John Locke Core Belief - Free Essay Example

Sample details Pages: 4 Words: 1066 Downloads: 8 Date added: 2019/08/08 Category People Essay Level High school Tags: John Locke Essay Did you like this example? John Locke values the idea of natural right, which he divulged in his book Two Treatises of Government. A shown in Sophocles play Antigone the character Creon idealized the opposite philosophy. The idea of natural right, as developed by John Locke is that all people have the right to life, meaning, having a basis of equality within a society. Don’t waste time! Our writers will create an original "John Locke Core Belief" essay for you Create order the liberty of basic freedoms, and the right to property. On the other hand, Creon, the king of Thebes leads with an iron fist, and in his own foolishness gets everyone he cares about killed. Transition. The character of Creon in Sophocles play Antigone illustrates the importance of John Lockes core belief in natural right of life, liberty, and property.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   John Locke grew up in the 1630s and 40s in Wrington, Somerset, England with his father and brother and was raised as a Puritan (John Locke Biography). Unlike many children of his time, Locke received an outstanding education because his father served as a captain in the British Civil War (John Locke). He graduated Westminster School in 1648, earning the rank of being king scholar. Afterward Locke attended Christ Church, Oxford In 1658. While there he studied medicine and natural science under the wing of Robert Boyle, founder of the royal society. Later in 1666 Locke became a member of this society. In 1674 Locke graduated with a degree in medicine, and began working as a personal physician to Lord Ashley, Earl of Shaftesbury. Over time, the two became great friends and Locke became more like Lord Ashleys political adviser. Locke also went with him to some political affairs in France. Even in 1683 when Lord Asheley was exiled and fled to holland, locke joined him. Later in 1689 after the downfall of King James in 1688 Locke returned to England and finally began to document his ideas and core beliefs (John Locke Biography).  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In the year 1690 John locke published his first book Two Treatises of Government. This was a collection of over twenty years of intellectual work and self reflection, aimed to inquire into the origin, certainty, and extent of human knowledge, together with the grounds of belief, opinion, and assent (John Locke Biography). In it, Locke recounts his stance on the overthrowing of King James the previous year. He said it is the duty of the government to protect its citizens natural rights, these include, the right to life, liberty and property. He believed in the formation of a government these rights were protected. Locke also stood by the notion that the government is decided by the people, not through divine right (Littell, 25). Lockes natural rights of life, liberty and property in the form of a democratic government is most important for society today. He said it is the duty of the government to protect its citizens natural rights, not feed off them due to divine right. We can see t hat here in the United States government because Locke inspired founding fathers like Thomas Jefferson to write the constitution. Some may argue that Lockes Opinion are too anti monarchy but it needs to be considered how he was raised and how the government of his time treated him and those around him. Locke grew up during the british civil war, so he experienced how the war affected even those not on the front line. His father was a captain so his family was given many privileges including an education beyond the average citizen. This gave him time in his developing years to ponder philosophy. Over time he grew fond of the idea of natural rights given by the government to ensure the safety of its people. He also felt it was important to have a system in which the people can overthrow the government when the king is not doing his job to represent and protect the people. The core belief of John Locke is that all people under a government have a natural right proves essential when compared to how Creon the new king of Thebes in Antigone rules. As soon as Creon takes rule of the city of Thebes after the death of Polynices and Eteocles, he has strict policies and refuses to take others opinion into consideration. despite several omens sent from the gods he keeps his foot down and refuses to see any way other than his own. This comes back to bite him when everyone he had loved dies a gory death. While fighting with Antigone about performing the burial ritual on Polynices, he remains stubborn and unwilling to see reason stating, You will see! The toughest is first to break and decides to also punish Antigones sister Ismene, for the crime as well her sister will not now escape the utmost penalty (Sophocles 211). From this point forward Creon is enraged and abuses his power against Antigone by not listening or respecting her morals. On the other hand John Locke thinks it is the duty of the ruler to serve the people it is impossible that the rulers now on earth should make any benefit (Locke 105). Locke firmly stands by the notio n if a ruler or king does not uphold the duty of protecting his peoples right to life, liberty and property the people may overthrow him. The reason Creon did what he wanted and hardly even listened to the council is because as king whatever he said goes. But he comes to regret it later, therefore by providing the country with the authority to speak out, Creon could have avoided much hardship. Earlier in the play Antigone, after Creon had just heard the news of Polyneices burial he attacks Sentry, the man only responsible for bringing the information to him Either you find the man who did this burial or Hades itself will be too good for you (Sophocles 203). This tyrant behavior that creon is exposing about himself only shows that he cares less about what happened and more about making an example of someone who disobeyed him. This directly violates John Lockes social contract in which makes the community, and brings men out of the loose state of Nature into one politic society (Locke 197). How Creon treated the people of thebes shows why John Lockes ideas of natural right are so important to society. The tyranny of Creons rule and the fact that no one could stand in his way goes to show that instead of watching a ruler or king have their way unt

Outline and Discuss in Detail the Various Theories Used by...

The following essay will outline and discuss the various theories used by psychologists to explain criminal behaviour. According to White and Haines 2008 crime was seen as the result of externally caused biological problems or internal psychological factors that were treatable. They believe the criminal was made, not born. Psychological theories tend to focus on how characteristics of an individual lead to criminal behaviour, however these theories may also be irrelevant, challenge existing thinking and make people and institutions think. The Oxford Dictionary 2003 defines psychology as ‘the study of the nature, functions and phenomena of behaviour and mental experience.’ More specifically, it is the study of people and Williams†¦show more content†¦The main division in learning theories is between behavioural theorists and cognitive theorists. Behaviourists claim that people learn by trial and error through associating stimuli with responses whereas cognit ive theorists believe people learn through associating memories and ideas as part of a problem-solving process (Jones 2006:411). There are three main accounts as to how individuals learn by way of association. Pavlov (1927) described the simplest method of classical conditioning. He argued that learning can take place by association in circumstances where the subjects are purely passive and simply learn from the environment. Skinner (1938) associated himself with operant learning and his writing had major impact on the development of behavioural psychology. He believes operant learning is a more useful device than classical conditioning as the subject is active and, by the use of rewards and punishments, has to learn how to obtain what it wants from the environment. Neither of the above two learning theories are dependent on subjects having any understanding of the process in which they are engaged in. The final explanation of learning by association, the social learning th eory, combines operant learning with aspects of cognitive psychology. It claims that behaviour is reinforced not only by rewards and punishments, but also by observing the behaviour of others. One of the leading advocates of the social learning theory is AlbertShow MoreRelatedApproaches to Organisation and Management19498 Words   |  78 PagesAPPROACHES  TO  ORGANISATION  AND MANAGEMENT Organisational  behaviour  is  a  discursive  subject  and  much has  been  written  about  it.  The  study  of  organisations  and management  has  therefore  to  proceed  on  a  broad  front.  It  is the  comparative  study  of  the  different  approaches  that  will  yield benefits  to  the  manager.  The  study  of  organisations,  their  structure and  management  is  important  for  the  manager.  Identification  of major  trends  in  management  and  organisational  behaviour,  and the  work  of  leading  writers,  provide  a  perspective  on  concepts Read MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesmechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations

Fundamental of portfolio management Free Essays

The equity risk premium is the excess return required by investors to compensate risks of holding a stock rather than holding a â€Å"risk free† asset. Jason ,2011) Under the Capital Asset Pricing model: , risk free investments involve borrowing and lending among investors and borrowing positions offset by lending positions, therefore let Y = and representative investor’s risk aversion be . (Bodied, Kane and Marcus, 2011). We will write a custom essay sample on Fundamental of portfolio management or any similar topic only for you Order Now We rearrange this equation , indicating the equity risk premium is influenced by average risk aversion and variance of the market portfolio. It’s obvious that when risk aversion of investors and variance of market portfolio increase the equity risk premium will goes up, and vice-versa. There are many empirical evidences show that during the Global Financial Crisis the volatilities of market increase, for example Chewer (AAA) have recognized the increase of volatilities in stock markets during financial crisis. Besides, according to the research of Steven, Michael and Bob (2011) derived from trades in options on the SP/ASX 200 index showed that the implied volatility climb up during the SGF and reach the peak in 2009. The increase of stock market volatilities not only represent the increase of risks (Karol 2011 and Brooks 2001) but also have negative relationship with risk aversion. (Chewer 1989 and Carney 2000). There are some events can be summarized in mention of an increase in risk aversion, for example after the Lehman Brothers bankruptcy in September 2008 the stock market price hardly dropped and the bank lending dramatically decreased, consistent with this there was a overshooting of risk aversion. Paolo, John and Chairs,2011) In conclusion, during the SGF both average risk aversion and risks of market increased, therefore the equity risk premium went up. Part D The keenness in the distribution of returns has became important in asset pricing because the traditional mean-variance measurement cannot fully characterize return behaviors (Samuelsson 1970,Campbell and Hence 1992;Circler and Huber 2007). This report will discusses the importance of keenness in returns in asset pricing with he respects of investors’ preference for positive keenness and aversion to negative keenness, which asset pricing factors may be a proxy for keenness, the distinction between keenness and co-keenness in returns, and some researches include behavioral finance researches will be provided. What is keenness and why it’s important Keenness is a measure of the asymmetry of probability distribution around its mean. Positive keenness has more probability distribution towards positive value, while negative keenness has more probability distribution towards negative value. The skewed distribution of asset returns was first point out by Dominant(1985), and it caused by the asymmetrical reactions of investors to goods news and bad news from companies. Chem.., Hong and Stein (2001) argued that there was another reason The main reason for the increasing importance of keenness in returns is that the unrealistic assumptions of traditional mean-variance framework. The mean-variance measurement assumes the returns are normally distribute and quadratic preference, however it rarely happened in real word, therefore the insemination of expect returns and risks may exhibit. According to the finding of Roll(1977) and Ross( 1977) that the portfolio used as a market proxy is inefficient, the Sharper’s CAMP have been suggested as invalid. It’s also supported by Bernard and Allotted(2000) that the (unadjusted) mean-variance measurement Sharpe ratio can lead misleading conclusions. For overcoming this bias Parka’s and Bear (1986) and Leland (1999) have developed performance measure incorporating keenness. Besides, Harvey and Suicide (2002) and Krause and Litterbug (1976) have recognized the importance of keenness that systematic keenness and conditional keenness are important to asset pricing since hey characterize the true distribution of asset returns. Furthermore, in traditional mean-variance framework such as Capital Asset Pricing Model there is only a single efficiency risky asset portfolio. While accounting for the mean-variance-keenness in returns, there are multiple efficient portfolios, which could be considered to provide diversification portfolios. (Harvey and Suicide,2000) Investor’s preference for positive keenness and aversion to negative keenness The positive skewed distribution has a longer tail on the higher-return side of the curve, while the negative skewed distribution has a longer tail in the lower-return did. The asset with negative skewed returns distribution has greater risks that the returns will decrease than what the standard deviation measures, and for positive skewed distribution there are fewer risks the returns will decrease (Mini, 2011) Theoretically, investors have preference toward positive keenness and aversion toward negative keenness, since increasing positive keenness will decrease possibility of large negative rate of returns. There are many literally evidences show the preference of positive keenness, for example in 1967 Aridity presented that rational investors with reasonable utility functions should prefer positive keenness in the distribution of investment returns†. Following Aridity (1976),Chinchilla et al. (1997) and Parka’s et al. (2003) have recognized investors’ preference for positive keenness as well. What’s more, investors show their preference toward positive keenness in gambling, lotteries and entrepreneurship (Thomas, Jose and LU-Santos, 2009). Nevertheless, some investors exhibit preference for negative keenness in real life, here investor is not only represent individual but also economic agent. Prefer repertory investment is a an example of negative keenness preference, which with reasonable average yields but a small chance of heavy losses, to the opportunity of recouping the original cost(Maker, Nicholas, Dominic and Raymond addition, economic agents facing a stream of stochastic monetary payoffs will show preference for negative keenness (Nazism, 2004). This also supported by Richard â€Å"economic agents may prefer negative keenness under some certain conditions† (Richard, 2010). From the research of Harvey and Suicide (2000) we can know that negative keenness receive higher return. In their research they assumed investors require payment for negative keenness, and excess returns could be result from the market inefficiency. The higher return of negative keenness may be a reason that in some circumstance investor will prefer negative keenness. Although investors expect the returns of asset exhibit positive skewed distribution, commonly the returns are negatively skewed distribution, since investors react to good news and bad news from corporations asymmetrically. It’s explained by Dominant (1985) who first pointed out the skewed distribution of asset returns, and he reposed that the increase of stock price caused by good news is to some extent offset by the increase in the risk premium, which is required by higher volatility. For the decreased stock price caused by bad news is amplified further by the increased in the risk premium. Which asset pricing factors may act as a proxy for keenness The traditional mean-variance CAMP use beta to measure the systematic risks, and there are lots of studies suggest that the beta can’t fully capture the systematic risks. Ban (1981) suggested market capitalization ,and Fame and French (1992) proposed kook- to-market ratio have relationship with the cross-section of stock returns(Chi- Hoist ,2006). There are many debates about whether asset pricing factors such as size and book-to market ratio may be acting as a proxy for keenness. The SMB factor measures the spread in asset returns between small and large size firms, and the HIM factor measures the spread asset returns between high book-to-market ratio and low book-to-market ration assets. In the research of Harvey and Suicide(2000) they found that when adding keenness alone or Jointly with HIM and SMB to portfolios had similar results, therefore they lamed that book market ratio (HIM) and size (SMB) factors can be act as a proxy for keenness. Recently, Chunk Johnson and Shill (2007) also proposed that SMB and HIM are proxies for higher-order moments, and the Fame and French factors could be superior. However, there were some probabilities of errors in variables in their research. Conversely, Smith (2007) applied the condition three-model factor, which was proposed by Harvey and Suicide (2000), he argued that there was little impact on the price of market beta after adding the size(SMB) and the book-to-market(HIM) actors when the conditional keenness has already included in the model. The study of Jail(2004) showed that the conditional keenness plays an important role in stock market (HIM) factors. Even though there are many arguments about the extent those SMB and HIM assets pricing factors act as a proxy for keenness, as least from the studies of Chunk Johnson and Shill (2007) and Jail (2004) we can conclude that the SMB and HIM those non-market factors can’t completely act as a proxy for keenness. Distinction between keenness and co-keenness in returns Keenness is a measure of the asymmetry of probability distribution around its mean or a single asset, while co-keenness measures the symmetry of a variable’s probability distribution in relation to another variable’s probability distribution symmetry, which provide estimation of risks of assets connect to market risks. Theoretically, investors show their preference towards positive conciseness that present the asset has higher possibility of extreme positive returns than market returns. Thus, jocoseness also plays an important role in asset pricing, and there are many studies support it. The studies of Harvey and Suicides (2000), Smith (2005) and Errand and Sys (2005) provided evidence that the conditional jocoseness can help explain the cross-section of stock returns. Baron-Ideas (1985) and Limit (1989) suggested the pricing of jocoseness. Moreover, jocoseness extends capital asset pricing theory to some extent. The study by Krause and Litterbug provided the evidence that jocoseness can be regarded as a supplement to the covariance measurement of risks in explaining the returns on individual NYSE stocks and in the process to interpret the other discrepancies between returns, and the returns when take the NYSE stocks on the whole. Conclusion In conclusion, keenness in returns plays an important role in asset pricing, and there are many researches can provide evidence for it. For example, the studies conducted by Campbell and Hence (1992) and Harvey and Suicide (2000). How to cite Fundamental of portfolio management, Essays