A Theory of Dividends Dissertation Example | Topics and Well Written Essays - 10500 words

A Theory of Dividends - Dissertation Example The main dividend policies practically adopted by most of the companies world wide can be basically divided into four categories. Constant dividend system tops the list followed by constant dividend ratio system, dividends equal to free cash flow system and sticky dividend system (Internet, Introduction to Dividend Policy & Theory, two issues, 1). In the constant dividend system, companies pay sum constant amount as dividend every year irrespective of the profit range while in the constant ratio system, they adopt a constant ratio on earnings.   The latter is also known as the EPS or DPS meaning earnings per share or dividend per share. In the third system, quantum of free cash flow guides the payment. In the last one, also known as the Lintner Model, companies adopt a sticky method in which dividends are first paid in a low level and then increased after some years. This is mainly done to enhance the confidence of investors and shareholders.  Dividend theoriesWhy should companie s declare dividends? It is the responsibility of the managements to show some monetary benefit to the investors who have invested their savings. Companies conduct their business with the investments offered by the shareholders and it is their bounden duty to offer dividends in return to them. But, as the shares of the companies are traded in the stock markets, it is natural for market players to link the dividends to the share prices. It is true that there are some companies that do not pay dividends.

Politicians and religious leaders Essay Example for Free

Politicians and religious leaders Essay What is courage and how do people define it? A lot of people have their own definitions of courage and a lot of them see it in many different ways. According to Webster’s dictionary courage implies firmness of mind and will in the face of danger or extreme difficulty (â€Å"Courage†). But in my own opinion having courage takes a lot of self confidence and audaciousness to be able to face one thing or do something that is very challenging and difficult. A lot of people define courage in lots of various ways. For other people such as soldiers, it may mean like fighting on a battle and facing all their enemies without any feeling of fear or hesitation to be able to serve their country and other people; willing to sacrifice their lives for the good of mankind and benefit of their country. In many circumstances, each and every individual in the world has courage. Different types of courage can be seen in their actions, words, works and other aspects of every human’s life. There are different kinds of courage and it depends on how an individual wants to illustrate it. There are physical types of courage and moral ones. Physical courage could pertain to facing or dealing with something that has something to do with being valiant and not feeling afraid of getting physically hurt and willing to face any kind of danger that can cause an individual to suffer physically or even face death. On the other hand moral courage is related to becoming brave and the act of doing something that is deemed to be right. It shows the readiness of an individual to demonstrate the right act despite of different consequences such as being put into shame or scandal. Two different kind of courageousness yet they both share only one thought and meaning, which is being fearless and ready to face anything whatever consequence it may lead one person (Welsh). People manifest the act of courage everyday as they live their life. From infants to adults, courage is always present and can be observed to each and every individual on earth. For instance, a one year old child should have courage to be able to learn to walk, children needs courage to go to their first day of school and meet new people, teachers, classmates and friends, even an adult should have courage to apply for a job and start working on a company. Another example is a man who loves a woman should have courage to tell her what he feels to achieve what he wants and he should also be ready for whatever consequence it may lead him, like knowing that the girl loves him too or it could be the other way around. Courageousness is the one who pushes somebody to do something no matter what outcome may be. Furthermore, sick people such as those who have serious illness who wants to live longer should have a lot of courage to fight for their lives and survive to be able to live longer. Politicians and religious leaders are also a good example of people who demonstrates courage. As for politicians, they have the courage to lead people and do their best to make things in order while religious leaders teaches people lessons in life and encourage people to do good and to be closer to God. They serve people and they are brave enough to do their tasks no matter what consequence they may get and experience out of their courageous act such as false accusations, mockery and scandals. Simple things in life require courage in order for somebody to do and face it. The true meaning of courage can be seen in every individual’s heart. Being brave is to stand up for what one person believes and act on it. It is something that can be seen in every human being. Courage may sound a very simple word but it has a great meaning and value to every person in the world. Without courage the world would be chaotic and the world will not be a better world. Works Cited Courage. Merriam-Webster Online Dictionary. 2009. Merriam-Webster Online. 2 April 2009 http://www. merriam-webster. com/dictionary/courage Welsh, Bill. Definition of Courage. 116acw. acc. af. mil. 14 September 2006. 2 April 2009 http://www. 116acw. acc. af. mil/news/story. asp? id=123027106

Hinduism Essay: History, Beliefs and Culture

Hinduism Essay: History, Beliefs and Culture Hinduism Hinduism is the world’s oldest organized religion existing for 4500 years. Based on the prehistoric Vedic text, it is a faith in constant change. Populated by an infinite amount of gods, the belief system is open to adopting any of the gods produced by younger religions. Reincarnation and Karma are the primary mechanisms of Hinduism. The Hindu religion also consists of a belief that man has seven principles; these principles consist of the Dense Physical Body, the Etheric Double, Prana, The Desire Body, Manas, Atma, and Finally Buddhi. The Indian Subcontinent is home to some of the world’s largest religions. Some of the religions are Jainism, Sikhism, and Hinduism. The word Hinduism is not found anywhere in scriptures, and the term Hindu was introduced by foreigners who referred to people living across the Indus or Sindhu River, in the north of India, around which the Vedic religion is thought to have originated. Hinduism believes that there is only one absolute called Brahman. Nevertheless, it does not advocate the worship of one God. Hindu’s believe that one characteristic of God is human, and their different Devas are nothing but various characteristics of nature, each recognized and worshipped. Sanatana Dharma which also means everlasting religion is a label preferred today for Hinduism. Sanatana reflects the principle that these ways have always existed, while Dharma includes duty, natural law, social welfare, morals, wellbeing, as well as transcendental awareness. Dharma is then a holistic approach to the good of all, subsequent to order in the cosmos. The holy language of Sanatana Dharma ranges from great simplicity to extreme sensuality, from the heights of individual dedication to the heights of intangible beliefs, from metaphysical proclamations of oneness behind the physical world to adoration of images representing a variety of deities. The cultural influences that have made Hinduism essential to the region in which it originated is that thousands of years ago, the beliefs in the Vedas were broken into various schools of thought by philosophers. These values were brought forth experientially by methods of great spiritual discipline. Unlike many other religions, Hinduism is a way of life; Therefore people who practice the Hindu religion attempt to teach their religious values by passing the word to their children and others. There are many sacred teachings that relay the word of Hinduism; the first is called Samhitas, these were hymns of praise to the gods. Soon after there was the Brahmanas, this was a book of guidelines regarding ceremonial sacrifices to the deities, finally, the last of the sacred teachings was the Upanishads, and this was a collection of teachings from highly recognized divine masters. These teachings explained the transformation that results from psychic contribution to the rituals. The Sanatana Dharma honors the divine in numerous forms; As a result, there is a religious celebration in India almost every day. There are sixteen religious holidays that are recognized by the Indian Government. Most Hindu celebrations articulate theology in its happiest parts, these festivals keep the religion alive. Every individual that practices Hinduism typically finds a way in which to place him or herself to a Guru, also known as a saintly educator. The label guru is applied to admired holy guides. Gurus do not declare themselves as teachers; followers are drawn to them because they have achieved the spiritual status the seekers aspire. Gurus are frequently regarded as enlightened individuals. A guru does not provide scholarly training; they offer guidance, good examples, and encouragement to those in search of enlightenment or self-realization. Works Cited Primary Source Easwaran, Eknath. The Bhagavad Gita. Trans. Eknath Easwaran. 2nd ed. Canada: Nilgiri P, 2007. The Bhagavad Gita, Prince Arjuna asks direct, adamant  questions of his holy guide on the eve of a great battle. In this expanded edition of the most renowned of Indian  criptures, Eknath Easwaran analyzes and explains the key concepts of Hindu religious thought and the difficult vocabulary of yoga. Accordingly, this translation uses simple, comprehensible words to convey the poetry, universality, and timelessness of the Gita’s teachings. Secondary Sources Besant, Annie. The Seven Principles of Man. 2nd ed. London: Theosophical Society, 1892. Besant lays out in specific terms the theosophical doctrine of our multidimensional being. Besant claims that mans nature has seven aspects that can be studied from many different points of view, with seven principles consisting of the Atma, Buddhi, Manas, Kama Rupa, Prana, Linga Sharira, and Sthula Sharira. Bhaskarananda, Swami. The Essentials of Hinduism. 2nd ed. Seattle, WA: Viveka P, 2002. Bhaskarananda’s book, â€Å"The Essentials of Hinduism† explains the philosophical ideas of Hinduism in a clear and easily understandable way, with many excellent analogies. The book covers the foundation and goal of Hinduism, concepts of God; the four yogas; creation and the three Gunas. The book explores the different spiritual paths, the holy books and doctrines of karma, reincarnation, and predestination. Panikkar, Raimon. A Dwelling Place for Wisdom. Trans. Annemarie S Kidder. Louisville, KY: Westminster, John Knox P, 1993. The title of this book is taken from the first chapter: â€Å"Prepare a Dwelling Place for Wisdom,† a lecture given in Munich by the Panikkar in 1990. The following three long chapters are lectures or essays given at various times and places, now translated into English. Panikkar draws on his broad understanding of Hinduism and Buddhism to present the reader with his unique insights into Wisdom. Wright, Leoline. An Anchient Basis for a New Psychology. Pasadena CA: Theosophical UP, 1998. Leoline Wright looks deeper into each principle of man, like Besant she explores mans nature in seven aspects, and thoroughly investigates the qualities of each principle. Works Cited Primary Source Easwaran, Eknath. The Bhagavad Gita. Trans. Eknath Easwaran. 2nd ed. Canada: Nilgiri P, 2007 Secondary Sources Besant, Annie. The Seven Principles of Man. 2nd ed. London: Theosophical Society, 1892. Bhaskarananda, Swami. The Essentials of Hinduism. 2nd ed. Seattle, WA: Viveka P, 2002. Panikkar, Raimon. A Dwelling Place for Wisdom. Trans. Annemarie S Kidder. Louisville, KY: Westminster, John Knox P, 1993. Wright, Leoline. An Anchient Basis for a New Psychology. Pasadena CA: Theosophical UP, 1998. Hinduism and the Seven Principles of man Price Controls: Advantages and Disadvantages Price Controls: Advantages and Disadvantages Price Control I. Introduction In a market economy, such as in the United States, the price of a good reflects the demand relative to the supply. This is a term known as scarcity.(Ten Things 2015) When an item has a high price it is said to be scarcer than an item of lower price. By looking at the relative prices of an item, consumers and producers can choose how to respond to market scarcity.(Ten Things 2015) Higher prices for example, can lead consumers to choose products that require less scarce resources. The government can play a significant role in a market economy in different ways. One of which is by setting what is called â€Å"price controls† on certain products and services. A price control is a maximum or minimum price that a government imposes on specified goods.(Sowell 2011) The most common type of price control is a price ceiling. This is simply when the maximum price is set below the market price. Common examples of price ceilings are rent controls. On the other end of the spectrum is a pric e floor. This is the opposite of a price ceiling in that a minimum price is set below the market price.(Sowell 2011) A common example of a price floor can be found in the agricultural markets. Price controls have existed all over the world for thousands of years and have applied to almost everything at some point in time.(Sowell 2011) According to economist Thomas Sowell price controls are imposed â€Å"in order to keep prices from rising to the levels that they would reach in response to supply and demand†(Sowell 2011) A large topic of interest regarding price control is, what affect does not allowing prices to fluctuate freely according to supply and demand but rather by law, have on the overall market. Most agree that price controls in the long run lead to shortages and surpluses as well as black markets and corruption, however most also agree that in markets where prices are volatile, price controls are a necessary evil. This paper will discuss the advantages and disadvan tages of price controls in regards to maximum and minimum price setting, as well as touch on the policies used to implement them. II. Disadvantages of Price Controls The disadvantages of price controls can be summed into two different scenarios. Both scenarios while relying on completely opposite regulations, lead to an unbalanced market. The first of the two scenarios is when a price ceiling is imposed. To reiterate this is when the maximum price is set by law to be lower than the market price. The instatement of a price ceiling leads to a fundamental Keynesian problem. By keeping prices artificially low, consumers naturally demand more of the product. When this number becomes greater than the producer is willing to supply we have what is called a shortage. Nobel Prize winner Milton Friedman once said, †We economists do not know much, but what we do know is how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can’t sell tomatoes for more than two cents per pound. Instantly you’ll have a tomato shortage† A market shortage commonly results in one or more of the following negative consequences. Black markets can arise in which products that are unavailable in the regular market are sold.(Price Controls Adv.) This can also be true of products with excess demand that are sold at higher prices than in the conventional market. Black markets often involve non-monetary bargaining methods such as nepotism and violence. Another common result of a market shortage is price discrimination. This is when similar goods or services are priced differently by the same producer to differing regions or groups of consumers.(Investopedia) Essentially this is the practice of charging different prices to different buyers of the same product. Theoretically price discrimination discourages the resale of a good and leads to a decrease in competition.(Investopedia) This is the foundation for a monopolistic economy that does not operate at maximum efficiency. Yet another result of a market shortage is the use of rations, or the controlled distribution of scarce goods and resources. A prime example of when rationing was used is during World War II, when food shortages pushed up prices so high that price controls and rations were used in an attempt to keep the cost of living reasonable. (World War II) Rationing often leads to the emergence of a black market as people seek out goods that are not available in the rationing system. ( The second scenario in the disadvantages of price controls is when the result of a price floor is a surplus. A surplus can be just as detrimental to the market as a shortage. Having an excess supply can result in the market being in disequilibrium. This occurs when the price of a good cannot be adjusted naturally due to price controls. In a state of disequilibrium a market is not operating efficiently. (Price Controls) One example of a price floor that can cause a surplus is that of the labor market. The minimum wage is an example of a price floor, which establishes a base line per hour wage. This can result in employers hiring fewer employees and subsequently the supply of workers exceeds the amount of work available causing the unemployment rate to go up. (Boundless) III. Advantages of Price Controls While there is certainly no arguing that in the long run price controls can lead to major economic drawbacks, there is a brighter history in the success of price controls in the short run. Generally speaking price controls can achieve three things. The first is that certain control regulations can ensure that necessary goods, such as food, remain affordable to most citizens. (Boundless) This can also be seen in more luxury markets such as football games. Tickets to important games are often set at a maximum price rather than the market price (which would often times be absurdly high) in order for the common supporter to attend the game.(Price Controls Adv) Secondly price controls can make sure producers receive enough revenue allowing them to adjust to the market climate and limit the possibility of a shortage. (Boundless)This is extremely important in the commodities market where there is frequent fluctuations in price.(Price Controls) Without price controls farmers would experience extreme ups and downs that would not allow for continued production. Price controls can also help during a time when a shortage has taken place. (Boundless)In the latter case price controls prevent producers from overcharging consumers. The most popular form of when price controls helped during a shortage is in the housing market. The use of a rent ceiling put a limit on the amount landlords could charge their tenants when the market would allow for detrimental price gouging. (Rockoff) Another practical example of a necessary price control is the use of a ceiling on interest rates. A ceiling here can take the pressure off of borrowers who were forced to take out loans in a time of desperation that very well could have been caused by the state of the nation. IV. Analyses of Price Controls Price controls can be quite tricky to analyze because there are contradictory ways of looking at each individual case. Going back to the football ticket example, while a proponent of price control legislation would argue that a ceiling allows for the common fan to attend games, a critic would argue at the same time that a shortage has been created and less total fans attended the game. Both sides are correct yet one policy must be made. This is a prime example of where long-standing political views collide with market economics. In analyses of the negative impacts of price controls one could argue that without letting a market naturally work its way back to equilibrium then we will never achieve efficiency. This is also where the positive impacts of price control show that welfare and market intervention can increase the standard of living. So it is a choice of whether the government wants to adhere to strict economic idealism and respect the balancing nature of Keynesian economics o r if it wants to intervene in order to prevent a possible disaster. I think the answer lies on a case to case basis. For instance in the case for putting a price floor on agricultural products, our country relies on the farming industry for our well-being and survival. Without control of the weather and other exogenous factors farmers often are in need of assistance to survive and I think most economists would argue that the most effective way of helping the would be to have a consistent price floor. In a different case however, such as the pharmaceutical market I believe there should be little government intervention. The danger in such an area is that a proposed price ceiling to make drugs affordable for seniors on Medicare would result in less profit gained by pharmaceutical companies. This would in turn cause a downward trend in their research and innovation spending prohibiting the discovery of new cures and medications. Another example of when a price control wasn’t per haps the best solution was in the 1970’s when the administration rose the demand for gasoline so high that long lines were found at gas stations throughout the country. (Rockoff) Most would agree that a good as necessary as gasoline, especially at the time, should not inhibit a citizens day to day schedule. V. Conclusion So in conclusion, the amount someone is willing to pay for an item is the items price. From here we derive our basic set of supply and demand functions for our market economy. Essential to the market economy is the term scarcity, demand relative to the supply. Scarcity is what determines the market for goods and services. If the government feels the need to intervene in the market it can implement a price control. The government can approach implementing a price control in two different ways. Price controls are defined as when a government sets a minimum or maximum price for a particular good or service. (Sowell 2011) In the arguments for and against price controls it can be found that most all price controls lead to an inefficient economy in the long run but a possible increase in market stability in the short run. (Sowell 2011) It is up to each administration to decide if government intervention is necessary and most economists agree that it is wise to proceed with the utmost cauti on when doing so. Price controls when ineffective can result in not only long term disequilibrium, but also negatively affect the day to day life of citizens. (This can be seen in the oil example of the 1970’s.) When effective price controls can protect both consumers and producers, increase market stability, and maintain a reasonable cost of living.(Such as the farming example) In analyses it is best to determine whether a price control should be used on a case by case basis because each market represents different views, challenges, and characteristics. It is important to learn from the past examples of price controls, as they have been occurring for thousands of years, as they will continue to shape not only our financial future but our political future as well. VI. References Boundless. â€Å"Arguments for and Against Government Price Controls.† Boundless Economics. Boundless, 03 Jul. 2014. Retrieved 25 Feb. 2015 from https://www.boundless.com/economics/textbooks/boundless-economics-textbook/introducing-supply-and-demand-3/government-intervention-and-disequilibrium-49/arguments-for-and-against-government-price-controls-188-12286/ Hugh Rockoff. Price Controls.The Concise Encyclopedia of Economics.2008. Library of Economics and Liberty. Retrieved February 25, 2015 from the World Wide Web: http://www.econlib.org/library/Enc/PriceControls.html Parker-Lue, S., Santoro, M., Koski, G. (2015). The Ethics and Economics of Pharmaceutical Pricing. Annual Review Of Pharmacology Toxicology, 55191-206. doi:10.1146/annurev-pharmtox-010814-124649 Price controls – advantages and disadvantages. (n.d.). Retrieved February 25, 2015, from http://www.economicshelp.org/blog/621/economics/price-controls-advantages-and-disadvantages/ Price Controls: Maximum and Minimum price. (n.d.). Retrieved February 25, 2015, from http://www.dineshbakshi.com/ib-economics/microeconomics/161-revision-notes/1766-price-controls-maximum-and-minimum-price Price Discrimination Definition | Investopedia. (2007, May 17). Retrieved February 25, 2015, from http://www.investopedia.com/terms/p/price_discrimination.asp Sowell, T. (2011).Basic economics: A common sense guide to the economy(4th ed., p. 21). New York, N.Y.: Basic Books. Ten Things Debaters Should Know About Economics. (n.d.). Retrieved February 25, 2015, from http://www.csun.edu/~dgw61315/aboutecon.html World War II on the home front: Rationing. (n.d.). Retrieved February 25, 2015, from http://www.learnnc.org/lp/editions/ww2-rationing/5922

Ecstasy Essay -- essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ecstasy, or 3, 4 methylenedioxymethamphetamine, was first synthesized and patented in 1914, by the German drug company Merck. The original purpose of the drug was to be an appetite suppressant, however in 1970 it was given to clinical depressed patients to open them up and talk about their feelings. Then in 1986, Ecstasy was determined to cause brain damage (http://faculity.washington.edu/chudler/mdma.html).   Ã‚  Ã‚  Ã‚  Ã‚  Ecstasy is used at the party and rave scene for its effects on the emotional state of the user. The drug lowers the user’s inhibitions; it relaxes them. The drug also increases awareness and feelings of pleasure and joy while giving the user energy. Side effects of the drug includes: headaches, chills, eye twitching, jaw clenching, blurred vision, and nausea http://faculity.washington.edu/chudler/mdma.html). But the hangover ecstasy causes is said to worse then the hangover alcohol causes(â€Å"After the Rave: the Ecstasy Hangover).   Ã‚  Ã‚  Ã‚  Ã‚  The hangover produced by ecstasy causes the user to have memory impairments. This is due to the loss of serotonin, which will be discussed later on. The reduction in serotonine affects the brains capacity to learn and remember. The memory impairment has shown to be detected up until two weeks after use, but habitual users who have become addicted show damage for up until seven years. Research has shown that the impairment is not due to withdrawal, but is heavily dose- dependent (â€Å"Ecstasy’s Legacy†).   Ã‚  Ã‚  Ã‚  Ã‚  Another problem with Ecstasy is the deadly combination it makes when mixed with other drugs and medications. Other drugs have harmed the body more so, because they use the liver enzyme CYP2D6 that metabolizes the drug. Thus the body can not rid itself of ecstasy and acts as if experiencing an overdose. The body then dies as if it has overdosed (â€Å"Deadly Combination†).   Ã‚  Ã‚  Ã‚  Ã‚  Other drugs such as anti-depressants, trigger a surge of blood pressure when mixed with ecstasy. This surge causes the heart to be overworked and eventually burn out, leading to cardiac arrest and death. Molecular Mechanisms, another medication, block the neurotransmitters that clear the nervous system of ecstasy(â€Å"Deadly Combination†).   Ã‚  Ã‚  Ã‚  Ã‚  The nervous system is the area of the body most affected by... ... breathing trouble, and also comas. As with GHB and ecstasy, rohypnol works to destroy the body in the nervous system. Roypnol is a type of benzodiazepine, a sedative or an antianxiety medication. The benzodiazepine interacts with the receptors on neurons in the brain. Roypnol, like GHB targets the neurotransmitter GABA. The interaction between the GABA receptors and the roypnol inhibits neurons and reduces neuronal activity. The bonding of the receptors enhance the affect of GABA and begin to reduce brain activity. Taken over long periods of time, the affect of the hyperactivity of GABA will cease all brain activity (www.faculity.washington.edu/chudler/ghb.html).   Ã‚  Ã‚  Ã‚  Ã‚  Drugs kill. That is the bottom line. It doesn’t matter the dosage of drug taken, because if the user becomes addicted the body is already poisoned with the toxins. Most drugs affect the nervous system. The nervous system is what keeps the body alive, to mess around with substances that are harmful to the system is like writing a death sentence. Drugs are not going to eliminated from society but people need to be kept informed about their decisions and the effects their choices have on them.

Beowulf: The Battle of Good and Evil

Beowulf is one of the oldest and most extensive poems in the history of literature today. It is also considered to be one of the pioneers of the â€Å"good versus evil† theme. While the poem revolves around the adventures and battles of Beowulf, the message of the story consistently conveys the concept that good would always defeat evil. The plot itself is already evidence enough to the theme of the poem. As a warrior, Beowulf helps fight the evil Grendel, his mother, and the dragon to save the people of Heorot.Beowulf clearly believes in goodness as it is the will of God. Several texts from the poem illustrate the theme of good and evil. During his battle with Grendel, he proclaims, â€Å"Whichever one death fells / must deem it a just judgment by God† (lines 440-441). Beowulf is also described to be a man of faith as he declares that, â€Å"the Geat placed complete trust in his strength of limb in the Lord's favor† (669-670). This emphasizes the fact that Beowu lf relies on the guidance of God and believes it to be his strength.Even his friend Hrothgar illuminates this goodness in character when he warns Beowulf about the moral dangers caused by pride. â€Å"O flower of warriors, beware of that trap. / eternal rewards. Do not give way to pride† (1758-1759). On the other hand, evil rests on the characters of Grendel and his mother—the villains of the story. Grendel is introduced in a much darker tone, â€Å"until finally one, a fiend out of hell, / began to work his evil in the world. / Grendel was the name of this grim demon† (100-102).He is also described in the story to be a descendant of Cain which further highlights the evil in his character, as Cain is widely known to be the biblical character who has slain his brother Abel out of jealousy. The story of Beowulf may seem to be just an extensive poem which tackles the never-ending issue of good versus evil. It is like a prolonged epic fairytale of defeating evil ami dst the hardships. Yet, it is a unique literary piece that deserves its length in further reminding people that good really does conquer evil.

Air Power and the Gulf War essays

Air Power and the Gulf War essays An acknowledged aerospace historian, Mr. Richard P. Hallion is an associate for the Smithsonian Institution employed in the research division. A former Charles A. Lindbergh Professor of Aerospace History, Mr. Hallion has written or edited thirteen other books, including The Wright Brothers: Heirs of Prometheus (1978), Test Pilots: The Frontiersmen of Flight (1988), and The History of Battlefield Air Attack, 1911-1945 (1989), while professor at the Army War College. Mr. Hallion writes Storm over Iraq from an academic perspective, using military history and the ascendancy of air power as the focus point for his book. Mr. Richard P. Hallion's Storm over Iraq opens with the origins of air power since World War I and its subsequent development into the current aircraft and weaponry of the 21st century. Mr. Hallion traces the history of air-combat techniques employed in the battle over Iraq, analyzes the weaponry used (including the remarkable F-117A stealth fighter), and points out the shortcomings in the Allies' performance, notably in combat search and rescue. Mr. Hallion makes it a point to directly correlate these technological advancements in military machinery to the route of Allied victory in the Persian Gulf War of 1990-91. Mr. Hallion illustrates that these advancements in air power, used in the Gulf War, had to overcome a series of misfortunes, not only because of unsatisfactory performances in previous combat missions, but also due in part to political interference. Mr. Hallion stresses that the doomed relationship between using air power for exercises it was never designed to do and individuals' political agendas, undermined the effectiveness of air power for several decades (Hallion 52). This black eye over the effectiveness of air power was laid to rest when the Allies were able to force Saddam Hussein out of Kuwait almost entirely by aerial suppression. In the first chapter of Mr. Hallion's book, he exami...