Did Homers Trojan War Exist - 1753 Words

The Trojan War, the event depicted in Homers Iliad, was the most popular subject in Greek drama and told its story elaborately to next generations. According to Homer, the war started because Helen, the most beautiful Greek woman and wife of a Greek king, Menelaus, decided to leave her husband and ran away with a Trojan Prince, Paris. This angered the Greeks so they sailed to Troy and fought for Helens return. As the war continued on, the Greeks were forced to plan a new strategy to attack Troy since the city had very strong walls and the Greeks began to realize they were unable to defeat the Trojans. The plan was to build a huge, hollow, wooden horse that was filled with Greeks soldiers. It led the Trojans to believe that the horse was†¦show more content†¦This type of well-built walls should be the same as the one described in the Iliad as very strong and could not easily be destroyed by the Greeks. This, according to Homer, was the reason why the Greeks had to come up wit h the wooden horse plan in order to defeat The Trojan. Therefore, it proves that Homers story could possibly be true. In addition to the city ruins, ancient artifacts such as weapons and armor, Hittite clay tablets, and ancient pottery could also be evidence to prove the existence of Troy and The Trojan War. Weapons and armor believed to be from the Bronze Age, the time when the Trojan War occur, have been discovered at Greece and during the excavation of Troy VI and Troy Vlla. Moreover, an arrowhead believed to be used by an invader was found west of the main street in Troy. Also, a vase, approximately 3200 years old, showing Mycenaean warriors who with helmets like the ones described in Homers Iliad was discovered. There is also evidence of a great deal of sling bullets. This implies that the city was defeated by an attacker for those who have successfully defended their city would have gathered the sling bullets and put them away, but a defeater would have done nothing with them. As for the ancient pottery found in Troy VI, it was beautiful Mycenaean pottery which is an indicator that trade between trade between Troy and Mycenae had taken place. On the other hand, no imported pots were discovered in the artifactsShow MoreRelatedAnalysis Of Homer s Iliad, Heroism801 Words   |  4 Pages​In Homer’s Iliad, heroism plays a major role in the two idols the reader will side with; Achilles or Hector. Society’s image of a hero demands for an altruistic, strong, and compassionate figure, but Homer refutes this idea of a hero. Homer’s Iliad demonstrates that in a realistic society, there is no such thing as a complete hero, and that true heroism does not exist. ​Achilles, the Achaean trophy soldier, was the creation of a mortal named Paleus and of a Goddess named Thetis. Because of his immortalityRead MoreTrojan War in Homer ´s The Iliad868 Words   |  4 Pages Homer’s Heroes The epic poem called The Iliad written by Homer concerns the Trojan War. It shows Trojan and Achaean warriors’ courage, bravery and their attempt to become the best fighter to get fame, glory, and honor. The heroes in The Iliad follow Homer’s heroic code, striving for excellence. Hector and Achilles’ strength comes from their desire for fame, glory, honor and their acceptance of fate. These qualities are considered to be characteristics of Homer’s heroic code. However, the actionsRead MoreFree Will : Ancient Literature1536 Words   |  7 Pagesstates that human life is pre-determined by such forces as gods, fate or destiny† (Cross Reference Project, 2015). The concept of free will versus fate is a prominent theme in much of literature especially those of the ancient West. Stories such as Homer’s Iliad and the Odyssey as well as Virgil’s Aeneid helped pave the way for literature to inspire society to evolve and provide us with depiction s of characters who had the ability to freely choose actions and struggle with their consequences versusRead More The Gods in Homers The Iliad and The Odyssey Essay1393 Words   |  6 PagesThe Gods in Homers The Iliad and The Odyssey The stories told in the Iliad and Odyssey are based on stories handed down over several generations, for they preserve (as we have seen) memories of an already quiet far distant past. The two pomes show clear connection in their language and style, in the manner in which their incidents presented, and in the combination of agreement with level, which distinguish their creation. The work was written by one author but gave two diverse views on theRead MoreExistentialism And Akhilleus : State Of Affairs1182 Words   |  5 PagesExistentialism and Akhilleus’ State of Affairs in Homer’s Iliad Existentialism is a philosophy that deals with human existence. This philosophy is a complex subject that asks questions about life that include meaning, purpose, choice, morality, ideology, and individuality. When reading other texts one could easily make connections to existential themes within the book’s literary tropes. Occasionally, some books have an overloaded abundance of existential themes. Homer’s Iliad is one of the books that compriseRead MoreThe Trojan War : Is The Oldest Record Many Historians?1845 Words   |  8 PagesThe Trojan War is a topic that comes with many discussions, questions, and beliefs that many people even today are looking into. The Iliad, created by Homer, is the oldest record many Historians use to start their research on the Trojan War. Unfortunately, his version of the Trojan War was made 480 years after it occurred, which leaves many people to question if Homer’s story was true or not. In today’s times we still may not have all the answers of the Trojan War but we do have evidence and possibilitiesRead More Comparing the Role of the Noble Lie in the Iliad and the Republic1195 Words   |  5 Pageshis republic. However, when the noble lie is translated to actual cities, or presented in a realistic way in literature, we see how it does not live up to its expectation. To introduce a noble lie to the Iliad would require thinking as a Trojan or Achaean would: believing in the supreme-power of immortals and predetermined fate. For the two warring sides to achieve peace, a lie undermining the power the immortals hold over the mortals would need to be introduced. The core of the lie isRead MoreEssay on Was Troy The Movie Accurate According To Homer?1791 Words   |  8 PagesWas Troy the Movie Accurate According to Homer? Did the movie Troy, released in 2004, accurately depict the story of Homers epic poems the Iliad and the Odyssey, and was it a good movie from a critical point of view? I think it was a good movie from an entertainment standpoint, but it fell short in its comparison to Homers epics. As a fan of epic movies, I have watched the movie Troy a couple of times. In comparing the movie to the epic, there are various discrepancies betweenRead More Troy, Truth in the Myth? Essay example1962 Words   |  8 PagesBC while on route east to conquer Asia, came to Troy looking for the city immortalized in Homers Iliad. Presently, archaeologists visit Hisarlik, a site in northwest Turkey, as it is believed to be the location of the ancient city. Alexander must have been puzzled when he had arrived in Ilion, the name of the city at the time of his visit. Ilion was a small colony founded centuries after the Trojan War supposedly took place; Alexander and his men must have had a similar reaction to what theyRead More The Role of Women in the Odyssey Essay1212 Words   |  5 Pagestraits and perform certain tasks that men demanded of them. Does Homers writing in The Odyssey support or refute the common belief of his time regarding women? Homer endorsed the dominating belief of his time concerning women by treating the female characters unequally and differently compared to the male characters in The Ody ssey. By examining the women of The Odyssey one comes to one conclusion about women in Homers epic. Homers male characters in The Odyssey consistently treated women differently

Schizophrenia Is A Heterogeneous Illness - 1719 Words

Schizophrenia is a heterogeneous illness that may involve several pathophysiological gender differences. For men and women incidence risk peaks between 20-29 years of age, and women also have a second risk peak between 30–39 years of age. Negative symptoms including low motivation and withdrawal are more frequent in men and appear up to six years before diagnosis (Hafner, 2005; Hafner et al., 1993; Morgan et al., 2008). Women exhibit greater levels of depression and positive symptoms including sexual inappropriateness, impulsivity and delusions (Mendrek et al., 2015; Van der Werf et al., 2014). Sex differences in either age of onset or prevalence of negative symptoms are not as evident in patients that have a family history of schizophrenia (Bergen et al., 2014; Hafner et al., 1998). Estrogen has been proposed to have a possible protective role that may account for a later age of disease onset in women, when levels are lowest during post-response rates to antipsychotic drugs are also higher in women menopause (Allen et al., 2013; Hafner, 2005; Leung M.D. Chue M. R. C. Psych., 2000; Ochoa et al., 2012). Obstetric complications have also been connected with an increased risk of developing schizophrenia, an earlier age of disease onset, poorer outcomes and ventricular enlargement. Such complications appear to be more frequent and severe in males than females. (Allen et al., 2013; Dalman et al., 1999; Kelly et al., 2004). Prenatal exposure to influenza 5 months before birthShow MoreRelatedSchizophreni A Mental Illness1199 Words   |  5 PagesChidubem Ike-Asogwa Professor Crawley PSYCH 201 April 17, 2017 Schizophrenia continues to create new challenges today and continue to be a complicated mental illness. 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The film offers much, and relevant insight into the psychological condition of schizophrenia, including information on the symptoms, the treatment and cures, the life for the individualRead MoreSymptoms And Treatment Of Schizophrenia1545 Words   |  7 PagesSchizophrenia, according to the Diagnostic and Statistical Manual of Mental Disorders (DSM), is a psychotic disorder that is characterized by delusions, hallucinations, disorganized speech and behaviour, and other symptoms that cause social or occupational dysfunction (American Psychiatric Association [APA], 2013). The symptoms of schizophrenia invade every aspect of a person: the way someone thinks, feels, and behaves; which implicates their interpersonal and working relationships. Individuals sufferingRead MorePrimary Neurological Brain Abnormalities And Individuals With Schizophrenia960 Words   |  4 PagesIntroduction There are primary neurological brain abnormalities in individuals with schizophrenia. According to Fusar-Poli (2009), schizophrenia is delineated by prefrontal activity and elevated striatal dopaminergic functions. These elevations in striatal dopamine activity and prefrontal cortical dysfunctions (Fusar-Poli, 2009). Along with other abnormalities in white matter as well as, having been observed in the right superior frontal gyrus, left middle frontal gyrus, bilateral parahippocampalRead MoreSymptoms And Treatment Of Schizophrenia Essay1348 Words   |  6 PagesSchizophrenia According to the fifth edition of Diagnostic and Statistical Manual of Mental Disorders (DSM-5), schizophrenia is a severe, chronic and debilitating mental disorder characterized by impairment in one’s cognitive, behavioral, and emotional functioning, which leads to social and occupational dysfunction (American Psychiatric Association [APA], 2013). Prevalence of schizophrenia in the United States is 1.1%, (National Institute of Mental Health [NIMH], 2015), and the economic burden relatedRead MoreSchizophrenia And Its Effects On Society1195 Words   |  5 PagesSchizophrenia is a considered a severely chronic, disabling brain disease. Sufferers that have schizophrenia tend to experience hallucinations, delusions and sometimes distorted reality. When an individual is diagnosed with schizophrenia, they are physically inept to acting out â€Å"everyday functions†. With careful research, it is now known nearly one percent of the American population develops schizophrenia. U nfortunately, that portion is about two million american citizens and the numbers are slowlyRead MoreSchizophrenia: Types, Symptoms, Medications, Treatment Essay example2723 Words   |  11 PagesTREATMENT Schizophrenia is sometimes considered the most devastating of the mental illnesses because its onset is early in a patient’s life, and its symptoms can be destructive to the patient and to the patient’s family and friends. Although schizophrenia is usually discussed as if it were a single disease, this diagnostic category can include a variety of disorders that present with somewhat similar behavioral symptoms. Schizophrenia probably comprises a group of disorders with heterogeneous causesRead MoreSymptoms And Symptoms Of Depression1197 Words   |  5 Pagesdiminished energy levels, sentiments of blame or low self-esteem, disturbed appetite or sleep, and poor focus in daily life matters. Symptoms of anxiety and insomnia are closely associated with term depression. Depression can be categorised as â€Å" Mental illness† because it severely affects the state of human’s mind and propose hurdles and obstacles in daily life matters. Problems associated with d epression can become chronic or acute which can cause significant impairments in a person’s life and can hinderRead MoreMajor Components of Of Mice and Men1826 Words   |  8 PagesMental illness comes in so many different forms, mental hospitals hold a lot of patients with schizophrenia. Mental hospitals are being taken down and becoming more and more rare every day so another major place you see people suffering from a mental illness is prison, and schools. In the book Of Mice and Men, one of the two main characters Lennie suffer from mental disabilities, he is slower at thinking and see things that are not real. Lennie shows a lot of signs of having schizophrenia, one of

The Idiots Manual to National Elementary Honor Society Essay Samples Revealed

The Idiot's Manual to National Elementary Honor Society Essay Samples Revealed National Elementary Honor Society Essay Samples and National Elementary Honor Society Essay Samples - The Perfect Combination I have to admit this is something which I've been looking forward to since the start of my high school career. In school, an individual can assume the position of being a true leader by tutoring classmates. However, as a diligent student, I opted to endure those moments. You should have your reasons, and our primary concern is that you wind up getting an excellent grade. Ok, I Think I Understand National Elementary Honor Society Essay Samples, Now Tell Me About National Elementary Honor Society Essay Samples! The majority of the recommendation letter for the student will incorporate information about the reason why they would be a superior fit for the NHS. Parent information isn't accepted. No parent information is going to be accepted. Then be certain all considerable in formation is seen before applying and you must be discerning. According to the ECS NJHS Handbook, a written letter could be sent stating that the student wasn't selected and a reason behind that non-selection could be noted. Composing your own CV after graduating might be tricky, especially in the event you're searching for your very first standing. I've always used my abilities to help my fellow students whenever they're in need. Students may ask the way the selection process was conducted, but there is not any requirement an explanation of why a specific student wasn't selected be explained. Introducing National Elementary Honor Society Essay Samples Furthermore, I have all the essential qualifications which are needed for one to be given this specific scholarship under NHS that is a prestigious organization in the USA of America. If you strongly think that you possess the traits required via this organization, learn how to compose a National Honor Society essay. Volunte er projects required by means of an organization isn't going to be accepted. For instance, information concerning NHS scholarships, chapters, activities, awards, and the way to begin a chapter can readily be accessed through their site. Parent or Teacher nominations aren't accepted. Students lead busy lives and frequently forget about a coming deadline. Participation awards aren't accepted. Facts, Fiction and National Elementary Honor Society Essay Samples Participating in spelling contests, I achieved some excellent outcomes. This club is essential since it is the very first dance club at my school. Group or team awards aren't accepted. We can help you in writing a paper because our organization is regarded as among the best ones and ones writers take part in seminars to better their abilities. Also, you could be asked to compose an NHS essay before joining. You might have to compose an NHS essay before joining to demonstrate that you're eligible to join a prestigious organization. Essay writing isn't always straightforward. All is possible if you'd like to obtain a paper since there are many essayA writing services where you find writers with perfect abilities and qualities who can assist. A specialist writer who's seasoned in writing NHS essays can assist with an outline, give advice, point you in the correct direction, or even compose the full essay below your guidelines. Writing a national honor society essay by yourself, you might come to an issue of locating a draft to examine. National Elementary Honor Society Essay Samples - Is it a Scam? They further are available in international and American schools throughout the world. The students who've been selected as NHS members have access to different benefits that the organization offers. Chapters may also be found in international schools and American schools across the world. A Startling Fact about National Elementary Honor Society Essay Samples Uncovered Accountants are essential to the function ing of any enterprise. Financial need is going to be taken into account too. What is Actually Going on with National Elementary Honor Society Essay Samples If one has a superb character, then it's very likely that one also has the other few pillars also. I think that character is a huge portion of life. Character is the thing that makes people believe in you and in addition, it can help you succeed in your private life. Possessing a great character makes it possible to in turning into a good leader without forgetting to be a scholar.

Debt sustainability and Fiscal Councils Economics

Questions: 1. Evaluate the effects of an austerity fiscal programme in a situation when a government is running negative primary deficits, the nominal interest rate is close to zero, the real GDP is growing, after a period of a prolonged recession and the inflation rate is close to zero. 2. Discuss how your answer may change if the country falls into a deflationary spiral. 3. Briefly discuss Fishers Debt-Deflation hypothesis and the Post-Keynesian development. Answers: Introduction An unending ripple on the economic health of the nations has been created by the global financial crisis of 2008. In order to stimulate the economy, the governments rely on deficit spending during the time of crisis (Wren-Lewis, 2013). Huge spending capacity of state and inappropriate revenue collection was noticed in European countries. This created deficit bias in those countries (Abbas, et al., 2013). In order to improve fiscal discipline many fiscal institutions emerges. The first purpose of this essay is to discuss the factors that are responsible to accumulate large debt of the government and risks associated with the accumulated debt. The second purpose of this essay is to discuss OECD governments deficit financing, which has been increasing rapidly since 1990s. This paper also focuses on the role of fiscal institutions in reducing the debts of the government. Theory Government revenue declines and social expenditure grows during the financial crisis and government alters its policies according to the phase of cycle that it faces. This further increases the borrowing of the government for the next years. The optimistic approximation of fiscal policy causes the rapid increase in public debt prior to the recent crisis. The following recursive equation represents the debt accumulation dynamics. Bt = (1+r)*Bt-1 + Gt-Tt Debt level of present year ( year 1) is positively correlated with debt and government spending of the previous year ( year t-1). Moreover, T is negatively related with debt level. As primary deficit increases the accumulated debt also rises. Accumulation of debt also cause due to the factors like high rate of interest, high borrowing and low investment. The equation of debt accumulation can be further derived by incorporating the level of output Yt. Bt/Yt Bt-1/Yt-1 = (r-g)*Bt-1/Yt-1+(Gt-Tt)/Yt The difference between real rate of interest and GDP, i.e. r-g and the primary budget balance as a percentage of GDP, i.e. (Gt-Tt)/Yt, are the two factors that control the debt dynamics of the government. Positive value of (r-g) causes increase in debt stock. When the same value is negative, the debt stock decreases. A surplus in budget allows the government to finance its existing debt, whereas further borrowing funds primary deficit. If the rate of inflation is high then the bondholders will demand a hike in the rate of interest rate. If the government has significant primary surplus then it might decrease the rate of interest. The Debt-GDP ratio grows slowly at (r-g) rate, , if the GDP increases. When the primary deficit is nil, the debt increases only with the real interest rate. Hence, the growth rates adjust according to the government deficit. In the following section, all of the above discussion will be formalised. The slope of the main equation that explains debt-GDP dynamics is greater than one. In this case, the interest rate of a country is higher than the growth rate (Figure 1). If debt is assumed to be positive in the beginning, then debt-GDP ratio for t=2; t= 3 etc will be same with debt pinned in the x-axis. This implies that debt-GDP ratio increases at the same rate equal to the growth in rate of interest and Gross Domestic Product proceeds at a lower rate, when the government finances interest payments for accumulated debt with further more debt. Figure 1: (Source: Blanchard et al., 2010) In contrast, when the rate of GDP growth is higher than the real interest rate, it is considered as exotic case. However, the rate is too low for most of the countries so there is no exotic case in the current market. The main equations slope is less than 1, as represented by Figure 2. In this case the debt is lower, and attaining a stable level. Here, debt rises at the rate real interest rate is growing. However, it is poorer than GDP growth. So debt will reduce to zero if primary budget is balanced. The debt will still converge even if state runs constant deficits. Diagram 2: (Source: Blanchard et al, 2010) The following main section will discuss solutions for the government handling debt-management. Policy The rising trends in government debt in the OECD countries during 1970s to 1990s questioned the effectiveness of unrestricted fiscal policy. U.K and the OECD countries focused on reducing the high debt on the part of governments and thus fiscal rules appeared in those countries during late 90s. The number of fiscal councils has been growing ever since the notion of failure of discretionary fiscal rules started to gain momentum. The first fiscal council was established in Netherlands, in 1960. There are thirty fiscal councils has been established by 2013, all over the world. Among the few studies that focus on the effectiveness of the fiscal councils, the research by Debrun and Kumar (2007) stated that fiscal councils helps in improving the performance of nations, as it implements several measures in order to monitor and forecast the future consequences. These councils also provide neutral assessments of the current situation and advices to adopt proper measures to get better in fisca l performance. Since the concept of fiscal council is relatively new, only few researches are conducted related to this. The journey of fiscal councils and the role played by them in the current fiscal regulation are systematically explained by Calmfors and Wrenà ¢Ã¢â€š ¬Ã‚ Lewis (2011). This insightful research presented that the activities of fiscal councils are diversified and they are of huge variety. The growing numbers of fiscal councils demonstrates that the fiscal rules are not enough to certify appropriate operations of the government. The primary role of the fiscal councils is to influence the public debate by planning, forecasting, analyzing or advising the fiscal authorities (Jensen, 1997). However, the primary role of the fiscal authorities is to help the fiscal institution to apply fiscal decisions. Hence, the difference between the role fiscal councils and fiscal authorities is clear. In a research conducted by IMF (2013) it was stated that the information asymmetry is the major reason behind the deficit bias. These information asymmetries are removed by fiscal rules backed by the fiscal councils. According to the Fiscal Assessment Report, 2012, deficit bias is described as the tendency of governments to allow deficit and public debt levels to increase. Information dilemma; electoral competition; common-pool theory; impatience; exploiting future generations and time inconsistency are the factors responsible for deficit bias. The fiscal councils assess the quality of the fiscal policies that are to be undertaken by the government. They have the authority to gather information regarding this. By combining various literature it can be said that fiscal councils contributions are several and significant. Before preparing the budgets, these councils provide unbiased and unconditional forecasts regarding the macroeconomic variables. Moreover, fiscal rules of the respecti ve authorities are implemented by the fiscal councils. In addition to this, fiscal councils help the government in finding correct and accurate measures in order to overcome the difficulties present in the current structure (Cangiano, Curristine and Lazare, 2013). The fiscal councils are established to endorse a culture of lucidity and strength of the fiscal rules in order to enhance the status of the government (Cangiano et al. 2013). Through assessment of plans and finances, these councils help to create sustainable public finances. The functions of fiscal councils clearly indicate it objective. However, despite of several benefits obtained by establishing the fiscal councils, their functioning depends on several reasons like full elimination from political affairs of the state, a strong and efficient communication approach that develops their value in public debate and a persistent supervise of the current fiscal policies of the government. For well functioning of the councils these prerequisites are necessary. By presenting up-to-date information on the fiscal condition of the country, the fiscal council helps to improve the market discipline. Financial institutions do not require to build up the fiscal policy developments of the governmen t but it allows them to focus only on the reports prepared by fiscal councils. Fiscal councils can improve the democratic responsibility of a nation by enlightening voters about the fundamental condition of the financial performance. This is pointed out by the authors Debrun and Kinda (2014). Many researchers also opined that competence of the government spending can be better off with the help of fiscal council (Bohn, 1998). Office for Budget Responsibility or ORB, which is the official national fiscal council, was established in 2010, in UK. Official forecasts to the government have been proactively made by them, since then. According to the Calmfors and Wren-Lewis (2011), the crucial role of this fiscal body is to offer guidance to the state administration; hence it is a division in the state decision making system. This questioned the sovereignty of the fiscal council, as the government is able to influence or manipulate the council while making a decision. The vigilant status of the council is also doubtful because the council has no right or authority to appraise the outcome of alternate fiscal strategies that the government could have adopted. Government of most of the countries including U.K, have a strong craving for constraining the criticism, which is done by the council to curtail the short-run spoilers that come out from such analysis (Checherita-Westphal and Rother, 2012). This is mainly bec ause of the above aspects; it is sometimes argued that U.K government bring to bear specific stress on the Office for Budget Responsibility. von Hagen (2010 cited in Gianviti, et al., 2010) stated in this regard in his research work. According to him, the reliability of medium-term fiscal goals can be improved through fiscal policies, only if the government of the country has enough commitment. If the government dominates the imposition of decisions and manipulates it assessment regarding the fiscal condition of the country, then the effectiveness of the fiscal councils will be hampered. Conclusion It cannot be denied that since the 1970s, the deficit bias is a perpetual trouble of the OECD countries. The global financial crisis of 2008 has fetched the fear and alarmed the developed nations that funding the deficits cannot be cured even in the long run. As in most of the cases, debt financing of this year has led to borrowing and falling into the debt-trap. The major distress of the government of developed countries is its growing debt-to-GDP ratio. Enlargement of the primary deficit, decline in the economies overall growth rate of and a hike in the rate of interest; are the three principle reasons identified as responsible for the increasing debt-to-GDP ratio. Growing public debt endangers the government in terms of fall in economic growth through cutback in production efficiency and wealth accumulation. A careful fiscal measure, rise in surplus or sell off assets along with efficient and effective fiscal rule can be used as techniques to lower the debt-to-GDP ratio by the gov ernment. In Organization for Economic Cooperation and Development (OECD) countries, fiscal councils have been found to be a very popular concept in the current period. The rationale behind founding fiscal councils is to contribute and improve the usefulness of the fiscal rules made by the government. Fiscal councils aim to eradicate asymmetry in information. It also provides unbiased and absolute forecasts. Along with improving the efficiency of expenses of the government, the councils also focus to advance overall performance of the financial markets. However, some of the councils like UK Office for Budget Responsibility, are not completely autonomous and mostly controlled and managed by the government. Therefore, such types of financial councils are yet to prove themselves capable of improving the overall condition of the economy, in order to facilitate sustainable development. 1. The economic downturns in an economy are not naturally concerned with financial crises but are also concerned with considerable worsening of fiscal positions in the economy. The increase in public debt is due to the decreasing revenues, and higher expenditures have led to a rapid deterioration of fiscal balances. The Great depression in 2007- 2009 had led to rising in increase public debt because the falling of tax revenues resulted in income fall. However, to combat the Great Depression, fiscal stimulus was given which affected the public debt by increasing the value by two fold of GDP. Against these conditions, governments started undertaking policies to reduce the public debt and deficits. Nevertheless, the government adopted combinations of tax based and spending consolidation measures (Ball et al. 2013). However, the spending based considerations for fiscal austerity can be expansionary such that its tends to be long lasting and can increase in GDP or a small recession whereas the same cannot be said for tax-based consolidations because they are transitory and is connected with a slowdown in GDP growth. However, the two variables mentioned above are the two largest government spending items that are responsive to the reduction in social spending especially on salaries and public wages (Perotti 2013). Fiscal policy does not operate when the economy is facing a gap in the economic effects. The adverse economic effects can counterbalance the monetary stimulus. Regarding economic consequences if the central banks cut their policy rates to zero in the fiscal austerity period then the set of possible policy is different from the tools that are set and considered in the period of austerity. The zero lower bound of the nominal rates not only have received attention but also have found that the fiscal stimulus would possibly be strong. Hence, fiscal stimulus will raise the expected inflation which will, in turn, push the real interest rate negative that will increase the consumption. However, it can be stated that when nominal rates are zero the fiscal consolidations are expensive (Haltom and Lubik, 2013). The fiscal austerity on a prolonged period after recession faced substantial distributional effects due to the combinations of spending and consideration tax measures. The main effects are highlighted below: Effect on Poverty and Inequality The effect on inequality and poverty was affected basically due to the changes in the taxes and welfare that accounted for the poorest tenth of the total population. Every measure has reviewed the wealth to increase in the economy by making rich richer and poor poorer. Though the GDP is increased, it accompanied increasing levels of apprehensive work accompanied by obliteration of mechanisms to reduce poverty and lower inequality. Therefore, financial austerity resulted in increased inequality in which the richest continued to gain inconsistently from the new growth in the period after recession (oxfam.org 2013). Effect on Wage Income A focus on income shares showed that there is a decline in the average incomes and those positions that review an economic fall are also affected by the shrinkage affected by a sizeable number. However, the results for disposable income without the housing costs had adjusted nature in the current income situation whereas as compared with the housing purchases, it did not show any sizeable adjustment in the current income situation. The income changes affected other social, economic factors like health, declines in the academic performance, earnings potential of the children of displaced workers and economic vulnerability (Callan et al. 2013). Effect on Output and Employment The output and unemployment effects of fiscal adjustments resulted in endogenous labour participation and job seekers that were heterogeneously unemployed with an element of "automatic stabilisation". However, the government system lead to diminished vacancies, high output losses and least benefits regarding deficit reductions. The effect was negative because these effects created an additional wealth in the economy which reduced the number of people employed and ultimately faced a downturn in investment demand and consumption (Bermperoglu et al. 2013). However, the unemployment faced led to a significant long-lasting and long-term unemployment for those who had been unemployed for a long time in the OECD Countries thereby threatening the social cohesion (Ball et al. 2013). 2. The effect of the deflationary spiral on fiscal austerity is the study of the liquidity trap that an economy faces with nominal rigidities at zero level bound. The higher government spending consolidation measures can cause deflationary effects such that it reduces the spending multiplier at the zero level binding rates. However, these confidence shocks are caused fundamentally due to taste shock in which government spending can be checked by inflationary trends and can be related to spending multipliers (Mertens and Ravn 2014). The problem of the deflationary spiral is because of the replication in the interdependent economies. However, the deflationary spiral theory is valid when it assumes that fiscal policy is efficient and fiscal multipliers are positive (Kitromilides 2011). However, deflationary spirals with shocks have a direct effect on inflation and the monetary tools possess no effect at all because the monetary policy can no more affect the nominal interest rate, therefore, proving its incompetence (Buttet and Roy 2011). The risk of deflation can also be given by Philip's curve when the risk of deflation and inflation are examined together based on differences from the unemployment rate from the equilibrium level. However, the model highlights the inverse relationship between the unemployment and price level with the major role of slacks and inflation expectations. One example can be given on the deflationary spiral namely the Federal Open Market Committee that unconfined long-run forecasts of inflation backed by appropriate actions (Williams 2010). The effect of a deflationary spiral is caused by the balance sheet recession in which the private sector saves instead of borrowings and pays the debt even when nominal interest rates are zero which ultimately results in an economic slowdown. The idea variable is contradictory instinctive because when a single individual cuts down borrowings and saves to pay the debt, then the person's balance sheet improves. But if the complete private sector does the same thing by minimising its debt without government spending measures, then the economy loses its regular demand and falls into recession rather depression in the long run. However, large cuts in spending can cause a, by and large, effect on the economy as a whole. According to International Monetary Fund's (IMF), when the private sector is paying its debt, then government becomes the borrower of only remaining option (Koo 2011). The sequence of the debt and deflationary spiral process are enlisted below. The sequence of the debt and deflationary spiral process are enlisted below. As the expectations of the people further go down, the prices fall, which makes the consumer to postpone its purchases. However, postponement of purchases results in fall of aggregate demand, which in turn pressurizes the prices to fall. Also, the currency values consolidate and create a bad situation using trade channel. The reducing prices decline the use of public and private sector, which induces the household's consumption to fall regarding goods and services to pay a higher proportion of the debt. However, government even restraints its spending relating to intensification of deflationary spiral. The above factors result in grief selling because the households have to pay debts on time, which result in declining asset prices. However, it's the same when government privatizes the public assets to pay to its creditors which pressure the asset prices to fall. Nevertheless, as the assets prices decrease, the net value of the households and the organization's fall which results in impetuous bankruptcy. In total, there is a decline in aggregate demand leading to falling in profits with a reduction in the employment and output. The normal outlook of the economy is faced with loss of confidence, negativity and decline in preferences with accumulation of money. Nonetheless, under these situations, the nominal rates are falling with decline in real interest rates thereby hindering the debt and deflation spirals (Frangakis 2015). To combat these deflation debt crises, there is a need for less austerity and more fiscal stimulus. According to Francesco Caselli, more focus should be given to structural reforms than the austerity. However, the time is the best factor to balance the deficit (knowledge.wharton.upenn.edu, 2015). 3. Fisher's debt deflation hypothesis is given in the instances in 1920 when Fisher views the crashed plateau of the stock market. From the above points of deflationary spiral, Fisher identified a chain of events of distress selling, rising real interests rates, declining asset prices, declining net worth of the economy and rising bankruptcies, credit curtailment, growing distrust, bank runs, asset dumping and hoarding of money depicts that deflationary forces increased the public debt burden. However, Fisher believed that abandoning the gold standard might finish the deflation (Vago, 2009). Deflationary spiral or debt-deflation is a basic theory of economic cycles, which holds the depression and depression resulting from mostly level of deflating. The credit cycle is the basic case of the trade cycles. In observing the chain of events, Fisher found the great paradox' where the more the debt is paid, the more the debtor is to be indebted. According to Fisher, it was conventionally propagated the situations of bankruptcies, starvation and unemployment. However, it was argued that the depression could be cured and prevented if stabilization and recovery measures are applied. However, as said by Fisher, deflation increased the public debt burden. Source: (Vago, 2009) However, Fisher's great paradox' outlined Keynes's savings paradox. Keynes opines that though the amount of savings by the households will make them hold cash and hoarding cash will increase their incomes. Nonetheless, this will make the households save any amount of money they want. Besides, every saving on consumption will ultimately result in increased income and will counter the theory given by Irving Fisher (Frangakis 2015). About this, there will be no reduction of wages or restriction on the quantity, which will restore its equilibrium back to the full equilibrium level. The fall in prices will not only increase the debt burden but will even increase the money's value, which remains to be fixed. However, according to Keynes a solution must be devised that will avoid bankruptcies, credit curtailment, growing distrust, bank runs, asset dumping and hoarding of money; essentially that will shudder the capitalist order base (King 2012). Keynes work was market-based, but it did not formulate the self-regulated mechanism to bring to the level of full employment level with negative expectations. Keynes criticized Fisher's theory but was not able to provide a proper analysis to the criticism such that the economy will be in underemployment equilibrium due to the lack of credit in the market and less control of the private sector (Shiller 2013). The Keynes explanation was devoid to support the theory of Fisher because in his theory there were no monetary policy measures that could increase the government or household spending. Though, he even laid the answer to fiscal expansion of the aggregate demand through lower taxes and higher government spending to improve household income in the economy. The Keynes explanation was devoid of supporting the theory of Fisher because in his theory there were no monetary policy measures that could increase the government or household spending. Though, he even laid the answer to fiscal expansion of the aggregate demand through lower taxes and higher government spending to improve household income in the economy. One real life example can be given from Greek Crisis that as extensively ensnared with construction of euro zone. However, according to the Greek crisis, the public debt burden is different from euro zone because alternate of Fisher and Keynes theory was applied that means that the fiscal policy operated in different direction (Elliott, 2015). However, debt deflation is not the only theory that devises bubbles in the economy and Fisher's theory lacked the basic fundamental role of debt. This theory was revised by Keynes and later my many other theories like Austrian business cycle theory which stated that the economic crisis is the result of low investments and excess growth of credit. Lastly, Fisher's theory was based on demand side whereas Austrian theory is based on supply side (Prychitko 2010). References Ball, L.M., Furceri, D., Leigh, D. and Loungani, P., 2013.The distributional effects of fiscal austerity. United Nations, Department of Economic and Social Affairs. Bermperoglu, D., Pappa, E. and Vella, E., 2013. Spending-based austerity measures and their effects on output and unemployment. 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Deficit reduction, the age of austerity, and the paradox of insolvency.Journal of Post Keynesian Economics,33(3), pp.517-536. knowledge.wharton.upenn.edu, (2015).Does Austerity Work? Or Does It Make Things Worse?. [online] Available at: https://knowledge.wharton.upenn.edu/article/does-austerity-work-or-does-it-make-things-worse/ [Accessed 20 Jan. 2016]. Koo, R., 2011. The world in balance sheet recession: causes, cure, and politics.Real-world economics review,58(12), pp.19-37. Mertens, K.R. and Ravn, M.O., 2014. Fiscal policy in an expectations-driven liquidity trap.The Review of Economic Studies, p.rdu016. Perotti, R., 2013. The debate on the effects of fiscal consolidations. Prychitko, D.L., 2010. Competing explanations of the Minsky moment: The financial instability hypothesis in light of Austrian theory.The Review of Austrian Economics,23(3), pp.199-221. Shiller, R.J., 2013. Irving Fisher, Debt Deflation, And Crises.Journal of the History of Economic Thought,35(02), pp.179-183. 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