Karl Marx and Communism - Free Essay Example

At one point in time most of us have probably heard the phrase, sharing is caring! Well, one man, by the name of Karl Marx, took that too far and created the governmental system known today as Communism. Communism has many disadvantages like creating dictators, taking motivation away from the people, and making the rich richer with no way to change that. Because of all those reasons, Communism is not a viable political/economic system when compared to capitalism because it creates super inefficient economies. In order to understand how Communism creates inefficient economies, it is important to know its origins as well as how it works. Communism is based on the writings of two German economists, Karl Marx, and Fredrich Engels. The two of them partnered up and wrote the book, The Communist Manifesto which explains, What is Communism? According to Marx and Engels, the many problems in society are due to the unequal distribution of wealth. They believe that in order to create a prosperous and happy society the distinctions between the rich and the poor must be eliminated. Considering that the rich will never voluntarily give up their power/money, the working class, proletariat, must overthrow the capitalist owners, the bourgeoisie. Communism is willing to use violence in order to attain its goals of a classless society. However in order to transition from capitalism, it would take time, and that phase in between is known as socialism. Socialism is where you try to even the distribution of wealth with the endpoint being communism. The means of production which are raw materials, factories, and machines are all socially owned. Communism is the easiest economic system to sell to poor people. The poor can enjoy free meals given to them by the regime, but in exchange, the poor have to slave away for the state, 12 hours a day. Those who were more capable worked in blue collar jobs, but there are no salaries. With no incentives like bonuses, promotions, or overtime pay, nobody is motivated to do their work and efficiency drops. Because of this, there is no reason two work more than what the state tells you to do, life becomes boring and routine. One can not break out of this routine as there is no opportunity to rise in a Communist society because everyone is equal. All Communism does is provide for mans basic needs and doesnt offer a chance to go beyond that to mans wants. All of this leads to the peoples yearning of Capitalism. Many countries have overthrown their Capitalist leaders in an effort to better their country. One such example of this would be in Romania and what happened with Nicolae Ceauescu, the former leader. The people of Romania were sick of communism and his rule so they publically dragged him out and executed him on December 25th, 1989. Today, there are only five Communist countries which are the Peoples Republic of China, Democratic Peoples Republic of Korea, Socialist Republic of Vietnam, Lao Peoples Democratic Republic, and the Republic of Cuba. The fact that there are only five Communist countries can also be used as proof that Communism is not viable. Now that we know about Communism it is important that we understand what Capitalism is and how it works. Capitalism is defined as, an economic and political system in which a countrys trade and industry are controlled by private owners for profit, rather than by the state.Capitalism has its origins in the 16th century when merchants began to trade with foreign countries (mercantilism), and the demand for their products grew so high that it began shaping the market and pricing. Another contributing factor to the rise of capitalism w ould be Europes supply of precious metals increasing. In the 18th Century, England had become a fully industrialized nation which is when Capitalism took full effect. Capitalism is dominated by the free market rather than by the government. Capitalism, in essence, states that Greed is good. In Capitalism owners control the means of production, and it is valued on profit, while in Communism it is valued on its usefulness to the people. In Capitalism, people derive their income from their ownership rather than the government. Because you get your income from ownership, you are motivated to work harder to get more money. Because you work harder there are new innovations and product developments in the market. Capitalism is based on the concept of supply and demand which states that when demand increases the price also increases. Because of this companies make more of the product that is in demand, and since multiple companies are making the product the competition keeps the price affordable and the production efficient. This leads to greater economic growth. The government should only intervene to keep the power in the market balanced, like preventing things like monopolies or oligarchies. Opposition to Capitalism states t hat by nature it is exploitative, and leads to a heavily divided society. It is the complete opposite of Communism which seeks to become a classless society where everyone is equal. Some disadvantages of Capitalism would be that it doesnt provide for those who cant compete, like the elderly, disabled people, and children. Another disadvantage of capitalism is that it ignores environmental issues like pollution and climate change because it makes goods cheaper and more affordable in the short run. This, however, is very damaging to the environment and makes the quality of living very bad. When comparing Communism and Capitalism, it is evident that Capitalism leads to more efficient economies and more innovation in the marketplace. Communism is bound to fail with no motivation to work harder, and no way to climb the ranks and satisfy your own greed. That is why Capitalism is better than Communism.

Problem Formulation Research - 887 Words

Running head: PROBLEM FORMULATION RESEARCH AND THEORY ANALYSIS Problem Formulation Research and Theory Analysis Reggie Autrey University of Phoenix Research Methods in Criminal Justice CJA 433 Theodore J. Smith III , ESQ. July 26, 2009 Problem Formulation Research and Theory Analysis This paper will cover GPS Monitoring in Pinellas County for sex offenders. During the summer of 2006 election was heating up in reference to sex offenders and monitoring GPS devices. Proposition 83, called for Jessica’s Law was on the California ballot. The reason for this proposition was to have all sex offenders wear this device and be monitored at all times. Other states wanted this proposition to pass so it could be enforce in their state.†¦show more content†¦Describe the theoretical concept The concept was to provide a clear understanding on how the Jessica’s Law can work and provide information on where sex offenders are living and where they can’t live. With the information provided with the analysis it shows restriction on how the sex offenders being monitored with a device can be tracked at all times. The GIS and global positioning system can identify potential housing locations and analyze sex offenders. Identify an operational definition used by the research When monitoring sex offender’s law enforcement use an enormous amount of spatial information. This data becomes overwhelming and it can be a challenge to determine which locations is more important to cover than others. The data provides analysis needed for tracking where the offenders are provides tracking information from up to a querying 4 hours for a single parolee will yield approximately 240 GPS coordinates and the device can take up to 15 minutes to track the query. Could the research problem, questions, and theoretical concepts have been formulated differently or improved? The research provided for the analysis and the concept behind the issues was formulated to understand how the Jessica’s Law would work. There were some minor issues that could have been done differently such as monitoring the GPS tracker in all areas of San Diego County. There were some areas that theShow MoreRelatedDescribe What Comprises a Comprehensive Cbt Case Study – Evaluate the Use of Case Studies in Therapy.1735 Words   |  7 Pagesto see if referral for a CBT assessment might be relevant, these include accessibility of automatic thoughts; awareness and differentiation of emotions; the client’s ability to make use of therapy and the clients’ ability to remain focused on the problem in hand, although this may be something that the client has to work towards. Barriers to therapy can be if someone is ‘floridly psychotic’, if someone is in a current manic phase, or if clients are cognitively impaired, this may make therapy moreRead MoreResearch Process and Terminology927 Words   |  4 PagesResearch Process and Terminology The most important part of describing the research process in criminology and criminal justice research methods consists of being familiar with terminology. The knowledge of proper terminology can be an asset when evaluating, and analyzing research studies or data. However, not knowing the proper terminology when conducting research could affect an officer’s report negatively. Those interested in the study of criminology and criminal justice has a wide range ofRead MoreResearch Process and Terminology Paper1069 Words   |  5 PagesResearch Process and Terminology Paper Research has many faces that can represent many forms of information gathering. The information can be biomedical, social, behavioral, research fraud, or as simple popular car color. However, in research it can be very intensive when the research involves people lives through crime. In this research and terminology paper, will examine the process of research and how it targets the criminal justice. To begin, lets us examine the terminology needed to understandRead MoreThe Policy Process1524 Words   |  7 Pagescertain regulation for research groups, this foundation also has to follow each step in the policy process. Coming up with that policy was a process and throughout this paper we will discuss the policy process and what it takes to ensure the write policy has been made to protect the company, consumers and all of its employees. The policy process has certain steps that have to be taken before having a successful outcome. These important steps are as follows: The formulation stage, the legislativeRead MoreNew England Soup Company: Business Overview1507 Words   |  7 PagesMassachusetts, was reviewing a research report he had received from a Boston-based research house. The report presented the findings of a study on the firm’s new formulation of Kolander’s Chowder brand of canned soup. The study had also been sent to the firm’s sales manager, Kirk George, and the production manager, Edward Corey. A meeting was scheduled for January 12 with the research firm and the New England Soup Company management. The purpose of the meeting was to discuss the research findings and to makeRead MoreEpistemology and Its Influences929 Words   |  4 Pageschoice of epistemology influences the formulation of a management research problem, it is necessary to define the term epistemology and clarify some of the varying epistemological stances. In doing so, the reader will be able to understand the myriad different variations of epistemological viewpoints, each of which shape the direction of research and the sort of problem that research attempts to identify. Management research builds on the long tradition of research in the social sciences (Somekh andRead MoreEssay On Education Enhancement1100 Words   |  5 Pagesthe policy document with similar institutions in an effort a contributing toward national education enhancement. Problem Definition This policy aims to solve the problems of poor academic performance, distraction caused by electronic devices and theft of such devices at school through the formulation, implementation and evaluation of a comprehensive school electronic device policy. With so many technological advancements today, it has been noticed that instead of drastic improvements to studentRead MoreThe Poultry Farming Is The Most Popular Industry For The Small Holders1672 Words   |  7 Pagesshould be directed towards improving feed formulation system. This lab report seeks to apply mathematical optimization techniques to the feed formulation problem of the typical Ghanaian poultry farm using locally available feed ingredients. Some of the common techniques employed in feed formulation include The Linear Programming, Non Linear Programming, or Mixed Integer Programming, (MIP). Linear programming model is developed to solve blending problem facing poultry farmers, using locally availableRead MorePolicy Process Part 11576 Words   |  7 Pagesmany new problems such as PTSD have become better understood and need more focus and to be better addressed. (Kaiser Family Foundation, 2007). Policies are evaluated to enhance the health care system. Steps are closely followed to ensure successful policy implementation. Three major phases, namely formulation stage, legislative stage, and the implementation stage, are positioned to enhance the policy on care and assistance for health care policies with the VA. (va.gov, 2014). Formulation phase encompassesRead MoreFurthering Tourism in the Republic of Serbia Essay example803 Words   |  4 Pagesdevelopment of integrated urban development and architectural research, studies or projects related to the sustainable development of new tourist destinations in Serbia through modern and attractive approach of urban developm ent and architectural articulation, design and equipping the space. Main attention in this first initial stage of cooperation has been directed towards the development of diverse urban and architectural research and expertise of potential tourist destinations in Serbia, with

The Corruption Of Organized Crime - 1056 Words

Organized crime is any enterprise or group of persons engaged in a continuing illegal activity which has as its primary purpose the generation of profits. Criminal organizations keep their illegal dealings secret, and members communicate by word of mouth. Many organized crime operations have profitable legal businesses, such as licensed gambling, building construction, or trash hauling which operate alongside and provide cover for the illegal businesses. Their main criminal activities are: racketeering; fraud; car theft; robbery; armed assault; drug dealing; trafficking in weapons and radioactive material; trafficking in human beings and exploitation through prostitution; alien smuggling; smuggling of precious and antique goods; extortion for protection money; gambling; embezzling from industries and financial institutions up to infiltration and control of private and commercial banks; controlling of black markets. Joaquà ­n El Chapo Guzmà ¡n was born on December 25, 1954, or April 4, 1957 in La Tuna, Sinaloa. His father was officially a cattle rancher, but according to Malcolm Beith s biography, The Last Narco, locals say he was actually a gomero, or opium farmer. (Beith) There was little to no employment in his hometown, El Chapo cultivated the opium poppy. Once the plant was stacked in kilos, his father sold the harvest. His father would also sell marijuana in the area. Before he could get home to the family, his father would spend most of the profits on liquor andShow MoreRelatedPolicy Transfer And The European Union : Judicial Reforms And Combating Organized Crime And Corruption1401 Words   |  6 PagesPolicy transfer to Bulgaria and Romania in connection to their accession to the European Union: Judicial reforms and combating organized crime and corruption As one of the most influential transnational organizations, the European Union is very strict towards candidate countries which aim to join it and they are required to meet vast range of criteria. In some cases, even after the approval and accession of a particular country, there are still systems to be reshaped and areas to be reformed whichRead MoreThe Great Gatsby By F. Scott Fitzgerald1506 Words   |  7 PagesCity, during the 1920s. In the novel, the main character, Jay Gatsby, is a successful man who has participated in shady businesses to get what he wants. In, The Great Gatsby, Fitzgerald portrays the corruption of American society using Prohibition and how it brought about the rise of organized crime in the 1920s. First, the Prohibition Act, proclaimed in the 1920s, was not taken seriously by American society. The act was a formal legislative law banning alcohol. After WWI, women worked on reformingRead MoreGang Crime And Crime1031 Words   |  5 PagesThe phrase â€Å"gang crime† does not portray an image of injured children, cries of civilians, tear gas consuming the air, and chaos fled around the eyes of the common man. As developing nations become more independent, one could argue that their crime rate would be decreasing as well. However, gang-related violence has increased as developing countries improve economically, socially, and financially. As a result, their law enforcement system and corruption has increased to win the race of monetary influenceRead MorePersonal Perception of Organized Crime787 Words   |  4 PagesPersonal Perception of Organized Crime In answering this question of what Angie’s personal perception of organized crime, it takes me back to the days of organized groups that united for financial gain, control over business, law enforcement, the public and anyone or anything that they could rule. Organized crime brings about change in a community, hurt, danger, and sometimes death. When thinking of organized crime it takes us back to the days of the Mafia. The days of Al Capone comes to mind moreRead MoreImpacts of the Mafia735 Words   |  3 Pagesall around the world. Most of the effects of the Mafia are negative, but there can be several positive effects on the culture and economy of the cities in which it frequents. Peter Maas declares organized crime the â€Å"biggest business in the country† (Maas). â€Å"The largest and best known organized crime group is the nationwide organization variously known as the ‘syndicate’, the ‘mob’, the ‘Mafia’, and the ‘Cosa Nostra’† (Nash, Jason O-155). Some activities of the Mafia include gambling, loan sharkingRead MoreThe Mafia Essay1443 Words   |  6 Pagesgambling, and prostitution. Competing Mafia families established mutually recognized territories, reaching agreement by negotiation or by intimidation. By the mid-1930 the Mafia had taken on the institutionalized structure that is now typical of organized crime in the United States. Sammy the Bull, lesser known as the infamous Salvatore Gravano, is the highest-ranking member of the Mafia ever to break his blood vow of silence and turn against his boss, Mafia giant John Gotti. In 1992, GravanoRead More FBIs Unique Role in the United States Law Enforcement Community1135 Words   |  5 PagesStates law enforcement community. The FBI is not a national police force, unlike other nations (such as France, Italy, Spain and Columbia) where patrol units and first responders are organized under the national government. The FBI is purely an investigative and intelligence agency and focuses on cross jurisdictional crimes and national security issues. Its stated mission is â€Å"To protect and defend the United States against terrorist and foreign intelligence threats, to uphold and enforce the criminalRead MoreEssay about The Problem of Police Corruption1190 Words   |  5 Pages Police corruption is legally, morally, and ethically wrong. The art of corruption has existed from the beginning of policing to the present day. Investigations have uncovered several acts of dishonesty and crime ranging from petty theft to murder. To help combat corruption the government creates commissions such as the Knapp and Wickersham Commission to investigate allegations of corruption. If acts of corruption are found and substantiated the commission takes criminal action against theRead MoreAl Capone : The Ruthless Gangster1222 Words   |  5 Pagesleader such as Capone who excelled in brilliant criminal ideas. This lead him to pass every gang who was involved in the prohibition and allowed him to control most of the crime in Chicago. Capone not only controlled most of the distribution operations in the United States but also controlled any criminal who wanted to become an organized criminal. Any gang or person that interfered with his works was often killed by Capone. Al Capone, one of the most notorious gangsters and co founder of the Chicago OutfitRead MoreSocial Disorganization Theory And Crime998 Words   |  4 PagesStarz’ â€Å"Power , Social Disorganization Theory and Crime Introduction: In the television show â€Å"Power†, organized crime is the most prevalent form of crime displayed. Organized crime can be defined as a methodically unlawful activity for profit on a city-wide. interstate and worldwide scale. The act of engaging in criminal activity as a structured assembly is called racketeering in the United States. The premise of this project is to research social disorganization theory as it pertains to the television

Review of Macroeconomic Issues Housing Affordability

Question: Describe about the Research paper on Australian macroeconomic issue? Answer: Introduction/Significance of the Problem Debates over the drivers and the trend of Australian housing affordability and various other advanced countries have stress over the effects of failure of market in particular markets like the private rental sector and the problems related to equity (Yates, Berry, Burke, Jacobs, Milligan and Randolph 2004). However, its also the case that certain factors that results through the enhanced housing stress effects over the broad economy by the interaction of the movements in the prices of housing and changes in the demand (Yates, Berry, Burke, Jacobs, Milligan and Randolph 2004). This report focuses over the main economic impact of the issues related to the housing affordability in Australia, which is also the major microeconomic issue. The main aim of this report is to offer the broad rationale and the basis on which policies could be developed and improved the outcome of housing affordability. In Australia housing affordability is referred in the operational relations of both the regio nal and the national economies and not just the question of social policy (Gabriel, Jacobs, Arthurson, Burke and Yates 2005). As per the traditional theory of public finance explores three branches related to economic involvement through the state which are: stabilization, allocation, and distribution (Milligan 2005). In the case of allocation, government might intervene towards offset or either right market failures or imperfections (Milligan 2005). In the second case of distribution, government tries to act in order to bring the changes in the distribution of both wealth and income as determined by the market (Yates and Gabriel 2006). Finally, in case of stabilization, main agencies like central banks and the government takes the responsibility of steering the entire economy in order to achieve the combination of stability of price, relevant aggregate employment, as well as external balance in economy (Yates and Gabriel 2006). Australia Housing affordability Index 1984-2006 (Source: Yates and Gabriel 2006) Significance of the issue The main significance of this report is to explore the main issues as well as view of the policy towards the role of housing affordability in having the Australian macroeconomic performance (Berry 2006). This report also holds importance in reviewing the evidences over the interactions among the housing investment, macroeconomic policy, household debt and the household consumption in Australia that stress over the role of housing affordability (Yates, Berry, Burke, Jacobs, Milligan and Randolph 2004). Analysis This research indicates the housing affordability as structural issue that could enhance the existing policies and actions taken by government. Measuring housing affordability Housing affordability is considered as the tenure-neutral term, which implies the relationship among the income of household and the expenditure of household over the cost of housing (Berry 2006). Its noted that the average amount spent over the cost of housing in every household in the regions of Australia has increased by 11% of the income of household in the mid of 1970 to more than 15% in the year 2003-2004 (Yates 2007). Present its noted that around 15% of the overall household has paid twice, that is 30% of the income is earned in meeting the cost of housing (Milligan, Phibbs, Gurran and Fagan 2007). In case of low income household is proportion is around 28% that is double of the average of Australian. Its noted that this proportion has increased by 24% in the past decade (Yates 2007). (Source: Yates 2007) Under the scenario that is consistent with the economic as well as geographical trends employed by the intergenerational report of Australian government, the low income household proportion with the housing cost ratio is more than the Australian wide average, and its expected that it might increase by 20% for the one who are between the age group 25-65 (Burke and Pinnegar 2007). Its noted that in the year 2002-03, the total low income households were 860000 in Australia that face the housing stress and faced the risk of housing affordability (Yates 2007). Issues of housing affordability Broad measures cant explain about the factors that could determine the expenditure level on the housing, and explain about the implications of facing the housing stress and it failed to capture the experiences related to issues of affordability (Yates, Kendig and Phillips 2007). The issues of housing affordability increase when the households actually force towards decisions, which impact them and they were not able to make up and had to face the housing stress (Ball and Wood 1999). There are various examples of it in form of deprivation like, going without having the meal, enforce the mobility of housing, and children didnt went to schools, that lead to increase in housing stress into the financial stress (Beddoes 2005). Exploring risk of households Issues related to housing stress and housing affordability is focused towards sub groups (Benjamin, Chinloy and Jud 2004). The low income group of households includes the single people, young people, purchasers, households with family, households living in metro cities, working people, and private renters (Benjamin, Chinloy and Jud 2004). From the one who are at risk, the renters from low income group faced intense and widespread issues in comparison to low income purchasers (Berry and Dalton 2004). There are many private rentals, which were not aspiring to have the ownership of home. From the group of low income group, faced the housing stress for long period instead of short period (Berry and Dalton 2004). The purchasers from low income group got vulnerable towards the risk that was related to the housing lack of security, which even manifested their ability to meet with the increase rate of interest (Bertaut 2002). (Source: Bertaut 2002) Why housing affordability was issue in Australia Not every risk relates with the housing affordability is borne through the individual households, but many risk were borne through the society (Black, Meza and Jeffreys 1996). There were many coping strategies that were employed contributed towards lack of cohesion from social aspect (Yates, Berry, Burke, Jacobs, Milligan and Randolph 2004). Equity of intergeneration was actually compromised through the rising disparity among the one who gain the access towards home ownership and the one who were not able to do so (Boone, Giorno and Richardson 1998). The issues of housing affordability holds the capacity to make it more challenging for the economy to manage, and in result of that sensitivity increased for the risk households towards changes in policy (Boreland, Gregory and Sheehan 2001). The Behavioral Life-cycle Theory The life cycle theory is cast in the standard utility for increasing tradition of economics of mainstream (Brady, Canner and Maki 2000). This theory includes that all households should organize their consumption by certain stages of life cycle for increasing lifetime utility (Brady, Canner and Maki 2000). This theory treats every income on equal basis, which means all income might impact the consumption and savings of household (Burbidge and Sheehan 2001). Its implies household might vary in receiving income as present income stream or either cash payment, which is a capital gain over previous wealth and as a particular income stream towards current value in which income is equal to the payment of cash (Camerer and Lowenstein 2003). Findings The findings of this research over the housing affordability in case of low income group in Australia tries to reinforce the previous studies conducted in Australia (Campbell and Cocco 2004). Overall, they offer strong support towards the case of setting up the national goal of policy for improving the housing affordability issues (Yates, Berry, Burke, Jacobs, Milligan and Randolph 2004). Under this goal, proper actions are taken by spheres of the government in 4 areas of strategy for tackling the drivers as well as results of the decline for long term in Australian issue of housing affordability (Campbell and Cocco 2004). The first set of the actions need to be directed towards the long term trends of increasing house as well as land cost through improving the housing market efficiency (Macfarlane 2005). Specific attention need to be placed for minimizing the impediments towards housing supply in the required regional as well as metropolitan locations in order to improve the residential development efficiency and for reforming the tax settings, which might affect over the houses prices in specific market, either through adding cost or either through stimulating demands (Case, Quigley and Shiller 2001). There exist the needs to offer the direct assistance of finance in order to help the renters in low income group or either buyers who are struggling for house (Case, Quigley and Shiller 2003). This financial assistance need to be designed in order to be responsive towards the variations in the individual household circumstances, which experience the issues of housing affordability (Case and Shiller 2004). Therefore, its important to carefully target the assistance in order to reduce the adverse impact of prices (Kahneman and Tversky 2000). A funding, national policy along with framework of delivery that holds the capability of securing the private investment in referred as additional supply of affordable rent housing and for sale is needed for the purpose of stimulating the provision at the affordable ends in the private market and for redressing the reduction in the provision of social housing (Dalton 1999). Its noted that changes in the system of social housing will be required in order to be secure about the viability of the lying source of los cost housing and then it should be integrated with the lying service providers and to offer asset in the expanded affordable housing sector (Dornbusch and Fischer 1987). Policyrecommendations In order to achieve the sustainable as well as effective improvements in the housing affordability for the Australian households for the coming generations, government of the country require to adapt towards the balance of policy set reforms under specific vision, framework or either purpose of its implementation (La Cava 2003). A coordinated response of the cross government applies to both the policy tools of housing and towards other policy levers in order to address the requirements of the individual households and for redressing the issues of systematic housing markets (Leung 2004). Particular tools of housing policy will be relevant towards alleviating the housing stress and for supporting for offsetting the patterns of the economic as well as social exclusion, which relates to the unaffordable housing situations (Glaeser and Sacerdote 2000). However, the research findings implies about the flexible housing policy that is required in past in order to respond towards the variation in experiences of housing affordability along with diversity of the impacts on the life of the people (Kelly 2001). Specifically, policies that create influence over the market performance of labor or on economic development, along with transport planning, monetary and fiscal policies, population policies, policies of income support, infrastructure policies, settlement planning, needs to enhance the regional as well as urban sustainability, and should also put more stress over addressing the housing affordability issues with the other goals (Dvornak and Kohler 2003). It is by the adjustments made in the main areas that the actions related to the alleviate housing stress for short time period would be buttress through the broad strategies, which could met out the causes as well as effects of deterioration of the housing affordability (Dvornak and Kohler 2003). Conclusion Through conducting the comparison from the last two years, its noted that housing markets have got eased and the equity markets is also trying to recover in Australia. Its also noted that consumption growth is slow along with economy. However, the outcome dont cut the arguments that are presented in the report, but the fact is opposite of the case. The growth of economy has reduced instead of getting sharpen due to the facts. Its noted that prices of housing have gone flatten due to the reduced modesty in most of the market, instead of getting crashed by around 20-30% as forecasted in certain quarters that also tries to reduce the negative effects over spending on wealth. Its true that Australia has always been lucky, and the risk nature is that, present soft landing provides no guarantee of the next time. References Ball, M. and Wood, A. 1999. 'Housing investment: long run international trends and volatility'. Housing Studies, 14(2), pp. 185-209. Beddoes, Z. 2005. 'The great thrift shift'. The Economist, 9, pp. 3-24. Benjamin, J., Chinloy, P. and Jud, G. 2004. 'Real estate versus financial wealth in consumption'. Journal of Real Estate Economics and Finance, 29(3), pp. 341-354. Berry, M. 2006. Housing affordability and the economy: A review of macroeconomic impacts and policy issues. Australian Housing and Urban Research Institute. Berry, M. 2006. Housing affordability and the economy: A review of the labour markets impacts and policy issues. Australian Housing and Urban Research Institute. Berry, M. and Dalton, T. 2004. 'Housing prices and policy dilemmas: a peculiarly Australian problem?' Urban Policy and Research, 22(1), pp. 69-92. Bertaut, C. 2002. 'Equity prices, household wealth and consumption growth in foreign industrial countries: wealth effects in the 1990s'. New York: Board of Governors of the Federal Reserve System International Finance Discussion Paper. Black, J., Meza, D. and Jeffreys, D. 1996. 'House prices, the supply of collateral and the enterprise economy'. Economic Journal, 106, pp. 60-75. Boone, G., Giorno, C. and Richardson, P. 1998. 'Stock market fluctuations and consumption behaviour: some recent evidence'. Paris: Organisation for Economic Cooperation and Development. Boreland, J., Gregory, B. and Sheehan, P. 2001. 'Inequality and economic change'. Australia, Melbourne: Centre for Strategic Economic Studies. Brady, P., Canner, G. and Maki, D. 2000. 'The effects of recent mortgage refinancing'. Federal Reserve Bulletin. Burbidge, A. and Sheehan, P. 2001. 'The polarisation of families'. Australia, Melbourne: Centre for Strategic Economic Studies. Burke, T. and Pinnegar, S. 2007. Experiencing the housing affordability problem: blocked aspirations, trade-offs and financial hardships. Australian Housing and Urban Research Institute. Camerer, C. and Lowenstein, G. 2003. 'Behavioural economics: past, present, future'. Princeton, NJ: Princeton University Press. Campbell, J. and Cocco, J. 2004. 'How do housing prices affect consumption? Evidence from micro data'. Harvard Institute of Economic Research. Case, K. and Shiller, R. 2004. 'Is There a Bubble in the Housing market?' The Brookings Papers on Economic Activity, 3, 299-362. Case, K., Quigley, J. and Shiller, R. 2001. 'Comparing Wealth Effects: The Stock Market vs. the Housing Market.' National Bureau of Economic Research. Case, K., Quigley, J. and Shiller, R. 2003. 'Home-buyers, Housing and the Macroeconomy' Asset Prices and Monetary Policy Conference. Sydney: Reserve Bank of Australia. Dalton, T. 1999. 'Making Housing Policy in Australia: Home Ownership and the Disengagement of the State' Social Science and Planning. Melbourne: RMIT University. Dornbusch, R. and Fischer, S. 1987. Macroeconomics. New York: McGraw-Hill. Dvornak, N. and Kohler, M. 2003. 'Housing wealth, stock market wealth and consumption: a panel analysis for Australia'. Sydney: Economics Research Department, Reserve Bank of Australia. Gabriel, M., Jacobs, K., Arthurson, K., Burke, T. and Yates, J. 2005. Conceptualising and measuring the housing affordability problem. Australian Housing and Urban Research Institute Glaeser, E. and Sacerdote, B. 2000. 'The social consequences of housing'. Journal of Housing Economics, 9(1-2), pp. 1-23. Kahneman, D. and Tversky, A. 2000. Choices, Values and Frames. New York: Cambridge University Press. Kelly, S. 2001. 'Trends in Australian wealth: new estimates for the 1990s' 30th Annual Conference of Economist. Perth: University of Western Australia. La Cava, G. and J., S. 2003. 'A Tale of Two Surveys: Household Debt and Financial Constraints in Australia, Research Discussion Paper 2003-08'. Sydney: Reserve Bank of Australia, Economics Research Group. Leung, C. 2004. 'Macroeconomics and housing: a review of the literature'. Journal of Housing Economics, 13, pp. 249-267. Macfarlane, I. 2005. 'Global influences on the Australian economy'. RBA Bulletin, 1, pp. 1-6 Milligan, V. 2005. Directions for affordable housing policy in Australia: Outcomes of a stakeholder forum. Australian Housing and Urban Research Institute. Milligan, V., Phibbs, P., Gurran, N. and Fagan, K. 2007. Approaches to evaluation of affordable housing initiatives in Australia. Australian Housing and Urban Research Institute Yates, J. 2007. Access to home ownership: past and present. Australian Housing and Urban Research Institute. Yates, J. 2007. Housing affordability and financial stress. Australian Housing and Urban Research Institute. Yates, J. 2007. The polarisation of housing affordability. Australian Housing and Urban Research Institute. Yates, J. and Gabriel, M. 2006. Housing affordability in Australia. Australian Housing and Urban Research Institute Yates, J., Berry, M., Burke, T., Jacobs, K., Milligan, V. and Randolph, B. 2004. Housing Affordability for Lower Income Australians. Australian Housing and Urban Research Institute. Yates, J., Kendig, H. and Phillips, B. 2007. Sustaining fair shares: the Australian housing system and intergenerational sustainability. Australian Housing and Urban Research Institute.