Posted by: waleolusi | June 5, 2013

Most Basic Ingredient for Academic Success

This is from a like mind I think you guys should see it.

Transtudent World

If we were to ask a typical student, “What would you do differently in order to perform better than before?” the most probable response will be, “I will try to work harder and put in more effort than I did before.” I know this because that’s often the response I get; but when I further ask whether they didn’t work hard or put in a lot of effort previously, the frequent response is: “I actually did! I put in my best effort, but I don’t understand why I didn’t get the results I expected.”

Think about that. Is it a familiar experience with you? I’ve found that almost any student can relate well with this scenario which is one of the root causes of a lack of motivation and of feelings of despondency among many students; or in the worst case, of an outright dismissal of the need to strive…

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The McKinnon-Shaw Hypothesis has been subjected to several empirical studies, each examining the hypothesis in different contexts. This paper employed empirical approach to reappraise the impact of financial liberalization (as hypothesized by McKinnon and Shaw) and its inherent financial crisis on economic growth in Nigeria between 1980 and 2010. A review of works show that the finance-growth nexus is positive in several economies, but inconclusive and at times negative in some developing economies, while financial crisis has a negative impact on output growth and tends to penalize the economy for adopting the liberalization policies. In this work, Error Correction Model is adopted to empirically verify the Nigerian case using data from CBN statistical bulletin. The regression result reveal that financial development indices show positive but insignificant impact on output growth (except the coefficient of investment which is positive and significant), an indication that shows the shallowness of the financial system, while the financial crisis index shows that, financial crisis has both negative and significant impact on economic growth in Nigeria.   


Generally, economic  literature has implied that a more efficient financial system will provide “better” financial services that would impact positively on the real growth rate of the economy (Akpan 2004), this notion have been supported by the controversial  McKinnon (1973) and Shaw (1973) hypothesis. The McKinnon-Shaw hypothesis argues that suppressive regulations in the financial markets lead to financial repression, distorting incentives of savers and investors in an economy. Regulations such as deposit interest rate ceiling, minimum/maximum lending rates, quantity restrictions on lending, etc. cause real interest rates to be negative and unstable especially in the presence of high inflation in an economy.

Eggoh (2008) posit that, although King and Levine (1993), Beck et al. (2000), then Levine et al. (2000) confirm the endogenous growth models results and show a positive association between financial development and economic growth, however, some authors assert that the relationship between the two variables would not be existent or even negative. One of arguments advanced by these authors is that the instability linked to financial development penalizes economic growth and destroy the positive effects associated to financial development.

According to Barry (2004), countries without financial markets cannot have financial crisis, one conceivable response to the problem of financial instability is to suppress domestic financial markets and transactions, thereby eliminating the problem of banking and financial crises, and international financial markets and transactions, thereby eliminating the problem of currency and exchange rate crises. Banks that are not permitted to borrow and lend will not fail; more generally, if banks are very tightly regulated the scope for risk taking by their managers will be limited. Similarly, if strict capital and exchange controls limit purchases and sales of foreign exchange, then there will be limited scope for speculating against a currency.

In contrast to the above however, evidence abound in economic literature that regulation does lead to negative impact on the amount of domestic savings and thus capital formation, which retards economic growth and development (financial repression). McKinnon (1973) and  Shaw (1973) advocates for the removal of many of these restrictions, that is, financial liberalization to, among others, establish positive real rates on deposits and loans as a growth promoting policy in the third world.  hence, the popular but also controversial  McKinnon-Shaw hypothesis therefore establish a positive link between financial depth, defined broadly as the level of development of financial markets, and economic growth, which  is in one sense fairly obvious. (McKinnon, 1973; Shaw, 1973).

However, the extent to which liberalization policies can induce growth does not come without its own cost in form of seasonal, cyclical or random financial crisis, which penalizes economic growth and destroy the positive effects associated to financial development (Eggoh, 2008), Kaminsky and Reinhart (1998) and Demirgüc-kunt and Detragiache (1988) confirm this assertion insofar as they found that financial instability would be positively associated with financial development, in Eggoh (2008), the works of Guillaumont and Kpodar (2004), and Loayza and Rancière (2004) take into account financial instability in the analysis of financial development and economic growth relationship. Economic literature establish with evidence, positive relation between finance and growth, but with a negative impact of the inherent financial crisis on growth.  This paper therefore aims at reappraising the financial liberalization hypothesis and its growth inducing capacity in the light of financial crisis which tends to rear its ugly head at the peak of the positive impact of liberalization policies using data and evidence from Nigeria between the periods from 1980 to 2010.

 2.     Literature Review

A huge body of theoretical and empirical literature on financial liberalization and capital flows has evolve over time, Arestis, Nissank and Stein (2005) traced the theories of financial liberalization to original text published before the works of McKinnon and Shaw. In their work they traced this to Patrick [1966], published the seminal work on the relationship between financial development and economic growth. He hypothesized two possible relationships, a “demand-following” approach, in which financial development arises as the economy develops, and a “supply-leading” phenomenon, in which the widespread expansion of financial institutions leads to economic growth. Prior to Patrick (1966) there had been a great deal of debate on the issue, with contributors ranging from Bagehot (1873) and Schumpeter (1912), who posited that Financial services are necessary for the advancement of economic growth in so far as they improve productivity by encouraging technological innovation and help to identify entrepreneurs who have the best chance of success in innovation process.

Eggoh (2008), reviewed empirical literature on the finance-growth relationship and stated that works on the relationship has greatly expanded since the work of King and Levine (1992, 1993). According to Eggoh, the first study establishing the empirical link between financial development and economic growth date back to Goldsmith (1969), the inaugural papers of King and Levine (1992, 1993) confirm the endogenous growth models of Bencivenga and Smith (1991), Saint-Paul (1992), Greenwood and Jovanovic (1990) and Pagano (1993). Eggoh in work classify empirical works on the finance growth nexus as follows:  firstly, findings that related to positive relationship between finance and growth; then controversy prompted by this literature is then examined and finally, an assessment of the literature taking into account the financial crisis in the analysis of the relationship between the two variables.

2.1. The Cost of Financial Liberalization

According to Barry (2004), a foundation of recent research on financial liberalization is the observation that the policy has both benefits and costs. The benefits of well developed, freely functioning financial markets are familiar if difficult to quantify. Some of which include, more generally achieving faster growth, greater returns on investment, and higher incomes. The costs take the form of volatility in markets that respond sharply to new information volatility with which the affected economies can find it difficult to cope.

It is therefore important to emphasize that volatility or financial crisis is intrinsic to financial markets. Crisis can be defined as a sharp change in asset prices that leads to distress among financial markets participants (Barry, 2004) hence will bring about short fall in the level capital available for investment in the economy, thereby bring about fall in output growth.

According to Eggoh (2008), many arguments referring to the source and the nature of financial instability have been advanced to prove the weak link or the negative impact of financial development on economic growth. Indeed, some studies have established the undeniable link between financial development and financial instability (Demirgüç-kunt & Detragiache, 1999 and Kaminsky & Reinhart, 1999); since banking and currency crisis slowdown growth, we can easily conclude, given the positive link between financial instability and financial development, that the latter would penalize growth. In Guillaumont and Kpodar (2004), who include financial instability in the analysis of the finance-growth relationship. They show that the positive effect of financial development on economic growth is lowered by 58% because of the increase of financial instability.

Finally, in Eggoh (2008) Rancière, Tornell and Westermann (2006) decompose the effects of financial liberalization in two parts: a direct effect on growth (which is positive) and an indirect effect through crises (negative effect). The empirical estimations carried out by the authors show that the direct effects of …financial liberalization on growth outweigh the indirect effects related to the strong propensity of crises. According to Rancière et al. (2006), there are two opposite views of financial liberalization: first, financial liberalization strengthens financial development and contributes to the long-term economic growth and, secondly, it leads to more frequent crises. the basic point to note here is empirical evidence abound even as they support theory that financial liberalization has a cost, and this comes in form of financial crisis which impact on growth negatively, however, the conclusion reached by scholar in economic literature is that the net benefit of financial liberalization policies still far out weights the cost, hence, there is no justification so to say for even developing economies who tends to be most badly affected by the economic cost of the finance-growth nexus, due their shallow financial system, to adopt suppressive policies in a bid to avoid to this cost. The rest of this paper therefore will attempt to reappraise the economic consequence of the financial liberalization policy in Nigeria the period from 1980 to 2010.

3. Model Specification

Following the works of Eggoh (2008), where financial instability indicator is the standard deviation of the cyclical component of the financial variable, and financial deepening, investment  and private sector credit were determinants of Real GDP, we specify the our model and Using ECM we estimate the following model.


4. Empirical Evidence

From our analysis, we establish  the presence of a positive nexus between financial development index and growth in Nigeria, though this connection does have significant indications for us to conclude that evident from Nigeria support the position of the McKinnon-Shaw hypothesis, the statement above is drawn from the fact that though the coefficient of FINDEP(-2) and PSCR show the expected apriori expectation of 0.000822 0.008467, implying that a proportionate change in these indices will lead to a change of 0.000822 and 0.008467 respectively in real GDP. But the test of significance measure does not give reasons to accept this connection. however, the index of investment (INVS) show a positive and significant coefficient of 0.380475, implying that a proportionate change in investment level that result from the increase in capital made available by financial liberalization policies bring about an increase of 0.380475 percent in real GDP, this somehow give this analysis some reasons to support the finance-growth nexus hypothesis in Nigeria. much more interestingly however, is the index of financial crisis (SFIN) which indicate the expected negative and significant connection between Crisis period of financial development and income growth, from regression result, a proportionate change in the index of financial crisis show that Real GDP will fall to the tune of -0.054466 percent, supporting the evidence that financial crisis penalizes the economy for adopting liberalization policies, the result also reveal the shallow nature of the Nigerian financial system as seen in the insignificant positive coefficient of financial development index and how financial crisis can negatively impact on growth significantly due to this shallow nature in Nigeria.

The result above also indicate that are potentials of a strong impact of the financial sector in the determination of the growth of the Nigeria economy however, the analysis also give strong indication that this positive finance-growth nexus does come without its cost, in terms of financial crisis, no matter how much benefit this nexus portends.

5.  Conclusion

In this study, the relationship between financial development and economic growth in light of financial crisis has been empirically estimated with data covering periods between 1980- 2010. Error correction model has been employed to test the existence of relationship among variables. phillip perron’s unit root test show that all variable are stationary at first difference, while using the DF or ADF unit root test on the residuals estimated, it was established that there is a long-run relationship among variables to be estimated (i.e. variables are cointegrated). Our OLS regression result show the presence of a positive but not significant impact of financial development variables on growth, the coefficient of the level of investment in the economy however compensated the insignificance of the financial development index as it shows a positive and very significant impact on growth, however, the coefficient of the index of financial crisis reveal that the impact of financial instability is negative and significant in Nigeria. In the light of this result therefore this paper will conclude that the level of the development of the Nigerian financial system is shallow as reveal by the insignificant coefficients of the financial deepening index which measures the depth of the financial system, but the finance-growth nexus in Nigeria is positive, however implicit in the benefit of this positive nexus is financial crisis, and from the result above, this can impact on the economy adversely and significantly.

This paper therefore will recommend that policy makers follow the position of Stiglitz (1994) who argued that while government intervention (beyond financial sector regulation) could not guarantee a more productive and efficient financial sector, a partially repressed financial sector clearly had the capacity to outperform more liberalized finance. It should therefore not be assumed a priori that liberalization will bring a net improvement in financial sector or real sector performance, most especially in developing and highly turbulent economy like Nigeria. According to Guillaumont & Kpodar (2004), the policy implications here are straightforward. As the beneficial impact of financial development on poverty reduction is dampened or even cancelled by financial instability, however, it is important to note, that policies of financial repression would not be justified by the fear of financial instability and financial crises which follow it (Eggoh, 2008) but the policy package must take the risk of financial instability into account.


Not everyone who’s on top today got there with success after success. More often than not, those who history best remembers were faced with numerous obstacles that forced them to work harder and show more determination than others. This can be said for education as well; as furthering your education with a bachelor’s or master’s degree can also help do wonders for your success. Next time you’re feeling down about your failures in college or in a career, keep these fifty famous people in mind and remind yourself that sometimes failure is just the first step towards success.

1. Henry Ford: While Ford is today known for his innovative assembly line and American-made cars, he wasn’t an instant success. In fact, his early businesses failed and left him broke five times before he founded the successful Ford Motor Company.
2. R. H. Macy: Most people are familiar with this large department store chain, but Macy didn’t always have it easy. Macy started seven failed business before finally hitting big with his store in New York City.
3. F. W. Woolworth: Some may not know this name today, but Woolworth was once one of the biggest names in department stores in the U.S. Before starting his own business, young Woolworth worked at a dry goods store and was not allowed to wait on customers because his boss said he lacked the sense needed to do so.
4. Soichiro Honda: The billion-dollar business that is Honda began with a series of failures and fortunate turns of luck. Honda was turned down by Toyota Motor Corporation for a job after interviewing for a job as an engineer, leaving him jobless for quite some time. He started making scooters of his own at home, and spurred on by his neighbors, finally started his own business.
5. Akio Morita: You may not have heard of Morita but you’ve undoubtedly heard of his company, Sony. Sony’s first product was a rice cooker that unfortunately didn’t cook rice so much as burn it, selling less than 100 units. This first setback didn’t stop Morita and his partners as they pushed forward to create a multi-billion dollar company.
6. Bill Gates: Gates didn’t seem like a shoe-in for success after dropping out of Harvard and starting a failed first business with Microsoft co-founder Paul Allen called Traf-O-Data. While this early idea didn’t work, Gates’ later work did, creating the global empire that is Microsoft.
7. Harland David Sanders: Perhaps better known as Colonel Sanders of Kentucky Fried Chicken fame, Sanders had a hard time selling his chicken at first. In fact, his famous secret chicken recipe was rejected 1,009 times before a restaurant accepted it.
8. Walt Disney: Today Disney rakes in billions from merchandise, movies and theme parks around the world, but Walt Disney himself had a bit of a rough start. He was fired by a newspaper editor because, “he lacked imagination and had no good ideas.” After that, Disney started a number of businesses that didn’t last too long and ended with bankruptcy and failure. He kept plugging along, however, and eventually found a recipe for success that worked.
Scientists and Thinkers
These people are often regarded as some of the greatest minds of our century, but they often had to face great obstacles, the ridicule of their peers, and the animosity of society. Students who complete online science degrees can learn skills in scientific inquiry and advance their education in disciplines like biochemistry, biology, quantum physics, and more.

9. Albert Einstein: Most of us take Einstein’s name as synonymous with genius, but he didn’t always show such promise. Einstein did not speak until he was four and did not read until he was seven, causing his teachers and parents to think he was mentally handicapped, slow and anti-social. Eventually, he was expelled from school and was refused admittance to the Zurich Polytechnic School. It might have taken him a bit longer, but most people would agree that he caught on pretty well in the end, winning the Nobel Prize and changing the face of modern physics.
10. Charles Darwin: In his early years, Darwin gave up on having a medical career and was often chastised by his father for being lazy and too dreamy. Darwin himself wrote, “I was considered by all my masters and my father, a very ordinary boy, rather below the common standard of intellect.” Perhaps they judged too soon, as Darwin today is well-known for his scientific studies.
11. Robert Goddard: Goddard today is hailed for his research and experimentation with liquid-fueled rockets, but during his lifetime his ideas were often rejected and mocked by his scientific peers who thought they were outrageous and impossible. Today rockets and space travel don’t seem far-fetched at all, due largely in part to the work of this scientist who worked against the feelings of the time.

12. Isaac Newton: Newton was undoubtedly a genius when it came to math, but he had some failings early on. He never did particularly well in school and when put in charge of running the family farm, he failed miserably, so poorly in fact that an uncle took charge and sent him off to Cambridge where he finally blossomed into the scholar we know today.
13. Socrates: Despite leaving no written records behind, Socrates is regarded as one of the greatest philosophers of the Classical era. Because of his new ideas, in his own time he was called “an immoral corrupter of youth” and was sentenced to death. Socrates didn’t let this stop him and kept right on, teaching up until he was forced to poison himself.
14. Robert Sternberg: This big name in psychology received a “C” in his first college introductory psychology class with his teacher telling him that, “there was already a famous Sternberg in psychology and it was obvious there would not be another.” Ouch! Sternberg showed him, however, graduating from Stanford with exceptional distinction in psychology, summa cum laude, and Phi Beta Kappa and eventually becoming the President of the American Psychological Association. This should inspire students at traditional and accredited online colleges to always strive to succeed, no matter what anyone says along the way.
These inventors changed the face of the modern world, but not without a few failed prototypes along the way. Students interested in designing innovative new machines and systems can sharpen their skills by completingonline engineering degrees.

15. Thomas Edison: In his early years, teachers told Edison he was “too stupid to learn anything.” Work was no better, as he was fired from his first two jobs for not being productive enough. Even as an inventor, Edison made 1,000 unsuccessful attempts at inventing the light bulb. Of course, all those unsuccessful attempts finally resulted in the design that worked.
16. Orville and Wilbur Wright: These brothers battled depression and family illness before starting the bicycle shop that would lead them to experimenting with flight. After numerous attempts at creating flying machines, several years of hard work, and tons of failed prototypes, the brothers finally created a plane that could get airborne and stay there.

Public Figures 

From politicians to talk show hosts, these figures had a few failures before they came out on top.

17. Winston Churchill: This Nobel Prize-winning, twice-elected Prime Minster of the United Kingdom wasn’t always as well regarded as he is today. Churchill struggled in school and failed the sixth grade. After school he faced many years of political failures, as he was defeated in every election for public office until he finally became the Prime Minister at the ripe old age of 62.
18. Abraham Lincoln: While today he is remembered as one of the greatest leaders of our nation, Lincoln’s life wasn’t so easy. In his youth he went to war a captain and returned a private (if you’re not familiar with military ranks, just know that private is as low as it goes.) Lincoln didn’t stop failing there, however. He started numerous failed business and was defeated in numerous runs he made for public office.
19. Oprah Winfrey: Most people know Oprah as one of the most iconic faces on TV as well as one of the richest and most successful women in the world. Oprah faced a hard road to get to that position, however, enduring a rough and often abusive childhood as well as numerous career setbacks including being fired from her job as a television reporter because she was “unfit for tv.”

20.Harry S. Truman: This WWI vet, Senator, Vice President and eventual President eventually found success in his life, but not without a few missteps along the way. Truman started a store that sold silk shirts and other clothing–seemingly a success at first–only go bankrupt a few years later.

21. Dick Cheney: This recent Vice President and businessman made his way to the White House but managed to flunk out of Yale University, not once, but twice. Former President George W. Bush joked with Cheney about this fact, stating, “So now we know –if you graduate from Yale, you become president. If you drop out, you get to be vice president.”

Hollywood Types
These faces ought to be familiar from the big screen, but these actors, actresses and directors saw their fair share of rejection and failure before they made it big. Students interested in careers in acting could benefit from online liberal arts degrees that expose them to multiple disciplines and give them a broad knowledge base to draw from when considering how to play a role.

22. Jerry Seinfeld: Just about everybody knows who Seinfeld is, but the first time the young comedian walked on stage at a comedy club, he looked out at the audience, froze and was eventually jeered and booed off of the stage. Seinfeld knew he could do it, so he went back the next night, completed his set to laughter and applause, and the rest is history.

23. Fred Astaire: In his first screen test, the testing director of MGM noted that Astaire, “Can’t act. Can’t sing. Slightly bald. Can dance a little.” Astaire went on to become an incredibly successful actor, singer and dancer and kept that note in his Beverly Hills home to remind him of where he came from.

24. Sidney Poitier: After his first audition, Poitier was told by the casting director, “Why don’t you stop wasting people’s time and go out and become a dishwasher or something?” Poitier vowed to show him that he could make it, going on to win an Oscar and become one of the most well-regarded actors in the business.

25. Jeanne Moreau: As a young actress just starting out, this French actress was told by a casting director that she was simply not pretty enough to make it in films. He couldn’t have been more wrong as Moreau when on to star in nearly 100 films and win numerous awards for her performances.

26. Charlie Chaplin: It’s hard to imagine film without the iconic Charlie Chaplin, but his act was initially rejected by Hollywood studio chiefs because they felt it was a little too nonsensical to ever sell.

27. Lucille Ball: During her career, Ball had thirteen Emmy nominations and four wins, also earning the Lifetime Achievement Award from the Kennedy Center Honors. Before starring in I Love Lucy, Ball was widely regarded as a failed actress and a B movie star. Even her drama instructors didn’t feel she could make it, telling her to try another profession. She, of course, proved them all wrong.

28. Harrison Ford: In his first film, Ford was told by the movie execs that he simply didn’t have what it takes to be a star. Today, with numerous hits under his belt, iconic portrayals of characters like Han Solo and Indiana Jones, and a career that stretches decades, Ford can proudly show that he does, in fact, have what it takes.

29. Marilyn Monroe: While Monroe’s star burned out early, she did have a period of great success in her life. Despite a rough upbringing and being told by modeling agents that she should instead consider being a secretary, Monroe became a pin-up, model and actress that still strikes a chord with people today.

30. Oliver Stone: This Oscar-winning filmmaker began his first novel while at Yale, a project that eventually caused him to fail out of school. This would turn out to be a poor decision as the the text was rejected by publishers and was not published until 1998, at which time it was not well-received. After dropping out of school, Stone moved to Vietnam to teach English, later enlisting in the army and fighting in the war, a battle that earning two Purple Hearts and helped him find the inspiration for his later work that often center around war.

Writers and Artists
We’ve all heard about starving artists and struggling writers, but these stories show that sometimes all that work really does pay off with success in the long run. Students who would like to prepare for careers as artists in various fields would benefit from online art and design degrees that teach them marketable skills.

31. Vincent Van Gogh: During his lifetime, Van Gogh sold only one painting, and this was to a friend and only for a very small amount of money. While Van Gogh was never a success during his life, he plugged on with painting, sometimes starving to complete his over 800 known works. Today, they bring in hundreds of millions.

32. Emily Dickinson: Recluse and poet Emily Dickinson is a commonly read and loved writer. Yet in her lifetime she was all but ignored, having fewer than a dozen poems published out of her almost 1,800 completed works.

33. Theodor Seuss Giesel: Today nearly every child has read The Cat in the Hat or Green Eggs and Ham, yet 27 different publishers rejected Dr. Seuss’s first book To Think That I Saw It on Mulberry Street.

34. Charles Schultz: Schultz’s Peanuts comic strip has had enduring fame, yet this cartoonist had every cartoon he submitted rejected by his high school yearbook staff. Even after high school, Schultz didn’t have it easy, applying and being rejected for a position working with Walt Disney.

35. Steven Spielberg: While today Spielberg’s name is synonymous with big budget, he was rejected from the University of Southern California School of Theater, Film and Television three times. He eventually attended school at another location, only to drop out to become a director before finishing. Thirty-five years after starting his degree, Spielberg returned to school in 2002 to finally complete his work and earn his BA.

36. Stephen King: The first book by this author, the iconic thriller Carrie, received 30 rejections, finally causing King to give up and throw it in the trash. His wife fished it out and encouraged him to resubmit it, and the rest is history, with King now having hundreds of books published the distinction of being one of the best-selling authors of all time.

37. Zane Grey: Incredibly popular in the early 20th century, this adventure book writer began his career as a dentist, something he quickly began to hate. So, he began to write, only to see rejection after rejection for his works, being told eventually that he had no business being a writer and should given up. It took him years, but at 40, Zane finally got his first work published, leaving him with almost 90 books to his name and selling over 50 million copies worldwide.

38. J. K. Rowling: Rowling may be rolling in a lot of Harry Potter dough today, but before she published the series of novels she was nearly penniless, severely depressed, divorced, trying to raise a child on her own while attending school and writing a novel. Rowling went from depending on welfare to survive to being one of the richest women in the world in a span of only five years through her hard work and determination.

39. Monet: Today Monet’s work sells for millions of dollars and hangs in some of the most prestigious institutions in the world. Yet during his own time, it was mocked and rejected by the artistic elite, the Paris Salon. Monet kept at his impressionist style, which caught on and in many ways was a starting point for some major changes to art that ushered in the modern era.

40. Jack London: This well-known American author wasn’t always such a success. While he would go on to publish popular novels like White Fang and The Call of the Wild, his first story received six hundred rejection slips before finally being accepted.

41. Louisa May Alcott: Most people are familiar with Alcott’s most famous work, Little Women. Yet Alcott faced a bit of a battle to get her work out there and was was encouraged to find work as a servant by her family to make ends meet. It was her letters back home during her experience as a nurse in the Civil War that gave her the first big break she needed.

While their music is some of the best selling, best loved and most popular around the world today, these musicians show that it takes a whole lot of determination to achieve success.

42. Wolfgang Amadeus Mozart: Mozart began composing at the age of five, writing over 600 pieces of music that today are lauded as some of the best ever created. Yet during his lifetime, Mozart didn’t have such an easy time, and was often restless, leading to his dismissal from a position as a court musician in Salzberg. He struggled to keep the support of the aristocracy and died with little to his name.

43. Elvis Presley: As one of the best-selling artists of all time, Elvis has become a household name even years after his death. But back in 1954, Elvis was still a nobody, and Jimmy Denny, manager of the Grand Ole Opry, fired Elvis Presley after just one performance telling him, “You ain’t goin’ nowhere, son. You ought to go back to drivin’ a truck.”

44. Igor Stravinsky: In 1913 when Stravinsky debuted his now famous Rite of Spring, audiences rioted, running the composer out of town. Yet it was this very work that changed the way composers in the 19th century thought about music and cemented his place in musical history.

45. The Beatles: Few people can deny the lasting power of this super group, still popular with listeners around the world today. Yet when they were just starting out, a recording company told them no. The were told “we don’t like their sound, and guitar music is on the way out,” two things the rest of the world couldn’t have disagreed with more.

46. Ludwig van Beethoven: In his formative years, young Beethoven was incredibly awkward on the violin and was often so busy working on his own compositions that he neglected to practice. Despite his love of composing, his teachers felt he was hopeless at it and would never succeed with the violin or in composing. Beethoven kept plugging along, however, and composed some of the best-loved symphonies of all time–five of them while he was completely deaf.


While some athletes rocket to fame, others endure a path fraught with a little more adversity, like those listed here.

47. Michael Jordan: Most people wouldn’t believe that a man often lauded as the best basketball player of all time was actually cut from his high school basketball team. Luckily, Jordan didn’t let this setback stop him from playing the game and he has stated, “I have missed more than 9,000 shots in my career. I have lost almost 300 games. On 26 occasions I have been entrusted to take the game winning shot, and I missed. I have failed over and over and over again in my life. And that is why I succeed.”

48. Stan Smith: This tennis player was rejected from even being a lowly ball boy for a Davis Cup tennis match because event organizers felt he was too clumsy and uncoordinated. Smith went on to prove them wrong, showcasing his not-so-clumsy skills by winning Wimbledon, U. S. Open and eight Davis Cups.

49. Babe Ruth: You probably know Babe Ruth because of his home run record (714 during his career), but along with all those home runs came a pretty hefty amount of strikeouts as well (1,330 in all). In fact, for decades he held the record for strikeouts. When asked about this he simply said, “Every strike brings me closer to the next home run.”

50. Tom Landry: As the coach of the Dallas Cowboys, Landry brought the team two Super Bowl victories, five NFC Championship victories and holds the records for the record for the most career wins. He also has the distinction of having one of the worst first seasons on record (winning no games) and winning five or fewer over the next four seasons.

Posted by: waleolusi | May 27, 2013

Top 100 Most Motivational Quotes of All Time

  1. We are what we repeatedly do. Excellence, therefore, is not an act but a habit. – Aristotle
  2. The best way out is always through. – Robert Frost
  3. Do not wait to strike till the iron is hot; but make it hot by striking. – William B. Sprague
  4. Great spirits have always encountered violent opposition from mediocre minds. – Albert Einstein
  5. Whether you think you can or think you can’t, you’re right. – Henry Ford
  6. I know for sure that what we dwell on is who we become. – Oprah Winfrey
  7. I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed. – Michael Jordan
  8. You must be the change you want to see in the world. – Mahatma Gandhi
  9. What you get by achieving your goals is not as important as what you become by achieving your goals. – Goethe

10. You can get everything in life you want if you will just help enough other people get what they want. – Zig Ziglar

11. Whatever you do will be insignificant, but it is very important that you do it. Mahatma Gandhi

12. Desire is the starting point of all achievement, not a hope, not a wish, but a keen pulsating desire which transcends everything. – Napoleon Hill

13. Failure is the condiment that gives success its flavor. – Truman Capote

14. Vision without action is daydream. Action without vision is nightmare. – Japanese Proverb

15. In any situation, the best thing you can do is the right thing; the next best thing you can do is the wrong thing; the worst thing you can do is nothing. – Theodore Roosevelt

16. If you keep saying things are going to be bad, you have a chance of being a prophet. – Isaac B. Singer

17. Success consists of doing the common things of life uncommonly well.- Unknown

18. Keep on going and the chances are you will stumble on something, perhaps when you are least expecting it. I have never heard of anyone stumbling on something sitting down. – Charles F. Kettering, Engineer and Inventor

19. Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.- Mark Twain

20. Losers visualize the penalties of failure. Winners visualize the rewards of success. – Unknown

21. Some succeed because they are destined. Some succeed because they are determined. –


22. Experience is what you get when you don’t get what you want. – Dan Stanford

23. Setting an example is not the main means of influencing others; it is the only means. – Albert Einstein

24. A happy person is not a person in a certain set of circumstances, but rather a person with a certain set of attitudes. – Hugh Downs

25. If you’re going to be able to look back on something and laugh about it, you might as well laugh about it now. – Marie Osmond

26. Remember that happiness is a way of travel, not a destination. – Roy Goodman

27. If you want to test your memory, try to recall what you were worrying about one year ago today. – E. Joseph Cossman

28. What lies behind us and what lies before us are tiny matters compared to what lies within us. Ralph Waldo Emerson

29. We judge of man’s wisdom by his hope. – Ralph Waldo Emerson

30. The best way to cheer yourself up is to try to cheer somebody else up. – Mark Twain

31. Age is an issue of mind over matter. If you don’t mind, it doesn’t matter. – Mark Twain

32. Whenever you find yourself on the side of the majority, it’s time to pause and reflect. – Mark Twain

33. Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great. – Mark Twain

34. The surest way not to fail is to determine to succeed. – Richard B. Sheridan

35. Take the first step in faith. You don’t have to see the whole staircase, just take the first step.” Dr. Martin Luther King Jr.

36. Act or accept. – Unanonymous

37. Many great ideas go unexecuted, and many great executioners are without ideas. One without the other is worthless. – Tim Blixseth

38. The world is more malleable than you think and it’s waiting for you to hammer it into shape. Bono

39. Sometimes you just got to give yourself what you wish someone else would give you. – Dr Phil

40. Motivation is a fire from within. If someone else tries to light that fire under you, chances are it will burn very briefly. – Stephen R. Covey

41. People become really quite remarkable when they start thinking that they can do things. When they believe in themselves they have the first secret of success. – Norman Vincent Peale

42. Whenever you find whole world against you just turn around and lead the world. – Anonymous

43. Being defeated is only a temporary condition; giving up is what makes it permanent. – Marilyn vos Savant, Author and Advice Columnist

44. I can’t understand why people are frightened by new ideas. I’m frightened by old ones. – John Cage

45. Setting an example is not the main means of influencing others; it is the only means. – Albert Einstein

46. The difference between ordinary and extraordinary is that little extra. – Unknown

47. The best way to predict the future is to create it. – Unknown

48. Anyone can do something when they WANT to do it. Really successful people do things when they don’t want to do it. – Dr. Phil

49. There are two primary choices in life: to accept conditions as they exist, or accept the responsibility for changing them. – Dr. Denis Waitley

50. Success is the ability to go from failure to failure without losing your enthusiasm. – Sir Winston Churchill

51. Success seems to be connected with action. Successful people keep moving. They make mistakes but don’t quit.- Conrad Hilton

52. Attitudes are contagious. Make yours worth catching. – Unknown

53. Do not let what you cannot do interfere with what you can do. – John Wooden

54. There are only two rules for being successful. One, figure out exactly what you want to do, and two, do it. – Mario Cuomo

55. Sooner or later, those who win are those who think they can. – Richard Bach

56. Vision doesn’t usually come as a lightening bolt. Rather it comes as a slow crystallization of life challenges that we one day recognize as a beautiful diamond with great value to ourselves and others. – Dr. Michael Norwood

57. Success is a state of mind. If you want success, start thinking of yourself as a success. – Dr. Joyce Brothers

58. Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better. – Samuel Beckett

59. Flops are a part of life’s menu and I’ve never been a girl to miss out on any of the courses. – Rosalind Russell

60. Cause Change & Lead; Accept Change & Survive; Resist Change & Die – Ray Norda, Chairman, Novell

61. Winners lose much more often than losers. So if you keep losing but you’re still trying, keeping it up! You’re right on track. – Matthew Keith Groves

62. An idea can turn to dust or magic, depending on the talent that rubs against it. – Bill Bernbach

63. An obstacle is often a stepping stone. – Prescott

64. Life is “trying things to see if they work” – Ray Bradbury

65. If you worry about yesterday’s failures, then today’s successes will be few. – Anonymous

66. Life is 10% what happens to us and 90% how we react to it. – Dennis P. Kimbro

67. We are all inventors, each sailing out on a voyage of discovery, guided each by a private chart, of which there is no duplicate. The world is all gates, all opportunities. – Ralph Waldo Emerson

68. Knowing is not enough; we must apply. Willing is not enough; we must do. – Johann Wolfgang von Goethe

69. In matters of style, swim with the current; In matters of principle, stand like a rock.- Thomas Jefferson

70. I think and think for months and years. Ninety-nine times, the conclusion is false. The hundredth time I am right. – Albert Einstein

71. Where the willingness is great, the difficulties cannot be great. – Machiavelli.

72. Strength does not come from physical capacity. It comes from an indomitable will. Mahatma Gandhi

73. You are what you think about all day long. – Dr. Robert Schuller

74. What you do speaks so loudly that I cannot hear what you say – Ralph Waldo Emerson

75. Success is not to be measured by the position someone has reached in life, but the obstacles he has overcome while trying to succeed. – Booker T. Washington

76. Talent is formed in solitude, character in the bustle of the world. – Johann Wolfgang von Goethe

77. To avoid criticism do nothing, say nothing, be nothing. – Elbert Hubbard

78. If you want to make your dreams come true, the first thing you have to do is wake up. – J.M. Power

79. By working faithfully eight hours a day you may eventually get to be boss and work twelve hours a day- Robert Frost

80. I’ve learned that no matter what happens, or how bad it seems today, life does go on, and it will be better tomorrow. – Maya Angelou

81. The art of being wise is the art of knowing what to overlook. – William James

82. When I hear somebody sigh, ‘Life is hard,’ I am always tempted to ask, ‘Compared to what? – Sydney Harris

83. Don’t let life discourage you; everyone who got where he is had to begin where he was. Richard L. Evans

84. In three words I can sum up everything I’ve learned about life: It goes on. – Robert Frost

85. You gain strength, courage and confidence by every experience in which you stop to look fear in the face. – Eleanor Roosevelt

86. Sometimes even to live is an act of courage. – Seneca

87. Do first things first, and second things not at all. – Peter Drucker.

88. The only people who find what they are looking for in life are the fault finders. – Foster’s Law

89. Defeat is not bitter unless you swallow it. – Joe Clark

90. I am an optimist. It does not seem too much use being anything else. – Winston Churchill

91. Positive anything is better than negative thinking. – Elbert Hubbard

92. People seem not to see that their opinion of the world is also a confession of character. – Ralph Waldo Emerson

93. Those who wish to sing, always find a song. – Swedish Proverb

94. If you’re going through hell, keep going. – Winston Churchill

95. The sun shines and warms and lights us and we have no curiosity to know why this is so; but we ask the reason of all evil, of pain, and hunger, and mosquitoes and silly people. – Ralph Waldo Emerson

96. Life is a shipwreck but we must not forget to sing in the lifeboats. – Voltaire

97. Enduring habits I hate…. Yes, at the very bottom of my soul I feel grateful to all my misery and bouts of sickness and everything about me that is imperfect, because this sort of thing leaves me with a hundred backdoors through which I can escape from enduring habits. – Friedrich Nietzsche, The Gay Science, 1882

98. There is no education like adversity. – Disraeli

99. He who has a why to live can bear almost anyhow. – Friedrich Nietzsche

  1. Adversity introduces a man to himself. – Author Unknown

Graduate Research Assistant

A few weeks ago, the CBN announced the introduction of a #5000 bill and the conversion of the #5, #10 and #20 notes to coins. This announcement has raised several views, debates and criticisms from the general public, the most common of which include the fact that the policy negates the infant cashless economy policy of the apex bank, the inflationary tendency and the more common belief that such step tends to fuel corruption, anti-human and other social vices. However, the CBN on her part maintained that her decision is not only very much in line with the cashless policy, but also carries other packages that will tame inflation, reduce transaction and cash management cost amongst others in the economy, a view that received the approval of the presidency and its economic management team.
From the foregoing, it obviously appears that views differ among policy makers, Government agencies, Economists and even the general public on what economic and social implications that the introduction of a higher denomination currency portends in a developing economy like that of Nigeria. This write-up therefore takes an objective analysis of the implications of the policy in question from a strict economic point of view on the citizenry and the economy at large.
Key Policy Issues
Following the growing debate on the #5000 bill proposed by the CBN, and the different views arising from the public domain, Professor Ademola Oyejide in an article published on the 28th August, 2012, in the Punch newspaper, identified two plausible reasons for the introduction of new currency note. These include:
1. To Raise Government Revenue (Seigniorage): This is made possible due to fact that the cost printing every denomination of any currency is the same. Hence, printing higher denomination implies more seigniorage revenue. There is a difference between the face value and the cost of a naira note, and this difference is a profit to the government which print this currency and issue it out to the public through the CBN which sells at face value to commercial banks, hence making profit called Seigniorage. Though this is rarely resorted to, the fact remains that the higher the currency denomination, the higher the seigniorage revenue to government.
2. To Reduce the Transaction Cost: Making large cash transactions with lower denomination currency notes can be very costly. One can imagine how difficult it can be to make a cash transaction of 5 million naira with say #5 note. Such a transaction can be really stressful, as the trouble of counting the cash alone can be an issue. The banks might have to resort to the use of counting machines to do this, hence this can be really costly. But with higher denomination, trouble like this will be eased. So higher currency denomination eases and makes large cash transactions cheaper.
As against the above desirable reasons for a policy as such and regardless of what policy target the CBN may be looking at, a policy as sensitive as introduction of a higher denomination currency and an upward review of our coinage currency may also be associated with several other unintended and undesirable implications (Oyejide, 2012), not only for the macro-economy, but also for the micro-economic units in the economy. Economists in the literature on currency issues have highlighted several of these, and a few of them include:
1. Hyper-Inflation: Historical evidence from the Less Developed Economies (LDCs) such as Argentina, Angola, Bolivia, Nicaragua, Peru, Congo DRC and even our sister country, Ghana, suggest and give reasons for scholars in the literature to conclude that introduction of higher denomination currency, as a policy option to tame inflation, is not only ineffective but may also be connected with hyper-inflation in developing countries. Little wonder why even the developed economies of this world such as the United states do not have currency units above $100, the prime currency above this issued, are rarely in circulation and their usage is strongly discouraged, while in the united kingdom the highest currency is £50. Besides these, the purported intension of the CBN to convert the current lowest denominations of #5, #10 and #20 to coin is tantamount to inflation in an economy like Nigeria where the usage of coin is about absent. In 2007, 50k. #1 and #2 coins were reintroduced into the economy. Several millions of naira must have gone into the minting of these currency units, but today, none of the coins can be found anywhere.
2. Corruption And Incentive For Money Laundering: A higher currency denomination fuels several social vices and several anti-human activities. Apart from the popular corruption of “our leaders siphoning our money”, which will be made easy by such policy, a policy of introducing higher denomination currency actually gives incentive to cash transaction, make it cheaper and cost effective, but cash transaction unlike bank transactions is not be easily traceable. Hence, fraudsters and other anti-human and anti-social activities peddlers have incentive to go about their activities without being easily checked. Hence, this policy may promote these activities.
3. Counterfeiting: Higher denomination currency apart from fueling corruption is directly and positively associated with increased activity of fraudulent persons in the business of printing fake currency notes. The higher the currency denomination, the more the incentive for these lazy and fraudulent fellows to go about their business most especially in a country like Nigeria where, corrupt practices remain widespread and out of hand, except if there are measures to curtail this.
4. Life- Blood for Parallel Economy: Perhaps the more dreaded evil effect of the proposed CBN policy, is the fact that the existence of a higher currency denomination actually reduces the usage of the banking system as this tends to encourage using cash as a store of value since large amount can now be stored in cash. With this possibility, the economy is likely to witness a gross reduction in total bank credit, which in turn may lead to reduction to the total capital formation, investment and output. This may further reduce tax revenue due to enlarged informal sector and so weakens our local industries which may now become uncompetitive and hence breeds unemployment.
Following the analysis above, this paper conclude that, from a strict economic point of view, indications abound that the proposed policy by CBN may be undesirable, looking at how the undesirable economic implications of this policy may outweigh the desirable ones, one may therefore be forced to conclude that this policy may not portend the best for majority of the Nigerian populace and the economy at large. Therefore, a decision by the presidency and its economic management team to approve such decision may favour only the few rich and hurt the poor the more, enlarge the inequality gap between the rich and the poor, while the economy at large may suffer the most.

Posted by: waleolusi | May 25, 2013

ABC of goals


-be definite and set a definite deadline
-write down ur goal habkuk 2;2
-develop a plan 2 achieve ur goal.
-determine d cost

balances Lk 2:52
-set career and mental goals (with the requirements, bsc, msc, prof. exam, etc) read thgs that will add to ur skill every day
-set health goals (stay healthy and fit)
-set spiritual goals (how many chp.every day, hw many hrs to pray, hw many souls will u win, tithe, offering and gift)
-social goal (marital, network, kids, family, friend, go out, take a break )
-financial goals (budget, income(how much will you make), expenditure{gift,tithe,offering,fuel,personal effect, investment and savings} ***fix an allowance for your wife.)
*** rev. sam adeyemi

Posted by: waleolusi | May 25, 2013

nugget 1

write down a clear statement of where exactly u are going. getting there then becomes easy!!!

Posted by: waleolusi | May 25, 2013



Posted by: waleolusi | May 25, 2013



exceed your limits