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Human Capital
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. Companies can invest in human capital; for example, through education and training, improving levels of quality and production. History Adam Smith included in his definition of Capital (economics), capital "the acquired and useful abilities of all the inhabitants or members of the society". The first use of the term "human capital" may be by Irving Fisher. An early discussion with the phrase "human capital" was from Arthur Cecil Pigou: But the term only found widespread use in economics after its popularization by economists of the Chicago School of economics, Chicago School, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Production Process
Industrial processes are procedures involving chemistry, chemical, physics, physical, electronics, electrical, or mechanization, mechanical steps to aid in the manufacturing of an item or items, usually carried out on a very large scale. Industrial processes are the key components of heavy industry. Chemical processes by main basic material Certain chemical process yield important basic materials for society, e.g., (cement, steel, aluminum, and fertilizer). However, these chemical reactions contribute to climate change by emitting carbon dioxide, a greenhouse gas, through chemical reactions, as well as through the combustion of fossil fuels to generate the high temperatures needed to reach the activation energy, activation energies of the chemical reactions. Cement (the paste within concrete) * Calcination – Limestone, which is largely composed of fossilized calcium carbonate (CaCO3), breaks down at high temperatures into useable calcium oxide (CaO) and carbon dioxide gas (), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rudolf Goldscheid
Rudolf Goldscheid (12 August 1870 – 6 October 1931) was an Austrian writer and sociologist, co-founder of the German Sociological Association, known for his theory of human economy () and for developing the topic of fiscal sociology. He has been described as "the founder of scientific sociology in Vienna", though he never had a job with a university. Life Rudolf Goldscheid was born in Vienna on 12 August 1870 as the fifth child of a Jewish family of merchants. After graduating from a Viennese secondary school, in 1891 he enrolled at Friedrich Wilhelm University in Berlin to study philosophy and sociology, but quit without a degree in 1894. He remained in Germany for some years, writing novels and plays using the pseudonym Rudolf Golm, and married Marie Rudolph in Leipzig in 1898, returning to Vienna soon afterwards. Politically, Goldscheid was a pacifist and social democrat, a member of the Social Democratic Party of Austria and contributor to the socialist newspaper '' Arbe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Gibbons (economist)
Robert S. Gibbons (born June 22, 1958) is an American economist, currently the Sloan Distinguished Professor of Management at Massachusetts Institute of Technology. He launched the Working Group on Organizational Economics at the National Bureau of Economic Research in 2002, and was its director until 2022. Education *Ph. D. (Decision Sciences), Stanford Graduate School of Business, September 1985. *M. Phil. (Economics, with honours), Cambridge University, June 1981. *A. B. (Applied Mathematics, magna cum laude), Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ..., June 1980. Selected publications * *Gibbons, Robert (1992) ''Game Theory for Applied Economists'', Princeton University Press (The non US version is ''A Primer in Game Theory'') References Li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Romer
Paul Michael Romer (born November 6, 1955) is an American economist and policy entrepreneur who is a Seidner University Professor in Finance at Boston College. Romer is best known as the former Chief Economist of the World Bank and for co-receiving the 2018 Nobel Memorial Prize in Economic Sciences (shared with William Nordhaus) for his work in endogenous growth theory. He also coined the term " mathiness," which he describes as misuse of mathematics in economic research. Before joining Boston College, Romer was a professor at NYU, the University of Chicago, the University of California, Berkeley, Stanford University's Graduate School of Business, and the University of Rochester. Romer was chief economist and senior vice president of the World Bank until he resigned in January 2018 following a controversy arising from his claim of possible political manipulation of Chile's "ease of doing business" ranking. Romer took leave from his position as professor of economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Prize For Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics(), is an award in the field of economic sciences administered by the Nobel Foundation, established in 1968 by Sveriges Riksbank (Sweden's central bank) to celebrate its 300th anniversary and in memory of Alfred Nobel. Although the Prize in Economic Sciences was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered a member of the Nobel Prize system, and is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Winners of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony. The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Improvement
Land development is the alteration of landscape in any number of ways, such as: * Changing landforms from a natural or semi-natural state for a purpose such as agriculture or housing * Subdividing real estate into lots, typically for the purpose of building homes * Real estate development or changing its purpose, for example by converting an unused factory complex into a condominium History Land development has a history dating to Neolithic times around 8,000 BC. From the dawn of civilization, the process of land development has elaborated the progress of improvements on a piece of land based on codes and regulations, particularly housing complexes. Economic aspects In an economic context, land development is also sometimes advertised as land improvement or land amelioration. It refers to investment making land more usable by humans. For accounting purposes, it refers to any variety of projects that increase the value of the process. Most are depreciable, but some land improv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Economic Literature
The ''Journal of Economic Literature'' is a peer-reviewed academic journal, published by the American Economic Association, that surveys the academic literature in economics. It was established by Arthur Smithies in 1963 as the ''Journal of Economic Abstracts'',Journal of Economic Literature: About JEL , retrieved 6 May 2011. and is currently one of the highest ranked journals in economics. /ref> As a , it mainly features essays and reviews of recent economic theories (as opposed to the latest research). The |
Economic Growth
In economics, economic growth is an increase in the quantity and quality of the economic goods and Service (economics), services that a society Production (economics), produces. It can be measured as the increase in the inflation-adjusted Output (economics), output of an economy in a given year or over a period of time. The rate of growth is typically calculated as List of countries by real GDP growth rate, real gross domestic product (GDP) growth rate, List of countries by real GDP per capita growth, real GDP per capita growth rate or List of countries by GNI per capita growth, GNI per capita growth. The "rate" of economic growth refers to the Exponential growth, geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend. Growth is usually calculated in "real" value, which is real v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Capital
In accounting, fixed capital is any kind of real, physical asset that is used repeatedly in the production of a product. In economics, fixed capital is a type of capital good that as a real, physical asset is used as a means of production which is durable or isn't fully consumed in a single time period.Varri P. (1987) Fixed Capital. In: Durlauf S., Blume L. (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. "fixed capital", '' The New Palgrave: A Dictionary of Economics'', 1st Editio/ref> It contrasts with circulating capital such as raw materials, operating expenses etc. The concept was first theoretically analyzed in some depth by the economist Adam Smith in The Wealth of Nations (1776) and by David Ricardo in On the Principles of Political Economy and Taxation (1821). Ricardo studied the use of machines in place of labor and concluded that workers' fear of technology replacing them might be justified. Thus fixed capital is that portion of the total ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Means Of Production
In political philosophy, the means of production refers to the generally necessary assets and resources that enable a society to engage in production. While the exact resources encompassed in the term may vary, it is widely agreed to include the classical factors of production (land, labour, and capital) as well as the general infrastructure and capital goods necessary to reproduce stable levels of productivity. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors; or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers. The concept of "Means of Production" is used by researchers in various fields of study — including politics, economics, and sociology — to discuss, broadly, the relationship between anything that can have p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rate Of Return On Investment
In finance, return is a profit on an investment. It comprises any change in value of the investment, and/or cash flows (or securities, or other investments) which the investor receives from that investment over a specified time period, such as interest payments, coupons, cash dividends and stock dividends. It may be measured either in absolute terms (e.g., dollars) or as a percentage of the amount invested. The latter is also called the holding period return. A loss instead of a profit is described as a '' negative return'', assuming the amount invested is greater than zero. To compare returns over time periods of different lengths on an equal basis, it is useful to convert each return into a return over a period of time of a standard length. The result of the conversion is called the rate of return. Typically, the period of time is a year, in which case the rate of return is also called the annualized return, and the conversion process, described below, is called ''annualiza ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
