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Production–possibility frontier But, opportunity cost usually will vary depending on the start and end points. In the diagram on the right, producing 10 more packets of butter, at a low level of butter production, costs the loss of 5 guns (shown as a movement from "A" to "B"). At point "C", the economy is already close... | https://en.wikipedia.org/wiki?curid=399617 |
Welfare reform Welfare reforms are changes in the operation of a given welfare system, with the goals of reducing the number of individuals dependent on government assistance, keeping the welfare systems affordable, and assisting recipients to become self-sufficient. Classical liberals and conservatives generally argue... | https://en.wikipedia.org/wiki?curid=401875 |
Welfare reform German Chancellor Otto von Bismarck was one political leader who attempted to put an end to socialism by proposing government healthcare. He approved the 1883 Health Insurance Act which was the first to introduce compulsory government-monitored health insurance. The German legislation ensured contributor... | https://en.wikipedia.org/wiki?curid=401875 |
Welfare reform This program stopped in 1972 and liberals criticized the plan for providing too little support, and requiring too strict of work regulations. Instead of welfare reforms, the government ended up providing major expansions to welfare programs during this presidency. In 1980, President Ronald Reagan cut Aid... | https://en.wikipedia.org/wiki?curid=401875 |
Welfare reform TANF also shifted welfare to the state governments, where each state was given an allocation of money to be used for this program, as long as there existed work requirements, and a five-year limit for families on welfare. The general premise behind this reform was that aid should not be a one-way handout... | https://en.wikipedia.org/wiki?curid=401875 |
Welfare reform The objectives of the Welfare Reform Act of 2007 were to increase the employment rate to 80% from 75%, to assist 300,000 single parents find employment, to increase the number of workers over 50 by 1 million, and to reduce the number of people claiming incapacity benefits by 2 million This welfare reform... | https://en.wikipedia.org/wiki?curid=401875 |
Welfare reform During the 2015–2018 Brazilian economic crisis, there has been both economic and political turmoil. President Dilma Rousseff, who was later impeached and replaced by President Michel Temer, strived to expand the social welfare program Bolsa Família instated by her predecessor Luiz Inácio Lula da Silva. A... | https://en.wikipedia.org/wiki?curid=401875 |
Robert Heilbroner Robert L. Heilbroner (March 24, 1919 – January 4, 2005) was an American economist and historian of economic thought. The author of some 20 books, Heilbroner was best known for "The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers" (1953), a survey of the lives and contri... | https://en.wikipedia.org/wiki?curid=403783 |
Robert Heilbroner Although a highly unconventional economist, who regarded himself as more of a social theorist and "worldly philosopher" (philosopher pre-occupied with "worldly" affairs, such as economic structures), and who tended to integrate the disciplines of history, economics and philosophy, Heilbroner was never... | https://en.wikipedia.org/wiki?curid=403783 |
Robert Heilbroner had two sons, David and Peter Heilbroner, and four grandchildren, Quentin, Katrina, Henry, and Sam. Published in 1953, "The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers" (1953) has sold nearly four million copies, making it the second-best-selling economics text of a... | https://en.wikipedia.org/wiki?curid=403783 |
Net worth is the value of all the non-financial and financial assets owned by an institutional unit or sector minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net worth can also be conveniently expressed as non-financial assets plus net... | https://en.wikipedia.org/wiki?curid=405981 |
Net worth For individuals, net worth or wealth refers to an individual's net economic position, the value of the individual's assets minus liabilities. Examples of assets that an individual would factor into their net worth include retirement accounts, other investments, home(s), and vehicles. Liabilities include both ... | https://en.wikipedia.org/wiki?curid=405981 |
Net worth Other governments may utilize cash accounting in order to better foresee future fiscal events. The accrual-based system is more effective, however, when dealing with the overall transparency of a government's spending. Massive governmental organizations rely on consistent and effective accounting in order to ... | https://en.wikipedia.org/wiki?curid=405981 |
Time series A time series is a series of data points indexed (or listed or graphed) in time order. Most commonly, a time series is a sequence taken at successive equally spaced points in time. Thus it is a sequence of discrete-time data. Examples of time series are heights of ocean tides, counts of sunspots, and the da... | https://en.wikipedia.org/wiki?curid=406624 |
Time series This makes time series analysis distinct from cross-sectional studies, in which there is no natural ordering of the observations (e.g. explaining people's wages by reference to their respective education levels, where the individuals' data could be entered in any order). analysis is also distinct from spati... | https://en.wikipedia.org/wiki?curid=406624 |
Time series Additionally, time series analysis techniques may be divided into parametric and non-parametric methods. The parametric approaches assume that the underlying stationary stochastic process has a certain structure which can be described using a small number of parameters (for example, using an autoregressive ... | https://en.wikipedia.org/wiki?curid=406624 |
Time series There are several types of motivation and data analysis available for time series which are appropriate for different purposes and etc. In the context of statistics, econometrics, quantitative finance, seismology, meteorology, and geophysics the primary goal of time series analysis is forecasting. In the co... | https://en.wikipedia.org/wiki?curid=406624 |
Time series Curve fitting can involve either interpolation, where an exact fit to the data is required, or smoothing, in which a "smooth" function is constructed that approximately fits the data. A related topic is regression analysis, which focuses more on questions of statistical inference such as how much uncertaint... | https://en.wikipedia.org/wiki?curid=406624 |
Time series Alternatively polynomial interpolation or spline interpolation is used where piecewise polynomial functions are fit into time intervals such that they fit smoothly together. A different problem which is closely related to interpolation is the approximation of a complicated function by a simple function (als... | https://en.wikipedia.org/wiki?curid=406624 |
Time series One can distinguish two major classes of function approximation problems: First, for known target functions approximation theory is the branch of numerical analysis that investigates how certain known functions (for example, special functions) can be approximated by a specific class of functions (for exampl... | https://en.wikipedia.org/wiki?curid=406624 |
Time series One particular approach to such inference is known as predictive inference, but the prediction can be undertaken within any of the several approaches to statistical inference. Indeed, one description of statistics is that it provides a means of transferring knowledge about a sample of a population to the wh... | https://en.wikipedia.org/wiki?curid=406624 |
Time series In time-series segmentation, the goal is to identify the segment boundary points in the time-series, and to characterize the dynamical properties associated with each segment. One can approach this problem using change-point detection, or by modeling the time-series as a more sophisticated system, such as a... | https://en.wikipedia.org/wiki?curid=406624 |
Time series For these models, the acronyms are extended with a final "X" for "exogenous". Non-linear dependence of the level of a series on previous data points is of interest, partly because of the possibility of producing a chaotic time series. However, more importantly, empirical investigations can indicate the adva... | https://en.wikipedia.org/wiki?curid=406624 |
Time series See also Markov switching multifractal (MSMF) techniques for modeling volatility evolution. A Hidden Markov model (HMM) is a statistical Markov model in which the system being modeled is assumed to be a Markov process with unobserved (hidden) states. An HMM can be considered as the simplest dynamic Bayesian... | https://en.wikipedia.org/wiki?curid=406624 |
Time series Tools for investigating time-series data include: metrics or features that can be used for time series classification or regression analysis: can be visualized with two categories of chart: Overlapping Charts and Separated Charts. Overlapping Charts display all-time series on the same layout while Separated... | https://en.wikipedia.org/wiki?curid=406624 |
Corporate nationalism is a phrase that is used to convey various meanings: "Corporate Nationalism" may be used to describe a political philosophy and economic theory whose adherents are corporatists and believe that the basic unit of the society, be it the family or other corporate groups, has the same interests as the... | https://en.wikipedia.org/wiki?curid=408891 |
Corporate nationalism Some libertarians in the USA consider that the end of slavery coincided with the start of a regime "tainted" by aggressive "corporate nationalism", or government intervention into the economy. In this view, the destruction of chattel slavery preserved and perpetuated "bourgeois" slavery. | https://en.wikipedia.org/wiki?curid=408891 |
Fractional-reserve banking is the most common form of banking practised by commercial banks worldwide. It involves banks accepting deposits from customers and making loans to borrowers, while holding in reserve an amount equal to only a fraction of the bank's deposit liabilities. Bank reserves are held as cash in the b... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking Because banks hold reserves in amounts that are less than the amounts of their deposit liabilities, and because the deposit liabilities are considered money in their own right, fractional-reserve banking permits the money supply to grow beyond the amount of the underlying base money originall... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking As the notes were used directly in trade, the goldsmiths observed that people would not usually redeem all their notes at the same time, and they saw the opportunity to invest their coin reserves in interest-bearing loans and bills. This generated income for the goldsmiths but left them with ... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking In order to mitigate the impact of bank failures and financial crises, central banks were also granted the authority to centralize banks' storage of precious metal reserves, thereby facilitating transfer of gold in the event of bank runs, to regulate commercial banks, to impose reserve requir... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking Each bank is legally authorized to issue credit up to a specified multiple of its reserves, so reserves available to satisfy payment of deposit liabilities are less than the total amount which the bank is obligated to pay in satisfaction of demand deposits. ordinarily functions smoothly. Rela... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking The banks also provide longer-term loans to borrowers, and act as financial intermediaries for those funds. Less liquid forms of deposit (such as time deposits) or riskier classes of financial assets (such as equities or long-term bonds) may lock up a depositor's wealth for a period of time, ... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking Banks typically make loans by accepting promissory notes in exchange for credits they make to the borrowers' deposit accounts. Deposits created in this way are sometimes called derivative deposits and are part of the process of creation of money by commercial banks. Issuing loan proceeds in t... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking Rather than holding the quantity of base money fixed, central banks have recently pursued an interest rate target to control bank issuance of credit indirectly so the ceiling implied by the money multiplier does not impose a limit on money creation in practice. The money multiplier, "m", is t... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking Government controls and bank regulations related to fractional-reserve banking have generally been used to impose restrictive requirements on note issue and deposit taking on the one hand, and to provide relief from bankruptcy and creditor claims, and/or protect creditors with government fund... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking Such response can be, for instance: Because different funding options have different costs, and differ in reliability, banks maintain a stock of low cost and reliable sources of liquidity such as: As with reserves, other sources of liquidity are managed with targets. The ability of the bank t... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking An example of fractional-reserve banking, and the calculation of the "reserve ratio" is shown in the balance sheet below: In this example the cash reserves held by the bank is NZ$3,010m (NZ$201m Cash + NZ$2,809m Balance at Central Bank) and the Demand Deposits (liabilities) of the bank are NZ... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking " Lord Turner, formerly the UK's chief financial regulator, said "Banks do not, as too many textbooks still suggest, take deposits of existing money from savers and lend it out to borrowers: they create credit and money ex nihilo – extending a loan to the borrower and simultaneously crediting... | https://en.wikipedia.org/wiki?curid=415961 |
Fractional-reserve banking Austrian School economists such as Jesús Huerta de Soto and Murray Rothbard have also strongly criticized fractional-reserve banking, calling for it to be outlawed and criminalized. According to them, not only does money creation cause macroeconomic instability (based on the Austrian Business... | https://en.wikipedia.org/wiki?curid=415961 |
Big Tobacco is a name used to refer to the largest global tobacco industry companies. The six largest tobacco companies are Philip Morris International, Altria, British American Tobacco, Imperial Brands, Japan Tobacco International, and China Tobacco. | https://en.wikipedia.org/wiki?curid=417266 |
Chicago school of economics The is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. In the context of macroeconomics, it is connected to the freshwater school of macroeconomics, in contrast to th... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics Nonetheless, Kaufman (2010) says that the Chicago school can be generally characterized by the following: As of 2018, the University of Chicago Economics department, considered one of the world's foremost economics departments, has been awarded 13 Nobel Memorial Prize in Economic Sciences—mo... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics This group had diverse interests and approaches, but Knight, Simons, and Director in particular advocated a focus on the role of incentives and the complexity of economic events rather than on general equilibrium. Outside of Chicago, these early leaders were important influences on the Virgi... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics However, not all members of the department belong to the Chicago school of economics. As of 2019, the University of Chicago Economics Department has been awarded 6 John Bates Clark Medals (medalists were affiliated with the department when receiving the medals) since the medal was first awar... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics Jacob Viner (1892–1970) was in the faculty of Chicago's economics department for 30 years (1916–1946). He inspired a generation of economists at Chicago, including Milton Friedman. Aaron Director (1901–2004) had been a professor at Chicago's Law School since 1946. He is regarded as a founder... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics Milton Friedman (1912–2006) stands as one of the most influential economists of the late twentieth century. A student of Frank Knight, he was awarded the Nobel Prize in Economics in 1976 for, among other things, "A Monetary History of the United States" (1963). Friedman argued that the Great... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics He is best known for developing the "Economic Theory of Regulation", also known as regulatory capture, which says that interest groups and other political participants will use the regulatory and coercive powers of government to shape laws and regulations in a way that is beneficial to them.... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics Coase said that regardless of whether the judge ruled that the sweetmaker had to stop using his machinery, or that the doctor had to put up with it, they could strike a mutually beneficial bargain that reaches the same outcome of resource distribution. Only the existence of transaction costs... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics His work partly inspired the popular economics book "Freakonomics". In June 2011, the Becker Friedman Institute for Research in Economics was established at the University of Chicago in honor of Gary Becker and Milton Friedman. Robert Lucas (born 1937), who won the Nobel Prize in 1995, has d... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics thesis, "The Behavior of Stock Market Prices", showed that stock prices can be approximated by a random walk in the short-term; in later work he showed that insofar as stock prices are predictable in the long-term, it is largely due to rational time-varying risk premia which can be modelled ... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics Hansen began teaching at the University of Chicago in 1981 and is the David Rockefeller Distinguished Service Professor of economics at the University of Chicago. Although best known for his work on the Generalized method of moments, he is also a distinguished macroeconomist, focusing on the... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics During 1950–1962, Hayek was a faculty member of the Committee of Social Thought at the University of Chicago, where he conducted a number of influential faculty seminars. There were a number of Chicago academics who worked on research projects sympathetic to some of Hayek's own, such as Aaro... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics He stated that, "…I was disconcerted to find that the economic and political conservatives had acquired almost complete dominance over my department and taught that market decisions were always right and profit values the supreme ones… The opinions of my colleagues would have confined govern... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics Economist Brad DeLong of the University of California, Berkeley says the Chicago School has experienced an "intellectual collapse", while Nobel laureate Paul Krugman of Princeton University says that some recent comments from Chicago school economists are "the product of a Dark Age of macroe... | https://en.wikipedia.org/wiki?curid=417454 |
Chicago school of economics Critics counter there was a corresponding increase in income inequality and that the reforms had a negative influence on the economic policies of Ronald Reagan and Margaret Thatcher. In the years since the reforms were introduced, the economic system implemented by the "Chicago Boys" (a labe... | https://en.wikipedia.org/wiki?curid=417454 |
Economic anthropology is a field that attempts to explain human economic behavior in its widest historic, geographic and cultural scope. It is an amalgamation of economics and anthropology.It is practiced by anthropologists and has a complex relationship with the discipline of economics, of which it is highly critical.... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology As globalization became a reality, and the division between market and non-market economies – between "the West and the Rest" – became untenable, anthropologists began to look at the relationship between a variety of "types" of exchange within market societies. Neo-substantivists examine the ways ... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology In other words, reciprocity is an implicit part of gifting; no "free gift" is given without expectation of reciprocity. Mauss, however, posited that the gifts were not merely between individuals, but between representatives of larger collectivities. These gifts were, he argued, a "total prestation... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology Malinowski missed this insight in his 1922 work, ignoring women's exchanges in his research. Secondly, Weiner further developed Mauss' argument about reciprocity and the "spirit of the gift" in terms of inalienable possessions: "the paradox of keeping while giving." Weiner contrasted "moveable goo... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology The misunderstanding about what Mauss meant by "the spirit of the gift" led some anthropologists to contrast "gift economies" with "market economies," presenting them as polar opposites and implying that non-market exchange was always altruistic. Marshall Sahlins, a well-known American cultural an... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology Gregory argued that Commodity exchange is an exchange of alienable objects between people who are in a state of reciprocal independence that establishes a quantitative relationship between the objects exchanged… Gift exchange is an exchange of inalienable objects between people who are in a state ... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology This idea was taken up lastly by Jonathan Parry and Maurice Bloch, who argued in "Money and the Morality of Exchange" (1989) that the "transactional order" through which long-term social reproduction of the family takes place has to be preserved as separate from short-term market relations. In his... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology As the market became increasingly institutionalized, so too did early utopian socialist experiments such as the Children of Peace, in Sharon, Ontario, Canada. They built an ornate temple dedicated to sacralizing the giving of charity; this was eventually institutionalized as a mutual credit organi... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology Rather than emphasize how particular kinds of objects are either gifts or commodities to be traded in restricted spheres of exchange, Arjun Appadurai and others began to look at how objects flowed between these spheres of exchange. They shifted attention away from the character of the human relati... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology He argued that the term 'economics' has two meanings: the formal meaning refers to economics as the logic of rational action and decision-making, as rational choice between the alternative uses of limited (scarce) means. The second, substantive meaning, however, presupposes neither rational decisi... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology Schneider asserted that the neoclassical model of economics could be applied to any society if appropriate modifications are made, arguing that its principles have universal validity. For some anthropologists, the substantivist position does not go far enough. Stephen Gudeman, for example, argues ... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology While conceding that substantivism rightly emphasises the significance of social institutions in economic processes, Gudeman considers any deductive universal model, be it formalist, substantivist or Marxist, to be ethnocentric and tautological. In his view they all model relationships as mechanis... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology Culturalists tend to be both less taxonomic and more culturally relativistic in their descriptions while critically reflecting on the power relationship between the ethnographer (or 'modeller') and the subjects of his or her research. While substantivists generally focus on institutions as their u... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology Inspired by a collection on ""Trade and Market in the early Empires"" edited by Karl Polanyi, the substantivists conducted a wide comparative study of market behavior in traditional societies where such markets were embedded in kinship, religion and politics. They thus remained focused on the soci... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology This literature focuses on the "invisible work" done by those who fall outside the formal production process, such as the production of clothing by domestic workers, or those who are bound labourers in sweatshops. As these studies have shifted to the informal sector of western economies, the field... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology In processes of clientelization the cultivation of personal relationships between traders and customers assumes an equal or higher importance than the economic transactions involved. Economic exchanges are not carried out between strangers but rather by individuals involved in long-term continuing... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology A second collection, "Money and the morality of exchange" examined how "general purpose money" could be transformed into a "special purpose money" - how money could be "socialized" and stripped of its moral danger so that it abets domestic economies free of market demands. William Reddy undertook ... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology " Anthropologists have argued "that when something resembling barter "does" occur in stateless societies it is almost always between strangers, people who would otherwise be enemies." Barter occurred between strangers, not fellow villagers, and hence cannot be used to naturalistically explain the ... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology To sum up, multipurpose money in markets is like lubrication for machines - necessary for the most efficient function, but not necessary for the existence of the market itself." Barter may occur in commercial economies, usually during periods of monetary crisis. During such a crisis, currency may ... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology Dishonest individuals would have money baptized, which would then become an active agent; whenever used to buy goods, it would escape the till and return to its owner. Schrauwers similarly examines a situation where paper money was introduced for the first time, in early nineteenth century Ontario... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology " Ellen Hertz, in contrast, looked at the development of stock markets in Shanghai, China, and the particular ways in which this free market was embedded in local political and cultural realities; markets do not operate in the same manner in all countries. A similar study was done by Karen Ho on W... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology The edited collection, "Meanings of the market: the Free Market in Western Culture", examined the use of market models in policy-making in the United States. A second edited collection "Virtualism: A New Political Economy," examined the cultural and social effects on western nations forced to adhe... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology For example, in traditional Mexican villages, those of wealth would be called upon to fulfill "cargo offices" in the church, and host feasts in honour of the saints. These offices used up their economic capital, but in so doing, it was translated into status (symbolic capital) in the traditional r... | https://en.wikipedia.org/wiki?curid=418436 |
Economic anthropology Daromir Rudnyckyj has analyzed how neo-liberal economic discourses have been utilized by Indonesian Muslims operating the Krakatau Steel Company to create a "spiritual economy" conducive to globalization while enhancing the Islamic piety of workers. George Marcus has called for anthropologists to ... | https://en.wikipedia.org/wiki?curid=418436 |
World3 The model is a system dynamics model for computer simulation of interactions between population, industrial growth, food production and limits in the ecosystems of the earth. It was originally produced and used by a Club of Rome study that produced the model and the book "The Limits to Growth" (1972). The creato... | https://en.wikipedia.org/wiki?curid=418604 |
World3 In the context of the model, since land is finite, and industrial output required to produce fertilizer and other agricultural inputs can not keep up with demand, there necessarily will be a food collapse at some point in the future. The nonrenewable resource system starts with the assumption that the total amou... | https://en.wikipedia.org/wiki?curid=418604 |
World3 Persistent pollution peaks in the year 2035 at 11 times 1970s levels. There has been quite a bit of criticism of the model. Some has come from the model creators themselves, some has come from economists and some has come from other places. At least one study , however, claims that "30 years of historical data c... | https://en.wikipedia.org/wiki?curid=418604 |
World3 Vaclav Smil disagreed with the combination of physically different processes into simplified equations: He does however consider continuous growth in world GDP a problem: Others have put forth criticisms, such as Henshaw, King, and Zarnikau who in a 2011 paper, "Systems Energy Assessment" point out that the meth... | https://en.wikipedia.org/wiki?curid=418604 |
World3 So the 'growth lobby' has laughed and proclaimed that "Limits to Growth" and, by extension, the environmental movements may be forgotten. This entirely misses the point. Certainly the timescale of the problems was underestimated in "Limits to Growth", giving us a little more time than we thought. Moreover, durin... | https://en.wikipedia.org/wiki?curid=418604 |
Survival analysis is a branch of statistics for analyzing the expected duration of time until one or more events happen, such as death in biological organisms and failure in mechanical systems. This topic is called reliability theory or reliability analysis in engineering, duration analysis or duration modelling in eco... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis More generally, survival analysis involves the modelling of time to event data; in this context, death or failure is considered an "event" in the survival analysis literature – traditionally only a single event occurs for each subject, after which the organism or mechanism is dead or broken. "Recurrin... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis The table shows that other subjects were censored at 16, 28, and 45 weeks (observations 17, 6, and9 with status=0). The remaining subjects all experienced events (recurrence of aml cancer) while in the study. The question of interest is whether recurrence occurs later in maintained patients than in no... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis The log-rank test determines if the observed number of events in each group is significantly different from the expected number. The formal test is based on a chi-squared statistic. When the log-rank statistic is large, it is evidence for a difference in the survival times between the groups. The log-... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis The log-rank test is a special case of a Cox PH analysis, and can be performed using Cox PH software. This example uses the melanoma data set from Dalgaard Chapter 12. Data are in the R package ISwR. The Cox proportional hazards regression usingR gives the results shown in the box. The Cox regression ... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis The log of the thickness of the tumor looks to be more normally distributed, so the Cox models will use log thickness. The Cox PH analysis gives the results in the box. The p-value for all three overall tests (likelihood, Wald, and score) are significant, indicating that the model is significant. The ... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis Cox models can be extended to deal with variations on the simple analysis. The Cox PH regression model is a linear model. It is similar to linear regression and logistic regression. Specifically, these methods assume that a single line, curve, plane, or surface is sufficient to separate groups (alive,... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis In the node on the far left, the values 1/33 indicate that one of the 33 subjects in the node had an event, and that the relative event rate is 0.122. In the node on the far right bottom, the values 11/15 indicate that 11 of 15 subjects in the node had an event, and the relative event rate is 2.7. An ... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis The survival function is also called the "survivor function" or "survivorship function" in problems of biological survival, and the "reliability function" in mechanical survival problems. In the latter case, the reliability function is denoted "R"("t"). Usually one assumes "S"(0) = 1, although it coul... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis The lifetime distribution function, conventionally denoted "F", is defined as the complement of the survival function, If "F" is differentiable then the derivative, which is the density function of the lifetime distribution, is conventionally denoted "f", The function "f" is sometimes called the event... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis For a life aged x, the force of mortality t years later is the force of mortality for a (x + t)–year old. The hazard rate is also called the failure rate. Hazard rate and failure rate are names used in reliability theory. Any function "h" is a hazard function if and only if it satisfies the following ... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis This implies that formula_19 must not decrease too quickly, since, by definition, the cumulative hazard has to diverge. For example, formula_20 is not the hazard function of any survival distribution, because its integral converges to 1. The survival function "S"("t"), the cumulative hazard function Λ... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis If the survival of different individuals is independent, the number of survivors at age "t" has a binomial distribution with parameters "n" and "S"("t"), and the variance of the proportion of survivors is "S"("t") × (1-"S"("t"))/"n". The age at which a specified proportion of survivors remain can be f... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis If the event of interest has already happened before the subject is included in the study but it is not known when it occurred, the data is said to be "left-censored". When it can only be said that the event happened between two observations or examinations, this is "interval censoring". Left censorin... | https://en.wikipedia.org/wiki?curid=419259 |
Survival analysis For example, people may not be observed until they have reached the age to enter school. Any deceased subjects in the pre-school age group would be unknown. Left-truncated data are common in actuarial work for life insurance and pensions. Left-censored data can occur when a person's survival time beco... | https://en.wikipedia.org/wiki?curid=419259 |
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