Clifford thinks Pascal and James are wrong Essay

Clifford thinks Pascal and James aren't right - Essay Example This needs clarifications: in the event that we have confidence in God and God exists, we stay honest; on the off chance that we trust in God and God doesn't exists, we despite everything stay blameless; on the off chance that we don't have faith in God and God doesn't exist, we can’t be certain that we stay honest as we can’t know without a doubt if God exists; on the off chance that we don't have faith in God and God exists, we are liable. In this way, it is smarter to put stock in God, than not to accept and in this manner, as indicated by Blaise Pascal, everyone ought to have faith in God. The William James has a comparative perspective. He additionally expresses that we ought to put stock in God and sitting tight for proof isn't directly for people. Trusting that any proof will choose if to accept or not may lead us to much misfortunes. As indicated by the savant, if a man dithers to propose to a lady sitting tight for proof that she is his optimal, he dangers to lose her as she may acknowledge the suggestion of another person. The equivalent is with religion and conviction. James expresses that those individuals who accept may appreciate the life of strict individuals and the individuals who don't may lose this opportunity. Blaize Pascal and William James are certain that individuals ought to put stock in God. William Clifford can’t concur with them. It doesn't imply that this rationalist expresses that we ought not trust in God, yet he consider us to include some uncertainty and states that it is essential as it is our obligation. He gives a guide to clarify why: a boat proprietor had an old boat. He realized that it was old and he additionally realized that a few people would have a journey on its board. He didn't have whenever or offices to fix his boat and he liked to place his trust in Providence that would not have permitted individuals to kick the bucket. Accordingly these individuals kicked the bucket as the boat was broken. This affirms daze faith in Providence may prompt catastrophe. â€Å"If a man, holding a conviction which he was instructed in adolescence or convinced of a while later, holds down and drives away any

Myspace (& other social network sites) predator problems--how can they Essay

Myspace (and other informal organization locales) predator issues - how might they be settled - Essay Example imed at systems administration and being in contact with family members and companions, most importantly long range informal communication is exceptionally celebrated and today is a major business. Unfortunately, trick specialists, kid molesters, and sexual stalkers have seen that these destinations can likewise be abused to discover casualties. MySpace is one of the locales where predator is a major issue. MySpace is an interpersonal interaction site simply like facebook. Nonetheless, there have been various instances of sexual stalkers and youngster molesters acting like kids to connect with youthful casualties on MySpace (Zilney and Zilney, 2009). As of late, MySpace was additionally found to be undermined by assailants spreading malware on abused profile destinations. These have prompted MySpace making strides and executing safety efforts to limit this issue however clients are as yet expected to be wary and mindful. Predators were in this manner a major issue to MySpace not just in light of the fact that it prompted expanded instances of rapes yet in addition demise cases were on high rate. In any case when placing into thought expanded instances of predators; informal communication destinations have utilized various endeavors to eliminate the quantities of predators on the web. For example, they have built up an email library that would allow guardians to restrict their youngsters making on the web profile for such systems. Person to person communication locales would likewise make the default profile setting for 16 and 17-year-olds on their site â€Å"confidential â€Å" with the goal that they must be reached by people they know henceforth making it hard for predators to discover them (Krinsky, 2008). As per Hansen (2008), they utilize an outsider to assemble a library of email addresses offered by guardians who need to confine access of their kids to the sites, and will square anybody utilizing email address recorded in the vault from joining or making a client profile. Laws have additionally been executed to oversee and address this issue and all systems administration destinations have consented to follow them and

A Funny Thing About William

A Funny Thing About William A Funny Thing About William A Funny Thing About William By Maeve Maddox US Social Security records show that the five most mainstream boys’ names in 1915 were John, William, James, Robert, and Joseph. In 2014, the best five were Noah, Liam, Mason, Jacob, and William. Not just has William stayed a mainstream given name for a long time, it has gotten doubly famous with the newcomer Liam. Liam is another rendition of William. Of Germanic source, William is a compound of the Old German component vila, â€Å"will† or â€Å"resolution,† and rudder, â€Å"helmet.† The name can be interpreted as â€Å"helmet of resolution† and happens in various structures in various current dialects: German: Wilhelm English: William Irish: Ulliam (abbreviated to Liam) French: Guillaume Spanish: Guillermo Italian: Guglielmo Portuguese: Guilherme As per an article at MooseRoots (a lineage inquire about motor), in 2014, William was the most mainstream name given to infant young men in 14 states, and Liam the top name in 17 states. The article recommends that William is progressively well known in the South and Liam in the North, yet a more critical glance at the state-by-state measurements given on another piece of the site shows that in a few of the states where Liam is number one, William is not far behind. In eleven states, both William and Liam rank in the best three: Idaho Iowa Kansas Maryland Minnesota Missouri North Dakota Oklahoma Utah Virginia Wisconsin Need to improve your English in a short time a day? Get a membership and begin getting our composing tips and activities day by day! Continue learning! Peruse the Vocabulary classification, check our famous posts, or pick a related post below:85 Synonyms for â€Å"Help†3 Cases of Complicated HyphenationHow to Send Tactful Emails from a Technical Support Desk

Process Principles Essay Example | Topics and Well Written Essays - 1250 words

Procedure Principles - Essay Example Mancala's Pizzas throughput time is 16.4 minutes. The organization right now has overabundance limit since request midpoints at just 20 pizzas her hour (Appendix 2).However, it is assessed that the organization's interest will twofold if conveyance administrations are advertised. This option is planned for wiping out the bottleneck in Mancala's Pizza's creation procedure. This will be finished by doling out the tosser to shape the pizza shells preceding their utilization. It ought to be noticed that all things considered, the gathering of fixing and the hurling and embellishment of pizza will be disposed of in the new creation process (Appendix 3). This will diminish the throughput time to 14 minutes for each pizza. It will likewise permit the organization to create a limit of 36 pizzas for each hour which depends on the most extreme limit of its six stoves (Appendix 4). The fundamental hindrance of this option is the way that the Mancala's Pizzas may experience aversion in the piece of the tosser. It ought to be noticed that in this new creation process, the tosser is wiped out in the genuine creation process and will be preceding available time. The organization will likewise need to haggle with the constructing agent as he needs to gather the fixings before it tends to be hurl and shaped by the tosser. In this way, he will likewise be allocated to come before activity hours will even now be there to aid the tasks to collect the pizza. In this new procedure, Mancala's Pizza faces the danger of bringing down the nature of its pizza. The newness of the item may be antagonistically influenced. Likewise, as pizza shells are reliant on the inclination of the clients, the organization needs to have a precise gauge of interest per pizza shell all together for the constructing agent and tosser to create the correct ones. The organization may either experience wastage or lack of stock if the correct shells are not delivered. 2. Mancala's Pizza will expand request by conveying pizzas legitimately to client. The conveyance of Pizza is relied upon to twofold the interest for the organization's items. This will be advantageous for Mancala's as it will produce more income and benefits for its activities. It will likewise empower the business association to completely use its assets and utilize its abundance limit. In any case, it ought to be noticed that the present assets are not sufficient to help an interest of 40 pizzas 60 minutes. Accepting that elective 1 is as of now set up, the organization is restricted to the creation of 36 pizzas just which is dictated by the limit of its broilers (Appendix 4). Proposal and Conclusion It is suggested that Mancala's Pizza push through with the two other options. Wiping out the bottleneck underway will permit the business orga

The Differences Between Binge Eating and Overeating

The Differences Between Binge Eating and Overeating Eating Disorders Diagnosis Print The Differences Between Binge Eating and Overeating By Jennifer R. Scott Jennifer R. Scott is a weight loss writer. She designed her own successful weight loss plan, which helped her safely lose 50 pounds in about a year. Learn about our editorial policy Jennifer R. Scott Medically reviewed by Medically reviewed by Rachel Goldman, PhD, FTOS on January 26, 2020 Rachel Goldman, PhD FTOS is a licensed psychologist, clinical assistant professor, speaker, wellness expert specializing in weight management and eating behaviors.   Learn about our Medical Review Board Rachel Goldman, PhD, FTOS Updated on February 12, 2020 Andrey Popov / Getty Images More in Eating Disorders Diagnosis Symptoms Treatment Awareness and Prevention Do you know the difference between binge eating and overeating? If you occasionally overeat and the habit is becoming more frequent, you may be concerned that your habit has turned into unhealthy binging. Here we explain how to differentiate between the two. What Is Binge Eating? Binge eating disorder (BED) is a serious but treatable condition that involves recurrent episodes of consuming large quantities of food. BED was formally added to the Diagnostic and Statistical Manual of Mental Disorders (DSM-5) in 2013.   What constitutes a binge? This word is often used to describe an episode of heavy drinking. However, it can mean something different when the substance that is overconsumed is food. In some instances, the habit of binging can be classified as binge  eating disorder (BED). Binge eating disorder consists of persistent and reoccurring episodes of eating large quantities of food. In addition to eating large food in excess and to the point of discomfort, the condition is also characterized by feeling out of control when eating and a sense of shame or guilt over the behavior. According to the American Psychiatric Association, to be diagnosed as binge eating disorder, binge eating episodes must occur is at least once per week for three months. Episodes of overeating that are classified as binge eating can significantly and negatively impact your health and well-being. So it is important to identify the signs and symptoms of binge eating disorder and get help if necessary. How a Binge Eating Disorder Is Diagnosed Symptoms of Binge Eating Disorder How do you know if your  overeating is just an occasional overindulgence or a serious binging issue? Some health experts may consider isolated episodes of binge eating to be normal. But if a habit of binge eating starts to have a significant impact on your life, it should be cause for concern. Learn about the  diagnostic criteria for binge  eating disorder  to help you determine if your overeating might be considered a disorder. The two main symptoms of the condition are: Eating a larger than normal amount of food over a short period of time  Feeling that this eating behavior is out of control The binge-eating episodes are also marked by three or more of the following symptoms: Feeling uncomfortably fullEating faster than normalEating when not hungryFeelings of disgust, guilt, or sadnessEating alone out of embarrassment In order to be diagnosed with the condition, people must also experience marked distress, not engage in compensatory behaviors such as purging, and experience at least one binge eating episode once a week for three months. What Is Overeating? It is also important to distinguish between binge eating and overeating. In a general sense, binge eating differs from normal overeating in several ways: Food is consumed more rapidlyControl over the amount of food consumed is lostFeelings of disgust, regret, or guilt are experienced after the episodeEating may occur alone due to embarrassment over the amount of food consumed Those who have a binge eating disorder may say they feel a loss of control over what and how much they eat during an episode of overeating. Some binge eaters say they feel driven to  eat as if it were a compulsion that cannot be ignored. Some binge eaters may hide food in odd places or even steal food from others. People may also eat alone due to feelings of embarrassment or shame over how much they eat. There are no set guidelines for how much food is too much to be considered normal overeating. If you overeat on one or multiple occasions, you may want to ask yourself a few questions. Are you eating an amount of food larger than what most people would eat under the same circumstances and in the same amount of time?How do you feel after you overeat? The feelings binge eaters experience during and after overeating range from intense pleasure to disgust. Another key difference between overeating and binge eating: A sense of disgust does not make a binge eater stop eating. An overeater will likely listen to that voice and stop eating. An example of overeating would be getting up to get seconds during a holiday meal. An example of binge eating would be eating a large amount of food in a short amount of time and feeling as if you were out of control. In general, binge eaters tend to eat more often than those who experience the occasional bout of overeating. Note that continually snacking throughout the day (grazing) is not considered binge eating. How to Get Help If you feel that your eating habits are unhealthy and/or if your eating is causing marked distress, there is good news. Cognitive behavior therapy (CBT) and interpersonal therapy are proven to be effective treatments for binge eating disorder. Some medications may also be a valuable part of treatment. Ask your doctor for advice or look for professional help in your community. By finding a qualified counselor, such as a licensed clinical social worker or psychologist, you will take an important step toward gaining control of the eating disorder. To find a qualified counselor in your area, visit the American Psychological Association  website. An Overview of Eating Disorders

The Psychological Profile of Abigail William - Free Essay Example

Taking a look inside a persons brain processes will explain areas of the brain the person has used in making his or her decisions. Taking those factors into consideration will either validate or invalidate ones actions. In Arthur Millers play The Crucible, Abigail William is known as a vengeful and manipulative liar to the reader. During the play, there are few psychological factors made known about the accusers and the accused. People in town did not question the girls intentions, but those who did take the dancing in the woods, the girls fears, and the vengeful side of Abigail William into account. Abigail Williams actions are influenced by her nature, developing adolescent brain, and the repressive society she lives in that created the hysterical mentality, and if receives the proper medical treatment and therapy, she may be able to live a fulfilling life. From the very beginning, the nature surrounding Abigail Williams initiates reasons for her actions. More accurately, the nature feeds Abigail Williams all the greater reasons to act the way she is, as her lies grow. When the townspeople show enthusiasm towards the lies, the more Abigail is encouraged by their reaction. She is so encouraged by the enthusiasm, that in the process of being in the hysterical mindset somewhere in the process, she loses self-awareness of what she is doing. Abigail forming the group of girls who share her fear of punishments begins to think and act the same. By being in a group, not only eases the girls mind from their fear, but also ensures that even if they are discovered of their lies they will not be facing punishments alone. All the girls act as if they are one person that shares the same mind as shown in the court staring full front as though hypnotized and mimicking the exact tone of Mary Warrens cry (107). By imitating Mary Warrens words and action s, the girls are able to convince the judges in court that there is indeed an evil spirit flying around town that is telling them of their evil deeds. Through nature, Abigail Williams faced sociological factors that surround Salems religious views and Court. The people especially pride themselves of their religion and their religious views. Since the town is created based upon their religion, and because people in town grew up in such confinement to those guidelines, that guides their actions, they forget their unique characteristics. So when the topic of witchcraft is brought up into town, it sets in among all classes when the balance began to turn towards to a greater individual freedom (6) someone like Abigail William who disrupts their peace and wants to seek out her true desires. Such adamantly rigid society of course implies that any form of individuality will be considered subversive and dangerous (Bonnet). No one in town prepares themselves for a rebellion because everyone believes that no one could have bloomed from anything if there is no seed to bloom rebels to begin with. Abigail begins the state of bedlam in town, so w hen people are accused of witchcraft people believe it because it did not matter to them whether the people are innocent or not, they just want to purge any form of sin and possibility of individuality. People lose their senses of morality when facing such scenario. Abigail is aware of this weakness and that is why she keeps going with her lies until other people come to the awaken of their morality sense. Playing in a safe environment in which the children felt free to express themselves without fear of negative repercussions (Burman, Sondra, and Paul-Allen-Meares) is not offered to the girls or kids in Salem. The girls fear the punishments so their actions are guided by their fear. Mary Warren knew the power Abigail holds over the court, so when John Proctor continuously encourage her she reacts by staring in horror: I cannot! (109). Throughout the court scene, Mary Warren thought that to survive the whole trial she needs to follow the person who held the most power, that is Abig ail, and so she succumbs herself to her fear. Making the most contribution to Abigail Williams actions, is her adolescent brain. Her brain explains the cause to her irrational and impulsive thinking. The reason that starts all this chaos is her decision to outweigh the rewards for making accusations than the possible consequences for lying. Given the power to lie, Abigail takes the opportunity right away without a second thought, as the adolescent mind has yet to comprehend all the brains area that specialize in planning. Abigail has indirectly admitted envy is deadly sin, Mary (106) as though that confession is more for herself rather than to Mary. She is driven by her greed for John Proctor. People in the grip of unfulfilled needs or desires and therefore emotionally fraught (Evans xvii), Abigail is filled with desires for someone who she knows she should not be involved with, but for that reason it draws her in to the mess. The whole trial gave her the sensation of excitement that intrigues her to continue her act. Like teens typically outweigh the reward to an action over future consequence. To her, the nineteen lives meant nothing if she achieves what she wanted achieve since the beginning. However her unhappy needs will become a net that will enmesh them all (Evans xviii). The end result of the play portrays that because of her selfish desires nothing was achieved and instead the worst possible outcome came true which force Abigail to flee town for a better chance of escaping death punishment. The repressive society, that is Salem, is credited to Abigails greed for power and wants. Starting with the fact that females in Salem are not given the permission to have a say or action to anything at all. For the women, such as Abigail, witchcraft may be a way of asserting their will and their power in a system centered on and dominated by men (Bonnet). Historians have found that the majority of those who profess to witchcraft are women. This shows that women only profess to such practice is because they seek for power in any way or form they can. Through the confession of witchcraft and the trial, Abigail felt a sense of power and control for the first time. Not only did Abigail feel the power and control, she had but a sense of freedom where she is allowed to express her emotions openly. All these feelings are foreign to her because before the trial Abigail was just another servant with no say or control about anything at all. A strict society like Salem does not allow individuals to have the privilege of individuality because the people in town fear that when an individual shows independent characteristic, they are opposing the peace in town. A a very closely knit society, consequently, prone to a certain amount of intolerance towards any form of opposition or dissent (Bonnet). Recalling the dancing in the woods, the people look upon such action as a sign of rebellion from the girls. When the topic of a murdering witch among us, bound to keep herself in the dark (15) brought up in town, it creates the feeling of betrayal because in a place like Salem individual, who dares to repress their intentions in a Society where secrets are not allowed, is considered a criminal. The secrecy makes the people paranoid, which eventually causes the hysterical mentality. The townspeople feel as if they cannot trust anyones words. They choose to go along with the hysteria because they are given the opportunity to express what they have been repressing and the ability to act out on their true greed. The trial is as if a breath of fresh air, pungent of the greed and evil intentions the people, had stored up. It also acts as a mask that covers up the peoples evil goods. A man cannot organize his social life without repressions, and the balance has yet to be struck between order and freedom (7). A persons social life needs the balance between order and freedom. Order to guide proper function, but at the same time freedom to freely express oneself. Comparing Abigail William to a real life example of a victim who goes through post-traumatic stress disorder, the comparison shows sign of similar symptoms which explains most of Abigail Williams actions to why she acts the she does in the play. A person with post-traumatic stress disorder would have the same recurring memory of the event that causes the trauma. Abigail has confront to the girls that she saw Indians smash [her] dear parents heads on the pillow next to [hers] ( 19) goes to show the reader how often she thinks about such event and the effects it has on her. The lost of her parents led her to be deprives of affection and intimate relations. When a child witnesses his or her parents death, he or she will finds it difficult to trust a person he or she meets. If discourages by a guardian of any social interaction the child will faces future consequences of the lack of social life. So when Abigail opens up to John Proctor, the relationship they form is the closest thing A bigail has to the feeling of being need. John Proctor to Abigail is the light of [her eye] (22). She looks John Proctor as someone she can depends and be presents when she needs him. Abigail exclaiming that [she] look for John Proctor that took [her] from [her] sleep and put knowledge in [her] heart! (22). Abigail misses the kind of person, John is to her, a person who would not lie and confine her of her individual qualities. This creates Abigails reasons to go against the court and spourt lies about their people because she simply believes that Salem is at fault for the reasons why John leaves her. When a child of post-traumatic stress disorder is denied of something, his or her first reaction would involve violence towards the people around them. Abigails way for coping with John leaving, is to take revenge against the people in town. Had Abigail received proper therapy treatments as a child, she would not have reason to come up with her lies and have an unstable mindset. For a child who has post-traumatic stress disorder, the child would be required to go through cognitive-behavioral techniques such as role modeling, observational learning of appropriate behaviors (especially self- control and handling anger) by behavior rehearsal in groups, and social skills training in peer groups were incorporated into the treatment (Burman, Sondra, and Paula Allen-Meares). Unfortunately for Abigail William, none of what is listed seem to be present for her. She especially lacks a role model. Her uncle, Reverend Parris, plants fear of what would happen if the words got out about her dancing in the words naked, but the reason for him to say such things are because he fears when the words do get out his reputation would be ruined. From the very beginning, Abigail was never taught or exposed to positive and appropriate behaviors that would have help her reflects on her actions. By taking the nature perspective, developing brain and repressive society that Abigail William lives in, allow readers to form an opinion whether her actions can be validate or invalidate by taking all those factors into consideration. It is unfortunate to learn that Abigail was not offered help by those who knows about her past and for that reason she can not be the best person she can be. Before judging a persons action, one must take everything about the person into perspective and then determine whether the persons action can be reasonably explain.

Islamic Opinions on Questions of the Debt Market - Free Essay Example

Sample details Pages: 12 Words: 3722 Downloads: 8 Date added: 2017/06/26 Category Marketing Essay Type Narrative essay Did you like this example? The chapter is divided into five sections and at the end of each section the Islamic opinion is outlined on the questions being examined. First, we discuss on government debt, second; private sector debt, third; external debt and fourth; debt financing from the firms point of view and finally draw some conclusions. Government debt consists of two parts. Don’t waste time! Our writers will create an original "Islamic Opinions on Questions of the Debt Market" essay for you Create order Internal debt (which, we also refer to as the public debt) and the external debt. Public debt is the debt owed by the citizens of a country in a collective capacity (i.e. as the government) to themselves in their individual capacities. This is quite distinct from the debt owed by the government to citizens and governments outside its jurisdiction. The term national debt, it is often suggested, should be reserved for this other category of debts. GENERAL CHARACTERISTICS OF PUBLIC DEBTS Public debts are incurred through public loans, which may be classified in various ways. In the first place, a loan may be either voluntary or compulsory. The chief advantage of a voluntary loan, as compared with a tax, is that different lenders are free, according to their circumstances and inclinations, to subscribe as much or as little as they please. But this disadvantage is lacking in a forced loan, which must be compulsorily subscribed on the same basis as a tax. The chief advantage of a tax, as compared with a voluntary loan, is that it leaves behind it no trail of charges for interest and repayment of principal. But this advantage is lacking in a forced loan, though the rate of interest on the latter may be lower than on a voluntary loan. In the second place, the conventional two way classification into short and long term debts, therefore, appears to rest on an attempt to distinguish between these highly liquid instruments and less liquid ones. Treasury bills are usuall y taken as typifying short term securities. These can in fact be taken to be the most liquid of government debt instruments. This is because: they are usually issued for 91 days or less during which time the risk of serious depreciation in the value of money is likely to be minimal; they can be sold easily on the market without any undue risk of loss; they are readily acceptable to the banks at face value as security for loans because of their near money nature and they are discountable at the central bank. Within this liquidity framework, the medium term debts can also be subsumed into the two way classification. Thus, in so far as medium instruments do not have the features of liquidity given above, it will appear that the proper place for them is with the long term instruments. However, occasionally, medium term installments are issued subject to conditions of easy discountability similar to the case of the short term instruments. In that case, the liquidity charac ter of such medium instruments becomes so enhanced so as to qualify them for inclusion in the short term category. THE ISLAMIC VIEWS ON PUBLIC DEBT In general, the governments need for debt performance mainly arises for three different reasons. It needs short-term finance to bridge the time gap between expenditures made and revenues collected or received. This need is presently met by the sale of treasury bills. Secondly, it needs medium and long-term finance for industries in the public sector as well as public utilities like transport, electrification etc. Lastly, it needs huge financial resources to meet natural calamities or to mobilize defense expenditure during a war. From the first case above, there is no net productivity or actual return involved out of which a share could be ascribed to the money capital borrowed. Since a price is already set on loanable funds in the investment market, the government has to pay interest for these short-term loans, usually obtained by selling treasury bills of short maturity. The interest paid eventually comes out of the tax revenue. Since the lenders are moneyed people and it is they who pay most of the taxes in a welfare state, it amounts to taxing the same class of people to pay them interest. The cost of administering the tax to the extent that it is related to interest payment must, therefore, be regarded as a social waste as well as an extra burden on this class necessitated by this irrational arrangement. Financing public sector industries and utilities, through interest-bearing loans suffers from the same irrationality which attends investment in the private sector. The value productivity of investment in the public sector is as uncertain as it is in the private sector, hence guaranteeing a positive return to the supplier of money capital is unfair. It amounts to transferring the entire burden of possible losses to the society as a whole, while assuring the suppliers of money capital of a guaranteed increment to their wealth. Most of the huge public debts that the modern governments are carrying originated during wars that were financed by raising i nterest-bearing loans. It is argued therefore that the state should either raise funds by taxes or, if these are not sufficient, by compulsory interest-free borrowing from individuals and business. These should be in accordance with income and/or wealth and should be amortized over a specified period of time from war taxes. Such taxes should continue even after the war, perhaps at a lower rate, until the debt has been fully amortized. The emphasis has to be on the careful evaluation of government expenditures and the elimination of as much fat as possible. Every effort should be made to increase efficiency in government spending and reduce wastefulness and corruption. It would be more appropriate for an Islamic state to finance all its normal recurring expenditure out of tax revenues. For this purpose, there is generally no justification for deficits under normal circumstances. Deficits essentially imply postponing the payment for services received by the present generation to future generations. Since the future generations, like the present one, do not wish to pay for past deficits and also wish to postpone even a part of their own burden to the future, the public debt burden continues to rise exponentially. The argument that postponing is for services to be enjoyed by future generations is not valid. In the case of government consumption or wasteful expenditure and war financing, the increase in internal public debt no doubt represents the transfer of the burden to future generations. Even in the case of government capital formation, it must be borne in mind that the present generation is receiving benefits from projects financed by past generations. It would be fair to expect that the present generation, like past ones, would leave behind more capital than it has received. The financing of all consumption spending as well as a part of the capital outlays out of lax revenues would not lead to a continual and rapid expansion of the public debt as has b een the case in most developed as well as developing countries. The easy availability of credit to governments on the basis of willingness to pay interest has led to loose financing by governments. Banks pay little attention to how borrowing countries were managing their economies and how their loans were being used. Very often governments borrow for a short-term because under normal circumstances short-term loans are easier to get and can be rolled over smoothly. The tragedy is that the funds raised through debt are not used for investment in real assets but simply to meet current expenditures, to purchase unnecessary defense hardware, or to finance projects having no economic justification. The result is a steeply rising mountain of dead-weight debt with a continuing rise in the debt-service burden. The resort to debt is made more and more as a means to put off painful, belt-tightening decisions. But greater borrowing now leads to even more borrowing in the future to maintain t he economy on its path of artificial growth and to continue the debt-service payments. To conclude this section, it is however, inevitable that the Islamic state must, of necessity, tailor its expenditure policy carefully and try its utmost to make the best use of available resources. This will be possible only if wasteful and unnecessary spending is avoided. This would necessitate that defense outlays be held within reasonable bounds, wasteful expenditure be eliminated, corruption be kept under control through moral reform of the society, and welfare spending be designed, not to enrich the vested interests but, in conformity with the teachings of Islam, to help those who are really in need. In spite of this policy of honest austerity, the Islamic state can and should have reasonable deficit levels. One way of meeting these deficits would be equity financing of projects which are so amenable. If every effort is made to reduce waste and finance government projects on an equity basis to the extent feasible, the excessive borrowing now being resorted to may not be necessary. Equity financing would, however, demand maximum efficiency and discipline in the management of such projects which unfortunately is not the case in most public sector projects. Deficits which need to be incurred even after the introduction of austerity and equity financing may be financed, in national emergencies, by compulsory lending to the government and, in normal times, by borrowing, partly from the commercial banks and partly from the central bank. The borrowing from the central bank should be within the limits dictated by the goal of price stability. It needs to be clearly stated that there is no escape from sacrifice and austerity, if economic development and general well-being are to be pursued. PRIVATE SECTOR DEBT The ultimate goal of debt policy is to influence the liquidity of the private sector in such a way that will lead to the achievement of the desired goal. This can be successfully done if the participation of the private sector is sufficiently large to form a significant proportion of their assets holding. If it is very low, for example, issue or retirement of debt will hardly go any way to influence their liquidity structure and thus effect a change in their economic behavior. It will appear therefore that a very important problem of debt management is to ensure as much participation of the private sector as possible. To start with, let us attempt to analyze briefly the various factors that influence the investment decisions of different categories of investors in the private sector. DEBT (BOND) FINANCING FROM THE FIRMS POINT OF VIEWS A firm, wishing to raise funds to meet its financing requirements, has a variety of alternatives available for consideration. It may issue common stock, bonds, preferred stock, convertible debentures, and so on, to raise funds. There are different types of bonds which have varied features. A bond is a promissory note issued by the firm to an investor. Firms, of course, do not issue bonds in  £1,000 denominations one at a time. Rather, after assessing its financing requirements the firm will issue millions of pounds worth of bonds and sell them to thousands of investors. Each new debt issue is governed by an indenture or contract between the borrower (the firm) and the lender (the investor). The contract agreement contains covenants or terms and provisions such as the interest rate, maturity date, redemption price, safeguards for lenders, and so on. Bonds can be either registered or bearer bonds. The holder of a registered bond has the bond recorded in his name in the compan ys book and receives the interest payments automatically. A bearer bond is not registered in anyones name. The bond possessor is the assumed owner also. Bearer bonds have coupons attached lo them. At scheduled dales these coupons are redeemed by the owner for the interest payment. Typical types of bonds include mortgage bonds, debentures, subordinated debentures, and income bonds. It is not necessary here to explain the different types of bonds given the subject of this book. ROLE OF DEBT IN THE FINANCIAL STRUCTURE OF A FIRM In modern business organizations capital requirements are so immense that a single source of finance is insufficient. Therefore, we notice that large corporations in general have a diversified ownership structure. But what is somewhat difficult to understand is that these organizations use different kinds of financing methods. The question then is, why do firms obtain funds through different forms of financial instruments? In particular, why do firms use both debt and equity to finance their capital needs? Now suppose the owners of a firm purchase some capital input this year which will produce some output next year. Suppose, furthermore, that if the input level is y, next years output, which for the sake of simplicity may be assumed to consist of the same goods, is (pFfvj, where p is some parameter which may be a random variable. Consider the following two financing possibilities open to the owners of the firm. They can borrow an amount y this year, pay back (1+r) y next year, where r is the rate of interest, and keep the residual, namely tyF(y) (l+r) y. Alternatively, they can sell a claim to some portion of next years output up to a value of y and then, when next years output is produced, they can settle the claim and keep whatever is left. Thus we have two possible methods of finance which apparently yield two different returns to the owners. The first of these is called debt financing (or bond financing) and the second equity financing. Controversy started after the Miller-Modigliani theorem which states that the value of the firm is independent of its financing decisions. This result was questioned given the fact that most firms have some amount of debt and equity in their capital structure. Many writers have tried to place the role of debt in a firms capital structure by relaxing the assumptions of the Miller-Modigliani theorem. In the beginning, efforts centered on the no-bankruptcy and no-taxes assumptions. If the probability of bankruptcy is positive (and it is costly to go bankrupt) then firms and individual borrowers cannot have equal access to credit markets. Firms can issue debt at a lower rate than individuals and this raises the value of the firm. On the other hand if debt payments are tax deductible then again, debt would be cheaper relative to equity. Many authors like Stiglitz, Jensen and Meckling and Grossrnan and Har have a relaxed and a somewhat different assumption of the Miller-Modigliani theorem: that the firms production function is independent of its financial structure. Stiglitz, Jensen and Meckling consider the situation of an investor who has access to an investment project but does not have sufficient funds to finance it. If the investor raises funds by issuing equity, then as he will have a less than 100% interest in the project he will not manage it as carefully as he would had he been a full owner. If, on the other hand, the investor issues debt his incentive to work is reduced much less sinc e, except in bankrupt states, he gets the full benefits of any increase in profits. Thus to Stiglitz, Jensen and Meckling, debt is a way of permitting expansion without sacrificing incentives. Suppose for example a firm has decided to drill an oil well. Suppose further that the firm has to raise the funds from outside sources. If the firm issues debt then it has to pay a fixed sum of money to the lender while if it issues equity then the lenders own a share in the oil well. Finally, assume that it is costly for the lender to monitor the performance of the project. If the lender relies on the reports of the firm there might be an incentive problem: the firm would tend to under-report the projects performance. DISADVANTAGES OF DEBT (BOND) FINANCING Mathur believes that financing with debt increases the finns financial risk because of increased levels of fixed charges in the form of interest expenses. During adverse conditions a firm can stop its dividends. However, a firm encountering adverse conditions cannot avoid its interest payments. The presence of interest-bearing debt in the firms financial structure increases the firms exposure to bankruptcy. Debt financing involves dealing with indentures and covenants. The conditions and requirements imposed on the firm by bondholders may limit the firms financial mobility in future years. There is a limit to how much debt financing by a firm is going to be deemed acceptable by the firms creditors. If a profitable firm is 100% equity-financed, it normally would not have any problems with additional equity financing. However, even if a firm is profitable, investors may be reluctant to buy its new bonds if they feel that the firm is already over leveraged and has a high financial risk. A firm that exceeds or tries to consistently exceed industry-accepted norms for debt financing may find the market very unreceptive to its new financing instruments, irrespective of whether they are bonds or common stock. ISLAMIC VIEWS ON DEBT FINANCE We have to consider the relationship between the creditor and debtor from the perspective of the creditor. He is always concerned about the safe return of the principal lent along with the interest stipulated. The best way to ensure this is to advance money only to creditworthy borrowers who have enough assets to fulfill their commitments. The creditors interests are best served when the borrower has the ability to meet his obligations irrespective of the fate of the actual project in which the loan is to be invested. Even if the project seems to be sound he will hesitate to make a loan if the borrower does not have sufficient assets independent of the projected enterprise. Debt finance goes to the most creditworthy parties, not to those with the most promising projects. Since the financiers get only the market rate of interest as stipulated in their contract with the borrower, the prospects of the entrepreneur making a higher than average rate of profit are not of immediate releva nce to them. What matters more for them is safety, which may at best require a reasonable expectation of making enough profits to pay the contractually fixed interest. Let us turn our analysis and consider the creditor-debtor relationship from the perspective of the debtor. The user of investible funds is naturally keen to employ them as profitably as he can. This may sometimes require innovation and experimentation with new methods of production. But the contractual obligation to repay the principal and pay interest irrespective of the results of enterprise acts as a severe constraint. This is true of small farmers and small-scale enterprises that do not have any reserves of their own to fall back upon in cases where the adoption of new practices does not yield good dividends. The refusal of the supplier of capital to share the uncertainties involved deprives the society of possible gains in the productivity of capital through innovation and the adoption of new techniques. We have argued above that in an interest-based system of financing productive enterprise, expected profitability ceases to be effective in ensuring an efficient allocation of investible funds because of the terms on which these funds are supplied. We shall now proceed to argue that the debt financing method is unjust and results in a mal distribution of income and wealth in society. The entrepreneur, for example, tries his best to make profits since his own rewards always rest on his making a profit. The possibility of loss in a business enterprise arises not only from the quality of entrepreneurship but from the nature of the world in which the enterprise is carried out. Therefore, there is no justification for prescribing a certain return when in the nature of things it is uncertain. Money capital seeking a positive return through enterprise ought to and must tear this uncertainly. When the enterprise incurs a loss the entrepreneur is made to tear the loss and pay the interest out of his own assets. This may result in his disability insofar as future entrepreneurial activities arc concerned. From the social and individual point of view this is very unfortunate. As we have mentioned above, the incidence of loss docs not necessarily imply bad entrepreneurship. It is in the nature of the world around us that some enterprises sometimes fail. It is sufficient to caution the entrepreneurs that in the case of failure they go unrewarded for their entrepreneurial services, earning no profits. But to disable them by depriving them of part of the assets accumulated in the past is hardly justified. It encourages the wealth owners to act as lenders and renters rather than expose their wealth to entrepreneurial risks, either directly by investing them in owner-enterprises or indirectly by offering them as collateral against loans obtained for enterprise. In a system of debt financing, the wealthier owners who choose to lend and wait, steadily grow richer over time whe reas wealth owners who choose to expose their wealth and abilities to the risks of producive enterprise have no such guarantee. Also the contractual commitment (between the entrepreneur and the financier) to repay the loan with interest is not in harmony with the reality. There is no justification for obliging the entrepreneur to pay interest if there is no positive return on the money capital invested. To claim the contrary, as prevalent in the interest-based system, requires that money capital be regarded as essentially of productive value; but this is not the case. Value is a market phenomenon and not an intrinsic property of money capital. Given the uncertainty of prices of the products the total value resulting from the employment of money capital in production may be more than, equal to, or less than its own value. This is true irrespective of who employs the money capital, its owner or someone else to whom it is advanced. The injustice of the interest-based system to th e savers and creditors becomes much more pronounced in an inflationary situation. When the rise in the rate of interest may lag far behind the rise in prices and profits, depositors may actually get a negative return if the rate of interest is lower than the percentage rise in prices. The lending rates of the banks also fail to keep pace with rising prices, leaving businessmen to collect the profits.