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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
2.
Margaret Thatcher
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She was the longest-serving British prime minister of the 20th century, and the first woman to have held the office. A Soviet journalist dubbed her The Iron Lady, a nickname that became associated with her uncompromising politics, as Prime Minister, she implemented policies that have come to be known as Thatcherism. A research chemist before becoming a barrister, Thatcher was elected Member of Parliament for Finchley in 1959, Edward Heath appointed her Secretary of State for Education and Science in his 1970 government. In 1975, Thatcher defeated Heath in the Conservative Party leadership election to become Leader of the Opposition and she became Prime Minister after winning the 1979 general election. Her political philosophy and economic policies emphasised deregulation, flexible labour markets, the privatisation of state-owned companies and she narrowly escaped an assassination attempt in 1984. Thatcher was re-elected for a term in 1987. During this period her support for a Community Charge was widely unpopular and she resigned as Prime Minister and party leader in November 1990, after Michael Heseltine launched a challenge to her leadership. After retiring from the Commons in 1992, she was given a peerage as Baroness Thatcher which entitled her to sit in the House of Lords. After a series of strokes in 2002, she was advised to withdraw from public speaking. Despite this, she managed to pre-record a eulogy to Ronald Reagan prior to his death, in 2013, she died of another stroke in London, at the age of 87. Always a controversial figure, she has described as one of the greatest and most influential politicians in British history. Thatcher was born Margaret Hilda Roberts on 13 October 1925, in Grantham and her father was Alfred Roberts, originally from Northamptonshire, and her mother was Beatrice Ethel from Lincolnshire. She spent her childhood in Grantham, where her father owned two grocery shops, Prior to the Second World War, in 1938 the Roberts family gave sanctuary to a teenage Jewish girl escaping Nazi Germany. Thatcher was to describe this in her memoirs as among the significant events of her formative years, Alfred Roberts was an alderman and a Methodist local preacher, and brought up his daughter as a strict Wesleyan Methodist attending the Finkin Street Methodist Church. He came from a Liberal family but stood as an Independent and he was Mayor of Grantham in 1945–46 and lost his position as alderman in 1952 after the Labour Party won its first majority on Grantham Council in 1950. Margaret Roberts attended Huntingtower Road Primary School and won a scholarship to Kesteven and her school reports showed hard work and continual improvement, her extracurricular activities included the piano, field hockey, poetry recitals, swimming and walking. She was head girl in 1942–43, in her upper sixth year she applied for a scholarship to study chemistry at Somerville College, Oxford, but she was initially rejected and was offered a place only after another candidate withdrew. Her dissertation was on the structure of the antibiotic gramicidin, even while working on chemistry, she was already thinking towards law and politics
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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
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Butterfly effect
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The butterfly effect is the concept that small causes can have large effects. Initially, it was used with weather prediction but later the term became a used in. A very small change in initial conditions had created a different outcome. The idea that small causes may have effects in general. The butterfly effect is exhibited by very simple systems, in The Vocation of Man, Fichte says that you could not remove a single grain of sand from its place without thereby. Changing something throughout all parts of the immeasurable whole, Chaos theory and the sensitive dependence on initial conditions were described in the literature in a particular case of the three-body problem by Henri Poincaré in 1890. He later proposed that such phenomena could be common, for example, in 1898, Jacques Hadamard noted general divergence of trajectories in spaces of negative curvature. Pierre Duhem discussed the general significance of this in 1908. In 1961, Lorenz was running a computer model to redo a weather prediction from the middle of the previous run as a shortcut. He entered the initial condition 0.506 from the printout instead of entering the full precision 0.506127 value, the result was a completely different weather scenario. In 1963 Lorenz published a study of this effect in a highly cited. Elsewhere he stated, One meteorologist remarked that if the theory were correct, the controversy has not yet been settled, but the most recent evidence seems to favor the sea gulls. Following suggestions from colleagues, in speeches and papers Lorenz used the more poetic butterfly. The flapping wing represents a change in the initial condition of the system. The butterfly effect presents a challenge to prediction, since initial conditions for a system such as the weather can never be known to complete accuracy. This problem motivated the development of ensemble forecasting, in which a number of forecasts are made from perturbed initial conditions, some scientists have since argued that the weather system is not as sensitive to initial conditions as previously believed. David Orrell argues that the contributor to weather forecast error is model error. Recurrence, the return of a system towards its initial conditions
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Externality
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In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit. Economists often urge governments to adopt policies that internalize an externality, if external costs exist, such as pollution, the producer may choose to produce more of the product than would be produced if the producer were required to pay all associated environmental costs. Because responsibility or consequence for self-directed action lies partly outside the self, if there are external benefits, such as in public safety, less of the good may be produced than would be the case if the producer were to receive payment for the external benefits to others. For the purpose of these statements, overall cost and benefit to society is defined as the sum of the monetary value of benefits and costs to all parties involved. Two British economists are credited with having initiated the study of externalities, or spillover effects, Henry Sidgwick is credited with first articulating. Pigou is credited with formalizing the concept of externalities, suppose that there are K different possible allocations and N different agents, where K, N < ∞ and N ≥2. Suppose that each agent has a type θ i ∼ F i and that each agent gets payoff v i + t i, a map f = is a social choice function if ∑ i =1 N t i ≤0 for all θ ∈ N. An allocation κ, N → K is ex-post efficient if ∑ i =1 N v i ≥ ∑ i =1 N v i for all θ = ∈ N and all k ∈ K. Let κ ∗ denote an ex-post efficient allocation and let κ i ~ denote an ex-post efficient allocation without agent i. Then the externality imposed by agent i on the agents is ∑ j ≠ i v j − ∑ j ≠ i v j. Voluntary exchange is considered beneficial to both parties involved, because buyers or sellers would not trade if either thought it detrimental to themselves. However, a transaction can cause effects on third parties. From the perspective of those affected, these effects may be negative, neoclassical welfare economics asserts that, under plausible conditions, the existence of externalities will result in outcomes that are not socially optimal. Those who suffer from external costs do so involuntarily, whereas those who enjoy external benefits do so at no cost, a voluntary exchange may reduce societal welfare if external costs exist. The externality may even be seen as a trespass on their lungs, thus, an external cost may pose an ethical or political problem. Alternatively, it might be seen as a case of poorly defined property rights, as with, for example, on the other hand, a positive externality would increase the utility of third parties at no cost to them. Since collective societal welfare is improved, but the providers have no way of monetizing the benefit, Goods with positive externalities include education, public health initiatives and law enforcement. Positive externalities are often associated with the free rider problem, there are a number of potential means of improving overall social utility when externalities are involved
6.
Jevons paradox
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The Jevons paradox is perhaps the most widely known paradox in environmental economics. However, governments and environmentalists generally assume that efficiency gains will lower resource consumption and he argued that, contrary to common intuition, technological progress could not be relied upon to reduce fuel consumption. The issue has been re-examined by modern economists studying consumption rebound effects from improved energy efficiency, in addition to reducing the amount needed for a given use, improved efficiency also lowers the relative cost of using a resource, which increases the quantity demanded. This counteracts the reduction in use from improved efficiency, additionally, improved efficiency accelerates economic growth, further increasing the demand for resources. The Jevons paradox occurs when the effect from increased demand predominates, considerable debate exists about the size of the rebound in energy efficiency and the relevance of the Jevons paradox to energy conservation. Some dismiss the paradox, while others worry that it may be self-defeating to pursue sustainability by increasing energy efficiency, environmental economists have proposed that efficiency gains be coupled with conservation policies that keep the cost of use the same to avoid the Jevons paradox. Conservation policies do not display the paradox, and can be used to control the rebound effect, the Jevons paradox was first described by the English economist William Stanley Jevons in his 1865 book The Coal Question. Watts innovations made coal a more cost-effective power source, leading to the use of the steam engine in a wide range of industries. This in turn increased total coal consumption, even as the amount of coal required for any particular application fell. Jevons argued that improvements in fuel efficiency tend to increase fuel use, writing, the very contrary is the truth. At that time, many in Britain worried that coal reserves were rapidly dwindling, Jevons argued that this view was incorrect, as further increases in efficiency would tend to increase the use of coal. Hence, improving technology would tend to increase the rate at which Englands coal deposits were being depleted, although Jevons originally focused on the issue of coal, the concept has since been extended to the use of any resource, including, for example, water usage. It is perhaps the most widely known paradox in environmental economics, economists have observed that consumers tend to travel more when their cars are more fuel efficient, causing a rebound in the demand for fuel. An increase in the efficiency with which a resource is used, generally speaking, a decrease in the cost of a good or service will increase the quantity demanded. With a lower cost for travel, consumers will travel more and this increase in demand is known as the rebound effect, and it may or may not be large enough to offset the original drop in demand from the increased efficiency. The Jevons paradox occurs when the effect is greater than 100%. The size of the effect is determined by the price elasticity of demand for the good. In a perfectly competitive market where fuel is the input used, if the price of fuel remains constant but efficiency is doubled
