Digital Box

 §1. Utility is the pleasure over pain. I prefer it to be total experience  minus pain.  §2. This pleasure as it is claimed diminishes when more and more extra units of pleasure is added.  §3. Pleasure is indirectly measured by quantity of the thing to be consumed. More quantities consumed in succession, it gives less and less pleasure on margin. §4. Now let us divert from these established way of thinking (or may be I get so). Does the pleasure come from fulfilling the objective for which action is taken or by just the action of consuming? If we say the objective then utility can be fulfillment of sense organ pleasing or fulfilling human needs. If we give up sense pleasure and just focus on human needs then utility is continuing the existence.  §5. If utility is related with need fulfillment, can we say need is full filled in stages and that is in diminishing fashion? I think, need is just need and its fulfillment is not possible in stages. Action can be taken ...

 §1. Can we just import concept of force to economics through use of marginal analysis? §2. Can we say any rate of change work in every situation? §3. Is there no difference between things that has mass and governed by natural laws and human behavior? §4. Is there any equilibrium in reality in economics or it is maintained to be by using marginal analysis ? (I.e. by using rate of change and using force like languages)  §5. Can we make a method which can explain the real phenomenon yet without marginal analysis imported from physical science?

 §1. By some criteria related to Pareto efficiency, Social welfare is enhanced when no one become worse off and at least someone become better off.  §2.  Suppose a condition where two person run the economy. One is employer and another a constant employee. Employer gives employee land and seed for agriculture production. Out of that production employee get 1/4 of output. First time period, employer gets 3/4 and spent 1/4 on seed, consume 1/4 and store 1/4. At beginning of second period employee has nothing and employer has +1/4 wealth and land. With additional capital of 1/4 and labor of employee new income is generated. Now again 1/4 is given to employee but this time more than previous 1/4 is gained and may be stored by employee too.  §3. In long run, employer has wealth enough to influence the demand of any product by having more endowment  and employee  must follow that price. I.e. employer not only get what he wants but also hike price in the process w...

 §1. Each assertion as coin toss, if error then success else failure hence binomial model is suitable (also discrete random variables) §2. To keep the level of risk when using sampling within acceptable level by using binomial distribution  §3. To build analytical model under Analytical Procedures for estimate etc.  Note: can be completely wrong, just in initial phase of model building 

 §1. Basic Audit Risk Model used in all standard textbooks is AR=DR*IR*CR Where, AR= Audit Risk DR= Detection Risk IR= Inherent Risk CR= Control Risk §2. Control risk at first assessed based on design of the ICS relating to Financial Reporting or relevant to such. §3. In that stage, the actual implementation of ICS is unknown and to reduce detection risk, audit procedures are designed on the belief of that much information. §4. When Test of Control is performed, the risk universe gets reduced because the auditor is no more in uncertainty about controls.  §5. Now the chance of occurring error should be selected from new universe based on results of ToC.  §6. Based on new conditional probabilities, DR should be updated and audit procedures should be modified, if required, because both AR and IR are constants, and CR become certain hence DR is the only variable that can be changed. We have taken that the Random variable X which is Error for the model, we are considering has ...

LEGAL PERSPECTIVE  §1. Ownership is a legal concept which is agreed upon right of exclusion over things owned from rest of human beings. Or it is legal right or the right of protection from the sovereign to the owner that You can have things you owned.  §2. For a thing which was never owned, possession over period of time when recognized by the sovereign gives the right of ownership there. In other cases, mix of capital and labor or the exchange of something owned gives rise to ownership when transferred within legal framework.  §3. For all things other than pure land, it may be justifiable to put money value on the mixture of capital and labor to price the thing and get ownership over that to preserve its future uses.  §4. For land, can it be owned? Text as far as I read and understood, they see ownership over land as relaized right, i.e. ownership established after claim is made by possession by force on foreign land and by other manner in homeland. But they failed...