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Stanley Jevons
William Stanley Jevons (; 1 September 1835 – 13 August 1882) was an English economist and logician. Irving Fisher described Jevons's book ''A General Mathematical Theory of Political Economy'' (1862) as the start of the mathematical method in economics. It made the case that economics, as a science concerned with quantities, is necessarily mathematical. In so doing, it expounded upon the "final" (marginal) utility theory of value. Jevons' work, along with similar discoveries made by Carl Menger in Vienna (1871) and by Léon Walras in Switzerland (1874), marked the opening of a new period in the history of economic thought. Jevons's contribution to the marginal revolution in economics in the late 19th century established his reputation as a leading political economist and logician of the time. Jevons broke off his studies of the natural sciences in London in 1854 to work as an assayer in Sydney, where he acquired an interest in political economy. Returning to the UK in 1859 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fellow Of The Royal Society
Fellowship of the Royal Society (FRS, ForMemRS and HonFRS) is an award granted by the Fellows of the Royal Society of London to individuals who have made a "substantial contribution to the improvement of natural science, natural knowledge, including mathematics, engineering science, and medical science". Overview Fellowship of the Society, the oldest known scientific academy in continuous existence, is a significant honour. It has been awarded to :Fellows of the Royal Society, around 8,000 fellows, including eminent scientists Isaac Newton (1672), Benjamin Franklin (1756), Charles Babbage (1816), Michael Faraday (1824), Charles Darwin (1839), Ernest Rutherford (1903), Srinivasa Ramanujan (1918), Jagadish Chandra Bose (1920), Albert Einstein (1921), Paul Dirac (1930), Subrahmanyan Chandrasekhar (1944), Prasanta Chandra Mahalanobis (1945), Dorothy Hodgkin (1947), Alan Turing (1951), Lise Meitner (1955), Satyendra Nath Bose (1958), and Francis Crick (1959). More recently, fellow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Versus Nominal Value (economics)
In economics, nominal value refers to value measured in terms of absolute money amounts, whereas real value is considered and measured against the actual goods or services for which it can be exchanged at a given time. Real value takes into account inflation and the value of an asset in relation to its purchasing power. In macroeconomics, the real gross domestic product compensates for inflation so economists can exclude inflation from growth figures, and see how much an economy actually grows. Nominal GDP would include inflation, and thus be higher. Commodity bundles, price indices and inflation A commodity bundle is a sample of goods, which is used to represent the sum total of goods across the economy to which the goods belong, for the purpose of comparison across different times (or locations). At a single point of time, a commodity bundle consists of a list of goods, and each good in the list has a market price and a quantity. The market value of the good is the marke ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scientific Method
The scientific method is an Empirical evidence, empirical method for acquiring knowledge that has been referred to while doing science since at least the 17th century. Historically, it was developed through the centuries from the ancient and medieval world. The scientific method involves careful observation coupled with rigorous skepticism, because Philosophy of science#Observation inseparable from theory, cognitive assumptions can distort the interpretation of the Perception#Process and terminology, observation. Scientific inquiry includes creating a testable hypothesis through inductive reasoning, testing it through experiments and statistical analysis, and adjusting or discarding the hypothesis based on the results. Although procedures vary across Branches of science, fields, the underlying #Process, process is often similar. In more detail: the scientific method involves making conjectures (hypothetical explanations), predicting the logical consequences of hypothesis, then ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ecological Economics
Ecological economics, bioeconomics, ecolonomy, eco-economics, or ecol-econ is both a transdisciplinary and an interdisciplinary field of academic research addressing the interdependence and coevolution of human economy, 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 economics, 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 Physical capital, physical (human-made) capital can substitute for natural capital (see the section on #Weak versus strong sustainability, weak versus strong sustainability below). Ecological ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coal
Coal is a combustible black or brownish-black sedimentary rock, formed as rock strata called coal seams. Coal is mostly carbon with variable amounts of other Chemical element, elements, chiefly hydrogen, sulfur, oxygen, and nitrogen. Coal is a type of fossil fuel, formed when dead plant matter decays into peat which is converted into coal by the heat and pressure of deep burial over millions of years. Vast deposits of coal originate in former wetlands called coal forests that covered much of the Earth's tropical land areas during the late Carboniferous (Pennsylvanian (geology), Pennsylvanian) and Permian times. Coal is used primarily as a fuel. While coal has been known and used for thousands of years, its usage was limited until the Industrial Revolution. With the invention of the steam engine, coal consumption increased. In 2020, coal supplied about a quarter of the world's primary energy and over a third of its Electricity generation, electricity. Some iron and steel-maki ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Coal Question
''The Coal Question; An Inquiry Concerning the Progress of the Nation, and the Probable Exhaustion of Our Coal Mines'' is a book that economist William Stanley Jevons wrote in 1865 to explore the implications of Britain's reliance on coal. Given that coal was a finite, non-renewable energy resource, Jevons raised the question of sustainability. "Are we wise," he asked rhetorically, "in allowing the commerce of this country to rise beyond the point at which we can long maintain it?" His central thesis was that the supremacy of the United Kingdom of Great Britain and Ireland over global affairs was transitory, given the finite nature of its primary energy resource. In propounding this thesis, Jevons covered a range of issues central to sustainability, including limits to growth, overpopulation, overshoot, energy return on energy input ( EROEI), taxation of energy resources, renewable energy alternatives, and resource peakinga subject widely discussed today under the rubric of peak o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Utility Theory
Marginal utility, in mainstream economics, describes the change in ''utility'' (pleasure or satisfaction resulting from the consumption) of one unit of a good or service. Marginal utility can be positive, negative, or zero. Negative marginal utility implies that every consumed additional unit of a commodity causes more harm than good, leading to a decrease in overall utility. In contrast, positive marginal utility indicates that every additional unit consumed increases overall utility. In the context of cardinal utility, liberal economists postulate a law of diminishing marginal utility. This law states that the first unit of consumption of a good or service yields more satisfaction or utility than the subsequent units, and there is a continuing reduction in satisfaction or utility for greater amounts. As consumption increases, the additional satisfaction or utility gained from each additional unit consumed falls, a concept known as ''diminishing marginal utility.'' This idea is us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy
Political or comparative economy is a branch of political science and economics studying economic systems (e.g. Marketplace, markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Widely-studied phenomena within the discipline are systems such as labour market, labour and international markets, as well as phenomena such as Economic growth, growth, Distribution of wealth, distribution, Economic inequality, inequality, and International trade, trade, and how these are shaped by institutions, laws, and government policy. Originating in the 18th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and Neoclassical economics, modern economics. Political economy originated within 16th century western moral philosophy, with theoretical works exploring the administration of states' wealth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sydney
Sydney is the capital city of the States and territories of Australia, state of New South Wales and the List of cities in Australia by population, most populous city in Australia. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about 80 km (50 mi) from the Pacific Ocean in the east to the Blue Mountains (New South Wales), Blue Mountains in the west, and about 80 km (50 mi) from Ku-ring-gai Chase National Park and the Hawkesbury River in the north and north-west, to the Royal National Park and Macarthur, New South Wales, Macarthur in the south and south-west. Greater Sydney consists of 658 suburbs, spread across 33 local government areas. Residents of the city are colloquially known as "Sydneysiders". The estimated population in June 2024 was 5,557,233, which is about 66% of the state's population. Estimated resident population, 30 June 2017. The city's nicknames include the Emerald City and the Harbour City. There is ev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Metallurgical Assay
A metallurgical assay is a compositional analysis of an ore, metal, or alloy, usually performed in order to test for purity or quality. Some assay methods are suitable for raw materials; others are more appropriate for finished goods. Raw precious metals (bullion) are assayed by an assay office. Silver is assayed by titration, gold by cupellation and platinum by inductively coupled plasma optical emission spectrometry (ICP OES). Precious metal items of art or jewelry are frequently hallmarked (depending upon the requirements of the laws of either the place of manufacture or the place of import). Where required to be hallmarked, semi-finished precious metal items of art or jewelry pass through the official testing channels where they are analyzed or assayed for precious metal content. While different nations permit a variety of legally acceptable finenesses, the assayer is actually testing to determine that the fineness of the product conforms with the statement or claim of f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Sciences
Natural science or empirical science is one of the branches of science concerned with the description, understanding and prediction of natural phenomena, based on empirical evidence from observation and experimentation. Mechanisms such as peer review and reproducibility of findings are used to try to ensure the validity of scientific advances. Natural science can be divided into two main branches: life science and physical science. Life science is alternatively known as biology. Physical science is subdivided into branches: physics, astronomy, Earth science and chemistry. These branches of natural science may be further divided into more specialized branches (also known as fields). As empirical sciences, natural sciences use tools from the formal sciences, such as mathematics and logic, converting information about nature into measurements that can be explained as clear statements of the " laws of nature". Modern natural science succeeded more classical approaches to natura ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Utility
Marginal utility, in mainstream economics, describes the change in ''utility'' (pleasure or satisfaction resulting from the consumption) of one unit of a good or service. Marginal utility can be positive, negative, or zero. Negative marginal utility implies that every consumed additional unit of a commodity causes more harm than good, leading to a decrease in overall utility. In contrast, positive marginal utility indicates that every additional unit consumed increases overall utility. In the context of cardinal utility, liberal economists postulate a law of diminishing marginal utility. This law states that the first unit of consumption of a good or service yields more satisfaction or utility than the subsequent units, and there is a continuing reduction in satisfaction or utility for greater amounts. As consumption increases, the additional satisfaction or utility gained from each additional unit consumed falls, a concept known as ''diminishing marginal utility.'' This idea is us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
