Examine the stock returns for both Pfizer and AstraZeneca during the Essay

Examine the stock returns for both Pfizer and AstraZeneca during the bid process and provide possible reasons for changes in price on key dates - Essay Example 7.36). Comparing by the revenues, Pfizer is a larger company than AstraZeneca both the companies being products of the merger. Pfizer made four approaches earlier in 2014 terminating the bids in a full and final offer of 55 sterling pounds per share valuing AstraZeneca at 69 billion pounds (Battersby & Grimes 2014, p. 7.37). The current debt to equity ratio at Pfizer is at 0.49, a low and a below average industrial average. The low figure is an indication of good management of debt levels within the firm. Pfizer had a quick ratio of 2.03 demonstrating their capability to cover and settle short time liquidity needs. The gross profit of Pfizer during the bidding process span was a high figure of 85.18 percent with its net profit margin accounted at 22.92 percent. The net operating cash flow had a slight increase to $4,087 million, a figure equivalent to 6.71 percent comparable to the same quarter one year ago (US. Pharmaceuticals & Healthcare Report 2014, P.15). AstraZeneca rejected Pfizer’s final offer on grounds that the takeover may pose a risk to its pharmaceutical operations. In addition, the fear of the uncertainty that could arise led to the collapse of the bid process. It became hard for AstraZeneca to evaluate Pfizer’s final bid given the uncertainty over the total amount that Pfizer could trim off its tax bill by venturing in Britain. Pfizer offered a final bid of 69.4 billion sterling pounds, an equivalent amount to $ 117 billion terming the figures full and final. Lack of a proven parameter for evaluating a company with a growing and attractive growth prospects led to changes in prices on the final day. Pfizer failed to factor in AstraZeneca’s future prospects in terms of sales and market base. The concerns on whether Pfizer would eliminate jobs after the merger and diminish Britain’s standing in life sciences indicate the political influence

The Double Entry System Essay Example for Free

The Double Entry System Essay According to the double entry accounting system, a business transaction affects at least two accounts and the debit and credit amounts recorded for the affected accounts must be balanced. These transactions will be recorded in the appropriate books of accounts. Business entities develop a chart of accounts, a list of account titles with their corresponding account codes that the business will use in recording and posting in the books of accounts and in reporting in the financial statements. Double Entry System was invented for the first time by Lucas Pacioli’ of Italy in the year 1494 in Venice but it was developed in England. This system is based on the truth that every business transaction involves two .parties— (1) Receiver and (2) Giver. There can not be any business transaction by only one party. If one part is giver of any thing, there must be one more party-receiver. If one part is seller; there must be the other party purchases. Receiver of the transaction is debtor and the giver is the creditor. Thus the transactions take place between two parties, according to Double Entry System every transaction is recorded twice. One party is the debtor and the other party is giver. Receiver is the debtor and giver is the creditor. Accuracy of accounts. The greatest advantage of Double Entry System is that arithmetical accuracy of accounts can be checked easily. Since every transaction is recorded twice, a Trial Balance can be prepared and it can be known whether each transaction has been correctly recorded twice or not. By applying. Double Entry Principle every transaction is recorded twice. Trial Balance can easily be prepared and with the help of Trial Balance Trading and Profit and Loss can be easily prepared to ascertain the gross profit or gross loss or net profit or net loss of the business. Knowledge of Financial Position. Financial position of the business can be known easily. By preparing Balance Sheet one can know what assets are possessed by the business and what liabilities are due by the business. Chances of fraud meager. By applying Double Entry Principles chances of committing fraud is very much minimized. If fraud is committed, it can be easilychecked by verification and auditing of accounts. †¢Comparison of Expenses— Comparison of expenses of the current year with the previous can easily be made. The system of double-entry bookkeeping does have the capa ¬bility of making a positive contribution towards economic growth. Although the ability of double-entry to reveal the success or failure of a business enterprise for a specific period of lime was not valued by the early merchants, double-entrys capacity to accumulate data on individual performing activities, combined with its ability to bring order to the affairs and accounts of these merchants, rationalized the economic activities of the early English merchants

Homespun to Sophisticated: Place as Transformer :: Philosophy Philosophical Papers

Homespun to Sophisticated: Place as Transformer Works Cited Missing It is common in the transcendental philosophy to associate the act of transcending with a place. Philosophers, artists, and writers fled to Niagara Falls and the White Mountains in search of sublime scenery that would connect them with God. One of the leading Transcendentalists, Ralph Waldo Emerson, states that "Nature deif[ies] us with a few and cheap elements" (Emerson, 27). The essential communion between man and nature, through something he calls the "Oversoul," enables man to transfer the world into the consciousness, thereby uniting himself with God. Ironically, as the Transcendentalists were streaming into the countryside, young women from farms surrounding New England, especially from the White Mountains, were flooding the cities looking for work in the mills. The "Lowell Girls" went into the city to earn money for themselves or for their families and to undergo a transformation from a "homespun country bumpkin" to sophisticated, respected city woman with a "sense of independ ence." These changes and improvements were part of the Lowell experience. The owners of the mills created a myth of the mills as a transformer which was then perpetuated by the mill girls via word of mouth or through their writings in the Lowell Offering. The fictions in the Lowell Offering express their desire to be seen as transformed into the ideal woman. The act of self-representation through writing, which has as its central essence the transformative power of a place, was utilized by writers such as Margaret Fuller, Nathaniel Hawthorne and Henry David Thoreau. The popularity of their writing and their ideas of the importance of the individual's relationship with God, nature and work surely influenced the Lowell women's writing and their desire to be seen as transformed. According to Transcendental philosophy, "nature is transcendental" (Emerson 197). "There was nothing in the intellect which was not previously in the experience of the senses, by showing that there was a very important class of ideas or imperative forms, which did not come by experience, but through which experience was acquired; that these were intuitions of the mind itself; and [Kant] denominated them Transcendental forms" (Emerson 197). Man experiences God and his power in the natural world. Beauty which is unavoidable in the natural world has "the presence of a higher, namely, of the spiritual element ... essential to its perfection. ... Beauty is the mark God sets upon virtue" (Emerson 28).

East-Asian Crisis Essay

Has state played a leading role in upgrading technologies in Asia Pacific? Answer with reference to relevant theories and use comparative country or corporate examples. Introduction: The state is a lever that navigates economic process. It is managed by the country government which consists of all educational, socio-cultural, economical and geographical factors. The national innovation systems in Asia have a great significance in the process of technology adjustment (the national institutions, their incentive structures and their competencies, that determine the rate and direction of technological learning (or the volume and composition of change generating activities) in a country.† (Patel and Pavitt (1994: 79)) (4) It sustains governmental institutions and forms economic conditions and opportunities. It influences a market by all restrictions and policies which navigate all import and export activities. The Asia Pacific region includes one of the most economically developed c ountries in the world. According to academic articles(8) developmental states as South Korea, Japan and Taiwan quickened their industrialisation in order to synchronise their economies with globalisation growth. From a historical perspective South Asia went through enormous industrial and state transformation after 2nd World War till the beginning of 21st century. An effective industrialisation process created the need of upgrading technologies and expanding business relations so to sustain the Asian competitive advantage and stabilise its economy. Furthermore a governmental institutional reform appeared to be essential element of the whole adjustment stage. The â€Å"tiger†(9) economies of Hong Kong and Singapore (plus these of South Korea and Taiwan) impressively adapted to balanced level of navigating their market and a â€Å"miracle† GDP growth followed. Examining the transformation processes in these economies creates an objective view of how the state influenced changes in technologies and why it has such a significant part in the East-Asian success. Body: The developmental states Japan: The process of industrialisation is a key developmental factor. It emerged in the beginning of the 20th century by the development of four machine industries: the rolling stock, spinning and weaving machines, machine tools and electric machinery(5)Between all of them the government held strongest influence on the rolling stock-a sub railway system which is an official representative of the system, having trade responsibility and negotiates with suppliers(6).The JNR(Japanese National Railway) policy changed after the 1950s and the private sector started managing its policies with governmental assistance. The rolling stock trading process established the Japanese co-operation with West-European suppliers. Essential approaches like government’s guidance in applying industrial policy, adjustment in labour-management relations, tolerating entrepreneurial firms seen as innovators instead of the zaibatsu-structured equivalents, were taken (3).The mentioned events , concerning Japanese technology adjusting, show the strong relation between state policies and technology level . The state itself is the agent which drives all innovations by the power of its policies and regulations. It played a main role in the factory legislation. Women workers needed protection and they could only receive it by governmental intervention. A report by AAB(Agricultural Affairs Bureau) in 1900 confirmed the negative affect of night shifts onto labour efficiency and technical progress. By taking in consideration this example the state role can be considered as more than crucial. It maintains the economy growth by securing its population conditions (human rights; socio-cultural perspective).In this way it sustains the workforce of the country, which is a main element of stabilising competitive advantage. Despite the fact that most economic articles stress on the â€Å"Japanese Miracle†(1) as a significant period of technology updating and state-system adjustment, the pioneers in technology investment appeared in the Meiji period. These businessmen founded a significant process which contributed to the rapid economic growth after World War II. Japanese role in the Electro-chemical industry has massively influenced the power of Japanese Army. Scientifically educated employees contributed for a better business analysis and strategies. A continuous growth is achieved when a government is concerned both for its trading power and socio-educational system. If both elements are properly maintained a country is able to sustain its competitive status worldwide as its observed in the Japanese case of Toyota-one of the most successful car manufacturer’s. â€Å"The key to the Toyota Way and what makes Toyota stand out is not any of the individual elements†¦. But what is important is having all the elements together as a system. It must be practiced every day in a very consistent manner—not in spurts†(11) Toyota is a great example of brilliant cooperation between increasing labour efficiency and a djusting technology system. Toyota took some fruitful approaches from the Western European managerial model and kept its unique values from the Japanese culture. It is observed that the more an Asian industry is independent from the state the better it adapts to the global business environment. State policies founded initial basis of the most important Asian features that should be taken and not changed in the business-cycle of a company. Toyota managed to follow the roots of the Japanese â€Å"know how† and at the same time keeps attracting professionals from all over the world in order to sustain its competitive advantage. Furthermore as a modern massive share-holder in different sectors it transformed into customer-oriented company targeting more market segments and reassuring to keep the demand of current customers. This is just one of the many great Japanese examples of sustaining a global market share. It can be stated that the more globalisation expands the higher is the need of rapid adaptation m ethods. Strongly centralised firms should transfer into more de-centralised strategic schemes if they want to achieve bigger success on a international level. Korea: From historical perspective Korea was controversially affected by both US (United States-South Korea) and the USSR(Union of Souviet Socialist Rebubplics-North Korea)During the Rhy government period(7) Korea focused on two massive industrial sectors: consumer goods and construction. After the Korean War (1950-1953) they become leading suppliers in these niches. Collaboration between the’’chaebols’’-â€Å"a group of companies, owed by a specific family, has centralised control and business in different industries that are not directly interrelated†((10)Korean Managerial Dynamics p.29) and the state can be considered as a main reason for the rapid industrialisation in the 1960s.The earlier establishment of cartels( Flour Mill, Sugar and Spinning Manufacturers)and corrupted Japanese and American support contributed to the chaebol growth. Hyundai is the major Korean constructor, which used to sustain and still does the Korean economy. Between 1940s and 1970s the ‘’chaebol’’ transformed into a large-multidivisional private system which expanded its business sectors. In this way the new system created economies of scale under a centralised management strategy. The renovated state policies enhanced the labour force and implemented the export industrialisation strategy. In order to (2)The chaebol business structure created highly-controlled production in the 1970s by hiring managers which took the role of supervisors. In the 1980s the government prioritised the need of higher workforce independence. The state shaped the legal frame of Korea, while supporting the chaebol economic and interest policies.((2);p.3)After the KCTU(Korean Confederation of Trade Unions) was established a significant decrease in the chaebol monopolism was noticed. In 1974 a â€Å"concentration of economic power† emerged as a negative issue.(Korean Managerial Dynamics; Chung, Khae and Lee, Hak Chong p.16) The Ko rean bank was forced to take action due to its monopolistic strength: all private businesses provided information to the open capital market. All monopolistic and cartel structures were constricted from entering new markets. Expectedly or not the existing cartels sustained their barriers of entry. Despite the fact Korea was stimulating domestic manufacturing there was a lack of physical technology ability and it has no choice but looking for external â€Å"packaged technology†(Korean Business: Internal and External factors) –component parts, specialised details, product specifications, quality control and professional assistance. In 1980 this resulted in high-inflation rates. Four recovering movements were taken: better managing of market mechanisms and stabilising price levels (led to export of domestically manufactured technologies); transforming domestic monopolism to a free-competitive foreign markets (increasing of social welfare); encouraging foundation of small-medium businesses. It can be concluded that all state reforms derived from either political external or internal problems. The complicated internal reforms caused to a non-balanced upgrading processes. Korea needed a quick re-navigation and focus on catching up with Western Europe rivals. Good examples of chaebol companies are Samsung and Hyundai. Samsung (founded in 1938 (12))business group is the largest one in terms of annual sales-21 billion dollars in 1987 with 160,000 workers in 42 companies (10 p.29) It entered the insurance, security and enterprise sectors. Nowadays it possesses a major shares in electronics, chemical, construction, manufacturing, land development, service and technology markets. By a constant governmental navigation and assistance this great example of East-Asian conglomerate diversified its supply. While the state takes responsibility of providing well-educated and strong workforce the company itself is concerned of the trading process and constant technology upgrading. â€Å"When Samsung has difficulties in transferring technology, it relied on several different strategic avenues: seeking alternative sources of technology, buying it from financially troubled, small American firms; developing its own technology; or entering a consortium with other local competitors to develop technology†((15)â€Å"Korean Business: Internal and External Industrialisation†) By analysing this strategic approach an excellent decision-making skills are observed. The alternative of â€Å"buying† from American small firms shows that the Korean leader constantly generates cash flow in order to afford such activities in a critical moment. Even â€Å"consortium† schemes were made which shows the great adaptation to the market condition and to all supplying competitors. By competing in different markets and upgrading its business structure Samsung enhances Korean economic stability and competitiveness on international level. A leading competitive ad vantage of Samsung is the brilliant combination of price and quality. The possession of well-educated managers and continuously upgraded technology provides a great reputation of top gadget- producer. Taiwan: The favourable geographic location of the country between the Far-East and Southeast Asia made it a desirable trading place between Western Europe and Asia. Different rivals colonised it as well. Taiwan started its technological developmental in a later stage comparing to its bigger neighbours Japan and Korea. After the 1990s Taiwan became one of the leading ICT(Information and technology communications)suppliers(16)Its well-maintained Research and Development sector and patented technology are fair reasons of the current success. Chinese neoliberalism: A slower economic growth in China is observed comparing to the Japanese and Korean one. A high negative influence of the conserved socio-cultural environment is a main reason. The CFB(Chinese Family Business) internal managerial system has a closed-family ideology. There was a conflict between Chinese conservatism and Chinese world-economy adaptation. Its governmentally centralised system suffered lack of managerial professionalism. This introvert attitude of CFB to business created an obstacle for further technologic improvement because establishing new operational system needs well-educated navigators familiarised with the technology. Furthermore loosing the market trading processes of import and export was irreversible. Modernisation schemes were taken: increase of international trades and foundation of FDI(Foreign Direct Investment- investing in country A, by taking advantage of its geographical and labour conditions and controlling from country B which owns all assets and benefit the bigger prt of the incentive) , which was quite beneficial strategy both for China and Japan. It was necessary to minimise the cultural interference and radically involve western techniques. By focusing onto micro-level variables as behaviour China kept losing its macro level of structural and technological competitiveness. The strong communism affected negatively on both industrialisation and technology adjustment. Recent technology-transfer Laws in the Asia Pacific: Setting up Transfer Laws has essential role in the whole Asia-Pacific trade legitimacy. They also determine the significance of technologies and how they are used in a more effective way. In China a warmer attitude to foreign companies is observed. Its entry into the WTO(World Trade Organisation) encouraged cross-continental transfers. In 1999 China accepted the UCL(Unified Contract Law) which gave more freedom by license agreement which can be signed between partners and fasten all transfers. In 2003 The Ministry of Commerce was founded as well as new three-type technology categorisation: prohibited, restricted or permitted. The foundation of such institutions was a necessity in order to exclude all wasting money and time processes, which is both beneficial for suppliers and buyers. The determinant of accepting import transfer is whether it will enhance China’s technological improvement. Furthermore it should not be an environmental and security constraint. Equivalent technology licences(legal and contractual) were formed in Japan. In April 2004 the National University Corporation Law was accepted, providing bigger educational independence which enhances the social welfare and gives more opportunities to young individuals specialise their skills into different sectors. Historically observed, South-Korea always had strictly controlled technology-licensing system in order to preserve newly-founded firms from their out-boundaries rivals and ensures continuous development. Co-operation between education and management led the Asian Pacific to a top place in the technology world. The laws approved in the end of 20th century were turned into a new transfer law in the 21st century. The FIPA(Foreign Investment Promotion Act) is in charge of all foreign investment s. It is an autonomous institution which has the power to simplify and navigate all import activities for the sake of higher country incentive. Its strategy is to attract investment and sustain competitive international advantage. The Monopoly Regulation and FTA(Fair Trade act )(Hill,2006)(19) Conclusion: While the Asia Pacific was struggling to escape out of its cultural constraints and its isolated business system during the first half of the 20th century, it appeared that it adapted rapidly through the second half of the century. It went under serious governmental and structural transforms. It seems that the Asian recovery period after the Second World War was far away more intensive and successful comparing to some European countries. From 1990 to 1997 Asia generated over one-third of the global value-added production by high-technology production industries, higher to the the European and US shares.(13) Investments in the Research and Development sector are significant for successf ul technology adjustment. The establishment of new universities and modifying their educational systems provide scientists and intelligent individuals who can operate and cope with the technology process. The importance of conserving culture-oriented models is of the same sensuality as expanding growth on international level. The Asian ambition of establishing leadership in important world industries contributed to its success. Although there were huge periods of struggling adapting new managerial work-plans the â€Å"tiger economies† managed to survive during tough war and reform periods. Even not really friendly-orientated of cooperating between each other Asian economy survived because of the common adaptation strength and control of markets. The connection between the state and business was not simply one of interference or direction by the state of the market. â€Å"It was rather a positive partnership involving many connections between entities† (Johnson,1997)A geographical advantage of more isolated location in the world enhanced the Asian state independence and its technology orientation. Obviously the bigger sized Asian economies like China and Japan overtook cultural and religion influence.They started their recovering processes more rapidly comparing to the late-comer economies of Korea, Taiwan and Malaysia.(Warner,2007) Bibliography: 1. Maidement, R., Mackerras C., (1998) Culture and Society In The Asia-Pacific, United Kingdom: Routledge 2. Rowley, C., Bae, J., (1998) Korean Business Internal and External Industrialization, Chippenham: Antony Rowe Ltd. 3. Yui, T., Nakagawa, (1989) Japanese Management in Historical Perspective, Japan: University of Tokyo Press 4. Kwon, S., O’Donnell, M., (2001) The Chaebol and Labour in Korea The development of managmenet strategy in Hyundai, Oxon: Routledge 5. Rowley, C., Warner, M., (2009) Management in South-East Asia Business Culture, Enterprises and Human Resources, Oxfordshire: Routledge 6. Chung, K., Lee H., (1989) Korean Managerial Dynamics, New York: Praeger 7. The Japanese Miracle, http://www.japanese123.com/japanesemiracle.htm Date accessed 2/12/2012 8. Borisova, N., (2011) The market, the state, and the culture in economic development in Asia, http://nataliaborisova.hubpages.com/hub/market-state-culture-asia Date accessed 2/12/2012 9. (2004)Four The Rise of the Regions: Fiscal Reform and the Decline of Central State Capacity i n China 10. http://publishing.cdlib.org/ucpressebooks/view?docId=ft5g50071k&chunk.id=d0e3492&toc.depth=100&brand=ucpress Date accessed 2/12/2012 11. Wu Y., (2004) The China Quarty, Volume 177, pp 91-114 12. Samsung History, http://www.samsung-mobiles.net/history-of-samsung.html Date accessed 3/12/2012 13. Taiwan’s Technology Industry Marks Global Success http://www.forbescustom.com/DiversityPgs/UnityFirst/3_4_09/UFNAACPTaiwanTechP1.html Date accessed 4/12/2012 http://www.pom.ir/wp-content/uploads/PDF/book/The%20Toyota%20Way.pdf 14. http://www.nsf.gov/statistics/nsf07319/pdf/nsf07319.pdf 15. http://www.jrtr.net/jrtr41/pdf/f14_miz.pdf 16. http://www.economist.com/node/13649520 17. 10) 18. Hill, D., 2006, â€Å"Developments in Asia†,The Licensing Journal

Benefiting from Learning About the Flaws of People

Benefiting from learning about the flaws of people they respect or admire. Usually it just so happen that we people are young they tend to have a lot of heroes, or someone they respect or admire. They soon learn when they grow up that these people they have admired for so long have flaws just like anyone else. Leaving them feeling disappointed or upset, but what they don’t know is that learning about these flaws can be beneficial to them. People benefit from learning about the flaws of people they respect or admire. What they soon learn is that people make mistakes, no one is perfect.Including those they may look up to the most, for example their parents. Their parents are the ones who teach them right from wrong, and so the kids may expect their parents to go by this as well. Most of the times the kids are disappointed to find out their parents aren’t perfect either. After that, they either chose to make the same mistake or chose to learn from it. â€Å"Monkey see, mo nkey do. † It can even be beneficial coming from someone they don’t even know. It could be someone who sang their favorite song, or stared on their favorite TV show. For a kid to have a celebrity as an idol is very common.Celebrities are people just like us so they are going to make mistakes; it is how they deal with the problem that’s beneficial. But because they are famous, everyone can see their mistake. People can also benefit to one’s peers. Watching someone they love or admire, make a mistake than learn from it, is extremely beneficial. They can accept that person for who they are and become more mature. It is very important that we learn at a young age that no one is perfect, and they can’t always set high expectations for everyone. Especially if they set the expectations for someone they have known all their life.Everyone’s has flaws and they should be expected. â€Å"There are no mistakes, no coincidences. All events are blessings g iven to us to learn from. † It is not always good to have an admirer that makes mistake and they follow but don’t ever learn from. It important to, grasps it, learn from it, and consider it a blessing. Don’t be disappointed if their hero wakes up one morning and brushes his teeth with ice hot instead of tooth paste. Instead, always look up to what they admire about them, and try to relate to it. Work cited page: http://www. inspirationalspark. com/making-mistakes-quotes. html http://en. wikipedia. org/wiki/Monkey_see,_monkey_do

The Law of Conservation of Energy Defined

The Law of Conservation of Energy Defined The law of conservation of energy is a physical law that states energy cannot be created or destroyed but may be changed from one form to another. Another way of stating this law of chemistry is to say the total energy of an isolated system remains constant or is conserved within a given frame of reference. In classical mechanics, conservation of mass and conversation of energy are considered to be two separate laws. However, in special relativity, matter may be converted into energy and vice versa, according to the famous equation E mc2. Thus, its more appropriate to say mass-energy is conserved. Example of Conservation of Energy If a stick of dynamite explodes, for example, the chemical energy contained within the dynamite changes into kinetic energy, heat, and light. If all this energy is added together, it will equal the starting chemical energy value. Consequence of Conservation of Energy One interesting consequence of the law of conservation of energy is that it means perpetual motion machines of the first kind are not possible. In other words, a system must have an external power supply to continuously deliver unlimited energy to its surroundings. Its also worth noting that its not always possible to define conservation of energy because not all systems have time translation symmetry. For example, conservation of energy may not be defined for time crystals or for curved space times.

Free Essays on Myths Of Ancient Times

MYTH’S OF ANCIENT TIMES Greek myths are entertaining and meaningful, fictional and truthful. They tell stories of Gods, Goddess’s, children and animals. But most of all they teach a lesson. What was the point of Greek myths? What were some of the stories? Were they taken seriously? Why were they important? This paper will explain what Greek myths are all about. It will say why Greek myths were created, and what they mean. It will also give an example of a popular myth. â€Å"A myth is a religion in which no one any longer believes.† (James Feibleman) Although Greek myths are interesting and entertaining stories, they played a more important roll in the every day life of ancient civilization. â€Å"Greek Gods were simply the products of colorful imaginations.† (www.angelfire.com/mt/ahsb/intro.html) They were the imaginations of a civilization that told these stories as a way of explaining the unexplainable events that happened in their lives. These â€Å"unexplainable† things consisted of uncontrollable events, natural phenomenons and mind-boggling occurrences. The realization of these stories lead one to believe that they were â€Å"perfect humans†, but can benefit from being immortal as well. The Greeks gave them all the abilities, qualities and values that they themselves wanted. Once they did this, the Greeks idolized the existence of the Gods and they way they behaved. The Greeks felt that these Gods and Goddesses had complete control and influence over their lives. â€Å"The poets were not alone in sanctioning myths, for long before the poets the states and the lawmakers had sanctioned them as a useful expedient. They needed to control the people by superstitious fears, and these cannot be aroused without myths and marvels.† (Mikhail Strabo) The Greeks were the first people to write myths. These myths were like parables; there was usually a â€Å"moral to the story†. There were heroes and Gods in these stories and as they... Free Essays on Myths Of Ancient Times Free Essays on Myths Of Ancient Times MYTH’S OF ANCIENT TIMES Greek myths are entertaining and meaningful, fictional and truthful. They tell stories of Gods, Goddess’s, children and animals. But most of all they teach a lesson. What was the point of Greek myths? What were some of the stories? Were they taken seriously? Why were they important? This paper will explain what Greek myths are all about. It will say why Greek myths were created, and what they mean. It will also give an example of a popular myth. â€Å"A myth is a religion in which no one any longer believes.† (James Feibleman) Although Greek myths are interesting and entertaining stories, they played a more important roll in the every day life of ancient civilization. â€Å"Greek Gods were simply the products of colorful imaginations.† (www.angelfire.com/mt/ahsb/intro.html) They were the imaginations of a civilization that told these stories as a way of explaining the unexplainable events that happened in their lives. These â€Å"unexplainable† things consisted of uncontrollable events, natural phenomenons and mind-boggling occurrences. The realization of these stories lead one to believe that they were â€Å"perfect humans†, but can benefit from being immortal as well. The Greeks gave them all the abilities, qualities and values that they themselves wanted. Once they did this, the Greeks idolized the existence of the Gods and they way they behaved. The Greeks felt that these Gods and Goddesses had complete control and influence over their lives. â€Å"The poets were not alone in sanctioning myths, for long before the poets the states and the lawmakers had sanctioned them as a useful expedient. They needed to control the people by superstitious fears, and these cannot be aroused without myths and marvels.† (Mikhail Strabo) The Greeks were the first people to write myths. These myths were like parables; there was usually a â€Å"moral to the story†. There were heroes and Gods in these stories and as they...