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Ragnar Frisch
RAGNAR ANTON KITTIL FRISCH (3 March 1895 – 31 January 1973) was a Norwegian economist and the co-recipient of the first Nobel Memorial Prize in Economic Sciences in 1969 (with Jan Tinbergen ). He is known for being one of the founders of the discipline of econometrics , and for coining the widely used term pair macroeconomics /microeconomics in 1933. Frisch was appointed by the King-in-Council
King-in-Council
as Professor of Economics and Statistics at the Faculty of Law, The Royal Frederick University in 1931. He served as the Dean of the Faculty of Law 1942–1943. Today, the Frisch Centre at the University of Oslo
Oslo
is named in his honour
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Ordinal Utility
In economics , an ORDINAL UTILITY function is a function representing the preferences of an agent on an ordinal scale . The ordinal utility theory claims that it is only meaningful to ask which option is better than the other, but it is meaningless to ask how much better it is or how good it is. All of the theory of consumer decision-making under conditions of certainty can be, and typically is, expressed in terms of ordinal utility. For example, suppose George tells us that "I prefer A to B and B to C". George's preferences can be represented by a function u such that: u ( A ) = 9 , u ( B ) = 8 , u ( C ) = 1 {displaystyle u(A)=9,u(B)=8,u(C)=1} But the only meaningful message of this function is the order u ( A ) > u ( B ) > u ( C ) {displaystyle u(A)>u(B)>u(C)} ; the actual numbers are meaningless
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Cardinal Utility
In economics , a CARDINAL UTILITY function or scale is a utility index that preserves preference orderings uniquely up to positive affine transformations . Two utility indices are related by an affine transformation if for the value u ( x i ) {displaystyle u(x_{i})} of one index u, occurring at any quantity x i {displaystyle x_{i}} of the goods bundle being evaluated, the corresponding value v ( x i ) {displaystyle v(x_{i})} of the other index v satisfies a relationship of the form v ( x i ) = a u ( x i ) + b {displaystyle v(x_{i})=au(x_{i})+b!} , for fixed constants a and b. Thus the utility functions themselves are related by v ( x ) = a u ( x ) + b . {displaystyle v(x)=au(x)+b.} The two indices differ only with respect to scale and origin. Thus if one is concave, so is the other, in which case there is said to be diminishing marginal utility
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Production Theory
PRODUCTION THEORY is the study of production, or the economic process of converting inputs into outputs. Production uses resources to create a good or service that is suitable for use, gift -giving in a gift economy , or exchange in a market economy . This can include manufacturing , construction , storing, shipping , and packaging . Some economists define production broadly as all economic activity other than consumption . They see every commercial activity other than the final purchase as some form of production. Production is a process, and as such it occurs through time and space. Because it is a flow concept , production is measured as a “rate of output per period of time”
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Mathematical Statistics
MATHEMATICAL STATISTICS is the application of mathematics to statistics , which was originally conceived as the science of the state — the collection and analysis of facts about a country: its economy, land, military, population, and so on. Mathematical techniques which are used for this include mathematical analysis , linear algebra , stochastic analysis , differential equations , and measure-theoretic probability theory
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Probability Theory
PROBABILITY THEORY is the branch of mathematics concerned with probability . Although there are several different probability interpretations , probability theory treats the concept in a rigorous mathematical manner by expressing it through a set of axioms . Typically these axioms formalise probability in terms of a probability space , which assigns a measure taking values between 0 and 1, termed the probability measure , to a set of outcomes called the sample space . Any specified subset of these outcomes is called an event . Central subjects in probability theory include discrete and continuous random variables , probability distributions , and stochastic processes , which provide mathematical abstractions of non-deterministic or uncertain processes or measured quantities that may either be single occurrences or evolve over time in a random fashion. Although it is not possible to perfectly predict random events, much can be said about their behaviour
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Kongsberg Silver Mines
KONGSBERG ( listen (help ·info )) is a town and municipality in Buskerud county , Norway . Kongsberg is the administration center in Kongsberg municipality. The city is located on the river Numedalslågen at the entrance to the valley of Numedal . The municipality of Kongsberg was established on 1 January 1838 (see formannskapsdistrikt ). The rural municipalities of Ytre Sandsvær and Øvre Sandsvær were merged into the municipality of Kongsberg on 1 January 1964. Kongsberg is the site of the Royal Norwegian Mint (Norwegian : Det Norske Myntverket), which mints Norwegian coins and also produces circulating and collectors' coins for other countries. Kongsberg is also known for being the home of Norway's major defence contractor , Kongsberg Gruppen , formerly Kongsberg Vaapenfabrikk. Two of its well-known products were the Kongsberg Colt and the Krag–Jørgensen rifle
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Apprenticeship
An APPRENTICESHIP is a system of training a new generation of practitioners of a trade or profession with on-the-job training and often some accompanying study (classroom work and reading). Apprenticeship
Apprenticeship
also enables practitioners to gain a license to practice in a regulated profession. Most of their training is done while working for an employer who helps the apprentices learn their trade or profession, in exchange for their continued labor for an agreed period after they have achieved measurable competencies. Apprenticeships typically last 3 to 7 years. People who successfully complete an apprenticeship reach the "journeyman " or professional certification level of competence. Although the formal boundaries and terminology of the apprentice/journeyman/master system often do not extend outside of guilds and trade unions , the concept of on-the-job training leading to competence over a period of years is found in any field of skilled labor
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France
FRANCE (French: ), officially the FRENCH REPUBLIC (French: République française, pronounced ), is a country whose territory consists of metropolitan France
France
in western Europe
Europe
, as well as several overseas regions and territories . The metropolitan area of France extends from the Mediterranean Sea
Mediterranean Sea
to the English Channel
English Channel
and the North Sea
North Sea
, and from the Rhine
Rhine
to the Atlantic Ocean
Atlantic Ocean
. The overseas territories include French Guiana in South America
South America
and several islands in the Atlantic, Pacific and Indian oceans
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Rockefeller Foundation
The ROCKEFELLER FOUNDATION is a private foundation based at 420 Fifth Avenue, New York City. It was established by the six-generation Rockefeller family . The Foundation was started by Standard Oil
Standard Oil
owner John D. Rockefeller
John D. Rockefeller
("Senior"), along with his son John D. Rockefeller Jr. ("Junior"), and Senior's principal oil and gas business and philanthropic advisor, Frederick Taylor Gates , in New York State
New York State
on May 14, 1913, when its charter was formally accepted by the New York State Legislature
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United States
Coordinates : 40°N 100°W / 40°N 100°W / 40; -100 United States
United States
of America Flag Great Seal MOTTO: " In God We Trust " Other traditional mottos * " E pluribus unum
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Berg Concentration Camp
BERG INTERNERINGSLEIR (Berg internment camp ) was a concentration camp near Tønsberg in Norway that served as an internment and transit center for political prisoners and Jews during the Nazi occupation of Norway . CONTENTS * 1 Establishment * 2 Prisoners * 3 Post-war use * 4 References ESTABLISHMENTThe camp at Berg was founded upon an initiative in the fall of 1941 from the Norwegian fascist Nasjonal Samling party, and with some opposition from the German occupying authorities, Wilhelm Rediess in particular. The main advocates for the camp were Minister of Justice Sverre Riisnæs , mayor Bjerck of Tønsberg, and head of the Hird in Vestfold , Eivind Wallestad. Police minister Jonas Lie approved the construction plans on June 12, 1942. Vidkun Quisling had spoken of the camp at a speech in Horten on May 25, 1942 as an expression of his outrage of the Norwegian Constitution Day celebration among Norwegian patriots
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Grini Detention Camp
Coordinates : 59°57′12.36″N 10°34′57.17″E / 59.9534333°N 10.5825472°E / 59.9534333; 10.5825472 Grini, around 1941-43 GRINI PRISON CAMP (Norwegian : Grini fangeleir, German : Polizeihäftlingslager Grini) was a Nazi concentration camp in Bærum , Norway
Norway
, which operated between 1941 and May 1945 . Ila Detention and Security Prison is now located here. CONTENTS * 1 History * 2 Prison life * 3 Liberation * 4 After the war * 5 Printed documentation * 6 See also * 7 References * 7.1 Footnotes * 7.2 Bibliography HISTORY Grini was originally built as a women's prison, near an old croft named Ilen (also written Ihlen), on land bought from the Løvenskiold family by the Norwegian state
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Oligopoly
An OLIGOPOLY (from Ancient Greek ὀλίγος (olígos), meaning 'few', and πωλεῖν (polein), meaning 'to sell') is a market form wherein a market or industry is dominated by a small number of sellers (oligopolists). Oligopolies can result from various forms of collusion which reduce competition and lead to higher prices for consumers. Oligopoly
Oligopoly
has its own market structure. With few sellers, each oligopolist is likely to be aware of the actions of the others. According to game theory , the decisions of one firm therefore influence and are influenced by decisions of other firms. Strategic planning by oligopolists needs to take into account the likely responses of the other market participants
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Occupation Of Norway By Nazi Germany
The GERMAN OCCUPATION OF NORWAY began on 9 April 1940 after German forces invaded the neutral Scandinavian country of Norway
Norway
. Conventional armed resistance to the German invasion ended on 10 June 1940 and the Germans then controlled Norway
Norway
until the capitulation of German forces in Europe on May 8/9, 1945. Throughout this period, Norway
Norway
was continuously occupied by the Wehrmacht
Wehrmacht
. Civil rule was effectively assumed by the Reichskommissariat Norwegen (Reich Commissariat of Norway), which acted in collaboration with a pro-German puppet government , while the Norwegian King and prewar government escaped to London
London
, where they acted as a government in exile . This period of military occupation is in Norway
Norway
referred to as the "war years" or "occupation period"
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Accademia Nazionale Dei Lincei
The ACCADEMIA DEI LINCEI (Italian pronunciation: ) (literally the " Academy
Academy
of the Lynx-Eyed", but anglicised as the LINCEAN ACADEMY) is an Italian science academy, located at the Palazzo Corsini on the Via della Lungara in Rome
Rome
, Italy
Italy
. Founded in 1603 by Federico Cesi , the academy was named after the lynx , an animal whose sharp vision symbolizes the observational prowess that science requires. "The Lincei did not long survive the death in 1630 of Cesi, its founder and patron", and "disappeared in 1651". It was revived in the 1870s to become the national academy of Italy, encompassing both literature and science among its concerns
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