Misplaced Pages

#879120

110-548: Joseph Dacre Carlyle was born in Carlisle, Cumberland , where his father George Carlyle served as a physician. He was educated at Carlisle grammar school , then Kirkby Lonsdale School, before being accepted by Christ's College, Cambridge . He moved shortly to Queens' College . He proceeded B.A. in 1779, and was elected a fellow of Queens', took his M.A, degree in 1783, and B.D. in 1793. During his residence at Cambridge he studied with David Zamio (Europeanised name) from Baghdad . He

220-702: 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

330-451: 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

440-554: A large rural area with many villages and towns including Dalston , Brampton , Longtown , Wetheral , Bewcastle and Scotby . Cumberland Council , the local authority for Cumberland , is a unitary authority , having the powers of a non-metropolitan county and district council combined. It operated as a shadow authority until taking up its powers on 1 April 2023. Cumberland Council replaced Cumbria County Council, Allerdale Borough Council , Carlisle City Council and Copeland Borough Council . The first election to Cumberland Council

550-420: 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

660-449: 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

770-460: 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 ,

880-622: A printed version of the Old Testament in Arabic . Carlyle's health was poor, and he died after an illness on 13 April 1804. Carlyle's Poems suggested chiefly by Scenes in Asia Minor, Syria and Greece , together with some translations from the Arabic, were published after his death, 1805, with extracts from his journal and a preface after them. Meanwhile he had almost completed an account of his tour through

990-586: 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

1100-409: 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

1210-469: 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

SECTION 10

#1732883849880

1320-460: A single civil parish of Carlisle in 1904. The civil parish was abolished on 1 April 1974, although parts of the urban fringe are in the parishes of Stanwix Rural , Kingmoor and St Cuthbert Without . Carlisle unsuccessfully applied to become a Lord Mayoralty in 2002. Carlisle City Council had its headquarters at the 1960s Civic Centre in Rickergate, the tallest building in the city. At the time of

1430-409: 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

1540-452: 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

1650-435: 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

1760-442: 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

1870-421: 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

1980-438: 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

2090-447: Is operational and used by railfreight companies. The Strand Road drill hall opened in 1874. At the start of the 20th century, the population had grown to over 45,000. Transport was improved by the City of Carlisle Electric Tramways from 1900 until 1931, and the first cinema was built in 1906. In 1912, the boundaries of Carlisle were extended to include Botcherby in the east and Stanwix in

2200-413: 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

2310-598: 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

SECTION 20

#1732883849880

2420-607: 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

2530-537: The Ala Gallorum Petriana , the sole regiment of this size along the wall. Hadrian's successor Antoninus Pius abandoned the frontier and attempted to move further north; he built the Antonine Wall between the firths of Forth and Clyde . It was not a success and, after 20 years, the garrisons returned to Hadrian's Wall. At one time, Carlisle broke off from Rome when Marcus Carausius assumed power over

2640-670: The 2001 census , the population of Carlisle was 71,773, with 100,734 living in the district. In the 2011 census, the city's population had risen to 75,306, with 107,524 in the district. On 1 April 2023 the City of Carlisle local government district was abolished, and the boundaries of the City of Carlisle were redefined to cover the following wards: Belah and Kingmoor, Botcherby and Harraby North, Cathedral and Castle, Currock and Upperby, Denton Holme and Morton South, Harraby South and Parklands, Newtown and Morton North, Sandsfield and Morton West and Stanwix and Houghton. Charter trustees were formed from

2750-606: The Anglian kingdom of Northumbria . In 685, St Cuthbert , visiting the Queen of Northumbria in her sister's monastery at Carlisle, was taken to see the city walls and a marvellously constructed Roman fountain. By the time of the Norman Conquest of England in 1066, Carlisle was in the possession of the Scots. It was not recorded in the 1086 Domesday Book . This changed in 1092, when William

2860-576: The Archbishop of Glasgow Gavin Dunbar cursed all the reivers of the borderlands. The curse was detailed in 1,069 words, beginning: "I curse their head and all the hairs of their head; I curse their face, their brain (innermost thoughts), their mouth, their nose, their tongue, their teeth, their forehead, their shoulders, their breast, their heart, their stomach, their back, their womb, their arms, their leggs, their hands, their feet and every part of their body, from

2970-557: The Guildhall and Tithe Barn . The Citadel towers , which until 2016 also served as offices for Cumbria County Council, were designed by Thomas Telford , with the eastern tower incorporating part of the 16th-century building. The first Citadel building was a Tudor fortification replacing the medieval Englishgate, designed by the Moravian military engineer Stefan von Haschenperg in 1541. Next to

3080-747: 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

3190-448: The cathedral's nave to obtain the stone to rebuild the castle. Carlisle continued to remain a barracks thereafter. In 1698 travel writer Celia Fiennes wrote of Carlisle as having most of the trappings of a military town and that it was rife with alcohol and prostitutes. In 1707 an act of union was passed between England and Scotland, creating Great Britain , but Carlisle remained a garrison town. The tenth, and most recent siege in

3300-433: 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

3410-467: 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,

Joseph Dacre Carlyle - Misplaced Pages Continue

3520-415: 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

3630-400: 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

3740-624: The 'Great Border City', Carlisle today is a main cultural, commercial and industrial centre within the British borders. The ancient history of Carlisle is derived mainly from archaeological evidence and the works of the Roman historian Tacitus . The earliest recorded inhabitants in the area were the Carvetii tribe of Britons who made up the main population of ancient Cumbria and North Lancashire . According to Boethius and John of Fordun , writing in

3850-582: The 18th and 19th centuries, Carlisle existed before the arrival of the Romans in Britain and was one of the strongest British towns at the time. In the time of the emperor Nero , it was said to have burned down. The Roman settlement was named Luguvalium , based on a native name that has been reconstructed as Brittonic * Luguwaljon , "[city] of Luguwalos", a masculine Celtic given name meaning "strength of Lugus ". Excavations undertaken along Annetwell Street in

3960-486: 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

4070-514: The 1970s dated the Roman timber fort constructed at the site of present Carlisle Castle to the winter of AD 73. It protected a strategic location on the Roman road to the north and overlooking the confluence of the Caldew and Eden rivers. The fort at Carlisle was reconstructed in 83 using oak timbers from further afield, rather than local alder as a possible result of the increased Roman control of

4180-582: The Carlisle Board of Control, and subsequently the Carlisle & District State Management Scheme , it lasted until 1971. During the Second World War, Carlisle hosted over 5,000 evacuees, many of whom arrived from Newcastle upon Tyne and the surrounding towns. A shopping centre (including a new central library) was built to the east and north-east of the market cross and opened in 1986. The area east of

4290-553: The Citadel is Carlisle railway station , designed by William Tite in the neo-Tudor style, considered by Historic England to be among the most important early railway stations in England. Carlisle has held city status since the Middle Ages and a borough constituency or parliamentary borough for centuries, at one time returning two MPs. In 1835 it became a municipal borough which

4400-570: The Conqueror 's son William Rufus invaded the region and incorporated Carlisle into England. The construction of Carlisle Castle began in 1093 on the site of the Roman fort, south of the River Eden . The castle was rebuilt in stone in 1112, with a keep and the city walls . The walls enclosed the city south of the castle and included three gates to the east, south, and north called the Irish or Caldew Gate,

4510-612: The Durranhill Industrial Estate. Adjoining Harraby to the south but outside the former borough boundary is the hamlet of Carleton . Carlisle is linked to the rest of England via the M6 motorway to the south, and to Scotland via the M74/A74 towards Glasgow and the north. Many trunk roads begin or terminate in Carlisle, including the A6 to Penrith and Luton (historically the main road to

Joseph Dacre Carlyle - Misplaced Pages Continue

4620-557: The English or Botcher Gate, and the Scotch or Ricker Gate respectively. The names of the gates exist in road names in Carlisle today. Carlisle Cathedral was founded as an Augustinian priory and became a cathedral in 1133. In 1157, Carlisle became the seat of the new county of Carliol (a name that was originally an abbreviation of Latin Carlioliensis , meaning "[Bishop] of Carlisle"); in 1177

4730-554: The Sands Centre (and the nearby Shell petrol station and Bitts Park), marooned from the rest of the city. As several other areas of Cumbria were also badly affected (particularly Appleby and Wigton), all trains to Scotland were postponed indefinitely, with trains on the West Coast Mainline going no further than Preston, as nearby Lancaster suffered flooding and problems with electricity supply. Prime Minister David Cameron visited

4840-461: The Troad, which was never published. His complete Arabic Bible, revised from Walton's text, was published by Sarah Hodgson at Newcastle, edited by Henry Ford, professor of Arabic at Oxford, in 1811. Carlisle, Cumberland Carlisle ( / k ɑːr ˈ l aɪ l / kar- LYLE , locally / ˈ k ɑːr l aɪ l / KAR -lyle ; from Cumbric : Caer Luel ) is a cathedral city in

4950-407: 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

5060-479: 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

5170-533: The area. At this time the Roman fort was garrisoned by a 500-strong cavalry regiment, the Ala Gallorum Sebosiana . By the early 2nd century, Carlisle was established as a prominent stronghold. The 'Stanegate' frontier, which consisted of Luguvalium and several other forts in a line east to Corbridge , was proving a more stable frontier against the Picts than those established deeper into Caledonia . In 122,

5280-443: 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

5390-561: The castle was garrisoned for the king. It endured a long siege from October 1644 until June 1645 when the Royalist forces surrendered after the Battle of Naseby . The city was occupied by a parliamentary garrison, and subsequently by their Scots allies. In 1646, the Scots, now holding Carlisle pending payment of monies owed them by the English Parliament, improved its fortifications, destroying

5500-451: The ceremonial county of Cumbria in England. It is the administrative centre of Cumberland Council which covers an area similar to the historic county of Cumberland . Carlisle's early history is marked by the establishment of a human settlement to serve castles along Hadrian's Wall in Britain . Due to its proximity to Scotland (being located eight miles or thirteen kilometres south of

5610-458: The city on 7 December 2015 to assess the damage, having earlier called an emergency Cobra meeting. In the north of Carlisle are the suburbs of Kingstown, Lowry Hill and Moorville, formerly part of the parish of Kingmoor. To the south of them are Stanwix , Edentown, Etterby, St Ann's Hill and Belah which were added to Carlisle in 1912. The parish of Stanwix Rural exists but only includes a small part of Carlisle's urban area, Whiteclosegate . To

SECTION 50

#1732883849880

5720-569: The city's history took place after Charles Edward Stuart took Carlisle in the Jacobite Rising of 1745 . When the Jacobites retreated across the border to Scotland they left a garrison of 400 men in Carlisle Castle. Ten days later Prince William, Duke of Cumberland took the castle and executed 31 Jacobites on the streets of Carlisle. Although Carlisle continued to garrison soldiers, becoming

5830-474: The city's modern Welsh name Caerliwelydd . Rheged came under Northumbrian control before 730, probably by inheritance after Rienmelth, daughter of Royth and great-granddaughter of Urien, married Oswy , King of Northumbria . For the rest of the first millennium, Carlisle was an important stronghold contested by several entities who warred over the area, including the Brythonic Kingdom of Strathclyde and

5940-517: 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

6050-636: The councillors that cover the said areas. They act as appropriate bodies in which historic rights and privileges of Carlisle, including the mayoralty will continue until a governance review will determine the need of a city council . The current member of Parliament is Julie Minns , representing the Labour Party . Carlisle used to be within the North West England constituency of the European Parliament . Carlisle elected 18 county councillors to

6160-459: The county was renamed Cumberland . The conquest of Cumberland was the beginning of a war between Scotland and England which saw the region centred around Carlisle change hands a number of times. It was a major stronghold after the construction of the castle. During the wars, the livelihood of the people on the borders was devastated by armies from both sides. Even when the countries were not at war, tension remained high, and royal authority in one or

6270-513: The current Anglo-Scottish border ), Carlisle Castle and the city became an important military stronghold in the Middle Ages . The castle served as a prison for Mary, Queen of Scots in 1568 and currently hosts the Duke of Lancaster's Regiment and the Border Regiment Museum. In the early 12th century, a priory was built and gained cathedral status with a diocese in 1133 ( city status at

6380-488: 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

6490-506: 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

6600-464: 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,

6710-451: The end of the 19th century when mass housing was built west of the city walls. In 1823 a canal was built to Fisher's Cross ( Port Carlisle ) to transport goods produced in the city. This enabled other industrial centres such as Liverpool to link with Carlisle via the Solway . This was short-lived and when the canal operators ran into financial difficulty the waterway was filled in. A railway

SECTION 60

#1732883849880

6820-730: 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

7040-519: The former Cumbria County Council. Its headquarters were located at Cumbria House on Botchergate. Until April 2023 Carlisle was governed by a district council , Carlisle City Council and a County Council, Cumbria County Council. After the 2019 elections the Conservative Party ran a minority administration on the district council with the support of the Independents. The district council covered

7150-509: 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

7260-424: 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

7370-762: The headquarters of the Border Regiment , the city's importance as a military town decreased as the industrial age took over. The post of Governor of Carlisle as garrison commander was abolished in 1838. In the early 19th century textile mills, engineering works and food manufacturers built factories in the city mostly in the Denton Holme , Caldewgate and Wapping suburbs in the Caldew Valley. These included Carr's of Carlisle , Kangol , Metal Box and Cowans Sheldon. Shaddon Mill , in Denton Holme, became famous for having

7480-672: The immediate south of Stanwix is the River Eden. On the opposite bank is the city centre bounded on the west by the West Coast Main Railway line and the River Caldew. In the past industry flourished on the banks of the River Caldew, especially Denton Holme and Caldewgate on the west bank and Wapping, around the former Metal Box works, on the east. West of Caldewgate and north of Denton Holme the suburbs of Newtown, Morton, Sandsfield Park, Longsowerby, Raffles and Belle Vue developed in

7590-463: 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,

7700-550: The kingdom took its name from a major stronghold within it; this has been suggested to have been broadly coterminous with the Civitas Carvetiorum , Carlisle. King Urien and his son and successor Owain became the subjects of a great deal of Arthurian legend . Their capital has been identified as the Cair Ligualid listed by Nennius among the 28 cities of Britain, which later developed into Caer -luel , whence

7810-646: The late 19th and 20th centuries. The eastern side of the city centre developed in the 19th century into a more affluent area along the main A69 road . It links with the former village of Botcherby to which a large council estate was added in the mid-20th century and later still Durranhill Housing Estate. South of the city centre is the Botchergate/St Nicholas area of late Victorian terraced housing similar to that found in Denton Holme and Caldewgate. The Botchergate East area until recently had older slum dwellings. To

7920-528: The latter as far as Morecambe . At the time of the flood, emergency services also had to respond to cases of car-related arson in the city. Carlisle is the only city in Cumbria. The city centre is largely pedestrianised and the Lanes shopping centre is home to around 75 shops. Carlisle has a compact historic centre with a castle , cathedral and semi-intact city walls , as well as other medieval buildings including

8030-609: The market cross had formerly been occupied by narrow alleyways of housing and small shops (on a layout which had not changed much since medieval times) and referred to locally as The Lanes . Carlisle city centre was pedestrianised in 1989. On the evening of Friday, 7 January 2005, the rivers Eden, Caldew and Petteril burst their banks due to as much as 180 mm rainfall upstream that day. 2,700 homes were flooded and three people died. The city's police and fire stations were flooded along with Brunton Park football stadium. The police, fire service and Carlisle United F.C. were mobilised,

8140-449: 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

8250-437: 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

8360-555: The north end the castle towers were converted to artillery platforms, at the south the medieval Bochard gate was converted into the Citadel , an artillery fortification with two massive artillery towers. The death of Queen Elizabeth I in 1603 and her succession by James VI of Scotland as King James I of England allowed more determined and coordinated efforts to suppress reiving. The borderers were not quick to change their ways and many were hanged and whole families were exiled to Ireland. It

8470-466: The north. Carlisle was subject to the decline in the textile industry experienced throughout Britain as new machinery made labour unnecessary. In 1916, during the First World War , the government took over the public houses and breweries in Carlisle because of drunkenness among construction and munitions workers from the munitions factory at Gretna . This experiment nationalised brewing. As

8580-551: The other kingdom was often weak. The uncertainty of existence meant that communities or peoples kindred to each other sought security through their own strength and cunning, and they improved their livelihoods at their enemies' expense. These peoples were known as the Border Reivers and Carlisle was the major city within their territories. The Reivers became so much of a nuisance to the Scottish and English governments that, in 1525,

8690-503: 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

8800-483: 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

8910-409: 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

9020-449: The province was visited by Hadrian , who approved a plan to build a wall the length of the frontier. A new fort, Petriana , was therefore built in the Stanwix area of the city north of the river on Hadrian's Wall . It was the largest fort along the wall and was completed in stone by around 130. Like Luguvalium, which lay within sight, Petriana housed a nominal 1,000-strong cavalry regiment,

9130-429: 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

9240-412: 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

9350-486: 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

9460-444: 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

9570-616: The south prior to the opening of the M6), the A595 to western Cumbria, the A69 to Newcastle upon Tyne and the A7 to Edinburgh. Socioeconomic Economics ( / ˌ ɛ k ə ˈ n ɒ m ɪ k s , ˌ iː k ə -/ ) 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

9680-477: The south west of Botchergate and St Nicholas are the former villages now suburbs of Upperby and Currock . The urban area spills over the former county borough boundary into Blackwell and Durdar in the civil parish of St Cuthbert Without . Between Upperby and Botcherby is Harraby, a former village once part of St Cuthbert Without and the largest suburb of Carlisle. Harraby is subdivided into Harraby East, New Harraby, Harraby Green, Old Harraby, Petteril Bank and

9790-406: 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

9900-408: 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

10010-402: 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

10120-471: 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

10230-822: 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

10340-405: The territory. He was assassinated and suffered damnatio memoriae , but a surviving reference to him has been uncovered in Carlisle. Coins excavated in the area suggest that Romans remained in Carlisle until the reign of Emperor Valentinian II , from 375 to 392. The period of late antiquity after Roman rule saw Cumbria organised as the native British kingdom of Rheged . It is likely that

10450-584: The time meant the settlement became a city) while the county of Cumberland was created and later renamed Cumbria. In the 19th century, the introduction of textile manufacture during the Industrial Revolution began a process of socioeconomic transformation in Carlisle, which developed into a densely populated mill town . This, combined with its strategic position, allowed for the development of Carlisle as an important railway town , with seven railway companies sharing Carlisle railway station . Nicknamed

10560-504: The top of their head to the soles of their feet, before and behind, within and without." After the Pilgrimage of Grace , Henry VIII , concerned at the weakness of his hold on the North, employed (1539) the engineer Stefan von Haschenperg to modernise the defences of Carlisle. von Haschenperg was sacked in 1543 for having "spent great treasures to no purpose"; but (by him and his successors) at

10670-467: 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

10780-505: 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

10890-460: 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

11000-558: The world's 8th tallest chimney and was the largest cotton mill in England. The expanding industries brought about an increase in population as jobs shifted from rural farms towards the cities. This produced a housing shortage where at one point 25,000 people in the city only had 5,000 houses to live in. People were said to be herded together with animal houses, slaughter houses and communal lavatories with open drains running between them. Living conditions were so bad that riots were common and some people emigrated. The problem wasn't solved until

11110-420: Was appointed Sir Thomas Adams's Professor of Arabic when William Craven resigned in 1796. Meanwhile he had obtained some church preferment at Carlisle, becoming chancellor of the diocese in 1793. In 1792 he published Rerum Ægyptiacarum Annales , translated from the Arabic of Ibn Taghribirdi , and in 1796 Specimens of Arabian Poetry , translations with some details of the authors selected. In 1799, Carlyle

11220-530: Was appointed chaplain to Lord Elgin 's mission to Constantinople, with the special scholarly duties of learned referee. He made a tour through Asia Minor, Palestine, Greece, and Italy, collecting Greek and Syriac manuscripts for a proposed new version of the New Testament . Returning to England in September 1801, Carlyle was presented the living of Newcastle-on-Tyne . Carlisle worked with Sarah Hodgson to create

11330-498: Was built in place of the canal. Carlisle became a major railway centre on the West Coast Main Line with connections to the east. At one time seven companies used Carlisle Citadel railway station . Before the building of the Citadel railway station the city had several other railway stations, including London Road railway station . Carlisle had the largest railway marshalling yard in Europe, Kingmoor, which, reduced in size,

11440-1069: Was held on 5 May 2022. All 46 seats were up for election. Labour won a majority of 30 seats. Conservatives have 7 seats, Liberal Democrats 4 seats, Independents 3 seats and Green Party 2 seats. Turnout was 36.1%. Carlisle is situated on a slight rise, in the Cumberland Ward , at the confluence of the rivers Eden , Caldew and Petteril . An important centre for trade, it is located 56 mi (90 km) west of Newcastle upon Tyne , 71 mi (114 km) north of Lancaster , 90 mi (140 km) south-east of Glasgow , 93 mi (150 km) south of Edinburgh , 120 mi (190 km) north-west of York , and 300 mi (480 km) north-north-west of London . Nearby towns and villages include Longtown (north), Penrith (south), Brampton (east), Wigton (west), Haggbeck, Harker , Carwinley, Blackford , Houghton, Scotby , Wreay and Rockcliffe . Carlisle experiences an oceanic climate ( Köppen climate classification Cfb ). In January 2005 Carlisle

11550-449: Was hit by strong gales and heavy rain, and on Saturday 8 January 2005 all roads into Carlisle were closed owing to severe flooding , the worst since 1822, which caused three deaths. Even worse flooding than in 2005 affected Carlisle between 4 and 6 December 2015. During this time, nearly 36 hours of incessant rainfall breached flood defences and left several areas submerged – including Bitts Park, Hardwicke Circus and Warwick Road. This left

11660-421: 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

11770-482: Was not until 1681 that the problem of the reivers was acknowledged as no longer an issue. Following the personal union of the crowns Carlisle Castle should have become obsolete as a frontier fortress, but the two kingdoms continued as separate states. In 1639, with war between the two kingdoms looming, the castle was refortified using stone from the cathedral cloisters. In 1642 the English Civil War broke out and

11880-892: 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

11990-631: Was promoted to county borough status in 1914. The city's boundaries have changed several times since 1835, most notably between 1974 and 2023, when under the Local Government Act 1972 the city and county borough and the Border Rural District were abolished and new enlarged City of Carlisle non-metropolitan district was created within the newly formed administrative county of Cumbria . The municipal borough contained several civil parishes or parts of parishes but these were merged into

12100-437: 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

#879120