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107-521: Since there was relatively little linguistic contact with France from the late 18th century to the 20th century, Acadian French retained features that died out during the French standardization efforts of the 19th century such as these: According to Wiesmath (2006), some characteristics of Acadian are: These features typically occur in the speech of older people. Many aspects of Acadian French (vocabulary and "trill r", etc.) are still common in rural areas in

214-649: A coordination problem , a situation in which all parties can realize mutual gains, but only by making mutually consistent decisions. Divergent national standards impose costs on consumers and can be a form of non-tariff trade barrier . Standard weights and measures were developed by the Indus Valley civilization . The centralized weight and measure system served the commercial interest of Indus merchants as smaller weight measures were used to measure luxury goods while larger weights were employed for buying bulkier items, such as food grains etc. Weights existed in multiples of

321-609: A 500-year period. The 13.7-g weight seems to be one of the units used in the Indus valley. The notation was based on the binary and decimal systems. 83% of the weights which were excavated from the above three cities were cubic, and 68% were made of chert . The implementation of standards in industry and commerce became highly important with the onset of the Industrial Revolution and the need for high-precision machine tools and interchangeable parts . Henry Maudslay developed

428-745: A 55° thread angle and a thread depth of 0.640327 p and a radius of 0.137329 p , where p is the pitch. The thread pitch increased with diameter in steps specified on a chart. An example of the use of the Whitworth thread is the Royal Navy 's Crimean War gunboats. These were the first instance of "mass-production" techniques being applied to marine engineering. With the adoption of BSW by British railway lines, many of which had previously used their own standard both for threads and for bolt head and nut profiles, and improving manufacturing techniques, it came to dominate British manufacturing. American Unified Coarse

535-497: A conservative dialect of Acadian French spoken in the St. Marys Bay, Nova Scotia region, is notable for maintaining use of the passé simple in spoken conversation. In most modern dialects of French, the tense is only used in formal writing and formal speech. Standardization Standardization ( American English ) or standardisation ( British English ) is the process of implementing and developing technical standards based on

642-702: A definition of economics as a study of human behaviour, subject to and constrained by scarcity, which forces people to choose, allocate scarce resources to competing ends, and economise (seeking the greatest welfare while avoiding the wasting of scarce resources). According to Robbins: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". Robbins' definition eventually became widely accepted by mainstream economists, and found its way into current textbooks. Although far from unanimous, most mainstream economists would accept some version of Robbins' definition, even though many have raised serious objections to

749-451: A distinct field. The book focused on determinants of national income in the short run when prices are relatively inflexible. Keynes attempted to explain in broad theoretical detail why high labour-market unemployment might not be self-correcting due to low " effective demand " and why even price flexibility and monetary policy might be unavailing. The term "revolutionary" has been applied to the book in its impact on economic analysis. During

856-442: A distinct variety of Acadian French spoken around Clare, Tusket, Nova Scotia and also Moncton, New Brunswick. not to be confused with affrication typical of Quebec French. Metathesis is quite common. For example, mercredi ('Wednesday') is mercordi , and pauvreté ('poverty') is pauveurté . Je (the pronoun 'I') is frequently pronounced euj and Le is frequently pronounced eul . In words, "re"

963-404: A larger network and attracting more consumers to use the new technology, further enhancing network effects. Other benefits of standardization to consumers are reduced uncertainty, because consumers can be more certain that they are not choosing the wrong product, and reduced lock-in, because the standard makes it more likely that there will be competing products in the space. Consumers may also get

1070-420: A lower relative cost of production, rather relying only on its own production. It has been termed a "fundamental analytical explanation" for gains from trade . Coming at the end of the classical tradition, John Stuart Mill (1848) parted company with the earlier classical economists on the inevitability of the distribution of income produced by the market system. Mill pointed to a distinct difference between

1177-441: A measuring instrument or procedure is similar to every subjects or patients. For example, educational psychologist may adopt structured interview to systematically interview the people in concern. By delivering the same procedures, all subjects is evaluated using same criteria and minimising any confounding variable that reduce the validity . Some other example includes mental status examination and personality test . In

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1284-501: A merger of two predecessor organizations (Bern and Paris treaties) that had similar objectives, but in more limited territories. With the advent of radiocommunication soon after the creation, the work of the ITU quickly expanded from the standardization of Telegraph communications, to developing standards for telecommunications in general. By the mid to late 19th century, efforts were being made to standardize electrical measurement. Lord Kelvin

1391-448: A metal fastening on the other side were usually fastened in non-threaded ways (such as clinching or upsetting against a washer). Maudslay standardized the screw threads used in his workshop and produced sets of taps and dies that would make nuts and bolts consistently to those standards, so that any bolt of the appropriate size would fit any nut of the same size. This was a major advance in workshop technology. Maudslay's work, as well as

1498-449: A more comprehensive theory of costs on the supply side. In the 20th century, neoclassical theorists departed from an earlier idea that suggested measuring total utility for a society, opting instead for ordinal utility , which posits behaviour-based relations across individuals. In microeconomics , neoclassical economics represents incentives and costs as playing a pervasive role in shaping decision making . An immediate example of this

1605-460: A more important role in mainstream economic theory. Also, heterogeneity among the economic agents, e.g. differences in income, plays an increasing role in recent economic research. Other schools or trends of thought referring to a particular style of economics practised at and disseminated from well-defined groups of academicians that have become known worldwide, include the Freiburg School ,

1712-586: A proportion of the value their work had created. Marxian economics was further developed by Karl Kautsky (1854–1938)'s The Economic Doctrines of Karl Marx and The Class Struggle (Erfurt Program) , Rudolf Hilferding 's (1877–1941) Finance Capital , Vladimir Lenin (1870–1924)'s The Development of Capitalism in Russia and Imperialism, the Highest Stage of Capitalism , and Rosa Luxemburg (1871–1919)'s The Accumulation of Capital . At its inception as

1819-409: A rapidly growing population against a limited amount of land meant diminishing returns to labour. The result, he claimed, was chronically low wages, which prevented the standard of living for most of the population from rising above the subsistence level. Economist Julian Simon has criticised Malthus's conclusions. While Adam Smith emphasised production and income, David Ricardo (1817) focused on

1926-1012: A regional level (e.g. Europa, the Americas, Africa, etc) or at subregional level (e.g. Mercosur, Andean Community, South East Asia, South East Africa, etc), several Regional Standardization Organizations exist (see also Standards Organization ). The three regional standards organizations in Europe – European Standardization Organizations (ESOs), recognised by the EU Regulation on Standardization (Regulation (EU) 1025/2012) – are CEN , CENELEC and ETSI . CEN develops standards for numerous kinds of products, materials, services and processes. Some sectors covered by CEN include transport equipment and services, chemicals, construction, consumer products, defence and security, energy, food and feed, health and safety, healthcare, digital sector, machinery or services. The European Committee for Electrotechnical Standardization (CENELEC)

2033-507: A scientific basis, the robustness and applicability of a scientific basis, whether adoption of the certifications is voluntary, and the socioeconomic context (systems of governance and the economy ), with possibly most certifications being so far mostly largely ineffective. Moreover, standardized scientific frameworks can enable evaluation of levels of environmental protection, such as of marine protected areas , and serve as, potentially evolving, guides for improving, planning and monitoring

2140-469: A set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an economic problem, subject to study by economic science, when a decision (choice) is made by one or more players to attain the best possible outcome. Keynesian economics derives from John Maynard Keynes , in particular his book The General Theory of Employment, Interest and Money (1936), which ushered in contemporary macroeconomics as

2247-409: A single tax on income of land owners. In reaction against copious mercantilist trade regulations, the physiocrats advocated a policy of laissez-faire , which called for minimal government intervention in the economy. Adam Smith (1723–1790) was an early economic theorist. Smith was harshly critical of the mercantilists but described the physiocratic system "with all its imperfections" as "perhaps

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2354-452: A social science, economics was defined and discussed at length as the study of production, distribution, and consumption of wealth by Jean-Baptiste Say in his Treatise on Political Economy or, The Production, Distribution, and Consumption of Wealth (1803). These three items were considered only in relation to the increase or diminution of wealth, and not in reference to their processes of execution. Say's definition has survived in part up to

2461-435: A sought after end). Some subsequent comments criticised the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, however, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas previously treated in other fields. There are other criticisms as well, such as in scarcity not accounting for

2568-472: A standard weight and in categories. Technical standardisation enabled gauging devices to be effectively used in angular measurement and measurement for construction. Uniform units of length were used in the planning of towns such as Lothal , Surkotada , Kalibangan , Dolavira , Harappa , and Mohenjo-daro . The weights and measures of the Indus civilization also reached Persia and Central Asia , where they were further modified. Shigeo Iwata describes

2675-442: A synthesis emerged by the 2000s, often given the name the new neoclassical synthesis . It integrated the rational expectations and optimizing framework of the new classical theory with a new Keynesian role for nominal rigidities and other market imperfections like imperfect information in goods, labour and credit markets. The monetarist importance of monetary policy in stabilizing the economy and in particular controlling inflation

2782-520: A variety of benefits and drawbacks for firms and consumers participating in the market, and on technology and innovation. The primary effect of standardization on firms is that the basis of competition is shifted from integrated systems to individual components within the system. Prior to standardization a company's product must span the entire system because individual components from different competitors are incompatible, but after standardization each company can focus on providing an individual component of

2889-853: Is a social science that studies the production , distribution , and consumption of goods and services . Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies , including individual agents and markets , their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings , and investment expenditure interact, and factors affecting it: factors of production , such as labour , capital , land , and enterprise , inflation , economic growth , and public policies that have impact on these elements . It also seeks to analyse and describe

2996-489: Is a Canadian Crown Corporation , DGN is a governmental agency within the Mexican Ministry of Economy, and ANSI and AENOR are a 501(c)(3) non-profit organization with members from both the private and public sectors. The determinants of whether an NSB for a particular economy is a public or private sector body may include the historical and traditional roles that the private sector fills in public affairs in that economy or

3103-421: Is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός ( oikonomikos ), or "household or homestead manager". Derived terms such as "economy" can therefore often mean "frugal" or "thrifty". By extension then, "political economy" was the way to manage a polis or state. There are a variety of modern definitions of economics ; some reflect evolving views of

3210-438: Is also applied to such diverse subjects as crime , education , the family , feminism , law , philosophy , politics , religion , social institutions , war , science , and the environment . The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". The term is ultimately derived from Ancient Greek οἰκονομία ( oikonomia ) which

3317-697: Is likely the sole member from that economy in ISO. NSBs may be either public or private sector organizations, or combinations of the two. For example, the three NSBs of Canada, Mexico and the United States are respectively the Standards Council of Canada ( SCC ), the General Bureau of Standards ( Dirección General de Normas , DGN), and the American National Standards Institute (ANSI). SCC

Acadian French - Misplaced Pages Continue

3424-573: Is not limited to the domain of electronic devices like smartphones and phone chargers but could also be applied to e.g. the energy infrastructure. Policy-makers could develop policies "fostering standard design and interfaces, and promoting the re-use of modules and components across plants to develop more sustainable energy infrastructure ". Computers and the Internet are some of the tools that could be used to increase practicability and reduce suboptimal results, detrimental standards and bureaucracy , which

3531-666: Is often associated with traditional processes and results of standardization. Taxes and subsidies, and funding of research and development could be used complementarily. Standardized measurement is used in monitoring, reporting and verification frameworks of environmental impacts, usually of companies, for example to prevent underreporting of greenhouse gas emissions by firms. In routine product testing and product analysis results can be reported using official or informal standards. It can be done to increase consumer protection , to ensure safety or healthiness or efficiency or performance or sustainability of products. It can be carried out by

3638-505: Is often pronounced "er". For instance : Yves Cormier's Dictionnaire du français acadien (ComiersAcad) includes the majority of Acadian regionalisms. From a syntactic point of view, a major feature is the use of je for the first-person singular and plural; the same phenomenon takes place with i for the third persons. Acadian still differentiates the vous form from the tu form. The following words and expressions are most commonly restricted to Acadian French south of

3745-413: Is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it

3852-598: Is the consumer theory of individual demand, which isolates how prices (as costs) and income affect quantity demanded. In macroeconomics it is reflected in an early and lasting neoclassical synthesis with Keynesian macroeconomics. Neoclassical economics is occasionally referred as orthodox economics whether by its critics or sympathisers. Modern mainstream economics builds on neoclassical economics but with many refinements that either supplement or generalise earlier analysis, such as econometrics , game theory , analysis of market failure and imperfect competition , and

3959-669: Is the European Standardization organization developing standards in the electrotechnical area and corresponding to the International Electrotechnical Commission (IEC) in Europe. The first modern International Organization ( Intergovernmental Organization ) the International Telegraph Union (now International Telecommunication Union ) was created in 1865 to set international standards in order to connect national telegraph networks, as

4066-747: The School of Lausanne , the Stockholm school and the Chicago school of economics . During the 1970s and 1980s mainstream economics was sometimes separated into the Saltwater approach of those universities along the Eastern and Western coasts of the US, and the Freshwater, or Chicago school approach. Within macroeconomics there is, in general order of their historical appearance in

4173-433: The macroeconomics of high unemployment. Gary Becker , a contributor to the expansion of economics into new areas, described the approach he favoured as "combin[ing the] assumptions of maximizing behaviour, stable preferences , and market equilibrium , used relentlessly and unflinchingly." One commentary characterises the remark as making economics an approach rather than a subject matter but with great specificity as to

4280-467: The neoclassical model of economic growth for analysing long-run variables affecting national income . Neoclassical economics studies the behaviour of individuals , households , and organisations (called economic actors, players, or agents), when they manage or use scarce resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends,

4387-415: The societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. Lionel Robbins (1932) developed implications of what has been termed "[p]erhaps the most commonly accepted current definition of

Acadian French - Misplaced Pages Continue

4494-543: The standard unit of electric current . R. E. B. Crompton became concerned by the large range of different standards and systems used by electrical engineering companies and scientists in the early 20th century. Many companies had entered the market in the 1890s and all chose their own settings for voltage , frequency , current and even the symbols used on circuit diagrams. Adjacent buildings would have totally incompatible electrical systems simply because they had been fitted out by different companies. Crompton could see

4601-400: The "choice process and the type of social interaction that [such] analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which

4708-486: The 1970s and 1980s, when several major central banks followed a monetarist-inspired policy, but was later abandoned because the results were unsatisfactory. A more fundamental challenge to the prevailing Keynesian paradigm came in the 1970s from new classical economists like Robert Lucas , Thomas Sargent and Edward Prescott . They introduced the notion of rational expectations in economics, which had profound implications for many economic discussions, among which were

4815-762: The Miramichi River, but some are also used north of the Miramichi River and in Quebec French (also known as Québécois) or Joual for the Montreal version of Quebec French. The Miramichi line is an isogloss separating South Acadian (archaic or "true" Acadian) from the Canadian French dialects to the north, North Acadian, Brayon (Madawaskan) and Quebec French (Laurentian French). South Acadian typically has morphosyntactic features such as [je [V [-on] … ]] (as in je parlons "we speak") that distinguishes it from dialects to

4922-636: The National Standardizing Associations (ISA) was founded in 1926 with a broader remit to enhance international cooperation for all technical standards and specifications. The body was suspended in 1942 during World War II . After the war, ISA was approached by the recently formed United Nations Standards Coordinating Committee (UNSCC) with a proposal to form a new global standards body. In October 1946, ISA and UNSCC delegates from 25 countries met in London and agreed to join forces to create

5029-660: The Organization for the Advancement of Structured Information Standards ( OASIS ). There are many specifications that govern the operation and interaction of devices and software on the Internet , which do not use the term "standard" in their names. The W3C , for example, publishes "Recommendations", and the IETF publishes " Requests for Comments " (RFCs). Nevertheless, these publications are often referred to as "standards", because they are

5136-726: The South West of France. Speakers of Metropolitan French and even of other Canadian varieties of French sometimes have difficulty understanding Acadian French. Within North America, its closest relative is Louisiana French spoken in Southern Louisiana since both were born out of the same population that were affected during the Expulsion of the Acadians . See also Chiac , a variety with strong English influence, and St. Marys Bay French ,

5243-407: The analysis of wealth: how wealth is created (production), distributed, and consumed; and how wealth can grow. But he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it (as a sought after end ), generates both cost and benefits; and, resources (human life and other costs) are used to attain the goal. If

5350-479: The area of inquiry or object of inquiry rather than the methodology. In the biology department, it is not said that all biology should be studied with DNA analysis. People study living organisms in many different ways, so some people will perform DNA analysis, others might analyse anatomy, and still others might build game theoretic models of animal behaviour. But they are all called biology because they all study living organisms. According to Ha Joon Chang, this view that

5457-443: The author believes economics is evolving, or should evolve. Many economists including nobel prize winners James M. Buchanan and Ronald Coase reject the method-based definition of Robbins and continue to prefer definitions like those of Say, in terms of its subject matter. Ha-Joon Chang has for example argued that the definition of Robbins would make economics very peculiar because all other sciences define themselves in terms of

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5564-421: The benefit of being able to mix and match components of a system to align with their specific preferences. Once these initial benefits of standardization are realized, further benefits that accrue to consumers as a result of using the standard are driven mostly by the quality of the technologies underlying that standard. Economics Economics ( / ˌ ɛ k ə ˈ n ɒ m ɪ k s , ˌ iː k ə -/ )

5671-517: The colonies. Physiocrats , a group of 18th-century French thinkers and writers, developed the idea of the economy as a circular flow of income and output. Physiocrats believed that only agricultural production generated a clear surplus over cost, so that agriculture was the basis of all wealth. Thus, they opposed the mercantilist policy of promoting manufacturing and trade at the expense of agriculture, including import tariffs. Physiocrats advocated replacing administratively costly tax collections with

5778-409: The consensus of different parties that include firms, users, interest groups, standards organizations and governments. Standardization can help maximize compatibility , interoperability , safety , repeatability , or quality . It can also facilitate a normalization of formerly custom processes. In social sciences , including economics , the idea of standardization is close to the solution for

5885-479: The context of customer service , standardization refers to the process of developing an international standard that enables organizations to focus on customer service, while at the same time providing recognition of success through a third party organization, such as the British Standards Institution . An international standard has been developed by The International Customer Service Institute . In

5992-635: The context of supply chain management and materials management , standardization covers the process of specification and use of any item the company must buy in or make, allowable substitutions, and build or buy decisions. The process of standardization can itself be standardized. There are at least four levels of standardization: compatibility, interchangeability , commonality and reference . These standardization processes create compatibility, similarity, measurement, and symbol standards. There are typically four different techniques for standardization Types of standardization process: Standardization has

6099-648: The context of information exchange, standardization refers to the process of developing standards for specific business processes using specific formal languages . These standards are usually developed in voluntary consensus standards bodies such as the United Nations Center for Trade Facilitation and Electronic Business ( UN/CEFACT ), the World Wide Web Consortium ( W3C ), the Telecommunications Industry Association (TIA), and

6206-550: The context of social criticism and social science , standardization often means the process of establishing standards of various kinds and improving efficiency to handle people, their interactions, cases, and so forth. Examples include formalization of judicial procedure in court, and establishing uniform criteria for diagnosing mental disease. Standardization in this sense is often discussed along with (or synonymously to) such large-scale social changes as modernization, bureaucratization, homogenization, and centralization of society. In

6313-515: The contributions of other engineers, accomplished a modest amount of industry standardization; some companies' in-house standards spread a bit within their industries. Joseph Whitworth 's screw thread measurements were adopted as the first (unofficial) national standard by companies around the country in 1841. It came to be known as the British Standard Whitworth , and was widely adopted in other countries. This new standard specified

6420-689: The country, and enabled the markets to act more rationally and efficiently, with an increased level of cooperation. After the First World War , similar national bodies were established in other countries. The Deutsches Institut für Normung was set up in Germany in 1917, followed by its counterparts, the American National Standard Institute and the French Commission Permanente de Standardisation , both in 1918. At

6527-488: The design of modern monetary policy and are now standard workhorses in most central banks. After the 2007–2008 financial crisis , macroeconomic research has put greater emphasis on understanding and integrating the financial system into models of the general economy and shedding light on the ways in which problems in the financial sector can turn into major macroeconomic recessions. In this and other research branches, inspiration from behavioural economics has started playing

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6634-420: The development stage of that economy. Standards can be: The existence of a published standard does not necessarily imply that it is useful or correct. Just because an item is stamped with a standard number does not, by itself, indicate that the item is fit for any particular use. The people who use the item or service (engineers, trade unions, etc.) or specify it (building codes, government, industry, etc.) have

6741-506: The distribution of income among landowners, workers, and capitalists. Ricardo saw an inherent conflict between landowners on the one hand and labour and capital on the other. He posited that the growth of population and capital, pressing against a fixed supply of land, pushes up rents and holds down wages and profits. Ricardo was also the first to state and prove the principle of comparative advantage , according to which each country should specialise in producing and exporting goods in that it has

6848-464: The economy can and should be studied in only one way (for example by studying only rational choices), and going even one step further and basically redefining economics as a theory of everything, is peculiar. Questions regarding distribution of resources are found throughout the writings of the Boeotian poet Hesiod and several economic historians have described Hesiod as the "first economist". However,

6955-400: The excavated weights unearthed from the Indus civilization: A total of 558 weights were excavated from Mohenjodaro, Harappa, and Chanhu-daro , not including defective weights. They did not find statistically significant differences between weights that were excavated from five different layers, each measuring about 1.5 m in depth. This was evidence that strong control existed for at least

7062-674: The first large-scale macroeconometric model , applying the Keynesian thinking systematically to the US economy . Immediately after World War II, Keynesian was the dominant economic view of the United States establishment and its allies, Marxian economics was the dominant economic view of the Soviet Union nomenklatura and its allies. Monetarism appeared in the 1950s and 1960s, its intellectual leader being Milton Friedman . Monetarists contended that monetary policy and other monetary shocks, as represented by

7169-535: The first industrially practical screw-cutting lathe in 1800. This allowed for the standardization of screw thread sizes for the first time and paved the way for the practical application of interchangeability (an idea that was already taking hold) to nuts and bolts . Before this, screw threads were usually made by chipping and filing (that is, with skilled freehand use of chisels and files ). Nuts were rare; metal screws, when made at all, were usually for use in wood. Metal bolts passing through wood framing to

7276-536: The following decades, many economists followed Keynes' ideas and expanded on his works. John Hicks and Alvin Hansen developed the IS–LM model which was a simple formalisation of some of Keynes' insights on the economy's short-run equilibrium. Franco Modigliani and James Tobin developed important theories of private consumption and investment , respectively, two major components of aggregate demand . Lawrence Klein built

7383-509: The global economy . Other broad distinctions within economics include those between positive economics , describing "what is", and normative economics , advocating "what ought to be"; between economic theory and applied economics ; between rational and behavioural economics ; and between mainstream economics and heterodox economics . Economic analysis can be applied throughout society, including business , finance , cybersecurity , health care , engineering and government . It

7490-424: The growth in the money stock, was an important cause of economic fluctuations, and consequently that monetary policy was more important than fiscal policy for purposes of stabilisation . Friedman was also skeptical about the ability of central banks to conduct a sensible active monetary policy in practice, advocating instead using simple rules such as a steady rate of money growth. Monetarism rose to prominence in

7597-463: The importance of various market failures for the functioning of the economy, as had Keynes. Not least, they proposed various reasons that potentially explained the empirically observed features of price and wage rigidity , usually made to be endogenous features of the models, rather than simply assumed as in older Keynesian-style ones. After decades of often heated discussions between Keynesians, monetarists, new classical and new Keynesian economists,

7704-471: The international level . Standardization is also used to ensure safe design and operation of laboratories and similar potentially dangerous workplaces, e.g. to ensure biosafety levels . There is research into microbiology safety standards used in clinical and research laboratories. In the context of defense, standardization has been defined by NATO as The development and implementation of concepts, doctrines, procedures and designs to achieve and maintain

7811-606: The lack of efficiency in this system and began to consider proposals for an international standard for electric engineering. In 1904, Crompton represented Britain at the International Electrical Congress , held in connection with Louisiana Purchase Exposition in Saint Louis as part of a delegation by the Institute of Electrical Engineers . He presented a paper on standardisation, which was so well received that he

7918-645: The manufacturer, an independent laboratory, a government agency, a magazine or others on a voluntary or commissioned/mandated basis. Estimating the environmental impacts of food products in a standardized way – as has been done with a dataset of >57,000 food products in supermarkets – could e.g. be used to inform consumers or in policy . For example, such may be useful for approaches using personal carbon allowances (or similar quota) or for targeted alteration of (ultimate overall) costs . Public information symbols (e.g. hazard symbols ), especially when related to safety, are often standardized, sometimes on

8025-449: The market's two roles: allocation of resources and distribution of income. The market might be efficient in allocating resources but not in distributing income, he wrote, making it necessary for society to intervene. Value theory was important in classical theory. Smith wrote that the "real price of every thing ... is the toil and trouble of acquiring it". Smith maintained that, with rent and profit, other costs besides wages also enter

8132-437: The most famous passages in all economics," Smith represents every individual as trying to employ any capital they might command for their own advantage, not that of the society, and for the sake of profit, which is necessary at some level for employing capital in domestic industry, and positively related to the value of produce. In this: He generally, indeed, neither intends to promote the public interest, nor knows how much he

8239-477: The new International Organization for Standardization (ISO); the new organization officially began operations in February ;1947. In general, each country or economy has a single recognized National Standards Body (NSB). Examples include ABNT , AENOR (now called UNE, Spanish Association for Standardization ) , AFNOR , ANSI , BSI , DGN , DIN , IRAM , JISC , KATS , SABS , SAC , SCC , SIS . An NSB

8346-604: The north or elsewhere in the Americas such as Cajun French , Saint-Barthélemy French or Métis French that have [nouzot [on- [V …]]] (as in nous-autres on parle ). Geddes (1908), the oldest authority on any variety of French spoken in Northern Acadia, records of the morphosyntactic characteristics of "true" Acadian spoken in the South and adjacent islands to the West. Some examples of "true" Acadian French are: St. Marys Bay French ,

8453-503: The pessimistic analysis of Malthus (1798). John Stuart Mill (1844) delimited the subject matter further: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object. Alfred Marshall provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from

8560-483: The present, modified by substituting the word "wealth" for "goods and services" meaning that wealth may include non-material objects as well. One hundred and thirty years later, Lionel Robbins noticed that this definition no longer sufficed, because many economists were making theoretical and philosophical inroads in other areas of human activity. In his Essay on the Nature and Significance of Economic Science , he proposed

8667-409: The price of a commodity. Other classical economists presented variations on Smith, termed the ' labour theory of value '. Classical economics focused on the tendency of any market economy to settle in a final stationary state made up of a constant stock of physical wealth (capital) and a constant population size . Marxist (later, Marxian) economics descends from classical economics and it derives from

8774-497: The products of regular standardization processes. Standardized product certifications such as of organic food , buildings or possibly sustainable seafood as well as standardized product safety evaluation and dis/approval procedures (e.g. regulation of chemicals , cosmetics and food safety ) can protect the environment. This effect may depend on associated modified consumer choices , strategic product support/obstruction, requirements and bans as well as their accordance with

8881-457: The protection-quality, -scopes and -extents. Moreover, technical standards could decrease electronic waste and reduce resource-needs such as by thereby requiring (or enabling) products to be interoperable , compatible (with other products, infrastructures, environments, etc), durable , energy-efficient , modular , upgradeable / repairable and recyclable and conform to versatile, optimal standards and protocols. Such standardization

8988-429: The purest approximation to the truth that has yet been published" on the subject. The publication of Adam Smith 's The Wealth of Nations in 1776, has been described as "the effective birth of economics as a separate discipline." The book identified land, labour, and capital as the three factors of production and the major contributors to a nation's wealth, as distinct from the physiocratic idea that only agriculture

9095-627: The required levels of compatibility , interchangeability or commonality in the operational, procedural, material, technical and administrative fields to attain interoperability. In some cases, standards are being used in the design and operation of workplaces and products that can impact consumers' health. Some of such standards seek to ensure occupational safety and health and ergonomics . For example, chairs (see e.g. active sitting and steps of research ) could be potentially be designed and chosen using standards that may or may not be based on adequate scientific data. Standards could reduce

9202-591: The responsibility to consider the available standards, specify the correct one, enforce compliance, and use the item correctly: validation and verification . To avoid the proliferation of industry standards, also referred to as private standards , regulators in the United States are instructed by their government offices to adopt "voluntary consensus standards" before relying upon "industry standards" or developing "government standards". Regulatory authorities can reference voluntary consensus standards to translate internationally accepted criteria into public policy . In

9309-412: The scope and method of economics, emanating from that definition. A body of theory later termed "neoclassical economics" formed from about 1870 to 1910. The term "economics" was popularised by such neoclassical economists as Alfred Marshall and Mary Paley Marshall as a concise synonym for "economic science" and a substitute for the earlier " political economy ". This corresponded to the influence on

9416-587: The size and weight of a girder to employ for given work." The Engineering Standards Committee was established in London in 1901 as the world's first national standards body. It subsequently extended its standardization work and became the British Engineering Standards Association in 1918, adopting the name British Standards Institution in 1931 after receiving its Royal Charter in 1929. The national standards were adopted universally throughout

9523-486: The so-called Lucas critique and the presentation of real business cycle models . During the 1980s, a group of researchers appeared being called New Keynesian economists , including among others George Akerlof , Janet Yellen , Gregory Mankiw and Olivier Blanchard . They adopted the principle of rational expectations and other monetarist or new classical ideas such as building upon models employing micro foundations and optimizing behaviour, but simultaneously emphasised

9630-444: The source of the word economy. Joseph Schumpeter described 16th and 17th century scholastic writers, including Tomás de Mercado , Luis de Molina , and Juan de Lugo , as "coming nearer than any other group to being the 'founders' of scientific economics" as to monetary , interest , and value theory within a natural-law perspective. Two groups, who later were called "mercantilists" and "physiocrats", more directly influenced

9737-406: The state or commonwealth with a revenue for the publick services. Jean-Baptiste Say (1803), distinguishing the subject matter from its public-policy uses, defined it as the science of production, distribution, and consumption of wealth . On the satirical side, Thomas Carlyle (1849) coined " the dismal science " as an epithet for classical economics , in this context, commonly linked to

9844-408: The subject of mathematical methods used in the natural sciences . Neoclassical economics systematically integrated supply and demand as joint determinants of both price and quantity in market equilibrium, influencing the allocation of output and income distribution. It rejected the classical economics' labour theory of value in favour of a marginal utility theory of value on the demand side and

9951-402: The subject or different views among economists. Scottish philosopher Adam Smith (1776) defined what was then called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: a branch of the science of a statesman or legislator [with the twofold objectives of providing] a plentiful revenue or subsistence for the people ... [and] to supply

10058-471: The subject": Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins described the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the influence of scarcity ." He affirmed that previous economists have usually centred their studies on

10165-773: The subsequent development of the subject. Both groups were associated with the rise of economic nationalism and modern capitalism in Europe. Mercantilism was an economic doctrine that flourished from the 16th to 18th century in a prolific pamphlet literature, whether of merchants or statesmen. It held that a nation's wealth depended on its accumulation of gold and silver. Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and restricting imports other than of gold and silver. The doctrine called for importing inexpensive raw materials to be used in manufacturing goods, which could be exported, and for state regulation to impose protective tariffs on foreign manufactured goods and prohibit manufacturing in

10272-465: The system. When the shift toward competition based on individual components takes place, firms selling tightly integrated systems must quickly shift to a modular approach, supplying other companies with subsystems or components. Standardization has a variety of benefits for consumers, but one of the greatest benefits is enhanced network effects. Standards increase compatibility and interoperability between products, allowing information to be shared within

10379-411: The variety of products and lead to convergence on fewer broad designs – which can often be efficiently mass-produced via common shared automated procedures and instruments – or formulations deemed to be the most healthy, most efficient or best compromise between healthiness and other factors. Standardization is sometimes or could also be used to ensure or increase or enable consumer health protection beyond

10486-467: The war is not winnable or if the expected costs outweigh the benefits, the deciding actors (assuming they are rational) may never go to war (a decision ) but rather explore other alternatives. Economics cannot be defined as the science that studies wealth, war, crime, education, and any other field economic analysis can be applied to; but, as the science that studies a particular common aspect of each of those subjects (they all use scarce resources to attain

10593-505: The word Oikos , the Greek word from which the word economy derives, was used for issues regarding how to manage a household (which was understood to be the landowner, his family, and his slaves ) rather than to refer to some normative societal system of distribution of resources, which is a more recent phenomenon. Xenophon , the author of the Oeconomicus , is credited by philologues for being

10700-460: The work of Karl Marx . The first volume of Marx's major work, Das Kapital , was published in 1867. Marx focused on the labour theory of value and theory of surplus value . Marx wrote that they were mechanisms used by capital to exploit labour. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production, and the theory of surplus value demonstrated how workers were only paid

10807-420: The workplace and ergonomics such as standards in food, food production, hygiene products, tab water, cosmetics, drugs/medicine, drink and dietary supplements, especially in cases where there is robust scientific data that suggests detrimental impacts on health (e.g. of ingredients) despite being substitutable and not necessarily of consumer interest. In the context of assessment, standardization may define how

10914-460: Was an important figure in this process, introducing accurate methods and apparatus for measuring electricity. In 1857, he introduced a series of effective instruments, including the quadrant electrometer, which cover the entire field of electrostatic measurement. He invented the current balance , also known as the Kelvin balance or Ampere balance ( SiC ), for the precise specification of the ampere ,

11021-529: Was asked to look into the formation of a commission to oversee the process. By 1906 his work was complete and he drew up a permanent constitution for the International Electrotechnical Commission . The body held its first meeting that year in London, with representatives from 14 countries. In honour of his contribution to electrical standardisation, Lord Kelvin was elected as the body's first President. The International Federation of

11128-421: Was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. The Reverend Thomas Robert Malthus (1798) used the concept of diminishing returns to explain low living standards. Human population , he argued, tended to increase geometrically, outstripping the production of food, which increased arithmetically. The force of

11235-927: Was originally based on almost the same imperial fractions. The Unified thread angle is 60° and has flattened crests (Whitworth crests are rounded). Thread pitch is the same in both systems except that the thread pitch for the 1 ⁄ 2  in. (inch) bolt is 12 threads per inch (tpi) in BSW versus 13 tpi in the UNC. By the end of the 19th century, differences in standards between companies were making trade increasingly difficult and strained. For instance, an iron and steel dealer recorded his displeasure in The Times : "Architects and engineers generally specify such unnecessarily diverse types of sectional material or given work that anything like economical and continuous manufacture becomes impossible. In this country no two professional men are agreed upon

11342-892: Was productive. Smith discusses potential benefits of specialisation by division of labour , including increased labour productivity and gains from trade , whether between town and country or across countries. His "theorem" that "the division of labor is limited by the extent of the market" has been described as the "core of a theory of the functions of firm and industry " and a "fundamental principle of economic organization." To Smith has also been ascribed "the most important substantive proposition in all of economics" and foundation of resource-allocation theory—that, under competition , resource owners (of labour, land, and capital) seek their most profitable uses, resulting in an equal rate of return for all uses in equilibrium (adjusted for apparent differences arising from such factors as training and unemployment). In an argument that includes "one of

11449-437: Was recognised as well as the traditional Keynesian insistence that fiscal policy could also play an influential role in affecting aggregate demand . Methodologically, the synthesis led to a new class of applied models, known as dynamic stochastic general equilibrium or DSGE models, descending from real business cycles models, but extended with several new Keynesian and other features. These models proved useful and influential in

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