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Common Monetary Area While the formal arrangements date back to 1974, they ultimately stem informal arrangements spanning back to prior to the formation of the Union of South Africa in 1910 and when the South African Reserve Bank was formed in 1921, the South African pound became the sole circulating legal tender in th...
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Common Monetary Area The currency agreement made between these countries is one of the most important issues in the agreement. As issued before, each country has the right to have their own national currencies. These currencies are only legal tender in their own countries. However, the South African Rand is tender thro...
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Common Monetary Area Also, there are no restrictions on international transactions between non-residents.
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Rank mobility index In demographics, the rank mobility index (RMI) is a measure of a city's change in population rank among a group of cities. Formally where A RMI value must be between −1 and 1. A RMI of 0 indicates no change.
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Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. A GAP policy covers the difference between the value of a car (i.e., what the insurance company will typically pay) and what the borrower owes on the loan if the car ...
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Unwins was a Kent-based chain of 381 off-licences selling alcoholic beverages, with outlets focused on London and the South East. was founded in 1843, and went insolvent on 19 December 2005. 200 of the former Unwin stores were subsequently sold to rival Thresher Group.<ref name="BBC 23/12/2005"></ref> was founded as a ...
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Unwins It was reported that the ultimate downfall of was due to its failure to adapt and evolve its offerings to the needs and requirements of the current market trends. Thresher Group, which then already had around 2,000 UK stores, including Wine Rack, Victoria Wines and Bottoms Up – were to convert its 200 stores int...
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Jacob Hollander Jacob Harry Hollander (1871–1940) was an American economist. Hollander was born in Baltimore, Maryland. He graduated from Johns Hopkins University with a BA in 1891, and a PhD in 1894. He became associate professor of finance there. In 1900, he became assistant professor of political economy, becoming f...
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Decoy effect In marketing, the decoy effect (or attraction effect or asymmetric dominance effect) is the phenomenon whereby consumers will tend to have a specific change in preference between two options when also presented with a third option that is "asymmetrically dominated". An option is asymmetrically dominated wh...
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Decoy effect Regularity means that it should not be possible for the market share of any alternative to increase when another alternative is added to the choice set. The new alternative should reduce, or at best leave unchanged, the choice share of existing alternatives. Regularity is violated in the example shown belo...
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Decoy effect Now suppose that a new player, "C", the "decoy", is added to the market; it is more expensive than both "A", the "target", and "B", the "competitor", and has more storage than "B" but less than "A": The addition of decoy "C" — which consumers would presumably avoid, given that a lower price can be paid for...
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Decoy effect Even though nobody picked the second option, when he removed that option the result was the inverse; 68% of the students picked the online only option, and 32% chose the print and web option. The decoy effect is usually measured by comparing the frequency of choice of the target, "A" in the absence of the ...
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Spring box A spring box is a structure engineered to allow groundwater to be obtained from a natural spring. The spring box functions to protect the spring water from contamination, normally by surface runoff or contact with human and animals, and provides a point of collection and a place for sedimentation. In many in...
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Inclusive Democracy (ID) is a project that aims for direct democracy; economic democracy in a stateless, moneyless and marketless economy; self-management (democracy in the social realm); and ecological democracy. The theoretical project of Inclusive Democracy—as distinguished from the political project on which the ID...
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Inclusive Democracy David Freeman argues that Fotopoulos' approach in that book "is not openly anarchism, yet anarchism seems the formal category within which he works, given his commitment to direct democracy, municipalism and abolition of state, money and market economy". Fotopoulos describes as "a new conception of ...
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Inclusive Democracy Therefore, an inclusive democracy is seen not simply as a utopia, but perhaps as the only way out of the crisis, based on the equal distribution of power at all levels. In this conception of democracy, the public realm includes not just the political realm, as is usual the practice in the republican...
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Inclusive Democracy The first three elements form the institutional framework, which aims at the equal distribution of political, economic and social power respectively. In this sense, these elements define a system, which aims at the effective elimination of the domination of human being over human being. Similarly, e...
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Inclusive Democracy the education of the individual as citizen, which alone can give substantive content to the public space. This is particularly so because democracy can only be grounded on the conscious choice of citizens for individual and collective autonomy. Thus it cannot be the outcome of any social, economic o...
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Inclusive Democracy Therefore, an inclusive democracy today can only take the form of a confederal democracy that is based on a network of administrative councils whose members or delegates are elected from popular face-to-face democratic assemblies in the various demoi. Thus, their role is purely administrative and pr...
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Inclusive Democracy a view which implies that citizenship entitles citizens with certain rights that they can exercise as means to the end of individual welfare. The ID project introduced a very different conception from the usual one of economic democracy. According to the ID project, economic democracy is the authori...
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Inclusive Democracy For economic democracy to be feasible, three preconditions must be satisfied: Demotic self-reliance, demotic ownership of the means of production, and confederal allocation of resources. A model of economic democracy, as an integral part of an inclusive democracy, is described in "Towards An Inclusi...
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Inclusive Democracy By contrast,Fotopoulos argues, Parecon follows the socialdemocratic rather than the anarcho-communist tradition and instead of proposing satisfaction according to need (as the ID project does) declares, first, that particular consumption needs such as health care or public parks will be free to all ...
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Inclusive Democracy According to Takis Fotopoulos, an artificial market "secures real freedom of choice, without incurring the adverse effects associated with real markets". The idea of an artificial market was first proposed by the anarchist theorists Pierre-Joseph Proudhon and Mikhail Bakunin with their respective sy...
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Inclusive Democracy The proposed system of the artificial market aims at: The former requires that basic macro–economic decisions have to be taken democratically, whereas the latter requires the individual to take important decisions affecting his/her own life (what work to do, what to consume, etc.). Both the macro–ec...
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Inclusive Democracy Advocates of Participism and Parecon in particular reject markets in all forms in favour of democratic participatory planning. While Parecon also uses personal credit in place of money, prices are set according to the direct requests of consumers in democratic "consumer councils" whose demands are r...
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Inclusive Democracy The assemblies are federated at the regional and confederal levels so that the confederal assemblies of workers, teachers, students and so on could be involved in a process of constant interaction with the citizens' confederal assemblies to define society's "general interest". A crucial issue with r...
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Inclusive Democracy The real issue is how, maintaining and enhancing the autonomy of the two realms, such institutional arrangements are adopted that introduce democracy at the household and the social realm in general (workplace, educational establishment etcetera) and at the same time enhance the institutional arrang...
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Inclusive Democracy This implies transcending the present 'instrumentalist' view of Nature, in which Nature is seen as an instrument for growth, within a process of endless concentration of power. Some critics of inclusive democracy ask what guarantees an inclusive democracy may offer in ensuring a better relationship ...
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Inclusive Democracy Still, the radical change in the dominant social paradigm that would follow the institution of an inclusive democracy, combined with the decisive role that paedeia will play in an environmentally-friendly institutional framework, could reasonably be expected to lead to a radical change in the human ...
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Inclusive Democracy If the satisfaction of demotic needs does not depend, as at present, on the continuous expansion of production to cover the 'needs' that the market system itself creates and if society is reintegrated with the economy, then there is no reason why the present instrumentalist view of nature will conti...
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Mikoto Usui is a Japanese born, US educated (MIT Faculty of Economics, PhD program) development economist and international scholar whose life work has centered on multilateral environmental diplomacy, sustainable development governance and science & technology for economic and social development. His recent research a...
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Quiet period In United States securities law, the quiet period (or waiting period) has "historically [meant], a quiet period of time extended from the time a company files a registration statement with the SEC until SEC staff declared the registration statement effective. During that period, the federal securities laws...
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Bilateral netting is a legally enforceable arrangement between a bank and a counterparty that creates a single legal obligation covering all included individual contracts. This means that a bank’s obligation, in the event of the default or insolvency of one of the parties, would be the net sum of all positive and negat...
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Vertical farming is the practice of growing crops in vertically stacked layers. It often incorporates controlled-environment agriculture, which aims to optimize plant growth, and soilless farming techniques such as hydroponics, aquaponics, and aeroponics. Some common choices of structures to house vertical farming syst...
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Vertical farming Additionally, crops are resistant to weather disruptions because of their placement indoors, meaning less crops lost to extreme or unexpected weather occurrences. Lastly, because of its limited land usage, vertical farming is less disruptive to the native plants and animals, leading to further conserva...
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Vertical farming A study has shown that, compared to conventional farming, hydroponic farming could increase the yield per area of lettuce by around 11 times while requiring 13 times less water. Due to these advantages, hydroponics is the predominant growing system used in vertical farming. The term "aquaponics" is coi...
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Vertical farming Unlike conventional hydroponics and aquaponics, aeroponics does not require any liquid or solid medium to grow plants in. Instead, a liquid solution with nutrients is misted in air chambers where the plants are suspended. By far, aeroponics is the most sustainable soil-less growing techniques, as it us...
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Vertical farming However, new builds are sometimes also constructed to house vertical farming systems. For example, a company named "Vertical Harvest" built a three-story hydroponic greenhouse next to a parking lot in Jackson, Wyoming, and aims to grow 100,000 lbs of produce annually. Recycled shipping containers are a...
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Vertical farming A company named “Growing Underground” claims to have built the world’s first underground farm, and is growing greens in a refurbished World War II bomb shelter 33 meters under Clapham, London. Their products are available in local supermarkets such as Whole Foods, Planet Organic, and M&S. Dickson Despo...
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Vertical farming Developers and local governments in multiple cities have expressed interest in establishing a vertical farm: Incheon (South Korea), Abu Dhabi (United Arab Emirates), Dongtan (China), New York City, Portland, Los Angeles, Las Vegas, Seattle, Surrey, Toronto, Paris, Bangalore, Dubai, Shanghai, and Beijin...
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Vertical farming The utilization of abandoned buildings to house vertical farms and other sustainable farming methods are a fact of the rapid urbanization of modern communities. In 2013 the Association for Vertical Farming (AVF) was founded in Munich (Germany). By May 2015, the AVF had expanded with regional chapters a...
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Vertical farming The company states that it can produce 10,000 heads of lettuce a day - 100 times the amount that could be produced with traditional agricultural methods, because their special purpose LED lights can decrease growing times by a factor of 2.5. Additionally, this can all be achieved with 40% less energy u...
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Vertical farming As opposed to a traditional farm where one type of crop is harvested per season, vertical farms allow for a multitude of different crops to be grown and harvested at once due to their individual land plots. According the USDA vertical farm produce only  travels short distance to reach stores compared t...
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Vertical farming Changes in rain patterns and temperature could diminish India's agricultural output by 30 percent by the end of the century." The issue of adverse weather conditions is especially relevant for arctic and sub-arctic areas like Alaska and northern Canada where traditional farming is largely impossible. F...
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Vertical farming Producing food indoors reduces or eliminates conventional plowing, planting, and harvesting by farm machinery, protecting soil, and reducing emissions. Traditional farming is often invasive to the native flora and fauna because it requires such a large area of arable land. One study showed that wood mo...
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Vertical farming Eventually as vertical farms become more efficient, the startup cost will be overcome, however even a vertical farm with a yield per hectare factor 50 times larger than a traditional farm’s yield, it would take 6–7 years for the vertical farm to break even in costs. Opponents question the potential pro...
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Vertical farming Bruce Bugbee claimed that the power demands of vertical farming would be uncompetitive with traditional farms using only natural light. Environmental writer George Monbiot calculated that the cost of providing enough supplementary light to grow the grain for a single loaf would be about $15. An article...
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Vertical farming Research conducted in 2015 compared the growth of lettuce in Arizona using conventional agricultural methods and a hydroponic farm. They determined that heating and cooling made up more than 80% of the energy consumption in the hydroponic farm, with the heating and cooling needing 7400 kJ per kilogram ...
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Vertical farming Greenhouses commonly supplement carbon dioxide levels to 3–4 times the atmospheric rate. This increase in CO increases photosynthesis rates by 50%, contributing to higher yields. Some greenhouses burn fossil fuels purely for this purpose, as other CO sources, such as those from furnaces, contain pollut...
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An Essay on the Principle of Population The book was first published anonymously in 1798, but the author was soon identified as Thomas Robert Malthus. The book warned of future difficulties, on an interpretation of the population increasing at a geometrical ratio (so as to double every 25 years) while an increase in fo...
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An Essay on the Principle of Population In 1830, 32 years after the first edition, Malthus published a condensed version entitled "A Summary View on the Principle of Population", which included responses to criticisms of the larger work. Between 1798 and 1826 Malthus published six editions of his famous treatise, updat...
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An Essay on the Principle of Population He explained this phenomenon by arguing that population growth generally expanded in times and in regions of plenty until a relatively large size of population, relative to a more modest supply of primary resources, caused distress: Malthus also saw that societies through history...
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An Essay on the Principle of Population Malthus highlighted the difference between governmentally instituted welfare and privately supported benevolence and proposed a gradual abolition of poor laws which he thought would be accompanied by a mitigation of the circumstances within which people would need relief and by p...
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An Essay on the Principle of Population In the First Edition of his Essay (1798) Malthus reasoned that the constant threat of poverty and starvation served to teach the virtues of hard work and virtuous behaviour. "Had population and food increased in the same ratio, it is probable that man might never have emerged fro...
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An Essay on the Principle of Population This, indeed, will generally be the case, if the increase of manufactures and commerce be sufficient to employ the new labourers that are thrown into the market, and to prevent the increased supply from lowering the money-price. But an increased number of labourers receiving the ...
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An Essay on the Principle of Population On the other hand, "preventive checks" to population that limited birthrates, such as later marriages, could ensure a higher standard of living for all, while also increasing economic stability. The full title of the first edition of Malthus' essay was ""An Essay on the Principle...
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An Essay on the Principle of Population This aspect of Malthus' Principle of Population, together with his assertion that food supply was subject to a linear growth model, would remain unchanged in future editions of his essay. Note that Malthus actually used the terms geometric and arithmetic, respectively. Chapter 3 ...
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An Essay on the Principle of Population In this way, the principle of population would "tend rather to promote, than impede the general purpose of Providence." The 1st edition influenced writers of natural theology such as William Paley and Thomas Chalmers. Following both widespread praise and criticism of his essay, M...
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An Essay on the Principle of Population By far the biggest change was in how the 2nd to 6th editions of the essay were structured, and the most copious and detailed evidence that Malthus presented, more than any previous such book on population. Essentially, for the first time, Malthus examined his own Principle of Pop...
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An Essay on the Principle of Population The order and harmony of the feast is disturbed, the plenty that before reigned is changed into scarcity; and the happiness of the guests is destroyed by the spectacle of misery and dependence in every part of the hall, and by the clamorous importunity of those, who are justly en...
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An Essay on the Principle of Population Malthus wrote "A Summary View" for those who did not have the leisure to read the full essay and, as he put it, "to correct some of the misrepresentations which have gone abroad respecting two or three of the most important points of the Essay". "A Summary View" ends with a defen...
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An Essay on the Principle of Population According to Peterson, William Pitt the Younger (in office: 1783–1801 and 1804–1806), on reading the work of Malthus, withdrew a Bill he had introduced that called for the extension of Poor Relief. Concerns about Malthus's theory helped promote the idea of a national population c...
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An Essay on the Principle of Population Other theoretical and political critiques of Malthus and Malthusian thinking emerged soon after the publication of the first "Essay on Population", most notably in the work of Robert Owen, of the essayist William Hazlitt (1807) and of the economist Nassau William Senior, and mora...
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An Essay on the Principle of Population Engels and Marx argued that what Malthus saw as the problem of the pressure of population on the means of production actually represented the pressure of the means of production on population. They thus viewed it in terms of their concept of the reserve army of labour. In other w...
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An Essay on the Principle of Population It is possible that this discrepancy between Russian and English realities contributed to the rejection of Malthus’ "Essay on the Principle of Population" by key Russian thinkers. Another difference which contributed to the confusion and ultimately the rejection of Malthus's argu...
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An Essay on the Principle of Population From the opposite angle, Romanian American economist Nicholas Georgescu-Roegen, a progenitor in economics and a paradigm founder of ecological economics, has argued that Malthus was too optimistic, as he failed to recognize any upper limit to the growth of population — only, the ...
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An Essay on the Principle of Population Political advisor Jeremy Rifkin and ecological economist Herman Daly, two students of Georgescu-Roegen, have raised similar neo-Malthusian concerns about the long run drawbacks of modern mechanised agriculture. Anthropologist Eric Ross depicts Malthus's work as a rationalization ...
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An Essay on the Principle of Population Darwin referred to Malthus as "that great philosopher", and said of his "On the Origin of Species": "This is the doctrine of Malthus, applied with manifold force to the animal and vegetable kingdoms, for in this case there can be no artificial increase of food, and no prudential ...
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An Essay on the Principle of Population Isaac Asimov also produced many essays on topics related to overpopulation. Ecological economist Herman Daly has recognized the influence of Malthus on his own work on steady-state economics. Other scholars have more linked population and economics to a third variable, political ...
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An Essay on the Principle of Population Nevertheless, Malthus was essentially right." The Malthusian growth model now bears Malthus's name. The logistic function of Pierre François Verhulst (1804–1849) results in the S-curve. Verhulst developed the logistic growth model favored by so many critics of the Malthusian grow...
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Meat market A meat market is, traditionally, a marketplace where meat is sold, often by a butcher. It is a specialized wet market. The term is sometimes used to refer to a meat retail store or butcher's shop, in particular in North America. A butcher specializes in the preparation and sale of meat. Butchers sometimes o...
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Lange model The (or Lange–Lerner theorem) is a neoclassical economic model for a hypothetical socialist economy based on public ownership of the means of production and a trial-and-error approach to determining output targets and achieving economic equilibrium and Pareto efficiency. In this model, the state owns non-la...
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Lange model The has never been implemented anywhere, not even in Oskar Lange's home country, Poland, where Soviet-type economic planning was imposed after World War II, precluding experimentation with Lange-style economy. Some parallels might be drawn with the New Economic Mechanism or so-called Goulash Communism in Hu...
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Lange model To achieve Pareto efficiency, a set of conditions must be formulated in stages. This idea of deriving conditions to ensure that consumer preferences are in balance with the maximum amount of goods and services produced is emphasized by Walras. The theorem indicates that a socialist economy based on public o...
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Lange model To produce the correct amount of goods and services, the suggests a trial-and-error method. If there is a surplus of a particular good, the central planning board lowers the price of that good. Conversely, if there is a shortage of a good, the board raises the price. This process of price adjustments takes ...
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Lange model Another advantage argued by Lange was that externalities could be better accounted for, thanks to the state's ability to manipulate resource prices. Because the state controls all firms, they could easily factor the cost of an externality into the price of a certain resource. Because decisions are made at h...
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Lange model He also criticized the model on logical grounds by pointing out that any system which posits state ownership of enterprise requires the continuous intervention by force from the state as any time an individual started a private enterprise the state must either shut it down or seize it, or use force to deter...
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Generalized expected utility is a decision-making metric based on any of a variety of theories that attempt to resolve some discrepancies between expected utility theory and empirical observations, concerning choice under risky (probabilistic) circumstances. The expected utility model developed by John von Neumann and ...
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Generalized expected utility Since then, generalizations of expected utility theory have proliferated, but the probably most frequently used model is nowadays cumulative prospect theory, a rank-dependent development of prospect theory, introduced in 1992 by Daniel Kahneman and Amos Tversky. Given its motivations and ap...
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Agreement on Agriculture The (AoA) is an international treaty of the World Trade Organization. It was negotiated during the Uruguay Round of the General Agreement on Tariffs and Trade, and entered into force with the establishment of the WTO on January 1, 1995. The idea of replacing agricultural price support with dire...
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Agreement on Agriculture In the meantime, the global economy had entered a cycle of recession, and the perception that opening up markets could improve economic conditions led to calls for a new round of multilateral trade negotiations. The round would open up markets in services and high-technology goods, ultimately g...
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Agreement on Agriculture The WTO negotiated in the Uruguay Round (1986–1994) includes the classification of subsidies by "boxes" depending on consequences of production and trade: amber (most directly linked to production levels), blue (production-limiting programmes that still distort trade), and green (minimal distor...
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Agreement on Agriculture The 1995 consists of tariff reductions of: Least developed countries (LDCs) were exempt from tariff reductions, but they either had to convert non-tariff barriers to tariffs—a process called tariffication—or "bind" their tariffs, creating a ceiling that could not be increased in future. Export ...
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Agreement on Agriculture While some green box payments only had a minor effect on production and trade, others have a significant impact. According to countries' latest official reports to the WTO, the United States provided $76 billion (more than 90% of total spending) in green box payments in 2007, while the European...
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Agreement on Agriculture on 18 July 2017 India and China jointly submitted a proposal to the World Trade Organization (WTO) calling for the elimination – by developed countries – of the most trade-distorting form of farm subsidies, known in WTO parlance as Aggregate Measurement of Support (AMS) or 'Amber Box' support a...
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Agreement on Agriculture In turn, the G33 bloc of developing countries, a major SSM proponent, has argued that breaches of bound tariffs should not be ruled out if the SSM is to be an effective remedy. A 2010 study by the International Centre for Trade and Sustainable Development simulated the consequences of SSM on gl...
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Institutional customers is a term used in the financial services industry to differentiate retail customers and corporate customers from other financial institutions such as banks, insurance companies and investment management companies. In several jurisdictions financial institutions may be able to enter transactions ...
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In kind In economics and finance, in kind refers to goods, services, and transactions not involving money or not measured in monetary terms. For example:
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Abucco In Pegu, Burma, the abucco (plural abucci) was a unit of mass used for gold and silver. It was approximately 196.44 grams or 6.316 troy ounces. Other units of mass were:
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Industry Classification Benchmark The (ICB) is an industry classification taxonomy launched by Dow Jones and FTSE in 2005 and now used by FTSE International and STOXX. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 10 industries, partitioned into 19 supersectors, which ar...
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Strategy visualization is any kind of (semi-artistic) infographics for visualization of a business strategy.
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HousePriceCrash is a website about the housing bubble and general affordability in the British property market. Its daily news blog was ranked by "The Times" as one of the top 25 property blogs and one of the top 50 business blogs. "The Times" has described the website as "where you can check whether your home is about...
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HousePriceCrash The website's former spokesman Jonathan Davis made various appearances in the media, including BBC Breakfast, BBC 6 O'clock and 10 O'clock News, Politics Show, Moneybox, Sky News, "Panorama", ITN's "The Tonight Programme" and Bloomberg TV, as well as numerous radio appearances (e.g. Jeremy Vine, BBC Rad...
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Fast-track voluntary arrangement When an individual been made bankrupt in the UK it's legal and advisable to have a make use of an IVA referred to as a "fast-track individual voluntary arrangement" which implies the bankruptcy order can be annulled if all the terms have been fulfilled. It is necessary to put forward a ...
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Model selection is the task of selecting a statistical model from a set of candidate models, given data. In the simplest cases, a pre-existing set of data is considered. However, the task can also involve the design of experiments such that the data collected is well-suited to the problem of model selection. Given cand...
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Model selection , chemical reactions) underlying the data. Once the set of candidate models has been chosen, the statistical analysis allows us to select the best of these models. What is meant by "best" is controversial. A good model selection technique will balance goodness of fit with simplicity . More complex model...
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Model selection The most commonly used criteria are (i) the Akaike information criterion and (ii) the Bayes factor and/or the Bayesian information criterion (which to some extent approximates the Bayes factor). Among these criteria, cross-validation is typically the most accurate, and computationally the most expensive...
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Accumulator (energy) An accumulator is an energy storage device: a device which accepts energy, stores energy, and releases energy as needed. Some accumulators accept energy at a low rate (low power) over a long time interval and deliver the energy at a high rate (high power) over a short time interval. Some accumulato...
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T1 General The or T1 (entitled "Income Tax and Benefit Return") is the form used in Canada by individuals to file their personal income tax return. Individuals with tax payable during a calendar year must use the T1 to file their "total income" from all sources, including employment and self-employment income, interest...
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National Trust and Savings Association (NT&SA) is a designation used by national banks in the United States to denote their national charter. It is significantly less popular than the standard designation National Association (N.A.). Notably, it was used until 1998 by Bank of America NT&SA, the only major bank to utili...
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