him for help against God.

Although the church suffered an enormous loss of prestige during the Black Death, the majority of people remained deeply tied to Christianity and were more thirsty than ever for spiritual values in an uncertain and frightening world. The impact that the Black Death had on the church essentially helped pave the way for the Protestant Reformation.

Prior to the Black Death the dominance of the nobility over the peasants was an acceptable practice. Most of the peasants were owned and dictated to by powerful landlords. They could not question their masters authority and were expected to obey his every command. This they believed was the rightful thing to do in order to gain salvation into the kingdom of God.

Although there was this clear distinction of classes the Black Death did not adhere to this principle and the lives of both classes were deeply affected. The Black Death took the lives of many, no matter of ones status, sex or age.

The peasants who survived the Black Death believed that there was something special about them, almost as if God had protected them. Therefore, they took the opportunity offered by the disease to improve their lifestyle.

Many lords were short of desperately needed labour for the land they owned, as many of their labourers had died from the Black Death. Lords actively encouraged peasants to leave the village where they had lived to come to work for them. When peasants did this, the Lord refused to return them to their original villages. For the first time the peasants began to realise that they were a necessary commodity in order to sustain the lives of the rich. They took advantage of this and it is written, "the labourer is angry unless he gets higher wages, and he curses the day that he was ever born a workman" which resulted in greater prosperity. This meant that they also enjoyed a higher standard of living and security of employment.

To curb peasants roaming around the countryside looking for better pay, the government introduced the Statute of Labourers in 151, which basically stated that they were to be paid no more than what they had been paid in 146, and they could not leave the village they belonged to. This angered many peasants, and the final straw was when an unfair poll tax was imposed on peasants which meant that every individual peasant was required to pay the same amount as the wealthy landlord paid. They displayed their anger by rioting in the city of London. They looted, killed, destroyed and burned property. William Dene wrote, "All the labourers, skilled or unskilled, were so carried away by the spirit of revolt." Finally the king agreed to meet with them and he granted them what they wanted. Therefore, it can be argued that the Black Death led to the peasants revolt. The rebels had made some permanent gains, which altered their lives for the better the poll tax was eliminated, and no more laws were passed to cap wages or limit the peasants movements. This meant that the peasants enjoyed a greater sense of freedom after the Black Death.

These new rules that were established after the Black Death made the lives of the peasants fairer, and caused them to have a more worthwhile role in society. However, the impact of the Black Death on the lives of the ruling class was not as beneficial, and their world was turned upside down. Although they still had plenty of land, they suddenly had a difficult time finding enough peasants to work on it. This shifted their attitude, and rather than being interested in getting promises of loyalty or obedience, they were more interested in getting money for their land by either renting or selling it. In England the nobility faced a major reduction in income, as they were said to have fallen below twenty percent between 147 and 15.

The aristocracy depended on their offspring to continue looking after their land but this too became a severe problem because not many of their children survived the Black Death and so the land that had been in the family for many generations now had to be rented or sold.

It is therefore fair to conclude that the lives of both the rich and poor and the role that the church played in their lives was indefinitely altered due to the devastationought on by the Black Death in England during the time between 148 and 14. This is clearly illustrated in the fresco called "The Dance of Death." .Although the church continued to hold an important role in the lives of the people, the Black Death caused them to realise that the church was not as infallible as it had always made itself out to be. This caused the people to explore new ways of finding salvation. For the first time in years the peasants began to question their downtrodden existence and the Black Death gave them the opportunity toeak free from their oppressive circumstances. John Ball wrote, "things cannot go on well in England, nor ever will until everything shall be in common…and all distinctions levelled."6This in turn affected the lives of the nobles who had grown familiar with the dominating role that they had played in the English society. Although the plague caused immense suffering it alsooke down the harsh and often inhumane feudal structure and allowed society as a whole to progress forward to a better future.

Please note that this sample paper on How the Black death of 1348, affected all aspects of society in England. is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on How the Black death of 1348, affected all aspects of society in England., we are here to assist you. Your cheap custom research papers on How the Black death of 1348, affected all aspects of society in England. will be written from scratch, so you do not have to worry about its originality. Order your authentic assignment and you will be amazed at how easy it is to complete a quality custom paper within the shortest time possible!

Present

If you order your custom term paper from our custom writing service you will receive a perfectly written assignment on Present. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Present paper right on time. Out staff of freelance writers includes over 120 experts proficient in Present, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your Present paper at affordable prices! My philosophy professor once lectured for an entire three-hour block on how there really isnt a present. I distinctly remember how I felt that day after class. For a small period of time, I was acutely aware that all experience--absolutely everything, was divided between the past and the future. For me, the present no more existed. I cant quite remember how long I remained mesmerized (dumbfounded might be a better word) by the possibility of an absence of the present�truthfully, it was probably only minutes. Regardless, I know that during whatever time span my mesmerized state lasted, I felt somehow changed by it.

Fast-forward ten years to my "present." I am divorced, have children, and am fighting and groping for some sort of reassurance that the "present" does indeed exist. The past summer my oldest child was baptized. Along with the excitement and feelings of pride, I was confused that I felt surprise and disbelief that it was really time for Sierra to be baptized. The moment I saw her standing next to her grandfather, dressed in white, I became engulfed in the realization that, Sierras entire 8 years of life ran together into a big blob known as the "past," and her "future" was racing ahead of me so far, and at such velocity, that I had no hope of catching it. Catching it is exactly what I wanted.

Catching what? The "present," of course. 8 years have flown by, and I dont feel any older than the day the nurse placed her in my arms. The time from birth to baptism is really just a blink of time. Her first year of life, the funny toddler years, learning to read�all are etched in my memory as if they were happening right now, but so long ago. Sierras baptism reminded me of my philosophy professor. Yes, there is a past�yes, there is a future. The present? Ive decided it will exist in my children.

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Tuberculosis

If you order your cheap custom paper from our custom writing service you will receive a perfectly written assignment on Tuberculosis. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Tuberculosis paper right on time. Out staff of freelance writers includes over 120 experts proficient in Tuberculosis, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your Tuberculosis paper at affordable prices!

HIV stands for Human Immunodeficiency Virus. The HIV virus infects cells of the immune system. Your immune system is what protects you from infections and disease. HIV uses cells of your immune system to grow. When HIV has used one of these cells to grow, the cell can no longer do its job, leaving your body without a part of its immune system. Pieces of the HIV virus go all over the body.

If your body is making antibodies to HIV, this means youve been infected with the virus. Once youve tested positive for the antibodies to HIV, you will always test positive.

Each day, HIV creates billions of new HIV viruses in the body. The bodys natural reaction to infection is to produce a strong response. But HIV takes every chance it gets to produce faster than the body can attack it. Eventually, in most people, the virus can get the upper hand unless treatments stop it or slow it down. At this point, we know there are several treatments that can slow the infection down. We also know that a handful of people are able to fight off the virus. Doctors agree that HIV infection needs to be treated so that you dont get sick, or sicker.

With HIV infection, your immune system may slowly get weaker or may become overactive. Either way, your immune system is out of balance. HIV starts a process that can be very hard to stop once it starts. With a weakened immune system, you can more easily get infections and cancers. You may not see any signs of these at first. Doctors can use blood tests to see how your immune system is doing. These tests can tell you and your doctor if there are treatments you need to help keep you from getting infections that can make you very sick.

You dont have AIDS as soon as youre infected with HIV. The disease process takes a while, around 10 years on average. The process goes from being HIV+ without any symptoms or signs of disease to being HIV+ with symptoms to having AIDS. AIDS stands for Acquired Immune Deficiency Syndrome. Immune deficiency means that HIV has damaged your immune system. A damaged immune system cant protect you from infections as well as a healthy immune system.

Many doctors use your CD4 cells to measure the current status of your immune system. CD4 cells are cells that help control infection. The normal range for CD4 cells is usually 500-1600 cells. For many people whose CD4 cells fall below 00, the risk increases of getting certain infections.

HIV is a kind of virus called a retrovirus. It uses the cells in your body to make more viruses. Drugs that fight HIV are known as antiretrovirals. There are three main types of antiretroviral drugs. Antiretroviral drugs are now being used in combinations that have been shown to dramatically reduce the amount of HIV in the body

An example of the Life Cycle of particular Retrovirus -

Example of HIV Transmission

Several factors appear to affect vertical HIV-1 transmission, dependent mainly on characteristics of the mother (extent of immunodeficiency, co-infections, risk behavior, nutritional status, immune response, genetical make-up), but also of the virus possibly, of the child. This complex situation is compounded by the fact that the virus may have the whole gestation period, apart from variable periods between memane rupture and birth and theeast-feeding period, to pass from the mother to the infant. It seems probable that an extensive interplay of all factors occurs, and that some factors may be more important during specific periods and other factors in other periods. Factors predominant in protection against in utero transmission may be less important for peri-natal transmission, and probably quite different from those that predominantly affects transmission by mothers milk. For instance, cytotoxic T lymphocytes will probably be unable to exert any effect duringeast-feeding, while neutralizing antibodies will be unable to protect transmission by HIV transmitted through infected cells. Furthermore, some responses may be capable of controlling transmission of determined virus types, while being inadequate for controlling others. As occurrence of mixed infections and recombination of HIV-1 types is a known fact, it does not appear possible to prevent vertical HIV-1 transmission by reinforcing just one of the factors, and probably a general strategy including all known factors must be used.

Please note that this sample paper on Tuberculosis is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Tuberculosis, we are here to assist you. Your cheap college papers on Tuberculosis will be written from scratch, so you do not have to worry about its originality. Order your authentic assignment and you will be amazed at how easy it is to complete a quality custom paper within the shortest time possible!

Remuneration

If you order your cheap essays from our custom writing service you will receive a perfectly written assignment on Remuneration. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Remuneration paper right on time. Out staff of freelance writers includes over 120 experts proficient in Remuneration, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your Remuneration paper at affordable prices! Abstract

The real wage of the average worker in the United States has fallen 1 percent in the last 0 years, while the average chief executive officer (CEO) has received a pay raise of over 00 percent (Crystal, 11). This glaring contrast has sparked an explosion in academic research on executive compensation. The argument that Crystal (11) proposed, ¡°just about all of the rational factors you can think of, taken together, don¡¯t play a big role in determining executive pay¡±, is dominant in this medium. Despite this fact, research on executive paychecks has continued to grow as the literature is truly interdisciplinary across the fields of economics, finance and accounting, industrial relations, organizational behavior and strategy (Murphy 1).

Labour economists have drawn upon many conclusions on executive remuneration from a large theoretical and empirical interdisciplinary literature. They argued that executive remuneration offers opportunities to analyze many concepts of the economics of managerial labor market. Hence, in this essay I am going to explore these opportunities by looking at the functioning market in the captioned perspective.

The managerial labor market, which contains a range of firms that are with managerial jog openings and a range of potential managers who have different human capital characteristics, has two sides. On the one hand, the demand side, which is made up of employees who produce goods and services, and employers who purchase executive effort, concerns paid managerial labor as a function of the latter¡¯s pay and productivity. On the other hand, the supply side composes executives who are assumed to switch firms according to the characteristics of the firm and the salary. By understanding the two sides and the disciplining effect of the managerial labor markets, firms can identify the market forces that determine the optimal executive remuneration contracts so as to maximize firm value (Fama 180, Fama & Jensen 18). The use of such knowledge align with the understanding of managerial behavior with owners¡¯ interests can help firms to choose corporate policies that best signal their own value to the labor market such as CEO remuneration. Since one of the most important objectives of firms is to maximize their value, executives are disciplined into undertaking strategies preferred by the stockholders that maximize the firm¡¯s stock price (Fama 180). Hence, suggesting the major functioning of managerial labor market are to determine the rational level and structure of remuneration package and to reflect the managerial labor market¡¯s control of executives¡¯ behavior to maximize firm value. Cheap essay writing services offer help on Remuneration Despite the fact that executive remuneration schemes across firms and industries are substantially heterogeneous and complex, it can boiled down to four basic elements a base salary, bonus, stock options and long term incentive plans. I will examine these in turns. First, base salary for executives is a key component of the pay package. It represents the ¡° fixed component¡± in executive contracts. Second, bonus is paid annually based on accounting profit, budget, prior-year performance or incentive zone. Third, stock options are agreements that the executive may purchase from the firm at any time within a stated period or a given number of shares of its stock at a price specified on the date of granting (Easton & Rosen 18). This, with regards to political, economic, mechanical and behavioral factors, has made it the most pronounced method in executive remuneration in the last two decade (Murphy 1). This is because it relates the executive¡¯s income most directly to the concern of shareholders, i.e. the value of the firm. Finally, the long- term incentive plan, which is based on rolling ¨C average -or-5-year cumulative performance.

As I have stated before, the major function of the managerial labor market is to set a rational level and structure of the executive remuneration package so to maximize the firm¡¯s value, i.e. the executive remuneration reflects the managerial labor market¡¯s control of executives¡¯ behavior to maximize firm value. Hence, making the relationship between executive remuneration and company¡¯s performance the fundamental concern.

In order to understand this concern, we have to examine the agency theory as it is the principal theory guiding research on the pay-performance relationship (Berstein 17; Crystal, 15; Lowenstein 16; Gomez-Mejia 14; Gomez-Mejia and Wiseman 17; Fama & Jensen 18; Jensen & Meckling 176).

Agency theory states that many social relationships can be best understood as interactions between two parties principal and an agent. The agent performs certain actions on behalf of the principal, who must delegate some authority to the agent (Jesen and Mecking, 176). By examining the theory, firms can be in a better position when dealing with contract problems that are governed by an exchange between individuals who have divergent interests.

Typical organization in most western countries, which has a corporate structure with thousands or millions of owners, each having a small claim on the firm, can be used to make a clear illustration of the above. Shareholders of the organization are widely dispersed, delegating responsibility to running the business to hired executives. Given their limited control over corporate affairs and executive¡¯s limited stake in the firm¡¯s equity and risk, executive is expected to engage in behavior that promotes their personal wealth, perquisite consumption, job security and prestige but is detrimental to stockholders¡¯ interest in maximizing the value of the firm (Jesen & Mecking 176). The literature on agency theory has suggested that the optimal solution to goal incongruent is to have remuneration contracts that link executive remuneration to the performance of the firm. Hence, through the executive¡¯s holdings of stock, restricted stock, and stock options, an executive remuneration is explicitly tied to the principle¡¯s objective, i.e. the executive wealth is implicitly tied to the stock-price performance through accounting-based bonus and option (Murphy, 1). This in turns suggests that the performance-based remuneration will induce self-interested, utility-maximizing, risk-and-effort-averse agents to act on the behalf of principals who want to increase the value and performance of their firms (Eisenhardt 18; Jesen & Mecking 176). This view, however, has failed to find supportive evidence of such positive relationship (Jesen & Murphy 10; Kerr & Bettis 187; Mceachern 175; Rich & Larson 184). These researchers have claimed that the relationship between executive remuneration and firm performance is either nonexistent or is of a very weak nature, that is, remuneration is significantly unrelated to the firm¡¯s performance (Crystal 11) or if related, then only related to the short-term performance (Rapport 178). In contrast, some studies claim that the executive remuneration is more closely related to the firm¡¯s size than to the firm¡¯s profits (McGuire 16). Therefore this inconclusive effect of executive remuneration on the functioning of managerial labor market hasought a great puzzle to the researchers.

Therefore, to understand the functioning of managerial labour market, alternate mechanisms and criteria outside the agency framework are examined. These mechanisms include marginal productivity theory, internal and external market theory, board control theory, information-processing theory and social comparison theory, will be examined in turns.

Marginal productivity theory views the managerial labor market as perfectly competitive, that is there are a large number of individual, perfectly informed buyers and sellers of homogeneous executives. Hence, remuneration, viewed as the price of labor, is seen as being determined by the intersection of labor demand and supply curves in the market. Firm maximizes its profits in the short run by employing executives up to the point where the executive remuneration equals executive¡¯s marginal revenue product (MRP). It equals to executive¡¯s marginal physical product (MPP) multiplied by marginal revenue (MR). According to economists, executives are assumed to be highly mobile and fully informed and would supply their labor service to the highest bidder. Executive supply and demand are quicklyought into a state of equiliium through executives moving from one firm to another in response to opportunities to obtain higher earnings. Thus, by looking at the profit-maximizing firm¡¯s short-run demand curve for executives, which is the schedule of its marginal revenue product, executive remuneration can be determined by the value of his contribution to the firm.

Another influential theory regarding the internal and external managerial labor market of executive pay is made by Fama (180). He argued that the external labor market exerts many direct pressures on the firm to sort and compensate executives according to performance. Hence, there is a natural process of monitoring from higher to lower levels of management, i.e. each executive is concerned with the performance of executive above and below him since his marginal product is likely to be positive of their. This leads to a careful consideration of the mechanics, which the potential executives used to seek information about the responsiveness of the system in rewarding performance. Thus this market mechanism ensures the rights of shareholders and the rights of the top management are respected.

The third theory views the board as the legal representative and formal guardian of stockholders¡¯ interests, i.e. the board members have the task to oversee and ratify managements¡¯ decisions and to evaluate reward and sanction executives¡¯ performance (Bacon &own, 175). Research has focused on twooad factors, executive duality and the proportion of outsiders on a board in evaluating the influence the board exerts in setting executive pay. Finkelstein and Hamick (18) found no evidence of a relationship between executive remuneration the percentage shareholdings of outside directors. Furthermore, Boyd (14) found that ¡° contrary to expectations, the ratio of insiders was negatively associated with compensation¡±. Other work has also shown that the proportion of outside directors appointed to a board by its executive has a positive effect on executive remuneration (Main, 14). This theory also suggests that there is a threat of board actions and termination in response to observed managerial inefficiency or opportunism, which is likely to impel executives to refrain from behavior that is in conflict with stockholders¡¯ interests. Thus the characteristics of the board such as its structure and its effectiveness are key determinants on the executive remuneration and the sensitivity of the relationship between remuneration and performance.

Information-processing theory is very important when contributing on the recent work on executive remuneration as it focuses on the substantive nature of the job performed by executives on the social and political context of their pay. There are several reasons for expecting the remuneration of executive is in accordance to the information processing demands they face instead of the firm¡¯s performance. First, information-processing tasks are a major part of executive¡¯s jobs and the execution of such tasks is critical to organizational functioning and performance (Eisenhardt 18; Galaith 17; Halrblian & Finkelstein 1; Minzberg 17; Thompson 167). Second, executives¡¯ jobs vary considerably in the information-processing demands they create. The common theme of such research is around those demands that are significantly affected by three firm-level factors (1) the number and interdependence of a firm¡¯s business activities. () the technologies the firm employs and ( ) the management used to administrate the firm (Chandler 16; Dafe & Lengel 186; Galaith 17; Gresov 18; Hill & Hoskisson 187; Jones & Hill 188). This theory, therefore, shows that executives who face particularly high information-processing demands due to the diversification approach to technology their firms adapted will be expected to be paid more, as their ability to cope with these demands allow them to make larger marginal contributions to firm performance (Henderson & Fredrickson 16). In an informational efficient executive labor market, it is unrealistic to expect changes in executive pay to be closely related to firm performance measure, i.e. it has a low sensitivity of pay-for-performance.

Finally, the use of social comparison theory provides us an understanding of socio-psychological explanation of remuneration. This theory is based on the remise that individuals have the need to evaluate their opinions and abilities. They compare with others who have similar abilities and opinions. In the case of managerial labor market, the implication is that the remuneration committee will set the pay of executives who are perceived to be slightly better by striking a balance between providing financial incentives to executives to improve firm performance and avoiding a binding ¡°participation constraint¡± (Smith & Stnabsju 15). That is to ensure that executives remain loyal to firms by offering levels of pay comparable to the external labor market alternatives.

So far, I have discussed what factors determine the executive remuneration and how they effect on the firm¡¯s performance from the economics, psychological and sociological perspectives. However, these are not sufficient enough to understand the functioning of the managerial labour market fully. Recent work, perhaps responding to the difficulties with traditional economies-based research on remuneration, has begun to move beyond established frameworks and suggests some new factors that may influence the remuneration-setting process. Managerial discretion, efficient wages model, tournament models (Lazer & Rosen 181; Rosen 186), resource dependence theory etc are some examples of paradigms that explain executive pay, which have moved the stream of research on executive remuneration forward greatly.

To sum up, research on executive compensation has a long history. Much of this work has adopted the economics perspective, which views social, political or strategic factors as the determinants of executive pay. In this essay, I have tried to explore the functioning of managerial labor market based on the existing comprehensive theoretical and empirical literature on executive remuneration. My conclusion is that although the pay for performance is consistent with agency theory, the relationship between executive remuneration and performance is more complex than the empirical research has presumed. Since the extent to which the functioning of managerial labor market is effected by the executive remuneration is still inconclusive, aoader perspective should be adopted by firms in order to have a better understanding of the functioning of managerial labor market from the executive remuneration stand.

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