Market Failure With Graphical Analysis Economics Essay

Market Failure With Graphical Analysis Economics Essay As Roral Coase indicated, the question to be decided is: Is the value of fish lost greater or less than the product which contamination of the stream makes possible. Thus, it is understand that concept of social efficiency is difficult to achieve because of unexpected costs. Government intervention to the economy can be justified when market fails to achieve social efficiency (Webster, 2003). Social efficiency occurs when marginal social cost (MSC) is equal to marginal social benefit (MSB) (Sloman and Garratt, 2011). The market demand curve reflects MSB from an economic activity and supply curve reflects MSC of it (Begg, 2009). Instead, markets do not always attain an efficient output because of under-production and over-production of some goods and services. Inefficient level of production causes deadweight lost which represents a decrease in total surplus and this is market failure (Parkins, 2012). Under these conditions, Pareto efficiency cannot exist. According to Verhoef (1997, p. 3) Pareto efficiency is, a feasible situation, usually in terms of the allocation of goods and production factors, for which exists no other feasible situation that is weakly preferred by all agents. So, he concludes that markets mostly fail to achieve Pareto efficiency. In the literature, the major causes of market failure are (Parkins, 2012; Sloman and Garratt; 2010; Bregg, 2009; Blink and Dorton, 2007; McAleese, 2004, Morey, 2012): Externalities Public goods Merit and De-merit goods Market power Factor Immobility Imperfect information The major causes of market failure with graphical analysis are discussed as follows. Externalities: Externalities are economic side effects and can be either positive or negative (Grant, 2003). Externalities are costs/benefits that are imposed on people who are not directly involved in economic activities (Henderson, 2005). Positive externalities (external benefits) have beneficial effects while negative externalities (external costs) have harmful effects on third parties (Grant, 2003). Externalities cause market failure since decision makers generally consider only marginal private cost (MPC) and marginal private benefit (MPB) (Grant, 2003). There are four main types of externalities (Sloman and Garratt, 2010): -Negative externalities of production -Positive externalities of production -Negative externalities of consumption -Positive externalities of consumption Production and consumption externalities cause differences between private and social costs of production and also private and social benefits of consumption (Margetts, 2012). Social cost equals to sum of private costs and external costs while social benefits equals to sum of private benefits and external benefits (Sloman and Garratt, 2010; Parkins, 2012). Negative externalities of production: Negative externalities of production occur when the production process imposes external costs on third-parties (Grant, 2003). It exists when MSC of production exceeds MPC of the firm. For example, the production of cars can cause air, noise and visual pollution. Pollution can be harmful for people who are living around the factory. In Figure 1, MSC of production is above MPC. If a factory is interested in profit maximisation, it produces at Q. It is not producing at Q1, where MSC is equal to MSB, so it is market failure. There is an over-production (Q-Q1) that means misallocation of societys resources (Blink and Dorton, 2007). Moreover, the overproduction (Q-Q1) causes welfare loss as well. Positive Externalities of Production: Positive externalities of production occur when the production or provision of some goods or services creates external benefits for third parties (Blink and Dorton, 2007). In this case, MSC of production is less than MPC. For example, if a car factory provides training to its employees, this raises costs of the factory but increases the productivity of workforce. If these employees leave that firm and start working in another firm, this creates benefits for new employers since they do not have to spend money on the training of their new employees. It is figured out in the following graph. In the figure 2, MPC is above MSC. So the car factory produces at Q which is less than the social optimum output level at Q1. Between Q1 and Q, there is a potential welfare gain which is shown by the highlighted area. If the output level increases from Q to Q1, welfare would be gained. In this example, there is underproduction or provision of beneficial output that means misallocation of societys resources and it causes market failure (Blink and Dorton, 2007). Negative externality of consumption: Negative externality of consumption occurs when the consumption of some goods and services impose external costs on third parties (Grant, 2003). It exists when MPB is greater than MSB. For example, the consumption of cigarettes has harmful effects on others who are not smoking, called passive smokers. This may cause cancer. In figure 3, MPB is above MSB. This means that consumers are trying to maximise their private benefits without considering the externalities they create. There is over consumption of cigarettes, so it causes welfare loss to the society. This causes market failure. The welfare loss occurs when MSC is not equal to MSB (Grant, 2003). Positive externalities of consumption: Positive externalities of consumption occur when the consumption of some goods and services impose external benefits on third parties (Grant, 2003). It exists when MPB is less than MSB. For example, consumption of health care provides benefits for the whole society. If a person is healthy he wont transmit diseases to others and healthy people will perform better. In figure 4, MSB is above MPB. The consumption of health services is at Q1 with price P1. On the other hand, the socially optimum output level is at Q2 where MSC is equal to MSB. If consumption of health care services increase, welfare would be gained. Public goods: The two distinct characteristics of public goods are; non-rival and non-excludable (Tataw, 2011; Griffiths and Wall, 2007; McAleese, 2004; Borooah, 2003; Parkin, 2012). Thus, public goods can only be provided by the government and some private firms that are subsidised by the government (Sloman and Garratt, 2010). Lighting and pavement can be given as an example of non-rival goods (Dewar, 2010). Consumption of non-rival goods by one person does not prevent others using/consuming those goods (Grant, 2003). Lighthouses and national defence are examples of non-excludable goods (Johnson-Lans, 2004). Once they are made available for someone, they become available for everyone (Folland et al., 2007; Henderson, 2005). This will give rise to free rider problem. Free riders are the people who receive the benefits from goods and services without paying for them. So public goods are like externality (Begg, 2009). Based on the above conditions, Tataw (2011, p. ?) concludes that, market failures arise because only a small quantity of public goods will be provided inefficiently in private markets. Merit Goods: Merit goods create positive externalities when they are consumed (Margretts, 2012). This means that MSB exceeds MPB. This is presented in figure 5. The benefits of merit goods are not fully esteemed by typical consumers (Tataw, 2011). This causes under consumption and under provision of merit goods. In figure 5, consumption of merit goods are at Q, that is below the socially optimum output level, so this means misallocation of societys resources and cause market failure. De-merit goods: Contrary to merit goods, consumption of de-merit goods have harmful effects on third parties and create negative externalities (Grant, 2003). Cigarettes and alcohol are examples of de-merit goods (Blink and Dorton, 2007). Consumption of alcohol may make the drinkers feel good but they can create disturbance in public places. This is indicated below. In figure 6, MPB exceeds MSB. The consumption of alcohol is at Q1 which is above the socially optimum output level, so there is over consumption. This creates welfare loss. Market Power: In an imperfectly competitive market, firms are not able to produce at socially optimum output level (Sloman and Garratt, 2010) and it causes market failure. For example, in a monopolistic market, there is a single producer who can achieve profit maximisation in a short-run (Margetts, 2012). In this situation, producers produce where MC=MR, and this is reflected in figure 7. In figure 7, monopolistic producer produces at Q1 which is profit maximisation level and it also represents privately optimum output level. Also, Q1 is below the socially optimum output level which is at Q2. In this scenario, benefits obtained by producers are much more than what consumers receive. This is represented by the deadweight loss and highlighted within the figure. Factor Immobility: Two main types of factor immobility are; geographical immobility and occupational immobility (Blink and Dorton, 2007). Immobility of resources, such as labour and capital, might result in misallocation of resources, an increase in unemployment level and productively inefficiency in the market (Grant, 2003). This is reflected in igure 8 with a PPFs curve. In figure 8, points on the curve represent the productive efficient levels. The point E represents the productively inefficient point (Grant, 2003). Imperfect Information: Buyers and sellers may have inefficient choices if they are not fully informed about costs and benefits of consumption or production of goods and services (Grant, 2003; McAlleese, 2004). Imperfect information makes it difficult for economic decision makers for equate marginal benefit and marginal cost, so this causes market failure (Blink and Dorton, 2007). For example, the contribution of the merit goods to consumers is much more than what they think (Grant, 2003). This is partly because of imperfect information (Riley, 2012). In figure 9, there is under consumption of merit goods. This prevents social efficiency and causes market failure. As a conclusion, todays environmental problems and monopolistic markets encourage government interventions and a need for a central authority to coordinate the market mechanism inevitable, after almost eighty years that was first introduced by Keynesian economics school of taught.

Theme or Issue: Il Postino. Dancing at Lughnasa and Lies of Silence – Comparative Course Higher Level

The three texts that I have studied on my comparative course are the novel, Lies of Silence by Brian Moore, the playwright, Dancing at Lughnasa by Brian Friel and the film, Il Postino by Michael Radford. The theme or issue that I have studied is love and marriage. The authors of the texts used key moments to heighten our awareness of love and marriage. In Dancing at Lughnasa, the main moment in which we can see love is when Chris and Gerry dance. This has a somewhat romantic aspect, although their love relationship is unstable and they are not married.Gerry does not pay much attention to his love child, which he had with Chris – Michael. This is evident from all of the unkept promises he made to him – the most memorable being a bicycle â€Å"I’ll get you a bike†. Similarly, the love relationship between Beatrice and Mario in Il Postino has an unmistakable romantic quality to it. The romantic aspect to Gerry’s relationship with Chris is apparent when they dance together. However, the fact that this relationship consists only of the occasional romantic interlude means that it never really develops.The romantic aspect of Mario and Beatrice’s love and marriage is more pronounced and spontaneous. However, there is no evidence of a romance ever taking place between Michael and Moire in Lies of Silence, as we are very aware of his reasons for marrying her – the way she looked and the way other men envied him. It is also clear that there never will be romance between them as Michael is having an affair with a young Canadian journalist called Andrea. Another key moment that heightens my awareness of love is in Il Postino when Pablo Neruda and Mario go to the cafe, which is run by Beatrice’s aunt Gloria.This suggests to Beatrice that Neruda and Mario are intimate friends. Neruda’s influence ultimately proves critical – by teaching Mario about metaphors, he enables him to conquer Beatrice’s heart with romantic language. This is the main moment and is the reason why Beatrice acknowledges Mario in the first place – in turn starting the whole relationship. In contrast to the other two texts, only in Il Postino does a third party intervene to develop a loving relationship Il Postino is imilarly unique in terms of another character (Beatrice’s aunt) endeavouring to bring an end to their relationship. She puts a cynical interpretation on Mario’s metaphorical language, telling Beatrice: â€Å"When a man starts to touch you with his words, he’s not far off with his hands†. While it may be argued that in Dancing at Lughnasa Kate opposes Gerry’s relationship with Chris in a similar manner, she still acknowledges the positive aspects of Gerry’s influence on her sister â€Å"Her whole face alters when she’s happy, doesn’t it?They dance so well together†. This makes me aware of the different kinds of love in the texts – Gerry and Chris and a sisterly love. From the outset of both Lies of Silence and Dancing at Lughnasa it is clear that the key personal relationships in both texts rest on frail foundations because neither is built on genuine love. In Lies of Silence, the frailty of Michael’s marriage to Moire is evident from an early point in the text when we see his preoccupations with Andrea, the young Canadian journalist with whom he is having an affair.In Dancing At Lughnasa Gerry’s relationship with Chris is even more fragile as he comes and goes as it suits him and proves to be utterly unreliable, even being unaffected by the presence of the â€Å"love child† (whom he barely knows) he has had with Chris. In contrast to both of these texts, the marriage between Mario and Beatrice is actually based on genuine love. By reading and studying, the theme of love and marriage in all three texts made me aware of the realistic state of and the lack of love in, some marriag es.Another key moment is in Lies of Silence when Michael is forced to choose between his wife and a few strangers in the hotel, which he managed. This key moment portrays a sense of betrayal in love and marriage. Michael finds himself in a real predicament. He places Moire’s life in danger by deciding to ring the police. This key moment is the climax of the text as it shows us that Michael really does not feel any emotion for Moire at all. This is the significant point where the breakdown of communication is in clear focus. On the other hand, in Dancing at Lughnasa, Agnes and Rose emigrate to London in order to save their family.This shows two contrasting love relationships. As well as that, both Lies of Silence and Dancing at Lughnasa’s main key moments are at the end of the texts where their destinations are decided. Both Michael’s relationship with Moire (Lies of Silence) and Gerry’s relationship with Chris (Dancing at Lughnasa) ultimately end unhappil y, causing the female protagonists considerable anguish, with their inner pain in both cases involving a degree of depression. The last key moment in Lies of Silence in relation to love and marriage is when Michael decides to leave with his mistress for London and says his goodbyes to Moire.Similarly, the last key moment in Dancing at Lughnasa in relation to this theme of love and marriage is when Gerry leaves to fight in the Spanish civil war never to return to Chris and his son Michael. Moire suffers from bulimia before she marries Michael, but their failed marriage inevitably compounds her personal problems. Chris’ failed relationship with Gerry similarly causes her great distress, with Kate vividly recalling her sister’s torment the previous winter: â€Å"Remember last winter? – all that sobbing and lamenting in the middle of the night?She predicts that Chris will again â€Å"collapse into one of her depressions† after Gerry leaves. In contrast to bo th of the other texts, Mario’s loving relationship with Beatrice ends happily – however the last key moment in terms of the theme is Mario’s unfortunate death at the hands of fate leaving Beatrice isolated and alone along with the other two main female protagonists. In conclusion, the authors’ use of key moments has helped heighten my awareness of love and marriage – showing both its positive and negative aspects. By Caroline Heraghty – scored a B2 [pic]

Alzheimer’s Disease – Essay 2

Alzheimer's Disease Joy Pachowicz PSY 350 Professor Alina Sheppe Perez May 15, 201 Introduction Alzheimer's disease, despite being so widespread, is not really considered part of the aging process. According to Robert Feldman, author of the textbook, â€Å"Understanding Psychology†, only 19% of people who are ages 75 to 84 suffer from this disease. It is only once they pass the age of 85, that the elderly need to be more concerned about the possibility of developing Alzheimer's disease. ( Feldman, p. 446) Fifty percent of all people over 85 years of age suffer from Alzheimer's disease and researchers believe that if no cure for the disease is found by the year 2050; there will be 14 million people affected by this disease. (Feldman, p. 446) What is Alzheimer's disease and how is it diagnosed? What are its symptoms and who are most likely to develop this disease? The purpose of this paper is to explore what Alzheimer's disease is and offer some suggestions of how to approach it in the future. What is Alzheimer's Disease? According to the Alzheimer's Foundation of America, Alzheimer's Disease is a â€Å"progressive, degenerative disorder that attacks the brain's nerve cells, or neurons, resulting in the loss of memory, thinking, language skills, and behavioral changes† (www. alzfdn. org) With Alzheimer's disease, neuron cells are destroyed in the hippocampus, and this is what sparks the loss of short term memory; and as neuron cells die in the cerebral cortex, so too the functionality of language and clear thinking sees a marked decline in the person who has developed Alzheimer's disease (www. lzfdn. org) With Alzheimer's disease, there is diminished production of the neurotransmitter, acetylcholine. Acetylcholine is a neurotransmitter that is very much involved with our ability to memorize and retain information; so, if there is a decrease in Acetylcholine; our memory's ability to function suffers greatly. (Feldman, p. 66) Symptoms of Alzheimer's Disease How does one know to even consult with a specialist or seek out one's physician regarding Alzheimer's disease? There are some telltale symptoms that set up red flags of warning. If you see any of these symptoms, please see a physician to determine if you have Alzheimer's disease: 1. Memory Loss that disrupts Daily Life 2. Difficulties in planning events or solving problems 3. Difficulties performing familiar tasks or household work 4. Confusion with time or place. 5. Troubles interpreting visual images and spacial relationships 6. Problems with forming words or with communicating Losing items and not being able to remember what one recently did. 7. Failing and poor judgement 8. Withdrawal from work or social activities 9. Changes in Mood or Behavioral ( www. lz. org) Now just because you may have one or all these doesn't necessarily mean you have Alzheimer's disease. Time is very much a key element in acting on these symptoms. If these symptoms persist over a long period of time; then it's time to have a professional evaluation of the symptoms. . Diagnosing Alzheimer's Disease According to the Alzheimer's Association, there are several steps to take when try ing to diagnose Alzheimer's disease. First, one must consult with his/her medical doctor. When going, it’s important to take a copy of one's whole medical history. While at the consultation, one can be given a mental status test. Along with this test, a physical and neurological exam should be given. Blood tests should be taken to rule out other possible causes of memory loss. (www. alz. org) The specialists one could see to determine whether one is suffering from Alzheimer's disease and not some other illness are: Psychologists, Neurologists and Psychiatrist. (www. alz. org) Stages of Alzheimer’s Disease As with other diseases, Alzheimer’s has varying stages it progresses through as it develops in the body and affects the brain. The first stage consists of the mere manifestation of the symptoms of Alzheimer’s disease, which we have already listed: memory problems, difficulty forming words, forgetfulness etc. ( www. nia. nih. gov) The next stage would be what doctors would label the mild stage of Alzheimer’s disease. During this stage, cognitive abilities are more impaired. There are difficulties with handling money or paying bills. Repeating things over and over again begin to be notice. (www. nia. nih. gov) The mild stage gives way to the moderate stage of Alzheimer’s disease. New symptoms appear and older ones worsen. Memory continues to decline in this stage. In this stage it becomes more and more difficult to recognize family and friends. In the moderate stage of Alzheimer’s disease there are hallucinations and paranoia. It’s more difficult to get dressed, wash and perform simple task. ( www. nia. nih. gov) The final stage of Alzheimer’s disease is the severe stage. People with severe Alzheimer’s disease spend most their time in bed, sleeping. Their body shuts down. ( www. nia. nih. gov) Treating Alzheimer’s disease Since Alzheimer’s disease is caused by a plaque buildup in the synapse that prevents the communication of neurons, one to another; researchers have found a way to allow these neurons to communicate despite this buildup. Donepezil is one such drug that has been released for the treatment of Alzheimer’s disease. Another name for this drug is Aricept. What Aricept does is increases the memory’s capacity. ( Feldman, p. 229) There are other drugs being tested; but, right now the most popular treatment for Alzheimer’s disease is the use of Aricept. In the News Researchers of Banner Sun Health Research Institute have been studying the relationship that copper and cholesterol have to Alzheimer’s disease. They believe that dementia is caused by tangles and plaque in the brain. Copper has been implicated in the increased progression of Alzheimer’s disease in those who have the disease. Cholesterol, which is a major cause of plaque buildup in other parts of the body, therefore, it can be a contributing cause of plaque buildup in the brain. (redorbit. com) â€Å"In the BSHRI study, Sparks and his team performed a pilot study of long-term dietary cholesterol in four groups of rabbits. One group was administered normal food and water and three groups were administered increasing levels of a cholesterol diet for five months. Significantly, plasma levels of tau increased by 40 to 50 percent in each of the cholesterol-fed animal groups after five months of the experimental diet† (redorbit. com) In another research program being conducted by scientists through the USF Health Byrd Alzheimer’s Institute, Indiana University and Florida’s Alzheimer’s Disease Research Center; a certain protein: beta amyloid was singled out to be the cause of neurons malfunctioning that causes memory oss which is associated with Alzheimer’s Disease. (redorbit. com) â€Å"By identifying a brand new and extremely important target of the amyloid protein's toxicity, we can develop drugs for Alzheimer's disease that may protect the motors from inhibition and allow the brain to regenerate properly,† said principal investigator Huntington Potter, PhD, a prof essor of Molecular Medicine who holds the Pfeiffer Endowed Chair for Alzheimer's Disease Research. † (redorbit. com) Coping with Alzheimer’s disease â€Å"There are many ways to fight the adverse symptoms of Alzheimer’s disease. Below are some ways a person can cope with Alzheimer’s disease: †¢ Keep a notebook handy to record important numbers, appointments and dates. †¢ Use sticky note to help remember things of importance †¢ Keep important phone numbers next to telephone (in large print) †¢ Have a contact who will call to remind of meal times, appointments or other. †¢ Use a calendar to keep track of the day of week. †¢ Keep photos of important people around; have names of who these important people are somewhere on the picture. †¢ When going out always have another person to go along, to avoid getting lost. For Care Providers †¢ â€Å"Providing a healthy lifestyle is a must. Good nutrition, exercise and appropriate social interactions all help to develop a healthy environment for the Alzheimer’s patient. †¢ Have a planned daily routine .. so that Alzheimer’s patient can develop a sense of accomplishment and value. †¢ Choose proper tim es for activities. Many times night time is not a good time for Alzheimer’s patients. †¢ Encourage independence with the Alzheimer’s patient, let them do for themselves as much as possible. †¢ Speak slowly and calmly †¢ Make eye contact. Give simple instructions â€Å" (webmd. com) Conclusion Alzheimer’s disease is a widely spread disease that affects a great number of elderly people worldwide. While it is frequently associated with old age; it is not considered part of the aging process. Recent studies provided some hopeful ways to help stop the spread of Alzheimer’s disease, and also provided warnings of what can happen if a cure to Alzheimer’s disease is not found.. While a person may show many symptoms of Alzheimer’s disease, only a medical doctor can confirm whether Alzheimer’s disease is present. Through various tests, doctors rule out other possible diseases before focusing on Alzheimer’s disease. Alzheimer’s disease has many stages and faces and the best approach is to arrest it while it’s in its early stages. Once Alzheimer’s settles in and brain cells start dying, the only thing left to do is to accommodate the limitations that come with the disease. Educating oneself about Alzheimer’s disease is a must for everyone. More than likely, every one of us will come face to face with it in one fashion or another. We will either be taking care of someone who has it; or, we will develop it ourselves. Alzheimer’s disease affects both the patient and those around him/her. Take time to become knowledgeable of this disease, id worth the effort. . References Alzheimer’s Disease: Special Tips for Maintaining a Normal life. Retrieved From. http://www. webmd. com/alzheimers/caregivers-09/memory-tips Coping With Alzheimer’s: Special Instructions for Care Providers. Retrieved From http://www. webmd. com/alzheimers/caregivers-09/caregivers-tips Feldman. R. F. (2008). Understanding Psychology. (8th Edition). NYC. New York. McGraw/Hill. National Institute On Aging. Care giver Guide. Retrieved from. http://www. nia. nih. gov/Alzheimers/Publications/caregiverguide. htm National Institute on Aging. Tips for Care Givers. Retrieved from. http://www. nia. nih. gov/nia. nih. gov Researchers Find Further Evidence Linking Alzheimer's Disease to Copper and Cholesterol Retrieved from. http://www. redorbit. com/news/health/2046137/banner_sun_health_research_institute_res earchers_find_further_evidence_linking/index. html

Economic History of English Colonization of the US

Early settlers had a variety of reasons for seeking a new homeland. The Pilgrims of Massachusetts were pious, self-disciplined English people who wanted to escape religious persecution. Other colonies, such as Virginia, were founded principally as business ventures. Often, though, piety and profits went hand-in-hand. The Role of Charter Companies in the English Colonization of the US Englands success at colonizing what would become the United States was due in large part to its use of charter companies. Charter companies were groups of stockholders (usually merchants and wealthy landowners) who sought personal economic gain and, perhaps, wanted also to advance Englands national goals. While the private sector financed the companies, the King provided each project with a charter or grant conferring economic rights as well as political and judicial authority. The colonies generally did not show quick profits, however, and the English investors often turned over their colonial charters to the settlers. The political implications, although not realized at the time, were enormous. The colonists were left to build their own lives, their own communities, and their own economy — in effect, to start constructing the rudiments of a new nation. Fur Trading What early colonial prosperity there was resulted from trapping and trading in furs. In addition, fishing was a primary source of wealth in Massachusetts. But throughout the colonies, people lived primarily on small farms and were self-sufficient. In the few small cities and among the larger plantations of North Carolina, South Carolina, and Virginia, some necessities and virtually all luxuries were imported in return for tobacco, rice, and indigo (blue dye) exports. Supportive Industries Supportive industries developed as the colonies grew. A variety of specialized sawmills and gristmills appeared. Colonists established shipyards to build fishing fleets and, in time, trading vessels. The also built small iron forges. By the 18th century, regional patterns of development had become clear: the New England colonies relied on shipbuilding and sailing to generate wealth; plantations (many using slave labor) in Maryland, Virginia, and the Carolinas grew tobacco, rice, and indigo; and the middle colonies of New York, Pennsylvania, New Jersey, and Delaware shipped general crops and furs. Except for slaves, standards of living were generally high — higher, in fact, than in England itself. Because English investors had withdrawn, the field was open to entrepreneurs among the colonists. The Self-Government Movement By 1770, the North American colonies were ready, both economically and politically, to become part of the emerging self-government movement that had dominated English politics since the time of James I (1603-1625). Disputes developed with England over taxation and other matters; Americans hoped for a modification of English taxes and regulations that would satisfy their demand for more self-government. Few thought the mounting quarrel with the English government would lead to all-out war against the British and to independence for the colonies. The American Revolution Like the English political turmoil of the 17th and 18th centuries, the American Revolution (1775-1783) was both political and economic, bolstered by an emerging middle class with a rallying cry of unalienable rights to life, liberty, and property — a phrase openly borrowed from English philosopher John Lockes Second Treatise on Civil Government (1690). The war was triggered by an event in April 1775. British soldiers, intending to capture a colonial arms depot at Concord, Massachusetts, clashed with colonial militiamen. Someone — no one knows exactly who — fired a shot, and eight years of fighting began. While political separation from England may not have been the majority of colonists original goal, independence, and the creation of a new nation — the United States — was the ultimate result. --- This article is adapted from the book Outline of the U.S. Economy by Conte and Carr and has been adapted with permission from the U.S. Department of State.