An economist is a practitioner in the social science discipline of economics. The individual may study and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, economics computational models, financial economics, mathematical finance and mathematical economics; the professionalization of economics, reflected in academia, has been described as "the main change in economics since around 1900." Economists debate the path. It is a debate between a scholastic orientation, focused on mathematical techniques, a public discourse orientation, more focused on communicating to lay people pertinent economic principles as they relate to public policy. Surveys among economists indicate a preference for a shift toward the latter.
Most major universities have an economics faculty, school or department, where academic degrees are awarded in economics. Getting a PhD in economics takes six years, on average, with a median of 5.3 years. The Nobel Memorial Prize in Economics, established by Sveriges Riksbank in 1968, is a prize awarded to economists each year for outstanding intellectual contributions in the field of economics; the prize winners are announced in October every year. They receive their awards on the anniversary of Alfred Nobel's death. Economists work in many fields including academia, government and in the private sector, where they may "...study data and statistics in order to spot trends in economic activity, economic confidence levels, consumer attitudes. They assess this information using advanced methods in statistical analysis, computer programming they make recommendations about ways to improve the efficiency of a system or take advantage of trends as they begin."In contrast to regulated professions such as engineering, law or medicine, there is not a required educational requirement or license for economists.
In academia, to be called an economist requires a Ph. D. degree in Economics. In the US government, on the other hand, a person can be hired as an economist provided that they have a degree that included or was supplemented by 21 semester hours in economics and three hours in statistics, accounting, or calculus. A professional working inside of one of many fields of economics or having an academic degree in this subject is considered to be an economist. In addition to government and academia, economists are employed in banking, accountancy, marketing, business administration and non- or not-for profit organizations. Politicians consult economists before enacting economic policy. Many statesmen have academic degrees in economics. Economics graduates are employable in varying degrees depending on the regional economic scenario and labour market conditions at the time for a given country. Apart from the specific understanding of the subject, employers value the skills of numeracy and analysis, the ability to communicate and the capacity to grasp broad issues which the graduates acquire at the university or college.
Whilst only a few economics graduates may be expected to become professional economists, many find it a base for entry into a career in finance – including accounting, insurance and banking, or management. A number of economics graduates from around the world have been successful in obtaining employment in a variety of major national and international firms in the financial and commercial sectors, in manufacturing, retailing and IT, as well as in the public sector – for example, in the health and education sectors, or in government and politics. Small numbers go on to undertake postgraduate studies, either in economics, teacher training or further qualifications in specialist areas. In Brazil, unlike most countries in the world where the profession is not regulated, the profession of Economist is regulated by Law. 1411 of August 13, 1951. The professional designation of economist, according to the said law, is exclusive to the bachelors in economics graduates in Brazil. According to the United States Department of Labor, there were about 15,000 non-academic economists in the United States in 2008, with a median salary of $83,000 the top ten percent earning more than $147,040 annually.
Nearly 135 colleges and universities grant around 900 new Ph. D.s every year. Incomes are highest for those in the private sector, followed by the federal government, with academia paying the lowest incomes; as of January 2013, PayScale.com showed Ph. D. economists' salary ranges as follows: all Ph. D. economists, $61,000 to $160,000. D. corporate economists, $71,000 to $207,000. The largest single professional grouping of economists in the UK are the more than 1000 members of the Government Economic Service, who work in 30 government departments and agencies. Analysis of destination surveys for economics graduates from a number of selected top schools of economics in the United Kingdom, shows nearly 80 percent in employment six months after graduation – with a wide range of roles and employers, including regional and international organisations, across many sectors; this figure compares favourably with the national picture, with 64 percent of economics graduates in employment. Some current we
A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either indirectly through capital markets. Due to their importance in the financial stability of a country, banks are regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords. Banking in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties – notably, the Medicis, the Fuggers, the Welsers, the Berenbergs, the Rothschilds – have played a central role over many centuries.
The oldest existing retail bank is Banca Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank. The concept of banking may have begun in ancient Assyria and Babylonia, with merchants offering loans of grain as collateral within a barter system. Lenders in ancient Greece and during the Roman Empire added two important innovations: they accepted deposits and changed money. Archaeology from this period in ancient China and India shows evidence of money lending. More modern banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence, Siena and Genoa; the Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. One of the most famous Italian banks was the Medici Bank, set up by Giovanni di Bicci de' Medici in 1397; the earliest known state deposit bank, Banco di San Giorgio, was founded in 1407 at Italy. Modern banking practices, including fractional reserve banking and the issue of banknotes, emerged in the 17th and 18th centuries.
Merchants started to store their gold with the goldsmiths of London, who possessed private vaults, charged a fee for that service. In exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee; the goldsmiths began to lend the money out on behalf of the depositor, which led to the development of modern banking practices. The goldsmith paid interest on these deposits. Since the promissory notes were payable on demand, the advances to the goldsmith's customers were repayable over a longer time period, this was an early form of fractional reserve banking; the promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default. Thus, the goldsmiths of London became the forerunners of banking by creating new money based on credit; the Bank of England was the first to begin the permanent issue of banknotes, in 1695.
The Royal Bank of Scotland established the first overdraft facility in 1728. By the beginning of the 19th century a bankers' clearing house was established in London to allow multiple banks to clear transactions; the Rothschilds pioneered international finance on a large scale, financing the purchase of the Suez canal for the British government. The word bank was taken Middle English from Middle French banque, from Old Italian banco, meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during the Renaissance by Jewish Florentine bankers, who used to make their transactions atop desks covered by green tablecloths; the definition of a bank varies from country to country. See the relevant country pages under for more information. Under English common law, a banker is defined as a person who carries on the business of banking by conducting current accounts for his customers, paying cheques drawn on him/her and collecting cheques for his/her customers.
In most common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to negotiable instruments, including cheques, this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated or not, who carry on the business of banking'. Although this definition seems circular, it is functional, because it ensures that the legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated; the business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business; when looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, not in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking.
However, in many cases the statutory definition mirrors the common law one. Examples of statutory definitions: "banking business" means the business of receiving money on current or deposit account and collecting cheques drawn by or paid in by customers, the making
United States Department of State
The United States Department of State referred to as the State Department, is the federal executive department that advises the President and conducts international relations. Equivalent to the foreign ministry of other countries, it was established in 1789 as the nation's first executive department; the current Secretary of State is Mike Pompeo, who ascended to the office in April 2018 after Rex Tillerson resigned. The State Department's duties include implementing the foreign policy of the United States, operating the nation's diplomatic missions abroad, negotiating treaties and agreements with foreign entities, representing the United States at the United Nations, it is led by the Secretary of State, a member of the Cabinet, nominated by the President and confirmed by the Senate. In addition to administering the department, the Secretary of State serves as the nation's chief diplomat and representative abroad; the Secretary of State is the first Cabinet official in the order of precedence and in the presidential line of succession, after the Vice President of the United States, Speaker of the House of Representatives, President pro tempore of the Senate.
The State Department is headquartered in the Harry S Truman Building, a few blocks away from the White House, in the Foggy Bottom neighborhood of Washington, D. C.. The U. S. Constitution, drafted in Philadelphia in September 1787 and ratified by the 13 states the following year, gave the President the responsibility for the conduct of the nation's foreign relations; the House of Representatives and Senate approved legislation to establish a Department of Foreign Affairs on July 21, 1789, President Washington signed it into law on July 27, making the Department of Foreign Affairs the first federal agency to be created under the new Constitution. This legislation remains the basic law of the Department of State. In September 1789, additional legislation changed the name of the agency to the Department of State and assigned to it a variety of domestic duties; these responsibilities grew to include management of the United States Mint, keeper of the Great Seal of the United States, the taking of the census.
President George Washington signed the new legislation on September 15. Most of these domestic duties of the Department of State were turned over to various new federal departments and agencies that were established during the 19th century. However, the Secretary of State still retains a few domestic responsibilities, such as being the keeper of the Great Seal and being the officer to whom a President or Vice President of the United States wishing to resign must deliver an instrument in writing declaring the decision to resign. On September 29, 1789, President Washington appointed Thomas Jefferson of Virginia Minister to France, to be the first United States Secretary of State. John Jay had been serving in as Secretary of Foreign Affairs as a holdover from the Confederation since before Washington had taken office and would continue in that capacity until Jefferson returned from Europe many months later. From 1790 to 1800, the State Department had its headquarters in Philadelphia, the capital of the United States at the time.
It occupied a building at Fifth Streets. In 1800, it moved from Philadelphia to Washington, D. C. where it first occupied the Treasury Building and the Seven Buildings at 19th Street and Pennsylvania Avenue. It moved into the Six Buildings in September 1800, where it remained until May 1801, it moved into the War Office Building due west of the White House in May 1801. It occupied the Treasury Building from September 1819 to November 1866, except for the period from September 1814 to April 1816, it occupied the Washington City Orphan Home from November 1866 to July 1875. It moved to the State and Navy Building in 1875. Since May 1947, it has occupied the Harry S. Truman Building in the Foggy Bottom neighborhood of Washington. Condoleezza Rice became the second female secretary of state in 2005. Hillary Clinton became the third female secretary of state when she was appointed in 2009. In 2014, the State Department began expanding into the Navy Hill Complex across 23rd Street NW from the Truman Building.
A joint venture consisting of the architectural firms of Goody and the Louis Berger Group won a $2.5 million contract in January 2014 to begin planning the renovation of the buildings on the 11.8 acres Navy Hill campus, which housed the World War II headquarters of the Office of Strategic Services and was the first headquarters of the Central Intelligence Agency. The Executive Branch and the U. S. Congress have constitutional responsibilities for U. S. foreign policy. Within the Executive Branch, the Department of State is the lead U. S. foreign affairs agency, its head, the Secretary of State, is the President's principal foreign policy advisor. The Department advances U. S. objectives and interests in the world through its primary role in developing and implementing the President's foreign policy. It provides an array of important services to U. S. citizens and to foreigners seeking to visit or immigrate to the United States. All foreign affairs activities—U. S. Representation abroad, foreign assistance programs, countering internatio
Google LLC is an American multinational technology company that specializes in Internet-related services and products, which include online advertising technologies, search engine, cloud computing and hardware. It is considered one of the Big Four technology companies, alongside Amazon and Facebook. Google was founded in 1998 by Larry Page and Sergey Brin while they were Ph. D. students at Stanford University in California. Together they own about 14 percent of its shares and control 56 percent of the stockholder voting power through supervoting stock, they incorporated Google as a held company on September 4, 1998. An initial public offering took place on August 19, 2004, Google moved to its headquarters in Mountain View, nicknamed the Googleplex. In August 2015, Google announced plans to reorganize its various interests as a conglomerate called Alphabet Inc. Google is Alphabet's leading subsidiary and will continue to be the umbrella company for Alphabet's Internet interests. Sundar Pichai was appointed CEO of Google.
The company's rapid growth since incorporation has triggered a chain of products and partnerships beyond Google's core search engine. It offers services designed for work and productivity, email and time management, cloud storage, instant messaging and video chat, language translation and navigation, video sharing, note-taking, photo organizing and editing; the company leads the development of the Android mobile operating system, the Google Chrome web browser, Chrome OS, a lightweight operating system based on the Chrome browser. Google has moved into hardware. Google has experimented with becoming an Internet carrier. Google.com is the most visited website in the world. Several other Google services figure in the top 100 most visited websites, including YouTube and Blogger. Google is the most valuable brand in the world as of 2017, but has received significant criticism involving issues such as privacy concerns, tax avoidance, antitrust and search neutrality. Google's mission statement is "to organize the world's information and make it universally accessible and useful".
The companies unofficial slogan "Don't be evil" was removed from the company's code of conduct around May 2018. Google began in January 1996 as a research project by Larry Page and Sergey Brin when they were both PhD students at Stanford University in Stanford, California. While conventional search engines ranked results by counting how many times the search terms appeared on the page, the two theorized about a better system that analyzed the relationships among websites, they called this new technology PageRank. Page and Brin nicknamed their new search engine "BackRub", because the system checked backlinks to estimate the importance of a site, they changed the name to Google. The domain name for Google was registered on September 15, 1997, the company was incorporated on September 4, 1998, it was based in the garage of a friend in California. Craig Silverstein, a fellow PhD student at Stanford, was hired as the first employee. Google was funded by an August 1998 contribution of $100,000 from Andy Bechtolsheim, co-founder of Sun Microsystems.
Google received money from three other angel investors in 1998: Amazon.com founder Jeff Bezos, Stanford University computer science professor David Cheriton, entrepreneur Ram Shriram. Between these initial investors and family Google raised around 1 million dollars, what allowed them to open up their original shop in Menlo Park, California After some additional, small investments through the end of 1998 to early 1999, a new $25 million round of funding was announced on June 7, 1999, with major investors including the venture capital firms Kleiner Perkins and Sequoia Capital. In March 1999, the company moved its offices to Palo Alto, home to several prominent Silicon Valley technology start-ups; the next year, Google began selling advertisements associated with search keywords against Page and Brin's initial opposition toward an advertising-funded search engine. To maintain an uncluttered page design, advertisements were text-based. In June 2000, it was announced that Google would become the default search engine provider for Yahoo!, one of the most popular websites at the time, replacing Inktomi.
In 2003, after outgrowing two other locations, the company leased an office complex from Silicon Graphics, at 1600 Amphitheatre Parkway in Mountain View, California. The complex became known as the Googleplex, a play on the word googolplex, the number one followed by a googol zeroes. Three years Google bought the property from SGI for $319 million. By that time, the name "Google
An economy is an area of the production, distribution, or trade, consumption of goods and services by different agents. Understood in its broadest sense,'The economy is defined as a social domain that emphasize the practices and material expressions associated with the production and management of resources'. Economic agents can be individuals, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources and capital, it has changed over time due to technology, innovation such as, that which produces intellectual property and changes in industrial relations. A given economy is the result of a set of processes that involves its culture, education, technological evolution, social organization, political structure and legal systems, as well as its geography, natural resource endowment, ecology, as main factors.
These factors give context and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of human transactions, it does not stand alone. A market-based economy is one where goods and services are produced and exchanged according to demand and supply between participants by barter or a medium of exchange with a credit or debit value accepted within the network, such as a unit of currency. A command-based economy is one where political agents directly control what is produced and how it is sold and distributed. A green economy is low-carbon, resource efficient, inclusive. In a green economy, growth in income and employment is driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, prevent the loss of biodiversity and ecosystem services. A gig economy is one in which short-term jobs are assigned via online platforms and a programmable economy is the set of revolutionary changes taking place in the global economy due to technology innovations.
✓. Today the range of fields of study examining the economy revolves around the social science of economics, but may include sociology, history and geography. Practical fields directly related to the human activities involving production, distribution and consumption of goods and services as a whole are engineering, business administration, applied science, finance. All professions, economic agents or economic activities, contribute to the economy. Consumption and investment are variable components in the economy that determine macroeconomic equilibrium. There are three main sectors of economic activity: primary and tertiary. Due to the growing importance of the economical sector in modern times, the term real economy is used by analysts as well as politicians to denote the part of the economy, concerned with the actual production of goods and services, as ostensibly contrasted with the paper economy, or the financial side of the economy, concerned with buying and selling on the financial markets.
Alternate and long-standing terminology distinguishes measures of an economy expressed in real values, such as real GDP, or in nominal values. The English words "economy" and "economics" can be traced back to the Greek word οἰκονόμος, a composite word derived from οἶκος and νέμω by way of οἰκονομία; the first recorded sense of the word "economy" is in the phrase "the management of œconomic affairs", found in a work composed in a monastery in 1440. "Economy" is recorded in more general senses, including "thrift" and "administration". The most used current sense, denoting "the economic system of a country or an area", seems not to have developed until the 1650s; as long as someone has been making and distributing goods or services, there has been some sort of economy. Sumer developed a large-scale economy based on commodity money, while the Babylonians and their neighboring city states developed the earliest system of economics as we think of, in terms of rules/laws on debt, legal contracts and law codes relating to business practices, private property.
The Babylonians and their city state neighbors developed forms of economics comparable to used civil society concepts. They developed the first known codified legal and administrative systems, complete with courts and government records; the ancient economy was based on subsistence farming. The Shekel referred to an ancient unit of currency; the first usage of the term came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related other values in a metric such as silver, copper etc. A barley/shekel was both a unit of currency and a unit of weight, just as the British Pound was a uni
Minister of International Trade Diversification
The Minister of International Trade Diversification is a Minister of the Crown in the Canadian Cabinet. The minister has responsibility for the international trade portfolio and is one of the three ministers who lead the Canadian foreign ministry, Global Affairs Canada; the post was first established in 1983 as the Minister for International Trade. This title changed to Minister of International Trade under Prime Minister Paul Martin when he split the former Department of Foreign Affairs and International Trade. On 18 July 2018, Prime Minister Justin Trudeau changed the title to Minister of International Trade Diversification and appointed Jim Carr the new Minister. Key
Georgetown University is a private research university in the Georgetown neighborhood of Washington, D. C. Founded in 1789 as Georgetown College, the university has grown to comprise nine undergraduate and graduate schools, among which are the School of Foreign Service, School of Business, Medical School, Law School. Located on a hill above the Potomac River, the school's main campus is identifiable by its flagship Healy Hall, a National Historic Landmark. Georgetown offers degree programs in forty-eight disciplines, enrolling an average of 7,500 undergraduate and 10,000 post-graduate students from more than 130 countries. Georgetown is the oldest Catholic and Jesuit-affiliated institution of higher education in the United States; the Jesuits have participated in the university's academic life, both as scholars and as administrators, since 1805. The majority of Georgetown students are not Catholic. Georgetown's notable alumni include U. S. President Bill Clinton, U. S. Supreme Court Justice Antonin Scalia, CIA Director George Tenet, King Felipe of Spain, as well as the royalty and heads of state of more than a dozen countries.
In 2015, Georgetown had 1190 alumni working as diplomats for the U. S. Foreign Service, more than any other university. In 2014, Georgetown ranked second in the nation by the average number of graduates serving in the U. S. Congress. Georgetown is a top feeder school for careers in consulting and investment banking on Wall Street. Georgetown is home to the country's largest student-run business, largest student-run financial institution, the oldest continuously running student theatre troupe, one of the oldest debating societies in the United States; the school's athletic teams are nicknamed the Hoyas and include a men's basketball team that has won a record-tying seven Big East championships, appeared in five Final Fours, won a national championship in 1984. The university has a co-ed sailing team that holds thirteen national championships and one world championship title. Jesuit settlers from England founded the Province of Maryland in 1634. However, the 1646 defeat of the Royalists in the English Civil War led to stringent laws against Roman Catholic education and the extradition of known Jesuits from the colony, including missionary Andrew White, the destruction of their school at Calverton Manor.
During most of the remainder of Maryland's colonial period, Jesuits conducted Catholic schools clandestinely. It was not until after the end of the American Revolution that plans to establish a permanent Catholic institution for education in the United States were realized; because of Benjamin Franklin's recommendation, Pope Pius VI appointed former Jesuit John Carroll as the first head of the Roman Catholic Church in the United States though the papal suppression of the Jesuit order was still in effect. Carroll began meetings of local clergy in 1783 near Annapolis, where they orchestrated the development of a new university. On January 23, 1789, Carroll finalized the purchase of the property in Georgetown on which Dahlgren Quadrangle was built. Future Congressman William Gaston was enrolled as the school's first student on November 22, 1791, instruction began on January 2, 1792. During its early years, Georgetown College suffered from considerable financial strain; the Maryland Society of Jesus began its restoration in 1805, Jesuit affiliation, in the form of teachers and administrators, bolstered confidence in the college.
The school relied on private sources of funding and the limited profits from local lands, donated to the Jesuits. To raise money for Georgetown and other schools in 1838, Maryland Jesuits conducted a mass sale of some 272 slaves to two Deep South plantations in Maringouin, Louisiana from their six in Maryland, ending their slaveholding. President James Madison signed into law Georgetown's congressional charter on March 1, 1815, creating the first federal university charter, which allowed it to confer degrees, with the first bachelor's degrees being awarded two years later. In 1844, the school received a corporate charter, under the name "The President and Directors of Georgetown College", affording the growing school additional legal rights. In response to the demand for a local option for Roman Catholic students, the Medical School was founded in 1851; the U. S. Civil War affected Georgetown as 1,141 students and alumni enlisted in one army or the other, the Union Army commandeered university buildings.
By the time of President Abraham Lincoln's May 1861 visit to campus, 1,400 troops were living in temporary quarters there. Due to the number of lives lost in the war, enrollment levels remained low until well after the war. Only seven students graduated in 1869, down from over 300 in the previous decade; when the Georgetown College Boat Club, the school's rowing team, was founded in 1876 it adopted two colors: blue, used for Union uniforms, gray, used for Confederate uniforms. These colors signified the peaceful unity among students. Subsequently, the school adopted these as its official colors. Enrollment did not recover until during the presidency of Patrick Francis Healy from 1873 to 1881. Born in Georgia as a slave by law and mixed-race by ancestry, Healy was the first head of a predominantly white American university of acknowledged African descent, he identified as Irish Catholic, like his father, was educated in Catholic schools in the United States and France. He is credited with reforming the undergraduate curriculum, lengthening the medical and law programs, creating the Alumni Association.
One of his largest undertakings was the construction of a major new building, subsequently named Healy Hall in his honor. For his work, Healy is known as the school's "second fo