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Engagement ring
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A white gold wedding ring and a single-diamond, gold-banded engagement ring. The engagement ring is usually worn on the outside.[1]
Engagement process in Azerbaijan
An engagement ring is a ring indicating that the person wearing it is engaged to be married, especially in Western cultures. A ring is presented as an engagement gift by a partner to their prospective spouse when they propose marriage or directly after a marriage proposal is accepted. It represents a formal agreement to future marriage. In Western countries, engagement rings are worn mostly by women, and rings can feature diamonds or other gemstones. In some cultures men and women wear matching rings, and engagement rings may also be used as wedding rings. In Anglo-Saxon countries, the ring is customarily worn on the left hand ring finger, but customs vary considerably elsewhere across the world.
Neither the engagement nor any other ring is worn during the wedding ceremony, when the wedding ring is put by the groom on the finger of the bride as part of the ceremony,[1] and sometimes by the bride onto the groom's finger. After the wedding, the engagement ring is usually put back on, and is usually worn on the outside of the wedding ring. Some brides have their engagement and wedding rings permanently soldered together after the wedding.
Contents
[hide]
1 History
1.1 Ancient times
1.2 Middle ages
1.3 Renaissance
1.4 Reformation
1.5 Enlightenment
1.6 Victorian era
1.7 20th century
2 Purchase
3 Legal ownership
4 Styles
5 For men
6 See also
7 References
8 External links
History[edit]
Ancient times[edit]
Although the ancient Egyptians are sometimes credited with having invented the engagement ring,[2] and the ancient Greeks with having adopted the tradition,[3] the history of the engagement ring can only be reliably traced as far back as ancient Rome.[4][5][6]
In many countries, engagement rings are placed on the ring finger of the left hand. At one time it was believed that this finger contained a vein (the vena amoris) that led to the heart. This idea was popularized by Henry Swinburne in A treatise of Spousals, or Matrimonial Contracts (1686).[7] The story seems to have its origin in the ancient Roman book Attic Nights by Aulus Gellius quoting Apion's Aegyptiacorum, where the alleged vein was originally a nervus (a word that can be translated either as "nerve" or "sinew").[8]
The popular belief that an engagement ring was originally part of the bride price which represented purchase and ownership of the bride,[9] has been called into question by contemporary scholarship.[5]:42 note 105
In the second century BC, the Roman bride-to-be was given two rings, a gold one which she wore in public, and one made of iron which she wore at home while attending to household duties. At one time Roman citizens wore rings made of iron. In later years senators who served as ambassadors were given gold seal rings for official use when abroad. Later the privilege of wearing gold rings was extended to other public officials, then to the knights, later to all freeborn, and finally under Justinian, to freedmen. For several centuries it was the custom for Romans to wear iron rings at home, gold rings in public. During this period a girl or woman might receive two engagement rings, one of iron and one of gold.[10][11]
Middle ages[edit]
The mid-7th century Visigothic Code required "that when the ceremony of betrothal has been performed, ..., and the ring shall have been given or accepted as a pledge, although nothing may have been committed to writing, the promise shall, under no circumstances, be broken."[12][13]
In 860 AD, Pope Nicholas I wrote a letter to Boris I of Bulgaria in reply to questions regarding differences between Roman Catholic and Eastern Orthodox practices. Pope Nicholas describes how in the Western church the man gives his betrothed an engagement ring.[14][15][16] At the Fourth Council of the Lateran in 1215, convoked by Pope Innocent III, the banns of marriage was instituted, prohibiting clandestine marriages and requiring that marriages be made public in advance.[17] Some[who?] legal scholars have seen in this a parallel with the engagement-ring tradition described by Pope Nicholas I.[citation needed]
Renaissance[edit]
The first well-documented use of a diamond ring to signify engagement was by the Archduke Maximilian of Austria in imperial court of Vienna in 1477, upon his betrothal to Mary of Burgundy.[18] This then influenced those of higher social class and of significant wealth to give diamond rings to their loved ones.[citation needed]
Reformation[edit]
During the Protestant Reformation the wedding ring replaced the betrothal ring as the primary ring associated with marriage.[19] In Catholic countries the transition took place somewhat later.[20]
There is a modern belief that in early colonial New England, where Puritans shunned ornaments and jewels, a thimble substituted for both engagement ring and wedding ring; and some women would remove the tops of the thimble in order to create a ring.[21][unreliable source?] Some researchers strongly believe this to be just a myth without basis in reality.[22]
Enlightenment[edit]
During the Age of Enlightenment both the gimmal rings and posie rings were popular, although the latter was more often used as an expression of sentiment than to indicate a formal engagement.[23]
Victorian era[edit]
In South Africa, diamonds were first found in 1866,[24] although they were not identified as such until 1867.[25] By 1872, the output of the diamond mines exceeded one million carats per year.[26] As production increased, those of lesser means were able to join in on this movement. However, diamond engagement rings were for a long time seen as the domain of the nobility and aristocracy, and tradition often favoured simpler engagement bands.[citation needed]
20th century[edit]
In the United States, the popularity of diamond engagement rings declined after World War I, even more so after the onset of the Great Depression.[27]
In 1938, the diamond cartel De Beers began a marketing campaign that would have a major impact on engagement rings. During the Great Depression of the 1930s, the price of diamonds collapsed.[28] At the same time, market research indicated that engagement rings were going out of style with the younger generation. While the first phase of the marketing campaign consisted of market research, the advertising phase began in 1939. One of the first elements of this campaign was to educate the public about the 4 Cs (cut, carats, color, and clarity). In 1947 the slogan "a diamond is forever" was introduced.[29] Ultimately, the De Beers campaign sought to persuade the consumer that an engagement ring is indispensable, and that a diamond is the only acceptable stone for an engagement ring.
Purchase[edit]
In the 20th century, if he could afford it, the typical Western groom privately selected and purchased an engagement ring, which he then presented to his desired bride when he proposed marriage. In countries where both partners wear engagement rings, matching rings may be selected and purchased together.[30] In the United States and Canada, where only women traditionally wear engagement rings, women also occasionally present their partners with an engagement gift.[31]
Like all jewelry, the price for an engagement ring varies considerably depending on the materials used: the design of the ring, whether it includes a gemstone, the value of any gemstone, and the seller. The price of the gemstones, if any, in the ring depends on the type and quality of the gem. Diamonds have a standardized description that values them according to their carat weight, color, clarity and cut. Other gemstones, such as sapphires, rubies, emeralds, have different systems. These may be chosen to honor a family tradition, to use family heirlooms, to be unique, to be socially responsible (they are not associated with blood diamonds[dubious – discuss] or the pollution caused by gold mining and cyanide process)[dubious – discuss], to fit the individual's stylistic preferences, or to manage cost. Synthetic stones and diamond substitutes such as cubic zirconias and moissanites are also popular choices that are socially responsible and reduce cost while maintaining the desired appearance.[citation needed]
The idea that a man should spend a significant fraction of his annual income for an engagement ring originated from De Beers marketing materials in the mid-20th century in an effort to increase the sale of diamonds. In the 1930s, they suggested that a man should spend the equivalent of one month's income in the engagement ring; later they suggested that he should spend two months' income on it.[32] In 2012, the average cost of an engagement ring in USA as reported by the industry was US$4,000.[33] In the UK, estimates of the average cost of an engagement ring range from £1200 to £2000.[34]
One reason for the increased popularity of expensive engagement rings is its relationship to human sexuality and the woman's marriage prospects.[35] In the United States, until the Great Depression, a man who broke off a marriage engagement could be sued for breach of promise. Monetary damages included actual expenses incurred in preparing for the wedding, plus damages for emotional distress and loss of other marriage prospects. Damages were greatly increased if the woman had engaged in sexual intercourse with her fiancé.[35] Beginning in 1935, these laws were repealed or limited. However, the social and financial cost of a broken engagement was no less: marriage was the only financially sound option for most women, and if she was no longer a virgin, her prospects for a suitable future marriage were greatly decreased. The diamond engagement ring thus became a source of financial security for the woman.[35]
The online purchase of engagement rings is growing, disrupting the market for the diamonds by bringing greater transparency to an industry that has traditionally relied on opacity. Online diamond retailers and e-commerce platforms include Blue Nile, Brilliant Earth, and Costco.[36]
Legal ownership[edit]
Tradition generally holds that if the betrothal fails because the man himself breaks off the engagement, the woman is not obliged to return the ring. This reflects the ring's role as a form of compensation for the woman's damaged reputation.[35] Legally, this condition can be subject to either a modified or a strict fault rule. Under the former, the fiancé can demand the return of the ring unless he breaks the engagement. Under the latter, the fiancé is entitled to the return unless his actions caused the breakup of the relationship, the same as the traditional approach. However, a no-fault rule is being advanced in some jurisdictions, under which the fiancé is always entitled to the return of the ring. The ring only becomes the property of the woman when marriage occurs. An unconditional gift approach is another possibility, wherein the ring is always treated as a gift, to be kept by the fiancée whether or not the relationship progresses to marriage. Recent court rulings have determined that the date in which the ring was offered can determine the condition of the gift. E.g. Valentine's Day and Christmas are widely recognized as gift giving holidays in the United States and some other countries. A ring offered in the form of a Christmas present is likely to remain the personal property of the recipient in the event of a breakup.[37]
In most states of the United States, engagement rings are considered "conditional gifts" under the legal rules of property. This is an exception to the general rule that gifts cannot be revoked once properly given. See, for example, the case of Meyer v. Mitnick, 625 N.W.2d 136 (Michigan, 2001), whose ruling found the following reasoning persuasive: "the so-called 'modern trend' holds that because an engagement ring is an inherently conditional gift, once the engagement has been broken, the ring should be returned to the donor. Thus, the question of who broke the engagement and why, or who was 'at fault,' is irrelevant. This is the no-fault line of cases." Though in certain states, whether a judicial action can be maintained at all to require return of an engagement ring is blocked by statute, as many states have statutes which state that no civil action shall be maintained for breach of promise to marry.[38]
One case in New South Wales, Australia ended in the man suing his former fiancée because she threw the ring away, after he told her she could keep it even though the marriage plans had fallen through. The Supreme Court of New South Wales held that, despite what the man said, the ring remained a conditional gift (partly because his saying that she could keep it reflected his desire to salvage the relationship) and she was ordered to pay him its A$15,250 cost.[39]
In England and Wales, the gift of an engagement ring is presumed to be an absolute gift to the fiancée. This presumption may be rebutted however by proving that the ring was given on condition (express or implied) that it must be returned if the marriage did not take place, for whatever reason. This was decided in the case Jacobs v Davis (1917).[40]
Styles[edit]
This wedding set contains two separate rings, either of which could be worn separately.
This wedding set contains two separate rings that look incomplete separately.
Engagement rings, like any other kind of jewelry, come in many different styles.
Gold (Available in Yellow Gold, White Gold and Rose Gold) and platinum are preferred for engagement rings, but common metal types such as titanium, silver, and stainless steel are also used for engagement rings. This allows for the bride-to-be to exert her own individual style into the ring in a simple manner.
In the United States, where engagement rings are worn by women, diamonds have been widely featured in engagement rings since the middle of the 20th century.[41] Solitaire rings have one single diamond. The most common setting for engagement rings is the solitaire prong setting, which was popularized by Tiffany & Co. in 1886 and its six-claw prong setting design sold under the "Tiffany setting" trademark.[42] The modern favorite cut for an engagement ring is the brilliant cut, which provides the maximum amount of sparkle to the gemstone.[43] The traditional engagement rings may have different prong settings and bands. Another major category is engagement rings with side stones. Rings with a larger diamond set in the middle and smaller diamonds on the side fit under this category. Three-stone diamond engagement rings, sometimes called trinity rings or trilogy rings, are rings with three matching diamonds set horizontally in a row with the bigger stone placed in the center. The three diamonds on the ring are typically said to represent the couple's past, present, and future, but other people give religious significance to the arrangement.
A wedding set, or bridal set, includes an engagement ring and a wedding band that matches and can be bought as a set. In some cases, the wedding ring looks "incomplete"; it is only when the two halves, engagement and wedding, are assembled that the ring looks whole. In other cases, a wedding set consists of two rings that match stylistically and are worn stacked, although either piece would look appropriate as a separate ring. Although the wedding band is not to be worn until the wedding day, the two rings are usually sold together as a wedding set. After the wedding, the bride may choose to have the two pieces welded together, to increase convenience and reduce the likelihood of losing one of the rings. A trio ring set includes a ladies engagement ring, ladies wedding band and a men's wedding band. These sets often have matching rings and are lower in price.
In Nordic countries, engagement rings are worn by both men and women. Traditionally they are plain gold bands, although more ornate designs and other materials are gaining popularity. The engagement rings resemble the wedding bands sold in the United States, whereas women's wedding rings may resemble US engagement rings.
In North America and the United Kingdom, it is customarily worn on the left hand ring finger. Similar traditions purportedly date to classical times, dating back from an early usage reportedly referring to the fourth finger of the left hand as containing the vena amoris or "vein of love". This custom may have its origins in an ancient Egyptian myth that the finger contained a vein leading directly to the heart, or it may simply be because the heart lies slightly to the left side of the body. In Germany the ring is worn on the left hand while engaged, but moved to the right hand when married. In Poland and Turkey, the engagement ring and wedding band are traditionally worn on the right hand but modern practice varies considerably.
For men[edit]
In some countries it is common for both men and women to wear engagement rings. The rings are often in the form of a plain band of a precious metal. Sometimes, the engagement ring eventually serves as the wedding ring for the man. In Brazil, for example, the groom and bride-to-be usually wear a plain wedding band on the right hand during the course of their engagement.[44] After the wedding, the band is moved to the left hand. In Argentina, it is also known for the groom and bride-to-be to wear a plain silver band on the left hand while engaged. Then, after the wedding the silver band is either replaced with the wedding ring or moved to the right hand.[citation needed]
Traditionally, women in the British Isles may propose marriage to men during a leap year. Women proposing has become more common in recent years, to the point that some jewelry companies have started manufacturing men's engagement rings. They resemble typical men's rings, often with a diamond centrepiece. In the countries where both sexes have traditionally worn engagement rings, the rings tend to be plainer bands, and there is no real difference between men's and women's engagement ring designs.
See also[edit]
Claddagh ring, a traditional Irish ring, often given or worn as a wedding ring
Dearest ring, a ring with stones creating the acronym D E A R E S T
Regards ring, a ring with stones creating the acronym R E G A R D S
Gimmal ring, a multi-part engagement ring fashionable in Europe during the 16th and 17th centuries
Pre-engagement ring
Puzzle ring, sometimes called a "Turkish wedding ring"
Tension ring, a modern mount
Prong setting, a way of setting gems
Wedding ring
References[edit]
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External links[edit]
Wikimedia Commons has media related to Engagement rings.
Diamond engagement ring ad, Loftis Brothers & Co., Popular Mechanics, November 1909, p. 113
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AD–AS model
From Wikipedia, the free encyclopedia
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Aggregate supply/demand graph
The AD–AS or aggregate demand–aggregate supply model is a macroeconomic model that explains price level and output through the relationship of aggregate demand and aggregate supply. It is based on the theory of John Maynard Keynes presented in his work The General Theory of Employment, Interest, and Money. It is one of the primary simplified representations in the modern field of macroeconomics, and is used by a broad array of economists, from libertarian, Monetarist supporters of laissez-faire, such as Milton Friedman, to Post-Keynesian supporters of economic interventionism, such as Joan Robinson.
The conventional "aggregate supply and demand" model is, in actuality, a Keynesian visualization that has come to be a widely accepted image of the theory. The Classical supply and demand model, which is largely based on Say's law—that supply creates its own demand—depicts the aggregate supply curve as being vertical at all times (not just in the long-run)
Contents
[hide]
1 Modeling
2 Aggregate demand curve
3 Slope of AD curve
4 Effect of monetary expansion on the AD curve
5 Aggregate supply curve
5.1 Shifts in aggregate supply curves
6 Fiscal and monetary policy under Classical and Keynesian cases
7 Shifts of aggregate demand and aggregate supply
7.1 Shifts of aggregate demand
7.2 Shifts of aggregate supply
7.3 Transition dynamics
8 Monetarism
9 See also
10 References
11 Further reading
12 External links
Modeling[edit]
The AD/AS model is used to illustrate the Keynesian model of the business cycle. Movements of the two curves can be used to predict the effects that various exogenous events will have on two variables: real GDP and the price level. Furthermore, the model can be incorporated as a component in any of a variety of dynamic models (models of how variables like the price level and others evolve over time). The AD–AS model can be related to the Phillips curve model of wage or price inflation and unemployment. A special case is a horizontal AS curve which means the price level is constant. The AD curve represents the locus of equilibria in the IS–LM model. The two models produce the same results with a constant price level.
Aggregate demand curve[edit]
Main article: Aggregate demand
The AD (aggregate demand) curve is defined by the IS–LM equilibrium income at different potential price levels. The downward sloping AD curve is derived from the IS–LM model.
IS–LM diagram, with real income plotted horizontally and the interest rate plotted vertically
AD–AS diagram, with real income plotted horizontally and the price level plotted vertically
It shows the combinations of the price level and level of the output at which the goods and assets markets are simultaneously in equilibrium. The above figure showing IS and LM curves, where LM curve shifts downward to the right to LM’ and thus shifting the new equilibrium to E’ where both goods and money market gets cleared. Now, the new output level Y’ correspond to the lower price level P’. Thus a reduction in price, which is shown in the figure, leads to an increase in the equilibrium and spending.
The equation for the AD curve in general terms is:
Y = Y d ( M P , G , T , Z 1 ) {\displaystyle Y=Y^{d}({\tfrac {M}{P}},G,T,Z_{1})}
where Y is real GDP, M is the nominal money supply, P is the price level, G is real government spending, T is an exogenous component of real taxes levied, and Z1 is a vector of other exogenous variables that affect the location of the IS curve (exogenous influences on any component of spending) or the LM curve (exogenous influences on money demand). The real money supply has a positive effect on aggregate demand, as does real government spending (meaning that when the independent variable changes in one direction, aggregate demand changes in the same direction); the exogenous component of taxes has a negative effect on it.
Slope of AD curve[edit]
The slope of AD curve reflects the extent to which the real balances change the equilibrium level of spending, taking both assets and goods markets into consideration. An increase in real balances will lead to a larger increase in equilibrium income and spending, the smaller the interest responsiveness of money demand and the higher the interest responsiveness of investment demand. An increase in real balances leads to a larger level of income and spending, the larger the value of multiplier and the smaller the income response of money demand.
This implies that: The AD curve is flatter the smaller is the interest responsiveness of the demand for money and larger is the interest responsiveness of investment demand. Also, the AD curve is flatter, the larger is the multiplier and the larger the income responsiveness of the demand for money.
Effect of monetary expansion on the AD curve[edit]
Aggregate demand curve shifts rightward in case of a monetary expansion
An increase in the nominal money stock leads to a higher real money stock at each level of prices. In the asset market, the decrease in interest rates induces the public to hold higher real balances. It stimulates the aggregate demand and thereby increases the equilibrium level of income and spending.Thus, as we can see from the diagram, the aggregate demand curve shifts rightward in case of a monetary expansion.
Aggregate supply curve[edit]
Main article: Aggregate supply
The aggregate supply curve may reflect either labor market disequilibrium or labor market equilibrium. In either case, it shows how much output is supplied by firms at various potential price levels. The aggregate supply curve (AS curve) describes for each given price level, the quantity of output the firms plan to supply.
The Keynesian aggregate supply curve shows that the AS curve is significantly horizontal implying that the firm will supply whatever amount of goods is demanded at a particular price level during an economic depression. The idea behind that is because there is unemployment, firms can readily obtain as much labour as they want at that current wage and production can increase without any additional costs (e.g. machines are idle which can simply be turned on). Firms' average costs of production therefore are assumed not to change as their output level changes. This provides a rationale for Keynesians' support for government intervention. The total output of an economy can decline without the price level declining; this fact, in conjunction with the Keynesian belief of wages being inflexible downwards, clarifies the need for government stimulus. Since wages cannot readily adjust low enough for aggregate supply to shift outward and improve total output, the government must intervene to accomplish this result. However, the Keynesian aggregate supply curve also contains a normally upward-sloping region where aggregate supply responds accordingly to changes in price level. The upward slope is due to the law of diminishing returns as firms increase output, which states that it will become marginally more expensive to accomplish the same level of improvement in productive capacity as firms grow. It is also due to the scarcity of natural resources, the rarity of which causes increased production to also become more expensive. The vertical section of the Keynesian curve corresponds to the physical limit of the economy, where it is impossible to increase output.
The classical aggregate supply curve comprises a short-run aggregate supply curve and a vertical long-run aggregate supply curve. The short-run curve visualizes the total planned output of goods and services in the economy at a particular price level. The "short-run" is defined as the period during which only final good prices adjust and factor, or input, costs do not. The "long-run" is the period after which factor prices are able to adjust accordingly. The short-run aggregate supply curve has an upward slope for the same reasons the Keynesian AS curve has one: the law of diminishing returns and the scarcity of resources. The long-run aggregate supply curve is vertical because factor prices will have adjusted. Factor prices increase if producing at a point beyond full employment output, shifting the short-run aggregate supply inwards so equilibrium occurs somewhere along full employment output. Monetarists have argued that demand-side expansionary policies favoured by Keynesian economists are solely inflationary. As the aggregate demand curve is shifted outward, the general price level increases. This increased price level causes households, or the owners of the factors of production to demand higher prices for their goods and services. The consequence of this is increased production costs for firms, causing short-run aggregate demand to shift back inwards. The theoretical ultimate result is inflation.[1]
The mainstream AS-AD model contains both a long-run aggregate supply curve (LRAS) and a short-run aggregate supply (SRAS) curve essentially combining the classical and Keynesian models. In the short run wages and other resource prices are sticky and slow to adjust to new price levels. This gives way to the upward sloping SRAS. In the long-run, resource prices adjust to the price level bringing the economy back to a full employment output; along vertical LRAS.[2]
Shifts in aggregate supply curves[edit]
The Keynesian model, in which there is no long-run aggregate supply curve and the classical model, in the case of the short-run aggregate supply curve, are affected by the same determinants. Any event that results in a change of production costs shifts the curves outwards or inwards if production costs are decreased or increased, respectively. Some factors which affect short-run production costs include: taxes and subsidies, price of labour (wages), and price of raw materials. These factors shift short-run curves exclusively. Changes in the quantity and quality of labour and capital affect both long-run and short-run supply curves. A greater quantity of labour or capital corresponds to a lower price for both. A greater quality in labour or capital corresponds to a greater output per worker or machine.
The long-run aggregate supply curve of the classical model is affected by events that affect the potential output of the economy. Factors revolve around changes in the quality and quantity of factors of production.
Fiscal and monetary policy under Classical and Keynesian cases[edit]
Keynesian Case: If there is a fiscal expansion i.e. there is an increase in the government spending or a cut in the taxes, it will shift the AD curve rightwards. The shift would then imply an increase in the equilibrium output and employment.
In the Classical case, the AS curve is vertical at the full employment level of output. Firms will supply the equilibrium level of output whatever the price level may be.
Now, the fiscal expansion shifts the AD curve rightwards, thus leading to an increase in the demand for goods, but the firms cannot increase the output as there is no labour force which can be obtained. As firms try to hire more labour, they bid up wages and their costs of production and thus they charge higher prices for the output. The increase in prices reduces the real money stock and leads to an increase in the interest rates and reduction in spending.
The equation for the aggregate supply curve in general terms for the case of excess supply in the labor market, called the short-run aggregate supply curve, is
Y = Y s ( W / P , P / P e , Z 2 ) {\displaystyle Y=Y^{s}(W/P,\ \ P/P^{e},\ \ Z_{2})}
where W is the nominal wage rate (exogenous due to stickiness in the short run), Pe is the anticipated (expected) price level, and Z2 is a vector of exogenous variables that can affect the position of the labor demand curve (the capital stock or the current state of technological knowledge). The real wage has a negative effect on firms' employment of labor and hence on aggregate supply. The price level relative to its expected level has a positive effect on aggregate supply because of firms' mistakes in production plans due to mis-predictions of prices.
The long-run aggregate supply curve refers not to a time frame in which the capital stock is free to be set optimally (as would be the terminology in the micro-economic theory of the firm), but rather to a time frame in which wages are free to adjust in order to equilibrate the labor market and in which price anticipations are accurate. In this case the nominal wage rate is endogenous and so does not appear as an independent variable in the aggregate supply equation. The long-run aggregate supply equation is simply
Y = Y s ( Z 2 ) {\displaystyle Y=Y^{s}(Z_{2})}
and is vertical at the full-employment level of output. In this long-run case, Z2 also includes factors affecting the position of the labor supply curve (such as population), since in labor market equilibrium the location of labor supply affects the labor market outcome.
Shifts of aggregate demand and aggregate supply[edit]
The following summarizes the exogenous events that could shift the aggregate supply or aggregate demand curve to the right. Exogenous events happening in the opposite direction would shift the relevant curve in the opposite direction.
Shifts of aggregate demand[edit]
The following exogenous events would shift the aggregate demand curve to the right. As a result, the price level would go up. In addition if the time frame of analysis is the short run, so the aggregate supply curve is upward sloping rather than vertical, real output would go up; but in the long run with aggregate supply vertical at full employment, real output would remain unchanged.
Rightward aggregate demand shifts emanating from the IS curve:
An exogenous increase in consumer spending
An exogenous increase in investment spending on physical capital
An exogenous increase in intended inventory investment
An exogenous increase in government spending on goods and services
An exogenous increase in transfer payments from the government to the people
An exogenous decrease in taxes levied
An exogenous increase in purchases of the country's exports by people in other countries
An exogenous decrease in imports from other countries
Rightward aggregate demand shifts emanating from the LM curve:
An exogenous increase in the nominal money supply
An exogenous decrease in the demand for money supply i.e. liquidity preference
Shifts of aggregate supply[edit]
The following exogenous events would shift the short-run aggregate supply curve to the right. As a result, the price level would drop and real GDP would increase.
An exogenous decrease in the wage rate
An increase in the physical capital stock
Technological progress — improvements in our knowledge of how to transform capital and labor into output
The following events would shift the long-run aggregate supply curve to the right:
An increase in population
An increase in the physical capital stock
Technological progress
Transition dynamics[edit]
Movement back to the steady state is fastest when the economy is furthest from its steady state.
This means that as the aggregate supply is shocked by factors of production, it will move away from its steady state. In response, the supply will slowly shift back to the steady state equilibrium, first with a large reaction, then consequently smaller reactions until it reaches steady state. The reactions back to equilibrium are largest when furthest from steady state, and become smaller as they near equilibrium.
For example, a shock increase in the price of oil is felt by producers as an increase in the factors of production. This shifts the supply curve upward by raising expected inflation. This slows the adjustment of the AS curve back to its steady state. As the inflation slowly falls, so will the AS curve back to its steady state.
Monetarism[edit]
The modern quantity theory states that the price level is directly affected by the quantity of money. Friedman is the recognized intellectual leader of an influential group of economists, called Monetarists, who emphasize the role of money and monetary policy in affecting the behaviour of output and prices. Modern quantity theory also disagrees with the strict quantity theory in not believing that the supply curve is vertical in the short run. Thus, Friedman and other monetarists made an important distinction between the short run and long run effects of changes in money. They said that in the long run money is more or less neutral. Changes in the nominal money stock have no real effects and only change prices. But in the short run, they argue that the monetary policy and changes in the money stock can have important real effects.
See also[edit]
AD–IA model
Classical dichotomy
DAD–SAS model
References[edit]
Jump up ^ Glanville, Alan (2011). Economics From a Global Perspective (Third ed.). Glanville Books. p. 224. ISBN 9780952474685.
Jump up ^ Reed, Jacob (2016). "AP Macroeconomics Review: AS-AD Model". APEconReview.com.
Further reading[edit]
Blanchard, Olivier (2006). Macroeconomics (Fourth ed.). Pearson Education. ISBN 0-13-186026-7.
Dutt, Amitava K.; Skott, Peter (1996). "Keynesian Theory and the Aggregate-Supply/Aggregate-Demand Framework: A Defense". Eastern Economic Journal. 22 (3): 313–331.
Dutt, Amitava K.; Skott, Peter (2006). "Keynesian Theory and the AD-AS Framework: A Reconsideration". In Chiarella, Carl; Franke, Reiner; Flaschel, Peter; Semmler, Willi. Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels. Contributions to Economic Analysis. 277. Emerald Group. pp. 149–172. doi:10.1016/S0573-8555(05)77006-1.
Mankiw, N. Gregory (2007). Macroeconomics (Sixth ed.). New York: Worth Publishers. ISBN 0-7167-6213-7.
Palley, Thomas I. (1997). "Keynesian Theory and AS/AD Analysis". Eastern Economic Journal. 23 (4): 459–468. JSTOR 40325806.
External links[edit]
Wikimedia Commons has media related to Aggregate supply and demand curves.
Sparknotes: Aggregate Supply and Aggregate Demand brief explanation of the AD–AS model
"Aggregate Demand and Aggregate Supply" in CyberEconomics by Robert Schenk explains the AD–AS model and explains its relation to the IS/LM model
"ThinkEconomics: Macroeconomic Phenomena in the AD/AS Model" includes an interactive graph demonstrating inflationary changes in a graph based on the AD–AS model
"ThinkEconomics: The Aggregate Demand and Aggregate Supply Model" includes an interactive AD-AS graph that tests one's knowledge of how the AD and AS curves shift under different conditions
Retrieved from "https://en.wikipedia.org/w/index.php?title=AD–AS_model&oldid=801242948"
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Death and All His Friends (Grey's Anatomy)
From Wikipedia, the free encyclopedia
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"Death and All His Friends"
Grey's Anatomy episode
Episode no.
Season 6
Episode 24
Directed by
Rob Corn
Written by
Shonda Rhimes
Original air date
May 20, 2010 (2010-05-20)
Running time
86 minutes
Guest appearance(s)
Michael O'Neill as Gary Clarke
Mandy Moore as Mary Portman
Nora Zehetner as Reed Adamson
Robert Baker as Charles Percy
Sarah Drew as April Kepner
Jesse Williams as Jackson Avery
Episode chronology
← Previous
"Sanctuary" Next →
"With You I'm Born Again"
Grey's Anatomy (season 6)
List of Grey's Anatomy episodes
"Death and All His Friends" is the season finale of the sixth season of the American television medical drama Grey's Anatomy, and the show's 126th episode overall. It was written by Shonda Rhimes and directed by Rob Corn. The episode was originally broadcast on the American Broadcasting Company (ABC) in the United States on May 20, 2010. The episode was the second part of the two-hour season six finale, the first being Sanctuary, and took place at the fictional Seattle Grace Hospital. The original episode broadcast in the United States had an audience of 16.13 million viewers and opened up to universal acclaim. The episode centers a shooting spree at the hospital by a former patient's husband Gary Clark (Michael O'Neill). The episode marked the last appearances for Nora Zehetner and Robert Baker as Dr. Reed Adamson and Dr. Charles Percy respectively as both the characters were killed in the shooting.
In the episode Cristina Yang (Sandra Oh) and Jackson Avery (Jesse Williams) try to save the life of Chief Derek Shepherd (Patrick Dempsey) who was shot by Gary Clark in front of Meredith Grey (Ellen Pompeo) as she waits outside the OR with April Kepner (Sarah Drew). Miranda Bailey (Chandra Wilson) tries to save Charles along with her patient Mary Portman (Mandy Moore), while Richard Webber (James Pickens, Jr.) tries to get into the hospital. Callie Torres (Sara Ramirez) and Arizona Robbins (Jessica Capshaw) are stuck on a floor with all the younger patients of the hospital, Mark Sloan (Eric Dane) and Lexie Grey (Chyler Leigh) try to save the life of Alex Karev (Justin Chambers) who was shot as well and Owen Hunt (Kevin McKidd) and Teddy Altman (Kim Raver) try to get their patient to safety.
Contents
[hide]
1 Plot
2 Production
3 Reception
3.1 Broadcast
3.2 Reviews
4 References
5 External links
Plot[edit]
The hospital is hit with an unprecedented crisis: a shooter is in the hospital, and there is a lockdown. Meanwhile, Dr. Meredith Grey (Ellen Pompeo) discovers that she is pregnant, and Dr. Owen Hunt (Kevin McKidd) must choose between Teddy and Cristina (Sandra Oh). The shooter kills Reed Adamson and wounds Dr. Alex Karev (Justin Chambers). Lexie (Chyler Leigh) and Mark (Eric Dane) find the latter and try to save him. Soon, it is revealed that the shooter, Gary Clark (whose wife was a patient at the hospital and later died), is looking for Dr. Derek Shepherd (Patrick Dempsey). At the end, he shoots Derek, which is witnessed by Meredith, Cristina, and April. With the crisis unfolding, each character is put through extreme trials and tribulations. Cristina is put under pressure to save Derek, who is seriously injured.
Meanwhile, Dr. Miranda Bailey (Chandra Wilson) and her patient Mary drag intern Charles Percy, who has been shot, through the hallway but when they get to the elevators, they are off. Bailey freaks out for a moment, then gathers herself and sits with Charles. When he asks if he was dying, she said yes. She tells him she and Mary are going to stay with him and that he isn't alone, with Charles dying soon thereafter. The shooter walks into the OR where Cristina and Jackson are trying to save Derek. Hunt shows up and Meredith tells him what was going on. He looks through the window and says she is doing fine but he'd go in to see what he could do to help. When Hunt goes inside, the audience is shown that Mr. Clark is in the room with a gun to Cristina's head, shouting at her to stop fixing Derek. Cristina and Avery refuse to stop working.
Mr. Clark tells Hunt that he'd shoot him first and then Cristina but he really only wanted to kill Derek. He believes this is retribution for his wife's death, which he believes is on Derek's hands. Meredith then comes into the room and tells Mr. Clark to shoot her. She explains that she is Lexie's sister, she is the closest thing Webber has to a daughter, and she is Derek's wife. He turns the gun toward Meredith, but Cristina says Meredith is pregnant. Hunt makes a move toward Mr. Clark and is shot, knocking him unconscious. Cristina and Avery then raise their hands and Avery tells Mr. Clark that Derek will die and he can watch it happen on the monitor. Derek flatlines and Meredith cries almost hysterically. Mr. Clark walks out.
Clark later comes across Lexie, who is bringing supplies to help Alex, and when he attempts to shoot her, the recently arrived SWAT team wounds Clark. This gives time for Lexie to escape. Soon after, Webber walks through the halls of the hospital and finds several bodies. In a room, he finds Mr. Clark, who tells him he'd bought the gun at a superstore and bought extra ammo because it was on sale. Mr. Clark tells Webber he has one bullet left. He reveals that he planned on shooting Webber, then himself. Eventually, after Webber convinces Clark that his wife wouldn't want the shooting and would rather be reunited with him, Clark commits suicide as the SWAT team is directly out the door.
Meanwhile, in the operating room, Derek's heartbeat returns to normal, and everyone is relieved. Outside the hospital, Arizona and Callie reinstate their relationship when Callie says she doesn't want to have a baby if it means she can't be with Arizona. Arizona agrees to have a baby because she says that she doesn't want to stop Callie from being an excellent mother. Mark and Lexie show up at the other hospital. Alex is out of surgery. Lexie goes to Alex. Mark watches Lexie take Alex's hand. Meredith takes another look at her positive pregnancy test, and throws it out.[1]
Production[edit]
Mandy Moore guest starred in the episode as a patient of Miranda Bailey.
The episode was written by showrunner Shonda Rhimes and directed by Rob Corn. In an interview Rhimes told that the writing of the two-part season six finale, caused her struggle. She elaborated on this:
“ It hurt to write this finale. It literally hurt me. Because in order to write these episodes, I had to walk in the shoes of [the shooter]. I had to think like a shooter. A person who would shoot Reed and Alex and Charles. A person who would shoot Derek. By the time I finished writing part one, I was sick. And depressed. Because my McDreamy was lying on my beloved catwalk dying. Mer is screaming and he is dying. And, before you have me shot up with Thorazine and placed in a strait jacket, yes, I DO I know it’s only a TV show, I'm not insane, but dude…it felt too real. It felt WAY too real.[2] ”
TV Guide reported that Mandy Moore will check into Grey’s Anatomy’s two-hour season finale, adding, "She’ll play a patient named Mary as part of an explosive – and, of course, top secret – cliffhanger. Bailey – who’s having one hell of a season as a newly single gal – will be her doctor, but beyond that, details are being kept under heavily guarded wraps." The news was later confirmed by Entertainment Weekly which further reported, "Bailey – who’s having one hell of a season as a newly single gal – will be her doctor, but beyond that, details are being kept under heavily guarded wraps. She comes as part of a grand tradition of recognizable names as patients, usually quick, juicy roles like Sara Gilbert’s euthanized patient two weeks ago and Demi Lovato’s upcoming stretch as a schizophrenic. Moore did that other hospital show, Scrubs"[3]
It was also reported as veteran actor Michael O'Neill would reprise his role as the grief-stricken widower Gary Clark. O'Neill later in an interview said, "That role changed my career. It was probably the hardest job I've ever done, hardest work I've ever done. I had a tremendous resistance to it, and I almost turned the role down. I was so afraid of that being sensationalized, and I didn't want that in the world. I hadn't worked with Shonda Rhimes, and so I didn't know. I certainly knew she was a brilliant writer, but I didn't know what the intent was. We had a conversation about it. I said, 'You know what? Can I think about this and call you back tomorrow?' I called her back, and I said, 'Shonda, I just have to say it frightens me. It really frightens me.' She said, 'Michael, it frightens me too.' I thought, OK, we're at least starting at the same place. Her writing was so good. ... We saw the wound. We got to see the wound that drove him mad, and I think that was terribly important. It was important to show the fracture that brought this man to that desperate action."[4]
Reception[edit]
Broadcast[edit]
Death And All His Friends was originally broadcast on the American Broadcasting Company (ABC) in the United States on May 20, 2010. The episode was the second half of the two-hour season six finale, the other half being Sanctuary It had an audience in The United States of 16.13 million viewers (5.9/17 Nielsen rating in its 9:00 Eastern time-slot.[5]
Reviews[edit]
Sandra Oh (left) and Ellen Pompeo (right) garnered enormous praise for their performances as Cristina Yang and Meredith Grey
The episode opened up to universal acclaim with the television critics lauding the writing and performance of the entire cast as well. The performances of guest stars Mandy Moore and Michael O'Neill along with Ellen Pompeo, Sandra Oh, Chandra Wilson, Kevin McKidd, James Pickens, Jr. and Sarah Drew garnered most praise. Marsi from TVFanatic highly praised the episode and gave it five stars, and expressed that it may have been the best episode of the series, adding, "The writing and acting were absolutely stellar, and may lead to many Emmy nominations, but even more impressively, despite a killing spree, it remained distinctly Grey's. Some of the back-and-forths between the characters were truly memorable, and some of the developments so heartbreaking that we don't even know where to begin now. Seriously, the Season 6 finale left us laying awake afterward thinking about everything, a feeling we haven't had from Grey's in years and rarely achieved by any program."[6]
John Kubicek of BuddyTV also noted that the finale was the best episode, adding, "[It was] two of the best hours of television all year. It was certainly the best Grey's Anatomy has ever been, which is saying a lot since I'd written the show off for the past few years. No show does a big traumatic event like Grey's, and the shooter gave the show license for heightened drama with five major characters being shot over the two hours. It was emotional, expertly paced and had me in tears for most of the finale."[7] PopSugar called it "most intense episodes of Grey's I have ever seen" adding, "What a whopper of an episode! Can we talk about how gripping the scene is where Bailey and Percy are hiding from Mr. Clark. Then he turns around and gets Karev right in the chest. Seriously, I haven't been so shocked by a one-two shooting spree since Michael shot Ana Lucia and Libby in rapid succession on Lost.[8] Another review from BuddyTV called the finale "Game changing!" stating, "The finale that changes everything! You don‘t want to miss it! To her credit GA creator and writer-of-this-episode Shonda Rhimes pretty much delivered on her promise. I found myself with my heart in my mouth for the entire evening before finally being able to exhale as the credits rolled." The review lauded Ellen Pompeo and Sandra Oh adding, "The Twisted Sisters really were the showcase of the entire finale. Meredith, side-lined for much of the season, took center stage " even calling Oh's Cristina Yang a "rockstar".[9]
Entertainment Weekly wrote, "You’re still pondering how Grey’s can still be so damn good sometimes,"[10] further hugely praising the episode, "They did a bang-up job, it felt real in every way, thanks to some stellar performances and writing. And yet it maintained its Grey’sness thanks to some quieter moments, and plenty of witty exchanges to boot." Regarding the Bailey-Mary-Charles sequence the site wrote, "the action felt so real", but added, "But the most intense action was culminating in the OR with Cristina, April and Meredith had a nice moment sitting on the ground together, April sniffling and Meredith stonefaced. Kevin McKidd did some stellar acting as he interacted with them." Talking about Meredith's miscarriage he site added, "She saved Owen, though she did it while having a miscarriage — again, leave it to Grey’s to make this the least dramatic, most underplayed storyline of the night. (Brilliantly so.)"
Spoiler Junkie wrote highly of the episode Meredith Grey in particular saying, "In the most heart-wrenching moment of the entire two-hour season finale, Meredith bursts into the room, asking Clark to kill her. Eye for an eye, she says. She’s Lexie’s sister. She’s like a daughter to Dr. Weber. She’s the Chief’s wife." and noted that, "This was an amazing season finale, one of the best in the six seasons of Grey’s Anatomy. The second hour of the Grey’s Anatomy Season 6 season finale, Death and All His Friends, is even more intense than the first."[11] HitFix also lauded the episode and wrote, "In every sense, these two episodes where Shonda Rhimes, directors Stephen Cragg and Rob Corn, and the entire cast and crew of the show "Going For It". There was no opportunity for suspense, or tears, or anger, or horror, or some good old-fashioned monologuing left unexplored. Huge stakes, huge emotions, great performances from everybody Chandra Wilson and Sandra Oh were particularly great, as was Michael O'Neill as shooter Gary Clark. This was about as good as I've ever seen "Grey's." Episodes like these are what I point to when anyone asks me why I'm still watching [12]
The site also lauded Ellen Pompeo's character stating, "Meredith would suffer a miscarriage in the middle of patching up Owen Hunt's bullet wound - and be so hard-core, just as her best friend was next door in risking death to save Meredith's man, that she would just keep working even as blood dripped down her legs. A moment like that works only if everyone involved is 100% committed to the insanity of it, and here everyone was. They all went for it and came up with a riveting two hours of TV.[12] At the completion of the eleventh season Wired named the episode in its must watch list adding, "The show reaches its dramatic apex in a multi-episode arc about a deadly spree shooter who visits the hospital with a vendetta. The repercussions of this incident will echo through most of Season 7, and well into the future." The site also called Pompeo's ’Shoot Me. I’m Your Eye for an Eye.' the best scene from the entire series. [13]
References[edit]
Jump up ^ Pompeo, Ellen; Oh, Sandra; Chambers, Justin; Wilson, Chandra (2010-05-20), Death and All His Friends, retrieved 2017-03-21
Jump up ^ Rhimes, Shonda (May 20, 2010). "Shonda Rhimes on "Sanctuary" and "Death and All His Friends"..." Grey Matter. American Broadcasting Company. Archived from the original on May 5, 2012. Retrieved June 30, 2012.
Jump up ^ "Mandy Moore to guest star on 'Grey's Anatomy' finale". EW.com. 2010-04-09. Retrieved 2017-03-21.
Jump up ^ "Role Recall: Michael O'Neill Talks Saving Presidents on '24' and 'West Wing,' His Unforgettable 'Grey's' Arc, and Messing With Halle Berry's Mind on 'Extant'". Retrieved 2017-03-21.
Jump up ^ "TV By The Numbers by zap2it.com". TV By The Numbers by zap2it.com. Retrieved 2017-03-21.
Jump up ^ "Grey's Anatomy Season Finale Review: The Best Episode Yet?". TV Fanatic. 2010-05-21. Retrieved 2017-03-21.
Jump up ^ "Why the Season 6 Finale Was the Best 'Grey's Anatomy' Ever". Retrieved 2017-03-21.
Jump up ^ Entertainment. "Grey's Anatomy Rundown: Season Finale, "Sanctuary" and "Death and All His Friends"". POPSUGAR Entertainment. Retrieved 2017-03-21.
Jump up ^ "'Grey's Anatomy' Fan Columnist: The Game-Changing Finale". Retrieved 2017-03-21.
Jump up ^ "'Grey's Anatomy' finale: Remember where it all began..." EW.com. 2010-05-21. Retrieved 2017-03-21.
Jump up ^ "Grey's Anatomy Season Finale Recap: "Sanctuary/Death and All His Friends"". Spoiler Junkie. 2010-05-21. Retrieved 2017-03-21.
^ Jump up to: a b http://www.hitfix.com/blogs/whats-alan-watching/posts/grey-s-anatomy-sanctuary-death-and-all-his-friends-first-person-shooter#Vx6rCTypJsVBmyri.99"
Jump up ^ Hudson, Laura. "WIRED Binge-Watching Guide: Grey's Anatomy". WIRED. Retrieved 2017-03-21.
External links[edit]
"Death and All His Friends" on IMDb
"Death and All His Friends" at TV.com
[hide]
v
t
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Grey's Anatomy episodes
Season 1
"A Hard Day's Night"
"If Tomorrow Never Comes"
Season 2
"Into You Like a Train"
"It's the End of the World"
"As We Know It"
"Losing My Religion"
Season 3
"Time Has Come Today"
"I Am a Tree"
"Great Expectations"
"Wishin' and Hopin'"
"Didn't We Almost Have It All?"
Season 4
"A Change Is Gonna Come"
Season 5
"What a Difference a Day Makes"
"Stand By Me"
"Elevator Love Letter"
"Now or Never"
Season 6
"Good Mourning"
"Goodbye"
"I Always Feel Like Somebody's Watchin' Me"
"Tainted Obligation"
"Invasion"
"I Saw What I Saw"
"Give Peace a Chance"
"Invest in Love"
"I Like You So Much Better When You're Naked"
"Death and All His Friends"
Season 7
"Song Beneath the Song"
Season 8
"Flight"
Season 9
"Going, Going, Gone"
"Beautiful Doom"
"Perfect Storm"
Season 10
"Fear (of the Unknown)"
Season 11
"I Must Have Lost it on the Wind"
"Puzzle With a Piece Missing"
"Got to Be Real"
"Only Mama Knows"
"Bend & Break"
"Don't Let's Start"
"One Flight Down"
"How to Save a Life"
"She's Leaving Home"
"Time Stops"
"You're My Home"
Season 12
"Sledgehammer"
"Guess Who's Coming to Dinner"
"Something Against You"
"Things We Lost in the Fire"
"The Sound of Silence"
"Family Affair"
Season 13
"True Colors"
Season 14
"Danger Zone"
"Personal Jesus"
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