Economics


Economics is the branch of social science that measures the production and distribution and consumption of goods and services and their management. Economy is a general statement about the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location.

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Economics Word Cloud Factors of Economics: Production, Distribution, Trade, Consumption of Goods and Services, Population and Individual Needs, Business Needs, Organization Needs, Government Needs, Education System Needs, Supply and Demand, Efficiency, Waste, Money System. Budgets (spending) - Economic Bubble.

Inflation - Recession - Consumption - GDP - Price Gouging

The economy can not grow in the same way that it has. The economy should only grow to become more effective, more efficient, more educated, more healthy, more clean, more fair and less wasteful. To grow like cancer is to slowly die. That is why education needs to improve. The most important thing that should be growing is human intelligence. There's no other way. Maintaining growth on a finite planet is impossible without using sustainable practices.

Finite is something that is limited or is subjected to limits in magnitude, spatial or temporal extent and can only go so far or last so long.

Economic Growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth does not explain the true cost of increased production or the externalities or the alternatives and choices that are available. Employment Numbers can also be Misleading.

Environmental Performance Index is a method of quantifying and numerically marking the environmental performance of a state's policies. This index was developed from the Pilot Environmental Performance Index, first published in 2002, and designed to supplement the environmental targets set forth in the United Nations Millennium Development Goals.

Economic Forecasting is the process of making predictions about the economy. Forecasts can be carried out at a high level of aggregation—for example for GDP, inflation, unemployment or the fiscal deficit—or at a more disaggregated level, for specific sectors of the economy or even specific firms. Economic forecasting is a measure to find out the future prosperity of a pattern of investment and is the key activity in economic analysis.

Economic Impact Analysis examines the effect of an event on the economy in a specified area, ranging from a single neighborhood to the entire globe. It usually measures changes in business revenue, business profits, personal wages, and/or jobs. The economic event analyzed can include implementation of a new policy or project, or may simply be the presence of a business or organization. An economic impact analysis is commonly conducted when there is public concern about the potential impacts of a proposed project or policy. An economic impact analysis typically measures or estimates the change in economic activity between two scenarios, one assuming the economic event occurs, and one assuming it does not occur (which is referred to as the counterfactual case). This can be accomplished either before or after the event (ex ante or ex post).

Social Impact Assessment is a methodology to review the social effects of infrastructure projects and other development interventions. Although SIA is usually applied to planned interventions, the same techniques can be used to evaluate the social impact of unplanned events, for example, disasters, demographic change, and epidemics. SIA is important in applied anthropology, as its main goal is to be able to deliver positive social outcomes and eliminate any possible negative or long term effects.

The coronavirus didn’t break America. It revealed that America was already broken and vulnerable. The billionaires and the millionaires see their wealth increase while millions of people fall into poverty. The rich get richer and the poor get poorer.

Why is the loss of non-essential jobs hurting the economy? Nonessential businesses are businesses that don't provide healthy food, clean water, affordable healthcare, public services, clean energy, reliable communication, safe shelter, valuable and accurate information, just to name a few. So why is our economy dependent on non-essential activities? Are we entertaining ourselves to death? Not that entertainment is bad, it's just that our priorities and our value system needs balance and a reality check. A countries economy shouldn't be dependent on personal luxuries or waste. This is a paradox of our time. We're going nowhere fast. Limiting non-essential activities proves that we can survive almost any emergency, even global warming. We need to be able to repurpose our economy and adapt quickly to changes and emergencies. The Big 5 Essentials should be the backbone of the economy, and jobs that make a difference should always be available. Coronavirus pandemic takes a heavy toll on minority communities in the U.S. The poor and the people in need will suffer the most. The poor will get even poorer and the wealthy will continue to be wealthy. The global economy will shrink by 3% in 2020 and that the world’s economic output will plummet $9 trillion over two years. For people waiting for their life to get back to normal, just remember, your life was never normal. If you haven't learned anything from this pandemic, and if this experience hasn't opened your eyes, then you are in a lot of trouble. This is will not be the end of the world, but it will be the end for millions of people, with millions more suffering. Jobs that Make a Difference.

Essential Services refers to a class of occupations that under particular circumstances help provide life sustaining services such as hospitals, emergency medical services, first responders, health care, public health, human services, electricity services, water supply services, food distribution, agricultural activities, refrigeration enterprises, supply chains, ports, transport services, transportation, logistics, distribution of fuel, railway services, postal services, communications, information technology, computer services, utilities, energy, public works, environmental services, community services, residential and commercial and industrial maintenance, waste refuse collection and wastewater, disinfecting, cleaning, police, law enforcement, public safety, firefighting services, armed forces, airline pilots, air traffic control, education sector, radio, television, newspaper, printing services, critical manufacturing, mining, production and construction, banking, financial activities, minting of money, inspectors, business regulators, accommodations, hotel services, community-based essential functions, government operations, water bottling, research, justice sector, public or private prison services, the collection of excises, duties and taxes, department stores, public parks. Closed Economy (trade) - The virus closed restaurants, but it did not close the mouths that need to be fed.

Key Worker is an employee who's occupation is considered to provide an essential service and creates macroeconomic benefit beyond its own operational benefit. This includes those who are support staff who's roles are needed for services to function effectively and efficiently. Key workers include doctors, nurses and dentists, teachers and nursery nurses,  social workers, educational psychologists, and therapists, local authority planners, firefighters, fire Safety engineers, connexions personal advisers, some ministry of defense personnel, environmental health officer, highways traffic officers, railway workers, network rail freight and passenger trains. Health and social care – This includes but is not limited to doctors, nurses, midwives, paramedics, pharmacists, social workers, care workers, and other frontline health and social care staff including volunteers; the support and specialist staff required to maintain the UK's health and social care sector; those working as part of the health and social care supply chain, including producers and distributors of medicines and medical and personal protective equipment. Education and childcare – This includes childcare, support and teaching staff, social workers and those specialist education professionals who must remain active during the COVID-19 response to deliver this approach. Key public services – This includes those essential to the running of the justice system, religious staff, charities and workers delivering key frontline services, those responsible for the management of the deceased, and journalists and broadcasters who are providing public service broadcasting. Local and national government – This only includes those administrative occupations essential to the effective delivery of the COVID-19 response, or delivering essential public services, such as the payment of benefits, including in government agencies and arms length bodies. Food and other necessary goods – This includes those involved in food production, processing, distribution, sale and delivery, as well as those essential to the provision of other key goods (for example hygienic and veterinary medicines). This also includes cleaners in supermarkets. Public safety and national security – This includes police and support staff, Ministry of Defence civilians, contractor and armed forces personnel (those critical to the delivery of key defence and national security outputs and essential to the response to the COVID-19 pandemic), fire and rescue service employees (including support staff), National Crime Agency staff, those maintaining border security, prison and probation staff and other national security roles, including those overseas. Police officers, community support officers and some civilian police staff, prison officers and some other Prison staff, probation service staff. Transport – This includes those who will keep the air, water, road and rail passenger and freight transport modes operating during the COVID-19 response, including those working on transport systems through which supply chains pass. Utilities, communication and financial services – This includes staff needed for essential financial services provision (including but not limited to workers in banks, building societies and financial market infrastructure), the oil, gas, electricity and water sectors (including sewerage), information technology and data infrastructure sector and primary industry supplies to continue during the COVID-19 response, as well as key staff working in the civil nuclear, chemicals, telecommunications (including but not limited to network operations, field engineering, call center staff, IT and data infrastructure, 999 and 111, 911 critical services), postal services and delivery, payments providers and waste disposal sectors." Jobs that Make a Difference.

Opening the State Key Points: A 14-day decline in hospitalizations. Increased testing. Enough contact tracing. Protection for those at highest risk. Adequate protective equipment and hospital capacity. Social distancing protocols. Hazard Pay.

Shutdown is when a firm will choose to implement a shutdown of production when the revenue received from the sale of the goods or services produced cannot even cover the variable costs of production. In that situation, the firm will experience a higher loss when it produces, compared to not producing at all. Technically, shutdown occurs if average revenue is below average variable cost at the profit-maximizing positive level of output. Producing anything would not generate enough revenue to offset the associated variable costs; producing some output would add further costs in excess of revenues to the costs inevitably being incurred (the fixed costs). By not producing, the firm loses only the fixed costs.

Families First Coronavirus Response Act is an Act of Congress meant to respond to the economic impacts of the ongoing 2019–20 coronavirus pandemic. The act will provide funding for free coronavirus testing, 14-day paid leave for American workers affected by the pandemic, and increased funding for food stamps.

Less than 4 percent of CT small businesses approved for coronavirus loans. Small business loan applications jump, but why are so many small businesses not approved for the paycheck protection program? Banks have processed 880,000 loans worth more than $215 billion, according to a senior Small Business Administration official. More than 4,500 lenders participated in the program. The rush to distribute nearly $350 billion in federal aid from a popular — and now empty— small business relief fund resulted in the government sending billions to areas of the country with relatively few novel coronavirus cases, to companies in industries that have not been the hardest hit by the shutdown, and to companies that are not even small businesses. Businesses in Texas got more Paycheck Protection Program loans than any other state. New York, with about 216,000 cases, by far the most of any state, ranked fourth in the number of PPP loans.

Coronavirus Aid, Relief, and Economic Security Act is a law meant to address the economic fallout of the 2020 coronavirus pandemic in the United States. The bill was heavily amended before it was passed. The original bill included $500 billion in direct payments to Americans, "$208 billion in loans for major industries that have been impacted by the coronavirus", and "$300 billion for small businesses". As a result of bipartisan negotiations, the bill grew to $2 trillion in the version unanimously passed by the Senate on March 25, 2020. The next day, it was passed in the House via voice vote and signed into law by President Donald Trump. Unprecedented in size and scope, the legislation was the largest-ever economic stimulus package in U.S. history, amounting to 10% of total U.S. gross domestic product. The bill was much larger than the $831 billion stimulus act passed in 2009 as part of the response to the Great Recession. The first phase "was an $8.3 billion bill spurring coronavirus vaccine research and development" (the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020), which was signed into law on March 6, 2020. The second phase was "an approximately $104 billion package largely focused on paid sick leave and unemployment benefits for workers and families" (the Families First Coronavirus Response Act), which was signed into law on March 18, 2020. Cares.

April 23, 2020 - Europe's Economy Was Hit Hard by the coronavirus, But Jobs Didn't Disappear Like In The U.S.. Many governments, especially in European countries, are handling unemployment differently, paying companies to keep their workers on the payroll until the pandemic is over. In the United States, some 26 million workers have lost their jobs over the past five weeks. Under Germany's Kurzarbeit system, the government pays much of the salaries to laid-off workers for up to 12 months during economic crises.

Strong Economy or a Good Economy or Economic Growth says very little and explains very little about the reality of a country. Those words a very vague. And when some people try to explain what a good economy means, they're usually cherry picking data that misleads people. Saying that the economy is good is a lie, especially when you are not explaining any details that would prove that statement. If you don't count the things that matter, then knowing how to count doesn't matter. Count the People on Food Stamps, measure Poverty, measure Income Levels and the Standard of Living, measure Education Outcomes, measure cost of Health Care, just to name a few, and then try to explain to people What is Good and What is Bad about our State of Affairs? If you don't maintain, sustain and improve, then you're just stealing from future generations. If your economic plan is based on theft, then you're a criminal. Economic growth should not be a cancer for people to endure. Economic growth should only be the progress in efficiency. Economic growth should not about be the growing of problems.


Reality Economics


Steady-State Economy is an economy made up of a constant stock of physical wealth (capital) and a constant population size. In effect, such an economy does not grow.

Green Economy is defined as an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment.

Circular Economy is an economic system aimed at eliminating waste and the continual use of resources. Circular systems employ reuse, sharing, repair, refurbishment, remanufacturing and recycling to create a close-loop system, minimising the use of resource inputs and the creation of waste, pollution and carbon emissions. The circular economy aims to keep products, equipment and infrastructure in use for longer, thus improving the productivity of these resources. All 'waste' should become 'food' for another process: either a by-product or recovered resource for another industrial process, or as regenerative resources for nature, e.g. compost. This regenerative approach is in contrast to the traditional linear economy, which has a 'take, make, dispose' model of production. Proponents of the circular economy suggest that a sustainable world does not mean a drop in the quality of life for consumers, and can be achieved without loss of revenue or extra costs for manufacturers. The argument is that circular business models can be as profitable as linear models, allowing us to keep enjoying similar products and services.

Recycling Economy - Zero Point Energy - B-Corp (Benefit Corporation)

Environmental Economics undertakes theoretical or empirical studies of the economic effects of national or local environmental policies around the world. Particular issues include the costs and benefits of alternative environmental policies to deal with air pollution, water quality, toxic substances, solid waste, and global warming.

Ecological Economics refers to both a transdisciplinary and interdisciplinary field of academic research addressing the interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially. By treating the economy as a subsystem of Earth's larger ecosystem, and by emphasizing the preservation of natural capital, the field of ecological economics is differentiated from environmental economics, which is the mainstream economic analysis of the environment. One survey of German economists found that ecological and environmental economics are different schools of economic thought, with ecological economists emphasizing strong sustainability and rejecting the proposition that natural capital can be substituted by human-made capital.

Economic Geography is the subfield of Geography which studies the influence of geography on economic activity. It can also be considered a subfield or method in economics. Economic geography takes a variety of approaches to many different topics, including the location of industries, economies of agglomeration (also known as "linkages"), transportation, international trade, development, real estate, gentrification, ethnic economies, gendered economies, core-periphery theory, the economics of urban form, the relationship between the environment and the economy (tying into a long history of geographers studying culture-environment interaction), and globalization.

Human Ecology is an interdisciplinary and transdisciplinary study of the relationship between humans and their natural, social, and built environments.

Socioeconomics is the social science that studies how economic activity affects and is shaped by social processes. In general it analyzes how modern societies progress, stagnate, or regress because of their local or regional economy, or the global economy. Societies are divided into 3 groups: social, cultural and economic. It also refers to the ways that social and economic factors influence the environment. Demographics.

Outline of Green Politics political ideology that aims for the creation of an ecologically sustainable society rooted in environmentalism, social liberalism, and grassroots democracy.

Natural Resource Economics deals with the supply, demand, and allocation of the Earth's natural resources. One main objective of natural resource economics is to better understand the role of natural resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability to future generations. Resource economists study interactions between economic and natural systems, with the goal of developing a sustainable and efficient economy.

Natural Capital is the world's stock of natural resources, which includes geology, soils, air, water and all living organisms. Some natural capital assets provide people with free goods and services, often called ecosystem services. Two of these (clean water and fertile soil) underpin our economy and society and make human life possible.

Natural Capital Accounting is the process of calculating the total stocks and flows of natural resources and services in a given ecosystem or region. Accounting for such goods may occur in physical or monetary terms. This process can subsequently inform government, corporate and consumer decision making as each relates to the use or consumption of natural resources and land, and sustainable behavior.

Payment for Ecosystem Services are incentives offered to farmers or landowners in exchange for managing their land to provide some sort of ecological service. They have been defined as "a transparent system for the additional provision of environmental services through conditional payments to voluntary providers". These programmes promote the conservation of natural resources in the marketplace.

Service Economics is an economic activity where an immaterial exchange of value occurs. When a service such as labor is performed the buyer does not take exclusive ownership of that which is purchased, unless agreed upon by buyer and seller. The benefits of such a service, if priced, are held to be self-evident in the buyer's willingness to pay for it. Public services are those, that society (nation state, fiscal union, regional) as a whole pays for, through taxes and other means.

Green Accounting is a type of accounting that attempts to factor environmental costs into the financial results of operations. It has been argued that gross domestic product ignores the environment and therefore policymakers need a revised model that incorporates green accounting. The major purpose of green accounting is to help businesses understand and manage the potential quid pro quo between traditional economics goals and environmental goals. It also increases the important information available for analyzing policy issues, especially when those vital pieces of information are often overlooked. Green accounting is said to only ensure weak sustainability, which should be considered as a step toward ultimately a strong sustainability.

Real Economy is concerned with the flow of goods and services (like oil, bread and labor hours), compared with the monetary sector that covers the circulation of money and other documents that represent ownership or claims to ownership of real sector goods and services. Most economics textbooks will treat the montary sector as a "shadow" of the real sector; apples traded for oranges, labor for commodities, with real sector value determined by an actor tastes and preferences and the cost of production. The monetary sector only plays the part of influencing the price level, so in this simplified example the role of the supply and demand is generally limited to the quantity theory of money). This is the neoclassical school of economics where the money supply is determined exogenously by a central bank (without effect on real output and employment). Dichotomous market theory proposes that real sector outcomes are independent of the monetary sector, related also to the idea of money neutrality. The real sector is sensitive to the effect liquidity has on asset prices, for example if the market is saturated and asset prices collapse. In the real sector this uncertainty can mean a slowdown in aggregate demand (and in the monetary sector, an increase in the demand for money). A reader often encounters the term "real economy" in the economic literature and discourse. Real economy as a term is used to distinguish the financial aspect of the economy. Awareness about the real economy has grown considerably as financialization - “a pattern of accumulation in which profits accrue primarily through financial channels rather than through trade and commodity production” - has emerged as a dominant phenomenon. Eugene Fama american economist (wiki).

Tableau economique believed that trade and industry were not sources of wealth, and that agricultural surpluses, by flowing through the economy in the form of rent, wages, and purchases were the real economic movers.

Physiocracy is an economic theory that believed that the wealth of nations was derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced.

Embodied Energy is the sum of all the energy required to produce any goods or services, considered as if that energy was incorporated or 'embodied' in the product itself. The concept can be useful in determining the effectiveness of energy-producing or energy-saving devices, or the "real" replacement cost of a building, and, because energy-inputs usually entail greenhouse gas emissions, in deciding whether a product contributes to or mitigates global warming. One fundamental purpose for measuring this quantity is to compare the amount of energy produced or saved by the product in question to the amount of energy consumed in producing it.

Energy Accounting is a system used to measure, analyze and report the energy consumption of different activities on a regular basis. It is done to improve energy efficiency, and to monitor the environment impact of energy consumption.

Economic Efficiency is a situation in which nothing can be improved without something else being hurt. Depending on the context, it is usually one of the following two related concepts: Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient. There are also other definitions and measures. All characterizations of economic efficiency are encompassed by the more general engineering concept that a system is efficient or optimal when it maximizes desired outputs (such as utility) given available inputs.

Operational Efficiency can be defined as the ratio between an output gained from the business and an input to run a business operation. When improving operational efficiency, the output to input ratio improves. Inputs would typically be money (cost), people (measured either as headcount or as the number of full-time equivalents) or time/effort. Outputs would typically be money (revenue, margin, cash), new customers, customer loyalty, market differentiation, production, innovation, quality, speed & agility, complexity or opportunities. The terms "operational efficiency", "efficiency" and "productivity" are often used interchangeably. An explanation of the difference between efficiency and (total factor) productivity is found in "An Introduction to Efficiency and Productivity Analysis". To complicate the meaning, operational excellence, which is about continuous improvement, not limited to efficiency, is occasionally used when meaning operational efficiency. Occasionally, operating excellence is also used with the same meaning as operational efficiency.

Dynamic Efficiency is a situation where it is impossible to make one generation better off without making any other generation worse off. It is closely related to the notion of "golden rule of saving". In general, an economy will fail to be dynamically efficient if the real interest rate is below the growth rate of the economy (sum of the growth rates of population and per capita income).

Distributive Efficiency occurs when goods and services are received by those who have the greatest need for them.


Economic Types


Economic System is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes and patterns of consumption that comprise the economic structure of a given community. As such, an economic system is a type of social system. The mode of production is a related concept. All economic systems have three basic questions to ask: what to produce, how to produce and in what quantities and who receives the output of production. The study of economic systems includes how these various agencies and institutions are linked to one another, how information flows between them and the social relations within the system (including property rights and the structure of management). The analysis of economic systems traditionally focused on the dichotomies and comparisons between market economies and planned economies and on the distinctions between capitalism and socialism. Subsequently, the categorization of economic systems expanded to include other topics and models that do not conform to the traditional dichotomy. Today the dominant form of economic organization at the world level is based on market-oriented mixed economies.

Micro-Economics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.

Macro-Economics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole rather than individual markets. This includes national, regional, and global economies. Along with microeconomics, macroeconomics is one of the two most general fields in economics.

Global Economy is the economy of the world, considered as the international exchange of goods and services that is expressed in monetary units of account (money).

"A strong economy creates jobs, but an intelligent economy keeps jobs and always has jobs for everyone".

Mixed Economy is defined as an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism.

Informal Economy is the part of an economy that is neither taxed, nor monitored by any form of government.

Spillover is an economic event in one context that occurs because of something else in a seemingly unrelated context. For example, externalities of economic activity are non-monetary spillover effects upon non-participants. Odors from a rendering plant are negative spillover effects upon its neighbors; the beauty of a homeowner's flower garden is a positive spillover effect upon neighbors. In the same way, the economic benefits of increased trade are the spillover effects anticipated in the formation of multilateral alliances of many of the regional nation states: In an economy in which some markets fail to clear, such failure can influence the demand or supply behavior of affected participants in other markets, causing their effective demand or effective supply to differ from their notional (unconstrained) demand or supply. Another kind of spillover is generated by information. For example, when more information about someone generates more information about people related to her, and that information helps to eliminate asymmetries in information, then the spillover effects are positive. Feedback Loop.

Market Economy is an economic system where decisions regarding investment, production, and distribution are based on the interplay of supply and demand, which determines the prices of goods and services.

Supply and Demand is the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price or an economic model of price determination in a market. It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted. Supply and demand can be manipulated by over producing a product or by under producing a product. Supply and Demand is when the quantity demanded at the current price will equal the quantity supplied at the current price, resulting in a perceived economic equilibrium for price and quantity transacted. Housing.

Economic Warfare - Price Gouging - Scarcity - Privatization

General Equilibrium Theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall (or "general") equilibrium. General equilibrium theory contrasts to the theory of partial equilibrium, which only analyzes single markets.

Supply-Side Economics argues economic growth can be most effectively created by investing in capital and by lowering barriers on the production of goods and services. According to supply-side economics, consumers will then benefit from a greater supply of goods and services at lower prices; furthermore, the investment and expansion of businesses will increase the demand for employees and therefore create jobs. Typical policy recommendations of supply-side economists are lower marginal tax rates and less government regulation. Consumer Economy.

Trade Cycle refers to fluctuations in economic activities specially in employment, output and income, prices, profits etc. It has been defined differently by different economists.

Business Cycle also known as the economic cycle or trade cycle, is the downward and upward movement of gross domestic product (GDP) around its long-term growth trend. The length of a business cycle is the period of time containing a single boom and contraction in sequence. These fluctuations typically involve shifts over time between periods of relatively rapid economic growth (expansions or booms), and periods of relative stagnation or decline (contractions or recessions). Business cycles are usually measured by considering the growth rate of real gross domestic product. Despite the often-applied term cycles, these fluctuations in economic activity do not exhibit uniform or predictable periodicity. The common or popular usage boom-and-bust cycle refers to fluctuations in which the expansion is rapid and the contraction severe.

Neoclassical Economics is a set of solutions to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand. This determination is often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production, in accordance with rational choice theory. Unsustainable.

Trickle-Down Economics characterize economic policies as favoring the wealthy or privileged. Trickle Down Ignorance.

Heterodox Economics refers to schools of economic thought or methodologies that are outside "mainstream economics", often represented by expositors as contrasting with or going beyond neoclassical economics. Heterodox economics is an umbrella term that can cover various schools of thought or theories. These include institutional, evolutionary, feminist, social, post-Keynesian (not to be confused with New Keynesian), ecological, Georgist, Austrian, Marxian, socialist and anarchist economics, among others. Economics may be called orthodox or conventional economics by its critics. Alternatively, mainstream economics deals with the "rationality–individualism–equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions–history–social structure nexus". Many economists dismiss heterodox economics as "fringe" and "irrelevant", with little or no influence on the vast majority of academic mainstream economists in the English-speaking world. A recent review documented several prominent groups of heterodox economists since at least the 1990s as working together with a resulting increase in coherence across different constituents. Along these lines, the International Confederation of Associations for Pluralism in Economics (ICAPE) does not define "heterodox economics" and has avoided defining its scope. ICAPE defines its mission as "promoting pluralism in economics." In defining a common ground in the "critical commentary," one writer described fellow heterodox economists as trying to do three things: (1) identify shared ideas that generate a pattern of heterodox critique across topics and chapters of introductory macro texts; (2) give special attention to ideas that link methodological differences to policy differences; and (3) characterize the common ground in ways that permit distinct paradigms to develop common differences with textbook economics in different ways. One study suggests four key factors as important to the study of economics by self-identified heterodox economists: history, natural systems, uncertainty, and power.

Keynesian Economics are various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total spending in the economy). In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy; instead, it is influenced by a host of factors and sometimes behaves erratically, affecting production, employment, and inflation. Keynesian economics developed during and after the Great Depression from the ideas presented by Keynes in his 1936 book, The General Theory of Employment, Interest and Money. Keynes contrasted his approach to the aggregate supply-focused classical economics that preceded his book. The interpretations of Keynes that followed are contentious and several schools of economic thought claim his legacy. Keynesian economics served as the standard economic model in the developed nations during the later part of the Great Depression, World War II, and the post-war economic expansion (1945–1973), though it lost some influence following the oil shock and resulting stagflation of the 1970s. The advent of the financial crisis of 2007–08 caused a resurgence in Keynesian thought, which continues as new Keynesian economics. Keynesian economists generally argue that as aggregate demand is volatile and unstable, a market economy often experiences inefficient macroeconomic outcomes in the form of economic recessions (when demand is low) and inflation (when demand is high), and that these can be mitigated by economic policy responses, in particular, monetary policy actions by the central bank and fiscal policy actions by the government, which can help stabilize output over the business cycle.Keynesian economists generally advocate a managed market economy – predominantly private sector, but with an active role for government intervention during recessions and depressions.

Marxian Economics is a heterodox school of economic thought. Its foundations can be traced back to the critique of classical political economy in the research by Karl Marx and Friedrich Engels. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other, and in many cases Marxian analysis is used to complement or supplement other economic approaches. Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage rather than being synonymous. They share a semantic field while also allowing connotative and denotative differences. Marxian economics concerns itself variously with the analysis of crisis in capitalism, the role and distribution of the surplus product and surplus value in various types of economic systems, the nature and origin of economic value, the impact of class and class struggle on economic and political processes, and the process of economic evolution. Marxian economics, particularly in academia, is distinguished from Marxism as a political ideology as well as the normative aspects of Marxist thought, with the view that Marx's original approach to understanding economics and economic development is intellectually independent from Marx's own advocacy of revolutionary socialism. Marxian economists do not lean entirely upon the works of Marx and other widely known Marxists, but draw from a range of Marxist and non-Marxist sources. Although the Marxian school is considered heterodox, ideas that have come out of Marxian economics have contributed to mainstream understanding of the global economy. Certain concepts developed in Marxian economics, especially those related to capital accumulation and the business cycle, have been fitted for use in capitalist systems (for instance, Joseph Schumpeter's notion of creative destruction). Marx's magnum opus on political economy was Das Kapital (Capital: A Critique of Political Economy) in three volumes, of which only the first volume was published in his lifetime (1867); the others were published by Friedrich Engels from Marx's notes. One of Marx's early works, Critique of Political Economy, was mostly incorporated into Das Kapital, especially the beginning of volume 1. Marx's notes made in preparation for writing Das Kapital were published in 1939 under the title Grundrisse.

Socioeconomics studies how economic activity affects and is shaped by social processes.

Home Economics is the profession and field of study that deals with the economics and management of the home and community. The field deals with the relationship between individuals, families, and communities, and the environment in which they live.

Family and Consumer Science is a field of study that deals with the relationship between individuals, families, communities, and the environment in which they live. Home economics courses are offered internationally and across multiple educational levels. Home economics courses have been important throughout history because it gave women the opportunity to pursue higher education and vocational training in a world where only men were able to learn in such environments. In modern times, home economics teaches people of all genders important life skills, such as cooking, sewing, and finances. With the stigma the term “home economics” has earned over the years, the course is now often referred to by different terms, such as “family and consumer science.”

Public Economics is the study of government policy through the lens of economic efficiency and equity. At its most basic level, public economics provides a framework for thinking about whether or not the government should participate in economics markets and to what extent its role should be. In order to do so, microeconomic theory is utilized to assess whether the private market is likely to provide efficient outcomes in the absence of governmental interference.

Constitutional Economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents." This extends beyond the definition of "the economic analysis of constitutional law" and is distinct from explaining the choices of economic and political agents within those rules, a subject of orthodox economics.

Social Market Economy is a social and economic system combining free market capitalism which supports private enterprise, alongside social policies which establish both fair competition within the market and a welfare state.

Sharing Economy - Coops - Knowledge Economy

Shock Therapy Economics refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country, usually also including large-scale privatization of previously public-owned assets.

Jobs - Work Force - Development

Mainstream Economics are theories and models of economics, as taught by universities worldwide, that are generally accepted by some economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to heterodox economics, which encompasses various schools or approaches that are only accepted by a minority of economists. Orthodox growth theories generally assume a neoclassical production function, with growth of output explained by increases in the capital stock or employment, or by shifts in the function attributed to exogenous technical progress that is independent of investment.

Schools of Economic Thought is a group of economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern (Greco-Roman, Indian, Persian, Islamic, and Imperial Chinese), early modern (mercantilist, physiocrats) and modern (beginning with Adam Smith and classical economics in the late 18th century). Systematic economic theory has been developed mainly since the beginning of what is termed the modern era. History of Economic Thought (wiki).

Austrian School is a school of economic thought that is based on the concept of methodological individualism – that social phenomena result from the motivations and actions of individuals. theorizes that the subjective choices of individuals including individual knowledge, time, expectation, and other subjective factors, cause all economic phenomena. Austrians seek to understand the economy by examining the social ramifications of individual choice, an approach called methodological individualism. It differs from other schools of economic thought, which have focused on aggregate variables, equilibrium analysis, and societal groups rather than individuals.

Capitalism vs. Socialism: A Soho Forum Debate (youtube) - November 5, 2019, Richard D. Wolff - It depends on what you mean by capitalism? It depends on what you mean by socialism? It was Kings and servants, then slave owners and slaves, and now it's company owners and employees. Sometimes certain types of freedom can do more harm than good.


Inflation


Inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. Progressive increase in prices. Each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy. Economists generally believe that very high rates of inflation and hyperinflation are caused by an excessive growth of the money supply. Low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the consensus view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth.

Taxes - Debt - Fractional Reserve Banking

Deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the value of currency over time, but deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slow-down in the inflation rate, i.e. when inflation declines to a lower rate but is still positive. Economists generally believe that deflation is a problem in a modern economy because it increases the real value of debt, especially if the deflation is unexpected. Deflation may also aggravate recessions and lead to a deflationary spiral. Deflation usually happens when supply is high (when excess production occurs), when demand is low (when consumption decreases), or when the money supply decreases (sometimes in response to a contraction created from careless investment or a credit crunch) or because of a net capital outflow from the economy. It can also occur due to too much competition and too little market concentration.

Quantitative Easing - Bailouts - Money Economics

Negative Yield - Negative Interest - A negative bond yield is an unusual situation in which issuers of debt are paid to borrow and depositors, or buyers of bonds, pay a cash flow. The global stock of negative-yielding debt is now in excess of $17 trillion as rising market volatility lends extra force. Investors around the world now have invested about $15 trillion in government bonds that offer negative interest rates. A negative interest rate environment is in effect when the nominal interest rate drops below zero percent for a specific economic zone, meaning banks and other financial firms would have to pay to keep their excess reserves stored at the central bank rather than receive positive interest income. A negative interest rate means that the central bank (and perhaps private banks) will charge negative interest. Instead of receiving money on deposits, depositors must pay regularly to keep their money with the bank. During deflationary periods, people and businesses hoard money instead of spending and investing.

Economic Indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles. Economic indicators include various indices, earnings reports, and economic summaries: for example, the unemployment rate, quits rate (quit rate in U.S. English), housing starts, consumer price index (a measure for inflation), consumer leverage ratio, industrial production, bankruptcies, gross domestic product, broadband internet penetration, retail sales, stock market prices, and money supply changes. The leading business cycle dating committee in the United States of America is the private National Bureau of Economic Research. The Bureau of Labor Statistics is the principal fact-finding agency for the U.S. government in the field of labor economics and statistics. Other producers of economic indicators includes the United States Census Bureau and United States Bureau of Economic Analysis.

Purchasing Managers' Index are economic indicators derived from monthly surveys of private sector companies. The three principal producers of PMIs are the Institute for Supply Management (ISM), which originated the manufacturing and non-manufacturing metrics and which produces them for the United States, the Singapore Institute of Purchasing and Materials Management (SIPMM), which produces the Singapore PMI, and the Markit Group, which produces metrics based on ISM's work for over 30 countries worldwide. ISM, SIPMM, and Markit Group separately compile Purchasing Managers' Index (PMI) surveys on a monthly basis by polling businesses which represent the makeup of the respective business sector. ISM's surveys cover all NAICS categories. SIPMM survey covers all manufacturing sectors. The Markit survey covers private sector companies, but not the public sector. ISM began to produce the report for the United States in 1948. The surveys are released shortly after the end of the reference period. The actual release dates depend on the sector covered by the survey. Manufacturing data are generally released on the first business day of the month, followed by construction (Markit only) on the second working day, and non-manufacturing/services on the third business day. SIPMM produces the monthly bulletin since 1998 for the Singapore manufacturing sectors, with a focus on the electronics manufacturing sector since 1998. The data are released on the second business day of each month. The Chicago-PMI survey, owned by Deutsche Börse, registers manufacturing and non-manufacturing activity in the Chicago Region. Investors value this indicator because the Chicago region somewhat mirrors the United States overall in its distribution of manufacturing and non-manufacturing activity. The predominant operator and owner of Purchasing Managers Index series outside the USA is the Markit Group. Markit issue most of their PMIs in partnership with other companies. SIPMM is the official Purchasing Managers Index series in Singapore. In 2002, SIPMM assisted China Federation of Logistics and Purchasing (CFLP) to produce the China Official PMI. ISM, SIPMM and Markit Purchasing Managers Indices include additional sub indices for manufacturing surveys such as new orders, employment, exports, stocks of raw materials and finished goods, prices of inputs and finished goods.

Institute for Supply Management. Components included under the supply management umbrella are: Purchasing/procurement, Strategic sourcing, Logistics, Quality, Inventory control, Materials management, Warehousing/stores, Transportation/traffic/shipping, Disposition/investment recovery, Distribution, Receiving, Packaging, Product/service development, Manufacturing supervision.

National Bureau of Economic Research
Organization for Economic Cooperation and Development
Foundation for Economic Change
Evonomics - The Next System

Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.


Depression - Recession


Recession is a negative economic growth for two consecutive quarters. It is also a business cycle contraction which results in a general slowdown in economic activity. Recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale natural or anthropogenic disaster (e.g. a pandemic). In the United States, it is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales". In the United Kingdom, it is defined as a negative economic growth for two consecutive quarters. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply or increasing government spending and decreasing taxation.

Depression in economics is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than an economic recession, which is a slowdown in economic activity over the course of a normal business cycle. Depressions are characterized by their length, by abnormally large increases in unemployment, falls in the availability of credit (often due to some form of banking or financial crisis), shrinking output as buyers dry up and suppliers cut back on production and investment, more bankruptcies including sovereign debt defaults, significantly reduced amounts of trade and commerce (especially international trade), as well as highly volatile relative currency value fluctuations (often due to currency devaluations). Price deflation, financial crises, stock market crash, and bank failures are also common elements of a depression that do not normally occur during a recession.

Downturn is a decline in economic, business, or other activity. A slowdown, decline, slump, contraction, slowing, depression, crisis, deterioration, deceleration, adversity, drop, decrease, regression, setback, fall, deflation, sluggishness.

1929: Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across the world; in most countries, it started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. The Great Depression is commonly used as an example of how intensely the global economy can decline. The Great Depression started in the United States after a major fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929, (known as Black Tuesday). Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. The Great Depression had devastating effects in both rich and poor countries. Personal income, tax revenue, profits and prices dropped, while international trade fell by more than 50%. Unemployment in the U.S. rose to 23% and in some countries rose as high as 33%. Cities around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming communities and rural areas suffered as crop prices fell by about 60%. Facing plummeting demand with few alternative sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most. The Great Depression began with the Wall Street Crash in October 1929. The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, there was a general loss of confidence in the economic future. The usual explanations include numerous factors, especially high consumer debt, ill-regulated markets that permitted overoptimistic loans by banks and investors, and the lack of high-growth new industries. These all interacted to create a downward economic spiral of reduced spending, falling confidence and lowered production. Industries that suffered the most included construction, shipping, mining, logging and agriculture (compounded by dust-bowl conditions in the heartland). Also hard hit was the manufacturing of durable goods like automobiles and appliances, whose purchase consumers could postpone. The economy hit bottom in the winter of 1932–33; then came four years of growth until the recession of 1937–38 brought back high levels of unemployment.

1973–1975: The Recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall Post–World War II economic expansion. It differed from many previous recessions by being a stagflation, where high unemployment and high inflation existed simultaneously.

1980: The United States entered Recession in January 1980 and returned to growth six months later in July 1980. Although recovery took hold, the unemployment rate remained unchanged through the start of a second recession in July 1981. The downturn ended 16 months later, in November 1982. The economy entered a strong recovery and experienced a lengthy expansion through 1990. Principal causes of the 1980 recession included contractionary monetary policy undertaken by the Federal Reserve to combat double digit inflation and residual effects of the energy crisis. Manufacturing and construction failed to recover before more aggressive inflation reducing policy was adopted by the Federal Reserve in 1981, causing a second downturn. Due to their proximity and compounded effects, they are commonly referred to as the early 1980s recession, an example of a W-shaped or "double dip" recession; it remains the most recent example of such a recession in the United States. The recession marked a shift in policy from more traditional Keynesian economics to the adoption of neoliberal economic policies. This change was primarily achieved through tax reform and stronger monetary policy on the part of the Federal Reserve, with the strong recovery and long, stable period of growth that followed increasing the popularity of both concepts in political and academic circles. Volcker's Tightening slowed economic activity enough that by January 1980, the US was in recession. But Fed interest rates actually began falling sharply after April, which limited the effectiveness of the Fed's anti-inflation efforts. The Fed tightened again after that, and sparked another recession in July 1981.

1990: The Recession of the early 1990s was a temporary period of economic decline that lasted just eight months from July 1990 to March 1991. Contributing factors included the restrictive monetary policies of the Federal Reserve Bank during the 1980s, which were designed to ease inflation, or increasing prices.

2000: Dot-Com Bubble was a stock market bubble caused by excessive speculation in Internet-related companies in the late 1990s, a period of massive growth in the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Composite stock market index rose 400% only to fall 78% from its peak by October 2002, giving up all its gains during the bubble.

2009: Great Recession was a period of marked general decline (recession) observed in national economies globally during the late 2000s. The scale and timing of the recession varied from country to country (see map). The International Monetary Fund (IMF) formerly concluded that it was the most severe economic and financial meltdown since the Great Depression, although it was ultimately eclipsed by the Great Lockdown in 2020. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2006. When housing prices fell and homeowners began to walk away from their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the Subprime mortgage crisis. The combination of banks unable to provide funds to businesses, and homeowners paying down debt rather than borrowing and spending, resulted in the Great Recession that began in the U.S. officially in December 2007 and lasted until June 2009, thus extending over 19 months. As with most of other recessions, it appears that no known formal theoretical or empirical model was able to accurately predict the advance of this recession, except for minor signals in the sudden rise of forecasted probabilities, which were still well under 50%. The recession was not felt equally around the world; whereas most of the world's developed economies, particularly in North America, South America and Europe, fell into a severe, sustained recession, many more recently developed economies suffered far less impact, particularly China, India and Poland, whose economies grew substantially during this period – similarly, the highly developed country of Australia was unaffected, having experienced uninterrupted growth since the early 1990s.


Consumption - Consumers


Consumerism is the acquisition of goods and services in ever-increasing amounts, which is unsustainable and wasteful. Mindless consumption is killing the planet and murdering millions of people every year. Materialism.

Overconsumption - Conservation - Scarcity - FOMO - Budgets - Cost - Profit - Wages - Over Eating

Conspicuous Consumption is the spending of money on and the acquiring of luxury goods and services to publicly display economic power of the income or of the accumulated wealth of the buyer. To the conspicuous consumer, such a public display of discretionary economic power is a means of either attaining or maintaining a given social status. The ostentatious consumption of goods that is meant to provoke the envy of other people; and the term conspicuous compassion, the deliberate use of charitable donations of money in order to enhance the social prestige of the donor, with a display of superior socio-economic status. The term conspicuous consumption denotes the act of buying many things, especially expensive things, that are not necessary to one's life, done in a way that makes people notice the buyer's having bought the merchandise. High levels of conspicuous consumption may be seen as socially undesirable on two grounds; firstly, as it is often associated with high relative income, high levels of conspicuous consumption may be an indicator of high levels of income inequality, which may be found intrinsically or instrumentally objectionable; secondly conspicuous consumption differs from other forms of consumption in that the main reason for the purchase of positional goods is not due to the additional direct utility provided by the goods alleged high quality, but rather the social prestige associated with the consumption of that good. One downside of this search for status is that individual purchases of positional goods may at a social level be self-defeating due to external effects. In this case, the externality is status anxiety, the loss of social status suffered by people whose stock of high-status goods (positional goods) is diminished, in relation to the stocks of other conspicuous consumers, as they increase their consumption of high-status goods and services; effectively, status-seeking is a zero-sum game—by definition, the rise of one person in the social hierarchy can occur only at the expense of other people. Therefore, the conspicuous consumption of luxury goods and services (positional goods) is an economic loss—like competitive military spending (an arms race), wherein each country must match the military expenditures of other countries in the arms race, or suffer a loss of relative military power. In the case of conspicuous consumption, taxes upon luxury goods diminish societal expenditures on high-status goods, by rendering them more expensive than non-positional goods. In this sense, luxury taxes can be seen as a market failure correcting Pigovian tax—with an apparent negative deadweight loss, these taxes are a more efficient mechanism for increasing revenue than 'distorting' labour or capital taxes. A luxury tax applied to goods and services for conspicuous consumption is a type of progressive sales tax that at least partially corrects the negative externality associated with the conspicuous consumption of positional goods.

Mindless Consumer is a person who works or has money, who buys things they don't need and may never use, just so they can feel like they're succeeding in life or feel good about themselves. A person who buys things without measuring the true cost to their health or the cost to the world around them. Buys things without thinking of the alternatives. Buys things for the convenience without considering the waste or the pollution that it causes.

Compulsions - Passive Consumer - Puppet - Autonomous Robot

Everyone wants to have good things. But good things to you may not be good things to other people, because some people have different needs. Good things need to be measured and compared to other good things of similar quality. And you have to determine the actual cost of a good thing, because a good thing may do more harm than good.

Consumer is a person or organization that uses economic services or commodities.

Shopping is going to stores to see the things that other people have made and created. Shopping is an activity in which a customer browses the available goods or services presented by one or more retailers with the potential intent to purchase a suitable selection of them.

Consumables are goods that are intended to be consumed. People have, for example, always consumed food and water. Consumables are in contrast to durable goods. Disposable products are a particular, extreme case of consumables, because their end-of-life is reached after a single use. Consumables are products that consumers use recurrently, i.e., items which "get used up" or discarded. For example consumable office supplies are such products as paper, pens, file folders, Post-it notes, and toner or ink cartridges. This is in contrast to capital goods or durable goods in the office, such as computers, fax machines, and other business machines or office furniture. Sometimes a company sells a durable good at an attractively low price in the hopes that the consumer will then buy the consumables that go with it at a price providing a higher margin. Printers and ink cartridges are an example, as are Polaroid Land Camera and its film; and razors and blades, which gave this business model its usual name (the razor and blades model). For arc welding one uses a consumable electrode. This is an electrode that conducts electricity to the arc but also melts into the weld as a filler metal. Consumable goods are often excluded from warranty policies, as it is considered that covering them would excessively increase the cost of the premium.

Disposable Product is a product designed for a single use after which it is recycled or is disposed as solid waste. The term is also sometimes used for products that may last several months (e.g. disposable air filters) to distinguish from similar products that last indefinitely (e.g. washable air filters). The word "disposables" is not to be confused with the word "consumables", which is widely used in the mechanical world. For example, welders consider welding rods, tips, nozzles, gas, etc. to be "consumables", as they last only a certain amount of time before needing to be replaced. Consumables are needed for a process to take place, such as inks for printing and welding rods for welding, while disposable products are products that can be thrown away after it becomes damaged or otherwise unuseful. Sustainable Clothing.

Consumption is the act of consuming something. The utilization of economic goods to satisfy needs. The amount or manner in which something is used or consumed. The relationship between consumption and Income.

Consumption in economics is the final purchase of goods and services by individuals constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption, and government spending — are placed in separate categories. Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. the selection, adoption, use, disposal and recycling of goods and services). The relationship between consumption and income. Privilege.

Sustainable Consumption is the use of material products, energy and immaterial services in such a way that it minimizes the impact on the environment, so that human needs can be met not only in the present but also for future generations. Consumption refers not only to individuals and households, but also to governments, business, and other institutions. Sustainable consumption is closely related to sustainable production and sustainable lifestyles. "A sustainable lifestyle minimizes ecological impacts while enabling a flourishing life for individuals, households, communities, and beyond. It is the product of individual and collective decisions about aspirations and about satisfying needs and adopting practices, which are in turn conditioned, facilitated, and constrained by societal norms, political institutions, public policies, infrastructures, markets, and culture.".  Sustainable Consumption, then, would also include analyses of efficiency, infrastructure, and waste, as well as access to basic services, green and decent jobs and a better quality of life for all. It shares a number of common features with and is closely linked to the terms sustainable production and sustainable development. Sustainable consumption as part of sustainable development is a prerequisite in the worldwide struggle against sustainability challenges such as climate change, resource depletion, famines or environmental pollution. Sustainable development as well as sustainable consumption rely on certain premises such as: Effective use of resources, and minimisation of waste and pollution. Use of renewable resources within their capacity for renewal. Fuller product life-cycles. Intergenerational and intragenerational equity.

Sustainable Consumer Behaviour is the sub discipline of consumer behavior that studies why and how consumers do or do not incorporate sustainability issues into their consumption behavior. Further, it studies the products that consumers select, how those products are used and how they are disposed of in pursuit of their individual sustainability goals. From a conventional marketing perspective, consumer behavior has focused largely on the purchase stage of the total consumption process. This is because it is the actual point at which a contract is made between the buyer and seller, money is paid and the ownership of products transfers to the consumer. Yet from a social and environmental perspective, consumer behavior needs to be understood as a whole since a product affects all stages of a consumption process.

Consumer Behaviour is the study of individuals, groups, or organizations and all the activities associated with the purchase, use and disposal of goods and services, including the consumer's emotional, mental and behavioural responses that precede or follow these activities.

Behavioral Economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public choice.

Consumer Economy describes an economy driven by consumer spending as a percent of its gross domestic product, as opposed to the other major components of GDP (gross private domestic investment, government spending, and imports netted against exports).

Learning Economy - Knowledge Consumption

Participatory Culture an opposing concept to consumer culture, is a culture in which private individuals (the public) do not act as consumers only, but also as contributors or producers or prosumers. The term is most often applied to the production or creation of some type of published media.

Consumer Confidence Index is the degree of optimism on the state of the U.S. economy that consumers are expressing through their activities of savings and spending.

Consumer Confidence is a measure of how ignorant people are, because people have no idea what they're being confident about or what they're worried about. People are not informed enough to accurately judge reality, so confidence or lack of confidence is irrelevant if they do not relate to reality. This ignorance is fueled by our corrupt media outlets.

Economic Research Service - Social Economic Development 

Supply and Demand

Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the market place, competition, market condition, brand, and quality of product.

Economic Model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. A model may have various exogenous variables, and those variables may change to create various responses by economic variables. Methodological uses of models include investigation, theorizing, and fitting theories to the world.

Actuarial Science is the discipline that applies mathematical and statistical methods to assess Risk in insurance, finance and other industries and professions. Actuaries are professionals who are qualified in this field through intense education and experience. In many countries, actuaries must demonstrate their competence by passing a series of thorough professional examinations.


GDP - Gross Domestic Product


Gross Domestic Product is a monetary measure of the market value of all final goods and services produced in a period of time, quarterly or yearly. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. Nominal GDP per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP at purchasing power parity or PPP, is arguably more useful when comparing differences in living standards between nations.

Human Development Index - Wealth Inequality

Purchasing Power Parity is an economic theory that states that the exchange rate between two currencies is equal to the ratio of the currencies' respective purchasing power. Theories that invoke purchasing power parity assume that in some circumstances (for example, as a long-run tendency) it would cost exactly the same number of, for example, US dollars to buy euros and then to use the difference in value to buy a market basket of goods as it would cost to directly purchase the market basket of goods with dollars. A fall in either currency's purchasing power would lead to a proportional decrease in that currency's valuation on the foreign exchange market.

1197 State GDP Gross Output is an economic concept used to measure total economic activity in the production of new goods and services in an accounting period. It is a much broader measure of the economy than gross domestic product (GDP), which is limited mainly to final output (finished goods and services). In 2016, the Bureau of Economic Analysis estimated gross output in the United States to be $32.4 trillion, compared to $18.7 trillion for GDP.

Economic Growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.

Measures of National Income and Output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost). All are specially concerned with counting the total amount of goods and services produced within the economy and by different sectors. The boundary is usually defined by geography or citizenship, and it is also defined as the total income of the nation and also restrict the goods and services that are counted. For instance, some measures count only goods & services that are exchanged for money, excluding bartered goods, while other measures may attempt to include bartered goods by imputing monetary values to them.
GDP=C+G+I+(X-M)
C = household consumption expenditures / personal consumption expenditures.
I = gross private domestic investment.
G = government consumption and gross investment expenditures.
X = gross exports of goods and services.
M = gross imports of goods and services.

Econometric Model are statistical models used in econometrics. An econometric model specifies the statistical relationship that is believed to hold between the various economic quantities pertaining to a particular economic phenomenon under study. An econometric model can be derived from a deterministic economic model by allowing for uncertainty, or from an economic model which itself is stochastic. However, it is also possible to use econometric models that are not tied to any specific economic theory.

Economist Resources

Income and Wealth
Economic Decomposition
National Income 1927-32 (PDF)

1965 State GDP Economic Rent is any payment to a factor of production in excess of the cost needed to bring that factor into production.

Council for Economic Ed
Economic Research
Economic Policy Research
Economics Network
Social Development Resource

Money - Power - Politics

Economic Statistics

Reciprocity - Math

Economic Distress Communities Index Map

Economic Development is a lie and a con game, it has caused too much suffering and destruction. The only development we should have is increasing the quality of living, and the only true way to do that is by increasing the quality of education. You have to develop the person so that the person can develop sustainable ways to use the land, the air, the water, the food, and build shelter in the most effective and efficient ways possible. We can create jobs and we can still grow, but we need to grow intellectually, and we need to grow sustainably and symbiotically, and be fair to everyone at the same time. That's development.

Slow Economy, Recession, Inflation and Budget Shortfalls is just another way of saying that Corruption, Greed, Incompetence and Crime has increased. Money is just a tool, it's not a Reason. Economics can be like Junk Science and be a distraction from reality.

You can't ignore Math because "If you don't count the things that matter, then knowing how to count won't matter."

Economics is like a Serial Killers Guide Book, not to say that all the information and knowledge is useless, it's just misunderstood and misused. We don't need Economics Education we need better Education.

Progress Trap "The system is more then just Flawed and Criminal, it ignores common sense."

10 Principles of Economics: People face tradeoffs. The cost of something is what you give up to get it. Rational people think at the margin. People respond to incentives. Trade can make everyone better off. Markets are usually a good way to organize economic activity. Governments can sometimes improve market outcomes. A country's standard of living depends on its ability to produce goods and services. Prices rise when the government prints too much money. Society faces a short-run tradeoff between Inflation and unemployment.

We are not in the Great Recession, we are in the Great Digression, a deviation from logic.

Goods - Services - Deflation - Inflation - Printing Money - Short Term Debt Cycle - Long Term Debt Cycle - Debt Credit - Credit Worthy - Assets - Liability - Spending - Quantity - Price - Lending - Borrowing - Interest Rates

Better Life Index Initiative: Measuring Well-Being and Progress

"Humans may compete for entertainment purposes, but Human Life is not a Competition."

Achievement Gap - Knowledge Gap

Does Global Affairs or International Relations really help students understand the world around them? Or does this just prepare students to be corporate puppets and political slaves.

It wasn't just Greedy Corporations and Corrupt Politicians that killed the American Worker, and Killed the American Dream, and destroyed our workforce and our Cities, while exploiting poor people from other countries, it was also from the lack of public awareness, who unknowingly became accessories to these crimes against humanity. But now we know the source, our education, which will undergo more incredible improvements advancements, finally putting our ignorance behind us once and for all. (this statement should only be seen as another way of describing some of our most damaging social issues, problems that need to be solved, and having access to a high quality education is where it all starts)

So how would you rewrite this statement....

"Money has corrupted the minds of most every person alive, it has done so for hundreds of years as of 2015. We know this problem is causing a lot a damage, but we can't seem to make the improvements fast enough in education, and in public awareness. In order to increase people's understanding of money, people need knowledge, which gives people more control, and it also protects people from being controlled."

Question: Are the words 'kill' or 'crimes' necessary? Or are they just lower in relevance? Of course we can not ignore that 100's millions of people have died, or ignore the people who are still dying all because of our own ignorance. We should never forget the sacrifices that people have made, we owe our lives to them, so we should fix our problems and to stop this mass slaughter of mankind.

Note: Don't let superlatives effect your understanding of the message, or distract you from the message. Same goes for Profanity and all the other words in our media.

Expand the tax base is what a moron would say as an excuse to over develop and exploit resources and people, at the expense of people and the environment.

Fair Trade - Sensible and Sustainable - Lets talk about Jobs



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The Thinker Man