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112-649: The collection is edited by the Institut des Sources Chrétiennes (current director: Guillaume Bady) and published in Paris by Les Éditions du Cerf . Each text is given on the left in Greek or Latin, with the French translation on the facing page. Over 600 works by Greek , Latin and occasionally Syriac authors have been published. Other oriental Christian (e.g. Armenian ) writers have been published only in translation. An early decision

224-656: A Proto-Celtic form reconstructed as * kwar-is-io -. Alternatively, Pierre-Yves Lambert proposed to translate Parisii as the 'spear people', by connecting the first element to the Old Irish carr ('spear'), derived from an earlier * kwar-sā . In any case, the city's name is not related to the Paris of Greek mythology . Residents of the city are known in English as Parisians and in French as Parisiens ( [paʁizjɛ̃] ). They are also pejoratively called Parigots ( [paʁiɡo] ). The Parisii ,

336-526: A stub . You can help Misplaced Pages by expanding it . Paris Paris ( French pronunciation: [paʁi] ) is the capital and largest city of France . With an estimated population of 2,102,650 residents in January 2023 in an area of more than 105 km (41 sq mi), Paris is the fourth-largest city in the European Union and the 30th most densely populated city in

448-496: A PPP exchange rate offers a better alternative for comparison. In 2011, the Big Mac Index was used to identify manipulation of inflation numbers by Argentina . The PPP exchange-rate calculation is controversial because of the difficulties of finding comparable baskets of goods to compare purchasing power across countries. Estimation of purchasing power parity is complicated by the fact that countries do not simply differ in

560-405: A base. Additional statistical difficulties arise with multilateral comparisons when (as is usually the case) more than two countries are to be compared. Various ways of averaging bilateral PPPs can provide a more stable multilateral comparison, but at the cost of distorting bilateral ones. These are all general issues of indexing; as with other price indices there is no way to reduce complexity to

672-530: A fair amount of sunshine. Each year there are a few days when the temperature rises above 32 °C (90 °F). Longer periods of more intense heat sometimes occur, such as the heat wave of 2003 when temperatures exceeded 30 °C (86 °F) for weeks, reached 40 °C (104 °F) on some days, and rarely cooled down at night. Spring and autumn have, on average, mild days and cool nights, but are changing and unstable. Surprisingly warm or cool weather occurs frequently in both seasons. In winter, sunshine

784-702: A huge and emotional crowd down the Champs Élysées towards Notre Dame de Paris and made a rousing speech from the Hôtel de Ville . In the 1950s and the 1960s, Paris became one front of the Algerian War for independence; in August 1961, the pro-independence FLN targeted and killed 11 Paris policemen, leading to the imposition of a curfew on Muslims of Algeria (who, at that time, were French citizens). On 17 October 1961, an unauthorised but peaceful protest demonstration of Algerians against

896-528: A single number that is equally satisfying for all purposes. Nevertheless, PPPs are typically robust in the face of the many problems that arise in using market exchange rates to make comparisons. For example, in 2005 the price of a gallon of gasoline in Saudi Arabia was US$ 0.91, and in Norway the price was US$ 6.27. The significant differences in price would not contribute to accuracy in a PPP analysis, despite all of

1008-755: A sub-tribe of the Celtic Senones , inhabited the Paris area from around the middle of the 3rd century BC. One of the area's major north–south trade routes crossed the Seine on the Île de la Cité , which gradually became an important trading centre. The Parisii traded with many river towns (some as far away as the Iberian Peninsula) and minted their own coins. The Romans conquered the Paris Basin in 52 BC and began their settlement on Paris's Left Bank . The Roman town

1120-409: A uniform price level ; rather, the difference in food prices may be greater than the difference in housing prices, while also less than the difference in entertainment prices. People in different countries typically consume different baskets of goods. It is necessary to compare the cost of baskets of goods and services using a price index . This is a difficult task because purchasing patterns and even

1232-517: Is Montmartre at 130 m (427 ft). Excluding the outlying parks of Bois de Boulogne and Bois de Vincennes , Paris covers an oval measuring about 87 km (34 sq mi) in area, enclosed by the 35 km (22 mi) ring road, the Boulevard Périphérique . Paris' last major annexation of outlying territories in 1860 gave it its modern form, and created the 20 clockwise-spiralling arrondissements (municipal boroughs). From

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1344-767: Is 450 km (280 mi) southeast of London, 287 km (178 mi) south of Calais , 305 km (190 mi) southwest of Brussels , 774 km (481 mi) north of Marseille , 385 km (239 mi) northeast of Nantes , and 135 km (84 mi) southeast of Rouen . Paris has an oceanic climate within the Köppen climate classification , typical of western Europe. This climate type features cool winters, with frequent rain and overcast skies, and mild to warm summers. Very hot and very cold temperatures and weather extremes are rare in this type of climate. Summer days are usually mild and pleasant, with average temperatures between 15 and 25 °C (59 and 77 °F), and

1456-465: Is a consequence of the Balassa–Samuelson effect and gives a big cost advantage to labour-intensive production of tradable goods in low income countries (like Ethiopia ), as against high income countries (like Switzerland ). The corporate cost advantage is nothing more sophisticated than access to cheaper workers, but because the pay of those workers goes farther in low-income countries than high,

1568-672: Is a measure of the price of specific goods in different countries and is used to compare the absolute purchasing power of the countries' currencies . PPP is effectively the ratio of the price of a market basket at one location divided by the price of the basket of goods at a different location. The PPP inflation and exchange rate may differ from the market exchange rate because of tariffs , and other transaction costs . The purchasing power parity indicator can be used to compare economies regarding their gross domestic product (GDP), labour productivity and actual individual consumption, and in some cases to analyse price convergence and to compare

1680-502: Is based on the law of one price , which says that, if there are no transaction costs nor trade barriers for a particular good, then the price for that good should be the same at every location. Ideally, a computer in New York and in Hong Kong should have the same price. If its price is 500 US dollars in New York and the same computer costs 2,000 HK dollars in Hong Kong, PPP theory says

1792-428: Is converted to the other country's currency using market exchange rates, one country might be inferred to have higher real GDP than the other country in one year but lower in the other. Both of these inferences would fail to reflect the reality of their relative levels of production . If one country's GDP is converted into the other country's currency using PPP exchange rates instead of observed market exchange rates,

1904-719: Is derived from its early inhabitants, the Parisii , a Gallic tribe from the Iron Age and the Roman period . The meaning of the Gaulish ethnonym remains debated. According to Xavier Delamarre , it may derive from the Celtic root pario- ('cauldron'). Alfred Holder interpreted the name as 'the makers' or 'the commanders', by comparing it to the Welsh peryff ('lord, commander'), both possibly descending from

2016-412: Is greater in rich countries than in poor countries. Nontradables tend to be labor-intensive; therefore, because labor is less expensive in poor countries and is used mostly for nontradables, nontradables are cheaper in poor countries. Wages are high in rich countries, so nontradables are relatively more expensive. PPP calculations tend to overemphasise the primary sectoral contribution, and underemphasise

2128-476: Is important. PPP exchange rates help costing but exclude profits and above all do not consider the different quality of goods among countries. The same product, for instance, can have a different level of quality and even safety in different countries, and may be subject to different taxes and transport costs. Since market exchange rates fluctuate substantially, when the GDP of one country measured in its own currency

2240-674: Is no basis for comparison between the Ethiopian labourer who lives on teff with the Thai labourer who lives on rice , because teff is not commercially available in Thailand and rice is not in Ethiopia, so the price of rice in Ethiopia or teff in Thailand cannot be determined. As a general rule, the more similar the price structure between countries, the more valid the PPP comparison. PPP levels will also vary based on

2352-440: Is scarce. Days are cool, and nights are cold but generally above freezing, with low temperatures around 3 °C (37 °F). Light night frosts are quite common, but the temperature seldom dips below −5 °C (23 °F). Paris sometimes sees light snow or flurries with or without accumulation. Paris has an average annual precipitation of 641 mm (25.2 in), and experiences light rainfall distributed evenly throughout

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2464-517: Is still a useful concept. However, change in the relative prices of basket components can cause relative PPP to fail tests that are based on official price indexes. The global poverty line is a worldwide count of people who live below an international poverty line , referred to as the dollar-a-day line. This line represents an average of the national poverty lines of the world's poorest countries , expressed in international dollars. These national poverty lines are converted to international currency and

2576-540: The Financial Times , a spokesperson for the IMF declared: The IMF considers that GDP in purchase-power-parity (PPP) terms is not the most appropriate measure for comparing the relative size of countries to the global economy, because PPP price levels are influenced by nontraded services, which are more relevant domestically than globally. The IMF believes that GDP at market rates is a more relevant comparison. The goods that

2688-599: The Champs-Élysées extended the city west to Étoile , while the working-class neighbourhood of the Faubourg Saint-Antoine on the eastern side of the city grew increasingly crowded with poor migrant workers from other regions of France. Paris was the centre of an explosion of philosophic and scientific activity, known as the Age of Enlightenment . Diderot and D'Alembert published their Encyclopédie in 1751, before

2800-785: The College of Sorbonne , and a palace for himself, the Palais-Cardinal . After Richelieu's death in 1642, it was renamed the Palais-Royal . Due to the Parisian uprisings during the Fronde civil war, Louis XIV moved his court to a new palace, Versailles , in 1682. Although no longer the capital of France, arts and sciences in the city flourished with the Comédie-Française , the Academy of Painting, and

2912-634: The European Space Agency , the European Banking Authority and the European Securities and Markets Authority . The football club Paris Saint-Germain and the rugby union club Stade Français are based in Paris. The 81,000-seat Stade de France , built for the 1998 FIFA World Cup , is located just north of Paris in the neighbouring commune of Saint-Denis . Paris hosts the annual French Open Grand Slam tennis tournament on

3024-707: The French Academy of Sciences . To demonstrate that the city was safe from attack, the king had the city walls demolished and replaced with tree-lined boulevards that would become the Grands Boulevards . Other marks of his reign were the Collège des Quatre-Nations , the Place Vendôme , the Place des Victoires , and Les Invalides . Paris grew in population from about 400,000 in 1640 to 650,000 in 1780. A new boulevard named

3136-640: The Grand Paris project, to integrate Paris more closely with the towns in the region around it. After many modifications, the new area, named the Metropolis of Grand Paris , with a population of 6.7 million, was created on 1 January 2016. In 2011, the City of Paris and the national government approved the plans for the Grand Paris Express , totalling 205 km (127 mi) of automated metro lines to connect Paris,

3248-484: The Montgolfier Brothers launched the first manned flight in a hot air balloon on 21 November 1783. Paris was the financial capital of continental Europe, as well the primary European centre for book publishing, fashion and the manufacture of fine furniture and luxury goods. On 22 October 1797, Paris was also the site of the first parachute jump in history, by Garnerin . In the summer of 1789, Paris became

3360-517: The Paris Commune held power for two months, before being harshly suppressed by the French army during the " Bloody Week " at the end of May 1871. In the late 19th century, Paris hosted two major international expositions: the 1889 Universal Exposition , which featured the new Eiffel Tower, was held to mark the centennial of the French Revolution; and the 1900 Universal Exposition gave Paris

3472-579: The Pont Alexandre III , the Grand Palais , the Petit Palais and the first Paris Métro line. Paris became the laboratory of Naturalism ( Émile Zola ) and Symbolism ( Charles Baudelaire and Paul Verlaine ), and of Impressionism in art ( Courbet , Manet , Monet , Renoir ). By 1901, the population of Paris had grown to about 2,715,000. At the beginning of the century, artists from around

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3584-611: The Pont des Arts . During the Restoration , the bridges and squares of Paris were returned to their pre-Revolution names; the July Revolution in 1830 (commemorated by the July Column on the Place de la Bastille ) brought to power a constitutional monarch, Louis Philippe I . The first railway line to Paris opened in 1837, beginning a new period of massive migration from the provinces to

3696-604: The School of Salamanca in the 16th century, and was developed in its modern form by Gustav Cassel in 1916, in The Present Situation of the Foreign Trade . While Gustav Cassel's use of PPP concept has been traditionally interpreted as his attempt to formulate a positive theory of exchange rate determination, the policy and theoretical context in which Cassel wrote about exchange rates suggests different interpretation. In

3808-750: The Seine in the city centre has been classified as a UNESCO World Heritage Site since 1991. Paris is home to several United Nations organizations including UNESCO, as well as other international organizations such as the OECD , the OECD Development Centre , the International Bureau of Weights and Measures , the International Energy Agency , the International Federation for Human Rights , along with European bodies such as

3920-597: The Siege of Paris (885–886) , for which the then Count of Paris ( comte de Paris ), Odo of France , was elected king of West Francia . From the Capetian dynasty that began with the 987 election of Hugh Capet , Count of Paris and Duke of the Franks ( duc des Francs ), as king of a unified West Francia, Paris gradually became the largest and most prosperous city in France. By the end of

4032-600: The US dollar , the Mexican gross domestic product measured in dollars will also halve. However, this exchange rate results from international trade and financial markets. It does not necessarily mean that Mexicans are poorer by a half; if incomes and prices measured in pesos stay the same, they will be no worse off assuming that imported goods are not essential to the quality of life of individuals. Measuring income in different countries using PPP exchange rates helps to avoid this problem, as

4144-456: The cost of living between places. The calculation of the PPP, according to the OECD, is made through a basket of goods that contains a "final product list [that] covers around 3,000 consumer goods and services, 30 occupations in government, 200 types of equipment goods and about 15 construction projects". Purchasing power parity is an economic term for measuring prices at different locations. It

4256-402: The geometric mean of the exchange rates computed for individual goods. The EKS-S method (by Éltető, Köves, Szulc, and Sergeev) uses two different baskets, one for each country, and then averages the result. While these methods work for 2 countries, the exchange rates may be inconsistent if applied to 3 countries, so further adjustment may be necessary so that the rate from currency A to B times

4368-428: The short run . Theories that invoke purchasing power parity assume that in some circumstances a fall in either currency's purchasing power (a rise in its price level) would lead to a proportional decrease in that currency's valuation on the foreign exchange market. PPP exchange rates are especially useful when official exchange rates are artificially manipulated by governments. Countries with strong government control of

4480-556: The third-busiest airport in Europe , and Orly Airport . Opened in 1900, the city's subway system, the Paris Métro , serves 5.23   million passengers daily. It is the second-busiest metro system in Europe after the Moscow Metro . Gare du Nord is the 24th-busiest railway station in the world and the busiest outside Japan , with 262   million passengers in 2015. Paris has one of

4592-473: The Île Saint-Louis and the larger Île de la Cité , which form the oldest part of Paris. The river's mouth on the English Channel ( La Manche ) is about 233 mi (375 km) downstream from Paris. Paris is spread widely on both banks of the river. Overall, Paris is relatively flat, and the lowest point is 35 m (115 ft) above sea level . Paris has several prominent hills, the highest of which

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4704-512: The 12th century, Paris had become the political, economic, religious, and cultural capital of France. The Palais de la Cité , the royal residence, was located at the western end of the Île de la Cité. In 1163, during the reign of Louis VII , Maurice de Sully , bishop of Paris, undertook the construction of the Notre Dame Cathedral at its eastern extremity. After the marshland between the river Seine and its slower 'dead arm' to its north

4816-499: The 1860 area of 78 km (30 sq mi), the city limits were expanded marginally to 86.9 km (33.6 sq mi) in the 1920s. In 1929, the Bois de Boulogne and Bois de Vincennes forest parks were annexed to the city, bringing its area to about 105 km (41 sq mi). The metropolitan area is 2,300 km (890 sq mi). Measured from the 'point zero' in front of its Notre-Dame cathedral , Paris by road

4928-704: The Frank , the first king of the Merovingian dynasty , made the city his capital from 508. As the Frankish domination of Gaul began, there was a gradual immigration by the Franks to Paris and the Parisian Francien dialects were born. Fortification of the Île de la Cité failed to avert sacking by Vikings in 845 , but Paris's strategic importance—with its bridges preventing ships from passing—was established by successful defence in

5040-601: The French police and gendarmes arrested 12,884 Jews, including 4,115 children, and confined them during five days at the Vel d'Hiv ( Vélodrome d'Hiver ), from which they were transported by train to the extermination camp at Auschwitz . None of the children came back. On 25 August 1944, the city was liberated by the French 2nd Armoured Division and the 4th Infantry Division of the United States Army . General Charles de Gaulle led

5152-652: The PPP-exchange rate than the nominal exchange rate in which receipts are paid). These act as a cheaper factor of production than is available to factories in richer countries. It is difficult by GDP PPP to consider the different quality of goods among the countries. The Bhagwati–Kravis–Lipsey view provides a somewhat different explanation from the Balassa–Samuelson theory. This view states that price levels for nontradables are lower in poorer countries because of differences in endowment of labor and capital, not because of lower levels of productivity. Poor countries have more labor relative to capital, so marginal productivity of labor

5264-411: The Place Royale, now Place des Vosges . In spite of Henry IV's efforts to improve city circulation, the narrowness of Paris's streets was a contributing factor in his assassination near Les Halles marketplace in 1610. During the 17th century, Cardinal Richelieu , chief minister of Louis XIII , was determined to make Paris the most beautiful city in Europe. He built five new bridges, a new chapel for

5376-429: The Revolution, but after 1799 it surged with 160,000 new residents, reaching 660,000 by 1815. Napoleon replaced the elected government of Paris with a prefect that reported directly to him. He began erecting monuments to military glory, including the Arc de Triomphe , and improved the neglected infrastructure of the city with new fountains, the Canal de l'Ourcq , Père Lachaise Cemetery and the city's first metal bridge,

5488-564: The Tuileries Palace. In 1793, as the revolution turned increasingly radical, the king, queen and mayor were beheaded by guillotine in the Reign of Terror , along with more than 16,000 others throughout France. The property of the aristocracy and the church was nationalised , and the city's churches were closed, sold or demolished. A succession of revolutionary factions ruled Paris until 9 November 1799 ( coup d'état du 18 brumaire ), when Napoleon Bonaparte seized power as First Consul. The population of Paris had dropped by 100,000 during

5600-450: The basket in one location to the price of the basket in the other location. For example, if a basket consisting of 1 computer, 1 ton of rice, and half a ton of steel was 1000 US dollars in New York and the same goods cost 6000 HK dollars in Hong Kong, the PPP exchange rate would be 6 HK dollars for every 1 US dollar. The name purchasing power parity comes from the idea that, with the right exchange rate, consumers in every location will have

5712-405: The capital of France, was the most populous city of Europe. By comparison, London in 1300 had 80,000 inhabitants. By the early fourteenth century, so much filth had collected inside urban Europe that French and Italian cities were naming streets after human waste. In medieval Paris, several street names were inspired by merde , the French word for "shit". During the Hundred Years' War , Paris

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5824-454: The centre stage of the French Revolution . On 14 July, a mob seized the arsenal at the Invalides , acquiring thousands of guns, with which it stormed the Bastille , a principal symbol of royal authority. The first independent Paris Commune , or city council, met in the Hôtel de Ville and elected a Mayor , the astronomer Jean Sylvain Bailly , on 15 July. Louis XVI and the royal family were brought to Paris and incarcerated in

5936-435: The city. In 1848, Louis-Philippe was overthrown by a popular uprising in the streets of Paris. His successor, Napoleon III , alongside the newly appointed prefect of the Seine, Georges-Eugène Haussmann , launched a huge public works project to build wide new boulevards, a new opera house, a central market, new aqueducts, sewers and parks, including the Bois de Boulogne and Bois de Vincennes . In 1860, Napoleon III annexed

6048-402: The curfew led to violent confrontations between the police and demonstrators, in which at least 40 people were killed. The anti-independence Organisation armée secrète (OAS) carried out a series of bombings in Paris throughout 1961 and 1962. In May 1968, protesting students occupied the Sorbonne and put up barricades in the Latin Quarter . Thousands of Parisian blue-collar workers joined

6160-425: The currency has the "power" to purchase are a basket of goods of different types: The more that a product falls into category 1, the further its price will be from the currency exchange rate , moving towards the PPP exchange rate. Conversely, category 2 products tend to trade close to the currency exchange rate. (See also Penn effect ). More processed and expensive products are likely to be tradable , falling into

6272-813: The demand side ( e.g. , virtually no demand for pork in Islamic states) and the supply side ( e.g. , whether the existing market for a prospective entrant's product features few suppliers or instead is already near-saturated). According to Krugman and Obstfeld, this occurrence of product differentiation and segmented markets results in violations of the law of one price and absolute PPP. Over time, shifts in market structure and demand will occur, which may invalidate relative PPP. Measurement of price levels differ from country to country. Inflation data from different countries are based on different commodity baskets; therefore, exchange rate changes do not offset official measures of inflation differences. Because it makes predictions about price changes rather than price levels, relative PPP

6384-509: The differences in price levels between its member countries by calculating the ratios of PPPs for private final consumption expenditure to exchange rates. The OECD table below indicates the number of US dollars needed in each of the countries listed to buy the same representative basket of consumer goods and services that would cost US$ 100 in the United States. According to the table, an American living or travelling in Switzerland on an income denominated in US dollars would find that country to be

6496-502: The dominant role of Etudes Augustiniennes , only appears twice (SC 75 & 116), thereby permitting a multiplicity of other patristic voices to be heard. A parallel collection devoted to the works of Philo of Alexandria has also been developed. The bilingual edition policy launched by Sources Chrétiennes has been followed by the German language series Fontes Christiani , published initially by Herder of Freiburg , Germany but now by Brepols of Turnhout , Belgium . Many of

6608-404: The economy sometimes enforce official exchange rates that make their own currency artificially strong. By contrast, the currency's black market exchange rate is artificially weak. In such cases, a PPP exchange rate is likely the most realistic basis for economic comparison. Similarly, when exchange rates deviate significantly from their long term equilibrium due to speculative attacks or carry trade,

6720-412: The exchange rate between two currencies actually observed in the different international markets is the one that is used in the purchasing power parity comparisons, so that the same amount of goods could actually be purchased in either currency with the same beginning amount of funds. Depending on the particular theory, purchasing power parity is assumed to hold either in the long run or, more strongly, in

6832-410: The exchange rate should be 4 HK dollars for every 1 US dollar. Poverty, tariffs, transportation, and other frictions prevent the trading and purchasing of various goods, so measuring a single good can cause a large error. The PPP term accounts for this by using a basket of goods , that is, many goods with different quantities. PPP then computes an inflation and exchange rate as the ratio of the price of

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6944-400: The fall of their currency, though their GDP PPP changed a little. PPP exchange rates are never valued because market exchange rates tend to move in their general direction, over a period of years. There is some value to knowing in which direction the exchange rate is more likely to shift over the long run. In neoclassical economic theory , the purchasing power parity theory assumes that

7056-684: The false inference will not occur. Essentially GDP measured at PPP controls for the different costs of living and price levels, usually relative to the United States dollar, enabling a more accurate estimate of a nation's level of production. The exchange rate reflects transaction values for traded goods between countries in contrast to non-traded goods, that is, goods produced for home-country use. Also, currencies are traded for purposes other than trade in goods and services, e.g. , to buy capital assets whose prices vary more than those of physical goods. Also, different interest rates , speculation , hedging or interventions by central banks can influence

7168-443: The first Bishop of Paris: according to legend, when he refused to renounce his faith before the Roman occupiers, he was beheaded on the hill which became known as Mons Martyrum (Latin "Hill of Martyrs"), later " Montmartre ", from where he walked headless to the north of the city; the place where he fell and was buried became an important religious shrine, the Basilica of Saint-Denis , and many French kings are buried there. Clovis

7280-414: The first socialist mayor. He was re-elected in March 2008. In 2007, in an effort to reduce car traffic, he introduced the Vélib' , a system which rents bicycles. Bertrand Delanoë also transformed a section of the highway along the Left Bank of the Seine into an urban promenade and park, the Promenade des Berges de la Seine , which he inaugurated in June 2013. In 2007, President Nicolas Sarkozy launched

7392-460: The foreign price of the same basket. If the prices of nontradables rise, the purchasing power of any given currency will fall in that country. Linkages between national price levels are also weakened when trade barriers and imperfectly competitive market structures occur together. Pricing to market occurs when a firm sells the same product for different prices in different markets. This is a reflection of inter-country differences in conditions on both

7504-450: The formula used to calculate price matrices. Possible formulas include GEKS-Fisher, Geary-Khamis, IDB, and the superlative method. Each has advantages and disadvantages. Linking regions presents another methodological difficulty. In the 2005 ICP round, regions were compared by using a list of some 1,000 identical items for which a price could be found for 18 countries, selected so that at least two countries would be in each region. While this

7616-453: The front line at the First Battle of the Marne . The city was also bombed by Zeppelins and shelled by German long-range guns . In the years after the war, known as Les Années Folles , Paris continued to be a mecca for writers, musicians and artists from around the world, including Ernest Hemingway , Igor Stravinsky , James Joyce , Josephine Baker , Eva Kotchever , Henry Miller , Anaïs Nin , Sidney Bechet and Salvador Dalí . In

7728-608: The global line is converted back to local currency using the PPP exchange rates from the ICP. PPP exchange rates include data from the sales of high end non-poverty related items which skews the value of food items and necessary goods which is 70 percent of poor peoples' consumption. Angus Deaton argues that PPP indices need to be reweighted for use in poverty measurement; they need to be redefined to reflect local poverty measures, not global measures, weighing local food items and excluding luxury items that are not prevalent or are not of equal value in all localities. The idea originated with

7840-400: The goods available to purchase differ across countries. Thus, it is necessary to make adjustments for differences in the quality of goods and services. Furthermore, the basket of goods representative of one economy will vary from that of another: Americans eat more bread; Chinese more rice. Hence a PPP calculated using the US consumption as a base will differ from that calculated using China as

7952-405: The industrial and service sectoral contributions to the economy of a nation. The law of one price is weakened by transport costs and governmental trade restrictions, which make it expensive to move goods between markets located in different countries. Transport costs sever the link between exchange rates and the prices of goods implied by the law of one price. As transport costs increase, the larger

8064-473: The innermost three departments around Paris, airports and high-speed rail (TGV) stations, at an estimated cost of €35 billion. The system is scheduled to be completed by 2030. In January 2015, Al-Qaeda in the Arabian Peninsula claimed attacks across the Paris region. 1.5 million people marched in Paris in a show of solidarity against terrorism and in support of freedom of speech. In November of

8176-564: The label PPP-adjusted . There can be marked differences between purchasing power adjusted incomes and those converted via market exchange rates. A well-known purchasing power adjustment is the Geary–Khamis dollar (the GK dollar or international dollar ). The World Bank's World Development Indicators 2005 estimated that in 2003, one Geary–Khamis dollar was equivalent to about 1.8 Chinese yuan by purchasing power parity —considerably different from

8288-612: The late 12th century, Philip Augustus extended the Louvre fortress to defend the city against river invasions from the west, gave the city its first walls between 1190 and 1215, rebuilt its bridges to either side of its central island, and paved its main thoroughfares. In 1190, he transformed Paris's former cathedral school into a student-teacher corporation that would become the University of Paris and would draw students from all of Europe. With 200,000 inhabitants in 1328, Paris, then already

8400-558: The market exchange rate. The market rate is more volatile because it reacts to changes in demand at each location. Also, tariffs and differences in the price of labour (see Balassa–Samuelson theorem ) can contribute to longer-term differences between the two rates. One use of PPP is to predict longer-term exchange rates. Because PPP exchange rates are more stable and are less affected by tariffs, they are used for many international comparisons, such as comparing countries' GDPs or other national income statistics. These numbers often come with

8512-418: The metrics give an understanding of relative wealth regarding local goods and services at domestic markets. On the other hand, it is poor for measuring the relative cost of goods and services in international markets. The reason is it does not take into account how much US$ 1 stands for in a respective country. Using the above-mentioned example: in an international market, Mexicans can buy less than Americans after

8624-634: The modern city of Paris was first mentioned in the mid-1st century BC by Julius Caesar as Luteciam Parisiorum (' Lutetia of the Parisii ') and is later attested as Parision in the 5th century AD, then as Paris in 1265. During the Roman period, it was commonly known as Lutetia or Lutecia in Latin, and as Leukotekía in Greek, which is interpreted as either stemming from the Celtic root *lukot- ('mouse'), or from * luto- ('marsh, swamp'). The name Paris

8736-740: The most sustainable transportation systems and is one of only two cities in the world that received the Sustainable Transport Award twice. Paris is known for its museums and architectural landmarks: the Louvre received 8.9   million visitors in 2023, on track for keeping its position as the most-visited art museum in the world. The Musée d'Orsay , Musée Marmottan Monet and Musée de l'Orangerie are noted for their collections of French Impressionist art. The Pompidou Centre , Musée National d'Art Moderne , Musée Rodin and Musée Picasso are noted for their collections of modern and contemporary art . The historical district along

8848-705: The new site of the Bibliothèque nationale de France (1996), the Arche de la Défense (1985–1989) in La Défense , as well as the Louvre Pyramid with its underground courtyard (1983–1989); Jacques Chirac (2006), the Musée du quai Branly . In the early 21st century, the population of Paris began to increase slowly again, as more young people moved into the city. It reached 2.25 million in 2011. In March 2001, Bertrand Delanoë became

8960-533: The nominal exchange rate. This discrepancy has large implications; for instance, when converted via the nominal exchange rates, GDP per capita in India is about US$ 1,965 while on a PPP basis, it is about Int$ 7,197. At the other extreme, Denmark's nominal GDP per capita is around US$ 53,242, but its PPP figure is Int$ 46,602, in line with other developed nations . There are variations in calculating PPP. The EKS method (developed by Ö. Éltető, P. Köves and B. Szulc) uses

9072-597: The population of France. The Paris Region had a nominal GDP of €765 billion (US$ 1.064 trillion when adjusted for PPP ) in 2021, the highest in the European Union. According to the Economist Intelligence Unit Worldwide Cost of Living Survey, in 2022, Paris was the city with the ninth-highest cost of living in the world. Paris is a major railway, highway, and air-transport hub served by two international airports: Charles de Gaulle Airport ,

9184-467: The purchasing power parity of a country in the international markets. The PPP method is used as an alternative to correct for possible statistical bias. The Penn World Table is a widely cited source of PPP adjustments, and the associated Penn effect reflects such a systematic bias in using exchange rates to outputs among countries. For example, if the value of the Mexican peso falls by half compared to

9296-481: The range of exchange rate fluctuations. The same is true for official trade restrictions because the customs fees affect importers' profits in the same way as shipping fees. According to Krugman and Obstfeld, "Either type of trade impediment weakens the basis of PPP by allowing the purchasing power of a given currency to differ more widely from country to country." They cite the example that a dollar in London should purchase

9408-560: The rate from B to C equals the rate from A to C. Relative PPP is a weaker statement based on the law of one price, covering changes in the exchange rate and inflation rates. It seems to mirror the exchange rate closer than PPP does. Purchasing power parity exchange rate is used when comparing national production and consumption and other places where the prices of non-traded goods are considered important. (Market exchange rates are used for individual goods that are traded). PPP rates are more stable over time and can be used when that attribute

9520-536: The red clay of Roland Garros . Paris hosted the 1900 , the 1924 , and the 2024 Summer Olympics . The 1938 and 1998 FIFA World Cups , the 2019 FIFA Women's World Cup , the 2007 Rugby World Cup , as well as the 1960 , 1984 and 2016 UEFA European Championships were held in Paris. Every July, the Tour de France bicycle race finishes on the Avenue des Champs-Élysées in Paris. The ancient oppidum that corresponds to

9632-418: The relative pay differentials (inter-country) can be sustained for longer than would be the case otherwise. (This is another way of saying that the wage rate is based on average local productivity and that this is below the per capita productivity that factories selling tradable goods to international markets can achieve.) An equivalent cost benefit comes from non-traded goods that can be sourced locally (nearer

9744-448: The same purchasing power . The value of the PPP exchange rate is very dependent on the basket of goods chosen. In general, goods are chosen that might closely obey the law of one price. Thus, one attempts to select goods which are traded easily and are commonly available in both locations. Organizations that compute PPP exchange rates use different baskets of goods and can come up with different values. The PPP exchange rate may not match

9856-462: The same goods as a dollar in Chicago, which is certainly not the case. Nontradables are primarily services and the output of the construction industry. Nontradables also lead to deviations in PPP because the prices of nontradables are not linked internationally. The prices are determined by domestic supply and demand, and shifts in those curves lead to changes in the market basket of some goods relative to

9968-559: The same year, terrorist attacks , claimed by ISIL, killed 130 people and injured more than 350. On 22 April 2016, the Paris Agreement was signed by 196 nations of the United Nations Framework Convention on Climate Change in an aim to limit the effects of climate change below 2 °C. Paris is located in northern central France, in a north-bending arc of the river Seine , whose crest includes two islands,

10080-499: The second category, and drifting from the PPP exchange rate to the currency exchange rate. Even if the PPP "value" of the Ethiopian currency is three times stronger than the currency exchange rate, it will not buy three times as much of internationally traded goods like steel, cars and microchips, but non-traded goods like housing, services ("haircuts"), and domestically produced crops. The relative price differential between tradables and non-tradables from high-income to low-income countries

10192-421: The statistical capacity of participating countries. The International Comparison Program (ICP), which PPP estimates are based on, require the disaggregation of national accounts into production, expenditure or (in some cases) income, and not all participating countries routinely disaggregate their data into such categories. Some aspects of PPP comparison are theoretically impossible or unclear. For example, there

10304-629: The students, and the movement grew into a two-week general strike. Supporters of the government won the June elections by a large majority. The May 1968 events in France resulted in the break-up of the University of Paris into 13 independent campuses. In 1975, the National Assembly changed the status of Paris to that of other French cities and, on 25 March 1977, Jacques Chirac became the first elected mayor of Paris since 1793. The Tour Maine-Montparnasse ,

10416-585: The surrounding towns and created eight new arrondissements, expanding Paris to its current limits. During the Franco-Prussian War (1870–1871), Paris was besieged by the Prussian Army . Following several months of blockade, hunger, and then bombardment by the Prussians, the city was forced to surrender on 28 January 1871. After seizing power in Paris on 28 March, a revolutionary government known as

10528-460: The tallest building in the city at 57 storeys and 210 m (689 ft) high, was built between 1969 and 1973. It was highly controversial, and it remains the only building in the centre of the city over 32 storeys high. The population of Paris dropped from 2,850,000 in 1954 to 2,152,000 in 1990, as middle-class families moved to the suburbs. A suburban railway network, the RER (Réseau Express Régional),

10640-570: The texts published bilingually by 'Sources Chrétiennes' have appeared recently in Italian translation. Sources Chrétiennes is also in charge of the BIBLINDEX project [1] , Index of Biblical Quotations and Allusions in Early Christian Literature. A complete listing of the entire series' publications is provided online periodically. This article about a book related to Christianity is

10752-529: The throne Henry IV , after converting to Catholicism to gain entry to the capital, entered the city in 1594 to claim the crown of France. This king made several improvements to the capital during his reign: he completed the construction of Paris's first uncovered, sidewalk-lined bridge, the Pont Neuf , built a Louvre extension connecting it to the Tuileries Palace , and created the first Paris residential square,

10864-414: The variables that contribute to the significant differences in price. More comparisons have to be made and used as variables in the overall formulation of the PPP. When PPP comparisons are to be made over some interval of time, proper account needs to be made of inflationary effects. In addition to methodological issues presented by the selection of a basket of goods, PPP estimates can also vary based on

10976-523: The world in 2022. Since the 17th century, Paris has been one of the world's major centres of finance , diplomacy , commerce , culture , fashion , and gastronomy . Because of its leading role in the arts and sciences and its early adaptation of extensive street lighting, it became known as the City of Light in the 19th century. The City of Paris is the centre of the Île-de-France region , or Paris Region, with an official estimated population of 12,271,794 inhabitants in January 2023, or about 19% of

11088-488: The world including Pablo Picasso , Modigliani , and Henri Matisse made Paris their home. It was the birthplace of Fauvism , Cubism and abstract art , and authors such as Marcel Proust were exploring new approaches to literature. During the First World War , Paris sometimes found itself on the front line; 600 to 1,000 Paris taxis played a small but highly important symbolic role in transporting 6,000 soldiers to

11200-401: The year. Paris is known for intermittent, abrupt, heavy showers. The highest recorded temperature was 42.6 °C (108.7 °F), on 25 July 2019. The lowest was −23.9 °C (−11.0 °F), on 10 December 1879. For almost all of its long history, except for a few brief periods, Paris was governed directly by representatives of the king, emperor, or president of France. In 1974, Paris

11312-472: The years after the peace conference , the city was also home to growing numbers of students and activists from French colonies and other Asian and African countries, who later became leaders of their countries, such as Ho Chi Minh , Zhou Enlai and Léopold Sédar Senghor . On 14 June 1940, the German army marched into Paris, which had been declared an " open city ". On 16–17 July 1942, following German orders,

11424-442: The years immediately preceding the end of WWI and following it economists and politicians were involved in discussions on possible ways of restoring the gold standard , which would automatically restore the system of fixed exchange rates among participating nations. The stability of exchange rates was widely believed to be crucial for restoring the international trade and for its further stable and balanced growth. Nobody then

11536-703: Was built to complement the Métro; the Périphérique expressway encircling the city, was completed in 1973. Most of the postwar presidents of the Fifth Republic wanted to leave their own monuments in Paris; President Georges Pompidou started the Centre Georges Pompidou (1977), Valéry Giscard d'Estaing began the Musée d'Orsay (1986); President François Mitterrand had the Opéra Bastille built (1985–1989),

11648-519: Was filled in from around the 10th century, Paris's cultural centre began to move to the Right Bank. In 1137, a new city marketplace (today's Les Halles ) replaced the two smaller ones on the Île de la Cité and Place de Grève (Place de l'Hôtel de Ville) . The latter location housed the headquarters of Paris's river trade corporation, an organisation that later became, unofficially (although formally in later years), Paris's first municipal government. In

11760-447: Was granted municipal autonomy by the National Assembly. The first modern elected mayor of Paris was Jacques Chirac , elected March 1977, becoming the city's first mayor since 1871 and only the fourth since 1794. The current mayor is Anne Hidalgo , a socialist , first elected in April 2014 , and re-elected in June 2020 . Purchasing power parity Purchasing power parity ( PPP )

11872-483: Was made not to exclude subsequently condemned authors (such as Origen of Alexandria ). Clement of Alexandria , the Cappadocians ( Basil of Caesarea and Gregory of Nazianzus ) John Chrysostom , Theodoret especially are strongly represented. Most Latin writers from Tertullian onwards are found, but a distinctive section is also devoted to later Western spiritual writers such as Bernard of Clairvaux . Augustine, given

11984-458: Was mentally prepared for the idea that flexible exchange rates determined by market forces do not necessarily cause chaos and instability in the peaceful time (and that is what the abandoning of the gold standard during the war was blamed for). Gustav Cassel was among those who supported the idea of restoring the gold standard, although with some alterations. The question, which Gustav Cassel tried to answer in his works written during that period,

12096-425: Was not how exchange rates are determined in the free market, but rather how to determine the appropriate level at which exchange rates were to be fixed during the restoration of the system of fixed exchange rates. His recommendation was to fix exchange rates at the level corresponding to the PPP, as he believed that this would prevent trade imbalances between trading nations. Thus, PPP doctrine proposed by Cassel

12208-483: Was not really a positive (descriptive) theory of exchange rate determination (as Cassel was perfectly aware of numerous factors that prevent exchange rates from stabilizing at PPP level if allowed to float), but rather a normative (prescriptive) policy advice, formulated in the context of discussions on returning to the gold standard. Each month, the Organisation for Economic Co-operation and Development (OECD) measures

12320-611: Was occupied by England-friendly Burgundian forces from 1418, before being occupied outright by the English when Henry V of England entered the French capital in 1420; in spite of a 1429 effort by Joan of Arc to liberate the city, it would remain under English occupation until 1436. In the late 16th-century French Wars of Religion , Paris was a stronghold of the Catholic League , the organisers of 24 August 1572 St. Bartholomew's Day massacre in which thousands of French Protestants were killed. The conflicts ended when pretender to

12432-542: Was originally called Lutetia (more fully, Lutetia Parisiorum , "Lutetia of the Parisii", modern French Lutèce ). It became a prosperous city with a forum, baths, temples, theatres, and an amphitheatre . By the end of the Western Roman Empire , the town was known as Parisius , a Latin name that would later become Paris in French. Christianity was introduced in the middle of the 3rd century AD by Saint Denis ,

12544-458: Was superior to earlier "bridging" methods, which do not fully take into account differing quality between goods, it may serve to overstate the PPP basis of poorer countries, because the price indexing on which PPP is based will assign to poorer countries the greater weight of goods consumed in greater shares in richer countries. There are a number of reasons that different measures do not perfectly reflect standard of living . In 2011, interviewed by

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