Critical Path Essential in Project Planning Assignment

Critical Path Essential in Project Planning - Assignment Example quence of choice is very important and starting with those problems in the critical path helps reduce any delays since the critical path dictates the total project duration. The author also argues that dealing with problems in the critical path is logical since tasks tackled later only have at their disposal the resources left by tasks undertaken before them. Hence, there is need to prioritize the problems in the critical path to avoid resource deficiencies for critical tasks. Since Task B is an integral part of the critical path in the PERT chart, it takes the first priority over the C and D which are not part of the critical path. Problems in task B will cause undesirable slack times and delays in the critical path which in turn lengthens the total project time and attracts penalties. Besides the fines and penalties, longer projects usually result in more costs and thus, efforts have to be placed on correcting problems in the critical path to avoid budget strains. As already stated earlier, the critical path has limited flexibility and thus problems in the tasks involved should receive the first priority. Tasks not in the critical path are mostly flexible; hence, C and D can be corrected later without any significant impacts on the total project time and costs. The remaining problems in tasks C and D can be prioritized based on the project scheduling analysis. Here, the hierarchy of tasks in terms of which task is dependent on the other for the project to proceed according to plans will be used. Hence, the priority in solving problems in tasks C and D will be given to the task that should come prior to the other in the project schedule. According to Lester (2007), the project schedule entails time analysis and logical hierarchy, where the project management team determines which tasks require to be completed before other tasks. It consists of establishing interdependencies, time analysis and identifying the key performance indicators for the given project.

The Approaches to Environmental Ethics Essay Example | Topics and Well Written Essays - 2500 words

The Approaches to Environmental Ethics - Essay Example As it tackles the natural environment, deep ecology concerns itself with all organisms – both plants and animals – within the biosphere and promotes equality, particularly in regard to the right to live of all organisms as a fundamental value. The deep ecology approaches to environmental ethics include â€Å"self realization,† â€Å"biocentrism† or â€Å"anti-anthropocentrism† as these ecologists espouse democracy in the biosphere among all organisms within (Devall etc 1995, p67). Self-realization beyond the concept of the modern Western self or for a narrow sense of individual salvation and that it supposedly has further maturity as it goes further than the egocentric cultural assumptions, values and conventional wisdom in its treatment of the environment (Devall etc 1995, p67). The main argument of the biocentric approach, meanwhile, is that â€Å"all things in the biosphere have an equal right to live and blossom and to reach their own individual forms of unfolding and self-realization within the larger Self-realization† (Devall etc 1995, p67).

4RFUTURE Organization Assignment Example | Topics and Well Written Essays - 1000 words

4RFUTURE Organization - Assignment Example   In order to make students between the ages of 18-25 more aware about their impacts on resource depletion and overpopulation, we are planning to incorporate Guerilla Marketing by traveling across the U.S. to a variety of universities to speak about their effects. Our goal is to increase the number of students’ knowledge of resource depletion and overpopulation 40% across the 10 largest colleges in the U.S. over three weeks. While our budget may be low, we are thankful to the World Health Organization, and the Forest Stewardship Council, supporters in both educating people about the issue of overpopulation, and using recyclable resources. Both organizations plan to fund our trip across the nation (which includes driving in hybrid vehicle), and the cost of our thousands of flyers.   Along with using Guerilla Marketing as part of our campaign, 4RFUTURE plans to hand out plantable informational flyers in order to spread the word about our campaign. These flyers contain wild f lower, herb, or vegetable seeds that can be replanted into the earth. Furthermore, we plan to promote a paid internship program for the following year, where interns will not only be able to put that experience on their resume, but they will travel across the nation to 10 different universities with hopes of further spreading the issue of overpopulation. ... The surveys will provide us with a basis of what our target market knew before and after our presentations; ultimately adding to our research about how we can further educate our target market, or the areas in our campaign that require change. Strengths: †¢ We act on our own campaign. We recycle, we replant our flyers, and teach others how to do it. †¢ Since we are passionate about teaching our target market about their impacts on resource depletion and overpopulation, we’re traveling across the nation with funds from reliable sources, and on a cost-efficient budget. †¢ Our trip across the nation will be driven in a hybrid car to show our dedication in decreasing carbon emissions and helping the environment. †¢ We are original. Rather than using media to convey our goals and objectives, we’re using a social marketing campaign in order to interact with our target market. †¢ Part of our social marketing campaign includes a paid internship program for students interested in partaking in the same trip the following year. Weaknesses †¢ Students that throw away our flyers, and disregard our message. †¢ Students who don’t support our message. †¢ Students who think other issues are more important, and counteract our objectives. †¢ Traveling on a low budget. †¢ Limit of universities that we’re presenting to. Opportunities: †¢ No other organization is doing a campaign like ours; targeting students with a main focus on overpopulation and resource depletion. †¢ No other organizations have incorporated an internship program that will enable students to participate in the same campaign. †¢ A large market to reach, because we’re traveling across the nation! †¢ We

The Approaches to Environmental Ethics Essay Example | Topics and Well Written Essays - 2500 words

The Approaches to Environmental Ethics - Essay Example As it tackles the natural environment, deep ecology concerns itself with all organisms – both plants and animals – within the biosphere and promotes equality, particularly in regard to the right to live of all organisms as a fundamental value. The deep ecology approaches to environmental ethics include â€Å"self realization,† â€Å"biocentrism† or â€Å"anti-anthropocentrism† as these ecologists espouse democracy in the biosphere among all organisms within (Devall etc 1995, p67). Self-realization beyond the concept of the modern Western self or for a narrow sense of individual salvation and that it supposedly has further maturity as it goes further than the egocentric cultural assumptions, values and conventional wisdom in its treatment of the environment (Devall etc 1995, p67). The main argument of the biocentric approach, meanwhile, is that â€Å"all things in the biosphere have an equal right to live and blossom and to reach their own individual forms of unfolding and self-realization within the larger Self-realization† (Devall etc 1995, p67).

THE bcci, bank of credit comerce, white collar crime Essay

THE bcci, bank of credit comerce, white collar crime - Essay Example But, success was not the only step for BCCI’s fate. Price Waterhouse was asked to carry inquiry in March, 1991. It was 24th June, 1991 when they submitted the Sandstorm Report to Bank of England stating that BCCI had engaged in fraud case. Main capital base to BCCI were virtual oil-rich Arab leaders who acted to be the investor but, in reality they were working as nominees. Bank since its beginning attracted people to deposit their funds by pretending that they have more capital which in reality was not true. It used to use the deposits in order to meet the expenses. Even it forced its own shareholders to participate in this drama. Major actions that resulted into frauds by BCCI were enlisted by New York District Attorney. According to them the important points are: Middle East personalities included their names and funds to BCCI as an investor which in effect turned to be flaw because their funding was based on guaranteed no-risk return instead of actual sponsor at risk. After getting the request from Bank of England, Price Waterhouse presented its report on BCCI known as Sandstorm Report. As per the report, BCCI committed several mistakes and did many unofficial activities that are out of one company’s ethics. Price Waterhouse persons collected records from banks of various countries, reviewed them and interviewed in some cases, finally formed one draft keeping all key points there. During their scrutiny they found that BCCI did not record $600 million of BCCI’s deposit. It first knocked the Price Waterhouse audit persons. Among the other types of frauds described by audit include: manipulation of their account at the time of non-performing loan, fabricated profit, hidden losses, setting up of untrue loans for repurchasing shares, cheating of deposits, unreal transactions and charges, showing nominees as capitalists, illegal repurchasing platform for shareholders, bad investment,

Sociology of the Family Course Notes Essay Example for Free

Sociology of the Family Course Notes Essay Indirectly they choose who wil form their child’s friend groups (neighborhood choice). Marital status, sex, sexual orientation, and age of parents shape a child. Parenthood convential order at home, gender division of paid and unpaid—daddy works at home, and mommy goes to work—shows child that’s normalcy, could be different gender of labour somewhere else. Gender specific roles due to life situation of that family Affects children (institutions) -schools, media, churches, peer groups, day care, extra curricular programs. -Siblings- more egalitarian and equal to their peer relationship. Unlike peer relationships, the sibling is inscribed, not optimal, â€Å"stuck with family,† older siblings socialize younger siblings—positivewanting to ride a bike, sharing, communication, attitudes between safe sex, positive relationships, important identity, being strong person, when not to and when to get involved in situations negative—how to use makeup, smoking and drinking, young child figures out how to manipulate parents by watching older siblings, teach skills, attitudes, delinquency and aggressive behaviour, need to know when to stand up to their rights and when to give in peer group- once children start day care and school, peers become huge part of their life, parents have power over peers when young, but control is less when children grow up as parents cannot be with them constantly, peer elatipnship being negative, peers having negative affects on children (deliquent behaviour—drinking with peers and blame behaviour that children taking part in), friends affect childrens desirers of consumers, what the leader of the group wants, everyone has to have, children gravitate to those with similar interests—try on several different peer groups and then finally feel comfortable with similar likes, learning to conform to group culture, what is acceptable and what is not, peers can act more like a family than those at home, can be closer than blood bonds, peers can also create a dose of reality for those children that are a centre of reality for their parents lives Educational system—children learn to act around authority, introduced to many new groups, impact that school has, ie learning a different language, can than have an affect on other family members, formation of gender identities through the curriculum of culture, each school has its own gender regime—masculine and feminine characteristics—ie boys are athletic, strength, power, and others are arts schools, music cultures, etc. that stress certain masculine and feminine traits Religion-attendance in church is falling in the ages of 25-44 age group, adults are not exposing their children to particular formal/organized religious venues on a regular basis, most kids unaware of Sunday school, fellowship, religion had more social impact 50 years ago than today, spirituality has gone up, but doesn’t mean they are religious Media-can display media right away through all electronics, many more electronics today, benefits—news, can see what is going on around the world, broader overview of what is going on, more social awareness through media, more multicultural issues, strong women on tv—dora the explorer, ellen degeneres, judge judy, oprah, the good wife (lawyer), Emily md, modern family, will and grace negatives—cyber bullying, gender roles, racism, sexism, ageism, portraying women as sexual objects and victims of violence, agreesiveness and unhealthy relationships, tv violence raises aggression between young boys, experiencing violence in the home will produce aggressive deliquent behaviour, heavy viewing of tv can also interfere with school performance *reading, Ideologies of Parenthood medicalization of child-rearing-mothers were expected to rely on science and experts in the field of parenthood, scientific management of children in the beginning of this century, everything very routine and systematic scientific paradigm -the ideology of intensive mothering—- after ww2 intensive mothering became an accepted belief system, childrearing should be child centred, labour intensive, financially expensive, still taking advice from experts, -expansion of educational material ‘new’ brain science-no changing a child’s brain, once it is wired, that is the way the chld will be, critics charge that little evidence to prove this to be the case in the first 5 years, it is helpful but won’t detriment them if the mother isn’t completely nurturing them -parenting became medicalized, how to raise their children good mother/bad mother discourse—mothers are blamed for children’s bad experiences, socially created categories, cannot always take ownership of others actions—if child hits, do people think you hit at home, as long as child is adjusted, parenting style is working -responsive or attachment parenting, Alicia silversteen, the goal is to form and nurture a strong connection between parent and child, co-sleeping with the child until puberty hits (until 6 or 7 years old), unscheduled styles of homework, no routine for homework, diaperless poty training, not inflicting a regid routine on a child, the child will dictate to you when they are ready to do certain things blossom—son in sling up until age of 5 and poty training was diaperless for first little bit, and co-sleeping stil at 4 and 7 (7 b’s of attachment syndrome—askdrsears) Parenting Styles -4 socialization styles -authoritarian—maximize control, regid rules and standards of behiavour, don’t like to be challenged, emphasize respect for authority, powers and threats, not a lot of autonomy and individualism expressed by child, if rule broken, severe discipline and violent, low self-esteem, dependent, high delinquency or rebellion, lack of respect for peers indifferent uninvolved arenting-uninvolved st yle, parents barely involved in family life, parents are parents centred rather than child centred, encourage child to stay at a distance, less interaction with child the better, consequences for child have attachment issues, have a void of family, look elsewhere and have attachment issues with peers, low self esteem, difficulty forming relationships, trust issues , authoritative-gold standard—to put boundaries on acceptable behaviour with warm and accepting context, based on firm consistent control with age appropriate demands, and encourage independence, encourage child to foster problem solving and autonomous decision making, controls their behaviour moderately—if break rule won’t get yelled at but with be dealt with appropriately, parent interaction—affection, give and take, not all about power dymanics of parent in control but child has expectations assumed for them. Characteristics of child—high levels of self esteem, show empathy and nurturi ng side, permissive-minimize any control, parent not heavily involved, parents don’t expect a lot from their children, when disciplining have tactics of reasoning—more friend to friend relationship, few parental constraints, parents approve child to do what they want, consequences for children-no respect for rules, push limits and very independent Home leaving and boomerang kids (clustered nest, revolving door, ful nest syndrome)—adults live in their parents home -what is the boomerang generation—1/4 of parents that live with adult children were living with boomerang kid, child may have a different consequence for a child parent who had never left the home, parents more likely to express frustration because kids take up their time and more resources, financial burden, mothers return to their second shift, washing their clothes, doing dishes, marital balance is off because another adult living in house, power dynamics and structures changes, happiness decreases for parents -parents willing to accept 1 or 2 back home but does diminish marital status, 3 and 4 times home is uncommon -no job right out of school, tuition too high must live at home, want to save money to get married or a mortgage on a house, financially struggling **two articles at end of slides, will be on final exam—essay question like for midt erm

Economic thought from ancient societies

Economic thought from ancient societies INTRODUCTION The oriental school of economic thought basically deals with the study of the origin of economic thought from various ancient societies including the Hindu, Hebrew, Indian, Roman, Greek, and Islamic societies. It has been observed that the main area looked into by the Hebrews and Hindus was based on agricultural economics and all this information was drawn from the writing of the pious law givers who were present at the time. These ancient writings consisted of ideas on various economic aspects such as: division of labour, cottage industries, forest and mines, trade and trading practices, concept of wealth, transport, banking and loans, etc. Some of the writers who also played a role in the development of this economic thought include Roman writers such as Cicero, Pliny Gato, Varro and Columella. During this period, and until the industrial revolution, economics was not a separate discipline but part of philosophy. Its evolution into a distinct discipline of study in the social sciences can be attributed greatly to these early writers. Roman law also developed the contract recognizing that planning and commitments over time are necessary for efficient production and trade. This large body of law was unified as the Corpus Juris Civilis in the 530s AD by Justinian, who was Emperor of the Eastern Roman Empire. In Ancient India, Chulavamsa records that Parakramabahu of Sri Lanka had debased the currency of Ancient Sri Lanka in order to produce money to support this large scale infrastructure projects. Parakramabahu also pioneered free trade during his reign. Many of the topics discussed during these ancient times are still prevalent in modern economics, including discussions on the management of a solid and efficient economy and the ethics of economics. These ancient thoughts als o focused on issues of welfare, for instance, redistribution of wealth during a famine. STATEMENT OF THE PROBLEM Ancient economic thought is very much wide and its study provides a broad basis for comparison of the ancient approach to economic issues as compared to issues arising in the modern world economies. The large number of ancient thinkers who contributed to this thought differed in beliefs and practices. Also, information on some of these ancient cultural-economic practices is very scanty and thus makes this enquiry into the oriental school of economic thought necessary so as to be able to get a better understanding of the underlying economic issues of both the past and present. JUSTIFICATION With the evolution of economics, many writers have come up with different theories about different areas in the subject. So as to be able to critically assess these different theories and understand the unity which connects us with the ancient times, knowledge on the origin of the early stages of economic thought is necessary for one to be able to take a well informed and unbiased stand on contentious economic issues arising today and hence the need for this study. OBJECTIVES OF THE STUDY To understand the principles and concepts of the oriental school of economic thought. To know the key contributors of ancient economic thought. To evaluate and criticize how the ancient societies carried out their economic activities. To find out the major contributions of the oriental school of thought to the body of knowledge that exists today. To get a clearer understanding of the position of economics as a distinct member of a group of social sciences. Ancient near East Economic organizations in the earliest civilizations of the Fertile Crescent were driven by the need to efficiently grow crops in the river basins. The Euphrates and Nile Valleys were homes to earliest examples of codified measurements written in base 60 and Egyptian fractions. Keepers of royal granaries and absentee Egyptian land owners reported in the Heganakht Papyri. Historians of this period note that the major tool of accounting for agrarian societies, the sales used to measure grain inventory, reflected dual religious and ethical symbolic meaning. The Erlenmeyer tablets give a picture of Sumerian production in the Euphrates valley around 2, 200 2, 100 B.C., and shows an understanding of the relationship between grain and labour inputs (valued in female labour days) and outputs and an emphasis on efficiency. Egyptians measured work output in man-days. The development of sophisticated economic administration continued in the Euphrates and Nile Valleys during the Babylonian Empi re and Egyptian Empires when trading units spread through the Near East within monetary systems. Egyptian fraction and base 60 monetary units were extended in use and diversity to Greek, early Islamic culture, and medieval cultures. By 1202 A.D, Leonardo Pisa Fibonacci use of zero and Vedic-Islamic numerals motivated Europeans to apply zero as an exponent, birthing modern decimals 350 years later. The city states of Sumer developed a trade market economy based originally on the commodity money of the shekel which was a certain weight measure of barley, while the Babylonians and their city state neighbours later developed the earliest system of economics using a metric of various commodities, which was fixed in a legal code. The early law codes from Sumer could be considered the first (written) economic formula, and had many attributes still in use in the current price system today, such as codified amounts of money for business deals (interest rates), fines in money for wrong doing, inheritance rules, laws concerning how private property is to be taxed or divided, etc. Ancient Greco-Roman world Some prominent classical scholars assert that relevant economic thought was based on metaphysical principles which are incommensurate with contemporary dominant economic theories such as neo-classical economics. However, several ancient Greek and Roman thinkers made various economic observations especially Aristotle and Xenophon. Many other Greek writings show understanding of sophisticated economic concepts. For instance, a form of Greshams law is presented in Aristophanes Frogs, and beyond Platos application of sophisticated mathematical advances influenced by the Pythagoreans in his appreciation of flat money in his Laws: (742 a-b) and in the pseudo-Platonic dialogue, Eryxlas. Bryson of Heraclea was a neo-platonic who is cited as having heavily influenced early Muslim economic scholarship. The influence of Babylonian and Persian thought on Greek administrative economics is present in the work of Greek historian Xenophon. Discussions of economic principles are especially present in his Oeconomicus, his biography of Cyrus the Great, Cyropaedia, Hiero and Ways and Means. Hiero is a minor work which includes discussion of leaders stimulating private production and technology through various means including public recognition and awarding of prizes. Ways and Means is a short treatise on economic development, and showed an understanding of the importance of taking advantage of economies of scale and advocated laws promoting foreign merchants. The Oeconomicus disc uses the administration of agricultural land. In the work, subjective personal value of goods is analyzed and compared with exchange value; Xenophon gives an example of a horse which may be of no use to a person who does not know how to handle it, but still has exchange value. In Cyropaedia, Xenophon presents what in hindsight can be seen as the foundation for a theory of fair exchange in the market which will result in the analysis of better fit or suitability to either party who wants to purchase the same item. Xenophon discusses the concept of division of labour, referencing specialized cooks and workers in a shoe making shop. Marx attributes to Cyropaedia the idea that the division of labour correlates to the size of a market. Roman law developed the contract recognizing that planning and commitments over time are necessary for efficient production and trade. Ancient India Chulavamsa records that Parakramabahu I of Sri Lanka had debased the currency of Ancient Sri Lanka in order to produce monies to support his large scale infrastructure projects. Parakramabahu I also pioneered free trade during his reign, a war was fought with Burma to defend free trade. Chanakya (c. 350 BC 275 BC) considered economic issues. He was a professor of Political Science at the Takshashila University of Ancient India, and later the Prime Minister of the Mauryan Emperor, Chandragupta Maurya. He wrote the Arthashastra (science of material gain). Many of the topics discussed in the Arthashastra are still prevalent in modern economics, including its discussions in the management of an efficient and solid economy. Chanakya also focuses on issues of welfare, for instance, redistribution of wealth during a famine and the collective ethics that hold a society together. The Arthashastra argues for an autocracy managing an efficient or solid economy. The qualities described are in effect that of a command economy. It discusses the ethics of economics and the duties and obligations of a king. Chanakya writes on the economic duties of a king: The king shall be ever active in the management of the economy. The root of wealth is economic activity and lack of it brings material distress. In the absence of fruitful economic activity, both current prosperity and future growth will be destroyed. A king can achieve the desired objectives and abundance of riches by undertaking productive economic activity. Ancient China Ideal and effective economic policy was long sort for in ancient China, one of the greatest early reformers being the Emperor Qin Shi Huang (r. 221 BC 210 BC), who standardized coin currency throughout the old warring states once he unified them under a strong central bureaucracy (which the Zhou dynasty had always lacked). However, one of the greatest reformists in China lived during the medieval Song dynasty (960 1279 AD), that being Chancellor Wang Anshi (1021 1086 AD). Wang Anshis political faction of the New Policies Group enacted a series of reforms that centered on military reform, bureaucratic reform and economic reform. The economic reforms included low cost loans for farmers who he considered the backbone of the Chinese economy in terms of production of goods and the greatest source of the land tax. Replacing the corvee labour service with a tax instead, he enacted government monopolies on crucial industries producing tea, salt, and wine, introduction of local militia to ease the budget spending on the official standing army of one million troops and the establishment of a Finance Planning Commission staffed largely by political loyalists so that his reforms could pass quickly with less time for conservatives to oppose it in court. Medieval Islamic World To some degree, the early Muslims based their economic analyses on the Quran (such as the opposition of riba, interest) and from Sunnah, the sayings and doings of Muhammad. Early Muslim thinkers, Al-Ghazali (1058 1111 A.D.) classified economics as one of the sciences connected with religion, along with metaphysics, ethics and psychology. Authors have noted, however, that this connection has not caused early Muslim economic thought to remain static. Persian philosopher Nasir al-Din-al-Tusi (1201 1274) presents an early definition of economics (what he calls Hekmat-e-madani, the science of city life) in discourse three of his ethics: the study of universal laws governing the public interest welfare: in so far as they are directed, through cooperation, toward the optimal (i.e. perfection). Many scholars trace the history of economic thought through the Muslim world, which was in a Golden Age from the 8th to 13th century and whose philosophy continued the work of the Greek Hellenistic thinkers and came to influence Aquinas when Europe rediscovered Greek philosophy through Arabic translation. A common theme among these scholars was the praise of economic activity and even self-interested accumulation of wealth. The influence of earlier Greek and Hellenistic thought on the Muslim world began largely when Abbasid Caliph al-Mamun, who sponsored the translation of Greek texts into Arabic in the 9th century by Syrian Christians in Baghdad. But already by that time numerous Muslim scholars had written on economic issues, and early Muslim leaders had shown sophisticated attempts to enforce fiscal and monetary financing, use of deficit financing, use of taxes to encourage production, use of credit instruments for banking, including rudimentary savings and checking of accounts, a nd contract law. The origins of capitalism and free markets can be traced back to Caliphate where the first market economy and earliest form of merchant capitalism took root between the 8th and 12th centuries, which some refer to as Islamic capitalism. A vigorous monetary economy was created on the basis of expanding levels of circulation of a stable high-value currency (the dinar) and the integration of monetary areas that were previously independent. Innovative new business techniques and forms of business organizations were introduced by economists, merchants and traders during this time. Such innovations included the earliest trading companies, credit cards, big businesses, contracts, bills of exchange, long distance, international trade, the first forms of partnerships and the earliest forms of credit, debt, profit, loss, capital (al-mal), capital accumulation (nama-al-mal), circulating capital, capital expenditure, revenue, cheques, promissory notes, trusts, startup companies, savings accounts, transactional accounts, pawning, loaning, exchange rates, bankers, money changers, ledgers, deposits, assignments, the double entry bookkeeping system, and lawsuits. MAIN FINDINGS After going through the history of the oriental school of thought in the previous section, the following economic aspects come out clearly as having been discovered and practiced by these early thinkers: The Concept of Production and Technology Ancient leaders stimulated private production and technology through various means including public recognition and awarding of prizes to successful inventors and producers. Economies of Scale Ways and Means was a short treatise on economic development written by Xenophon, which showed an understanding of the importance of taking advantage of economies of scale in production activity and advocated for laws promoting foreign merchants. Administration of Agricultural Land Agriculture was considered the most dignified occupation. In ancient India, the state took a leading part in developing agriculture and also demanded a fixed share of the gross produce. Price system The early law codes from Sumer were the first (written) economic formula, and had many attributes still in use in the current price system today, such as codified amounts of money for business deals (interest rates), fines in money for wrong doing, inheritance rules, laws concerning how private property is to be taxed or divided, etc. Grain and Labour Inputs Relationship The Erlenmeyer tablets gave a picture of Sumerian production in the Euphrates valley around 2, 200 2, 100 B.C., and showed an understanding of the relationship between grain and labour inputs (valued in female labour days) and outputs and an emphasis on efficiency in production. Output of Work The Egyptians measured work output in man-days. Monetary Units The Egyptian fraction and base 60 monetary units were extended in use and diversity to Greek, early Islamic culture, and medieval cultures. By 1202 A.D, Leonardo Pisa Fibonacci use of zero and Vedic-Islamic numerals motivated Europeans to apply zero as an exponent, birthing modern decimals 350 years later and hence the development of monetary units. Value Subjective personal value of goods was analyzed and compared with exchange value. Xenophon gave an example of a horse which may be of no use to a person who does not know how to handle it, but still has exchange value. Theory of Fair Exchange Xenophon presented what in hindsight could be seen as the foundation of a theory of fair exchange in the market which will result in the analysis of better fit or suitability to either party who wants to purchase the same item. Division of Labour Xenophon discussed the concept of division of labour, with reference to specialized cooks and workers in a shoe making shop who specialised in different tasks. Free Trade Parakramabahu I pioneered free trade during his reign, this is evident because a war was fought with Burma to defend free trade in ancient India. Welfare In India the leaders insisted on ensuring that the population as a whole has to be well looked after. For example, Chanakya focused on issues of welfare, for instance, redistribution of wealth during a famine and the collective ethics that held a society together. Standardized Coin Currency Emperor Qin Shi Huang of Ancient China, standardized coin currency throughout the old warring states after he unified them under a strong central bureaucracy. Low Cost Loans For Farmers In Ancient China Wang Anshis political faction of the New Policies Group enacted a series of reforms that centered on military reform, bureaucratic reform and economic reform. The economic reforms included low cost loans for farmers whom he considered to be the backbone of the Chinese economy in terms of production of goods and the greatest source of the land tax. Land Tax This was a source of revenue for the Ancient Chinese government from farmers, because during that period agriculture was the main driver of the economy. Fiscal and Monetary Financing The Muslim leaders enforced various policy measures including fiscal and monetary financing, use of deficit financing, use of taxes to encourage production and use of credit instruments for banking. Banking The early Muslim leaders had shown sophisticated attempts indlucing rudimentary savings and checking accounts, and contract law. Monetary Economy Between the 8th and 12th centuries, which some refer to as the period of Islamic capitalism, a vigorous monetary economy was created on the basis of expanding levels of circulation of a stable high-value currency (the dinar) and the integration of monetary areas that were previously independent of each other. SUGGESTIONS The social organization manifested by the ancient civilizations should be critically looked at and applied to solve some socioeconomic problems still present today, especially in the developing nations. The organization of government and formulation of policies during the ancient times leaves a lot to be admired. Governments of the modern economies should pick some of these values. The concept of politics being looked at separately from economics and policy formulation should be followed in todays modern economies for faster development and equality in the distribution of wealth. Welfare economics should be taken as seriously as it was taken in ancient times. For example, during periods of drought or famine, governments should not let particular groups of people suffer and instead they should distribute the available resources to the entire population. CONCLUSION Theres no question or doubt as to whether ancient economic philosophies are still in extensive use today. The modern economy has evolved over centuries to become what it is today. The study of the history of economic thought enables the student to appreciate the contributions various writers have made to development of economics as a discipline. Although ancient economic theories were sometimes unclear, contradictory, or presented in a rudimentary manner, they form the basis of economic analysis today. These theories are still being used today by the worlds largest and most complicated and sophisticated economies. BIBLIPGRAPHY Falgas, Matthew E.; Zarkadoulia, A. Effie, (2006). Arab Science in the Golden Age (750-1258) and Today. The FASEB Journal 20(10): 1581-1586. Hosseini, S. Hamid (2003). Contributions of Medieval Muslim Scholars to the History of Economic Thought and their Impact: A Refutation of the Schumpeterian Great Gap. S. Lowry (2003). Ancient Medieval Economics. In Biddle, Jeff E.; Davis, Jon B.; Samuels, Warren J.A Companion to the History of Economic Thought. Malden, MA: Blackwell pp. 11-27. Schumpeter, Joseph (1954). History of Economic Analysis. New York, Oxford University Press.