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Input–output model Input–output economics has been used to study regional economies within a nation, and as a tool for national and regional economic planning. A main use of input–output analysis is to measure the economic impacts of events as well as public investments or programs as shown by IMPLAN and Regional Input... | https://en.wikipedia.org/wiki?curid=1036651 |
Input–output model Input–output planning was never adopted because the material balance system had become entrenched in the Soviet economy, and input–output planning was shunned for ideological reasons. As a result, the benefits of consistent and detailed planning through input–output analysis were never realized in th... | https://en.wikipedia.org/wiki?curid=1036651 |
Input–output model This is because while most uses of the input–output analysis focus on the matrix set of inter-industry exchanges, the actual focus of the analysis from the perspective of most national statistical agencies is the benchmarking of gross domestic product. Input–output tables therefore are an instrumenta... | https://en.wikipedia.org/wiki?curid=1036651 |
Input–output model Despite the clear ability of the input–output model to depict and analyze the dependence of one industry or sector on another, Leontief and others never managed to introduce the full spectrum of dependency relations in a market economy. In 2003, Mohammad Gani, a pupil of Leontief, introduced consiste... | https://en.wikipedia.org/wiki?curid=1036651 |
Report on Manufactures The Report on the Subject of Manufactures, generally referred to by its shortened title Report on Manufactures, is the third major report, and "magnum opus", of American founding father and first U.S. Treasury Secretary Alexander Hamilton. It was presented to Congress on December 5, 1791. It laid... | https://en.wikipedia.org/wiki?curid=1038174 |
Report on Manufactures These policies would not only promote the growth of manufacturing but provide diversified employment opportunities and promoted immigration into the young United States. They would also expand the applications of technology and science for all quarters of the economy, including agriculture. Hamil... | https://en.wikipedia.org/wiki?curid=1038174 |
Report on Manufactures The Jeffersonian Democratic-Republican Party's main objection to subsidy was their fear that subsidy would lead to corruption and favoritism of certain sections of the new nation over others; namely the north over the agrarian south. This divide (north vs. south) would come up again and again in ... | https://en.wikipedia.org/wiki?curid=1038174 |
Homo Oeconomicus is a quarterly peer-reviewed academic journal covering studies in classical and neoclassical economics, public and social choice theory, law and economics, and philosophy of economics. It was established in 1983 as an occasional series concerned with aspects of the "Homo economicus concept". The foundi... | https://en.wikipedia.org/wiki?curid=1042642 |
Eurobond (external bond) A eurobond is an international bond that is denominated in a currency not native to the country where it is issued. Also called external bond; "external bonds which, strictly, are neither eurobonds nor foreign bonds would also include: foreign currency denominated domestic bonds…" It can be cat... | https://en.wikipedia.org/wiki?curid=1043930 |
Eurobond (external bond) Their conception was largely a reaction against the imposition of the Interest Equalization Tax in the United States. The goal of the tax was to reduce the US balance-of-payment deficit by reducing American demand for foreign securities. Americans could bypass the costly tax and Europeans could... | https://en.wikipedia.org/wiki?curid=1043930 |
Intertemporal consumption Economic theories of intertemporal consumption seek to explain people's preferences in relation to consumption and saving over the course of their lives. The earliest work on the subject was by Irving Fisher and Roy Harrod, who described 'hump saving', hypothesizing that savings would be highe... | https://en.wikipedia.org/wiki?curid=1045866 |
Intertemporal consumption In a review of the literature, Courant, Gramlich and Laitner (1984) note "but for all its elegance and rationality, the life-cycle model has not tested out very well". The main discrepancies between predicted and actual behaviour is that people drastically 'underconsume' early and late in thei... | https://en.wikipedia.org/wiki?curid=1045866 |
Intertemporal consumption Drawing upon empirical studies of consumption, superannuation and windfall gains they hypothesize that the MPC is close to one out of current income, close to zero for future income and somewhere in between with respect to current assets. These differing MPCs explain why people 'overconsume' d... | https://en.wikipedia.org/wiki?curid=1045866 |
Shift work is an employment practice designed to make use of, or provide service across, all 24 hours of the clock each day of the week (often abbreviated as "24/7"). The practice typically sees the day divided into shifts, set periods of time during which different groups of workers perform their duties. The term "shi... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work This may be due to alterations in circadian rhythm: melatonin, a known tumor suppressor, is generally produced at night and late shifts may disrupt its production. The WHO's International Agency for Research on Cancer listed "shift work that involves circadian disruption" as a probable carcinogen. may also i... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work Artificial lighting may additionally contribute to disturbed homeostasis. may also increase a person's risk of smoking. The health consequences of shift work may depend on chronotype, that is, being a day person or a night person, and what shift a worker is assigned to. When individual chronotype is opposite... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work Longer shifts are also associated with more injuries and accidents: 10-hour shifts had 13% more and 12-hour shifts had 28% more than 8-hour shifts. Other studies have shown a link between fatigue and workplace injuries and accidents. Workers with sleep deprivation are far more likely to be injured or involve... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work Overall, night shift sleep quality was worse in shift workers than those who just worked the day shift, whereas 6-day shift provided better sleep quality compared to the 21-day shift. has been shown to negatively affect workers, and has been classified as a specific disorder (shift work sleep disorder). Circ... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work The EU directive allows for limited derogations from the regulation, and special provisions allow longer working hours for transportation and offshore workers, fishing vessel workers, and doctors in training (see also medical resident work hours). Fatigue due to shift work has contributed to several industri... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work These practices and policies can include selecting an appropriate shift schedule or rota and using an employee scheduling software to maintain it, setting the length of shifts, managing overtime, increasing lighting levels, providing shift worker lifestyle training, retirement compensation based on salary in... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work was once characteristic primarily of the manufacturing industry, where it has a clear effect of increasing the use that can be made of capital equipment and allows for up to three times the production compared to just a day shift. It contrasts with the use of overtime to increase production at the margin. Bo... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work Rotation of shifts can be fast, in which a worker changes shifts more than once a week, or slow, in which a worker changes shifts less than once a week. Rotation can also be forward, when a subsequent shift starts later, or backward, when a subsequent shift starts earlier. Evidence supports forward rotating ... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work This includes blocking out noise and light during sleep, maintaining a regular, predictable sleep routine, avoiding heavy foods and alcohol before sleep, and sleeping in a comfortable, cool environment. Alcohol consumption, caffeine consumption and heavy meals in the few hours before sleep can worsen shift w... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work Through this process, the shift hours are evened out by human-driven market mechanism rather than an algorithmic process. This openness can lead to work hours that are tailored to an individual's lifestyle and schedule while ensuring that shifts are optimally filled, in contrast to the generally poor human o... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work In post-marketing surveillance, modafinil was associated with Stevens–Johnson syndrome. The European Medicines Agency withdrew the license for modafinil for shift workers for the European market because it judged that the benefits did not outweigh the adverse effects. Using caffeine and naps before night shi... | https://en.wikipedia.org/wiki?curid=1051985 |
Shift work 7%) and health-care and social assistance (52.3%) industries. It is estimated that 15-20% of workers in industrialized countries are employed in shift work. is common in the transportation sector as well. Some of the earliest instances appeared with the railroads, where freight trains have clear tracks to ru... | https://en.wikipedia.org/wiki?curid=1051985 |
John Gray (philosopher) John Nicholas Gray (born 17 April 1948) is an English political philosopher with interests in analytic philosophy and the history of ideas. He retired in 2008 as School Professor of European Thought at the London School of Economics and Political Science. Gray contributes regularly to "The Guard... | https://en.wikipedia.org/wiki?curid=1053576 |
John Gray (philosopher) He formerly held posts as lecturer in political theory at the University of Essex, fellow and tutor in politics at Jesus College, Oxford, and lecturer and then professor of politics at the University of Oxford. He has served as a visiting professor at Harvard University (1985–86) and Stranahan F... | https://en.wikipedia.org/wiki?curid=1053576 |
John Gray (philosopher) On liberalism, Gray identified the common strands in liberal thought as being "individualist", "egalitarian", "meliorist", and "universalist". The individualist element avers the ethical primacy of the human being against the pressures of social collectivism, the egalitarian element assigns the ... | https://en.wikipedia.org/wiki?curid=1053576 |
John Gray (philosopher) Seeming improvements, if there are any, can very easily be reversed: one example he has cited has been the use of torture by the United States against terrorist suspects. "What's interesting," Gray said in an interview in 032c magazine, "is that torture not only came back, but was embraced by li... | https://en.wikipedia.org/wiki?curid=1053576 |
John Gray (philosopher) Communism, fascism and "global democratic capitalism" are characterised by Gray as Enlightenment "projects" which have led to needless suffering, in Gray's view, as a result of their ideological allegiance to this religion. The term agonistic liberalism appears in Gray's 1995 book "Isaiah Berlin... | https://en.wikipedia.org/wiki?curid=1053576 |
John Gray (philosopher) Friedrich Hayek described Gray's 1984 book "Hayek on Liberty" as "The first survey of my work which not only fully understands but is able to carry on my ideas beyond the point at which I left off." Gray has discussed James Lovelock's new ideas on evolution's next step: a species beyond humanity... | https://en.wikipedia.org/wiki?curid=1053576 |
John Gray (philosopher) Ballard in "The Daily Telegraph"; by George Walden in "The Sunday Telegraph"; by Will Self, Joan Bakewell, Jason Cowley and David Marquand in the "New Statesman"; by Andrew Marr in "The Observer"; by Jim Crace in "The Times"; by Hugh Lawson Tancred in "The Spectator"; by Richard Holloway in the ... | https://en.wikipedia.org/wiki?curid=1053576 |
John Gray (philosopher) " Postel also claimed that too much of "Straw Dogs" rested on "blanket assertion", and criticised Gray's use of the term "plague of people" as an outdated "neo-Malthusian persiflage about overpopulation". Postel strongly condemned Gray for outlining "complete political passivity. There is no poi... | https://en.wikipedia.org/wiki?curid=1053576 |
Roughneck is a term for a person whose occupation is hard manual labor. The term applies across a number of industries, but is most commonly associated with the workers on a drilling rig. The ideal of the hard-working, tough roughneck has been adopted by several sports teams who use the phrase as part of their name or ... | https://en.wikipedia.org/wiki?curid=1060644 |
Roughneck The Edmonton Oilers of the National Hockey League used to use an oil rigging roughneck with an ice hockey stick as one of their secondary logos. The roughneck, as a symbol of hard work and fortitude, was the inspiration for the Calgary Roughnecks lacrosse team, as well as the Tulsa Roughnecks of the North Ame... | https://en.wikipedia.org/wiki?curid=1060644 |
Brazilian cruzado The cruzado was the currency of Brazil from 1986 to 1989. It replaced the second cruzeiro (at first called the "cruzeiro novo") in 1986, at a rate of 1 cruzado = 1000 cruzeiros (novos) and was replaced in 1989 by the cruzado novo at a rate of 1000 cruzados = 1 cruzado novo. This currency was subdivide... | https://en.wikipedia.org/wiki?curid=1062283 |
Tax wedge The tax wedge is the deviation from the equilibrium price/quantity (formula_1 and formula_2, respectively) as a result of the taxation of a good. Because of the tax, consumers pay more for the good (formula_3) than they did before the tax, and suppliers receive less for the good (formula_4) than they did befo... | https://en.wikipedia.org/wiki?curid=1632834 |
Tax wedge Thus, the equilibrium quantity of a taxed good is lower than the equilibrium quantity when the same good is not taxed. The deadweight loss created by the tax is equal to formula_10, represented by the shaded triangle in the figure. There are two types of tax incidence or tax burden created by a tax: the statu... | https://en.wikipedia.org/wiki?curid=1632834 |
Tax wedge For example, consumers of tobacco products typically bear more of the tax on tobacco, because they are addicted to the product and their consumption is not strongly affected by price changes (demand is inelastic). Producers bear more of the tax when supply is inelastic; for example, producers of beachfront ho... | https://en.wikipedia.org/wiki?curid=1632834 |
Progressive discipline is a system of discipline where the penalties increase upon repeat occurrences. This term is often used in an employment or human resources context where rather than terminating employees for first or minor infractions, there is a system of escalating responses intended to correct the negative be... | https://en.wikipedia.org/wiki?curid=1637972 |
Triangular arbitrage (also referred to as cross currency arbitrage or three-point arbitrage) is the act of exploiting an arbitrage opportunity resulting from a pricing discrepancy among three different currencies in the foreign exchange market. A triangular arbitrage strategy involves three trades, exchanging the initi... | https://en.wikipedia.org/wiki?curid=1643024 |
Triangular arbitrage However, if an inequality exists between the market cross exchange rate, formula_2, and the implicit cross exchange rate, formula_6, then there exists an opportunity for arbitrage profits on the difference between the two exchange rates. Some international banks serve as market makers between curre... | https://en.wikipedia.org/wiki?curid=1643024 |
Triangular arbitrage 1971 €/£ (by calculating 1.4650 × 0.8171 = 1.1971), meaning that Crédit Agricole has narrowed its bid-ask spread to serve as a market maker between the euro and the pound. Although the market suggests the implicit cross exchange rate should be 1.1971 euros per pound, Crédit Agricole is selling poun... | https://en.wikipedia.org/wiki?curid=1643024 |
Triangular arbitrage Further, most arbitrage opportunities were found to have small magnitudes, with 94% of JPY and CHF opportunities existing at a difference of 1 basis point, which translates into a potential arbitrage profit of $100 USD per $1 million USD transacted. Tests for seasonality in the amount and duration ... | https://en.wikipedia.org/wiki?curid=1643024 |
Triangular arbitrage This correspondence is substantiated by the observation of narrower bid-ask spreads during periods of high liquidity, resulting in a greater potential for mispricings and therefore arbitrage opportunities. However, market forces are driven to correct for mispricings due to a high frequency of trade... | https://en.wikipedia.org/wiki?curid=1643024 |
Triangular arbitrage For example, if a trader places each trade as a limit order to be filled only at the arbitrage price and a price moves due to market activity or new price is quoted by the third party, then the triangular transaction will not be completed. In such a case, the arbitrageur will face a cost to close o... | https://en.wikipedia.org/wiki?curid=1643024 |
Local multiplier effect The local multiplier effect (sometimes called the local premium) is the additional economic benefit accrued to an area from money being spent in the local economy. The concept has been taken up by advocates for "spend local" campaigns in addition to more formal treatments in the area of regional... | https://en.wikipedia.org/wiki?curid=1644518 |
Local multiplier effect This section will lay out the current theory as to how local multipliers operate in the local economy, its policy implications, and highlight current research into the magnitude of the effect. In discussing local multipliers, regional economists focus on differences in job creation in the tradab... | https://en.wikipedia.org/wiki?curid=1644518 |
Local multiplier effect This results in a higher multiplier. Elasticity of local labor and housing supply refers to that the fact whenever there is an influx of new people with higher than average wages to an area, average prices will rise. This can in turn push out some residents with below average wages into lower co... | https://en.wikipedia.org/wiki?curid=1644518 |
Local multiplier effect An alternative solution proposed by Enrico Moretti is for the government to subsidize relocation costs for workers currently in areas with high unemployment to areas with industries that provide high local multipliers. Several scholars have found strong evidence for the presence of the local mul... | https://en.wikipedia.org/wiki?curid=1644518 |
Local multiplier effect A comparison study of local multiplier effects in Sweden revealed similar multiplier effects as those found in the United States. The study found that while sizable effects did occur, on average, they were smaller than the effects found in the United States. For Sweden, adding a high-skilled job... | https://en.wikipedia.org/wiki?curid=1644518 |
Stock keeping unit In the field of inventory management, a stock keeping unit (SKU ) is a distinct type of item for sale, such as a product or service, and all attributes associated with the item type that distinguish it from other item types. For a product, these attributes could include manufacturer, description, mat... | https://en.wikipedia.org/wiki?curid=1644704 |
Canned response Canned responses are predetermined responses to common questions. In fields such as technical support, canned responses to frequently asked questions may be an effective solution for both the customer and the technical adviser, as they offer the possibility to provide a quick answer to common inquiries ... | https://en.wikipedia.org/wiki?curid=1647998 |
Canned response Chatbots can be used to provide users with a fully automated access to a broad set of canned responses. Chatbots can vary in sophistical, from rule-based programs offering the same answer to every user to programs using technologies such as artificial intelligence to adapt answers to the particular situ... | https://en.wikipedia.org/wiki?curid=1647998 |
No-arbitrage bounds In financial mathematics, no-arbitrage bounds are mathematical relationships specifying limits on financial portfolio prices. These price bounds are a specific example of good-deal bounds, and are in fact the greatest extremes for good-deal bounds. The most frequent nontrivial example of no-arbitrag... | https://en.wikipedia.org/wiki?curid=1648293 |
Trigger strategy In game theory, a trigger strategy is any of a class of strategies employed in a repeated non-cooperative game. A player using a trigger strategy initially cooperates but punishes the opponent if a certain level of defection (i.e., the trigger) is observed. The level of "punishment" and the sensitivity... | https://en.wikipedia.org/wiki?curid=1650025 |
Remuneration is the pay or other financial compensation provided in exchange for an employee's "services performed" (not to be confused with giving (away), or donating, or the act of providing to). A number of complementary benefits in addition to pay are increasingly popular remuneration mechanisms. is one component o... | https://en.wikipedia.org/wiki?curid=1650660 |
Plantation economy A plantation economy is an economy based on agricultural mass production, usually of a few commodity crops grown on large farms called plantations. Plantation economies rely on the export of cash crops as a source of income. Prominent crops included cotton, rubber, sugar cane, tobacco, figs, rice, ka... | https://en.wikipedia.org/wiki?curid=1653010 |
Plantation economy This economy of scale can be achieved best with tropical crops that are harvested continuously through the year, fully utilising the processing machinery. Examples of crops that are suitable to be processed are sugar, sisal, palm oil, and tea. In the Thirteen Colonies, plantations were concentrated i... | https://en.wikipedia.org/wiki?curid=1653010 |
Plantation economy 4 million and the percentage was 32% of the population. Fewer than one-third of Southern families owned slaves at the peak of slavery prior to the Civil War. In Mississippi and South Carolina the figure approached one half. The total number of slave owners was 385,000 (including, in Louisiana, some f... | https://en.wikipedia.org/wiki?curid=1653010 |
Plantation economy The plantation system peaked in the first half of the 18th century, but later on, during the middle of 19th century, there was a significant increase in demand for cotton from European countries, which means there was a need for expanding the plantation in the southern parts of United States. This ma... | https://en.wikipedia.org/wiki?curid=1653010 |
Plantation economy Underneath the slave ship's decks, Africans were held chest-to-chest and could not do much moving. There was waste and urine throughout the hold; this caused the captives to get sick and to die from illnesses that could not be cured. As the plantation economy expanded, the slave trade grew to meet th... | https://en.wikipedia.org/wiki?curid=1653010 |
Plantation economy One plot was lying fallow, one plot was growing cane, and the final plot was being harvested. During the December–May rainy season, slaves planted, fertilized with animal dung, and weeded. From January to June, they harvested the cane by chopping the plants off close to the ground, stripping the leav... | https://en.wikipedia.org/wiki?curid=1653010 |
Plantation economy The currency for the Georgia colony was the Pound sterling, a gold coin or very light green bill with the national pound symbol. The currency is worth about one and one half U.S. dollar. The currency for the New York was at the time of the colony the New York pound. This currency was primarily used a... | https://en.wikipedia.org/wiki?curid=1653010 |
Basic needs The basic needs approach is one of the major approaches to the measurement of absolute poverty in developing countries. It attempts to define the absolute minimum resources necessary for long-term physical well-being, usually in terms of consumption goods. The poverty line is then defined as the amount of i... | https://en.wikipedia.org/wiki?curid=1657023 |
Basic needs In the development discourse, the basic needs model focuses on the measurement of what is believed to be an eradicable level of poverty. Development programs following the basic needs approach do not invest in economically productive activities that will help a society carry its own weight in the future, ra... | https://en.wikipedia.org/wiki?curid=1657023 |
Basic needs With this information, he determines the proportion of Canadian households that have insufficient income to afford those necessities. Based on his basic needs poverty threshold, the poverty rate in Canada, the poverty rate has declined from about 12% of Canadian households to about 5% since the 1970s. This ... | https://en.wikipedia.org/wiki?curid=1657023 |
Basic needs However, Dennis Raphael, author of "Poverty in Canada: Implications for Health and Quality of Life" reported that the United Nations Development Program (UNDP), the United Nations Children’s Fund (UNICEF), the Organisation for Economic Co-operation and Development (OECD) and Canadian poverty researchers fin... | https://en.wikipedia.org/wiki?curid=1657023 |
Basic needs In keeping with the principles of basic needs, these measurements do not include any extra money for entertainment, savings, debt payment, or unusual or avoidable expenses, such as vehicle repairs. It assumes that adults will be working and pay taxes; it also includes costs of all government, charitable, an... | https://en.wikipedia.org/wiki?curid=1657023 |
Journal of Financial Economics The is a peer-reviewed academic journal covering the field of finance. It is considered to be one of the premier finance journals. The editor-in-chief is G. William Schwert (Simon Business School). According to the "Journal Citation Reports", the journal has a 2017 impact factor of 5.162.... | https://en.wikipedia.org/wiki?curid=1658507 |
Light industry is industries that usually are less capital-intensive than heavy industry and is more consumer-oriented than business-oriented, as it typically produces smaller consumer goods. Most light industry products are produced for end users rather than as intermediates for use by other industries. facilities typ... | https://en.wikipedia.org/wiki?curid=1659180 |
Distribution software refers to software which manages everything from order processing and inventory control to accounting, purchasing and customer service, supply chain management, sales, customer relationship management, and finance management. More sophisticated solutions can cover areas such as advanced forecastin... | https://en.wikipedia.org/wiki?curid=1660841 |
Price–sales ratio Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is calculated by dividing the company's market capitalization by the revenue in the most recent year; or, equivalently, divide the per-share stock price by the per-share revenue. Also, justified p/s is calculated as (profit mar... | https://en.wikipedia.org/wiki?curid=1661038 |
Price–sales ratio This is always a problematic assumption, but even more so when the assumption is made between industries, since industries often have vastly different typical capital structures (for example, a utility vs. a technology company). This is the reason why P/S ratios across industries vary widely. | https://en.wikipedia.org/wiki?curid=1661038 |
Lerner index The Lerner index, formalized in 1934 by Abba Lerner, is a measure of a firm's market power. It is defined by: formula_1 where P is the market price set by the firm and MC is the firm's marginal cost. The index ranges from 0 to 1. A perfectly competitive firm charges P = MC, L = 0; such a firm has no market... | https://en.wikipedia.org/wiki?curid=1663747 |
Lerner index Put another way, a monopolist never operates along the inelastic part of its demand curve. The Lerner Rule comes from the firm's profit maximization problem. A firm choosing quantity Q facing inverse demand curve P(Q) and incurring costs C(Q) has profit equalling revenue (where R = PQ) minus costs: Under s... | https://en.wikipedia.org/wiki?curid=1663747 |
Philosophy and economics Philosophy and economics, also philosophy of economics, studies topics such as rational choice, the appraisal of economic outcomes, institutions and processes, and the ontology of economic phenomena and the possibilities of acquiring knowledge of them. It is useful to divide philosophy of econo... | https://en.wikipedia.org/wiki?curid=1674993 |
Philosophy and economics Definitions of economics have varied over time from the modern origins of the subject, reflecting programmatic concerns and distinctions of expositors. Ontological questions continue with further "what is..." questions addressed at fundamental economic phenomena, such as "what is (economic) val... | https://en.wikipedia.org/wiki?curid=1674993 |
Philosophy and economics Philosophical approaches in decision theory focus on foundational concepts in decision theory – for example, on the natures of choice or preference, rationality, risk and uncertainty, and economic agents. Game theory is shared between a number of disciplines, but especially mathematics, economi... | https://en.wikipedia.org/wiki?curid=1674993 |
Philosophy and economics "Practical" matters include such subjects as law and cost–benefit analysis Utilitarianism, one of the ethical methodologies, has its origins inextricably interwoven with the emergence of modern economic thought. Today utilitarianism has spread throughout applied ethics as one of a number of app... | https://en.wikipedia.org/wiki?curid=1674993 |
Philosophy and economics People who write on the ethics of economic systems are more likely to call themselves "political philosophers" than "business ethicists" or "economic philosophers". There is significant overlap between theoretical issues in economics and the philosophy of economics. As economics is generally ac... | https://en.wikipedia.org/wiki?curid=1674993 |
Heckscher–Ohlin model The (H–O model) is a general equilibrium mathematical model of international trade, developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics. It builds on David Ricardo's theory of comparative advantage by predicting patterns of commerce and production based on the factor e... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model The Ricardian model of comparative advantage has trade ultimately motivated by differences in labour productivity using different "technologies". Heckscher and Ohlin did not require production technology to vary between countries, so (in the interests of simplicity) the "H–O model has identical pr... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model "Interregional and International Trade" itself was verbose, rather than being pared down to the mathematical, and appealed because of its new insights. The original H–O model assumed that the only difference between countries was the relative abundances of labour and capital. The original containe... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model Notable contributions came from Paul Samuelson, Ronald Jones, and Jaroslav Vanek, so that variations of the model are sometimes called the Heckscher–Ohlin–Samuelson model (HOS) or the Heckscher–Ohlin–Vanek model in the neo-classical economics. The original, 2×2×2 model was derived with restrictive... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model rice, say) the infrastructure, education, culture, and "know-how" of countries differ so dramatically that the idea of identical technologies is a theoretical notion. Ohlin said that the H–O model was a long-run model, and that the conditions of industrial production are "everywhere the same" in t... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model For instance if the functions are Cobb–Douglas technologies the parameters applied to the inputs must vary. An example would be: where "A" is the output in arable production, "F" is the output in fish production, and "K", "L" are capital and labor in both cases. In this example, the marginal retur... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model The basic depends upon the relative availability of capital and labor differing internationally, but if capital can be freely invested anywhere, competition (for investment) makes relative abundances identical throughout the world. Essentially, free trade in capital provides a single worldwide inv... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model It was also free of transportation costs between the countries, or any other savings that would favor procuring a local supply. If the two countries have separate currencies, this does not affect the model in any way—purchasing power parity applies. Since there are no transaction costs or currency... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model When the amount of one factor of production increases, the production of the good that uses that particular production factor intensively increases relative to the increase in the factor of production, as the H–O model assumes perfect competition where price is equal to the costs of factors of pro... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model The Magnification effect on prices considers the effect of output-goods price-changes on the real return to capital and labor. This is done by dividing the nominal rates with a price index, but took thirty years to develop completely because of the theoretical complexity involved. Heckscher and Oh... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model The new tests depended on Vanek's formula. It takes a simple form where formula_4 is the net trade of factor service vector for country formula_5, formula_6 the factor endowment vector for country formula_5, and formula_8 the country formula_5's share of the world consumption and formula_10 the wo... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model Initially, when the countries are not trading: The price of the capital-intensive good in the capital-abundant country will be bid down relative to the price of the good in the other country, the price of the labor-intensive good in the labor-abundant country will be bid down relative to the price... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model The factor-endowments-driven model (FED model) has errors much greater than the HOV model. Unemployment is the vital question in any trade conflict. Heckscher–Ohlin theory excludes unemployment by the very formulation of the model, in which all factors (including labour) are employed in the produc... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model This means that all countries are in the same level of production and have the same technology, yet this is highly unrealistic. Technological gap between developed and developing countries is the main concern for the development of poor countries. The standard ignores all these vital factors when ... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model The concept of capital as natural endowment distorts the real role of capital. Capital is a production power accumulated by the past investment. Capital goods take different forms. It may take the form of a machine-tool such as lathe, the form of a transfer-machine, which you can see under the bel... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model The theoretical consequence is that there is no room for firms in the H–O model. By contrast, the New Trade Theory emphasizes that firms are heterogeneous. From the middle of the 19th century to 1930s, giant flow of immigration took place from Europe to North America. It is estimated that more tha... | https://en.wikipedia.org/wiki?curid=1675534 |
Heckscher–Ohlin model Why does this kind of differences occur? New Trade Theory tries to find out the reasons of these well observed facts. The gravity model of international trade predicts bilateral trade flows based on the economic sizes of two nations, and the distance between them. Ricardian theory is now extended ... | https://en.wikipedia.org/wiki?curid=1675534 |
Covered interest arbitrage is an arbitrage trading strategy whereby an investor capitalizes on the interest rate differential between two countries by using a forward contract to "cover" (eliminate exposure to) exchange rate risk. Using forward contracts enables arbitrageurs such as individual investors or banks to mak... | https://en.wikipedia.org/wiki?curid=1681652 |
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