105-446: [REDACTED] This article relies excessively on references to primary sources . Please improve this article by adding secondary or tertiary sources . Find sources: "Frisch Medal" – news · newspapers · books · scholar · JSTOR ( June 2014 ) ( Learn how and when to remove this message ) The Frisch Medal
210-543: A first-class entity , rather than the specific place where the object is located at a certain time. It implements the Uniform Resource Identifier ( Uniform Resource Name ) concept and adds to it a data model and social infrastructure. A DOI name also differs from standard identifier registries such as the ISBN , ISRC , etc. The purpose of an identifier registry is to manage a given collection of identifiers, whereas
315-448: A DOI name is a handle, and so has a set of values assigned to it and may be thought of as a record that consists of a group of fields. Each handle value must have a data type specified in its <type> field, which defines the syntax and semantics of its data. While a DOI persistently and uniquely identifies the object to which it is assigned, DOI resolution may not be persistent, due to technical and administrative issues. To resolve
420-537: A DOI name, it may be input to a DOI resolver, such as doi.org . Another approach, which avoids typing or copying and pasting into a resolver is to include the DOI in a document as a URL which uses the resolver as an HTTP proxy, such as https://doi.org/ (preferred) or http://dx.doi.org/ , both of which support HTTPS. For example, the DOI 10.1000/182 can be included in a reference or hyperlink as https://doi.org/10.1000/182 . This approach allows users to click on
525-560: A Model of Aggregate Labor Supply" . Econometrica . 48 (3): 547–564. doi : 10.2307/1913122 . JSTOR 1913122 . 1980 – Jerry A. Hausman and David A. Wise for Hausman, Jerry A.; Wise, David A. (March 1979). "Attrition Bias in Experimental and Panel Data: The Gary Income Maintenance Experiment". Econometrica . 47 (2): 455–473. doi : 10.2307/1914193 . JSTOR 1914193 . 1978 – Angus S. Deaton for Deaton, Angus S. (March 1974). "The Analysis of Consumer Demand in
630-1139: A Model of Entry in the Airline Industry". Econometrica . 60 (4): 889–917. doi : 10.2307/2951571 . JSTOR 2951571 . S2CID 56198198 . 1994 – Larry G. Epstein and Stanley E. Zin for Epstein, Larry G.; Zin, Stanley E. (July 1989). "Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework". Econometrica . 57 (4): 937–969. doi : 10.2307/1913778 . JSTOR 1913778 . S2CID 34563159 . 1992 – John Rust for Rust, John (September 1987). "Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher". Econometrica . 55 (5): 999–1033. doi : 10.2307/1911259 . JSTOR 1911259 . 1990 – David M. Newbery for Newbery, David M. (March 1988). "Road Damage Externalities and Road User Charges". Econometrica . 56 (2): 295–316. doi : 10.2307/1911073 . JSTOR 1911073 . 1988 – Ariel Pakes for Pakes, Ariel (July 1986). "Patents as Options: Some Estimates of
735-702: 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
840-451: 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
945-420: 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
1050-401: A managed registry (providing both social and technical infrastructure). It does not assume any specific business model for the provision of identifiers or services and enables other existing services to link to it in defined ways. Several approaches for making identifiers persistent have been proposed. The comparison of persistent identifier approaches is difficult because they are not all doing
1155-449: 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
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#17328523462341260-460: 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 ,
1365-573: A more stable link than directly using its URL. But if its URL changes, the publisher must update the metadata for the DOI to maintain the link to the URL. It is the publisher's responsibility to update the DOI database. If they fail to do so, the DOI resolves to a dead link , leaving the DOI useless. The developer and administrator of the DOI system is the International DOI Foundation (IDF), which introduced it in 2000. Organizations that meet
1470-544: A non-profit organization created in 1997, is the governance body of the DOI system. It safeguards all intellectual property rights relating to the DOI system, manages common operational features, and supports the development and promotion of the DOI system. The IDF ensures that any improvements made to the DOI system (including creation, maintenance, registration, resolution and policymaking of DOI names) are available to any DOI registrant. It also prevents third parties from imposing additional licensing requirements beyond those of
1575-586: 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
1680-409: 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
1785-469: 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
1890-409: 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
1995-452: 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
2100-435: 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
2205-442: 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
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#17328523462342310-419: A transaction, etc. The names can refer to objects at varying levels of detail: thus DOI names can identify a journal, an individual issue of a journal, an individual article in the journal, or a single table in that article. The choice of level of detail is left to the assigner, but in the DOI system it must be declared as part of the metadata that is associated with a DOI name, using a data dictionary based on
2415-853: 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
2520-421: 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
2625-450: Is a type of Handle System handle, which takes the form of a character string divided into two parts, a prefix and a suffix, separated by a slash. The prefix identifies the registrant of the identifier and the suffix is chosen by the registrant and identifies the specific object associated with that DOI. Most legal Unicode characters are allowed in these strings, which are interpreted in a case-insensitive manner. The prefix usually takes
2730-438: 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
2835-603: Is an award in economics given by the Econometric Society . It is awarded every two years for empirical or theoretical applied research published in Econometrica during the previous five years. The award was named in honor of Ragnar Frisch , first co-recipient of the Nobel prize in economics and editor of Econometrica from 1933 to 1954. In the opinion of Rich Jensen, Gilbert F. Schaefer Professor of Economics and chairperson of
2940-596: Is maintained by the International DOI Foundation. The IDF is recognized as one of the federated registrars for the Handle System by the DONA Foundation (of which the IDF is a board member), and is responsible for assigning Handle System prefixes under the top-level 10 prefix. Registration agencies generally charge a fee to assign a new DOI name; parts of these fees are used to support the IDF. The DOI system overall, through
3045-413: 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
3150-464: Is shown with a DOI name that leads to an Excel file of data underlying the tables and graphs. Further development of such services is planned. Other registries include Crossref and the multilingual European DOI Registration Agency (mEDRA) . Since 2015, RFCs can be referenced as doi:10.17487/rfc ... . The IDF designed the DOI system to provide a form of persistent identification , in which each DOI name permanently and unambiguously identifies
3255-598: 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
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3360-555: Is to use one of a number of add-ons and plug-ins for browsers , thereby avoiding the conversion of the DOIs to URLs, which depend on domain names and may be subject to change, while still allowing the DOI to be treated as a normal hyperlink. A disadvantage of this approach for publishers is that, at least at present, most users will be encountering the DOIs in a browser, mail reader , or other software which does not have one of these plug-ins installed. The International DOI Foundation ( IDF ),
3465-506: The Handle System ; they also fit within the URI system ( Uniform Resource Identifier ). They are widely used to identify academic, professional, and government information, such as journal articles, research reports, data sets, and official publications . A DOI aims to resolve to its target, the information object to which the DOI refers. This is achieved by binding the DOI to metadata about
3570-747: 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
3675-491: The indecs Content Model . The official DOI Handbook explicitly states that DOIs should be displayed on screens and in print in the format doi:10.1000/182 . Contrary to the DOI Handbook , Crossref , a major DOI registration agency, recommends displaying a URL (for example, https://doi.org/10.1000/182 ) instead of the officially specified format. This URL is persistent (there is a contract that ensures persistence in
3780-433: 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
3885-467: 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,
3990-415: 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
4095-400: 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
4200-486: 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
4305-690: The Berlin Wall" . Econometrica . 83 (6): 2127–2189. doi : 10.3982/ECTA10876 . 2016 – Benjamin Handel , Igal Hendel , and Michael Whinston for Handel, Ben; Hendel, Igal; Whinston, Michael D. (2015). "Equilibria in Health Exchanges: Adverse Selection versus Reclassification Risk" . Econometrica . 83 (4): 1261–1313. doi : 10.3982/ecta12480 . 2014 – Flávio Cunha , James Heckman , and Susanne Schennach for Cunha, F.; Heckman, J.; Schennach, S. (May 2010). "Estimating
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4410-479: The DOI System. It requires an additional layer of administration for defining DOI as a URN namespace (the string urn:doi:10.1000/1 rather than the simpler doi:10.1000/1 ) and an additional step of unnecessary redirection to access the resolution service, already achieved through either http proxy or native resolution. If RDS mechanisms supporting URN specifications become widely available, DOI will be registered as
4515-413: The DOI as a normal hyperlink . Indeed, as previously mentioned, this is how Crossref recommends that DOIs always be represented (preferring HTTPS over HTTP), so that if they are cut-and-pasted into other documents, emails, etc., they will be actionable. Other DOI resolvers and HTTP Proxies include the Handle System and PANGAEA . At the beginning of the year 2016, a new class of alternative DOI resolvers
4620-409: The DOI system associates metadata with objects. A small kernel of common metadata is shared by all DOI names and can be optionally extended with other relevant data, which may be public or restricted. Registrants may update the metadata for their DOI names at any time, such as when publication information changes or when an object moves to a different URL. The International DOI Foundation (IDF) oversees
4725-436: The DOI system have deliberately not registered a DOI namespace for URNs , stating that: URN architecture assumes a DNS-based Resolution Discovery Service (RDS) to find the service appropriate to the given URN scheme. However no such widely deployed RDS schemes currently exist.... DOI is not registered as a URN namespace, despite fulfilling all the functional requirements, since URN registration appears to offer no advantage to
4830-459: The DOI system. DOI name-resolution may be used with OpenURL to select the most appropriate among multiple locations for a given object, according to the location of the user making the request. However, despite this ability, the DOI system has drawn criticism from librarians for directing users to non-free copies of documents, that would have been available for no additional fee from alternative locations. The indecs Content Model as used within
4935-1154: The Department of Economics of the University of Notre Dame , "The Frisch medal is not only one of the top three prizes in the field of economics, but also the most prestigious 'best article' award in the profession". Five Frisch medal winners have also won the Nobel Prize . Winners [ edit ] 2022 – Giulia Brancaccio, Myrto Kalouptsidi, Theodore Papageorgiou for their paper, "Geography, Transportation, and Endogenous Trade Costs”, (Econometrica, Vol. 88, No. 2, March 2020, 657–691). 2020 – Kate Ho and Robin Lee for their paper, "Insurer Competition in Health Care Markets” , (Econometrica, Vol. 85, No. 2, March 2017, 379–417). 2018 – Gabriel M. Ahlfeldt , Stephen J. Redding , Daniel M. Sturm , and Nikolaus Wolf for Ahlfeldt, Gabriel M.; Redding, Stephen J.; Sturm, Daniel M.; Wolf, Nikolaus (2015). "The Economics of Density: Evidence from
5040-1754: The Effects of a Time-Limited Earnings Subsidy for Welfare-Leavers" (PDF) . Econometrica . 73 (6): 1723–1770. doi : 10.1111/j.1468-0262.2005.00637.x . S2CID 14819756 . 2006 – Fabien Postel-Vinay and Jean-Marc Robin for Postel-Vinay, Fabien; Robin, Jean-Marc (November 2002). "Equilibrium Wage Dispersion with Worker and Employer Heterogeneity" (PDF) . Econometrica . 70 (6): 2295–2350. doi : 10.1111/j.1468-0262.2002.00441.x . JSTOR 3081988 . 2004 – Jonathan Eaton and Samuel Kortum for Eaton, Jonathan; Kortum, Samuel (September 2002). "Technology, Geography, and Trade". Econometrica . 70 (5): 1741–1779. doi : 10.1111/1468-0262.00352 . JSTOR 3082019 . 2002 – Ricardo J. Caballero and Eduardo Engel for Caballero, Ricardo J.; Engel, Eduardo (July 1999). "Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach" (PDF) . Econometrica . 67 (4): 783–826. doi : 10.1111/1468-0262.00053 . JSTOR 2999458 . S2CID 158174490 . 2000 – Richard Blundell , Alan S. Duncan , and Costas Meghir for Blundell, Richard; Duncan, Alan; Meghir, Costas (July 1998). "Estimating Labor Supply Responses Using Tax Reforms". Econometrica . 66 (4): 827–861. doi : 10.2307/2999575 . JSTOR 2999575 . 1998 – Robert M. Townsend for Townsend, Robert M. (May 1994). "Risk and Insurance in Village India" (PDF) . Econometrica . 62 (3): 539–591. doi : 10.2307/2951659 . JSTOR 2951659 . S2CID 153578326 . 1996 – Steven T. Berry for Berry, Steven T. (July 1992). "Estimation of
5145-495: The IDF on users of the DOI system. The IDF is controlled by a Board elected by the members of the Foundation, with an appointed Managing Agent who is responsible for co-ordinating and planning its activities. Membership is open to all organizations with an interest in electronic publishing and related enabling technologies. The IDF holds annual open meetings on the topics of DOI and related issues. Registration agencies, appointed by
5250-665: The IDF, operates on a not-for-profit cost recovery basis. The DOI system is an international standard developed by the International Organization for Standardization in its technical committee on identification and description, TC46/SC9. The Draft International Standard ISO/DIS 26324, Information and documentation – Digital Object Identifier System met the ISO requirements for approval. The relevant ISO Working Group later submitted an edited version to ISO for distribution as an FDIS (Final Draft International Standard) ballot, which
5355-472: The IDF, provide services to DOI registrants: they allocate DOI prefixes, register DOI names, and provide the necessary infrastructure to allow registrants to declare and maintain metadata and state data. Registration agencies are also expected to actively promote the widespread adoption of the DOI system, to cooperate with the IDF in the development of the DOI system as a whole, and to provide services on behalf of their specific user community. A list of current RAs
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#17328523462345460-883: The Technology of Cognitive and Noncognitive Skill Formation" . Econometrica . 78 (3): 883–931. doi : 10.3982/ECTA6551 . hdl : 10419/35965 . PMC 2885826 . PMID 20563300 . 2012 – Joseph P. Kaboski and Robert M. Townsend for Kaboski, J. P.; Townsend, R. M. (September 2011). "A Structural Evaluation of a Large-Scale Quasi-Experimental Microfinance Initiative" . Econometrica . 79 (5): 1357–1406. doi : 10.3982/ECTA7079 . PMC 3230229 . PMID 22162594 . 2010 – Nicholas Bloom for "The Impact of Uncertainty Shocks". Econometrica . 77 (3): 623–685. May 2009. CiteSeerX 10.1.1.147.7528 . doi : 10.3982/ECTA6248 . S2CID 8094691 . 2008 – David Card and Dean R. Hyslop for Card, David; Hyslop, Dean R. (November 2005). "Estimating
5565-868: The United Kingdom, 1900–1970". Econometrica . 42 (2): 341–367. doi : 10.2307/1911983 . JSTOR 1911983 . See also [ edit ] List of economics awards References [ edit ] ^ Reidy, Chris (4 July 2012). "MIT Professor Wins 2d Frisch Award" . Boston Globe . Archived from the original on 14 July 2014 . Retrieved 8 June 2014 . ^ David A. Dieterle, ed. (2013). Economic Thinkers: A Biographical Encyclopedia . Greenwood. p. 98. ISBN 9780313397479 . ^ Kate Cohorst (July 11, 2012). "Economist Joseph Kaboski receives 2012 Frisch Medal" . Retrieved June 24, 2014 . ^ "Econometric Society awards Frisch Medal 2014 to James Heckman" . University of Chicago. 2 May 2014. Archived from
5670-927: The Value of Holding European Patent Stocks" (PDF) . Econometrica . 54 (4): 755–784. doi : 10.2307/1912835 . JSTOR 1912835 . 1986 – Jeffrey A. Dubin and Daniel L. McFadden for Dubin, Jeffrey A.; McFadden, Daniel L. (March 1984). "An Econometric Analysis of Residential Electric Appliance Holdings and Consumption". Econometrica . 52 (2): 345–362. CiteSeerX 10.1.1.375.7547 . doi : 10.2307/1911493 . JSTOR 1911493 . 1984 – Lars Peter Hansen and Kenneth J. Singleton for Hansen, Lars Peter; Singleton, Kenneth J. (September 1982). "Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models". Econometrica . 50 (5): 1269–1286. doi : 10.2307/1911873 . JSTOR 1911486 . 1982 – Orley Ashenfelter for Ashenfelter, Orley (April 1980). "Unemployment as Disequilibrium in
5775-407: 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
5880-479: 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
5985-443: 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
6090-459: The characters 1000 in the prefix identify the registrant; in this case the registrant is the International DOI Foundation itself. 182 is the suffix, or item ID, identifying a single object (in this case, the latest version of the DOI Handbook ). DOI names can identify creative works (such as texts, images, audio or video items, and software) in both electronic and physical forms, performances , and abstract works such as licenses, parties to
6195-517: 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
6300-467: The contractual obligations of the DOI system and are willing to pay to become a member of the system can assign DOIs. The DOI system is implemented through a federation of registration agencies coordinated by the IDF. By late April 2011 more than 50 million DOI names had been assigned by some 4,000 organizations, and by April 2013 this number had grown to 85 million DOI names assigned through 9,500 organizations. Fake registries have even appeared. A DOI
6405-488: 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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#17328523462346510-506: 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
6615-403: The doi.org domain, ) so it is a PURL —providing the location of an name resolver which will redirect HTTP requests to the correct online location of the linked item. The Crossref recommendation is primarily based on the assumption that the DOI is being displayed without being hyperlinked to its appropriate URL—the argument being that without the hyperlink it is not as easy to copy-and-paste
6720-464: 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,
6825-730: 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
6930-536: 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
7035-457: The form 10.NNNN , where NNNN is a number greater than or equal to 1000 , whose limit depends only on the total number of registrants. The prefix may be further subdivided with periods, like 10.NNNN.N . For example, in the DOI name 10.1000/182 , the prefix is 10.1000 and the suffix is 182 . The "10" part of the prefix distinguishes the handle as part of the DOI namespace, as opposed to some other Handle System namespace, and
7140-558: The full URL to actually bring up the page for the DOI, thus the entire URL should be displayed, allowing people viewing the page containing the DOI to copy-and-paste the URL, by hand, into a new window/tab in their browser in order to go to the appropriate page for the document the DOI represents. Major content of the DOI system currently includes: In the Organisation for Economic Co-operation and Development 's publication service OECD iLibrary , each table or graph in an OECD publication
7245-443: The functionality of a registry-controlled scheme and will usually lack accompanying metadata in a controlled scheme. The DOI system does not have this approach and should not be compared directly to such identifier schemes. Various applications using such enabling technologies with added features have been devised that meet some of the features offered by the DOI system for specific sectors (e.g., ARK ). A DOI name does not depend on
7350-509: 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
7455-424: 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
7560-463: 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,
7665-537: The integration of these technologies and operation of the system through a technical and social infrastructure. The social infrastructure of a federation of independent registration agencies offering DOI services was modelled on existing successful federated deployments of identifiers such as GS1 and ISBN . A DOI name differs from commonly used Internet pointers to material, such as the Uniform Resource Locator (URL), in that it identifies an object itself as
7770-481: The literature; classical economics , neoclassical economics , Keynesian economics , the neoclassical synthesis , monetarism , new classical economics , New Keynesian economics and the new neoclassical synthesis . Doi (identifier) A digital object identifier ( DOI ) is a persistent identifier or handle used to uniquely identify various objects, standardized by the International Organization for Standardization (ISO). DOIs are an implementation of
7875-449: 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
7980-437: 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
8085-430: The object to which it is associated (although when the publisher of a journal changes, sometimes all the DOIs will be changed, with the old DOIs no longer working). It also associates metadata with objects, allowing it to provide users with relevant pieces of information about the objects and their relationships. Included as part of this metadata are network actions that allow DOI names to be resolved to web locations where
8190-462: The object's location and, in this way, is similar to a Uniform Resource Name (URN) or PURL but differs from an ordinary URL. URLs are often used as substitute identifiers for documents on the Internet although the same document at two different locations has two URLs. By contrast, persistent identifiers such as DOI names identify objects as first class entities: two instances of the same object would have
8295-425: The object, such as a URL where the object is located. Thus, by being actionable and interoperable , a DOI differs from ISBNs or ISRCs which are identifiers only. The DOI system uses the indecs Content Model to represent metadata . The DOI for a document remains fixed over the lifetime of the document, whereas its location and other metadata may change. Referring to an online document by its DOI should provide
8400-454: The objects they describe can be found. To achieve its goals, the DOI system combines the Handle System and the indecs Content Model with a social infrastructure. The Handle System ensures that the DOI name for an object is not based on any changeable attributes of the object such as its physical location or ownership, that the attributes of the object are encoded in its metadata rather than in its DOI name, and that no two objects are assigned
8505-1938: The original on 14 July 2014 . Retrieved 8 June 2014 . External links [ edit ] Award page on the official site of the Econometric Society Archived 2014-08-08 at the Wayback Machine v t e Frisch Medal recipients Angus S. Deaton (1978) Jerry A. Hausman / David A. Wise (1980) Orley Ashenfelter (1982) Lars Peter Hansen / Kenneth J. Singleton (1984) Jeffrey A. Dubin / Daniel L. McFadden (1986) Ariél S. Pakes (1988) David M. G. Newbery (1990) John Rust (1992) Larry G. Epstein / Stanley E. Zin (1994) Steven T. Berry (1996) Robert M. Townsend (1998) Richard Blundell / Alan Duncan / Costas Meghir (2000) Ricardo J. Caballero / Eduardo Engel (2002) Jonathan Eaton / Samuel Kortum (2004) Fabien Postel-Vinay / Jean-Marc Robin (2006) David Card / Dean R. Hyslop (2008) Nicholas Bloom (2010) Joseph P. Kaboski / Robert M. Townsend (2012) Flávio Cunha / James J. Heckman / Susanne M. Schennach (2014) Benjamin Handel / Igal Hendel / Michael D. Whinston (2016) Gabriel M. Ahlfeldt / Stephen J. Redding / Daniel M. Sturm / Nikolaus Wolf (2018) Kate Ho / Robin Lee (2020) Giulia Brancaccio / Myrto Kalouptsidi / Theodore Papageorgiou (2022) Retrieved from " https://en.wikipedia.org/w/index.php?title=Frisch_Medal&oldid=1223570443 " Categories : Economics awards Econometric Society Hidden categories: Articles lacking reliable references from June 2014 All articles lacking reliable references Webarchive template wayback links Economics Economics ( / ˌ ɛ k ə ˈ n ɒ m ɪ k s , ˌ iː k ə -/ )
8610-503: 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
8715-483: 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
8820-409: 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
8925-467: The primary purpose of the DOI system is to make a collection of identifiers actionable and interoperable, where that collection can include identifiers from many other controlled collections. The DOI system offers persistent, semantically interoperable resolution to related current data and is best suited to material that will be used in services outside the direct control of the issuing assigner (e.g., public citation or managing content of value). It uses
9030-429: 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
9135-411: The same DOI name. DOI name resolution is provided through the Handle System , developed by Corporation for National Research Initiatives , and is freely available to any user encountering a DOI name. Resolution redirects the user from a DOI name to one or more pieces of typed data: URLs representing instances of the object, services such as e-mail, or one or more items of metadata. To the Handle System,
9240-537: The same DOI name. Because DOI names are short character strings, they are human-readable, may be copied and pasted as text, and fit into the URI specification. The DOI name-resolution mechanism acts behind the scenes, so that users communicate with it in the same way as with any other web service; it is built on open architectures , incorporates trust mechanisms , and is engineered to operate reliably and flexibly so that it can be adapted to changing demands and new applications of
9345-431: The same thing. Imprecisely referring to a set of schemes as "identifiers" does not mean that they can be compared easily. Other "identifier systems" may be enabling technologies with low barriers to entry, providing an easy to use labeling mechanism that allows anyone to set up a new instance (examples include Persistent Uniform Resource Locator (PURL), URLs, Globally Unique Identifiers (GUIDs), etc.), but may lack some of
9450-412: 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
9555-486: 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
9660-444: 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
9765-406: 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
9870-408: 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
9975-402: 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
10080-471: 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
10185-822: 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
10290-467: 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
10395-505: 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
10500-460: 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
10605-510: Was approved by 100% of those voting in a ballot closing on 15 November 2010. The final standard was published on 23 April 2012. DOI is a registered URI under the info URI scheme specified by IETF RFC 4452 . info:doi/ is the infoURI Namespace of Digital Object Identifiers. The DOI syntax is a NISO standard, first standardized in 2000, ANSI/NISO Z39.84-2005 Syntax for the Digital Object Identifier. The maintainers of
10710-421: 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
10815-892: 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
10920-437: 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
11025-614: Was started by http://doai.io. This service is unusual in that it tries to find a non-paywalled (often author archived ) version of a title and redirects the user to that instead of the publisher's version . Since then, other open-access favoring DOI resolvers have been created, notably https://oadoi.org/ in October 2016 (later Unpaywall ). While traditional DOI resolvers solely rely on the Handle System, alternative DOI resolvers first consult open access resources such as BASE (Bielefeld Academic Search Engine). An alternative to HTTP proxies
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