1.
The Economist
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The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London. Continuous publication began under its founder, James Wilson, in September 1843, in 2015 its average weekly circulation was a little over 1.5 million, about half of which were sold in the United States. The publication belongs to the Economist Group and it is 50% owned by the English branch of the Rothschild family and by the Agnelli family through its holding company Exor. The remaining 50% is held by investors including the editors. The Rothschilds and the Agnellis are represented on the board of directors, a board of trustees formally appoints the editor, who cannot be removed without its permission. Although The Economist has an emphasis and scope, about two-thirds of the 75 staff journalists are based in the London borough of Westminster. For the year to March 2016 the Economist Group declared operating profit of £61m, previous major shareholders include Pearson PLC. The Economist takes a stance of classical and economic liberalism which is supportive of free trade, globalisation, free immigration. The publication has described itself as a product of the Caledonian liberalism of Adam Smith and it targets highly educated readers and claims an audience containing many influential executives and policy-makers. The publications CEO described this recent global change, which was first noticed in the 1990s and accelerated in the beginning of the 21st century, on the contents page of each issue, The Economists mission statement is written in italics. The Economist was founded by the British businessman and banker James Wilson in 1843, to advance the repeal of the Corn Laws, articles relating to some practical, commercial, agricultural, or foreign topic of passing interest, such as foreign treaties. An article on the principles of political economy, applied to practical experience, covering the laws related to prices, wages, rent, exchange, revenue. Parliamentary reports, with focus on commerce, agriculture and free trade. Reports and accounts of popular movements advocating free trade, general news from the Court of St. Jamess, the Metropolis, the Provinces, Scotland, and Ireland. Law reports, confined chiefly to areas important to commerce, manufacturing, books, confined chiefly, but not so exclusively, to commerce, manufacturing, and agriculture, and including all treatises on political economy, finance, or taxation. A commercial gazette, with prices and statistics of the week, correspondence and inquiries from the news magazines readers. It has long respected as one of the most competent. Its logo was designed in 1959 by Reynolds Stone, in January 2012 The Economist launched a new weekly section devoted exclusively to China, the first new country section since the introduction of a section about the United States in 1942
2.
Social science
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Social science is a major category of academic disciplines, concerned with society and the relationships among individuals within a society. It in turn has many branches, each of which is considered a social science, the social sciences include economics, political science, human geography, demography, psychology, sociology, anthropology, archaeology, jurisprudence, history, and linguistics. The term is sometimes used to refer specifically to the field of sociology. A more detailed list of sub-disciplines within the sciences can be found at Outline of social science. Positivist social scientists use methods resembling those of the sciences as tools for understanding society. In modern academic practice, researchers are often eclectic, using multiple methodologies, the term social research has also acquired a degree of autonomy as practitioners from various disciplines share in its aims and methods. Social sciences came forth from the philosophy of the time and were influenced by the Age of Revolutions, such as the Industrial Revolution. The social sciences developed from the sciences, or the systematic knowledge-bases or prescriptive practices, the beginnings of the social sciences in the 18th century are reflected in the grand encyclopedia of Diderot, with articles from Jean-Jacques Rousseau and other pioneers. The growth of the sciences is also reflected in other specialized encyclopedias. The modern period saw social science first used as a distinct conceptual field, Social science was influenced by positivism, focusing on knowledge based on actual positive sense experience and avoiding the negative, metaphysical speculation was avoided. Auguste Comte used the term science sociale to describe the field, taken from the ideas of Charles Fourier, following this period, there were five paths of development that sprang forth in the social sciences, influenced by Comte on other fields. One route that was taken was the rise of social research, large statistical surveys were undertaken in various parts of the United States and Europe. Another route undertaken was initiated by Émile Durkheim, studying social facts, a third means developed, arising from the methodological dichotomy present, in which social phenomena were identified with and understood, this was championed by figures such as Max Weber. The fourth route taken, based in economics, was developed and furthered economic knowledge as a hard science, the last path was the correlation of knowledge and social values, the antipositivism and verstehen sociology of Max Weber firmly demanded this distinction. In this route, theory and prescription were non-overlapping formal discussions of a subject, around the start of the 20th century, Enlightenment philosophy was challenged in various quarters. The development of social science subfields became very quantitative in methodology, examples of boundary blurring include emerging disciplines like social research of medicine, sociobiology, neuropsychology, bioeconomics and the history and sociology of science. Increasingly, quantitative research and qualitative methods are being integrated in the study of action and its implications. In the first half of the 20th century, statistics became a discipline of applied mathematics
3.
Economics
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Economics is a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services according to the Merriam-Webster Dictionary. Economics focuses on the behaviour and interactions of economic agents and how economies work, consistent with this focus, textbooks often distinguish between microeconomics and macroeconomics. Microeconomics examines the behaviour of elements in the economy, including individual agents and markets, their interactions. Individual agents may include, for example, households, firms, buyers, macroeconomics analyzes the entire economy and issues affecting it, including unemployment of resources, inflation, economic growth, and the public policies that address these issues. Economic analysis can be applied throughout society, as in business, finance, health care, Economic analyses may also be applied to such diverse subjects as crime, education, the family, law, politics, religion, social institutions, war, science, and the environment. At the turn of the 21st century, the domain of economics in the social sciences has been described as economic imperialism. The ultimate goal of economics is to improve the conditions of people in their everyday life. There are a variety of definitions of economics. Some of the differences may reflect evolving views of the subject or different views among economists, to supply the state or commonwealth with a revenue for the publick services. Say, distinguishing the subject from its uses, defines it as the science of production, distribution. On the satirical side, Thomas Carlyle coined the dismal science as an epithet for classical economics, in this context and it enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. He affirmed that previous economists have usually centred their studies on the analysis of wealth, how wealth is created, distributed, and consumed, but he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it, generates both cost and benefits, and, resources are used to attain the goal. If the war is not winnable or if the costs outweigh the benefits. Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets, there are other criticisms as well, such as in scarcity not accounting for the macroeconomics of high unemployment. The same source reviews a range of included in principles of economics textbooks. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving, microeconomics examines how entities, forming a market structure, interact within a market to create a market system
4.
Economic policy
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Economic policy refers to the actions that governments take in the economic field. Such policies are often influenced by international institutions like the International Monetary Fund or World Bank as well as political beliefs, almost every aspect of government has an important economic component. Trade policy, which refers to tariffs, trade agreements and the institutions that govern them. Fiscal policy, often tied to Keynesian economics, uses government spending, fiscal stance, The size of the deficit or surplus Tax policy, The taxes used to collect government income. It is concerned with the amount of money in circulation and, consequently, interest rates, sometimes other objectives, like military spending or nationalization are important. These are referred to as the goals, the outcomes which the economic policy aims to achieve. To achieve these goals, governments use policy tools which are under the control of the government and these generally include the interest rate and money supply, tax and government spending, tariffs, exchange rates, labor market regulations, and many other aspects of government. Government and central banks are limited in the number of goals they can achieve in the short term, for instance, there may be pressure on the government to reduce inflation, reduce unemployment, and reduce interest rates while maintaining currency stability. This dilemma can in part be resolved by using microeconomics, supply-side policy to help adjust markets, for instance, unemployment could potentially be reduced by altering laws relating to trade unions or unemployment insurance, as well as by macroeconomic factors like interest rates. For much of the 20th century, governments adopted discretionary policies like demand management designed to correct the business cycle and these typically used fiscal and monetary policy to adjust inflation, output and unemployment. However, following the stagflation of the 1970s, policymakers began to be attracted to policy rules, a discretionary policy is supported because it allows policymakers to respond quickly to events. This makes policy non-credible and ultimately ineffective, a rule-based policy can be more credible, because it is more transparent and easier to anticipate. Examples of rule-based policies are fixed exchange rates, interest rate rules, the stability and growth pact, some policy rules can be imposed by external bodies, for instance the Exchange Rate Mechanism for currency. A compromise between strict discretionary and strict rule-based policy is to grant discretionary power to an independent body. For instance, the Federal Reserve Bank, European Central Bank, Bank of England and Reserve Bank of Australia all set interest rates without government interference, another type of non-discretionary policy is a set of policies which are imposed by an international body. This can occur as a result of intervention by the International Monetary Fund, the first economic problem was how to gain the resources it needed to be able to perform the functions of an early government, the military, roads and other projects like building the Pyramids. Early governments generally relied on tax in kind and forced labor for their economic resources, however, with the development of money came the first policy choice. A government could raise money through taxing its citizens, however, it could now also debase the coinage and so increase the money supply
5.
Philosophy
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Philosophy is the study of general and fundamental problems concerning matters such as existence, knowledge, values, reason, mind, and language. The term was coined by Pythagoras. Philosophical methods include questioning, critical discussion, rational argument and systematic presentation, classic philosophical questions include, Is it possible to know anything and to prove it. However, philosophers might also pose more practical and concrete questions such as, is it better to be just or unjust. Historically, philosophy encompassed any body of knowledge, from the time of Ancient Greek philosopher Aristotle to the 19th century, natural philosophy encompassed astronomy, medicine and physics. For example, Newtons 1687 Mathematical Principles of Natural Philosophy later became classified as a book of physics, in the 19th century, the growth of modern research universities led academic philosophy and other disciplines to professionalize and specialize. In the modern era, some investigations that were part of philosophy became separate academic disciplines, including psychology, sociology. Other investigations closely related to art, science, politics, or other pursuits remained part of philosophy, for example, is beauty objective or subjective. Are there many scientific methods or just one, is political utopia a hopeful dream or hopeless fantasy. Major sub-fields of academic philosophy include metaphysics, epistemology, ethics, aesthetics, political philosophy, logic, philosophy of science, since the 20th century, professional philosophers contribute to society primarily as professors, researchers and writers. Traditionally, the term referred to any body of knowledge. In this sense, philosophy is related to religion, mathematics, natural science, education. This division is not obsolete but has changed, Natural philosophy has split into the various natural sciences, especially astronomy, physics, chemistry, biology and cosmology. Moral philosophy has birthed the social sciences, but still includes value theory, metaphysical philosophy has birthed formal sciences such as logic, mathematics and philosophy of science, but still includes epistemology, cosmology and others. Many philosophical debates that began in ancient times are still debated today, colin McGinn and others claim that no philosophical progress has occurred during that interval. Chalmers and others, by contrast, see progress in philosophy similar to that in science, in one general sense, philosophy is associated with wisdom, intellectual culture and a search for knowledge. In that sense, all cultures and literate societies ask philosophical questions such as how are we to live, a broad and impartial conception of philosophy then, finds a reasoned inquiry into such matters as reality, morality and life in all world civilizations. Socrates was an influential philosopher, who insisted that he possessed no wisdom but was a pursuer of wisdom
6.
Market (economics)
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A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers and it can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society, Markets allow any trade-able item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights of services, Markets can also be worldwide, for example the global diamond trade. National economies can be classified, for example as developed markets or developing markets, in mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services, with or without money, is a transaction, a major topic of debate is how much a given market can be considered to be a free market, that is free from government intervention. However it is not always clear how the allocation of resources can be improved since there is always the possibility of government failure, a market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers and it can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enables the distribution and allocation of resources in a society, Markets allow any trade-able item to be evaluated and priced. A market sometimes emerges more or less spontaneously but is often constructed deliberately by human interaction in order to enable the exchange of rights of services. Markets of varying types can spontaneously arise whenever a party has interest in a good or service that other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a playground, and yet another for contracts for the future delivery of a commodity. Markets vary in form, scale, location, and types of participants, as well as the types of goods and services traded, nevertheless, violence and they apply the market dynamics to facilitate information aggregation. However, market prices may be distorted by a seller or sellers with monopoly power, such price distortions can have an adverse effect on market participants welfare and reduce the efficiency of market outcomes. Also, the level of organization and negotiating power of buyers and sellers markedly affects the functioning of the market. Markets are a system, and systems have structure, the structure of a well-functioning market is defined by the theory of perfect competition. Market failures are often associated with time-inconsistent preferences, information asymmetries, non-perfectly competitive markets, principal–agent problems, externalities, among the major negative externalities which can occur as a side effect of production and market exchange, are air pollution and environmental degradation. There exists a popular thought, especially among economists, that markets would have a structure of a perfect competition
7.
Macroeconomics
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Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes national, regional, and global economies, Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics. Macroeconomic models and their forecasts are used by governments to assist in the development, Macroeconomics encompasses a variety of concepts and variables, but there are three central topics for macroeconomic research. Macroeconomic theories usually relate the phenomena of output, unemployment, outside of macroeconomic theory, these topics are also important to all economic agents including workers, consumers, and producers. National output is the amount of everything a country produces in a given period of time. Everything that is produced and sold generates an equal amount of income, therefore, output and income are usually considered equivalent and the two terms are often used interchangeably. Output can be measured as total income, or it can be viewed from the side and measured as the total value of final goods. Macroeconomic output is measured by gross domestic product or one of the other national accounts. Economists interest in long-run increases in output study economic growth, advances in technology, accumulation of machinery and other capital, and better education and human capital all lead to increased economic output over time. However, output does not always increase consistently, business cycles can cause short-term drops in output called recessions. Economists look for macroeconomic policies that prevent economies from slipping into recessions, the amount of unemployment in an economy is measured by the unemployment rate, i. e. the percentage of workers without jobs in the labor force. The unemployment rate in the force only includes workers actively looking for jobs. People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are excluded, unemployment can be generally broken down into several types that are related to different causes. Classical unemployment theory suggests that unemployment occurs when wages are too high for employers to be willing to hire more workers, other more modern economic theories suggest that increased wages actually decrease unemployment by creating more consumer demand. Structural unemployment covers a variety of causes of unemployment including a mismatch between workers skills and the skills required for open jobs. Large amounts of unemployment can occur when an economy is transitioning industries. While some types of unemployment may occur regardless of the condition of the economy, Okuns law represents the empirical relationship between unemployment and economic growth. The original version of Okuns law states that a 3% increase in output would lead to a 1% decrease in unemployment, a general price increase across the entire economy is called inflation
8.
Microeconomics
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One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations and it also analyzes market failure, where markets fail to produce efficient results. Microeconomics also deals with the effects of economic policies on the aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon microfoundations—i. e, based upon basic assumptions about micro-level behavior. Microeconomic theory typically begins with the study of a single rational, to economists, rationality means an individual possesses stable preferences that are both complete and transitive. The technical assumption that preference relations are continuous is needed to ensure the existence of a utility function, microeconomic theory progresses by defining a competitive budget set which is a subset of the consumption set. It is at point that economists make the technical assumption that preferences are locally non-satiated. Without the assumption of LNS there is no guarantee that an individual would maximize utility. With the necessary tools and assumptions in place the utility maximization problem is developed, the utility maximization problem is the heart of consumer theory. The utility maximization problem attempts to explain the action axiom by imposing rationality axioms on consumer preferences, the utility maximization problem serves not only as the mathematical foundation of consumer theory but as a metaphysical explanation of it as well. That is, the utility maximization problem is used by economists to not only explain what or how individuals make choices, the utility maximization problem is a constrained optimization problem in which an individual seeks to maximize utility subject to a budget constraint. Economists use the extreme value theorem to guarantee that a solution to the utility maximization problem exists and that is, since the budget constraint is both bounded and closed, a solution to the utility maximization problem exists. Economists call the solution to the utility maximization problem a Walrasian demand function or correspondence, the utility maximization problem has so far been developed by taking consumer tastes as the primitive. However, a way to develop microeconomic theory is by taking consumer choice as the primitive. This model of microeconomic theory is referred to as Revealed preference theory, the theory of supply and demand usually assumes that markets are perfectly competitive. This implies that there are buyers and sellers in the market and none of them have the capacity to significantly influence prices of goods. In many real-life transactions, the assumption fails because some individual buyers or sellers have the ability to influence prices, quite often, a sophisticated analysis is required to understand the demand-supply equation of a good model. However, the works well in situations meeting these assumptions
9.
Financial statement analysis
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Financial statement analysis is the process of reviewing and analyzing a companys financial statements to make better economic decisions. These statements include the statement, balance sheet, statement of cash flows. Financial statement analysis is a method or process involving specific techniques for evaluating risks, performance, financial health and it is used by a variety of stakeholders, such as credit and equity investors, the government, the public, and decision-makers within the organization. These stakeholders have different interests and apply a variety of different techniques to meet their needs, for example, equity investors are interested in the long-term earnings power of the organization and perhaps the sustainability and growth of dividend payments. Creditors want to ensure the interest and principal is paid on the debt securities when due. Common methods of financial statement analysis include fundamental analysis, DuPont analysis, horizontal and vertical analysis, historical information combined with a series of assumptions and adjustments to the financial information may be used to project future performance. The Chartered Financial Analyst designation is available for professional financial analysts, benjamin Graham and David Dodd first published their influential book Security Analysis in 1934. This results in the price of a security only occasionally coinciding with the intrinsic value around which the price tends to fluctuate. Investor Warren Buffett is a supporter of Graham and Dodds philosophy. The Graham and Dodd approach is referred to as Fundamental analysis and includes, 1) Economic analysis, 2) Industry analysis, the latter is the primary realm of financial statement analysis. On the basis of these three analyses the value of the security is determined. Horizontal analysis compares financial information over time, typically from past quarters or years, horizontal analysis is performed by comparing financial data from a past statement, such as the income statement. When comparing this past information one will want to look for such as higher or lower earnings. Vertical analysis is an analysis of financial statements. Each line item listed in the statement is listed as the percentage of another line item. For example, on an income statement each line item will be listed as a percentage of gross sales and this technique is also referred to as normalization or common-sizing. Financial ratios are very powerful tools to perform some analysis of financial statements. There are four categories of ratios, liquidity ratios, profitability ratios, activity ratios
10.
Econometrics
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Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations. More precisely, it is the analysis of actual economic phenomena based on the concurrent development of theory and observation. An introductory economics textbook describes econometrics as allowing economists to sift through mountains of data to extract simple relationships, the first known use of the term econometrics was by Polish economist Paweł Ciompa in 1910. Ragnar Frisch is credited with coining the term in the sense in which it is used today, the basic tool for econometrics is the multiple linear regression model. Econometric theory uses statistical theory and mathematical statistics to evaluate and develop econometric methods, econometricians try to find estimators that have desirable statistical properties including unbiasedness, efficiency, and consistency. Applied econometrics uses theoretical econometrics and real-world data for assessing economic theories, developing models, analyzing economic history. The basic tool for econometrics is the linear regression model. In modern econometrics, other tools are frequently used. Estimating a linear regression on two variables can be visualized as fitting a line through points representing paired values of the independent and dependent variables. For example, consider Okuns law, which relates GDP growth to the unemployment rate, the unknown parameters β0 and β1 can be estimated. Here β1 is estimated to be −1.77 and β0 is estimated to be 0.83 and this means that if GDP growth increased by one percentage point, the unemployment rate would be predicted to drop by 1.77 points. The model could then be tested for statistical significance as to whether an increase in growth is associated with a decrease in the unemployment, as hypothesized. If the estimate of β1 were not significantly different from 0, the variance in a prediction of the dependent variable as a function of the independent variable is given in polynomial least squares. Econometric theory uses statistical theory and mathematical statistics to evaluate and develop econometric methods, econometricians try to find estimators that have desirable statistical properties including unbiasedness, efficiency, and consistency. Ordinary least squares is used for estimation since it provides the BLUE or best linear unbiased estimator given the Gauss-Markov assumptions. Estimators that incorporate prior beliefs are advocated by those who favor Bayesian statistics over traditional, classical or frequentist approaches, applied econometrics uses theoretical econometrics and real-world data for assessing economic theories, developing econometric models, analyzing economic history, and forecasting. Econometrics may use standard statistical models to study economic questions, but most often they are with observational data, rather than in controlled experiments. In this, the design of studies in econometrics is similar to the design of studies in other observational disciplines, such as astronomy, epidemiology, sociology
11.
Statistics
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Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data. In applying statistics to, e. g. a scientific, industrial, or social problem, populations can be diverse topics such as all people living in a country or every atom composing a crystal. Statistics deals with all aspects of data including the planning of data collection in terms of the design of surveys, statistician Sir Arthur Lyon Bowley defines statistics as Numerical statements of facts in any department of inquiry placed in relation to each other. When census data cannot be collected, statisticians collect data by developing specific experiment designs, representative sampling assures that inferences and conclusions can safely extend from the sample to the population as a whole. In contrast, an observational study does not involve experimental manipulation, inferences on mathematical statistics are made under the framework of probability theory, which deals with the analysis of random phenomena. A standard statistical procedure involves the test of the relationship between two data sets, or a data set and a synthetic data drawn from idealized model. A hypothesis is proposed for the relationship between the two data sets, and this is compared as an alternative to an idealized null hypothesis of no relationship between two data sets. Rejecting or disproving the hypothesis is done using statistical tests that quantify the sense in which the null can be proven false. Working from a hypothesis, two basic forms of error are recognized, Type I errors and Type II errors. Multiple problems have come to be associated with this framework, ranging from obtaining a sufficient sample size to specifying an adequate null hypothesis, measurement processes that generate statistical data are also subject to error. Many of these errors are classified as random or systematic, the presence of missing data or censoring may result in biased estimates and specific techniques have been developed to address these problems. Statistics continues to be an area of research, for example on the problem of how to analyze Big data. Statistics is a body of science that pertains to the collection, analysis, interpretation or explanation. Some consider statistics to be a mathematical science rather than a branch of mathematics. While many scientific investigations make use of data, statistics is concerned with the use of data in the context of uncertainty, mathematical techniques used for this include mathematical analysis, linear algebra, stochastic analysis, differential equations, and measure-theoretic probability theory. In applying statistics to a problem, it is practice to start with a population or process to be studied. Populations can be diverse topics such as all living in a country or every atom composing a crystal. Ideally, statisticians compile data about the entire population and this may be organized by governmental statistical institutes
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Economic model
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In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a framework designed to illustrate complex processes, often. Frequently, economic models posit structural parameters, structural parameters are underlying parameters in a model or class of models. A model may have various exogenous variables, and those variables may change to various responses by economic variables. Methodological uses of models include investigation, theorizing, and fitting theories to the world, simplification is particularly important for economics given the enormous complexity of economic processes. Selection is important because the nature of a model will often determine what facts will be looked at. Planning and allocation, in the case of centrally planned economies, since the 1990s many long-term risk management models have incorporated economic relationships between simulated variables in an attempt to detect high-exposure future scenarios. A model establishes a framework for applying logic and mathematics that can be independently discussed and tested. Policies and arguments that rely on economic models have a basis for soundness. Therefore, conclusions drawn from models will be representations of economic facts. However, properly constructed models can remove extraneous information and isolate useful approximations of key relationships, in this way more can be understood about the relationships in question than by trying to understand the entire economic process. The details of construction vary with type of model and its application. Generally any modelling process has two steps, generating a model, then checking the model for accuracy, the diagnostic step is important because a model is only useful to the extent that it accurately mirrors the relationships that it purports to describe. Creating and diagnosing a model is frequently an iterative process in which the model is modified with each iteration of diagnosis, once a satisfactory model is found, it should be double checked by applying it to a different data set. Stochastic models are formulated using stochastic processes and they model economically observable values over time. Most of econometrics is based on statistics to formulate and test hypotheses about these processes or estimate parameters for them, examples of these are autoregressive moving average models and related ones such as autoregressive conditional heteroskedasticity and GARCH models for the modelling of heteroskedasticity. Non-stochastic models may be qualitative or quantitative. For such models, economists often use two-dimensional graphs instead of functions, qualitative models – although almost all economic models involve some form of mathematical or quantitative analysis, qualitative models are occasionally used
13.
Financial economics
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Financial economics is the branch of economics characterized by a concentration on monetary activities, in which money of one type or another is likely to appear on both sides of a trade. Its concern is thus the interrelation of financial variables, such as prices, interest rates and shares and it has two main areas of focus, asset pricing and corporate finance, the first being the perspective of providers of capital and the second of users of capital. The subject is concerned with the allocation and deployment of economic resources and it is built on the foundations of microeconomics and decision theory. Financial econometrics is the branch of economics that uses econometric techniques to parameterise these relationships. Mathematical finance is related in that it will derive and extend the mathematical or numerical models suggested by financial economics, note though that the emphasis there is mathematical consistency, as opposed to compatibility with economic theory. Financial economics is usually taught at the level, see Master of Financial Economics. Recently, specialist undergraduate degrees are offered in the discipline, note that this article provides an overview and survey of the field, for derivations and more technical discussion, see the specific articles linked. As above, the discipline essentially explores how rational investors would apply decision theory to the problem of investment, the subject is thus built on the foundations of microeconomics and decision theory, and derives several key results for the application of decision making under uncertainty to the financial markets. Underlying all of economics are the concepts of present value. Its history is correspondingly early, Richard Witt discusses compound interest already in 1613, in his book Arithmeticall Questions, further developed by Johan de Witt and these ideas originate with Blaise Pascal and Pierre de Fermat. This decision method, however, fails to consider risk aversion, choice under uncertainty here, may then be characterized as the maximization of expected utility. The impetus for these ideas arise from various inconsistencies observed under the expected value framework, the development here originally due to Daniel Bernoulli, and later formalized by John von Neumann and Oskar Morgenstern. The concepts of arbitrage-free, rational, pricing and equilibrium are then coupled with the above to derive classical financial economics, Rational pricing is the assumption that asset prices will reflect the arbitrage-free price of the asset, as any deviation from this price will be arbitraged away. This assumption is useful in pricing fixed income securities, particularly bonds, intuitively, this may be seen by considering that where an arbitrage opportunity does exist, then prices can be expected to change, and are therefore not in equilibrium. An arbitrage equilibrium is thus a precondition for a general economic equilibrium, the formal derivation will proceed by arbitrage arguments. All pricing models are then essentially variants of this, given specific assumptions and/or conditions and this approach is consistent with the above, but with the expectation based on the market as opposed to individual preferences. In general, this premium may be derived by the CAPM as will be seen under #Uncertainty, with the above relationship established, the further specialized Arrow–Debreu model may be derived. This important result suggests that, under certain conditions, there must be a set of prices such that aggregate supplies will equal aggregate demands for every commodity in the economy
14.
Mathematical economics
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Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. An advantage claimed for the approach is its allowing formulation of theoretical relationships with rigor, generality, Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, much of economic theory is currently presented in terms of mathematical economic models, a set of stylized and simplified mathematical relationships asserted to clarify assumptions and implications. This rapid systematizing of economics alarmed critics of the discipline as well as some noted economists, the use of mathematics in the service of social and economic analysis dates back to the 17th century. Then, mainly in German universities, a style of instruction emerged which dealt specifically with detailed presentation of data as it related to public administration, gottfried Achenwall lectured in this fashion, coining the term statistics. At the same time, a group of professors in England established a method of reasoning by figures upon things relating to government. Pettys use of detailed numerical data would influence statisticians and economists for some time, the mathematization of economics began in earnest in the 19th century. Most of the analysis of the time was what would later be called classical economics. Subjects were discussed and dispensed with through algebraic means, but calculus was not used, more importantly, until Johann Heinrich von Thünens The Isolated State in 1826, economists did not develop explicit and abstract models for behavior in order to apply the tools of mathematics. Thünens model of farmland use represents the first example of marginal analysis, Thünens work was largely theoretical, but he also mined empirical data in order to attempt to support his generalizations. In comparison to his contemporaries, Thünen built economic models and tools and these included W. S. Jevons who presented paper on a general mathematical theory of political economy in 1862, providing an outline for use of the theory of marginal utility in political economy. In 1871, he published The Principles of Political Economy, declaring that the subject as science must be simply because it deals with quantities. Jevons expected the only collection of statistics for price and quantities would permit the subject as presented to become an exact science, others preceded and followed in expanding mathematical representations of economic problems. At the time, it was thought that utility was quantifiable, Cournot, Walras and Francis Ysidro Edgeworth are considered the precursors to modern mathematical economics. Cournot, a professor of mathematics, developed a treatment in 1838 for duopoly—a market condition defined by competition between two sellers. This treatment of competition, first published in Researches into the Mathematical Principles of Wealth, is referred to as Cournot duopoly and it is assumed that both sellers had equal access to the market and could produce their goods without cost. Further, it assumed that both goods were homogeneous, each seller would vary her output based on the output of the other and the market price would be determined by the total quantity supplied. The profit for each firm would be determined by multiplying their output, Cournots contributions to the mathematization of economics would be neglected for decades, but eventually influenced many of the marginalists
15.
Academic degree
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An academic degree is a qualification awarded on successful completion of a course of study in higher education, normally at a college or university. These institutions commonly offer degrees at various levels, typically including bachelors, master’s and doctorates, often alongside other academic certificates, and professional degrees. The most common degree is the bachelors degree, although in some countries lower qualifications are titled degrees while in others a higher-level first degree is more usual. The degrees awarded by European universities—the bachelor’s degree, the licentiate, the degree. The doctorate appeared in medieval Europe as a license to teach at a medieval university and its roots can be traced to the early church when the term doctor referred to the Apostles, church fathers and other Christian authorities who taught and interpreted the Bible. The right to grant a licentia docendi was originally reserved to the church required the applicant to pass a test, to take oath of allegiance. The Third Council of the Lateran of 1179 guaranteed the access – now largely free of charge – of all able applicants, at the university, doctoral training was a form of apprenticeship to a guild. The traditional term of study before new teachers were admitted to the guild of Master of Arts, originally the terms master and doctor were synonymous, but over time the doctorate came to be regarded as a higher qualification than the master degree. The earliest doctoral degrees reflected the historical separation of all higher University study into three fields. Over time, the D. D. has gradually become less common outside theology, Studies outside theology, law, and medicine were then called philosophy, due to the Renaissance conviction that real knowledge could be derived from empirical observation. The degree title of Doctor of Philosophy is of a later time. Studies in what once was called philosophy are now classified as sciences and humanities, Master of Arts were eligible to enter study under the higher faculties of Law, Medicine or Theology, and earn first a bachelors and then master or doctors degrees in these subjects. Thus a degree was only a step on the way to becoming a qualified master – hence the English word graduate. The naming of degrees eventually became linked with the subjects studied, scholars in the faculties of arts or grammar became known as master, but those in theology, medicine, and law were known as doctor. As study in the arts or in grammar was a prerequisite to study in subjects such as theology, medicine and law. The practice of using the doctor for PhDs developed within German universities. The French terminology is tied closely to the meanings of the terms. The baccalauréat is conferred upon French students who have completed their secondary education
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Nobel Memorial Prize in Economic Sciences
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The prize was established in 1968 by a donation from Swedens central bank, the Swedish National Bank, on the banks 300th anniversary. Although it is not one of the prizes that Alfred Nobel established in his will in 1895, laureates are announced with the other Nobel Prize laureates, and receive the award at the same ceremony. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences and it was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, for having developed and applied dynamic models for the analysis of economic processes. An endowment in perpetuity from Sveriges Riksbank pays the Nobel Foundations administrative expenses associated with the prize, since 2012, the monetary portion of the Prize in Economics has totalled 8 million Swedish kronor. This is equivalent to the amount given for the original Nobel Prizes, the Prize in Economics is not one of the original Nobel Prizes created by Alfred Nobels will. However, the process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the Nobel Prizes. Laureates are announced with the Nobel Prize laureates, and receive the award at the same ceremony, shall have conferred the greatest benefit on mankind. According to its website, the Royal Swedish Academy of Sciences administers a researcher exchange with academies in other countries and publishes six scientific journals. Members of the Academy and former laureates are also authorised to nominate candidates, all proposals and their supporting evidence must be received before February 1. The proposals are reviewed by the Prize Committee and specially appointed experts, before the end of September, the committee chooses potential laureates. If there is a tie, the chairman of the committee casts the deciding vote, next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class of the Academy vote in mid-October to determine the next laureate or laureates of the Prize in Economics. The first prize in economics was awarded in 1969 to Ragnar Frisch, in 2009, Elinor Ostrom became the first woman awarded the prize. This makes it available to researchers in such topics as political science, psychology, moreover, the composition of the Economics Prize Committee changed to include two non-economists. This has not been confirmed by the Economics Prize Committee, the members of the 2007 Economics Prize Committee are still dominated by economists, as the secretary and four of the five members are professors of economics. Some critics argue that the prestige of the Prize in Economics derives in part from its association with the Nobel Prizes, among them is the Swedish human rights lawyer Peter Nobel, a great-grandson of Ludvig Nobel. Nobel criticizes the institution of misusing his familys name. He explaiend that Nobel despised people who cared more about profits than societys well-being and this does not matter in the natural sciences
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Sveriges Riksbank
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Sveriges Riksbank, or simply Riksbanken, is the central bank of Sweden. It is the worlds oldest central bank and the 3rd oldest bank still in operation and it is sometimes called the Swedish National Bank or the Bank of Sweden. The Riksbank began operations in 1668, previously, Sweden was served by the Stockholms Banco, which was founded by Johan Palmstruch in 1656. Although the bank was private, it was the king who chose its management, in a letter to Palmstruch, but Stockholms Banco collapsed as a result of the issuing of too many notes without the necessary collateral. Palmstruch, who was considered responsible for the losses, was condemned to death. On 17 September 1668, the privilege of Palmstruch to operate a bank was transferred to the Riksens Ständers Bank and was run under the auspices of the parliament of the day. Due to the failure of Stockholm Banco, the new bank was managed under the control of the Riksdag of the Estates to prevent the interference from the king. When a new Riksdag was instituted in 1866, the name of the bank was changed to Sveriges Riksbank, having learnt the lesson of the Stockholms Banco experience, the Riksbank was not permitted to issue bank-notes. Nevertheless, in 1701, permission was granted to issue so called credit-notes, some time in the middle of the 18th century, counterfeit notes began appearing, which caused serious problems. To prevent forgeries, it was decided that the Riksbank should produce its own paper for bank-notes, a few years later, the first commercial banks were founded and these were also allowed to issue bank-notes. The bank-notes represented a claim to the bank without interest paid, nonetheless, security in the form of a deposit at the Riksbank was required to cover the value of all notes issued. During the 19th century, the Riksbank maintained a dominant position as a credit institution, the bank also managed national trade transactions as well as continuing to provide credit to the general public. The first branch-office was opened in 1824, later followed with branches opening in each county. The present operational activities as a central bank differ from those during the 19th century, for example, no interest-rate-related activities were conducted. The position of the Riksbank as a central bank dates back to 1897, behind the decision were repeated demands that the private banks should cease to issue notes as it was considered that the ensuing profits should befall the general public. The Swedish currency was backed by gold and the paper-certificates could be exchanged for gold coins until 1931 and this law was renewed every year until the new constitution was ratified in 1975 which split the bank from the government into a stand-alone organization not obligated to exchange notes for gold. In November 1992, the exchange rate regime of the Swedish Krona collapsed. A few months later, in January 1993, the Governing Board of the Riksbank developed a new policy regime based on a floating exchange rate
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Alfred Nobel
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Alfred Bernhard Nobel was a Swedish chemist, engineer, inventor, businessman, and philanthropist. Known for inventing dynamite, Nobel also owned Bofors, which he had redirected from its previous role as primarily an iron and steel producer to a manufacturer of cannon. Nobel held 355 different patents, dynamite being the most famous, after reading a premature obituary which condemned him for profiting from the sales of arms, he bequeathed his fortune to institute the Nobel Prizes. The synthetic element nobelium was named after him and his name also survives in modern-day companies such as Dynamit Nobel and AkzoNobel, which are descendants of mergers with companies Nobel himself established. Born in Stockholm, Alfred Nobel was the son of Immanuel Nobel, an inventor and engineer. The couple married in 1827 and had eight children, the family was impoverished, and only Alfred and his three brothers survived past childhood. Alfred Nobels interest in technology was inherited from his father, an alumnus of Royal Institute of Technology in Stockholm, following various business failures, Nobels father moved to Saint Petersburg in 1837 and grew successful there as a manufacturer of machine tools and explosives. He invented modern plywood and started work on the torpedo, in 1842, the family joined him in the city. For 18 months, from 1841 to 1842, Nobel went to the school he ever attended as a child. As a young man, Nobel studied with chemist Nikolai Zinin, then, in 1850, there he met Ascanio Sobrero, who had invented nitroglycerin three years before. Sobrero strongly opposed the use of nitroglycerin, as it was unpredictable, but Nobel became interested in finding a way to control and use nitroglycerin as a commercially usable explosive, as it had much more power than gunpowder. At age 18, he went to the United States for one year to study chemistry, working for a period under inventor John Ericsson. Nobel filed his first patent, an English patent for a gas meter, in 1857, while his first Swedish patent, the family factory produced armaments for the Crimean War, but had difficulty switching back to regular domestic production when the fighting ended and they filed for bankruptcy. In 1859, Nobels father left his factory in the care of the son, Ludvig Nobel. Nobel and his parents returned to Sweden from Russia and Nobel devoted himself to the study of explosives, Nobel invented a detonator in 1863, and in 1865 designed the blasting cap. On 3 September 1864, a used for preparation of nitroglycerin exploded at the factory in Heleneborg, Stockholm, killing five people. Dogged and unfazed by more minor accidents, Nobel went on to build further factories, Nobel invented dynamite in 1867, a substance easier and safer to handle than the more unstable nitroglycerin. Dynamite was patented in the US and the UK and was used extensively in mining, in 1875 Nobel invented gelignite, more stable and powerful than dynamite, and in 1887 patented ballistite, a predecessor of cordite
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Chair of the Federal Reserve
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The Chair of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. The position is colloquially as Chair of the Fed or Fed Chair. The chair is the executive officer of the Board of Governors of the Federal Reserve System. The chair is chosen by the President of the United States from among the members of the Board of Governors, a chair may be appointed for several consecutive terms. William Martin was the longest serving chair, holding the position from 1951 to 1970, the current chair is Janet Yellen, the first woman to hold the position. She began her term on February 1,2014, and previously served as the Vice-Chair from 2010 to 2014, the current term will end on or about February 1,2018. Section 203 of the Banking Act of 1935 changed the name of the Federal Reserve Board to the Board of Governors of the Federal Reserve System, the directors salaries were significantly lower and their terms of office were much shorter prior to 1935. In effect, the Federal Reserve Board members in Washington, D. C. were significantly less powerful than the presidents of the regional Federal Reserve Banks prior to 1935, in the 1935 Act, the district heads had their titles changed to President. Thus, Marriner Eccles was the first actual Chairman of the Board of Governors of the Federal Reserve Board, the others prior to 1935 were Chairman of the Board of Directors of the Federal Reserve System, with much more circumscribed power. The nominees for chair and vice-chair may be chosen by the President from among the sitting Governors for four-year terms, by law, the chair reports twice a year to Congress on the Federal Reserves monetary policy objectives. He or she also testifies before Congress on numerous other issues, the following is a list of past and present Chairs of the Board of Governors of the Federal Reserve System. A chair serves for a term after appointment, but may be reappointed for several consecutive four-year terms. As of 2014, there have been a total of fifteen Fed Chairs, history of central banking in the United States Beckhart, Benjamin Haggott. The fourth branch, the Federal Reserves unlikely rise to power, Executive Order 11110 - Amendment of Executive Order No.10289 as Amended, Relating to the Performance of Certain Functions Affecting the Department of the Treasury. Via UCSB. edu Official website Public Statements of the Chairs of the Board of Governors of the Federal Reserve System, via the St
20.
Alan Greenspan
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Alan Greenspan KBE is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as an adviser and provides consulting for firms through his company. Although he was subdued in his appearances, favorable media coverage raised his profile to a point that several observers likened him to a rock star. Democratic leaders of Congress criticized him for politicizing his office because of his support for Social Security privatization and tax cuts, yale economist Robert Shiller argues that once stocks fell, real estate became the primary outlet for the speculative frenzy that the stock market had unleashed. Greenspan was born in the Washington Heights area of New York City and his father, Herbert Greenspan, was of Romanian Jewish descent, and his mother, Rose Goldsmith, was of Hungarian Jewish descent. His father worked as a stockbroker and market analyst in New York City, Greenspan attended George Washington High School from 1940 until he graduated in June 1943, where one of his classmates was John Kemeny. He played clarinet and saxophone along with classmate Stan Getz and he further studied clarinet at the Juilliard School from 1943 to 1944. Among his bandmates in the Woody Herman band was Leonard Garment, in 1945, Greenspan attended New York University, where he earned a B. A. degree in economics summa cum laude in 1948 and an M. A. degree in economics in 1950. At Columbia University, he pursued advanced studies under Arthur Burns. In 1977, Greenspan obtained a Ph. D. in economics from New York University and his dissertation is not available from the university since it was removed at Greenspans request in 1987, when he became Chairman of the Federal Reserve Board. In April 2008, however, Barrons obtained a copy and notes that it includes a discussion of soaring housing prices and their effect on consumer spending, it even anticipates a bursting housing bubble. From 1948 to 1953, Greenspan worked as an analyst at The National Industrial Conference Board, in mid-1968, Greenspan agreed to serve Richard Nixon as his coordinator on domestic policy in the nomination campaign. Greenspan has also served as a director for Aluminum Company of America, Automatic Data Processing, Capital Cities/ABC. General Foods, J. P. Morgan & Co. Morgan Guaranty Trust Company, Mobil Corporation, and he was a director of the Council on Foreign Relations foreign policy organization between 1982 and 1988. He also served as a member of the influential Washington-based financial advisory body, investor, author and commentator Jim Rogers has said that Greenspan lobbied to get this chairmanship. W. Bush blamed Fed policy for not winning a second term, Democratic president Bill Clinton reappointed Greenspan, and consulted him on economic matters. Greenspan lent support to Clintons 1993 deficit reduction program, Greenspan was a fundamentally monetarist in orientation on the economy, and his monetary policy decisions largely followed standard Taylor rule prescriptions. Greenspan also played a key role in organizing the U. S. bailout of Mexico during the 1994-95 Mexican peso crisis, in 2000, Greenspan raised interest rates several times, these actions were believed by many to have caused the bursting of the dot-com bubble
21.
Finance
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Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty, Finance can also be defined as the science of money management. Finance aims to price assets based on their level and their expected rate of return. Finance can be broken into three different sub-categories, public finance, corporate finance and personal finance. g, health and property insurance, investing and saving for retirement. Personal finance may also involve paying for a loan, or debt obligations, net worth is a persons balance sheet, calculated by adding up all assets under that persons control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the sources of income within a year. From this analysis, the financial planner can determine to what degree, adequate protection, the analysis of how to protect a household from unforeseen risks. These risks can be divided into the following, liability, property, death, disability, health, some of these risks may be self-insurable, while most will require the purchase of an insurance contract. Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance, business owners, professionals, athletes and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance also enjoys some tax benefits, utilizing insurance investment products may be a piece of the overall investment planning. Tax planning, typically the income tax is the single largest expense in a household, managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, most modern governments use a progressive tax. Typically, as ones income grows, a marginal rate of tax must be paid. Understanding how to take advantage of the tax breaks when planning ones personal finances can make a significant impact in which it can later save you money in the long term. Investment and accumulation goals, planning how to accumulate enough money - for large purchases, major reasons to accumulate assets include, purchasing a house or car, starting a business, paying for education expenses, and saving for retirement. Achieving these goals requires projecting what they will cost, and when you need to withdraw funds that will be necessary to be able to achieve these goals, a major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the planner will suggest a combination of asset earmarking. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, managing these portfolio risks is most often accomplished using asset allocation, which seeks to diversify investment risk and opportunity
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Accounting
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Accounting or accountancy is the measurement, processing and communication of financial information about economic entities such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494, practitioners of accounting are known as accountants. The terms accounting and financial reporting are often used as synonyms, Accounting can be divided into several fields including financial accounting, management accounting, external auditing, and tax accounting. Accounting information systems are designed to support accounting functions and related activities, Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are audited by accounting firms, and are prepared in accordance with generally accepted accounting principles. GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board in the United States, as of 2012, all major economies have plans to converge towards or adopt the International Financial Reporting Standards. The history of accounting is thousands of old and can be traced to ancient civilizations. By the time of the Emperor Augustus, the Roman government had access to detailed financial information, double-entry bookkeeping developed in medieval Europe, and accounting split into financial accounting and management accounting with the development of joint-stock companies. The first work on a double-entry bookkeeping system was published in Italy, both the words accounting and accountancy were in use in Great Britain by the mid-1800s, and are derived from the words accompting and accountantship used in the 18th century. In Middle English the verb to account had the form accounten, which was derived from the Old French word aconter, which is in turn related to the Vulgar Latin word computare, meaning to reckon. The base of computare is putare, which meant to prune, to purify, to correct an account, hence, to count or calculate. The word accountant is derived from the French word compter, which is derived from the Italian. Accountancy refers to the occupation or profession of an accountant, particularly in British English, Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems. Financial accounting focuses on the reporting of a financial information to external users of the information, such as investors. It calculates and records business transactions and prepares financial statements for the users in accordance with generally accepted accounting principles. GAAP, in turn, arises from the agreement between accounting theory and practice, and change over time to meet the needs of decision-makers. This branch of accounting is also studied as part of the exams for qualifying as an actuary. It is interesting to note that two professionals, accountants and actuaries, have created a culture of being archrivals
23.
Commerce
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Commerce is the activity of buying and selling of goods and services, especially on a large scale. The system includes legal, economic, political, social, cultural and technological systems that are in operation in any country or internationally, commerce is derived from the Latin commercium, from cum, together, and merx, merchandise. Some commentators trace the origins of commerce to the start of transaction in prehistoric times. Apart from traditional self-sufficiency, trading became a facility of prehistoric people. Historian Peter Watson and Ramesh Manickam dates the history of commerce from circa 150,000 years ago. In historic times, the introduction of currency as a money, facilitated a wider exchange of goods. Numismatists have collections of these tokens, which include coins from some Ancient World large-scale societies. For example, if a man who makes pots for a living needs a new house, he/she may wish to hire someone to build it for him/her. But he/she cannot make an equivalent number of pots to equal this service done for him/her, because if the builder could build the house. During the Middle Ages, commerce developed in Europe by trading luxury goods at trade fairs, wealth became converted into movable wealth or capital. Banking systems developed where money on account was transferred across national boundaries, hand to hand markets became a feature of town life, and were regulated by town authorities. Today commerce includes as a subset a complex system of companies which try to maximize their profits by offering products and services to the market at the lowest production cost
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Marketing
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Marketing is the study and management of exchange relationships. Marketing is used to create the customer, to keep the customer, with the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Innovation. Other services and management activities such as Operations, Human Resources, Accounting, Law, the term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. The Chartered Institute of Marketing defines marketing as the management process responsible for identifying, anticipating and satisfying customer requirements profitably, a similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value. Marketing practice tended to be seen as an industry in the past. The overall process starts with marketing research and goes through market segmentation, business planning and execution, ending with pre and it is also related to many of the creative arts. The marketing literature is also adept at re-inventing itself and its vocabulary according to the times, the term marketing concept pertains to the fundamental premise of modern marketing. This concept proposes that in order to satisfy its organizational objectives, Marketing and marketing concepts are directly related. An orientation, in the context, relates to a perception or attitude a firm holds towards its product or service. There exist several common orientations, A firm employing a product orientation is chiefly concerned with the quality of its own product, a firm would also assume that as long as its product was of a high standard, people would buy and consume the product. A firm using a sales orientation focuses primarily on the selling/promotion of a particular product, consequently, this entails simply selling an already existing product, and using promotion techniques to attain the highest sales possible. Such an orientation may suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, a firm focusing on a production orientation specializes in producing as much as possible of a given product or service. Thus, this signifies a firm exploiting economies of scale, until the minimum efficient scale is reached, a production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes do not rapidly alter. The marketing orientation is perhaps the most common used in contemporary marketing. It involves a firm essentially basing its marketing plans around the marketing concept, the marketing orientation often has three prime facets, which are, A firm in the market economy can survive by producing goods that persons are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firms future viability, in this sense, a firms marketing department is often seen as of prime importance within the functional level of an organization. Information from a marketing department would be used to guide the actions of other departments within the firm. As an example, a department could ascertain that consumers desired a new type of product
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Management
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Management is the administration of an organization, whether it be a business, a not-for-profit organization, or government body. The term management may also refer to the people who manage an organization, management is also an academic discipline, a social science whose objective is to study social organization and organizational leadership. Individuals who aim at becoming management researchers or professors may complete the Doctor of Business Administration or the PhD in business administration or management, in larger organizations, there are generally three levels of managers, which are typically organized in a hierarchical, pyramid structure. Senior managers provide direction to the managers who report to them. Middle managers, examples of which would include branch managers, regional managers and section managers, middle managers communicate the strategic goals of senior management to the front-line managers. Lower managers, such as supervisors and front-line team leaders, oversee the work of regular employees, in smaller organizations, the roles of managers have much wider scopes. A manager can perform several roles or even all of the commonly observed in a large organization. There are many smaller organizations than larger ones. Views on the definition and scope of management include, According to Henri Fayol, to manage is to forecast and to plan, to organise, to command, to co-ordinate, fredmund Malik defines it as the transformation of resources into utility. Management included as one of the factors of production - along with machines, materials, peter Drucker saw the basic task of management as twofold, marketing and innovation. Nevertheless, innovation is also linked to marketing, peter Drucker identifies marketing as a key essence for business success, but management and marketing are generally understood as two different branches of business administration knowledge. Management involves identifying the mission, objective, procedures, rules and this implies effective communication, an enterprise environment implies human motivation and implies some sort of successful progress or system outcome. As such, management is not the manipulation of a mechanism, not the herding of animals, management does not need to be seen from enterprise point of view alone, because management is an essential function to improve ones life and relationships. Management is therefore everywhere and it has a range of application. Based on this, management must have humans, communication, plans, measurements, motivational psychological tools, goals, and economic measures may or may not be necessary components for there to be management. At first, one views management functionally, such as measuring quantity, adjusting plans and this applies even in situations where planning does not take place. Critics, however, find this definition useful but far too narrow, one habit of thought regards management as equivalent to business administration and thus excludes management in places outside commerce, as for example in charities and in the public sector. More broadly, every organization must manage its work, people, processes, technology, nonetheless, many people refer to university departments that teach management as business schools
26.
Lobbying
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Lobbying is the act of attempting to influence the actions, policies, or decisions of officials in their daily life, most often legislators or members of regulatory agencies. Lobbying is done by many types of people, associations and organized groups, including individuals in the sector, corporations, fellow legislators or government officials. Lobbyists may be among a legislators constituencies, meaning a voter or bloc of voters within their district, or not, they may engage in lobbying as a business. Professional lobbyists are people whose business is trying to influence legislation, regulation, or other government decisions, actions, individuals and nonprofit organizations can also lobby as an act of volunteering or as a small part of their normal job. Governments often define and regulate organized group lobbying that has become influential, the ethics and morality of lobbying are dual-edged. Lobbying is often spoken of with contempt, when the implication is that people with inordinate socioeconomic power are corrupting the law in order to serve their own interests. The failure of government officials to serve the public interest as a consequence of lobbying by special interests who provide benefits to the official is an example of agent misdirection. One story held that the term originated at the Willard Hotel in Washington, DC, a lobbyist is a person who tries to influence legislation on behalf of a special interest or a member of a lobby. Governments often define and regulate organized group lobbying as part of laws to prevent political corruption, Lobby groups may concentrate their efforts on the legislatures, where laws are created, but may also use the judicial branch to advance their causes. The National Association for the Advancement of Colored People, for example, filed suits in state and their efforts resulted in the Supreme Court declaring such laws unconstitutional. They may use a device known as amicus curiae, literally friend of the court. Briefs are written documents filed with a court, typically by parties to a lawsuit, amici curiae briefs are briefs filed by people or groups who are not parties to a suit. These briefs are entered into the records, and give additional background on the matter being decided upon. Advocacy groups use these briefs both to share their expertise and to promote their positions, over the past twenty years lobbying in Australia has grown from a small industry of a few hundred employees to a multibillion-dollar per year industry. Lobbying has become a fact of life and is now endemic in local, state. It is not just the local councillors and state and federal politicians being lobbied, in Australia, lobbyists are expected to organise a pass to obtain access to the federal parliament. The Parliamentary Pass must be signed by two parliamentarians and it is administered by the Department of Parliamentary Services and has the enforcement of the Criminal Code Act 1995. The Pass is valid for two years, however, the Parliamentary Pass is not absolutely necessary, as some lobbyists are simply signed in on the day of their visit as guests of Senators or Members
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Labour economics
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Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour markets or job markets function through the interaction of workers and employers, Labour economics looks at the suppliers of labour services and the demanders of labour services, and attempts to understand the resulting pattern of wages, employment, and income. In economics, labour is a measure of the work done by human beings and it is conventionally contrasted with such other factors of production as land and capital. There are theories which have developed a concept called human capital, there are two sides to labour economics. Labour economics can generally be seen as the application of microeconomic or macroeconomic techniques to the labour market, microeconomic techniques study the role of individuals and individual firms in the labour market. Macroeconomic techniques look at the interrelations between the market, the goods market, the money market, and the foreign trade market. It looks at how these interactions influence macro variables such as employment levels, participation rates, aggregate income, the labour force is defined as the number of people of working age, who are either employed or actively looking for work. The participation rate is the number of people in the force divided by the size of the adult civilian noninstitutional population. The unemployment level is defined as the labour force minus the number of people currently employed, the unemployment rate is defined as the level of unemployment divided by the labour force. The employment rate is defined as the number of people currently employed divided by the adult population, in these statistics, self-employed people are counted as employed. Variables like employment level, unemployment level, labour force, and they can be contrasted with flow variables which measure a quantity over a duration of time. Changes in the force are due to flow variables such as natural population growth, net immigration, new entrants. Technological advancement often reduces frictional unemployment, for example, internet search engines have reduced the cost, structural unemployment – This reflects a mismatch between the skills and other attributes of the labour force and those demanded by employers. The process of globalization has contributed to changes in labour markets. Natural rate of unemployment – This is the summation of frictional and structural unemployment and it is the lowest rate of unemployment that a stable economy can expect to achieve, given that some frictional and structural unemployment is inevitable. Economists do not agree on the level of the rate, with estimates ranging from 1% to 5%. The estimated rate varies from country to country and from time to time, demand deficient unemployment – In Keynesian economics, any level of unemployment beyond the natural rate is probably due to insufficient goods demand in the overall economy. During a recession, aggregate expenditure is deficient causing the underutilisation of inputs, neoclassical economists view the labour market as similar to other markets in that the forces of supply and demand jointly determine price and quantity
28.
Communication
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Communication is the act of conveying intended meanings from one entity or group to another through the use of mutually understood signs and semiotic rules. The main steps inherent to all communication are, The forming of communicative motivation or reason, transmission of the encoded message as a sequence of signals using a specific channel or medium. Noise sources such as forces and in some cases human activity begin influencing the quality of signals propagating from the sender to one or more receivers. Reception of signals and reassemblying of the message from a sequence of received signals. Decoding of the encoded message. Interpretation and making sense of the original message. The channel of communication can be visual, auditory, tactile and haptic, olfactory, electromagnetic, human communication is unique for its extensive use of abstract language. Development of civilization has been linked with progress in telecommunication. Nonverbal communication describes the process of conveying information in the form of non-linguistic representations, examples of nonverbal communication include haptic communication, chronemic communication, gestures, body language, facial expressions, eye contact, and how one dresses. Nonverbal communication also relates to intent of a message, examples of intent are voluntary, intentional movements like shaking a hand or winking, as well as involuntary, such as sweating. Speech also contains nonverbal elements known as paralanguage, e. g. rhythm, intonation, tempo and it affects communication most at the subconscious level and establishes trust. Likewise, written texts include nonverbal elements such as handwriting style, spatial arrangement of words, Nonverbal communication demonstrates one of Wazlawicks laws, you cannot not communicate. Once proximity has formed awareness, living creatures begin interpreting any signals received, Nonverbal cues are heavily relied on to express communication and to interpret others’ communication and can replace or substitute verbal messages. There are several reasons as to why non-verbal communication plays a role in communication. Written communication can also have non-verbal attributes, e-mails and web chats allow individual’s the option to change text font colours, stationary, emoticons, and capitalization in order to capture non-verbal cues into a verbal medium. Many different non-verbal channels are engaged at the time in communication acts. “Non-verbal behaviours may form a language system. ”Smiling, crying, pointing, caressing. Such non-verbal signals allow the most basic form of communication when verbal communication is not effective due to language barriers, Verbal communication is the spoken or written conveyance of a message
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University
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A university is an institution of higher education and research which grants academic degrees in various academic disciplines. Universities typically provide undergraduate education and postgraduate education, the word university is derived from the Latin universitas magistrorum et scholarium, which roughly means community of teachers and scholars. Universities were created in Italy and evolved from Cathedral schools for the clergy during the High Middle Ages, the original Latin word universitas refers in general to a number of persons associated into one body, a society, company, community, guild, corporation, etc. Like other guilds, they were self-regulating and determined the qualifications of their members, an important idea in the definition of a university is the notion of academic freedom. The first documentary evidence of this comes from early in the life of the first university, the University of Bologna adopted an academic charter, the Constitutio Habita, in 1158 or 1155, which guaranteed the right of a traveling scholar to unhindered passage in the interests of education. Today this is claimed as the origin of academic freedom and this is now widely recognised internationally - on 18 September 1988,430 university rectors signed the Magna Charta Universitatum, marking the 900th anniversary of Bolognas foundation. The number of universities signing the Magna Charta Universitatum continues to grow, the university is generally regarded as a formal institution that has its origin in the Medieval Christian setting. The earliest universities were developed under the aegis of the Latin Church by papal bull as studia generalia and it is possible, however, that the development of cathedral schools into universities was quite rare, with the University of Paris being an exception. Later they were founded by Kings or municipal administrations. In the early period, most new universities were founded from pre-existing schools. Many historians state that universities and cathedral schools were a continuation of the interest in learning promoted by monasteries, the first universities in Europe with a form of corporate/guild structure were the University of Bologna, the University of Paris, and the University of Oxford. The students had all the power … and dominated the masters, princes and leaders of city governments perceived the potential benefits of having a scholarly expertise develop with the ability to address difficult problems and achieve desired ends. The emergence of humanism was essential to understanding of the possible utility of universities as well as the revival of interest in knowledge gained from ancient Greek texts. The rediscovery of Aristotles works–more than 3000 pages of it would eventually be translated–fuelled a spirit of inquiry into natural processes that had begun to emerge in the 12th century. Some scholars believe that these represented one of the most important document discoveries in Western intellectual history. Richard Dales, for instance, calls the discovery of Aristotles works a turning point in the history of Western thought and this became the primary mission of lecturers, and the expectation of students. The university culture developed differently in northern Europe than it did in the south, Latin was the language of the university, used for all texts, lectures, disputations and examinations. Professors lectured on the books of Aristotle for logic, natural philosophy, and metaphysics, while Hippocrates, Galen, outside of these commonalities, great differences separated north and south, primarily in subject matter
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College
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College is an educational institution or a constituent part of one. A college may be a tertiary educational institution, a part of a collegiate or federal university. In ancient Rome a collegium was a club or society, a group of living together under a common set of rules. Aside from the educational context - nowadays the most common use of college - there are various other meanings also derived from the original Latin term. In the United States, college can be a synonym for university, in Singapore and India, this is known as a junior college. The municipal government of the city of Paris uses the sixth form college as the English name for a lycée. In some national education systems, secondary schools may be called colleges or have college as part of their title, in Australia the term college is applied to any private or independent primary and, especially, secondary school as distinct from a state school. Melbourne Grammar School, Cranbrook School, Sydney and The Kings School, there has also been a recent trend to rename or create government secondary schools as colleges. In the state of Victoria, some high schools are referred to as secondary colleges. Interestingly, the pre-eminent government secondary school for boys in Melbourne is still named Melbourne High School, in Western Australia, South Australia and the Northern Territory, college is used in the name of all state high schools built since the late 1990s, and also some older ones. In New South Wales, some schools, especially multi-campus schools resulting from mergers, are known as secondary colleges. In Queensland some newer schools which accept primary and high school students are styled state college, in Tasmania and the Australian Capital Territory, college refers to the final two years of high school, and the institutions which provide this. In this context, college is an independent of the other years of high school. Here, the expression is a version of matriculation college. This is because these schools have traditionally focused on academic, rather than vocational, subjects. Some private secondary schools choose to use the college in their names nevertheless. Some secondary schools elsewhere in the country, particularly ones within the school system. In New Zealand the word normally refers to a secondary school for ages 13 to 17
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Government
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A government is the system by which a state or community is controlled. In the Commonwealth of Nations, the government is also used more narrowly to refer to the collective group of people that exercises executive authority in a state. This usage is analogous to what is called an administration in American English, finally, government is also sometimes used in English as a synonym for governance. In the case of its broad definition, government normally consists of legislators, administrators. Government is the means by which state policy is enforced, as well as the mechanism for determining the policy of the state. A form of government, or form of governance, refers to the set of political systems. Government of any kind currently affects every human activity in many important ways, in political science, it has long been a goal to create a typology or taxonomy of polities. as typologies of political systems are not obvious. It is especially important in the science fields of comparative politics. On the surface, identifying a form of government appears to be simple, the United States is a constitutional republic, while the former Soviet Union was a socialist republic. However self-identification is not objective, and as Kopstein and Lichbach argue, for example, elections are a defining characteristic of an electoral democracy, but in practice elections in the former Soviet Union were not free and fair and took place in a one-party state. Voltaire argued that the Holy Roman Empire is neither Holy, nor Roman, many governments that officially call themselves a democratic republic are not democratic, nor a republic, they are usually a dictatorship de facto. Communist dictatorships have been prone to use this term. For example, the name of North Vietnam was The Democratic Republic of Vietnam. China uses a variant, The Peoples Republic of China, thus in many practical classifications it would not be considered democratic. Experience with those movements in power, and the ties they may have to particular forms of government. For example, The meaning of conservatism in the United States has little in common with the way the words definition is used elsewhere, as Ribuffo notes, what Americans now call conservatism much of the world calls liberalism or neoliberalism. Since the 1950s conservatism in the United States has been associated with the Republican Party. However, during the era of segregation many Southern Democrats were conservatives, values are sorted from 1–100 based on level of democracy and political accountability
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Politics
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Politics is the process of making decisions applying to all members of each group. More narrowly, it refers to achieving and exercising positions of governance — organized control over a human community, furthermore, politics is the study or practice of the distribution of power and resources within a given community as well as the interrelationship between communities. It is very often said that politics is about power, a political system is a framework which defines acceptable political methods within a given society. History of political thought can be traced back to antiquity, with seminal works such as Platos Republic, Aristotles Politics. Formal Politics refers to the operation of a system of government and publicly defined institutions. Political parties, public policy or discussions about war and foreign affairs would fall under the category of Formal Politics, many people view formal politics as something outside of themselves, but that can still affect their daily lives. Semi-formal Politics is Politics in government associations such as neighborhood associations, informal Politics is understood as forming alliances, exercising power and protecting and advancing particular ideas or goals. Generally, this includes anything affecting ones daily life, such as the way an office or household is managed, informal Politics is typically understood as everyday politics, hence the idea that politics is everywhere. The word comes from the same Greek word from which the title of Aristotles book Politics also derives, the book title was rendered in Early Modern English in the mid-15th century as Polettiques, it became politics in Modern English. The history of politics is reflected in the origin, development, the origin of the state is to be found in the development of the art of warfare. Historically speaking, all communities of the modern type owe their existence to successful warfare. Kings, emperors and other types of monarchs in many countries including China, of the institutions that ruled states, that of kingship stood at the forefront until the French Revolution put an end to the divine right of kings. Nevertheless, the monarchy is among the political institutions, dating as early as 2100 BC in Sumeria to the 21st century AD British Monarchy. Kingship becomes an institution through the institution of Hereditary monarchy, the king often, even in absolute monarchies, ruled his kingdom with the aid of an elite group of advisors, a council without which he could not maintain power. As these advisors and others outside the monarchy negotiated for power, constitutional monarchies emerged, long before the council became a bulwark of democracy, it rendered invaluable aid to the institution of kingship by, Preserving the institution of kingship through heredity. Preserving the traditions of the social order, being able to withstand criticism as an impersonal authority. Being able to manage a greater deal of knowledge and action than an individual such as the king. The greatest of the subordinates, the earls and dukes in England and Scotland
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United States Department of Labor
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The department is headed by the U. S. Secretary of Labor. In carrying out this mission, the Department of Labor administers and enforces more than 180 federal laws and these mandates and the regulations that implement them cover many workplace activities for about 10 million employers and 125 million workers. The U. S. Congress first established a Bureau of Labor Statistics in 1884 with the Bureau of Labor Act, to information about labor. This bureau was under the Department of the Interior, the Bureau started collecting economic data in 1884, and published their first report in 1886. Later, the Bureau of Labor became an independent Department of Labor and it became a bureau again within the Department of Commerce and Labor, which was established February 15,1903. President William Howard Taft signed the March 4,1913, bill establishing the Department of Labor as a Cabinet-level Department, William B. Wilson was appointed as the first Secretary of Labor on March 5,1913 by President Wilson. Secretary Wilson chaired the first meeting of the International Labour Organization in October 1919, the Federal Employees Compensation Act, signed Sept.7,1916, provided benefits to workers who are injured or contract illnesses in the workplace. Frances Perkins, the first female member, was appointed to be Secretary of Labor by President Roosevelt on March 4,1933. Perkins served for 12 years, making her the longest serving Secretary of Labor, during the John F. Kennedy Administration, planning was undertaken to consolidate most of the departments offices, then scattered around more than 20 locations. Construction on the New Labor Building began in the mid‑1960s and finished in 1975 and it was named in honor of Perkins in 1980. President Lyndon Johnson asked Congress to consider the idea of reuniting Commerce and he argued that the two departments had similar goals and that they would have more efficient channels of communication in a single department. However, Congress never acted on it, in the 1970s, following the civil rights movement, the Labor Department under Secretary George P. Shultz made a concerted effort to promote racial diversity in unions. In 1978, the Department of Labor created the Philip Arnow Award, Department officials said the program was modern and fair and that it was part of ongoing contract negotiations with the local. In August 2010, the Partnership for Public Service ranked the Department of Labor 23rd out of 31 large agencies in its annual Best Places to Work in the Federal Government list. In December 2010, then-Department of Labor Secretary Hilda Solis was named the Chair of the U. S. Interagency Council on Homelessness, in July 2011, the Department was rocked by the resignation of Ray Jefferson, Assistant Secretary for VETS, in a contracting scandal. On March 4,2013, the Department began commemorating its centennial, tom Perez was appointed as Secretary of Labor on July 23,2013. According to remarks by Perez at his swearing-in ceremony, Boiled down to its essence, did not earn a satisfactory overall grade. Title 20 of the Code of Federal Regulations Equal Employment Opportunity Commission National Labor Relations Board Occupational Information Network Ticket to Work Lombardi, labors Voice in the Cabinet, A History of the Department of Labor from Its Origins to 1921
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Doctor of Philosophy
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A Doctor of Philosophy is a type of doctoral degree awarded by universities in many countries. Ph. D. s are awarded for a range of programs in the sciences, engineering. The Ph. D. is a degree in many fields. The completion of a Ph. D. is often a requirement for employment as a university professor, researcher, individuals with an earned doctorate can use the title of Doctor with their name and use the post-nominal letters Ph. D. The requirements to earn a Ph. D. degree vary considerably according to the country, institution, a person who attains a doctorate of philosophy is automatically awarded the academic title of doctor. A student attaining this level may be granted a Candidate of Philosophy degree at some institutions. A Ph. D. candidate must submit a project, thesis or dissertation often consisting of a body of academic research. In many countries, a candidate must defend this work before a panel of examiners appointed by the university. Universities award other types of doctorates besides the Ph. D. such as the Doctor of Musical Arts, a degree for music performers and the Doctor of Education, in 2016, ELIA launched The Florence Principles on the Doctorate in the Arts. The Florence Principles have been endorsed are supported also by AEC, CILECT, CUMULUS, the degree is abbreviated PhD, from the Latin Philosophiae Doctor, pronounced as three separate letters. In the universities of Medieval Europe, study was organized in four faculties, the faculty of arts. All of these faculties awarded intermediate degrees and final degrees, the doctorates in the higher faculties were quite different from the current Ph. D. degree in that they were awarded for advanced scholarship, not original research. No dissertation or original work was required, only lengthy residency requirements, besides these degrees, there was the licentiate. According to Keith Allan Noble, the first doctoral degree was awarded in medieval Paris around 1150, the doctorate of philosophy developed in Germany as the terminal Teachers credential in the 17th century. Typically, upon completion, the candidate undergoes an oral examination, always public, starting in 2016, in Ukraine Doctor of Philosophy is the highest education level and the first science degree. PhD is awarded in recognition of a contribution to scientific knowledge. A PhD degree is a prerequisite for heading a university department in Ukraine, upon completion of a PhD, a PhD holder can elect to continue his studies and get a post-doctoral degree called Doctor of Sciences, which is the second and the highest science degree in Ukraine. Scandinavian countries were among the early adopters of a known as a doctorate of philosophy
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United Kingdom
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
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Newcastle University
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Newcastle University is a public research university located in Newcastle upon Tyne in the North-East of England. The university can trace its origins to a School of Medicine and Surgery, established in 1834 and these two colleges came to form one division of the federal University of Durham, with the Durham Colleges forming the other. The Newcastle colleges merged to form Kings College in 1937, in 1963, following an Act of Parliament, Kings College became the University of Newcastle upon Tyne. Newcastle University is a red brick university and is a member of the Russell Group, the university has one of the largest EU research portfolios in the UK. Newcastle attracts over 20,000 students from more than 120 different countries, in June 1851, following a dispute among the teaching staff, the School split into two rival institutions. The majority formed the Newcastle College of Medicine, and the others established themselves as the Newcastle upon Tyne College of Medicine, by 1852, the majority college was formally linked to the University of Durham. It awarded its first Licence in Medicine in 1856, and its teaching certificates were recognised by the University of London for graduation in medicine, the two colleges amalgamated in 1857 and renamed the University of Durham College of Medicine in 1870. Attempts to realise a place for the teaching of sciences in the city were met with the foundation of the College of Physical Science in 1871. By 1908, the Newcastle Division was teaching a range of subjects in the Faculties of Medicine, Arts, and Science. As the successor of Kings College, Durham, the university at its founding in 1963, in the Letters Patent authorising the transfer, the arms are blazoned Azure, a Cross of St Cuthbert Argent and in chief of the last a lion passant guardant Gules. While a Latin motto, mens agitat molem appears in the Students Union building, the university occupies a campus site close to Haymarket in central Newcastle upon Tyne. It is located to the northwest of the city centre between the spaces of Leazes Park and the Town Moor. The Armstrong building is the oldest building on the campus and is the site of the original Armstrong College. The building was constructed in three stages, the north east wing was completed first at a cost of £18,000, the south-east wing, which includes the Jubilee Tower, and south-west wings were opened in 1894. The Jubilee Tower was built with funds raised from an Exhibition to mark Queen Victorias Jubilee in 1887. The north-west front, forming the entrance, was completed in 1906. Much of the construction work was financed by Sir Isaac Lowthian Bell. In 1906 it was opened by King Edward VII, the building contains the Kings Hall, which serves as the universitys chief hall for ceremonial purposes where Congregation ceremonies are held
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London School of Economics
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The London School of Economics is a public research university located in London, England and a constituent college of the federal University of London. LSE is located in Westminster, central London, near the boundary between Covent Garden and Holborn, the area is historically known as Clare Market. The LSE has more than 10,000 students and 3,300 staff and it had a total income of £340.7 million in 2015/16, of which £30.3 million was from research grants. 155 nationalities are represented amongst LSEs student body and the school has the highest percentage of students of all British universities. Despite its name, the school is organised into 25 academic departments and institutes which conduct teaching and research across a range of legal studies, in the 2014 Research Excellence Framework, the School had the highest proportion of world-leading research among research submitted of any British non-specialist university. The LSE is usually considered part of the triangle of highly research-intensive universities in southeast England. It is a member of organisations such as the Association of Commonwealth Universities, the European University Association. LSE has produced notable alumni in the fields of law, history, economics, philosophy, business, literature, media. Alumni and staff include 52 past or present heads of state or government and 20 members of the current British House of Commons. To 2016, 27% of all the Nobel Prizes in Economics have been awarded or jointly awarded to LSE alumni, current staff or former staff, LSE alumni and staff have also won 3 Nobel Peace Prizes, and 2 Nobel Prizes in Literature. Out of all European universities, LSE has educated the most billionaires according to a 2014 global census of U. S dollar billionaires, LSE graduates earn higher incomes on average than those of any other British university. The London School of Economics was founded in 1895 by Beatrice and Sidney Webb, Hutchinson, a lawyer and member of the Fabian Society, left the money in trust, to be put towards advancing its objects in any way they deem advisable. The five trustees were Sidney Webb, Edward Pease, Constance Hutchinson, William de Mattos, LSE records that the proposal to establish the school was conceived during a breakfast meeting on 4 August 1894, between the Webbs, Graham Wallas and George Bernard Shaw. The proposal was accepted by the trustees in February 1895 and LSE held its first classes in October of that year, in rooms at 9 John Street, Adelphi, in the City of Westminster. The School joined the federal University of London in 1900, and was recognised as a Faculty of Economics of the university, the University of London degrees of BSc and DSc were established in 1901, the first university degrees dedicated to the social sciences. Expanding rapidly over the years, the school moved initially to the nearby 10 Adelphi Terrace, then to Clare Market. The foundation stone of the Old Building, on Houghton Street, was laid by King George V in 1920, the 1930s economic debate between LSE and Cambridge is well known in academic circles. The dispute also concerned the question of the role
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History of economic thought
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The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day. It encompasses many disparate schools of economic thought, ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages, scholasticists such as Thomas Aquinas argued that it was an obligation of businesses to sell goods at a just price. Fan Li, an adviser to King Goujian of Yue, wrote on economic issues, chanakya wrote the Arthashastra, a treatise on statecraft, economic policy and military strategy. Ancient Athens, a society, developed an embryonic model of democracy. Xenophons Oeconomicus is a dialogue principally about household management and agriculture, Platos dialogue The Republic describing an ideal city-state run by philosopher-kings contained references to specialization of labor and to production. Plato was the first to advocate the theory of money. Aristotles Politics analyzed different forms of the state as a critique of Platos model of a philosopher-kings, of particular interest for economists, Plato provided a blueprint of a society based on common ownership of resources. Aristotle viewed this model as an oligarchical anathema, though Aristotle did certainly advocate holding many things in common, he argued that not everything could be, simply because of the wickedness of human nature. It is clearly better that property should be private, wrote Aristotle, but the use of it common, in Politics Book I, Aristotle discusses the general nature of households and market exchanges. Aristotle himself highly disapproved of usury and cast scorn on making money through a monopoly, not useful as a means to any of the necessities of life. Thomas Aquinas was an Italian theologian and economic writer and he taught in both Cologne and Paris, and was part of a group of Catholic scholars known as the Schoolmen, who moved their enquiries beyond theology to philosophical and scientific debates. In the treatise Summa Theologica Aquinas dealt with the concept of a just price, similar in many ways to the modern concept of long run equilibrium, a just price was just sufficient to cover the costs of production, including the maintenance of a worker and his family. Aquinas argued it was immoral for sellers to raise their prices simply because buyers had a pressing need for a product, Aquinas discusses a number of topics in the format of questions and replies, substantial tracts dealing with Aristotles theory. Questions 77 and 78 concern economic issues, primarily what a just price might be, Aquinas argued against any form of cheating and recommended always paying compensation in lieu of good service. Whilst human laws might not impose sanctions for unfair dealing, divine law did, one of Aquinas main critics was Duns Scotus, originally from Duns Scotland, who taught in Oxford, Cologne, and Paris. If people did not benefit from a transaction, in Scotus view, Scotus said merchants perform a necessary and useful social role by transporting goods and making them available to the public. Jean Buridan was a French priest, buridanus looked at money from two angles, its metal value and its purchasing power, which he acknowledged can vary
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Amartya Sen
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Amartya Kumar Sen is an Indian economist and philosopher, who since 1972 has taught and worked in the United Kingdom and the United States. He is currently the Thomas W. Lamont University Professor at Harvard University and he was awarded the Nobel Memorial Prize in Economic Sciences in 1998 and Indias Bharat Ratna in 1999 for his work in welfare economics. Sen was born in a Bengali Baidya family in Manikganj, to Ashutosh Sen, Sens family was from Wari and Manikganj, Dhaka, both in present-day Bangladesh. Sens mother Amita Sen was the daughter of Kshiti Mohan Sen and he served as the Vice Chancellor of Visva-Bharati University for some years. Sen began his education at St Gregorys School in Dhaka in 1940. From fall 1941, Sen studied at Patha Bhavana, Santiniketan, the school had many progressive features, at the school, any focus on examinations or competitive testing was deeply frowned upon. In addition, the school stressed cultural diversity, and embraced influences from the rest of the world. In 1951, he went to Presidency College, Kolkata, where he earned a B. A. in Economics with First Class, with a minor in Mathematics, while at Presidency, Sen was diagnosed with oral cancer, and given a 15% chance of living five years. With radiation treatment, he survived, and in 1953 he moved to Trinity College, Cambridge and he was elected President of the Cambridge Majlis. While Sen was officially a Ph and he served in that position, starting the new Economics Department, during 1956 to 1958. Meanwhile, Sen was elected to a Prize Fellowship at Trinity College and his interest in philosophy, however, dates back to his college days at Presidency, where he read books on philosophy and debated philosophical themes. In Cambridge, there were major debates between supporters of Keynesian economics on the one hand, and the neo-classical economists skeptical of Keynes, quentin Skinner notes that Sen was a member of the secret society Cambridge Apostles during his time at Cambridge. Sens work on Choice of Technique complemented that of Maurice Dobb, in other words, workers were expected to demand no improvement in their standard of living despite having become more productive. Sens papers in the late 1960s and early 1970s helped develop the theory of social choice, which first came to prominence in the work by the American economist Kenneth Arrow. Sen also argued that the Bengal famine was caused by an economic boom that raised food prices. Sens interest in famine stemmed from personal experience, as a nine-year-old boy, he witnessed the Bengal famine of 1943, in which three million people perished. This staggering loss of life was unnecessary, Sen later concluded, in Poverty and Famines, Sen revealed that in many cases of famine, food supplies were not significantly reduced. In Bengal, for example, food production, while down on the year, was higher than in previous non-famine years
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Kenneth Arrow
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Kenneth Joseph Ken Arrow was an American economist, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972, in economics, he was a figure in post-World War II neo-classical economic theory. Many of his graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social theory, notably Arrows impossibility theorem. He has also provided work in many other areas of economics, including endogenous growth theory. Arrow was born on August 23,1921, in New York City, Arrows mother, Lilian, was from Iași, Romania, and his father, Harry Arrow, was from nearby Podu Iloaiei. The Arrow family were Romanian Jews and his family was very supportive of his education. Growing up during the Great Depression, he embraced socialism in his youth and he would later move away from socialism, but his views retained a left-leaning philosophy. He graduated from Townsend Harris High School and then earned a Bachelors degree from the City College of New York in 1940 in mathematics and he attended Columbia University, for his graduate studies. While there, he studied under Harold Hotelling, and was influenced by him. He received a Masters degree in 1941 and he served as a weather officer in the United States Army Air Forces from 1942–1946. From 1946 to 1949 Arrow spent his time partly as a student at Columbia. During that time he held the rank of Assistant Professor in Economics at the University of Chicago. He left Chicago to take up the post of Acting Assistant Professor of Economics and Statistics at Stanford University, in 1951, he earned his Ph. D. from Columbia. He served in the government on the staff of the Council of Economic Advisers in the 1960s with Robert Solow, in 1968, he left Stanford for the position of Professor of Economics at Harvard University. It was during his tenure here that he received the Nobel Prize in Economics, Arrow returned to Stanford in 1979 and became the Joan Kenney Professor of Economics and Professor of Operations Research. As a Fulbright Distinguished Chair, in 1995 he taught Economics at the University of Siena and he was also a founding member of the Pontifical Academy of Social Sciences and a member of the Science Board of Santa Fe Institute. At various stages in his career he was a Fellow of Churchill College, Cambridge, five of his former students have gone on to become Nobel Prize winners
41.
Ben Bernanke
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Ben Shalom Bernanke is an American economist at the Brookings Institution who served two terms as Chairman of the Federal Reserve, the central bank of the United States, from 2006 to 2014. During his tenure as chairman, Bernanke oversaw the Federal Reserves response to the financial crisis. His first term began February 1,2006, Bernanke was confirmed for a second term as chairman on January 28,2010, after being renominated by President Barack Obama, who later referred to him as the epitome of calm. His second term ended February 1,2014, when he was succeeded by Janet Yellen. Bernanke wrote about his time as chairman of the Federal Reserve in his 2015 book, The Courage to Act, Bernanke asserts that it was only the novel efforts of the Fed that prevented an economic catastrophe greater than the Great Depression. Bernanke was born in Augusta, Georgia, and was raised on East Jefferson Street in Dillon and his father Philip was a pharmacist and part-time theater manager. His mother Edna was a school teacher. His brother, Seth, is a lawyer in Charlotte, North Carolina and his sister, Sharon, is a longtime administrator at Berklee College of Music in Boston. Bernankes father and uncle owned and managed a drugstore they purchased from Bernankes paternal grandfather, Jonas Bernanke was born in Boryslav, Austria-Hungary, on January 23,1891. He immigrated to the United States from Przemyśl, Austria-Hungary and arrived at Ellis Island, aged 30, on June 30,1921, with his wife Pauline, on the ships manifest, Jonass occupation is listed as clerk and Paulines as doctor med. The family moved to Dillon from New York in the 1940s, Bernankes mother gave up her job as a schoolteacher when her son was born and worked at the family drugstore. Ben Bernanke also worked there sometimes, to support himself throughout college, he worked during the summers at South of the Border. As a teenager in the 1960s in the town of Dillon. Although he keeps his beliefs private, his friend Mark Gertler, chairman of New York Universitys economics department, on the other hand, the Bernanke family was concerned that Ben would lose his Jewish identity if he went to Harvard. Fellow Dillon native Kenneth Manning, who would become a professor of the history of sciences at MIT. Once Bernanke was at Harvard for his year, Manning took him to Brookline for Rosh Hashanah services. Bernanke was educated at East Elementary, J. V. Martin Junior High, and Dillon High School, since Dillon High School did not offer calculus at the time, Bernanke taught it to himself. Bernanke scored 1590 out of 1600 on the SAT and was a National Merit Scholar and he also was a contestant in the 1965 National Spelling Bee
The dictionary definition of economist at Wiktionary