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Cost of carry The cost of carry or carrying charge is cost of storing a physical commodity, such as grain or metals, over a period of time. The carrying charge includes insurance, storage and interest on the invested funds as well as other incidental costs. In interest rate futures markets, it refers to the differential between the yield on a cash instrument and the cost of the funds necessary to buy the instrument. If long, the cost of carry is the cost of interest paid on a margin account. Conversely, if short, the cost of carry is the cost of paying dividends, or rather the opportunity cost; the cost of purchasing a particular security rather than an alternative. For most investments, the cost of carry generally refers to the risk-free interest rate that could be earned by investing currency in a theoretically safe investment vehicle such as a money market account minus any future cash flows that are expected from holding an equivalent instrument with the same risk (generally expressed in percentage terms and called the convenience yield). Storage costs (generally expressed as a percentage of the spot price) should be added to the cost of carry for physical commodities such as corn, wheat, or gold. The cost of carry model expresses the forward price (or, as an approximation, the futures price) as a function of the spot price and the cost of carry. where The same model in currency markets is known as interest rate parity
Business&Economics
https://en.wikipedia.org/wiki?curid=2021923
Cost of carry
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Cost of carry For example, a US investor buying a Standard and Poor's 500 e-mini futures contract on the Chicago Mercantile Exchange could expect the cost of carry to be the prevailing risk-free interest rate (around 5% as of November, 2007) minus the expected dividends that one could earn from buying each of the stocks in the S&P 500 and receiving any dividends that they might pay, since the e-mini futures contract is a proxy for the underlying stocks in the S&P 500. Since the contract is a futures contract and settles at some forward date, the actual values of the dividends may not yet be known so the cost of carry must be estimated.
Business&Economics
https://en.wikipedia.org/wiki?curid=2021923
Cost of carry
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Wesley Clair Mitchell (August 5, 1874 – October 29, 1948) was an American economist known for his empirical work on business cycles and for guiding the National Bureau of Economic Research in its first decades. Mitchell was referred to as Thorstein Veblen's "star student." Paul Samuelson named Mitchell (along with Harry Gunnison Brown, Allyn Abbott Young, Henry Ludwell Moore, Frank Knight, Jacob Viner, and Henry Schultz) as one of the several "American saints in economics" born after 1860. Mitchell was born in Rushville, Illinois, the second child and oldest son of a Civil War army doctor turned farmer. In a family with seven children and a disabled father with an appetite for business ventures "verging on rashness" a lot of responsibility fell on the oldest son. Despite these challenges, Wesley Clair went to study at the University of Chicago and was awarded a PhD in 1899. Mitchell's career as a researcher and teacher took the following course: instructor in economics at Chicago (1899–1903), assistant professor (1903–08) and professor (1909–12) of economics at the University of California, Berkeley, visiting lecturer at Harvard University (1908–09), lecturer (1913) and full professor (1914–44) at Columbia University. In 1916 he was elected as a Fellow of the American Statistical Association. He was one of the founders of the New School for Social Research, where he taught for a time between 1919 and 1922, and of the National Bureau of Economic Research (1920), where he was director of research until 1945
Business&Economics
https://en.wikipedia.org/wiki?curid=2024484
Wesley Clair Mitchell
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Wesley Clair Mitchell There were interruptions for government service during the First World War and Mitchell served on many government committees; he was chairman of the President's Committee on Social Trends (1929–33). In 1923–4 he was president of the American Economic Association. Mitchell and John Whitridge Williams represented the United States at the World Population Conference held in Geneva, Switzerland in 1927. From 1941 he was on the original standing committee of the Foundation for the Study of Cycles. The National Bureau was the institution through which Mitchell had greatest influence. There his important associates included Arthur Burns and Simon Kuznets. In his autobiography Kuznets acknowledges his "great intellectual debt to Mitchell." Mitchell has also made valuable contributions to the history of economic thought. Mitchell was married to Lucy Sprague Mitchell, a pioneering educator and the founder of Bank Street College of Education. He assisted his wife with the founding of the school. Mitchell’s teachers included economists Thorstein Veblen and J. L. Laughlin and philosopher John Dewey. Although Veblen and Dewey did more to shape Mitchell’s outlook, Laughlin supervised his dissertation. Laughlin's main interest was in currency questions; he was a strong opponent of the quantity theory of money. The currency question facing the US in the 1890s was the choice between alternative monetary standards: inconvertible paper, gold monometallism and gold/silver bimetallism
Business&Economics
https://en.wikipedia.org/wiki?curid=2024484
Wesley Clair Mitchell
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Wesley Clair Mitchell Mitchell’s thesis, published as "A History of the Greenbacks," considered the consequences of the inconvertible paper regime established by the Union in the Civil War. However this, and the follow-up study "Gold Prices and Wages Under the Greenback Standard," transcended conventional monetary history of the kind Laughlin did and provided a comprehensive quantitative account of the behavior of the US economy in the recent past. Mitchell's next project, which would occupy him for the rest of his life, was the study and measurement of the business cycle, which was then emerging as the big problem in economics. His magnum opus, "Business Cycles" appeared in 1913. The Preface begins This book offers an analytic description of the complicated processes by which seasons of business prosperity, crisis, depression, and revival come about in the modern world. The materials used consist chiefly of market reports and statistics concerning the business cycles which have run their course since 1890 in the United States, England, Germany and France. In chapter I Mitchell reviews 13 theories of the business cycle and admits that "All are plausible." He then puts them aside, arguing, To observe, analyse, and systematise the phenomena of prosperity, crisis, and depression is the chief task. And there is better prospect of rendering service if we attack this task directly, than if we take the round about way of considering the phenomena with reference to the theory
Business&Economics
https://en.wikipedia.org/wiki?curid=2024484
Wesley Clair Mitchell
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Wesley Clair Mitchell Mitchell's research strategy was thus quite different from that adopted by H. L. Moore or Irving Fisher who started from a hypothesis and went looking for evidence to support it. Moore and Mitchell offer another contrast in that, while Moore embraced the new statistical methods of correlation and regression, Mitchell found little use for them. Thirty years later Mitchell was still working on business cycles and he published another large work, "Measuring Business Cycles" with A.F. Burns. This book presented the characteristic "National Bureau" methods of analyzing business cycles. While Mitchell was still following the 1913 agenda, other economists had taken to studying the economy using models and even to constructing macroeconometric models. Against this background of Keynesian economics and the new econometric methods Mitchell and his project looked dated. Milton Friedman believed that, "Mitchell is generally considered primarily an empirical scientist rather than a theorist". However, Mitchell's main creative efforts went into his empirical work on business cycles. Mitchell stated an endogenous theory, based on the internal dynamics of capitalism. Whereas neoclassical theories are deduced from unproven psychological axioms, he builds his theory from inductive generalities gained from empirical research. Also, he was considered a critic of conventional economic theory. As influenced greatly by Veblen, Mitchell is usually categorized with him as an American institutionalist
Business&Economics
https://en.wikipedia.org/wiki?curid=2024484
Wesley Clair Mitchell
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Wesley Clair Mitchell There is a bibliography in the volume edited by Burns (below). Lucy Sprague Mitchell, Wesley Mitchell's wife, wrote the book "Two lives; the story of and myself" (New York, Simon and Schuster, 1953).
Business&Economics
https://en.wikipedia.org/wiki?curid=2024484
Wesley Clair Mitchell
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Productivity paradox The productivity paradox refers to the slowdown in productivity growth in the United States in the 1970s and 80s despite rapid development in the field of information technology (IT) over the same period. As highlighted in a widely cited article by Erik Brynjolfsson, productivity growth slowed down at the level of the whole U.S. economy, and often within individual sectors that had invested heavily in IT, despite dramatic advances in computer power and increasing investment in IT. Similar trends were seen in many other nations. While the computing capacity of the U.S. increased a hundredfold in the 1970s and 1980s, labor productivity growth slowed from over 3% in the 1960s to roughly 1% in the 1980s. This perceived paradox was popularized in the media by analysts such as Steven Roach and later Paul Strassman. The concept is sometimes referred to as the Solow computer paradox in reference to Robert Solow's 1987 quip, "You can see the computer age everywhere but in the productivity statistics." The paradox has been defined as a perceived "discrepancy between measures of investment in information technology and measures of output at the national level." Many observers disagree that any meaningful "productivity paradox" exists and others, while acknowledging the disconnect between IT capacity and spending, view it less as a paradox than a series of unwarranted assumptions about the impact of technology on productivity
Business&Economics
https://en.wikipedia.org/wiki?curid=2028055
Productivity paradox
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Productivity paradox In the latter view, this disconnect is emblematic of our need to understand and do a better job of deploying the technology that becomes available to us rather than an arcane paradox that by its nature is difficult to unravel. Some point to historical parallels with the steam engine and with electricity, where the dividends of a productivity-enhancing disruptive technology were reaped only slowly, with an initial lag, over the course of decades, due to the time required for the technologies to diffuse into common use, and due to the time required to reorganize around and master efficient use of the new technology. As with previous technologies, an extremely large number of initial cutting-edge investments in IT were counterproductive and over-optimistic. Some modest IT-based gains may have been difficult to detect amid the apparent overall slowing of productivity growth, which is generally attributed to one or more of a variety of non-IT factors, such as oil shocks, increased regulation or other cultural changes, a hypothetical decrease in labor quality, a hypothetical exhaustion or slowdown in non-IT innovation, and/or a coincidence of sector-specific problems. Academic studies of aggregate U.S. data from the 1970s and 1980s failed to find evidence that IT significantly increased overall productivity
Business&Economics
https://en.wikipedia.org/wiki?curid=2028055
Productivity paradox
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Productivity paradox However, the 1990s saw evidence of a delayed IT-related productivity jump, arguably resolving the original paradox; the broader issue of what measurable factors best explain the dramatic productivity ups-and-downs of the past two hundred years, as well as whether the rate of productivity growth is more likely to increase or to decrease in the decades ahead, remains a subject of contentious study. Several authors have explained the paradox in different ways. In his original article, Brynjolfsson (1993) identified four categories to group the various explanations proposed: He explained the first two explanations as "shortcomings in research, not practice as the root of the productivity paradox." He then stated that "a more pessimistic view is embodied in the other two explanations. They propose that there really are no major benefits". Brynjolfsson explores these ideas in detail and poses the paradox as an economic problem: Do benefits justify past and continued investment in information technology? Turban, et al. (2008), state that understanding the paradox requires an understanding of the concept of productivity. Pinsonneault et al. (1998) state that, to untangle the paradox, an “understanding of how IT usage is related to the nature of managerial work and the context in which it is deployed” is required
Business&Economics
https://en.wikipedia.org/wiki?curid=2028055
Productivity paradox
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Productivity paradox One hypothesis to explain the productivity paradox is that computers are productive, yet their productive gains are realized only after a lag period, during which complementary capital investments must be developed to allow for the use of computers to their full potential. Diminishing marginal returns from computers, the opposite of the time lag hypothesis, is that computers, in the form of mainframes, were used in the most productive areas, like high volume transactions of banking, accounting and airline reservations, over two decades before personal computers. Also, computers replaced a sophisticated system of data processing that used . Therefore, the important productivity opportunities were exhausted before computers were everywhere. We were looking at the wrong time period. Another hypothesis states that computers are simply not very productivity enhancing because they require time, a scarce complementary human input. This theory holds that although computers perform a variety of tasks, these tasks are not done in any particularly new or efficient manner, but rather they are only done faster. Current data does not confirm the validity of either hypothesis. It could very well be that increases in productivity due to computers are not captured in GDP measures, but rather in quality changes and new products. Economists have done research in the productivity issue and concluded that there are three possible explanations for the paradox
Business&Economics
https://en.wikipedia.org/wiki?curid=2028055
Productivity paradox
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Productivity paradox The explanations can be divided in three categories: Other economists have made a more controversial charge against the utility of computers: that they pale into insignificance as a source of productivity advantage when compared to the industrial revolution, electrification, infrastructures (canals and waterways, railroads, highway system), Fordist mass production and the replacement of human and animal power with machines. High productivity growth occurred from last decades of the 19th century until the 1973, with a peak from 1929 to 1973, then declined to levels of the early 19th century. A number of explanations of this have been advanced, including: Gordon J. Bjork points out that manufacturing productivity gains continued, although at a decreasing rate than in decades past; however, the cost reductions in manufacturing shrank the sector size. The services and government sectors, where productivity growth is very low, gained in share, dragging down the overall productivity number. Because government services are priced at cost with no value added, government productivity growth is near zero as an artifact of the way in which it is measured. Bjork also points out that manufacturing uses more capital per unit of output than government or services. When computers for general business applications appeared in the 1950s, a sophisticated industry for data processing existed in the form of unit record equipment
Business&Economics
https://en.wikipedia.org/wiki?curid=2028055
Productivity paradox
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Productivity paradox These systems processed data on punched cards by running the cards through tabulating machines, the holes in the cards allowing electrical contact to activate relays and solenoids to keep a count. The flow of punched cards could be arranged in various sequences to allow sophisticated data processing. Some unit record equipment was directed by a wired control panel, with the panel being removable, allowing for quick replacement with another wired control panel. In 1949 vacuum tube calculators were added to unit record equipment. In 1955 the first completely transistorized calculator with magnetic cores for dynamic memory, the IBM 608, was introduced. The first computers were an improvement over unit record equipment, but not by a great amount. This was partly due to low level software used, low performance capability and failure of vacuum tubes and other components. Also, the data input to early computers used punched cards. Most of these hardware and software shortcomings were solved by the late 1960s, but punched cards did not become fully displaced until the 1980s. Computers did not revolutionize manufacturing because automation, in the form of control systems, had already been in existence for decades, although computers did allow more sophisticated control, which led to improved product quality and process optimization. Pre-computer control was known as "analog" control and computerized control is called "digital"
Business&Economics
https://en.wikipedia.org/wiki?curid=2028055
Productivity paradox
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Productivity paradox Credit card transactions now represent a large percentage of low value transactions on which credit card companies charge merchants. Most of such credit card transactions are more of a habit than an actual need for credit and to the extent that such purchases represent convenience or lack of planning to carry cash on the part of consumers, these transactions add a layer of unnecessary expense. However, debit or check card transactions are cheaper than processing paper checks. Despite high expectations for online retail sales, individual item and small quantity handling and transportation costs may offset the savings of not having to maintain "bricks and mortar" stores. Online retail sales has proven successful in specialty items, collectibles and higher priced goods. Some airline and hotel retailers and aggregators have also witnessed great success. Online commerce has been extremely successful in banking, airline, hotel, and rental car reservations, to name a few. The personal computer restructured the office by reducing the secretarial and clerical staffs. Prior to computers, secretaries transcribed Dictaphone recordings or live speech into shorthand, and typed the information, typically a memo or letter. All filing was done with paper copies. A new position in the office staff was the information technologist, or department
Business&Economics
https://en.wikipedia.org/wiki?curid=2028055
Productivity paradox
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Productivity paradox With networking came information overload in the form of e-mail, with some office workers receiving several hundred each day, most of which are not necessary information for the recipient. Some hold that one of the main productivity boosts from information technology is still to come: large-scale reductions in traditional offices as home offices become widespread, but this requires large and major changes in work culture and remains to be proven. It is well known by software developers that projects typically run over budget and finish behind schedule. Software development is typically for new applications that are unique. The project's analyst is responsible for interviewing the stakeholders, individually and in group meetings, to gather the requirements and incorporate them into a logical format for review by the stakeholders and developers. This sequence is repeated in successive iterations, with partially completed screens available for review in the latter stages. Unfortunately, stakeholders often have a vague idea of what the functionality should be, and tend to add a lot of unnecessary features, resulting in schedule delays and cost overruns. By the late 1990s there were some signs that productivity in the workplace been improved by the introduction of IT, especially in the United States. In fact, Erik Brynjolfsson and his colleagues found a significant positive relationship between IT investments and productivity, at least when these investments were made to complement organizational changes
Business&Economics
https://en.wikipedia.org/wiki?curid=2028055
Productivity paradox
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Productivity paradox A large share of the productivity gains outside the IT-equipment industry itself have been in retail, wholesale and finance. A major advance was computerized stock market transaction processing, which replaced the system that had been in place since the Civil War but by the last half of 1968 caused the U. S. stock market to close most Wednesday afternoons processing. Acemoglu, , Dorn, Hanson & Price (2014) have revisited the issue to find that "there is...little evidence of faster productivity growth in IT-intensive industries after the late 1990s. Second and more importantly, to the extent that there is more rapid growth of labor productivity...this is associated with declining output...and even more rapidly declining employment." In fact, up to half of the growth of U.S. healthcare spending is attributable to technology costs. Additionally, computers and mobile phones are continually cited as the greatest reducers of workplace productivity by means of distraction.. More recently, Brynjolfsson, Rock and Syverson analyzed the "modern productivity Paradox of AI" and proposed four explanations for it .
Business&Economics
https://en.wikipedia.org/wiki?curid=2028055
Productivity paradox
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Price mechanism In economics, a price mechanism is the manner in which the profits of goods or services affects the supply and demand of goods and services, principally by the price elasticity of demand. A price mechanism affect both buyer and seller who negotiate prices. A price mechanism, part of a market system, comprises various ways to match up buyers and sellers. is a mechanism where price plays a key role in directing the activities of producers, consumers, resource suppliers. An example of a price mechanism uses announced bid and ask prices. Generally speaking, when two parties wish to engage in trade, the purchaser will announce a price he is willing to pay (the bid price) and seller will announce a price he is willing to accept (the ask price). The primary advantage of such a method is that conditions are laid out in advance and transactions can proceed with no further permission or authorization from any participant. When any bid and ask pair are compatible, a transaction occurs, in most cases automatically. Under a price mechanism, if demand increases, prices will rise, causing a movement along the supply curve. For example: the oil crisis of the 1970s drove oil prices dramatically upwards, which in turn caused several countries to begin producing oil domestically. A price mechanism affects every economic situation in the long term. Price Mechanism plays a vital role in determining prices in a capitalist economy. An example of the effects of a price mechanism in the long run involves fuel for cars
Business&Economics
https://en.wikipedia.org/wiki?curid=2028306
Price mechanism
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Price mechanism If fuel becomes more expensive, then the demand for fuel would not decrease fast but eventually companies will start to produce alternatives such as biodiesel fuel and electrical cars. A price mechanism is a system by which the allocation of resources and distribution of goods and services are made on the basis of relative market price. There are two important elements of price mechanism – 1. PRICES - prices are essence of price mechanism. price mechanism works through prices in a free enterprise economy, where all goods and services carry price tags with them. a whole set of prices prevail in such an economy. goods and services are available at a price because it involves cost in producing these goods and services. consumers have to pay some prices if they want to buy some goods like food, clothes, etc. producers are willing to sell goods and services only if they get the appropriate price. 2. MARKET - forces of demand and supply operate within the framework of market. market constitute an integral part of the price mechanism "A market means a system or a set-up in which the buyers and sellers of the commodity are able to interact and communicate with each other and strike a deal, i.e., price and the quantity to be bought and sold. " When trading in a stock market, a person who has shares to sell may not wish to sell them at the current market price (quote). Likewise, a person who wishes to buy shares may not wish to pay the current market price either
Business&Economics
https://en.wikipedia.org/wiki?curid=2028306
Price mechanism
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Price mechanism Some negotiation is necessary in order for a transaction to occur. The negotiation often comes in the form of adjusting the bid prices and the ask prices as the value of the share goes up and down. For example, if the share is worth $10, a buyer may "bid" $9.97 (3 cents less), and a seller may ask for $10.02 (2 cents more). If the value of the stock goes down, a seller may be forced to reduce his asking price. Conversely, if the value of the stock goes up, a buyer may be forced to increase his bidding price. Most of the time, the bid and ask prices remain very close to the market value of the share, often separated by only a couple of cents. The difference between the bid and ask price is called the Bid/ask spread. In actual trading, the parties involved might use a limit order to specify which bid or ask price they wishe to trade at. The traders specifies the number of shares and their bid/ask price (depending on whether they are buying or selling). Such orders can have execution limits, such as "by end of day" or "all or nothing". An auction is a price mechanism where bidders can make competing offers for a good. The minimum bid may or may not be set by the seller, who may choose to predetermine a minimum asking price. The highest bidder would be awarded the transaction. If the terms "pay" and "sell" are understood very generally, then, a very broad range of applications and different market systems can be enabled this way
Business&Economics
https://en.wikipedia.org/wiki?curid=2028306
Price mechanism
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Price mechanism Internet dating for instance could be based on offers to talk for a period of time, accepted by those who are compensated not in money but in additional credits to keep using the system. Or, a political party could trade support for different measures in a platform, perhaps using allocation voting to "bid" a certain amount of support for a measure that a leader has "asked" them to support: if the measure has enough support in the party, the leader will proceed; a very explicit model of so-called "political capital". Though there are many concerns about liquidating any given transaction, even in a conventional market, there are ideologies which hold that the risks are outweighed by the efficient rendezvous. In greenhouse gas emissions trading, companies doing the "bidding" argue that Earth's atmosphere can be seen as affected almost uniformly by emissions anywhere on Earth. They argue further that, as a result, there are almost no local effects, and only a measurable and widely agreed climate change effect, of a greenhouse gas emission, justifying a "cap and trade" approach. Somewhat more controversially, the approach was applied even earlier to sulfur dioxide emissions in the United States, and was quite successful in reducing overall smog output there. In most applications of such methods, however, the comprehensive outcome of the transaction is not so easily measured or universally agreed
Business&Economics
https://en.wikipedia.org/wiki?curid=2028306
Price mechanism
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Price mechanism Some theorists assert that, with appropriate controls, a market mechanism can replace a hierarchy, even a command hierarchy, by ordering actions for which the highest bid is received: An infamous example is the assassination market proposed by Timothy C. May, which were effectively bets on someone's death. This has since been generalized into the prediction market idea which the Pentagon proposed to operate as part of Total Information Awareness; however, this proved controversial as it would theoretically let assassins predict and then benefit from their predictions, which they would cause to come true. This is a problem even with the commodity markets and any other financial markets, where a single person's choices or fate might be influenced, predicted, or decided by someone already in the market. So price mechanism is a technique by which inflation is controlled. The price can only be increased if the supply is less and has more demand for the same. Less controversial applications of bid and ask matching include:
Business&Economics
https://en.wikipedia.org/wiki?curid=2028306
Price mechanism
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Channel stuffing is a business practice in which a company, or a sales force within a company, inflates its sales figures by forcing more products through a distribution channel than the channel is capable of selling. Also known as trade loading, this can be the result of a company attempting to inflate its sales figures. Alternatively, it can be a consequence of a poorly managed sales force attempting to meet short term objectives and quotas in a way that is detrimental to a company in the long term. has a number of long-term consequences for a company. Firstly, distributors will often return any unsold goods to the company, incurring a carrying cost and also developing a backlog of product inventory. Wildly fluctuating demand, combined with this excess inventory, leads to costly overtimes and factory shutdowns. Even mild channel stuffing can spiral out of control as sales works to make up for prior overselling. Discounts used to drive trade loading can greatly affect profits, and even help establish gray market channels as salesmen no longer adequately qualify their prospects. Occasionally, distribution channels such as large retailers have been known to identify the practice of channel stuffing in their suppliers, and use the phenomenon to their advantage. This is done by holding back on orders until the end of the suppliers' quota period. The supplier's sales force then panics, and sells a large amount of the product under more favorable terms than they would under ordinary circumstances
Business&Economics
https://en.wikipedia.org/wiki?curid=2031489
Channel stuffing
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Channel stuffing At the beginning of the next period, no new orders are placed, and, barring any action, the cycle is then repeated. This affects customers, with gluts and shortages as buyers turn to competing products. Corporations have been known to engage in channel stuffing and hide such activities from their investors. In the United States, the U.S. Securities and Exchange Commission has in some cases litigated against such corporations, and private class-action suits have been engaged. might also be part of a broader set of financial improprieties.
Business&Economics
https://en.wikipedia.org/wiki?curid=2031489
Channel stuffing
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Sequential game In game theory, a sequential game is a game where one player chooses their action before the others choose theirs. Importantly, the later players must have some information of the first's choice, otherwise the difference in time would have no strategic effect. Sequential games hence are governed by the time axis, and represented in the form of decision trees. Sequential games with perfect information can be analysed mathematically using combinatorial game theory. Decision trees are the extensive form of dynamic games that provide information on the possible ways that a given game can be played. They show the sequence in which players act and the number of times that they can each make a decision. Decision trees also provide information on what each player knows or does not know at the point in time they decide on an action to take. Payoffs of each player are also given at the decision nodes of the tree. Extensive form representations were introduced by Neumann and further developed by Kuhn in the earliest years of game theory between 1910–1930. Repeated games are an example of sequential games. Players play a stage game and the result of this game will determine how the game continues. At every new stage, both players will have complete information on how the previous stages had played out. A discount rate between the values of 0 and 1 is usually taken into account when considering the payoff of each player in these games
Business&Economics
https://en.wikipedia.org/wiki?curid=2060863
Sequential game
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Sequential game Repeated games can illustrate the psychological aspect of these games, including trust and revenge, as each player makes a decision at every stage game based on how the game has been played out so far. Unlike sequential games, simultaneous games do not have a time axis as players choose their moves without being sure of the other's, and are usually represented in the form of payoff matrices. Extensive form representations are usually used for sequential games, since they explicitly illustrate the sequential aspects of a game. Combinatorial games are usually sequential games. Games such as chess, infinite chess, backgammon, tic-tac-toe and Go are examples of sequential games. The size of the decision trees can vary according to game complexity, ranging from the small game tree of tic-tac-toe, to an immensely complex game tree of chess so large that even computers cannot map it completely. In sequential games with perfect information, a subgame perfect equilibrium can be found by backward induction.
Business&Economics
https://en.wikipedia.org/wiki?curid=2060863
Sequential game
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Common external tariff A common external tariff (CET) must be introduced when a group of countries forms a customs union. The same customs duties, import quotas, preferences or other non-tariff barriers to trade apply to all goods entering the area, regardless of which country within the area they are entering. It is designed to end re-exportation; but it may also inhibit imports from countries outside the customs union and thereby diminish consumer choice and support protectionism of industries based within the customs union. The common external tariff is a mild form of economic union but may lead to further types of economic integration. In addition to having the same customs duties, the countries may have other common trade policies, such as having the same quotas, preferences or other non-tariff trade regulations apply to all goods entering the area, regardless of which country, within the area, they are entering. The main goal of the Custom Unions is to limit external influence, liberalize intra-regional trade, promote economic development and diversification in industrialization in the Community. Important examples of common external tariff are that of the Mercosur countries (Brazil, Argentina, Venezuela, Paraguay and Uruguay), the Common Customs Tariff of the Eurasian Economic Community customs union as well as the European Union Customs Union
Business&Economics
https://en.wikipedia.org/wiki?curid=2061866
Common external tariff
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Common external tariff STRUCTURE OF CET This is related to the internalization of terms-of-trade effects in the Common External Tariff which has the following Structure as adopted by the ECOWAS Council of Ministers at its 70th ordinary session in June 2013 is as follows The goods declared to Customs in the Community, must generally be classified according to the CET. Imported and exported goods must be declared stating under type they fall. This determines which rate of customs duty applies and how the goods are treated for statistical purposes. BENEFITS OF THE CET COSTS OF REGIONAL INTEGRATION
Business&Economics
https://en.wikipedia.org/wiki?curid=2061866
Common external tariff
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Presentation technology are tools used to assist in conveying information during a presentation. When a speaker is verbally addressing an audience it is often necessary to use supplementary equipment and media to clarify the point. If the audience is large or the speaker is soft-spoken, a public address system may be employed. At a basic level, visual content can be provided by drawing directly onto a blackboard or whiteboard during the presentation. At a more advanced level, flip charts, slide projectors, and overhead projectors are more suitable for displaying prepared content. The use of prepared material often results in a neater, more accessible, and better conveyed presentation. Laser pointers or even a simple stick are often used to highlight a particular point of interest within a slide or image. Many manufacturers produce devices that provide remote control over electrical presentation equipment, thus allowing the speaker to move around the stage freely and to activate systems when they are required. Occasionally still images do not provide enough information to convey the message clearly. For example, the presenter may attempt to describe a complex mechanical movement, in which case animation or video may provide the clearest method of delivery. Software presentation programs combined with digital projectors are frequently used because they provide a visually pleasing presentation and combine multiple media into a single device
Business&Economics
https://en.wikipedia.org/wiki?curid=2077488
Presentation technology
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Presentation technology Presentations are often used in the business world where careful attention is paid to the design of the presentation.
Business&Economics
https://en.wikipedia.org/wiki?curid=2077488
Presentation technology
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Pink-collar worker A pink-collar worker refers to someone working in the care-oriented career field or in fields historically considered to be women’s work. This may include jobs in the beauty industry, nursing, social work, teaching, secretarial work, or child care. While these jobs may also be filled by men, they are typically female-dominated and may pay significantly less than white-collar or blue-collar jobs. The term pink-collar was popularized in the late 1970s by writer and social critic Louise Kapp Howe to denote women working as nurses, secretaries, and elementary school teachers. Its origins, however, go back to the early 1970s, to when the Equal Rights Amendment (ERA) was placed before the states for ratification. At that time, the term was used to denote secretarial staff as well as non-professional office staff, all of which were largely held by women. These positions were not white-collar jobs, but neither were they blue-collar, manual labor. Hence, the creation of the term "pink-collar," which indicated it was not white-collar, was nonetheless an office job and one that was overwhelmingly filled by women. Pink-collar occupations tend to be personal-service-oriented worker working in retail, nursing, and teaching (depending on the level), are part of the service sector, and are among the most common occupations in the United States. The Bureau of Labor Statistics estimates that, as of May 2008, there were over 2.2 million persons employed as servers in the United States
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker Furthermore, the World Health Organization's 2011 World Health Statistics Report states that there are 19.3 million nurses in the world today. In the United States, women comprise 92.1% of the registered nurses that are currently employed. Pink-collar occupations include: Historically, women were responsible for the running of a household. Their financial security was often dependent upon a male patriarch. Widowed or divorced women struggled to support themselves and their children. Western women began to develop more opportunities when they moved into the paid workplace, formerly of the male domain. In the mid 19th and early 20th century women aimed to be treated as the equals to their male counterparts, notably in the Seneca Falls Convention. In 1920 American women legally gained the right to vote, marking a turning point for the American women's suffrage movement; yet race and class remained as impediments to voting for some women. At the turn of the 19th century into the 20th, large numbers of single women in the United States traveled to large cities such as New York where they found work in factories and sweatshops, working for low pay operating sewing machines, sorting feathers, rolling tobacco and other similar menial tasks. In these factories, workers frequently breathed dangerous fumes and worked with flammable materials
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker In order for factories to save money, women were required to clean and adjust the machines while they were running, which resulted in accidents where women lost their fingers or hands. Many women who worked in the factories earned meager wages for working long hours in unsafe conditions and as a result lived in poverty. Throughout the 20th century women such as Emily Balch, Jane Addams, and Lillian Wald were advocates for evolving the roles of women in America. These women created settlement houses and launched missions in overcrowded squalid immigrant neighborhoods to offer social services to women and children. In addition, women gradually became more involved with church activities and came to take on more leadership roles in various religious societies. The women who joined these societies worked with their members, some of whom were full-time teachers, nurses, missionaries, and social workers to accomplish their leadership tasks. The Association for the Sociology of Religion was the first to elect a woman president in 1938. World War I sparked a demand for "pink-collar jobs" as the military needed personnel to type letters, answer phones, and perform other secretarial tasks. One thousand women worked for the U.S. Navy as stenographers, clerks, and telephone operators. In addition, Military nurses, an already "feminized" and accepted profession for women, expanded during wartime
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker In 1917, Louisa Lee Schuyler opened the Bellevue Hospital School of Nursing, which was the first to train women as professional nurses. After completing training, female nurses worked in hospitals or more predominantly in field tents. World War II marked the emergence of large numbers of women working domestically in industrial jobs to assist in the war effort as directed under the War Manpower Commission which recruited women to fill war manufacturing jobs. Notably, American women in World War II joined the armed services and were stationed domestically and abroad through participation in non combat military roles and as medical personnel. One thousand female pilots joined the Women Airforce Service Pilots, one hundred and forty thousand women joined the Women's Army Corps and one hundred thousand women joined the U.S. Navy as nurses through WAVES in addition to administrative staff. A typical job sought by working women in the early 20th century was a telephone operator or Hello Girl. The Hello Girls began as women who operated on telephone switchboards during WWI by answering telephones and talking to impatient callers in a calming tone. The workers would sit on stools facing a wall with hundreds of outlets and tiny blinking lights. They had to work quickly when a light flashed by plugging the cord into the proper outlet. Despite the difficult work, many women wanted this job because it paid five dollars a week and provided a rest lounge for the employees to take a break
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker Female secretaries were also popular. They were instructed to be efficient, tough, and hardworking while also appearing soft, accommodating, and subservient. Women were expected to be the protector and partner to their boss behind closed doors and a helpmate in public. These women were encouraged to go to charm schools and express their personality through fashion instead of furthering their education. Social work became a female-dominated profession in the 1930s, emphasizing a group professional identity and the casework method. Social workers gave crucial expertise for the expansion of federal, state and local government, as well as services to meet the needs of the Depression. Teachers in primary and secondary schools remained female, although as the war progressed, women began to move on to better employment and higher salaries. In 1940, teaching positions paid less than $1,500 a year and fell to $800 in rural areas. Women scientists found it hard to gain appointments at universities. Women scientists were forced to take positions in high schools, state or women's colleges, governmental agencies and alternative institutions such as libraries or museums. Women who took jobs at such places often did clerical duties and though some held professional positions, these boundaries were blurred. Some found work as human computers. Mostly women were hired as librarians, who had been professionalized and feminized from the late 19th century. In 1920, women accounted for 88% of librarians in the United States
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker Two-thirds of the American Geographical Society (AGS)'s employees were women, who served as librarians, editorial personnel in the publishing programs, secretaries, research editors, copy editors, proofreaders, research assistants and sales staff. These women came with credentials from well-known colleges and universities and many were overqualified for their positions, but later were promoted to more prestigious positions. Although female employees did not receive equal pay, they did get sabbaticals to attend university and to travel for their professions at the cost of the AGS. Those women working managerial and library or museums positions made an impact on women in the work force, but still encountered discrimination when they tried to advance. In the 1940s, clerical work expanded to occupy the largest number of women employees, this field diversified as it moved into commercial service. The average worker in the 1940s was over 35 years old, married, and needed to work to keep their families afloat. During the 1950s, women were taught that marriage and domesticity were more important than a career. Most women followed this path because of the uncertainty of the post-war years. Suburban housewives were encouraged to have hobbies like bread making and sewing. The 1950s housewife was in conflict between being "just a housewife" because their upbringing taught them competition and achievement. Many women had furthered their education deriving a sense of self-worth
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker A single woman working in a factory in the early 20th century earned less than $8 a week, which is equivalent to roughly less that $98 dollars a week today. If the woman was absent or was late, employers penalized them by docking their pay. These women would live in boarding houses costing $1.50 a week, waking at 5:30 a.m. to start their ten-hour work day. When women entered the paid workforce in the 1920s they were paid less than men because employers thought the women's jobs were temporary. Employers also paid women less than men because they believed in the "Pin Money Theory", which said that women's earnings were secondary to that of their male counterparts. With this being said, women took typical jobs that were "considerably less substantial than their husbands' in terms of both the average number of hours worked per week as well as continuity over time". However, working women still experienced stress and overload because they were still responsible for the majority of the housework and taking care of the children. This left women isolated and subjected them to their husband's control. In the early 1900s women's pay was one to three dollars a week and much of that went to living expenses. In the 1900s female tobacco strippers earned five dollars a week, half of what their male coworkers made and seamstresses made six to seven dollars a week compared to a cutter's salary of $16. This differed from women working in factories in the 1900s as they were paid by the piece, not receiving a fixed weekly wage
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker Those that were pinching pennies pushed themselves to produce more product so that they earned more money. Women who earned enough to live on found it impossible to keep their salary rate from being reduced because bosses often made "mistakes" in computing a worker's piece rate. As well as this, women who received this kind of treatment did not disagree for fear of losing their jobs. Employers would frequently deduct pay for work they deemed imperfect and for simply trying to lighten the mood by laughing or talking while they worked. In the 1937 a woman's average yearly salary was $525 compared to a man's salary of $1,027. In the 1940s two-thirds of the women who were in the labor force suffered a decrease in earnings; the average weekly paychecks fell from $50 to $37. This gap in wage stayed consistent, as women in 1991 only earned seventy percent of what men earned regardless of their education. Later on in the 1970s and 1980s as women began to fight for equality, they fought against discrimination in jobs where women worked and the educational institutions that would lead to those jobs. In 1973 the average salaries for women were 57% compared to those of men, but this gender earnings gap was especially noticeable in pink-collar jobs where the largest number of women were employed. Women were given routine, less responsible jobs available and often with a lower pay than men. These jobs were monotonous and mechanical often with assembly-line procedures
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker In 1975, a study was carried out that examined the pay differences between single and married women. It was found that married women made substantially less than single women, as single women made up to 97% of what a single man would make and married women would only make up to 62% of married men's pay. This was found to potentially be because of taking maternity leaves, as less work related experience would be gained in the time that these women left to care for their children, leading to less investment from the company. It was also found that women now are more likely to join or re-join the work force after having children, rather than the traditional role of becoming a stay at home mother. Women entering the workforce had difficulty finding a satisfactory job without references or an education. However, opportunities for higher education expanded as women were admitted to all-male schools like the United States service academies and Ivy League strongholds. Education became a way for society to shape women into its ideal housewife. In the 1950s, authorities and educators encouraged college because they found new value in vocational training for domesticity. College prepared women for future roles because while men and women were taught together, they were groomed for different paths after they graduated. Education started out as a way to teach women how to be a good wife, but education also allowed women to broaden their minds
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker Being educated was an expectation for women entering the paying workforce, despite the fact that their male equivalents did not need a high school diploma. While in college, a woman would experience extracurricular activities, such as a sorority, that offered a separate space for the woman to practice types of social service work that was expected from her. However, not all of a woman's education was done in the classroom. Women were also educated through their peers through "dating". Men and women no longer had to be supervised when alone together. Dating allowed men and women to practice the paired activities that would later become a way of life. New women's organizations sprouted up working to reform and protect women in the workplace. The largest and most prestigious of these organizations was The General Federation of Women's Clubs (GFWC), whose members were conservative middle-class housewives. The International Ladies Garment Workers Union (ILGWU) was formed after women shirtwaist makers went on strike in New York City in 1909. It started as a small walkout, with a handful of members from one shop and grew to a force of ten of thousands, changing the course of the labor movement forever. In 1910 women allied themselves with the Progressive Party who sought to reform social issues. Another organization that grew out of women in the workforce, was the Women's Bureau of the Department of Labor. The Women's Bureau regulated conditions for women employees
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker As female labor became a crucial part of the economy, efforts by the Women's Bureau increased. The Bureau pushed for employers to take advantage of "women-power" and persuaded women to enter the employment market. In 1913 the ILGWU signed the well-known "protocol in the Dress and Waist Industry" which was the first contract between labor and management settled by outside negotiators. The contract formalized the trade's division of labor by gender. Another win for women came in 1921 when congress passed the Sheppard-Towner Act, a welfare measure intended to reduce infant and maternal mortality; it was the first federally funded healthcare act. The act provided federal funds to establish health centers for prenatal and child care. Expectant mothers and children could receive health checkups and health advice. In 1963 the Equal Pay Act was passed making it the first federal law against sex discrimination, equal pay for equal work, and made employers hire women workers if they qualified from the start. Unions also became a major outlet for women to fight against the unfair treatment they experienced. Women who joined these types of unions stayed before and after work to talk about the benefits of the union, collect dues, obtain charters, and form bargaining committees. The National Recovery Administration (NRA) was approved in May 1933. The NRA negotiated codes designed to rekindle production
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker It raised wages, shortened workers' hours, and increased employment for the first time maximizing hour and minimizing wage provisions benefiting female workers. The NRA had its flaws however, it only covered half of the women in the workforce particularly manufacturing and trade. The NRA regulated working conditions only for women with a job and did not offer any relief for the two million unemployed women who desperately needed it. The 1930s proved successful for women in the workplace thanks to federal relief programs and the growth of unions. For the first time women were not completely dependent on themselves, in 1933 the federal government expanded in its responsibility to female workers. In 1938 the Fair Labor Standards Act grew out of several successful strikes. Two million women joined the workforce during the Great Depression despite negative public opinion. "Pink ghetto" is a term used to refer to jobs dominated by women. The term was coined in 1983 to describe the limits women have in furthering their careers since the jobs are often dead-end, stressful and underpaid. The term "pink ghetto" is just simply another way of describing pink-collar work. "Pink ghetto" was more commonly used in the early years, when women were finally able to work. Pink-collar work became the popular term once it was popularized by Louise Kapp Howe, a writer and social critic, in the 1970s
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker "Pink ghetto" can also describe the placement of female managers into positions that will not lead them to the board room, thus perpetuating the "glass ceiling". This includes managing areas such as human resources, customer service, and other areas that do not contribute to the corporate "bottom line". While this allows women to rise in ranks as a manager, their careers may eventually stall out and they may be excluded from the upper echelons. The pink collar ghetto, also known as the velvet ghetto, concerns the phenomena of women entering a certain field employment and subsequently the status and pay grade of this profession drops along with the new influx of women workers. Some scholars, such as Elizabeth Toth, claim this is partially the result of women taking technician roles instead of managerial roles, being less likely to negotiate higher pay, and being perceived as putting family life before work . Other scholars, such as Kim Golombisky, acknowledge the inequalities of women, and especially women of color and different classes, as part of the cause of this phenomenon. Traditionally, Feminism in public relations focuses on gender equality, but new scholarship makes claims that focusing on social justice would better aid feminist cause in the field. This brings the idea of intersectionalism to the pink collar ghetto. The issue is not caused by what women lack as professionals, but caused by larger societal injustices and interlocking systems of oppression
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker Scholars such as Judy Wajcman argue that technology has long been monopolized by men and is a great source of their power historically. However, more millennial men are doing pink collar work because technology is affecting blue collar work. Machines are able to perform many of the tasks that were typically gendered male within factories. In a 1990 study conducted by Allan H. Hunt and Timothy L. Hunt, they examined how industrial robots would impact both the creation of jobs as well as job displacement among unskilled workers in the United States. It was concluded that the impact of unemployment due to the spread of robotics would be felt the greatest by uneducated, unskilled blue-collar workers. New technology in the form of robotics eliminates many semi or unskilled jobs, and has taken traditional male filled roles away from the job market. Judy Wajman maintains that skills involving machines and strength are associated with masculinity. This means that the least technical jobs (pink-collar) jobs are associated with women. These machines designed by men, using the technology they have always monopolized, are now displacing them and forcing them into feminized pink-collar work. It was found as well that men going into traditionally claimed pink collar jobs are felt discriminated and threatened in their jobs
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Pink-collar worker Men going into positions such as teaching, nursing and childcare faced many negative stereotypes in these lines of work, as men have traditionally been viewed as stern, strong and holding dominant attitudes. This stereotype about men negatively impacts men in these lines of work, as it is expected that a woman with the same position would be more nurturing, caring and well suited for the work.
Business&Economics
https://en.wikipedia.org/wiki?curid=2086925
Pink-collar worker
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Package loan A package loan is a real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a fully furnished condominium.
Business&Economics
https://en.wikipedia.org/wiki?curid=2098740
Package loan
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Economic progressivism is a political philosophy incorporating the socioeconomic principles of social democrats and political progressives. These views are often rooted in the concept of social justice and have the goal of improving the human condition through government regulation, social protections and the maintenance of public goods. It is not to be confused with the more general idea of progress in relation to economic growth. is based on the idea that capitalist markets are inherently unfair, favoring large corporations and the wealthy. Progressives believe that a fair market should result in a normal distribution of wealth, but in most countries the wealthy earn heavily disproportionate incomes. Hence, progressives advocate controlling the markets through public protections that they believe will favor upward mobility, diminish income inequality and reverse marginalization. Specific economic policies that are considered progressive include progressive taxes, income redistribution aimed at reducing inequalities of wealth, a comprehensive package of public services, universal health care, resisting involuntary unemployment, public education, social security, minimum wage laws, antitrust laws, legislation protecting workers' rights and the rights of trade unions and a welfare state. The progressive economic philosophy is typically defined in opposition to economic liberalism, "laissez-faire" and the conclusions of Austrian and Chicago economics
Business&Economics
https://en.wikipedia.org/wiki?curid=2103443
Economic progressivism
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Economic progressivism Many organizations that promote economic progressivism can be characterized from a range of applying criticism of capitalism to being anti-capitalist and include principles and policies based on Keynesianism, Marxism and other left-wing schools of socioeconomic thought. can also be seen as a potential response to and treatment of social and economic problems such as affluenza, environmental racism, inverted totalitarianism, market fundamentalism, wage slavery, and "socialism for the rich and capitalism for the poor" as well as a counter-argument to the culture of capitalism, prosperity theology and rugged individualism. Progressivism in economics is compounded with the larger political progressive movement that emerged in the Western World during the late 19th century and early 20th century. During this time, the movement and its ideas directly confronted the laissez-faire economics and increasing socioeconomic inequality that was characterised society. The term economic progressivism, especially while describing policies of social welfare, high taxation and general leftist economic measures, finds particular resonance in the parlance of the United States of America compared to rest of the world. Nations in Europe developed social welfare systems as part of communist government policies as was the case with Poland, Czech Republic, Slovakia, and Russia, or as concessions to pacify the population from moving further towards the left as was the case with many countries in Western Europe
Business&Economics
https://en.wikipedia.org/wiki?curid=2103443
Economic progressivism
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Economic progressivism Meanwhile, less developed countries, and postcolonial nations, in continents like Africa and Asia, developed a tradition of social welfare systems being implemented to aid the population develop across social and economic indices. The development of economic progressivism has been markedly different across different parts of the world. In the United States of America the term progressive is often contrasted with neo-liberal free-market ideology. The Progressive movement emerged during the 1890s and 1920s. Within this larger political movement tackling corruption and social inequalities, was the introduction of economic polices that aimed to neutralise the worst excess of capitalism. This era was marked by the growth of labour unions, like the American Federation of Labour, expansion of labour rights, the establishment of antitrust laws targeting major monopolistic firms and industries, and an increase in taxation of the upper class. Progressive economic policies emerged as a response to the of excessive big business power and the concentration of wealth and power amongst a very small fraction of society during the Gilded Age. This period introduced many landmark economic policies, including the introduction of an income tax in 1913; one had the estate tax also introduced in 1897 - first by state of New York , by 1924 estates valued at more than $10 million were taxed a rate of 40%. Following the Great Depression in the 1930s, President Franklin D. Roosevelt’s administration created the New Deal programme
Business&Economics
https://en.wikipedia.org/wiki?curid=2103443
Economic progressivism
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Economic progressivism The government become heavily involved in stimulating economic growth through increased expenditure, following Keynesian economic policies of using fiscal policy through government subsidies and investment in various industries like infrastructure, agriculture, and commodities to provide to increase economic output. The Great Depression was marked by massive unemployment and poverty, the New Deal programme provided jobs through investment in many large infrastructure projects like housing, transport infrastructure, civil administration and farming. One had the creation of government departments like the Public Works AdministrationPublic Works Administration to oversee government activity in industry. From then till the late 1960s, with President Lyndon B. Johnson's Great Society program, there was significant government activity in investing in industries, education, healthcare and general social welfare of the population. In the 1980s during the Presidency of Ronald Reagan, neo-liberal free market economics came back into prominence in government policy. This period was characterised by increasing privatisation in industries, healthcare and education. It was also marked by a decrease in taxation of businesses, and a decrease in government reliance of fiscal policy with increasing use of monetary policy instead
Business&Economics
https://en.wikipedia.org/wiki?curid=2103443
Economic progressivism
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Economic progressivism Progressive economics has made a comeback to the forefront public discourse after the Great Recession of the late 2000s, when people’s dissatisfaction with government policies favouring big business, and the bailout of banks led to the emergence of the Occupy Wall Street movement. Subsequently, Vermont senator Bernie Sanders and his policies of progressive taxation, universal healthcare for all, free higher education amongst others also gained prominence across the country. Sanders who ran for the democratic presidential nominee in both 2016 and 2019 lost out to his rivals in securing the nomination. However, his policies have seen a rise in popularity and mainstream acceptance within the time period. Since then many other politicians from the Democratic Party advocating progressive economic policies begun to gain prominence nationally. Among them are Senator Elizabeth Warren, who also sought to win the 2020 democratic presidential nomination, Congresswomen Alexandria Ocasio Cortez, Ilhan Omar, and Rashida Tlaib. The return of progressive politics and economics in the Democratic party was also accompanied by the rise in prominence of the Democratic Socialists of America. Members of the Democratic Party, like Congresswoman Cortez and Tlaib are also Democratic Socialists members. Economic Progressivism in the Europe Progressive economic policies in Europe have a slightly longer history, and many of the policies are not explicitly termed as progressive politics
Business&Economics
https://en.wikipedia.org/wiki?curid=2103443
Economic progressivism
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Economic progressivism In Britain, England and Wales had the English Poor Laws in place since the 16th century. The laws existed under various period undergoing several modifications until the 20th century, when the Liberal Party implemented several welfare reforms across the country. TheLiberal welfare reforms from 1906-1914 strengthened labour laws and the position of trade unions, expanded education, introduced a pension system for the elderly, among other things. In Germany, chancellor Otto von Bismarck is created the first comprehensive welfare state in modern industrial society. To curb the influence of socialism and to appease the working-class population, Bismarck employed State Socialism ,and implemented a series of laws during the 1880s and 1890s; these included the Workers Protection Act, the Health Insurance Bill, Accident Insurance Bill, and Old Age and Disability Insurance Bill, all designed to increased the welfare of the newly create German nation state. Progressive economic policies in terms of the welfare state expanded significantly across Europe in the post-World War II. The countries in the Communist bloc had an ideological imperative to create a welfare state for their citizens. In Western Europe, the strategy of expanding the welfare state was adopted to battle communist influence. This manifested in the domestic politics in those countries
Business&Economics
https://en.wikipedia.org/wiki?curid=2103443
Economic progressivism
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Economic progressivism In Germany one had the struggle between left leaning Social Democrats and the right leaning Christian Democrats, while in the UK the struggle was between the Labour Party in the left and the Conservatives on the right. The welfare state and policies like progressive taxation emerged throughout Europe. Scandinavian nations became exemplary in introducing steep rates of progressive taxation and extensive welfare schemes. However, towards the end of the 20th century, the rise of neo-liberal free-market economics led to a decline in progressive economics. Particularly in the UK, where in the 1980s Margaret Thatcher’s premiership saw the dismantling of powerful trade unions, reduction of government expenditure, and increased privatisation. The aftermath of the Great Recession saw the resurgence of a demand for a return to increased government expenditure. The Anti-austerity movement that emerged during the Great Recession, saw countries like Greece, Spain and the United Kingdom. Like the Occupy Wall Street movement across the Atlantic, people here started protesting government response to the financial meltdown, which involved cutting down of government spending to manage budget deficits. This involved cutting spending on measures like healthcare, education, and other social welfare benefits.
Business&Economics
https://en.wikipedia.org/wiki?curid=2103443
Economic progressivism
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Voucher privatization is a privatization method where citizens are given or can inexpensively buy a book of vouchers that represent potential shares in any state-owned company. has mainly been used in the early to mid-1990s in the transition economies of Central and Eastern Europe — countries such as Russia, Bulgaria, Slovenia, Czechoslovakia and Hungary.
Business&Economics
https://en.wikipedia.org/wiki?curid=2107129
Voucher privatization
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MONIAC The (Monetary National Income Analogue Computer) also known as the Phillips Hydraulic Computer and the Financephalograph, was created in 1949 by the New Zealand economist Bill Phillips (William Phillips) to model the national economic processes of the United Kingdom, while Phillips was a student at the London School of Economics (LSE). The was an analogue computer which used fluidic logic to model the workings of an economy. The name may have been suggested by an association of money and ENIAC, an early electronic digital computer. The was approximately 2 m high, 1.2 m wide and almost 1 m deep, and consisted of a series of transparent plastic tanks and pipes which were fastened to a wooden board. Each tank represented some aspect of the UK national economy and the flow of money around the economy was illustrated by coloured water. At the top of the board was a large tank called the treasury. Water (representing money) flowed from the treasury to other tanks representing the various ways in which a country could spend its money. For example, there were tanks for health and education. To increase spending on health care a tap could be opened to drain water from the treasury to the tank which represented health spending. Water then ran further down the model to other tanks, representing other interactions in the economy. Water could be pumped back to the treasury from some of the tanks to represent taxation. Changes in tax rates were modeled by increasing or decreasing pumping speeds
Business&Economics
https://en.wikipedia.org/wiki?curid=2110105
MONIAC
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MONIAC Savings reduce the funds available to consumers and investment income increases those funds. The showed it by draining water (savings) from the expenditure stream and by injecting water (investment income) into that stream. When the savings flow exceeds the investment flow, the level of water in the savings and investment tank (the surplus-balances tank) would rise to reflect the accumulated balance. When the investment flow exceeds the savings flow for any length of time, the surplus-balances tank would run dry. Import and export were represented by water draining from the model and by additional water being poured into the model. The actual flow of the water was automatically controlled through a series of floats, counterweights, electrodes, and cords. When the level of water reached a certain level in a tank, pumps and drains would be activated. To their surprise, Phillips and his associate Walter Newlyn found that could be calibrated to an accuracy of 2%. The flow of water between the tanks was determined by economic principles and the settings for various parameters. Different economic parameters, such as tax rates and investment rates, could be entered by setting the valves which controlled the flow of water about the computer. Users could experiment with different settings and note the effect on the model. The MONIAC’s ability to model the subtle interaction of a number of variables made it a powerful tool for its time
Business&Economics
https://en.wikipedia.org/wiki?curid=2110105
MONIAC
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MONIAC When a set of parameters resulted in a viable economy the model would stabilise and the results could be read from scales. The output from the computer could also be sent to a rudimentary plotter. had been designed to be used as a teaching aid but was discovered also to be an effective economic simulator. At the time that was created, electronic digital computers that could run complex economic simulations were unavailable. In 1949, the few computers in existence were restricted to government and military use. Neither did they have adequate visual display facilities, so were unable to illustrate the operation of complex models. Observing the in operation made it much easier for students to understand the interrelated processes of a national economy. The range of organisations that acquired a showed that it was used in both capacities. Phillips scrounged a variety of materials to create his prototype computer, including bits and pieces from war surplus such as parts from old Lancaster bombers. The first was created in his landlady’s garage in Croydon at a cost of £400 (). Phillips first demonstrated the to a number of leading economists at the LSE in 1949. It was very well received and Phillips was soon offered a teaching position at the LSE. It is thought that twelve to fourteen machines were built.
Business&Economics
https://en.wikipedia.org/wiki?curid=2110105
MONIAC
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List of economics journals The following is a list of scholarly journals in economics containing most of the prominent academic journals in economics. Popular magazines or other publications related to economics, finance, or business are not listed.
Business&Economics
https://en.wikipedia.org/wiki?curid=2117793
List of economics journals
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Moral economy A moral economy is an economy that is based on goodness, fairness, and justice, as opposed to one where the market is assumed to be independent of such concerns. The concept was an elaboration by English historian E.P. Thompson, from a term already used by various eighteenth century authors, who felt that economic and moral concerns increasingly seemed to drift apart (see Götz 2015). Thompson wrote of the moral economy of the poor in the context of widespread food riots in the English countryside in the late eighteenth century. According to Thompson these riots were generally peaceable acts that demonstrated a common political culture rooted in feudal rights to "set the price" of essential goods in the market. These peasants held that a traditional "fair price" was more important to the community than a "free" market price and they punished large farmers who sold their surpluses at higher prices outside the village while there were still those in need within the village. In the 1970s the concept of a moral economy was developed further in anthropological studies of peasant economies. The notion of a non-capitalist cultural mentality using the market for its own ends has been linked by others (with Thompson's approval) to subsistence agriculture and the need for subsistence insurance in hard times. The concept was widely popularized in anthropology through the book "" by James C. Scott (1976)
Business&Economics
https://en.wikipedia.org/wiki?curid=2118562
Moral economy
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Moral economy The book begins with a telling metaphor of peasants being like a man standing up to his nose in water; the smallest wave will drown him. Similarly, peasants generally live so close to the subsistence line that it takes little to destroy their livelihoods. From this, he infers a set of economic principles that it would be rational for them to live by. It is important to emphasize that this book was not based on fieldwork, and itself proposed a cross-cultural universalistic model of peasant economic behaviour based upon a set of fixed theoretical principles, not a reading of peasant culture. Firstly, he argued that peasants were "risk averse", or, put differently, followed a "safety first" principle. They would not adopt risky new seeds or technologies, no matter how promising, because tried and true traditional methods had demonstrated, not promised, effectiveness. This gives peasants an unfair reputation as "traditionalist" when in fact they are just risk averse. Secondly, Scott argues that peasant society provides "subsistence insurance" for its members to tide them over those occasions when natural or man-made disaster strikes. A moral economy, in one interpretation, is an economy that is based on goodness, fairness, and justice. Such an economy is generally only stable in small, closely knit communities, where the principles of mutuality—i.e. "I'll scratch your back if you'll scratch mine"—operate to avoid the free rider problem
Business&Economics
https://en.wikipedia.org/wiki?curid=2118562
Moral economy
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Moral economy Where economic transactions arise between strangers who cannot be informally sanctioned by a social network, the free rider problem lacks a solution and a moral economy becomes harder to maintain. In traditional societies, each person and each household is a consumer as well as a producer. Social networks create mutual understandings to promote the survival of these social units in the face of scarcity; these social ties operate to prevent the economic actors in traditional societies from behaving to maximize personal profit. Traditional understandings arise as to the relative value of various goods and services; they are not independently renegotiated for each transaction in an impersonal, anonymous market. Traditional staple foods and other goods deemed necessary for the survival of the community acquire customary prices; dearth or plenty should be shared by all. These traditional understandings acquire the force of custom, and with increased social complexity may eventually acquire the force of law. "The Efficient Society" by Joseph Heath discusses the nature of a moral economy in these terms, and argues that Canada has achieved the proper balance between social needs and economic freedom, and as such comes close to being a moral economy. Other economists such as John P. Powelson relate the concept of a "moral economy" to the balance of economic power; in their view, a moral economy is an economy in which economic factors are balanced against ethical norms in the name of social justice
Business&Economics
https://en.wikipedia.org/wiki?curid=2118562
Moral economy
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Moral economy "Right Relationship" by Brown and Garver, discusses the urgent need for achieving an economy that is recognized to be a subsidiary of the overall ecosystem of the planet. They address key questions regarding the purpose, function, appropriate size, fairness, and governance of a world economic system and propose new ideas to place our economy in correct relationship with the Earth's ecosystem. They argue that such a moral economy is essential if we are to avoid systemic collapse as our "growth economy" outstrips the Earth's limited ability to recycle our waste, and as the Earth's inventory of critical raw materials and minerals is used up, in the face of growing population and growing affluence within those populations. In a related sense, "moral economy" is also a name given in economics, sociology and anthropology to the interplay between cultural mores and economic activity. It describes the various ways in which custom and social pressure coerce economic actors in a society to conform to traditional norms even at the expense of profit. Prior to the rise of classical economics in the eighteenth century, the economies in Europe and its North American colonies were governed by a variety of (formal and informal) regulations designed to prevent "greed" from overcoming "morality". In its most formal manifestations, examples such as the traditional Christian and Muslim prohibitions on usury represent the limits imposed by religious values on economic activity, and as such are part of the moral economy
Business&Economics
https://en.wikipedia.org/wiki?curid=2118562
Moral economy
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Moral economy Laws that determine what sort of contracts will be given effect by the judiciary, and what sort of contracts are void or voidable, often incorporate concepts of a moral economy; in many jurisdictions, traditionally a contract involving gambling was considered void in law because it was against public policy. These restrictions on freedom of contract are the results of moral economy. According to the beliefs which inspired these laws, economic transactions were supposed to be based on mutual obligation, not individual gain. In colonial Massachusetts, for example, prices and markets were highly regulated, even the fees physicians could charge. Other forms of moral economy are more informal. In the sixteenth and seventeenth century, for instance, clergymen often preached against various economic practices that were not strictly illegal, but were deemed to be "uncharitable". Their condemnations of selling food at high prices or raising rents probably influenced the behavior of many people who regarded themselves as Christian and worried about their reputations. Likewise, during the rapid expansion of capitalism over the past several centuries, the tradition of a pre-capitalist "moral economy" was used to justify popular action against unscrupulous merchants and traders. For example, the poor regularly rioted against grain merchants who raised their prices in years of dearth in an attempt to reassert the concept of the just price. The Marxist historian E. P
Business&Economics
https://en.wikipedia.org/wiki?curid=2118562
Moral economy
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Moral economy Thompson emphasized the continuing force of this tradition in his pioneering article on "The Moral Economy of the English Crowd in the Eighteenth Century" (1971). Later historians and sociologists have uncovered the same phenomenon in a variety of other situations, including peasants' riots in continental Europe during the nineteenth century and in many developing countries in the twentieth. The political scientist James C. Scott, for example, showed how this ideology could be used as a method of resisting authority in "" (1976). It must be remembered, however, that sometimes a moral economy may not act in conformity to morality as it is now generally understood. Social pressures to enforce racial segregation even when willing buyers and sellers would erode the racial barriers, are clearly an example of cultural pressures imposing economic inefficiency, and therefore fall within the purview of moral economy. In modern times, "utopian moral economies" have arisen to systematically reorganize their economic system to reflect a particular moral or ethical code that rejects the free-market ethos of capitalist economies. Societies that pursue some derivative of socialism or communism are obvious examples of this impulse, along with small-scale attempts in the form of the Israeli kibbutz and the intentional communities of the 1960s and 70s. Very few of these experiments—with the possible exception of the kibbutz—turned out the way their founders had imagined
Business&Economics
https://en.wikipedia.org/wiki?curid=2118562
Moral economy
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Moral economy Unsurprisingly, a revolutionary reorganization of some of the most fundamental parts of society often resulted in the severe dislocation of many people's everyday lives and the loss of whole generations to schemes like Stalin's failed policy of collective farming. However, many of the small and pragmatic attempts to make the capitalist economy more moral (e.g. fair trade, moral investment funds, the development of renewable energy sources, recycling, cooperatives, etc.) have grown from the same impulse that drove the utopian revolutionaries. These developments, however, do not fully realize their intentions, being fundamentally at odds with the mechanisms in the capitalist economy, such as cyclical consumption, the inherent duplicity of goods in competition, and the process of "externalizing" those costs which are not directly pertinent to an actor's finances.
Business&Economics
https://en.wikipedia.org/wiki?curid=2118562
Moral economy
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Backward bending supply curve of labour In economics, a backward-bending supply curve of labour, or backward-bending labour supply curve, is a graphical device showing a situation in which as real (inflation-corrected) wages increase beyond a certain level, people will substitute leisure (non-paid time) for paid worktime and so higher wages lead to a decrease in the labour supply and so less labour-time being offered for sale. The "labour-leisure" tradeoff is the tradeoff faced by wage-earning human beings between the amount of time spent engaged in wage-paying work (assumed to be unpleasant) and satisfaction-generating unpaid time, which allows participation in "leisure" activities and the use of time to do necessary self-maintenance, such as sleep. The key to the tradeoff is a comparison between the wage received from each hour of working and the amount of satisfaction generated by the use of unpaid time. Such a comparison generally means that a higher wage entices people to spend more time working for pay; the substitution effect implies a positively sloped labour supply curve. However, the backward-bending labour supply curve occurs when an even higher wage actually entices people to work less and consume more leisure or unpaid time. As wages increase above the subsistence level (discussed below), there are two considerations affecting a worker's choice of how many hours to work per unit of time (usually day, week, or month). The first is the substitution or incentive effect
Business&Economics
https://en.wikipedia.org/wiki?curid=2119223
Backward bending supply curve of labour
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Backward bending supply curve of labour With wages rising, the tradeoff between working an additional hour for pay and taking one extra hour of unpaid time changes in favor of working. Thus, more hours of labour-time will be offered at the higher wage than the lower one. The second and countervailing effect is that the hours worked at the old wage rate now all gain more income than before, creating an income effect, which encourages more leisure to be chosen because it is more affordable. Most economists assume that unpaid time (or "leisure") is a normal good and so people want more of it as their incomes (or wealth) rise. Since a rising wage rate raises incomes, all else constant, the attraction of unpaid time rises, eventually neutralising the substitution effect and causing the backward bend. The graph shows that if real wages were to increase from W1 to W2, the substitution effect for an individual worker outweighs the income effect; therefore, the worker would be willing to increase hours worked for pay from L1 to L2. However, if the real wage increased from W2 to W3, the number of hours offered to work for pay would fall from L2 to L3 since the strength of the income effect now exceeds that of the substitution effect; the utility to be gained from an extra hour of unpaid time is now greater than the utility to be gained from extra income that could be earned by working the extra hour
Business&Economics
https://en.wikipedia.org/wiki?curid=2119223
Backward bending supply curve of labour
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Backward bending supply curve of labour The above examines only the effect of changing wage rates on workers already subject to those rates; only those individuals' labour supply response was considered. The additional labour supplied by workers working in other sectors (or unemployed), who are now more attracted to the jobs in the sector because it is paying higher wages, was not considered. Thus, for a given market, the wage at which the labour supply curve bends backward may be higher than the wage at which a given worker's curve bends back. On the other hand, for the "aggregate" labour market, a labour market without "other sectors" for workers, the original story of the backward-bending labour-supply curve applies except that some workers suffer from involuntary unemployment. It is essential to understand that with the supply curve of labour, there must be assumptions set which takes the curve's inevitable backward bending form. The assumptions for the theory of labour supply are listed as follows: At very low wage levels, near the subsistence level, the supply curve may also be curved backwards for a completely different reason. That effect creates an "inverted S" or "backward S" shape: a tail is added at the bottom of the labour-supply curve shown in the graph above with the quantity of labour-time supplied falling as wages rise. Then, because families face some minimum level of income needed to meet their subsistence requirements, lowering wages "increases" the amount of labour-time offered for sale
Business&Economics
https://en.wikipedia.org/wiki?curid=2119223
Backward bending supply curve of labour
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Backward bending supply curve of labour Similarly, a rise in wages can cause a decrease in the amount of labour-time offered for sale, and individuals take advantage of the higher wage to spend time on needed self- or family-maintenance activities.
Business&Economics
https://en.wikipedia.org/wiki?curid=2119223
Backward bending supply curve of labour
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Lithium economy The lithium economy is a concept analogous to other element-based economies, such as the hydrogen economy, methanol economy, ethanol economy, electron economy, vegetable oil economy, or liquid nitrogen economy but where the energy storage medium is lithium. Analogous "economies" are the "aluminium economy" where the energy storage medium (fuel) is aluminium (typically aluminium-gallium). The hydrogen economy as a low-carbon solution to land transport has problems in generation, distribution (infrastructure), on-board storage and cost of power converter (fuel cell). The lithium economy has analogous problems in all four areas, but considered separately, the routes to their solution have different absolute limits and different timescales for their solutions. The lithium economy concept is used primarily as a political argument to prevent over-domination of the post-carbon energy future by oil companies; and as a post-carbon economy on which action can be taken now instead of deferred to some future date (see FreedomCAR project). The lithium economy differs from the other proposed future fuel economies in that the transition roadmap begins with convencional recreable batteries using conventional Li-ion or Lithium polymer cell batteries and progressing to chemistries (such as Li-S and Li-iron-phosphate) and cell types with higher energy densities. Eventually, anode replacement Li-air or Li-water cells are envisaged where only anodes (lithium metal) are replaced
Business&Economics
https://en.wikipedia.org/wiki?curid=2120798
Lithium economy
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Lithium economy The energy is stored in unoxidised lithium atoms, which release energy when oxidised. A lithium atom is seven times as heavy as a hydrogen atom, and at room temperature, hydrogen is a gas, while lithium is solid. This means energy per mass is much worse, but since lithium is much more compact, it has more energy per volume. In fact, storing hydrogen requires so much ancillary equipment or material that lithium is also competitive in energy per mass when the whole system is considered.
Business&Economics
https://en.wikipedia.org/wiki?curid=2120798
Lithium economy
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Sunspots (economics) In economics, the term sunspots (or sometimes "a sunspot") usually refers to an "extrinsic" random variable, that is, a random variable that does not affect economic fundamentals (such as endowments, preferences, or technology). "Sunspots" can also refer to the related concept of extrinsic uncertainty, that is, economic uncertainty that does not come from variation in economic fundamentals. David Cass and Karl Shell coined the term "sunspots" as a suggestive and less technical way of saying "extrinsic random variable". The idea that arbitrary changes in expectations might influence the economy, even if they bear no relation to fundamentals, is controversial but has been widespread in many areas of economics. For example, in the words of Arthur C. Pigou, 'Sunspots' have been included in economic models as a way of capturing these 'extrinsic' fluctuations, in fields like asset pricing, financial crises, business cycles, economic growth, and monetary policy. Experimental economics researchers have demonstrated how sunspots could affect economic activity. The name is a whimsical reference to 19th-century economist William Stanley Jevons, who attempted to correlate business cycle patterns with sunspot counts (on the actual sun) on the grounds that they might cause variations in weather and thus agricultural output. Subsequent studies have found no evidence for the hypothesis that the sun influences the business cycle
Business&Economics
https://en.wikipedia.org/wiki?curid=2122367
Sunspots (economics)
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Sunspots (economics) On the other hand, sunny weather has a small but significant positive impact on stock returns, probably due to its impact on traders' moods. In economics, a sunspot equilibrium is an economic equilibrium where the market outcome or allocation of resources varies in a way unrelated to economic fundamentals. In other words, the outcome depends on an "extrinsic" random variable, meaning a random influence that matters only because people think it matters. The sunspot equilibrium concept was defined by David Cass and Karl Shell. While Cass and Shell's 1983 paper defined the term sunspot in the context of general equilibrium, their use of the term sunspot (a term originally used in astronomy) alludes to the earlier econometric work of William Stanley Jevons, who explored the correlation between the degree of sunspot activity and the price of corn. In Jevons' work, uncertainty about sunspots could be considered intrinsic, for example, if sunspots have some demonstrable effect on agricultural productivity, or some other relevant variable. In modern economics, the term does not indicate any relationship with solar phenomena, and is instead used to describe random variables that have no impact on the preferences, allocations, or production technology of a general equilibrium model. The modern theory suggests that such a nonfundamental variable might have an effect on equilibrium outcomes if it influences expectations
Business&Economics
https://en.wikipedia.org/wiki?curid=2122367
Sunspots (economics)
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Sunspots (economics) Cass and Shell refer to Keynes' "animal spirits", and to the notion of self-fulfilling prophecy to illuminate their use of the term "extrinsic uncertainty". Formally however they define it as any variable that does not directly affect the fundamentals of the economy. Much work on sunspot equilibria aims to prove the possible existence of equilibria differing from a given model's competitive equilibria, which can result from various types of extrinsic uncertainty. The sunspot equilibrium framework supplies a basis for rational expectations modeling of excess volatility (volatility resulting from sources other than randomness in the economic fundamentals). Proper sunspot equilibria can exist in a number of economic situations, including asymmetric information, externalities in consumption or production, imperfect competition, incomplete markets, and restrictions on market participation.
Business&Economics
https://en.wikipedia.org/wiki?curid=2122367
Sunspots (economics)
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Our Currency, Our Country Our Currency, Our Country: The Dangers of European Monetary Union is a 1996 book by British Conservative politician John Redwood. In the book, he argues that the European single currency would be a bad idea for the United Kingdom for political, economic and legal reasons.
Business&Economics
https://en.wikipedia.org/wiki?curid=2126098
Our Currency, Our Country
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Confusopoly (aka Dilbert's confusopoly) is confusing marketing designed to prevent the buyer making informed decisions. A portmanteau of confusion and monopoly or oligopoly, Dilbert's author Scott Adams defines confusopoly as ""a group of companies with similar products who intentionally confuse customers instead of competing on price"". For example, similar items like mobile phones are advertised at various price plans according to different combinations of available minutes, text messaging capabilities and other services, thus making these offers practically incomparable when it could be easy to price similar units of usage to allow informed comparisons. The term confusopoly also applies because confusion within the targeted consumer group is purposefully maintained, so choices are based on emotional factors. The term has been adopted by economists. Consumer Financial Protection Bureau director Richard Cordray, championing meaningful regulation for the financial industry, used the term confusopoly to refer to large financial institutions (, 4'04"-4'26") : Video game critic Jim Sterling criticized the video game industry's use of multiple limited and collector's editions as a confusopoly, citing games including "Watch Dogs" and "Anthem" as examples.
Business&Economics
https://en.wikipedia.org/wiki?curid=2131447
Confusopoly
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Microeconomic reform (or often just economic reform) comprises policies directed to achieve improvements in economic efficiency, either by eliminating or reducing distortions in individual sectors of the economy or by reforming economy-wide policies such as tax policy and competition policy with an emphasis on economic efficiency, rather than other goals such as equity or employment growth. "Economic reform" usually refers to deregulation, or at times to reduction in the size of government, to remove distortions caused by regulations or the presence of government, rather than new or increased regulations or government programs to reduce distortions caused by market failure. As such, these reform policies are in the tradition of laissez faire, emphasizing the distortions caused by government, rather than in ordoliberalism, which emphasizes the need for state regulation to maximize efficiency. dominated Australian economic policy from the early 1980s until the end of the 20th century. The beginning of microeconomic reform is commonly dated to the floating of the Australian dollar in 1983. The last major policy initiatives associated with the microeconomic reform agenda was the package of tax reforms centered on the Goods and Services Tax (GST) which came into force in July 2000, and the privatization of Telstra which began in 1998 and was completed in 2006. There were, however, some instances of microeconomic reform before the 1980s, notably including the Whitlam government’s 25 percent tariff cut
Business&Economics
https://en.wikipedia.org/wiki?curid=2134402
Microeconomic reform
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Microeconomic reform Similarly, the consequences of some microeconomic reforms initiated in the 1990s, such as National Competition Policy are still being worked through. The policy agenda associated with microeconomic reform included: The Chinese economic reform () refers to the program of economic changes called "Socialism with Chinese characteristics" in the People's Republic of China (PRC) that were started in 1978 by pragmatists within the Communist Party of China (CPC) led by Deng Xiaoping and are ongoing as of the early 21st century. The goal of Chinese economic reform was to generate sufficient surplus value to finance the modernization of the mainland Chinese economy. Neither the socialist command economy, favored by CPC conservatives, nor the Maoist attempt at a Great Leap Forward from socialism to communism in China's agriculture (with the commune system) had generated sufficient surplus value for these purposes. The initial challenge of economic reform was to solve the problems of motivating workers and farmers to produce a larger surplus and to eliminate economic imbalances that were common in command economies. Economic reforms started since 1978 have helped lift millions of people out of poverty, bringing the poverty rate down from 53% of the population in 1981 to 8% by 2001... The economic liberalization of 1991, initiated by then Indian prime minister P. V
Business&Economics
https://en.wikipedia.org/wiki?curid=2134402
Microeconomic reform
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Microeconomic reform Narasimha Rao and his finance minister Manmohan Singh, did away with investment, industrial and import licensing and ended many public monopolies, allowing automatic approval of foreign direct investment in many sectors. Since then, the overall direction of liberalization has remained the same, irrespective of the ruling party, although no party has yet tried to take on powerful lobbies such as the trade unions and farmers, or contentious issues such as reforming labor laws and reducing agricultural subsidies. The effect of these reforms has been positive, and since 1990, India has had high growth rates and has emerged as one of the wealthiest economies in the developing world. During this period, the economy has grown constantly with only a few major setbacks. This has been accompanied by increases in life expectancy, literacy rates, and food security since then. After the snap election of 1984 in New Zealand, the new Finance Minister, Roger Douglas, began a speedy reform of the New Zealand economy. The speed of the reforms can be partially attributed to the currency crisis that resulted from the former government's refusal to devalue the New Zealand dollar. The policies included cutting subsidies and trade barriers, privatising public assets and the control of inflation through measures rooted in monetarism. These policies were regarded in some quarters of Douglas's New Zealand Labour Party as a betrayal of traditional Labour ideals
Business&Economics
https://en.wikipedia.org/wiki?curid=2134402
Microeconomic reform
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Microeconomic reform The Labour Party subsequently retreated from these policies, but it became the core doctrine of the New Zealand ACT party. The reforms created a very business-friendly regulatory framework. A 2008 study ranked New Zealand 99.9% in "Business freedom", and 80% overall in "Economic freedom", noting amongst other things that it only takes 12 days to establish a business in New Zealand on average, compared with a worldwide average of 43 days. Other indicators measured were property rights, labor market conditions, government controls and corruption, the last being considered "next to non-existent" in the Heritage Foundation and "Wall Street Journal" study. Economic reforms began in the Soviet Union when Perestroika was introduced in June 1985 by the then Soviet leader Mikhail Gorbachev. Its literal meaning is "restructuring", referring to the restructuring of the Soviet economy. During the initial period (1985–1987) of Mikhail Gorbachev's time in power, he talked about modifying central planning, but did not make any truly fundamental changes ("uskoreniye", acceleration). Gorbachev and his team of economic advisers then introduced more fundamental reforms, which became known as "perestroika" (economic restructuring). Economic reform began in Africa throughout Africa in the mid-1990s. Before that, the two decades of donor-sponsored reform efforts to Africa failed to help most sub-Saharan economies to overcome the fiscal and balance of payments deficits
Business&Economics
https://en.wikipedia.org/wiki?curid=2134402
Microeconomic reform
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Microeconomic reform During the mid-1990s, several civil wars ended and a wave of democratization started. The growth rate reached 1.2 percent a year between 1994 and 1997 which is the highest rate during that generation. However, the growth is a result of a donor-led process of structural adjustment as compatible with the survival of the status quo. The growth rate started to decline after 1998 and civil wars reactivated again by then. The two-decade failure reform leaves many African countries incapable of leading another economic reform. North Korea is a communist country with the central economic planning system. With the ongoing nuclear issue, North Korea is politically and economically isolated from other countries. Therefore, several tries for economic reforms did not appear to be successful. Its economy relied heavily on the defense industry and the consumer goods industry had been overlooked according to the "juche" policy. Under the Third Seven-Year Economic Plan (1987–93), DPRK aimed to focus on technology-based industry and to solve their scarcity of electricity. Nevertheless, it did not give a satisfiable result. One of the causes was its relationship with trading partners and losing supportive allies. In response, North Korea tried to attract foreign investors by endorsing joint venture and opening some free-trade zones. Unluckily, with other factors, this policy was not practical. In addition, it also had to encounter a massive military expenditure to secure its leader with both internal and external threat
Business&Economics
https://en.wikipedia.org/wiki?curid=2134402
Microeconomic reform
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Microeconomic reform Later in 2002, there was another attempt to make a market liberalization reform, which the government tries to let the demand and supply determine the price level, which used to be controlled by the central government. It also gave some authority to local producers to make some economic decisions by themselves. Other than the decentralization policy, North Korea also kept trying to induce foreign investors in several ways, including depreciation of its currency and the initiation of Sinuiju Special Administrative District. Still, its solution to successfully reform its economy appears to be contradicting with its leader security regimes. Kim Jong-il's goal, “kangsong taeguk” or “rich nation/strong army,” appears to be unachievable. It caused him facing a reform dilemma. Opening up the country likely to facilitate the reform to be successful, while it would also make its dictatorship insecure.
Business&Economics
https://en.wikipedia.org/wiki?curid=2134402
Microeconomic reform
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Economic development corporation An economic development corporation ("EDC") is an organization common in the United States, usually a 501(c)(3) non-profit, whose mission is to promote economic development within a specific geographical area. These organizations are complementary to Chambers of Commerce. Whereas a Chamber of Commerce promotes the interests of businesses in a particular geographic area, an EDC typically focus on longer term economic growth by attracting new businesses. Generally, an EDC can be found at the state level to attract business to a particular state. The state level EDC often works closely with local EDCs and may offer low interest loans, grants, tax credits and other economic incentives to attract businesses. Blanco, Magdelana. 2009. Preliminary Assessment of Statutory Compliance of 4A and 4B Economic Development Corporations in Texas with the Development Corporation Act of 1979. Applied Research Project. Texas State University. http://ecommons.txstate.edu/arp/300/
Business&Economics
https://en.wikipedia.org/wiki?curid=2138118
Economic development corporation
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Surplus labour (German: "Mehrarbeit") is a concept used by Karl Marx in his critique of political economy. It means labour performed in excess of the labour necessary to produce the means of livelihood of the worker ("necessary labour"). The "surplus" in this context means the "additional" labour a worker has to do in his/her job, beyond earning his own keep. According to Marxian economics, surplus labour is usually uncompensated (unpaid) labour. Marx explains the origin of surplus labour in the following terms: The historical emergence of surplus labour is, according to Marx, also closely associated with the growth of trade (the economic exchange of goods and services) and with the emergence of a society divided into social classes. As soon as a permanent surplus product can be produced, the moral-political question arises as to how it should be distributed, and for whose benefit surplus-labour should be performed. The strong defeat the weak, and it becomes possible for a social elite to gain control over the surplus-labour and surplus product of the working population; they can live off the labour of others. Labour which is sufficiently productive so that it can perform surplus labour is, in a cash economy, the material foundation for the appropriation of surplus-value from that labour. How exactly this appropriation will occur, is determined by the prevailing relations of production and the balance of power between social classes
Business&Economics
https://en.wikipedia.org/wiki?curid=2140110
Surplus labour
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Surplus labour According to Marx, capital had its origin in the commercial activity of "buying in order to sell" and "rents" of various types, with the aim of gaining an income (a surplus value) from this trade. But, initially, this does not involve any capitalist mode of production; rather, the merchant traders and rentiers are "intermediaries" between non-capitalist producers. During a lengthy historical process, the old ways of extracting surplus labour are gradually replaced by "commercial" forms of exploitation. In Das Kapital Vol. 3, Marx highlights the central role played by surplus labour: This statement is a foundation of Marx's historical materialism insofar as it specifies what the class conflicts in civil society are ultimately about: an economy of time, which compels some to do work of which part or all of the benefits go to someone else, while others can have leisure-time which in reality depends on the work efforts of those forced to work. In modern society, having work or leisure may often seem a choice, but for most of humanity, work is an absolute necessity, and consequently most people are concerned with the real benefits they get from that work. They may accept a certain rate of exploitation of their labour as an inescapable condition for their existence, if they depend on a wage or salary, but beyond that, they will increasingly resist it. Consequently, a morality or legal norm develops in civil society which imposes "limits" for surplus-labour, in one form or another
Business&Economics
https://en.wikipedia.org/wiki?curid=2140110
Surplus labour
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Surplus labour Forced labour, slavery, gross mistreatment of workers etc. are no longer generally acceptable, although they continue to occur; working conditions and pay levels can usually be contested in courts of law. Marx acknowledged that surplus labour may not just be appropriated directly in "production" by the owners of the enterprise, but also in "trade". This phenomenon is nowadays called unequal exchange. Thus, he commented that: In this case, more work effectively exchanges for less work, and a greater value exchanges for a lesser value, because some possess a stronger market position, and others a weaker one. For the most part, Marx assumed equal exchange in Das Kapital, i.e. that supply and demand would balance; his argument was that even if, ideally speaking, no unequal exchange occurred in trade, and market equality existed, exploitation could nevertheless occur within capitalist relations of production, since the value of the "product" produced by labour power exceeded the value of labour power itself. Marx never completed his analysis of the world market however. In the real world, Marxian economists like Samir Amin argue, unequal exchange occurs all the time, implying "transfers" of value from one place to another, through the trading process
Business&Economics
https://en.wikipedia.org/wiki?curid=2140110
Surplus labour
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Surplus labour Thus, the more trade becomes "globalised", the greater the "intermediation" between producers and consumers; consequently, the intermediaries appropriate a growing fraction of the final value of the products, while the direct producers obtain only a small fraction of that final value. The most important unequal exchange in the world economy nowadays concerns the exchange between agricultural goods and industrial goods, i.e. the terms of trade favour industrial goods against agricultural goods. Often, as Raul Prebisch already noted, this has meant that more and more agricultural output must be produced and sold, to buy a given amount of industrial goods. This issue has become the subject of heated controversy at recent WTO meetings. The practice of unequal or unfair exchange does not presuppose the capitalist mode of production, nor even the existence of money. It only presupposes that goods and services of unequal value are traded, something which has been possible throughout the whole history of human trading practices. According to economist Fred Moseley, "neoclassical economic theory was developed, in part, to attack the very notion of surplus labour or surplus value and to argue that workers receive all of the value embodied in their creative efforts." Some basic modern criticisms of Marx's theory can be found in the works by Pearson, Dalton, Boss, Hodgson and Harris (see references)
Business&Economics
https://en.wikipedia.org/wiki?curid=2140110
Surplus labour
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Surplus labour The analytical Marxist John Roemer challenges what he calls the "fundamental Marxian theorem" (after Michio Morishima) that the existence of surplus labour is the necessary and sufficient condition for profits. He proves that this theorem is logically false. However, Marx himself never argued that surplus labour was a "sufficient" condition for profits, only an ultimate "necessary" condition (Morishima aimed to prove that, starting from the existence of profit expressed in price terms, we can deduce the existence of surplus value as a logical consequence). Five reasons were that: All that Marx really argued was that surplus labour was a "necessary feature" of the capitalist mode of production as a general social condition. If that surplus labour did not exist, other people could not "appropriate" that surplus labour or its products simply through their ownership of property. Also, the amount of unpaid, voluntary and housework labour performed outside the world of business and industry, as revealed by time use surveys, suggests to some feminists (e.g. Marilyn Waring and Maria Mies) that Marxists may have overrated the importance of industrial surplus labour performed by salaried employees, because the very ability to perform that surplus-labour, i.e. the continual reproduction of labour power depends on all kinds of supports involving unremunerated work (for a theoretical discussion, see the reader by Bonnie Fox)
Business&Economics
https://en.wikipedia.org/wiki?curid=2140110
Surplus labour
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Surplus labour In other words, work performed in households—often by those who do not sell their labour power to capitalist enterprises at all—contributes to the sustenance of capitalist workers who may perform little household labour. Possibly the controversy about the concept is distorted by the enormous differences with regard to the world of work: Countries differ greatly with respect to the way they organise and share out work, labour participation rates, and paid hours worked per year, as can be easily verified from ILO data (see also Rubery & Grimshaw's text). The general trend in the world division of labour is for hi-tech, financial and marketing services to be located in the richer countries, which hold most intellectual property rights and actual physical production to be located in low-wage countries. Effectively, Marxian economists argue, this means that the labour of workers in wealthy countries is valued higher than the labour of workers in poorer countries. However, they predict that in the long run of history, the operation of the law of value will tend to equalize the conditions of production and sales in different parts of the world.
Business&Economics
https://en.wikipedia.org/wiki?curid=2140110
Surplus labour
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Market moving information is a term used in stock market investing, defined as information that would cause any reasonable investor to make a buy or sell decision. It is also sometimes referred to as material information. When a public company insider fails to publicly disclose material, market moving information to everyone and only to certain parties, that is called selective disclosure, an act that is prohibited by the SEC's Regulation FD. Many types of events can be considered market moving information. A bad freeze in Florida can cause the price of orange juice to increase. An expected drought in the Midwest might cause corn or soybean prices to rise on fears of poor crop outputs and limited supplies.
Business&Economics
https://en.wikipedia.org/wiki?curid=2141578
Market moving information
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Samba effect The samba effect was the nearly 35% drop in the value of the Brazilian real that occurred in 1999. The effect was caused by the 1997 Asian financial crisis which led Brazil to increase interest rates and to institute spending cuts and tax increases in an attempt to maintain the value of its currency. These measures failed to produce the intended effect and the Brazilian government floated its currency against the US dollar, which led to the dramatic decrease in its value. The devaluation also precipitated fears that the ongoing economic crisis in Asia would spread to South America, as many South American countries were heavily dependent on industrial exports from Brazil. These fears resulted in the Brazilian government adopting an austerity program in order to receive a $41.5 billion aid package from the International Monetary Fund and other world lenders. By the end of 1999 the effect was waning and the Brazilian economy was beginning to recover. However, unemployment was only slightly lower than before the effect, and remained more than twice as high as it was during the late 1980s and early 1990s.
Business&Economics
https://en.wikipedia.org/wiki?curid=2141649
Samba effect
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MENA is an English-language acronym referring to the Middle East and North Africa, which corresponds to the Greater Middle East. It is alternatively called the WANA (Western Asia and North Africa), as well as the MENAP, which also includes South Asian countries of Afghanistan and Pakistan. The MENAP covers an extensive region stretching from the Maghreb in the west to Pakistan in the east. The acronym is often used in academia, military planning, disaster relief, media planning as a broadcast region, and business writing. "MENA" has no standardized definition; different organizations define the region as consisting of different territories. List of countries and territories most commonly constitute MENA. Additional countries and territories that are sometimes counted as part of MENA: <nowiki>*</nowiki> The region has vast reserves of petroleum and natural gas that make it a vital source of global economic stability. According to the Oil and Gas Journal (January 1, 2009), the region has 60% of the world's oil reserves () and 45% of the world's natural gas reserves ( ). As of 2011, 8 of the 15 OPEC nations are within the region. According to Pew Research Center, 40% of the adult population in has completed less than a year of primary school. The fraction is higher for women, of whom half have been to school for less than a year. Islam is by far the dominant religion in nearly all of the territories; 91.2% of the population is Muslim
Business&Economics
https://en.wikipedia.org/wiki?curid=2150475
MENA
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MENA The Middle East-North Africa region comprises 20 countries and territories with an estimated Muslim population of 315 million or about 23% of the world's Muslim population. The term "MENA" is often defined in part in relation to majority Muslim countries that based on the countries located in the region, although several nations in the region are not majority Muslim-dominated. Due to rich resources, mainly oil and gas, combined with its location between three continents, (Asia, Africa and Europe), the region has been in conflict since the collapse of the Ottoman Empire; notably due to the creation of Israel, a Jewish state among Arab and Muslim countries; Israeli–Palestinian conflict; the Iran–Iraq War; Iran–Saudi Arabia proxy conflict; and the rise of terrorism. Conflict in the region had come to its highest peak so far in the 21st century, with incidents such as the U.S. intervention of Iraq in 2003 and subsequent Iraq War and the rise of ISIS; the Arab Spring, which spread war to throughout the region such as the Syrian Civil War, Libyan Civil War and Yemeni Civil War. Due to the geographic ambiguity and Eurocentric nature of the term "Middle East", some people prefer use other terms like "WANA" (West Asia and North Africa) or the less common NAWA (North Africa-West Asia). region remains the most common term and is used by most organizations, academia, and political entities flexibly, including those in the region itself
Business&Economics
https://en.wikipedia.org/wiki?curid=2150475
MENA
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MENA From April 2013, the International Monetary Fund started using a new analytical region called "MENAP" (Middle East, North Africa, Afghanistan, and Pakistan), which adds Afghanistan and Pakistan to countries. Now MENAP is a prominent economic grouping in IMF reports. The term "MENAT" (Middle East, North Africa, and Turkey) has been used to include Turkey in the list of "MENA" countries.
Business&Economics
https://en.wikipedia.org/wiki?curid=2150475
MENA
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Tax break is any item that avoids taxes, including any tax exemption, tax deduction, or tax credit. It is also used in the United States to refer to favorable tax treatment of any class of persons. As of 2013, expansion and exploitation by major corporations of like-kind exchanges, originally intended to relieve family farmers of capital gains tax when swapping land or livestock, was cited by "The New York Times" as an example of the need for tax reform.
Business&Economics
https://en.wikipedia.org/wiki?curid=2151903
Tax break
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President's Advisory Panel on Federal Tax Reform On January 7, 2005, President George W. Bush announced the establishment of the President's Advisory Panel on Federal Tax Reform, a bipartisan panel to advise on options to reform the United States income tax code to make it simpler, fairer, and more pro-growth to benefit all Americans. The task force was created by the President's , amended by subsequent orders and . On November 1, 2005, the Advisory Panel submitted to the Secretary of the Treasury a report containing revenue-neutral policy options for reforming the Federal Internal Revenue Code. The options are meant to: Panel members included:
Business&Economics
https://en.wikipedia.org/wiki?curid=2152022
President's Advisory Panel on Federal Tax Reform
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Encouraged Industry Catalogue As one of the key tools used by the People's Republic of China (PRC) government to direct foreign investment into mainland China, the is significant in international trade with mainland China. It classifies various industries into the four groups which are "Encouraged, Permitted, Restricted and Prohibited" which has subsequent effects on foreign firms wishing to operate in such sectors. Encouraged industries generally receive favourable tax treatment whilst those in the Permitted category are treated on a quite neutral basis. If an industry is restricted, foreign investment is usually limited to a minority shareholding in a joint venture whilst Prohibited industries cannot have any form of foreign investment at all.
Business&Economics
https://en.wikipedia.org/wiki?curid=2160902
Encouraged Industry Catalogue
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Sunrise industry A sunrise industry is one that is new or relatively new, is growing fast and is expected to become important in the future. Examples of sunrise industries include hydrogen fuel production, petrochemical industry, food processing industry, space tourism, and online encyclopedias.
Business&Economics
https://en.wikipedia.org/wiki?curid=2168581
Sunrise industry
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Independent business An independent business is a business that is free from outside control. It usually means a privately owned establishment, as opposed to a public limited company, the latter of which is owned by investment shares traded in the stock market. In many cases, independent businesses are sole proprietorship companies.
Business&Economics
https://en.wikipedia.org/wiki?curid=2172375
Independent business
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Airport problem In mathematics and especially game theory, the airport problem is a type of fair division problem in which it is decided how to distribute the cost of an airport runway among different players who need runways of different lengths. The problem was introduced by S. C. Littlechild and G. Owen in 1973. Their proposed solution is: The authors note that the resulting set of landing charges is the Shapley value for an appropriately defined game. An airport needs to build a runway for 4 different aircraft types. The building cost associated with each aircraft is 8, 11, 13, 18 for aircraft A, B, C, D. We would come up with the following cost table based on Shapley value:
Business&Economics
https://en.wikipedia.org/wiki?curid=2179555
Airport problem
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Jump process A jump process is a type of stochastic process that has discrete movements, called jumps, with random arrival times, rather than continuous movement, typically modelled as a simple or compound Poisson process. In finance, various stochastic models are used to model the price movements of financial instruments; for example the Black–Scholes model for pricing options assumes that the underlying instrument follows a traditional diffusion process, with continuous, random movements at all scales, no matter how small. John Carrington Cox and Stephen Ross proposed that prices actually follow a 'jump process'. Robert C. Merton extended this approach to a hybrid model known as jump diffusion, which states that the prices have large jumps interspersed with small continuous movements.
Business&Economics
https://en.wikipedia.org/wiki?curid=2180750
Jump process
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