Subsistence agriculture is self-sufficiency farming in which the farmers focus on growing enough food to feed themselves and their families. The output is mostly for local requirements with little or no surplus trade, the typical subsistence farm has a range of crops and animals needed by the family to feed and clothe themselves during the year. Planting decisions are made principally with an eye toward what the family will need during the coming year, tony Waters writes, Subsistence peasants are people who grow what they eat, build their own houses, and live without regularly making purchases in the marketplace. Subsistence agriculture emerged independently in Mexico where it was based on cultivation. Subsistence agriculture was the dominant mode of production in the world until recently, Subsistence horticulture may have developed independently in South East Asia and Papua New Guinea. Subsistence farming continues today in parts of rural Africa, and parts of Asia. Many of the items, as well as occasional services from physicians, blacksmiths.
In Central and Eastern Europe subsistence and semi-subsistence agriculture reappeared within the economy since about 1990. In this type of agriculture, a patch of forest land is cleared by a combination of felling and burning, and crops are grown. After 2-3 years the fertility of the soil begins to decline, the land is abandoned, while the land is left fallow the forest regrows in the cleared area and soil fertility and biomass is restored. After a decade or more, the farmer may return to the first piece of land, shifting cultivation is called Dredd in India, Ladang in Indonesia and Milpa in Central America and Mexico. However, such farmers often recognize the value of such compost and they may irrigate part of such fields if they are near a source of water. In some areas of tropical Africa, at least, such smaller fields may be ones in which crops are grown on raised beds, thus farmers practicing slash and burn agriculture are often much more sophisticated agriculturalists than the term slash and burn subsistence farmers suggest.
In this type of farming people migrate along with their animals from one place to another in search of fodder for their animals, generally they rear cattle, goats, camels and/or yaks for milk, skin and wool. This way of life is common in parts of central and western Asia, India and south-west Africa, examples are the nomadic Bhotiyas and Gujjars of the Himalayas. In Intensive subsistence agriculture, the farmer cultivates a small plot of land using simple tools, with large number of days with sunshine and fertile soils permits growing of more than one crop annually on the same plot. Farmers use their land holdings to produce enough, for their local consumption. It results in more food being produced per acre compared to other subsistence patterns
Colin Clark (economist)
Colin Grant Clark was a British and Australian economist and statistician who worked in both the United Kingdom and Australia. He pioneered the use of the national product as the basis for studying national economies. Colin Clark was born in London in 1905 and was educated at the Dragon School in Oxford and he studied at Winchester College, at Brasenose College, Oxford where he graduated in Chemistry in 1928. After graduation he worked as an assistant with William Beveridge at the London School of Economics and with Sir Alexander Carr-Saunders. During this time he ran unsuccessful campaigns to be elected to parliament for the British Labour Party in the seat of North Dorset, in 1930 he was appointed a research assistant to the Economic Advisory Council newly convened by Prime Minister Ramsay MacDonald. He resigned shortly after his appointment, after being asked to write a memorandum to make a case for protectionism. Despite this, he had sufficiently impressed one of the members to secure an appointment as a lecturer in statistics at Cambridge University.
He was a lecturer in Statistics in Cambridge from 1931 to 1938 where he completed three books, The National Income 1924–31, The Economic Position of Great Britain and National Income and Outlay. During a visit to Australia and New Zealand in 1937 and 1938 he accepted a position with the Queensland Government at the invitation of the premier Forgan Smith, at the time he wrote to Keynes about his decision to stay in Australia. He held the position of Deputy Director of the Commonwealth Department of War Organisation of Industry from 1942 to 1946, Clark resigned as Government Statistician on 28 February 1947 to become Under Secretary of the Queensland Department of Labour and Industry. Unusually for a servant he continued his academic work, publishing numerous articles in Economics. He was on the Council of the Econometric Society from 1948 to 1952, Clark married Marjorie Tattersall in 1931, and they had 8 sons and 1 daughter who in turned produced a total of 40 grandchildren. His son Gregory became an author and academic in Japan, Clark died in Brisbane, Australia in 1989.
He is buried together with his wife Marjorie at the Mount Gravatt Cemetery in Brisbane, in 1984 he was named by the World Bank as one of the pioneers of development along with Sir Arthur Lewis, Gunnar Myrdal, W. W. In 1987 Clark was together with Professor Trevor Swan the first recipient of the Distinguished Fellow awards, corresponding Fellow of the British Academy. Distinguished Fellow Award, The Economic Society of Australia, HonDEcon Tilburg University, DLitt Oxford University, HonDSc University of Milan, Hon DEcon, Monash University, HonDEcon University of Queensland. The Australasian Meeting of the Econometric Society has a Colin Clark Lecture at its meetings, a building at the University of Queensland is named for him, and it is reputed that a stone grotesque in the Universitys Great Court was made in his likeness. A System of Equations Explaining the United States Trade Cycle,1921 to 1941, Vol.17, the Economic Functions of a City in Relation to Its Size, Vol.13, No
The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840. The Industrial Revolution began in Great Britain and most of the important technological innovations were British, aided by these legal and cultural foundations, an entrepreneurial spirit and consumer revolution drove industrialisation in Britain, which would be emulated in countries around the world. A change in marrying patterns to getting married made able to accumulate more human capital during their youth. The Industrial Revolution marks a turning point in history, almost every aspect of daily life was influenced in some way. In particular, average income and population began to exhibit unprecedented sustained growth, mechanised textile production spread from Great Britain to continental Europe in the early 19th century, with important centres of textiles and coal emerging in Belgium, and in France. Since industrialisation has spread throughout much of the world, the precise start and end of the Industrial Revolution is still debated among historians, as is the pace of economic and social changes.
Economic historians are in agreement that the onset of the Industrial Revolution is the most important event in the history of humanity since the domestication of animals and plants. The term Industrial Revolution applied to change was becoming more common by the late 1830s. Friedrich Engels in The Condition of the Working Class in England in 1844 spoke of an industrial revolution, although Engels wrote in the 1840s, his book was not translated into English until the late 1800s, and his expression did not enter everyday language until then. Credit for popularising the term may be given to Arnold Toynbee, some historians, such as John Clapham and Nicholas Crafts, have argued that the economic and social changes occurred gradually and the term revolution is a misnomer. This is still a subject of debate among some historians, the commencement of the Industrial Revolution is closely linked to a small number of innovations, beginning in the second half of the 18th century. By the 1830s the following gains had been made in important technologies, Textiles – mechanised cotton spinning powered by steam or water greatly increased the output of a worker, the power loom increased the output of a worker by a factor of over 40.
The cotton gin increased productivity of removing seed from cotton by a factor of 50, large gains in productivity occurred in spinning and weaving of wool and linen, but they were not as great as in cotton. Steam power – the efficiency of steam engines increased so that they used between one-fifth and one-tenth as much fuel, the adaptation of stationary steam engines to rotary motion made them suitable for industrial uses. The high pressure engine had a power to weight ratio. Steam power underwent an expansion after 1800. Iron making – the substitution of coke for charcoal greatly lowered the fuel cost for pig iron, using coke allowed larger blast furnaces, resulting in economies of scale. The cast iron blowing cylinder was first used in 1760 and it was improved by making it double acting, which allowed higher furnace temperatures
Industry is the production of goods or related services within an economy. The major source of revenue of a group or company is the indicator of its relevant industry, when a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and this came through many successive rapid advances in technology, such as the production of steel and coal. Following the Industrial Revolution, possibly a third of the economic output are derived that is from manufacturing industries. Many developed countries and many developing/semi-developed countries depend significantly on manufacturing industry, the countries they reside in, and the economies of those countries are interlinked in a complex web of interdependence. Industries can be classified in a variety of ways, at the top level, industry is often classified according to the three-sector theory into sectors, primary and tertiary.
Some authors add quaternary or even quinary sectors, over time, the fraction of a societys industry within each sector changes. Below the economic sectors there are other more detailed industry classifications. These classification systems commonly divide industries according to functions and markets. Market-based classification systems such as the Global Industry Classification Standard and the Industry Classification Benchmark are used in finance, the International Standard Industrial Classification of all economic activities is the most complete and systematic industrial classification made by the United Nations Statistics Division. ISIC is a classification of economic activities arranged so that entities can be classified according to the activity they carry out. The Industrial Revolution led to the development of factories for large-scale production, originally the factories were steam-powered, but transitioned to electricity once an electrical grid was developed. The mechanized assembly line was introduced to parts in a repeatable fashion.
This led to significant increases in efficiency, lowering the cost of the end process, automation was increasingly used to replace human operators. This process has accelerated with the development of the computer and the robot, historically certain manufacturing industries have gone into a decline due to various economic factors, including the development of replacement technology or the loss of competitive advantage. An example of the former is the decline in manufacturing when the automobile was mass-produced. A recent trend has been the migration of prosperous, industrialized nations towards a post-industrial society and this is manifested by an increase in the service sector at the expense of manufacturing, and the development of an information-based economy, the so-called informational revolution. In a post-industrial society, manufacturing is relocated to more favourable locations through a process of off-shoring
Tertiary sector of the economy
The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory. The others are the secondary sector, and the primary sector, the basic characteristic of this sector is the production of services instead of end products. Services include attention, access and discussion, the production of information has long been regarded as a service, but some economists now attribute it to a fourth sector, the quaternary sector. The tertiary sector of industry involves the provision of services to businesses as well as final consumers. The goods may be transformed in the process of providing the service, the focus is on people interacting with people and serving the customer rather than transforming physical goods. It is sometimes hard to define whether a company is part of the secondary or tertiary sector. These governmental classification systems have a hierarchy that reflects whether the economic goods are tangible or intangible. Unlike governmental classification systems, the first level of market-based classification systems divides the economy into functionally related markets or industries, the second or third level of these hierarchies reflects whether goods or services are produced.
For the last 100 years, there has been a shift from the primary and secondary sectors to the tertiary sector in industrialised countries. The tertiary sector is now the largest sector of the economy in the Western world and these are not necessarily busboys and live-in maids. Many of them are in the professional category and they are earning as much as manufacturing workers, and often more. The first economy to follow path in the modern world was the United Kingdom. The speed at which other economies have made the transition to service-based economies has increased over time, manufacturing tended to be more open to international trade and competition than services. Service providers face obstacles selling services that goods-sellers rarely face, services are intangible, making it difficult for potential customers to understand what they will receive and what value it will hold for them. Indeed, such as consultants and providers of investment services, since the quality of most services depends largely on the quality of the individuals providing the services, people costs are usually a high fraction of service costs.
Whereas a manufacturer may use technology and other techniques to lower the cost of goods sold, for example, how does one choose one investment adviser over another, since they are often seen to provide identical services. Charging a premium for services is usually an option only for the most established firms, who charge extra based upon brand recognition
North American Industry Classification System
An establishment is typically a single physical location, though administratively distinct operations at a single location may be treated as distinct establishments. Each establishment is classified to an industry according to the business activity taking place there. NAICS does not offer guidance on the classification of enterprises which are composed of multiple establishments, the NAICS numbering system employs a five or six-digit code at the most detailed industry level. The first five digits are generally the same in all three countries, the system is designed to be largely compatible with the United Nations Statistical Offices International Standard Industrial Classification system. NAICS versions are released five years. With the first version, released in 1997, NAICS offered enhanced coverage of the service sector, the 2002 revision accommodated significant changes in the Information Sector. The 2012 revision slightly reduced the number of industries and modified six sectors
Also, the general term less-developed country should not be confused with the specific least developed country. The term developing describes a currently observed situation and not a dynamic or expected direction of progress, since the late 1990s developing countries tended to demonstrate higher growth rates than the developed ones. There is criticism of the use of the developing country. The term implies inferiority of a country or undeveloped country compared with a developed country. It assumes a desire to develop along the traditional Western model of development which a few countries, such as Cuba and Bhutan. An alternative measurement that has suggested is that of gross national happiness. Countries on the boundary between developed and developing are often categorized under the newly industrialized countries. In the 2016 edition of its World Development Indicators, the World Bank made a decision to no longer distinguish between “developed” and “developing” countries in the presentation of its data, nobody has ever agreed on a definition for these terms in the first place.
Various terms are used for whatever is not a developed country, terms used include less developed country or less economically developed country, and for the more extreme, least developed country or least economically developed country. But according to the United Nations Statistics Division, There is no established convention for the designation of developed, the World Bank classifies countries into four income groups. These are set each year on July 1, economies were divided according to 2016 GNI per capita using the following ranges of income, Low income countries had GNI per capita of US$1,025 or less. Lower middle income countries had GNI per capita between US$1,026 and US$4,035, upper middle income countries had GNI per capita between US$4,036 and US$12,475. High income countries had GNI per capita above US$12,476 and this may be by absolute numbers or country ranking. The UN has developed the Human Development Index, an indicator of the above statistics. The UN sets Millennium Development Goals from a blueprint developed by all of the countries and leading development institutions.
There is an association between low income and high population growth. The terms utilized when discussing developing countries refer to the intent, other terms sometimes used are less developed countries, least economically developed countries, underdeveloped nations or Third World nations, and non-industrialized nations. Conversely, developed countries, most economically developed countries, First World nations and that is, LEDCs are the poorest subset of LDCs
Quaternary sector of the economy
The quaternary sector is based on knowledge and skill. It consists of intellectual industries providing information services, such as computing and ICT, according to some definitions, the quaternary sector includes other pure services, such as the entertainment industry, and the term has been used to describe media and government. It has been argued that intellectual services is distinct enough to warrant a separate sector and this sector evolves in well-developed countries and requires a highly educated workforce. Between them, the tertiary and quaternary sectors form the largest part of the UK economy, the number of people who earn their living in these activities is increasing. Companies invest in the sector to promote further expansion. It is seen as a way to higher margins or returns on investment. Research will be directed into cutting costs, tapping into markets, producing innovative ideas, new methods and methods of manufacture. To many industries, such as the industry, the sector is the most valuable because it creates future secondary-sector branded products from which companies may profit.
Zoltan Kenessey, U. S. Federal Reserve Board, Secondary and Quaternary Sectors of the Economy