Marijuana Is The Most Commonly Used Illicit Drug Worldwide

Marijuana is the most commonly used illicit drug worldwide. As the amount of marijuana use increases, legalization of the drug is a topic debated, discussed and researched by our government, health professionals, and law enforcement. I personally don’t agree with the legalization of the drug knowing how dangerous its usage can be. The effects marijuana has on its users, I believe, is cause for concern along with the other known problems that arise with its use. Marijuana is derived from the leaves, stems and flowering parts of the hemp plant, Cannabis sativa. The discovery of cannabis can be traced back to 2900 B.C. China, and has been used for hundreds of years for multiple purposes including: fibers, oils, medicine and recreation (Cannabis). The cannabis plant contains psychoactive chemicals, substances that change brain function, resulting in alteration of mood, perception, and consciousness. The psychoactive chemical tetrahydrocannabinol, THC, acts on specific brain receptors, inducing a relaxed state, relieving pain, causing fatigue, and stimulating appetite (Davis Web). Marijuana is typically smoked, which releases the THC that is then absorbed into the blood stream through the lungs. Marijuana induces the release of dopamine creating a feeling of euphoria almost immediately. The fast acting drug is especially appealing to sensation seeking young adults and teens. Unfortunately, there are very real physical and mental effects of marijuana use that don’t make up forShow MoreRelatedShould Marijuana Be Banned? Essay909 Words   |  4 Pages Marijuana is now partially decriminalized in 24 states including DC and legal for recreational use in 4 states. Due to new medical studies, and the consequences on those convicted from use of the most common illicit drug in the world, the United States is being forced to rethink its stance on the matter. The fundamental argument about Marijuana in this country is: should Marijuana continue to be prohibited to citizens based on its health effects and/or medicinal values? Marijuana is the most commonlyRead MoreDrug Use American Society Today Essay1202 Words   |  5 PagesDrug Use in American Society Today Drug use in America is one of the major issues we face and the problem has skyrocketed over the past three decades. Heroin and painkiller addictions exceed all other countries. It is important that we address some of the causes that lead to the abuse, how to treat the abuse, and how to prevent the distribution of illegal prescription drugs. Drug use in the United States has increased for the past few years. A report conducted by Tobias Salinger from NY DailyRead MoreLegalize Marijuana Essay1333 Words   |  6 PagesCannabis sativa or Marijuana as is commonly known worldwide is a hard drug with adverse side effects to the users. With this reason it is an illegal drug in a majority of parts in the world. However according to research statistics, with this illegality there is still a high rise of both users as well as those initiated into the practice annually with the United Nations placing it first among the illicit substances widely used in the world (UNODC 198). Having worked previously in a number of facilitiesRead MoreEssay about Psychoactive Drugs and Their Effect on Consciousness989 Words   |  4 Pagespsychoactive drugs and other mind altering substances. In order to try to understand these questions, humans have experimented with drugs that alter their state of consciousness. Psychoactive drugs are defined as chemical substances that affect the brain’s functioning, causing changes in behavior, mood and consciousness. There are several different types of psychoactive drugs;, some of these include: stimulants, depressants, and most importantly hallucinogens or psychedelics. Humans have used these differentRead MoreMarijuana Is The Most Dangerous For Human Health1251 Words   |  6 PagesIntroduction Marijuana is the dried leaf of the Cannabis Sativa or hemp plant. The hemp plant’s dried leaves are greenish gray in color and when smoked or ingested, marijuana has psychoactive effects in humans. These psychoactive effects include: relaxation, heightened senses, laughter, altered perception of time, and increased appetite (What Are Marijuana Effects?). The main chemical in Marijuana that causes these effects is delta 9 tetrahydrocannabinol or THC, but there are about one hundredRead MoreThe Legalization of Marijuana Essay2384 Words   |  10 PagesThe Legalization of Marijuana – A Compelling Case for a Misunderstood Plant Abstract The prohibition of marijuana has sparked heated debates for years about its effects on the human body, its medicinal properties, and its effect on society; just to name a few. Although many are against the legalization of marijuana, this paper will argue that the legalization of marijuana is warranted. It will prove this by weighing marijuana’s effects on the body when smoked against the effects on the bodyRead MoreAlcohol the Most Lethal Drug Essay1426 Words   |  6 PagesAlcohol is the most lethal drug causing injuries, health problems and even deaths to people worldwide. Most people think that because cocaine, heroine and bang are not legalized then they are the most dangerous drugs but this is untrue. Alcohol is the only drug which can cause sudden death to the user in relation to its effects. Taking an example, people drinking in a bar are more likely to engage in a fight and eventually harm one another while somebody using cocaine will be at lower risk of engagingRea d MoreDrugs in Society Study Guide Essay4299 Words   |  18 PagesCCJS 340 - Drugs in Society Study Guide What drug is most commonly abused by young adults (as determined by recent surveys noted in the text)? Marijuana According to the 2005 NIDA Household Survey on Drug Abuse, people in which age group are the most likely to have ever used drugs? People between the ages of 26 and 32 Findings by the Community Epidemiology Workgroup reveal that the types of drugs used in different cities vary. Which drugs seem to be more prevalent in western cities? Read MoreMarijuana Should Be Banned Marijuana1667 Words   |  7 PagesCannabis, otherwise known as marijuana, is a way of preparing the marijuana plant so that it can be used as medicine or a psychoactive drug. It is the most extensively banned drug in Britain. However, many local societies and organizations advocate a reform of its validity. These include NORML UK, UKCSC Drug Equality Alliance, as well as Cannabis Law Reform. Other societies such as the Centre for Social Justice and Skunk Sense argue in favour of cannabis remaining illegal (UK Government, 2014). ThereRead MoreSubstance Abuse Is A Significant Public Health Issue Across The United States1835 Words   |  8 Pagesleading the world with drug research, illegal drug policy, and one of the highest legal drinking age mandates, the U.S has the highest rates of illegal drug use and abuse, especially pertaining to marijuana, cocaine and prescription painkillers (Healthy Americans Organization, 2013). Nationally, drug overdose deaths have doubled in 29 states since 1999, with Massachusetts having the 32nd highest rate in the country (Healthy Americans Organization, 2013). A large percentage of drug use is reportedly

Ericksons Psychosocial Theory Free Essays

ERICKSON’S PSYCHOSOCIAL THEORY 1. Erickson’s Psychosocial Theory PSY 104-275 ERICKSON’S PSYCHOSOCIAL THEORY 2. ABSTRACT Erickson’s Psychosocial Theory, PSY 104-274. We will write a custom essay sample on Ericksons Psychosocial Theory or any similar topic only for you Order Now Erick Erickson was a psychologist that was born in Germany and became famous for his Theory of eight stages of development. Erick believed there were eight influential stages in a human’s life. At each stage, a unique developmental task confronts individuals with a crisis in which must be resolved. According to Erickson the crisis is not a catastrophe, but a turning point marked by both increased vulnerability and enhanced potential. Key Words: psychoanalytic, psychoanalysis, Autonomy, Generativity, Stagnation ERICKSON’S PSYCHOSOCIAL THEORY 3. ERICKSON’S PSYCHOSOCIAL THEORY 4. Erik Erikson was born in 1902 near Frankfort, Germany to Danish parents. Erik found himself in quite an identity crisis while growing up. He was a blonde hair blue eye Jewish boy that found it difficult to study in Jewish temple because of his looks. And in grammar school he was out casted for being Jewish. He also studied art and a variety of languages during his school years, rather than science courses such as biology and chemistry. He did not like the atmosphere that formal schooling produced, so instead of going to college he traveled around Europe, keeping a diary of his experiences. (Personality Theories, Dr c. George Boeree. ) After a year of doing this, he returned to Germany and enrolled in art school. After several years, Erikson began to teach art and other subjects to children of Americans who had come to Vienna for Freudian training. Erick than met a Canadian dance instructor named Joan Serson who was also teaching at the school where he worked. The couple married in 1930 and went on to have three children. In 1933 he came to the U. S. and took a teaching position at Harvard. In addition to teaching at Harvard he also had a private practice in child psychoanalysis. Later he held teaching positions at Yale, San Francisco psychoanalytic, Austin Riggs center and the center for advanced studies of behavioral Sciences. He published a number of books on his theories and research, including Childhood and Society and The Life Cycle Completed. His book Gandhi’s Truth was awarded a Pulitzer Prize and a national Book Award. Erick retired in 1970. He however continued to write, do research and occasionally lecture. In 1950 serious health problems ERICKSON’S PSYCHOSOCIAL THEORY 5. forced him into full retirement. Erick died in 1994 at the age of 91. (Personality Theories, Dr C. George Boeree. ) Erick Erickson was however probably known best known for is Psychosocial Theory. Erickson’s theory was one in which eight stages of psychosocial development unfold through out a humans lifetime. Each stage consists of a unique developmental task that confronts individuals with a crisis in which must be faced. (Santrock, 2008,16) The first stage, Trust vs. Mistrust, occurs from approximately birth to one year. Erikson defined trust as an essential trustfulness of others as well as a fundamental sense of one’s own trustworthiness. He also said that some mistrust is necessary to learn to discriminate between honest and dishonest persons. If mistrust wins over trust in this stage, the child will be frustrated, withdrawn, suspicious, and will lack self-confidence. (Santrock, 2008,16) The second stage, Autonomy vs. Shame Doubt, occurs between ages two and three. During this period it is important that the parents create a supportive atmosphere for their child so it can develop a sense of self-control without a loss of self-esteem. In this stage, Erikson said the child encounters rules, such as which areas of the house he is allowed to explore. (Santrock, 2008,16) The third stage, Initiative vs. Guilt, occurs between ages ERICKSON’S PSYCHOSOCIAL THEORY 6. four and five. This is the stage in which the child must find out what kind of person he/she is going to be. The child develops a sense of responsibility in which the child increases initiative during this period. If the child is irresponsible and is made to feel too anxious then they will have uncomfortable guilt feelings. Erikson believed that most guilt is quickly compensated for by a sense of accomplishment. (Santrock, 2008,16) Erikson’s fourth stage, Industry vs. Inferiority, occurs between six years and puberty. This is the period in which the child wants to enter the larger world of knowledge and work. One of the great events and influences of this time is the child’s entry into school. This is where he is exposed to the technology of his society: books, multiplication tables, arts and crafts, maps, microscopes, films, and tape recorders. However, the learning process does not only occur in the classroom according to Erikson, but also at home, friend’s houses, and on the street. (Santrock, 2008,16) Components of Erikson’s prior four stages contribute to the fifth stage, Identity vs. Identity Confusion. This occurs during adolescence. During this period the identity concern reaches climax. (Santrock, 2008,16) Erikson’s sixth stage, Intimacy vs. Isolation, occurs during young adulthood. Intimacy with other people is possible only if a reasonably well-integrated identity emerges from stage five. The main concern of Erikson’s seventh stage, Generativity vs. Stagnation, is to ERICKSON’S PSYCHOSOCIAL THEORY 7. assist the younger generation in developing and lead useful lives. When the individual feels that he has done nothing to help the next generation then they experience stagnation. The final stage, Integrity vs. Despair, occurs during late adulthood. This is the time in which the individual looks back and evaluates their life. If the previous stages have developed properly then they will experience integrity. If the previous stages have not developed in a positive way then they will feel despair. (Santrock, 2008,16) Erickson’s model has some advantages and disadvantages to it. One of the advantages is that it is a good model to follow in infancy and in early childhood when there is little or no communication being done between child and parents. The model sets a â€Å"measuring stick† to a child’s normal development that a doctor and parents can use to see if the child is developing behind schedule or ahead of schedule. This all also allows doctors and parents to possibly diagnosis a possible mental abnormality or learning disability. However I believe this model is good to use to assume only if a child is healthy. Once a child or adult is diagnosed with a mental illness of some sort the model cannot be really used anymore. The model also has limitations to it. As I mentioned in the prior paragraph once a child or adult is diagnosed with a mental illness the theory cannot be really only used to a degree. Dependent on what type of learning disability or mental disability the child or ERICKSON’S PSYCHOSOCIAL THEORY 8. adult may have the person may not be able to recognize these developmental needs that happen throughout his or hers life. The adult or child will heavily depend on his or her caretaker to either support these developmental stages for them or the caretaker may have to be the one that actually supplies these needs and offers the reassurance that is needed to person’s stages. The relevance to society this offers is that it shows us how a healthy individual should develop through life. It is a model for us to follow to know proper developmental stages of a human being from infancy to late adulthood. It helps parents know what is the â€Å"norm† for there children and if maybe there is something developmentally wrong. In older adults it also helps us guide our way into later stages of life. It may help people who feel that they have not been successful in society feel that they are in the normal. They may see that they have developed and contributed to what the normal is expected. This paper helped me realize that there was such a model to develop developmental stages. I realize looking back to my adolescence years I have hit these stages and remember dealing with these problems. It also prepares me for what’s ahead and what to expect in later developmental stages. Being better prepared for my upcoming stages should make my transitions through them much easier. ERICKSON’S PSYCHOSOCIAL THEORY 9. References Essential of lifespan development, John Santrock, University of Texas at Dallas, published 2008 Erickson’s theory of psychosocial development, Kendra Cherry, http://psychology. about. com/od/psychosocialtheories/a/psychosocial. htm Simply psychology, Erickson’ theory, Saul McLeod, published 2008, updated 2013. http://www. simplypsychology. org/Erik-Erikson. html#sthash. byyb8hC6. dpbs Personality Theories, Dr c. George Boeree. http://webspace. ship. edu/cgboer/erikson. html How to cite Ericksons Psychosocial Theory, Papers

Capital Asset Pricing Model and Cost free essay sample

What is the WACC and why is it important to estimate a firm’s cost of capital? Do you agree with Joanna Cohen’s WACC calculation? Why or why not? Answer: The cost of capital refers to the maximum rate of return a firm must earn on its investment so that the market value of companys equity shares will not drop. This is a consonance with the overall firms objective of wealth maximization. WACC is a calculation of a firms cost of capital in which each category of capital is proportionately weighted. All capital sources common stock, preferred stock, bonds and any other long-term debt are included in a WACC calculation. All else equal, the WACC of a firm increases as the beta and rate of return on equity increases, as an increase in WACC notes a decrease in valuation and a higher risk. The WACC of a firm is a very important both to the stock market for stock valuation purposes and to the companys management for capital budgeting purposes. In an analysis of a potential investment by the company, investment projects that have an expected return that is greater than the companys WACC will generate additional free cash flow and will create positive net present value for stock owners. Thus, since the WACC is the minimum rate of return required by capital providers, the managers in the company should invest in the projects which generate returns in excess of WACC. We do not agree with Joanna Cohen’s calculation regarding the WACC from 3 aspects: 1) When Joanna Cohen computed the weights or proportions of debt and equity, she used the book value rather than the market value. The book values are historical data, not current ones; on the contrary, the market recalculates the values of each type of capital on a continuous basis, therefore, market values are more appropriate. ) The cost of debt should not be calculated by â€Å"taking total interest expense for the year 2001 and dividing it by the company’s average debt balance. These historical data would not reflect Nike’s current or future cost of debt. 3) She mistakenly used the average Beta from year 1996 to 2001. The average Beta could not represent the future systemic risk, and we should find the most recent Beta as Beta estimate in this situation. 2. If you do not agree with Cohen’s analysis, calculate your own WACC for Nike and be prepared to justify your assumptions. Answer: 1)Weights of equity and debt: In 1997 Nike’s revenues plateaued around $9 billion while net income had fallen from around $800 million to $580 million. Also, from 1997-2000 Nike’s market share in U. S. athletic shoes fell from 48% to 42%. Supply-chain issues and the adverse effect of a strong dollar had negatively affected revenue in recent years. At the June 28, 2001 analyst meeting Nike planned to add both top-line growth and operating performance. One goal was to develop more mispriced ($70-$90) athletic shoes and the other to push its apparel line. At this meeting a target long-term revenue growth rate between 8%-10% was given and an earnings-growth target above 15%. After reviewing all the analysts’ reports about the June 28th meeting Ford still did not have a clear picture of how to value Nike. Ford then performed her own sensitivity analysis which revealed Nike was undervalued at discount rates below 11. 17%. WHAT IS THE WACC? A firm derives its assets by either raising debt or equity or both. There are costs associated with raising capital and WACC is an average figure used to indicate the cost of financing a company’s asset base. More formally, the weighted average cost of capital (WACC) is the rate that a company is expected to pay to debt holders and shareholders to finance its assets. Companies raise money from a number of sources so the WACC is the minimum return that a company must earn on existing asset base to satisfy its creditors, owners, and other providers of capital. WACC is calculated taking into account the relative weights of each component of the capital structure which means it is the proportional average of each category of capital inside a firm. This rate, also called the discount rate, is used in evaluating whether a project is feasible or not in the net present value (NPV) analysis, or in assessing the value of an asset. WACC = [Wdebt * Kdebt * (1-t)] + [Wequity * Kequity] + [Wpreferred * Kpreferred] K = component cost of capital W = weight of each component as percent of total capital t = marginal corporate tax rate WHY IS IT IMPORTANT TO ESTIMATE A FIRM’S COST OF CAPITAL? The cost of capital is an important issue from the perspective of management while taking a financial decision. We can list some basic issues related to the importance of WACC and its interpretation by firms: * The importance of the WACC is in its relation to the evaluation of projects. For a project to be feasible, not just profitable, it must generate a return higher than the cost of raising debt (Kd) and the cost of raising equity (Ke). WACC is affected not only by Re and Rd, but it also varies with capital structure. Since Rd is usually lower than Re, then the higher the debt level, the lower the WACC. This partly explains why firms usually prefer issuing debt first before they raise more equity. As part of their risk management processes, some companies add a risk factor to the WACC in order to include a risk cushion in their project evaluation. * The cost of capital is also important for the management while taking a decision about capital budgeting. Naturally, the project which gives a higher (satisfactory) return on investment compared to the cost of capital incurred for its financing would be chosen by the management. Cost of capital is the key factor in deciding which project to undertake out of different opportunities. * The cost of capital is significant in designing the firms capital structure. It will direct the management about adopting the most appropriate and economical capital structure for the firm which means the management may try to substitute the various methods of finance to minimize the cost of capital so as to increase the market price and the earning per share. * The cost of capital is also an important factor for taking a decision about the soundest method of financing for the company whenever the company requires additional finance. The management may try to catch the source of finance which bears the minimum cost of capital. The cost of capital can be used to evaluate the financial performance of the top management by comparing actual profitability’s of the projects and the projected overall cost of capital and an appraisal of the actual cost incurred in raising the required funds. DO WE AGREE WITH JOANNA COHEN’S WACC CALCULATION? WHY OR WHY NOT? We do not completely agree with Joanna Cohen’s calculation of WACC. There are several problems in her calculation; * In Cohen’s calculation, she used the book value for the weights of each capital structure component (debt and equity). Book value of equity should not be used when calculating cost of capital. Instead she should have calculated the market value of equity. Also, she should have discounted the value of long-term debt that appears on the balance sheet to find the market value of debt (even if the book value of debt is accepted as an estimate of market value). * Also, she should have considered the preferred stock while calculating the weights of the components of capital structure (the redeemable preferred stock is relatively small in Nike’s capital structure so it doesn’t affect the weights). * Another problem with her calculation is about the cost of debt. Cohen used a cost of debt which is even lower than treasury yield. In common sense, a company, even it might be a large AAA firm, should be risky than US government. Cost of debt should be calculated by finding the yield to maturity on 20-year Nike Inc. debt with current coupon rate paid semi-annually instead of by taking total interest expense for 2001 and dividing it by the company’s average debt balance. USING SINGLE OR MULTIPLE COSTS OF CAPITAL IS APPROPRIATE FOR NIKE INC.? Even Nike Inc. has multiple business segments such as footwear, apparel, sports equipment and some non-Nike-branded products (which accounts for relatively small fraction of revenues), we assumed Nike Inc. o have a single cost of capital since its multiple business segments are not very different and would experience similar risks and betas. Kimi Ford was the portfolio manager in NorthPoint Group, who was concerned about whether or not to add Nike, Inc. shares into her fund. Since net income and market share had been fallen from 1997, a new strategy was proclaimed by the Nike management team during the meeting held in June, 2001: First, highly priced products are no longer their only target, now they would develop the midpriced segment so that more customers will be able to afford it. Second, another way to boost the revenue is to focus on its apparel line, which they found out to be profitable. Finally, Nike needs to reduce its costs by exerting more effort on expense control. Company executives were optimistic about the long-term revenue, expecting an 8%~ 10% growths and earnings growth above 15%. Analysts had different opinion about the company prospects; Lehman Brothers suggested a strong buy while UBS and CSFB recommended a hold. Meanwhile, Ford wanted to make her own forecast so she developed a discount cash flow to determine that, at a discount rate of 12%, Nike was overvalued at its current price $42. 09 and undervalued if the discount rate was below 11. 17%. She asked her assistant, Joanna Cohen, to calculate the company’s cost of capital precisely. On the report, Joanna Cohen used WACC to calculate the cost of capital, where she adopted book values to obtain a proportion of 27% of debt and 73% of equity. For cost of debt, she took total interest expense divided by average debt balance which resulted lower than treasury yields. For cost of equity, she used 20-year Treasury bond as risk-free rate and 5. 9% as market premium. Moreover, she divided each division by revenue, deciding to use one overall WACC. At the end, she came to a conclusion that the cost of capital for Nike, Inc was 8. 4%.