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Federal savings association Federal savings associations (also called "federal thrifts" or "federal Savings Banks"), in the United States, are institutions chartered by the Office of Thrift Supervision which is now administered by Office of the Comptroller of the Currency after the agencies merged. Institutions charter... | https://en.wikipedia.org/wiki?curid=2182706 |
Centre National d'Appui au Développement et à la Participation populaire CENADEP (Centre National d’Appui au Développement et à la Participation populaire) is an environmental federation of the Democratic Republic of the Congo. CENADEP was founded in 2000. The spokesman is Joseph Bobia. CENADEP's main aim is to protect... | https://en.wikipedia.org/wiki?curid=2186009 |
Conditional factor demands In economics, a conditional factor demand is the cost-minimizing level of an input (factor of production) such as labor or capital, required to produce a given level of output, for given unit input costs (wage rate and cost of capital) of the input factors. A conditional factor demand functio... | https://en.wikipedia.org/wiki?curid=2187778 |
Conditional factor demands Each of the convex isoquants shows various combinations of labor and capital usage all of which would allow a given amount of output to be produced. Each straight line segment is an isocost curve showing various amounts of labor and capital whose combined usage would cost a given amount uniqu... | https://en.wikipedia.org/wiki?curid=2187778 |
Conditional factor demands That the wage rate and capital rental rates affect the optimal input quantities can also be seen graphically because they both affect the slope of the isocost curves in the above graph, while the required quantity "q" of output affects them because it determines the relevant isoquant in the g... | https://en.wikipedia.org/wiki?curid=2187778 |
Corner solution A corner solution is a special solution to an agent's maximization problem in which the quantity of one of the arguments in the maximized function is zero. In non-technical terms, a corner solution is when the chooser is either unwilling or unable to make a tradeoff. In economics when someone says "I wo... | https://en.wikipedia.org/wiki?curid=2189949 |
Corner solution Another technical way to state it is that a corner solution is a solution to a minimization or maximization problem where the non-corner solution is infeasible, that is, not in the domain. Instead, the solution is a corner solution on an axis where either "x" or "y" is equal to zero. For instance, from ... | https://en.wikipedia.org/wiki?curid=2189949 |
Leontief production function In economics, the or fixed proportions production function is a production function that implies the factors of production will be used in fixed (technologically pre-determined) proportions, as there is no substitutability between factors. It was named after Wassily Leontief and represents ... | https://en.wikipedia.org/wiki?curid=2189967 |
Global Industry Classification Standard The (GICS) is an industry taxonomy developed in 1999 by MSCI and Standard & Poor's (S&P) for use by the global financial community. The GICS structure consists of 11 sectors, 24 industry groups, 69 industries and 158 sub-industries into which S&P has categorized all major public ... | https://en.wikipedia.org/wiki?curid=2193074 |
Gofer A gofer, go-fer or gopher is an employee who specializes in the delivery of special items to their superior(s). Examples of these special items include a cup of coffee, a tailored suit, and a car. Outside of the business world, the term is used to describe a child or young adult who is learning how to do tasks an... | https://en.wikipedia.org/wiki?curid=2194289 |
Gofer At some point in the Muppets series, Kermit the Frog suggested that he himself was a gofer, but probably didn't last long in the job. In the fourth season of Boy Meets World, Corey gets a job as a gofer for two shady businessmen (Buddy Hackett and Soupy Sales). Another example of a gofer is the fictional characte... | https://en.wikipedia.org/wiki?curid=2194289 |
Cato Journal The is a triannual peer-reviewed academic journal which covers public policy from an Austro-libertarian point of view. It was established in 1981 and is published by the Cato Institute. It publishes articles discussing politics and economy. The journal is a "free-market, public policy journal ... for schol... | https://en.wikipedia.org/wiki?curid=2194985 |
Value product The value product (VP) is an economic concept formulated by Karl Marx in his critique of political economy during the 1860s, and used in Marxian social accounting theory for capitalist economies. Its annual monetary value is approximately equal to the netted sum of six flows of income generated by product... | https://en.wikipedia.org/wiki?curid=2196719 |
Value product 3 ends with a discussion of "relations of distribution", but he did not live to complete his analysis. In outline his approach is quite clear however. Marx called gross output (or the total value of output sales) the ""value of production"" ("VPn"). If variable capital paid formula_1, circulating constant... | https://en.wikipedia.org/wiki?curid=2196719 |
Value product His primary interest was in the ratio between generic profits and wages (the rate of exploitation). The equation of new value added with net output or GDP (also known as gross value added) would have made no sense to Marx, mainly because net output "includes" depreciation (or the consumption of fixed capi... | https://en.wikipedia.org/wiki?curid=2196719 |
Value product Additionally, official national accounts may include in consumption of fixed capital the value of those "insurance premiums, interest and rents" paid from gross income, which relate directly to the acquisition or maintenance of productive fixed assets, on the ground that they are part of the cost of opera... | https://en.wikipedia.org/wiki?curid=2196719 |
Value product But if it is paid from current gross revenues of producing enterprises, then it should be included in the Marxian value product. For this reason, the Marxian net interest aggregate is likely to be larger than the official one. Marx's idea of value creation and value product makes little sense from the poi... | https://en.wikipedia.org/wiki?curid=2196719 |
Value product Depending on how the gross and net product are defined, the value of these wages could be accounted for either as a component of surplus value, or as a circulating constant capital outlay, or be "excluded" from the value product altogether. Different interpretations are offered by Shane Mage, Murray Smith... | https://en.wikipedia.org/wiki?curid=2196719 |
Value product The conceptual problem here is essentially that it may be difficult to specify unambiguously what the nature and function of the "product" sold is, when services are rendered. Some Marxists have argued however that Marx's value relations and value aggregates cannot be measured at all, and at best only exp... | https://en.wikipedia.org/wiki?curid=2196719 |
Value product In the USSR and other Soviet-type societies, Marx's social accounting approach strongly influenced the Material Product System (MPS), a social accounting method alternative to GDP accounts, which distinguished sharply between "productive" and "non-productive" sectors of the economy. These accounts focused... | https://en.wikipedia.org/wiki?curid=2196719 |
Law of value The law of the value of commodities (German: "Wertgesetz der Waren"), known simply as the law of value, is a central concept in Karl Marx's critique of political economy first expounded in his polemic "The Poverty of Philosophy" (1847) against Pierre-Joseph Proudhon with reference to David Ricardo's econom... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value The more labour it costs to make a product, the more it is worth and inversely the less labour it costs to make a product, the less it is worth. Money-prices are at best only an expression or reflection of Marx's value relationships—accurately or very inaccurately. Products can be traded above or below the... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Whereas "commodity money" (coinage or bullion) played an important role in the earlier stages of capitalist development, the growth of integrated capital markets meant increased use of credit money. Marx felt that the initial assumption of gold-money as a standard of value was justified, in analysing the c... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Marx realized very well, that the assumption of gold-money was a simplification—there might not be such a stable relationship between price-levels, average commodity values, and gold quantities — but he regarded the assumption as helpful, in explaining the basic laws of motion ["Bewegungsgesetze"] of the c... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Excess demand can raise the prices of products traded, and excess supply can lower them; but if supply and demand are relatively balanced, the question arises of what regulates the settled exchange-ratios (or average price-levels) of products traded in that case, and this is what the law of value is intend... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value The concept of a "price structure" refers to the fact that prices rarely exist, or change, in isolation; instead, price-levels are interdependent on other price-levels, so that, if some prices would change, a lot of other prices would start to change as well—transmitting a change in valuation across the ec... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Product-markets begin to operate according to their own laws, to which the producers can only adjust themselves. If some prices go up, many other prices will go up as well because people have to cover their increased costs. If some prices go down, many other prices will go down as well since products other... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Thus, things have an "economic value" simply and only because it takes human labour-time to make them. This value exists and persists quite independently of fluctuating prices in markets. Although they are connected, the value relationships between labour-products and price relationships can vary independe... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value There are, besides, various kinds of products which, for one reason or another, are not subject to the law of value (see below). According to Marx, the knowledge that the law of value existed, expressed in one form or another, sometimes more clearly and sometimes less, was very ancient—it reached right bac... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value According to the classical economists, however, such shifts in trading ratios would quickly cause a switch from beaver-hunting to deer-hunting or vice versa; short-term fluctuations in demand could not usually change the labour-costs of hunting as such, except if new technologies suddenly made it possible ... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value how the balancing of the production of outputs and the demand for them could be accomplished, in a society based on a universal market such as capitalism, and how this was regulated by labour-time. Marx's theory specifically aims to grasp capital "in motion", i.e. how, through the circulation and competiti... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Both Smith and Ricardo deeply believed that price structures for products were determined by the law of value; but, Marx argued, neither of them could explain how that value-price relationship operated, without contradicting themselves. They could not theoretically reconcile the regulation of commodity tra... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value They know that their products have a socially accepted value, even if no trade occurs yet. Three main kinds of relationships are involved which are objectively and empirically verifiable, and often formalised in law: The attribution of value to labor-products, and therefore the economising of their use, oc... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Paradoxically, he argues, this phenomenon meant that human lives became "ruled and dominated" by the products which people themselves had produced, and more specifically by the trading values of those products. When more and more of human requirements are marketised, and a complex division of labor develop... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value He regards this perception as an inevitable effect of commercial practice, since it involves the circumstance that objects acquire a value which exists independently of the valuer, a value "set by the state of the market" which individuals normally cannot change and must adjust to. The end result is that v... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value In reality, markets were rarely in equilibrium anyway (that was more a hypothesis used by economists, or a euphemism for "price stability"), and what explained the market behaviour of individuals and groups was precisely the imbalances between supply and demand propelling them into action. On this interpre... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value A demand might exist without any buying power, and it might be that more could technically be supplied, but isn't (see Capacity utilization). Economic equilibrium was not created by any perfect match of supply and demand, but by the social framework which permitted the balancing act to occur. The role of t... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Although the real cost structure of production can be distorted by all kinds of extraneous factors, the law of value places limits on the amount of the distortion. Even if goods sell at an abnormally low or high prices, that abnormality relates to a "normal" referent price, and it is precisely that price w... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value That was the problem which classical political economy failed to solve. The production price is the price at which output would have to sell, in order to realize the average, normal rate of profit on the capital invested in producing that output. That is largely a matter of cost-prices, profit margins and ... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value He assumed that the prices of commodities were equal to their values. There were, however, three main reasons for this simplification: The fact that products can be traded above or below their value (and hence that more labour can exchange for less labour) became a fundamental theoretical problem for class... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value In an overall sense, Marx argues the substance of this impost is the unpaid surplus labour performed by the working class; part of society can live off the labour of others due to their ownership of property. In this situation, output values produced by enterprises will typically deviate from output prices... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Because the lower the unit-costs of goods produced by an enterprise, the greater the margin will be between its own cost-prices and the ruling sale prices for those goods in the market, and therefore the larger the profits that can be realised as result when goods are sold. Producers thus become very conce... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Competition among producers inexorably gives rise to market monopolies for products, which may constrain further significant advances in productivity and innovation. According to Marx, monopolies and competition always co-exist; monopolies in the production of goods and services are rarely permanent, and a... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value If the state will not provide financial backing, private finance must provide it, but the latter is reluctant to do so if the risks outweigh the yields. This causes a powerful development of capital markets and supporting financial services, including shadow banking (credit facilities by non-bank organizat... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value According to Marx, the basic meaning of crises for capitalists was, that they could not longer invest their capital at an adequate profit income, which usually meant also that their capital lost part of its value. For workers, crises meant an increase in unemployment, and wage-cuts. Some output and assets ... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Such theories are very difficult to prove scientifically, for five reasons: According to a popular Marxist interpretation, crises are the necessary result of the falling profitability of production capital, which, according to Marx, was an effect of rising overall productivity (raising the organic composit... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value That was, for Marx, a good reason for doing away with the capitalist system, and bringing production under planned, collective control by the freely associated producers. Marx believed that the operation of the law of value was not only modified by the capitalist mode of production, but also in the world m... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value The differential in labour valuations becomes a source of profit (see also global labor arbitrage). Among German Marxists, Marx's fragmentary remarks on the law of value in a world market setting stimulated an important theoretical debate in the 1970s and early 1980s. One aim of this debate was to move bey... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value This ideology says, that if everybody specializes in what they are the best at producing, this provides the greatest amount of wealth for everybody, because then everybody will be operating in the most efficient way. But this ideology is hopelessly naive. The simple reason is that, even if products are pro... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value The postulate of the law of value does however lead to the Marxian historical prediction that global prices of production will be formed by world competition among producers in the long term. That is, the conditions for producing and selling products in different countries will be equalised in the long run... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Stalin was primarily concerned at the time with the problem of wasted labour, in an economy where workers often could not be easily fired (they had a constitutionally guaranteed right to a job, and there was considerable featherbedding of employees), and where there was often no clear relationship between ... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Preobrazhensky's approach to the law of value became the common assumption of left-wing Marxists discussing the transition to socialism, until the theorists of market socialism began to challenge it and gained more intellectual influence. According to Fred L. Block, nowadays "Contemporary scholarship rejec... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Some Western Maoists followed this interpretation. A 1977 resolution of the Bay Area Communist Union, an American Maoist group, stated that: "In socialist society, commodity exchange, as well as value and the law of value continue to a certain extent. Only communism obliterates all aspects of commodity exc... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value " Although there seemed to him to be little internal evidence that the law of value regulated the Soviet economy, he believed the law of value was "the arbiter of the Russian economic structure as soon as it is seen in the concrete historical situation of today—the anarchic world market." Critics of this i... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value The best proof of that was that there was mostly no clear relationship at all anymore between the exchange-value of goods traded, how they were allocated, and what it really cost to produce them; accounting information, insofar as it was valid, might in fact be unable to show anything about the real nature... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value " Other critics think the problem is rather different: it is that almost all Marxists have created a theoretical dichotomy between "market economy" and "planned economy", suggesting that "either" there is market anarchy, "or else" a planned, non-market economy. In the real world, such a dichotomy rarely ex... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value In recent years, there have been a number of pro-market reforms, and attempts to reduce state-bureaucratic regulation. The modal standard of living and quality of life in Cuba is still among the best in Central and Latin America. Generally, the Western New Left adopted the idea that true socialism would in... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Other Marxists (including Ernest Mandel, Michael Perelman and the Japanese scholar Kozo Uno) followed Marx and Engels in believing that the law of value emerges and develops from simple exchange based on simple commodity production. If the law of value was unique to capitalism, it becomes impossible to exp... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Its critics claim equivalence economy is practically impossible, and some indeed point to Marx's rejection in the "Grundrisse" of the "time-chit" theory of allocating goods proposed by 18th and 19th century utopian socialists such as John Francis Bray and John Gray. On this view, Dieterich at most shows th... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value This alternative has not yet been very popular among socialist theorists, because generations of socialists have been educated in the idea that socialism aims to abolish monetary instruments, and because the idea seems to many to be too close to "social-democratic subsidization" or "funny money" social cre... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value This is an attempt to understand empirically how people were able to manage land use collectively for 500 years or more, without significant state support or supervision. A frequent complaint in the discussion is that socialists, like their liberal and conservative counterparts, confuse an ethical principl... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Almost all modern economies are "mixed economies" meaning that they combine market allocation of resources with non-market allocation, in various ways. That is why the modern economic controversies are almost always about the relative importance which different kinds of allocation mechanisms should have. T... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Marx himself never denied that subjective valuations existed, but argued rather that they "co-existed" with objective values which were ultimately not determined by preferences but by real production costs. In the real world, many prices are not "objectively manifest" either—they are only ideal prices used... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value When we see a car, we do not see the worldwide cooperation of labour-efforts that produced it at a certain cost, yet those labour efforts, weighed against other labour efforts, determine its value. Austrian economics explicitly rejects the "objectivity" of the values of goods as logically and conceptually ... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Precisely "because" natural resources were for a long time either non-reproducible or freely available goods (i.e. not reproducible commodities) the whole tendency in the market economy was for those resources to be "plundered" for private gain, rather than economized appropriately. Their "value" became ap... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Various arguments are made to show that Marx's theory of value is "logically" incoherent. The most famous of these is the controversy about Marx's prices of production, sometimes called the transformation problem in which it is argued that total output value must equal total output production prices, and t... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value An additional problem discovered in mathematical modelling is that the assumption of the identity of total production prices and total values (or the identity of total surplus value and total profits) cannot be maintained simultaneously with the assumption that the rate of profit on production capital is "... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Marx's "general rate of profit" specifically represents the "minimum profit rate" on capital, below which the producers, in the normal run of events, cannot stay in business for long. It is "neither" an empirical average of many profit rates, "nor" merely a theoretical ratio, but a real systemic constraint... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value The divergence between total product-values and total production prices on the whole was, Marx believed, probably not so very large, in an open, competitive market within the domestic economy, where enormous price-value discrepancies were ordinarily impossible to maintain commercially for any length of tim... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value If they argue that equality does not hold, then there cannot be any determinate quantitative relationship between production prices and product-values. Product-"values" in Marx's sense quite simply "cannot" be directly observed, only "inferred" from the actual behaviour of trading relations. In that regard... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value As soon as we admit that product-prices may fluctuate above or below the socially average product-values for all kinds of reasons—a central determinant of market dynamics—the quantitative relationship between product-values and product-prices is at best "probabilistic", not a fixed function of some type. T... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Thus, Marx's value "theory" offers an interpretation, generalisation or explanation concerning the "grand averages" of the relative price movements of products, and of economic behaviour in capitalist production as a social system, but it is not possible to deduce specific real product-prices from product-... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Many workers work in service industries which manage, maintain or distribute already existing resources. That is the result of two centuries of industrialization and mechanization in developed capitalist countries (plus outsourcing to newly industrializing economies). The bulk of capital assets in develope... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value These three lines of criticism lead the critics to the conclusion that Marx's law of value is metaphysical and theoretically useless. Austrian economics goes a step further by attributing no special objective meaning to price levels at all, which it considers a mere "statistical outcome" of comparisons bet... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Short-term price fluctuations could not say anything about the long-term development of the capitalist production system; that required an analysis of the determinants of long-term average price movements, and "structural" factors. According to primitive economics, all prices are of the "same kind" and dif... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Marx anticipated this criticism, which he regarded as very shallow. In his pamphlet "Wages, price and profit" (1865), Marx argues that the way economic relationships observably appear to the individual is often the inverse of the real process, considered as a whole. It is perfectly possible not only to par... | https://en.wikipedia.org/wiki?curid=2200186 |
Law of value Yet Marx's historical and logical analysis of economic forms is often an "abstraction from" observable reality. It is an analysis which only aims to define the "essence" of economic phenomena (i.e. what their true or overall significance is), based on a critical inspection of the evidence. Thus, Marx often... | https://en.wikipedia.org/wiki?curid=2200186 |
G20 The (or Group of Twenty) is an international forum for the governments and central bank governors from 19 countries and the European Union (EU). Founded in 1999 with the aim to discuss policy pertaining to the promotion of international financial stability, the has expanded its agenda since 2008 and heads of govern... | https://en.wikipedia.org/wiki?curid=2206608 |
G20 The is the latest in a series of post–World War II initiatives aimed at international coordination of economic policy, which include institutions such as the "Bretton Woods twins", the International Monetary Fund and the World Bank, and what is now the World Trade Organization. The was foreshadowed at the Cologne s... | https://en.wikipedia.org/wiki?curid=2206608 |
G20 Martin and Summers conceived of the in response to the series of massive debt crises that had spread across emerging markets in the late 1990s, beginning with the Mexican peso crisis and followed by the 1997 Asian financial crisis, the 1998 Russian financial crisis, and eventually impacting the United States, most ... | https://en.wikipedia.org/wiki?curid=2206608 |
G20 In 2008, Guido Mantega, Brazil's Minister of Finance, was the chairperson and proposed dialogue on competition in financial markets, clean energy, economic development and fiscal elements of growth and development. On 11 October 2008 after a meeting of G7 finance ministers, US President George W. Bush stated that t... | https://en.wikipedia.org/wiki?curid=2206608 |
G20 In 2012, the Ministers of Tourism and Heads of Delegation of member countries and other invited States, as well as representatives from the World Travel and Tourism Council (WTTC), World Tourism Organization (UNWTO) and other organisations in the Travel & Tourism sector met in Merida, Mexico, on May 16th at the 4th... | https://en.wikipedia.org/wiki?curid=2206608 |
G20 The Leaders’ Summit will be held on 21-22 November 2020 in Riyadh. In the run-up to the Summit, the Presidency will host more than 100 meetings and conferences, including ministerial meetings, as well as meetings of officials and representatives from civil society. To decide which member nation gets to chair the le... | https://en.wikipedia.org/wiki?curid=2206608 |
G20 The 2018 chair was Argentina, which hosted the 2018 summit in Buenos Aires. The 2019 chair was Japan, which hosted the 2019 Osaka summit. The current chair of is Saudi Arabia-2020, which will host the 2020 Riyadh summit. The 2021 summit will be held in Italy. In 2010, President of France Nicolas Sarkozy proposed th... | https://en.wikipedia.org/wiki?curid=2206608 |
G20 In addition, each year, the G20's guests include Spain; the Chair of ASEAN; two African countries (the chair of the African Union and a representative of the New Partnership for Africa's Development) and a country (sometimes more than one) invited by the presidency, usually from its own region. The first of the tab... | https://en.wikipedia.org/wiki?curid=2206608 |
United States domestic market The term (USDM) is an unofficial term used chiefly by automotive enthusiasts to describe the United States' economic market for American-brand automobiles and parts. Similar automotive enthusiast terms Japan Domestic Market (JDM) and European Domestic Market (EDM) are used to designate Jap... | https://en.wikipedia.org/wiki?curid=2212820 |
Physical plant Physical plant, mechanical plant or industrial plant (and where context is given, often just plant) refers to the necessary infrastructure used in operation and maintenance of a given facility. The operation of these facilities, or the department of an organization which does so, is called "plant operati... | https://en.wikipedia.org/wiki?curid=2213560 |
Cost the limit of price was a maxim coined by Josiah Warren, indicating a (prescriptive) version of the labor theory of value. Warren maintained that the just compensation for labor (or for its product) could only be an equivalent amount of labor (or a product embodying an equivalent amount). Thus, profit, rent, and in... | https://en.wikipedia.org/wiki?curid=2217004 |
Trustee in bankruptcy A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate. In the United States, a Trustee in Bankruptcy is a person who is appointed by the United States Trustee Program, a division of the United States Department of Justice. In limited circumstance... | https://en.wikipedia.org/wiki?curid=2221576 |
Trustee in bankruptcy The advantage of using a CRO is that the arrangement gives both the creditor and debtor more say over the future of the company than might be the case where a Chapter 11 bankruptcy trustee is appointed. In Canada, a licensed insolvency trustee (LIT) is an individual or a corporation licensed by th... | https://en.wikipedia.org/wiki?curid=2221576 |
Post-industrial economy A post-industrial economy is a period of growth within an industrialized economy or nation in which the relative importance of manufacturing reduces and that of services, information, and research grows. Such economies are often marked by: The industry aspect of a post-industrial economy is sent... | https://en.wikipedia.org/wiki?curid=2222308 |
Samuelson condition The Samuelson condition, authored by Paul Samuelson, in the theory of public goods in economics, is a condition for the efficient provision of public goods. When satisfied, the implies that further substituting public for private goods (or vice versa) would result in a decrease of social utility. Fo... | https://en.wikipedia.org/wiki?curid=2229699 |
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