Essay on Economic Struggles of the Elderly - 3063 Words

Abstract The elderly, or senior citizens, have always been considered a vulnerable population, physically, mentally, and socially. This population faces a variety of problems every day including many economic struggles. Older adults and the elderly are facing many financial challenges that may not have been anticipated. In spite of good planning and sensible living, their resources may be sorely compromised, sometimes destroyed. What can be done to help this population through the transition into retirement? There are programs that do assist them including Social Security, Medicare and Pensions, however is it enough? The Social Security Act of 1935 along with Medicare have helped many Americans since they have been around and have†¦show more content†¦In those days, only a handful of workers had access to pensions from their employers or through State governmental pension programs. Over half of Americas elderly lacked sufficient income to be self-supporting. Older people during t his time who were unable to work were left to depend on family members and local charities for help. The Social Security Act was enacted at the urging of President Franklin D. Roosevelt to create a social insurance program that ensures workers would have a source of income after they retired. This was a major turning point in American history. In the decades that have followed, Social Security has become one of the federal governments most popular and essential programs. In 1935 when the Social Security Act was first created, benefits were made available to 65 year olds who had been working and making contributions into a trust fund. The amount of benefits received were based on how prior earnings and length of work history. Not only did this ensure some security to older adults going into retirement, but it also opened up jobs for the younger workers. Since 1935, Social Security was expanded and amended several times to include widows, spouses, the disabled and the poor. According to the Social Security Administration, Social Security has become the single most important source of income for older adults. Based on their numbers, 37 percent of the income of people aged 65 and older comes from Social Security and for about 20Show MoreRelatedMental And Behavioral Health Services1216 Words   |  5 Pagesin the field of Life-Span Development is the topic of the elderly and the struggles that they face. This following issue affects me personally bec ause I see it every day at an acute care hospital where I work. I have observed how their family members treat some of them. How they ultimately become a heavy responsibility to their family members, making them feel melancholy about their age and life. Some families are caring to their elderly family member while others begin to demonstrate signs of caregiverRead MoreFamily Life Cycle1558 Words   |  7 PagesThe family is considered to be an important institution of society, it is responsible for different functions such as reproduction, emotional support and economic support.(Haralambos and Holborn, 2004). The family is a social group characterized by common residence, economic cooperation and reproduction. It includes adults of both sexes, at least two of whom maintain a socially approved sexual relationship, and one or more children, own or adopted, of the sexually cohabitating adults. (MurdockRead MoreDealing with Citizenship and All It Encompasses890 Words   |  4 Pagesci tizenship, concepts of societal inclusion and exclusion. I will define citizenship as a person who is legally recognised by a state under the law. However, Bryan Turner (1993:2) best defines citizenship â€Å"as that set of practices (juridical, political, economic and cultural) which defines a person as a competent member of a society and which is a consequence shape the flow of resources to persons and social groups†. Citizenship is also a status that entitles an individual to certain rights, privileges andRead MoreHow Money Has A Direct Effect On Development1639 Words   |  7 Pageslead to happiness later in life. Children who are malnourished are at risk for learning disabilities and health issues. Adults who are financially insecure are at risk for unhealthy relationships as well as health issues and a lack of mental health. Elderly who are living close to the poverty line are at risk for health complications as well as unstable living environments and a general decrea se in mental health. Money is a major factor into a child’s future and development. 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President Johnson recognized America’s need of support from the governmentRead MoreThe Treatment Of Elderly Abuse1520 Words   |  7 Pages Treatment of Elderly abuse The types of treatment available to the victims of abuse will vary depending on each individual situation and type of abuse received; some of the most common forms of abuse come in the form of verbal and mental abuse. According to Martin (2014) working with adult victims remains very unpopular therefore treatment present a challenge in the human services field, some of the recommended intervention strategies included but are not limited to are the following. When any typeRead MoreMulticultural Psychology Essay900 Words   |  4 Pagesinclude acceptance but often results in rejection by the other culture. Sometimes this causes conflict within the person as he or she try to fit in and become productive but constantly fear rejection. This causes a conflict crisis and the person struggles with cultural identity. The world has become so diverse, few cultures are pure, and this adds to the conflict of trying to decide which culture one belongs. Interaction When two people from different cultural groups come together, he or she willRead MoreNarrow Screening Essay946 Words   |  4 PagesNarrow Screening: How Cable Advertisements Target Overlooked Television Audiences And finally, plugs on the lesser-known cable network Cozi TV target middle-aged and elderly viewers by focusing on issues related to older adult life, including health and finances. Only a few notable television series feature the elderly in starring roles (i.e. The Golden Girls), so older adults may find comfort in watching programs from the 1960s to the 1990s. The network’s website states, â€Å"Well-known shows like

Essay on What Classifies as Common Knowledge in Science...

Knowledge goes beyond the regurgitation or memorization of facts, and knowledge claims can either be justified with experience or simply an understanding. Different areas of knowledge have different methods to either build or falsify knowledge, as the method of justification differs between these areas of knowledge. There are perspectives to support building facts around knowledge, while disagreeing with the neglect of facts that were previously held as knowledge. These perspectives collectively create opposition for the areas of knowledge, science and history. Both science and history are subject to changes in knowledge for facts may sometimes be discarded, built upon, or distorted to prove an opinion or theory. This does not necessarily†¦show more content†¦Science has set values that must be upheld in the process of developing knowledge and as long as these values are maintained the facts will be accepted as knowledge. In my life as a student, I encounter countless natural science theories that failed the test of time and have either been improved or refuted. The most well known example of this is the atomic structure in Chemistry. John Dalton developed the first atomic theory and postulated that all matter was composed of atoms. He unfortunately believed that atoms of the same element were of all the same mass and charge, which was later tested and disproved by the scientist Ernest Rutherford to later be built on by Neils Bohr. These experiments have proven that due to conclusive evidence and constant criticism, scientific principles are subject to change and may be discarded. In this case, depending on your perception, John Dalton’s theories may have been unnecessary or may continue coexist with those of Bohr and Rutherford as he is known as the founding father of atomic structure. 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Time Series Theory and Methods

Question: Discuss about the Time Series for Theory and Methods. Answer: Introduction: Trade off is the concept, which depicts that loses of an aspect of something in return for gaining another aspect. As all the factors cannot be attained at a same time, one has to give a product or service in order to gain another product. Traffic congestion is a major problem in Australia. Therefore, working people suffers from increasing vehicle queue. It can be assumed that there may be short and long rout to reach a destination. Probability of traffic congestion is greater at the shorter route. Hence, in order to avoid the traffic congestion, people can take alternative routes, which takes longer time. Therefore, people needs to trade off between routes with and without congestion (Anderson 2014, p. 2764). Opportunity cost: Opportunity cost is the concepts used in economic analysis, which says that a person has to give one opportunity to avail another one. Development of proper infrastructure can reduce the road congestion. However, construction of road incurs huge cost. Road congestion has also costs in terms of reduction in working hour, lengthy travel time, efficiency loss in production (Tsekeris and Geroliminis 2013, p. 5). Therefore, government has either to build infrastructure or to deal with traffic congestion. Marginal decision making: As discussed by Mahmud, Gope and Chowdhury (2012, p. 112), marginal decision making is the process through which a person chooses the best alternative that gives maximum benefits. Marginal benefit is greater when opportunity cost is low. People choose different options such as alternative roads, trade off between private and public transport based on their cost benefit analysis. Explanation of the cartoon The cartoon shows that a person is sitting under the sun and reading newspaper. Moreover, he is an aged person. As per invisible hand theory of Adam Smith, price and quantity is determined in the market through bargain between seller and buyer. The objective of the person was to get rid off from the temperature. Everyone chooses their buying and selling decision based on marginal utility. Utility of the seller maximises by increasing revenues (Tirachini, Hensher and Rose 2014, p. 41). As seen from the picture that the person buys the umbrella from the seller instead of cold drinks. Both of them maximises their utility. The seller is willing to give umbrella as this decision has less opportunity cost as he has hat to be protected from sun. On the other hand, the person sitting on the bench is benefitted by receiving the umbrella. Therefore, both can maximise their utility from this transaction as demand and supply meet each other. Explicit and implicit opportunity costs to motorists of road usage As mentioned by Fosgerau and De Palma (2013, p. 110), implicit opportunity cost is the lost of opportunity in the use of own resources of a firm or individual. This cost is important while making decision about the alternative opportunity. Implicit costs are intangibles. On the other hand explicit cost is the accounting cost of losing an opportunity. Costs that can be computed in terms of cost of resources are explicit cost (Pierce and Shoup 2013, p. 77). There is an economic cost or opportunity cost of traveling on the road. People can devote that hours in any productive usage that generates income. People can trade off that time with consumption of leisure as leisure has also utility. Safety is another implicit cost associated with the road usage by motorists. Motorists take risk of property damage, injuries and risk of death due to crashes. People trade off these risks with the income earned. Explicit cost of motorists is user cost. Toll taxes and other legal costs, license fees are explicit cost. Traffic congestion on road reduces the speed of motor vehicle and causing air pollution. Moreover, fuel cost increases with the congestion. Cost of travelling delays are the un-priced monetary externalities caused by congestion. Road pricing in Melbourne according to the time based charge or the distance of travel is the explicit cost for the motorists. In the view of Miller (2016), every one in five cars in Melbourne causes unnecessary congestion on road as their travels are not related to work or study. Therefore, road pricing at peak hour can reduce traffic jam effectively. Three approaches to improve road congestion Three approaches are described here for the reduction of traffic congestion in cities. Transportation network has been suffered from traffic congestion due to absence of capacity, supply side constraint and lack of investment in infrastructure development (Bigazzi and Figliozzi 2013, p.19). Three approaches have been adopted in Chicago to reduce congestion on road. The first one is building additional capacities in the important areas of the city. he second one is better management of existing network through intelligence transport technologies, improved signal coordination, traffic control and congestion pricing. Increasing transit into the regional roadway network planning and programming is another approach of reducing traffic congestion in roads (Staley 2012). Trends of the time series From an analysis of Figure 1 we find that there is a steady increase in the total distance travelled (billion km) by a metropolitan vehicle from 1990 to 2030. We also find that there is a constant increase in the avoidable congestion cost ($b) during the same period. In addition, we also find that the air pollution by metropolitan vehicles due to the road travel initially increases from 1990 to 1999, post 1999 the air pollution steadily decreases. The time series takes into account the forecast for the years 2017 to 2030. Relationship between the time-series over the period The analysis of the time series shows that there is a positive relationship between the distance travelled by a metropolitan vehicle and avoidable congestion cost during the period 1990 to 2030 (including the forecasted period). From the analysis, we find that from the period 1990 to 1999 as the distance travelled by metropolitan vehicles increase the air pollution also positively increases. This can be attributed to older vehicles and their technology. From 1999 to the present 2017 and again for a forecast period of 2017 to 2030, the air pollution decreases as the distance (in billion km) travelled by metropolitan vehicles increases. This decrease in air pollution can be attributed to newer vehicles and may be due to better technology of the vehicles (Brockwell and Davis 2013, p. 304). Inefficiency of public road use during peak travel times In the absence of any road pricing, travel on highways are free. There flow of traffic increases in the cities even in the peak hours. People use private cars for personal recreation, which has negative externalities in term of pollution, congestion, loss of production. Bigazzi and Figliozzi (2013, p. 23) stated that roads are scare factor in the economy as land is naturally fixed. Sellers often increases price in order to meet the demand with the supply so that some consumers are excluded from the market. During peak hour, road congestion increases marginal social cost over the marginal social benefits. Opportunity of road congestion is higher. If government imposes equal tariff during high and low demand times, inefficiency is created in the market. Traffic volume will inefficiently low during low demand periods. People travelling during off peak period will be worse off and marginal social benefits will be reduced creating market failure (Pierce and Shoup 2013, p. 70). Moreover, congestion during peak period is less likely to reduce as there as people are equally worse off during both periods. They may continue to travel during peak periods. As figure 2 shows that the effect of road pricing is higher while it is implemented in an aggregate way. There is a negative relationship between the traffic volume and traffic pricing. With the increase in road price, traffic volume on road reduces. Pricing is effective when there is huge demand in the market as well as shortage. Demand for road is greater from the office goer and the students during the peak hours. Therefore, willingness to pay price is greater during this period. On the other hand, as the flow of traffic is less during off peak hours, charging pricing creates inefficiency. The marginal social cost is flat till a certain level as prices are relatively constant during the level of demand. During peak hours, free flow of traffic increases. As there is shortage of road supply or poor signalling system, congestion is created (Anderson 2014, p. 2788). Therefore, equal tariff for all the periods fails to reduce traffic volume during peak hours. Efficiency can be increased by equating marginal social benefits with marginal social costs. Price discrimination for peak period and off-peak period is effective decision. Higher price during congestion period efficiently reduces the magnitude of congestion (Fosgerau and De Palma 2013, p. 111). Toll price t* per unit increases user cost, equating to the marginal social cost. Therefore, traffic volume decreases by bringing efficiency in the economy. Producer surplus is the region below the price line and above the supply curve. Here marginal social cost curve is the supply curve of traffic. Consumer surplus is the region below the demand curve and the above the price line. The shaded region in figure 3 is the consumer surplus. P*CB is the producer surplus in the market. With the tariff t per unit, no deadweight loss is created in the market. Imposition of road pricing hikes the user cost up to the MSC and market demand meets the market supply. At the equilibrium level, where, P= MSC= user cost, no deadweight loss is created as utility is maximised at this point for the given infrastructure (Brockwell and Davis 2013, p. 250). Hence, inefficiency is removed that has been shown in the earlier diagram. References Anderson, M.L., 2014. Subways, strikes, and slowdowns: The impacts of public transit on traffic congestion.The American Economic Review,104(9), pp.2763-2796. Bigazzi, A.Y. and Figliozzi, M.A., 2013. Marginal costs of freeway traffic congestion with on-road pollution exposure externality.Transportation Research Part A: Policy and Practice,57, pp.12-24. Brockwell, P.J. and Davis, R.A., 2013.Time series: theory and methods. Springer Science Business Media. Fosgerau, M. and De Palma, A., 2013. The dynamics of urban traffic congestion and the price of parking.Journal of Public Economics,105, pp.106-115. Mahmud, K., Gope, K. and Chowdhury, S.M.R., 2012. Possible causes solutions of traffic jam and their impact on the economy of Dhaka City.Journal of Management and Sustainability,2(2), p.112. Miller, J., 2016. Melbourne needs a user-pays scheme to beat traffic congestion. Available from: https://www.theage.com.au/comment/melbourne-needs-a-userpays-scheme-to-beat-traffic-congestion-20161125-gsxkdf.html Pierce, G. and Shoup, D., 2013. Getting the prices right: an evaluation of pricing parking by demand in San Francisco.Journal of the American Planning Association,79(1), pp.67-81. Staley, R. S., 2012. Practical Strategies for Reducing Congestion and Increasing Mobility for Chicago. Available at: https://nacto.org/docs/usdg/practical_strategies_for_reducing_congestion_and_increasing_mobility_chicago_staley.pdf Tirachini, A., Hensher, D.A. and Rose, J.M., 2014. Multimodal pricing and optimal design of urban public transport: The interplay between traffic congestion and bus crowding.Transportation Research Part B: Methodological,61, pp.33-54. Tsekeris, T. and Geroliminis, N., 2013. City size, network structure and traffic congestion.Journal of Urban Economics,76, pp.1-14.