Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university in Cambridge, Massachusetts. Founded in 1861 in response to the increasing industrialization of the United States, MIT adopted a European polytechnic university model and stressed laboratory instruction in applied science and engineering; the Institute is a land-grant, sea-grant, space-grant university, with a campus that extends more than a mile alongside the Charles River. Its influence in the physical sciences and architecture, more in biology, linguistics and social science and art, has made it one of the most prestigious universities in the world. MIT is ranked among the world's top universities; as of March 2019, 93 Nobel laureates, 26 Turing Award winners, 8 Fields Medalists have been affiliated with MIT as alumni, faculty members, or researchers. In addition, 58 National Medal of Science recipients, 29 National Medals of Technology and Innovation recipients, 50 MacArthur Fellows, 73 Marshall Scholars, 45 Rhodes Scholars, 41 astronauts, 16 Chief Scientists of the US Air Force have been affiliated with MIT.
The school has a strong entrepreneurial culture, the aggregated annual revenues of companies founded by MIT alumni would rank as the tenth-largest economy in the world. MIT is a member of the Association of American Universities. In 1859, a proposal was submitted to the Massachusetts General Court to use newly filled lands in Back Bay, Boston for a "Conservatory of Art and Science", but the proposal failed. A charter for the incorporation of the Massachusetts Institute of Technology, proposed by William Barton Rogers, was signed by the governor of Massachusetts on April 10, 1861. Rogers, a professor from the University of Virginia, wanted to establish an institution to address rapid scientific and technological advances, he did not wish to found a professional school, but a combination with elements of both professional and liberal education, proposing that: The true and only practicable object of a polytechnic school is, as I conceive, the teaching, not of the minute details and manipulations of the arts, which can be done only in the workshop, but the inculcation of those scientific principles which form the basis and explanation of them, along with this, a full and methodical review of all their leading processes and operations in connection with physical laws.
The Rogers Plan reflected the German research university model, emphasizing an independent faculty engaged in research, as well as instruction oriented around seminars and laboratories. Two days after MIT was chartered, the first battle of the Civil War broke out. After a long delay through the war years, MIT's first classes were held in the Mercantile Building in Boston in 1865; the new institute was founded as part of the Morrill Land-Grant Colleges Act to fund institutions "to promote the liberal and practical education of the industrial classes" and was a land-grant school. In 1863 under the same act, the Commonwealth of Massachusetts founded the Massachusetts Agricultural College, which developed as the University of Massachusetts Amherst. In 1866, the proceeds from land sales went toward new buildings in the Back Bay. MIT was informally called "Boston Tech"; the institute adopted the European polytechnic university model and emphasized laboratory instruction from an early date. Despite chronic financial problems, the institute saw growth in the last two decades of the 19th century under President Francis Amasa Walker.
Programs in electrical, chemical and sanitary engineering were introduced, new buildings were built, the size of the student body increased to more than one thousand. The curriculum drifted with less focus on theoretical science; the fledgling school still suffered from chronic financial shortages which diverted the attention of the MIT leadership. During these "Boston Tech" years, MIT faculty and alumni rebuffed Harvard University president Charles W. Eliot's repeated attempts to merge MIT with Harvard College's Lawrence Scientific School. There would be at least six attempts to absorb MIT into Harvard. In its cramped Back Bay location, MIT could not afford to expand its overcrowded facilities, driving a desperate search for a new campus and funding; the MIT Corporation approved a formal agreement to merge with Harvard, over the vehement objections of MIT faculty and alumni. However, a 1917 decision by the Massachusetts Supreme Judicial Court put an end to the merger scheme. In 1916, the MIT administration and the MIT charter crossed the Charles River on the ceremonial barge Bucentaur built for the occasion, to signify MIT's move to a spacious new campus consisting of filled land on a mile-long tract along the Cambridge side of the Charles River.
The neoclassical "New Technology" campus was designed by William W. Bosworth and had been funded by anonymous donations from a mysterious "Mr. Smith", starting in 1912. In January 1920, the donor was revealed to be the industrialist George Eastman of Rochester, New York, who had invented methods of film production and processing, founded Eastman Kodak. Between 1912 and 1920, Eastman donated $20 million in cash and Kodak stock to MIT. In the 1930s, President Karl Taylor Compton and Vice-President Vannevar Bush emphasized the importance of pure sciences like physics and chemistry and reduced the vocational practice required in shops and drafting studios; the Compton reforms "renewed confidence in the ability of the Institute to develop leadership in science as well as in engineering". Unlike Ivy League schools, MIT catered more to middle-class families, depended more on tuition than on endow
Integrated Authority File
The Integrated Authority File or GND is an international authority file for the organisation of personal names, subject headings and corporate bodies from catalogues. It is used for documentation in libraries and also by archives and museums; the GND is managed by the German National Library in cooperation with various regional library networks in German-speaking Europe and other partners. The GND falls under the Creative Commons Zero licence; the GND specification provides a hierarchy of high-level entities and sub-classes, useful in library classification, an approach to unambiguous identification of single elements. It comprises an ontology intended for knowledge representation in the semantic web, available in the RDF format; the Integrated Authority File became operational in April 2012 and integrates the content of the following authority files, which have since been discontinued: Name Authority File Corporate Bodies Authority File Subject Headings Authority File Uniform Title File of the Deutsches Musikarchiv At the time of its introduction on 5 April 2012, the GND held 9,493,860 files, including 2,650,000 personalised names.
There are seven main types of GND entities: LIBRIS Virtual International Authority File Information pages about the GND from the German National Library Search via OGND Bereitstellung des ersten GND-Grundbestandes DNB, 19 April 2012 From Authority Control to Linked Authority Data Presentation given by Reinhold Heuvelmann to the ALA MARC Formats Interest Group, June 2012
A wage is monetary compensation paid by an employer to an employee in exchange for work done. Payment may be calculated as a fixed amount for each task completed, or at an hourly or daily rate, or based on an measured quantity of work done. Wages are part of the expenses. Payment by wage contrasts with salaried work, in which the employer pays an arranged amount at steady intervals regardless of hours worked, with commission which conditions pay on individual performance, with compensation based on the performance of the company as a whole. Waged employees may receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of compensation. Since wage labour is the predominant form of work, the term "wage" sometimes refers to all forms of employee compensation. Wage labour involves the exchange of money for time spent at work; as Moses I. Finley lays out the issue in The Ancient Economy: The idea of wage-labour requires two difficult conceptual steps. First it requires the abstraction of a man's labour from both his person and the product of his work.
When one purchases an object from an independent craftsman... one has not bought his labour but the object, which he had produced in his own time and under his own conditions of work. But when one hires labour, one purchases an abstraction, labour-power, which the purchaser uses at a time and under conditions which he, the purchaser, not the "owner" of the labour-power, determines. Second, the wage labour system requires the establishment of a method of measuring the labour one has purchased, for purposes of payment by introducing a second abstraction, namely labour-time; the wage is the monetary measure corresponding to the standard units of working time. The earliest such unit of time, still used, is the day of work; the invention of clocks coincided with the elaborating of subdivisions of time for work, of which the hour became the most common, underlying the concept of an hourly wage. Wages were paid in the Middle Kingdom of ancient Egypt, ancient Greece, ancient Rome. Depending on the structure and traditions of different economies around the world, wage rates will be influenced by market forces and tradition.
Market forces are more dominant in the United States, while tradition, social structure and seniority play a greater role in Japan. In countries where market forces set wage rates, studies show that there are still differences in remuneration for work based on sex and race. For example, according to the U. S. Bureau of Labor Statistics, in 2007 women of all races made 80% of the median wage of their male counterparts; this is due to the supply and demand for women in the market because of family obligations. White men made about 84% the wage of Asian men, black men 64%; these are overall averages and are not adjusted for the type and quality of work done. Seventy-five million workers earned hourly wages in the United States in 2012, making up 59% of employees. In the United States, wages for most workers are set by market forces, or else by collective bargaining, where a labor union negotiates on the workers' behalf; the Fair Labor Standards Act establishes a minimum wage at the federal level that all states must abide by, among other provisions.
Fourteen states and a number of cities have set their own minimum wage rates that are higher than the federal level. For certain federal or state government contacts, employers must pay the so-called prevailing wage as determined according to the Davis-Bacon Act or its state equivalent. Activists have undertaken to promote the idea of a living wage rate which account for living expenses and other basic necessities, setting the living wage rate much higher than current minimum wage laws require; the minimum wage rate is there to protect the well being of the working class. For purposes of federal income tax withholding, 26 U. S. C. § 3401 defines the term "wages" for chapter 24 of the Internal Revenue Code: "For purposes of this chapter, the term “wages” means all remuneration for services performed by an employee for his employer, including the cash value of all remuneration paid in any medium other than cash. Political science: Labour power Proletarian Working class Wage slavery Galbraith, James Kenneth.
Created Unequal: the Crisis in American Pay, in series, Twentieth Century Fund Book. New York: Free Press, 1998. ISBN 0-684-84988-7 Lebergott, Stanley. "Wages and Working Conditions". In David R. Henderson. Concise Encyclopedia of Economics. Library of Economics and Liberty. OCLC 317650570, 50016270, 163149563 U. S. Bureau of Labor Statistics Wealth of Nations – click Chapter 8 Understanding Capitalism Part III: Wages and Labor Markets – Critical of capitalism U. S. Department of Labor: Minimum Wage Laws – Different laws by State Average U. S. farm and non-farm wage LaborFair Resources – Link to Fair Labor Practices The Truth Behind Wages in Mining – How Wages are measured and Current Standards for Mining Professionals Database Central Europe – Data on average wages in Central Europe and in Emerging Markets Salary and wages data collecti
The American Economic Review
The American Economic Review is a peer-reviewed academic journal of economics. Twelve issues are published annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious and distinguished journals in the field of economics; the current editor-in-chief is Esther Duflo. The previous editor was Pinelopi Goldberg; the journal is based in Pittsburgh. The May issue of the American Economic Review each year is known as "Papers and Proceedings". Selected papers and discussions of papers presented at the Annual Meetings of the American Economic Association are published along with reports of officers and representatives. In 2004, the American Economic Review began requiring "data and code sufficient to permit replication" of a paper's results, posted on the journal's website. Exceptions are made for proprietary data. In 2011 a "Top 20 Committee," consisting of Kenneth Arrow, Douglas Bernheim, Martin Feldstein, Daniel McFadden, James M. Poterba, Robert Solow, selected the following twenty articles to be the most important ones to appear in the journal: "A Theory of Production", by Paul Douglas and Charles Cobb.
"The Use of Knowledge in Society", by F. A. Hayek "Economic Growth and Income Inequality", by Simon Kuznets. "The Cost of Capital, Corporation Finance and the Theory of Investment", by Franco Modigliani and Merton Miller. "A Theory of Optimum Currency Areas", by Robert Mundell. "Uncertainty and the Welfare Economics of Medical Care", by Kenneth Arrow. "Capital Theory and Investment Behavior", by Dale W. Jorgenson "National Debt in a Neoclassical Growth Model", by Peter A. Diamond. "The Role of Monetary Policy", by Milton Friedman. "Migration and Development: A Two-Sector Analysis", by John R. Harris and Michael Todaro. "Optimal Taxation and Public Production I: Production Efficiency" and "Optimal Taxation and Public Production II: Tax Rules", by Peter A. Diamond and James Mirrlees. "Production, Information Costs, Economic Organization", by Armen Alchian and Harold Demsetz. "Some International Evidence on Output-Inflation Tradeoffs", by Robert Lucas, Jr. "The Economic Theory of Agency: The Principal’s Problem", by Stephen A. Ross.
"The Political Economy of the Rent-Seeking Society", by Anne Osborn Krueger "Monopolistic Competition and Optimum Product Diversity", by Avinash Dixit and Joseph Stiglitz. "An Almost Ideal Demand System", by John Muellbauer. "On the Impossibility of Informationally Efficient Markets", by Sanford J. Grossman and Joseph E. Stiglitz. "Scale Economies, Product Differentiation, the Pattern of Trade", by Paul Krugman. "Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?", by Robert J. Shiller. Thirteen of those authors have received the Nobel Prize in Economic Sciences; the journal can be accessed online via JSTOR. In both 2006 and 2007, it was the most viewed journal of all the 775 journals in JSTOR. Other notable papers from the journal include: "Colonial origins of comparative development", by Daron Acemoglu, Simon Johnson, James A. Robinson. "Growth in a Time of Debt", by Carmen Reinhart and Kenneth Rogoff. "Some Unsettled Problems of Irrigation," by Katharine Coman. This was the first article that appeared in the journal, was reprinted in 2011 due to its continuing significance.
Official website 1911-1922 volumes available online at the Online Books Page
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 employers. Labour economics looks at the suppliers of labour services and the demanders of labour services, attempts to understand the resulting pattern of wages and income. Labour is a measure of the work done by human beings, it is conventionally contrasted with such other factors of production as capital. Some theories focus on human capital. There are two sides to labour economics. Labour economics can be seen as the application of microeconomic or macroeconomic techniques to the labour market. Microeconomic techniques study individual firms in the labour market. Macroeconomic techniques look at the interrelations between the labour market, the goods market, the money market, the foreign trade market, it looks at how these interactions influence macro variables such as employment levels, participation rates, aggregate income and gross domestic product.
The labour force is defined as the number of people of working age, who are either employed or looking for work. The participation rate is the number of people in the labour force divided by the size of the adult civilian noninstitutional population; the non-labour force includes those who are not looking for work, those who are institutionalised such as in prisons or psychiatric wards, stay-at home spouses and those serving in the military. The unemployment level is defined as the labour force minus the number of people 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 employed divided by the adult population. In these statistics, self-employed people are counted as employed. Variables like employment level, unemployment level, labour force, unfilled vacancies are called stock variables because they measure a quantity at a point in time, they can be contrasted with flow variables. Changes in the labour force are due to flow variables such as natural population growth, net immigration, new entrants, retirements from the labour force.
Changes in unemployment depend on inflows made up of non-employed people starting to look for jobs and of employed people who lose their jobs and look for new ones, outflows of people who find new employment and of people who stop looking for employment. When looking at the overall macroeconomy, several types of unemployment have been identified, including: Frictional unemployment – This reflects the fact that it takes time for people to find and settle into new jobs. Technological advancement reduces frictional unemployment. Structural unemployment – This reflects a mismatch between the skills and other attributes of the labour force and those demanded by employers. Rapid industry changes of a technical and/or economic nature will increase levels of structural unemployment; the process of globalization has contributed to structural changes in labour markets. Natural rate of unemployment – This is the summation of frictional and structural unemployment, that excludes cyclical contributions of unemployment.
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 natural rate, with estimates ranging from 1% to 5%, or on its meaning – some associate it with "non-accelerating inflation"; the estimated rate varies from country from time to time. Demand deficient unemployment – In Keynesian economics, any level of unemployment beyond the natural rate is due to insufficient goods demand in the overall economy. During a recession, aggregate expenditure is deficient causing the underutilisation of inputs. Aggregate expenditure can be increased, according to Keynes, by increasing consumption spending, increasing investment spending, increasing government spending, or increasing the net of exports minus imports, since AE = C + I + G +. Neoclassical economists view the labour market as similar to other markets in that the forces of supply and demand jointly determine price and quantity.
However, the labour market differs from other markets in several ways. In particular, the labour market may act as a non-clearing market. While according to neoclassical theory most markets attain a point of equilibrium without excess supply or demand, this may not be true of the labour market: it may have a persistent level of unemployment. Contrasting the labour market to other markets reveals persistent compensating differentials among similar workers. Models that assume perfect competition in the labour market, as discussed below, conclude that workers earn their marginal product of labour. Households are suppliers of labour. In microeconomic theory, people are assumed to be rational and seeking to maximize their utility function. In the labour market model, their utility function expresses
Employment is a relationship between two parties based on a contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee. Employees work in return for payment, which may be in the form of an hourly wage, by piecework or an annual salary, depending on the type of work an employee does or which sector she or he is working in. Employees in some fields or sectors may receive bonus payment or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits can include health insurance, disability insurance or use of a gym. Employment is governed by employment laws, regulations or legal contracts. An employee contributes labor and expertise to an endeavor of an employer or of a person conducting a business or undertaking and is hired to perform specific duties which are packaged into a job. In a corporate context, an employee is a person, hired to provide services to a company on a regular basis in exchange for compensation and who does not provide these services as part of an independent business.
Employer and managerial control within an organization rests at many levels and has important implications for staff and productivity alike, with control forming the fundamental link between desired outcomes and actual processes. Employers must balance interests such as decreasing wage constraints with a maximization of labor productivity in order to achieve a profitable and productive employment relationship; the main ways for employers to find workers and for people to find employers are via jobs listings in newspapers and online called job boards. Employers and job seekers often find each other via professional recruitment consultants which receive a commission from the employer to find and select suitable candidates. However, a study has shown that such consultants may not be reliable when they fail to use established principles in selecting employees. A more traditional approach is with a "Help Wanted" sign in the establishment. Evaluating different employees can be quite laborious but setting up different techniques to analyze their skill to measure their talents within the field can be best through assessments.
Employer and potential employee take the additional step of getting to know each other through the process of job interview. Training and development refers to the employer's effort to equip a newly hired employee with necessary skills to perform at the job, to help the employee grow within the organization. An appropriate level of training and development helps to improve employee's job satisfaction. There are many ways that employees are paid, including by hourly wages, by piecework, by yearly salary, or by gratuities. In sales jobs and real estate positions, the employee may be paid a commission, a percentage of the value of the goods or services that they have sold. In some fields and professions, employees may be eligible for a bonus; some executives and employees may be paid in stocks or stock options, a compensation approach that has the added benefit, from the company's point of view, of helping to align the interests of the compensated individual with the performance of the company.
Employee benefits are various non-wage compensation provided to employee in addition to their wages or salaries. The benefits can include: housing, group insurance, disability income protection, retirement benefits, tuition reimbursement, sick leave, social security, profit sharing, funding of education, other specialized benefits. In some cases, such as with workers employed in remote or isolated regions, the benefits may include meals. Employee benefits can improve the relationship between employee and employer and lowers staff turnover. Organizational justice is an employee's perception and judgement of employer's treatment in the context of fairness or justice; the resulting actions to influence the employee-employer relationship is a part of organizational justice. Employees can organize into trade or labor unions, which represent the work force to collectively bargain with the management of organizations about working, contractual conditions and services. Either an employee or employer may end the relationship at any time subject to a certain notice period.
This is referred to as at-will employment. The contract between the two parties specifies the responsibilities of each when ending the relationship and may include requirements such as notice periods, severance pay, security measures. In some professions, notably teaching, civil servants, university professors, some orchestra jobs, some employees may have tenure, which means that they cannot be dismissed at will. Another type of termination is a layoff. Wage labor is the socioeconomic relationship between a worker and an employer, where the worker sells their labor under a formal or informal employment contract; these transactions occur in a labor market where wages are market determined. In exchange for the wages paid, the work product becomes the undifferentiated property of the employer, except for special cases such as the vesting of intellectual property patents in the United States where patent rights are vested in the original personal inventor. A wage laborer is a person whose primary means of income is from the selling of his or her labor in this way.
In modern mixed economies such as that