Definition of Faith Research Paper Example | Topics and Well Written Essays - 500 words

Definition of Faith - Research Paper Example The Bible describes faith as â€Å"substance of things that are hope for and also as the evidence of things that cannot be seen. The description of the Bible shows that faith entails believing that something will happen and also the fact that there is confidence in something that exists even if it cannot be seen. Faith, therefore, focuses on religious issues and sacred believes that certain things like God exist even if we cannot see Him. This leads to beliefs in the existence of God and the infinite wonders of nature that were created. It also expresses confidence that a certain idea, person or a thing is true and should be trusted without a doubt. The fact that people also have confidence in another human being or a thing reveals acts of faith. There are also principles and doctrines that are held as true especially by believers and the express faith and loyalty towards a certain being, idea or a thing. Thus faith can be described as a strong and unwavering belief that something i s real even without evidence (Deighton 73). Faith is not only based on religious practices but also on scientific explanations and events that affect the lives of human beings. For instance, in science, there are certain things that people believe they exist but they have never seen them. Electricity is one of the examples that can be outlined. People believe in the existence of electricity but they have never seen it. The universe is full of inspiring infinite and complicated phenomena that have been extensively been outlined to people through the use of books and other resources. However, since the knowledge of human beings constitutes a small fraction of the universe’s knowledge, people are made to believe in the existence of various phenomena through the construction of certain perspectives in their minds to form the picture of the  universe.

Analysis of the economic arguments of an independent central bank Essay

Analysis of the economic arguments of an independent central bank - Essay Example The Latin American inflations are fable material with inflation rates sky rocketing often to 200% or more. In some extreme cases what was affordable at twilight became unaffordable by daylight. With complex and fine lending and borrowing of money as investible funds, interest rates have turned indicators that are pliable in the hands policy makers or dictators as the case may be.Government, myopic with political avarice, and desirous of sweeping hustings have dictated lower interest rates, keeping economic realities on window sills. This tended to raise up spending and then employment though only in the short term, but finally and in the medium to long term it caused severe inflationary pressures. Inflations were crippling when such spending was directed less towards real sector and more towards wasteful expenditure resulting in the physical output not meeting the heightened stock of money in circulation. It is at once natural for a political system to dictate manipulation of monetar y policy and maintain only a short run vision of popularity in or around the election period even risking higher inflation just because this option always was available to detractors or competitors for votes. The Keynesian prescriptions did not build a specific treatment of inflationary situations despite the fact that such situations had arisen. It was preoccupied with determination of the output levels and relied only on a simplistic analysis of inflation via media the demand and supply theory of money. Enunciation of the Phillips curve added a logical sequence to analysis of inflation. The Phillips curve, in its native form, posited a long-run trade-off between inflation and unemployment. However this causality has been reexamined and redefined theoretically and... This paper presents a thorough theoretical analysis of the varying role of central banks in an economy, in an attempt to find the optimal level of central bank`s independence from state. Central banks the world over have quiet but strong presences. With low public visibility they perform the most vital of functions with that of creating and putting into circulation legal tender money. As is known legal tender money serves as a means of payment, a unit of account and a store of value. The most preferred favoring an independent central bank is that the power to expend money should be separated or delinked substantially from the power to create money. In case these two capabilities converge we have spendthrift governments indulging in fiscal profligacy while the Central Bank simply acts as a 24/7 mint or currency printing house. While political masters may be tempted to manipulate monetary policy to suit their short term political objectives the Central banking professionals, having no such ulterior targets, nurture and design monetary policy generally on a long horizon. Protecting monetary policy decisions from State dictates can better assist the cause of lower inflation while a decent economic growth rate can be targeted concurrently. Short run considerations of political nature force the economy in bouts of uncontrolled accelerations which often turn uncontrollable and unsustainable. In nearly every major financial crisis political interference in financial sector regulation helped make a bad situation worse.