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Topic Review
Euro
The euro (sign: €; code: EUR) is the official currency of 19 of 27 member states of the European Union, as well as some of the territories of the EU. This group of states is known as the eurozone or euro area. It is the second largest and second most traded currency in the foreign exchange market after the United States dollar . The euro is subdivided into 100 cents. The currency is also officially used by the institutions of the European Union and its territories, four other European countries, as well as unilaterally by two others, and is consequently used daily by some 343 million Europeans (As of 2018). Outside Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally, 240 million people worldwide (As of 2018) use currencies pegged to the euro. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. (As of August 2018), with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.S. dollar.[note 14] The name euro was officially adopted on 16 December 1995 in Madrid. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1 (US$1.1743). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, and by May 2002 it had completely replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years (26 October 2000), it has traded above the U.S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthing the currency.
  • 4.3K
  • 23 Nov 2022
Topic Review
Wage Growth
Wage growth (real wage growth) is a rise of wage adjusted for inflations, often expressed in percentage. In macroeconomics, wage growth is one of the main indications to measure economic growth for a long-term since it reflects the consumer's purchasing power in the economy as well as the level of living standards. An increase in wage growth implies price inflation in the economy while a low wage growth indicates deflation that needs artificial interferences such as through fiscal policies by federal/state government. Minimum wage law is often introduced to increase wage growth by stimulating price inflations from corresponding purchasing powers in the economy. Wage growth can also be maximised through the development of industry factors by investing skilled workers in which decision made by businesses. More financial compensation for skilled workers not only lifts wage growth but stimulates higher market prices in the economy. While a weak productivity influences a low wage growth, identified a long-term factor, a short-term problem for low wage growth is often identified as the spare capacity in the labour market. By the lower unemployment rate given by the more opportunities from the spare capacity in the labour market creates less competitiveness amongst the labours, which reduces wage growth. In order to achieve consistent strong wage growth and sustainable economic growth, high productivity is the key determinant. Higher labour productivity (measured by GDP per worker) stimulates price inflations in resulting in a rise in real wage growth. One of the major factors for the recent sluggish wage growth in advanced countries is caused by their lower labour productivities.
  • 4.2K
  • 17 Nov 2022
Topic Review
Renewable Energy Technologies in Households
Energy sources used in households could be divided into the following two main groups: fossil fuels, which include natural gas, oil and coal, and renewable energy technologies, which include both conventional biomass and modern sources such as solar, wind and geothermal energy. Solar photovoltaic (PV) and solar thermal, micro wind, heat pumps and small-scale biomass heating technologies can be distinguished as the main renewable energy technologies in households.
  • 4.1K
  • 27 Oct 2020
Topic Review
Recession of 1937–38
The recession of 1937–1938 was an economic downturn that occurred during the Great Depression in the United States. By the spring of 1937, production, profits, and wages had regained their early 1929 levels. Unemployment remained high, but it was slightly lower than the 25% rate seen in 1933. The American economy took a sharp downturn in mid-1937, lasting for 13 months through most of 1938. Industrial production declined almost 30 percent, and production of durable goods fell even faster. Unemployment jumped from 14.3% in May 1937 to 19.0% in June 1938. Manufacturing output fell by 37% from the 1937 peak and was back to 1934 levels. Producers reduced their expenditures on durable goods, and inventories declined, but personal income was only 15% lower than it had been at the peak in 1937. In most sectors, hourly earnings continued to rise throughout the recession, partly compensating for the reduction in the number of hours worked. As unemployment rose, consumer expenditures declined, leading to further cutbacks in production.
  • 4.1K
  • 25 Oct 2022
Topic Review
Mathematical Economics
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, positive claims about controversial or contentious subjects that would be impossible without mathematics. Much of economic theory is currently presented in terms of mathematical economic models, a set of stylized and simplified mathematical relationships asserted to clarify assumptions and implications. Formal economic modeling began in the 19th century with the use of differential calculus to represent and explain economic behavior, such as utility maximization, an early economic application of mathematical optimization. Economics became more mathematical as a discipline throughout the first half of the 20th century, but introduction of new and generalized techniques in the period around the Second World War, as in game theory, would greatly broaden the use of mathematical formulations in economics. This rapid systematizing of economics alarmed critics of the discipline as well as some noted economists. John Maynard Keynes, Robert Heilbroner, Friedrich Hayek and others have criticized the broad use of mathematical models for human behavior, arguing that some human choices are irreducible to mathematics.
  • 3.8K
  • 31 Oct 2022
Topic Review
Post-Materialism
In sociology, post-materialism is the transformation of individual values from materialist, physical, and economic to new individual values of autonomy and self-expression. The term was popularised by political scientist Ronald Inglehart in his 1977 book The Silent Revolution, in which he discovered that the formative affluence experienced by the post-war generations was leading some of them to take their material security for granted and instead place greater importance on non-material goals such as self-expression, autonomy, freedom of speech, gender equality and environmentalism. Inglehart argued that with increasing prosperity, such post-material values would gradually increase in the publics of advanced industrial societies through the process of intergenerational replacement. Post-materialism is a tool in developing an understanding of modern culture. It can be considered in reference of three distinct concepts of materialism. The first kind of materialism, and the one in reference to which the word post-materialism is used most often, refers to materialism as a value-system relating to the desire for fulfillment of material needs (such as security, sustenance and shelter) and an emphasis on material luxuries in a consumerist society. A second referent is the materialist conception of history held by many socialists, most notably Marx and Engels, as well as their philosophic concept of dialectical materialism. The third definition of materialism concerns the philosophical argument that matter is the only existing reality. The first concept is sociological, the second is both philosophical and sociological, and the third is philosophical. Depending on which of the three above notions of materialism are being discussed, post-materialism can be an ontological postmaterialism, an existentialistic postmaterialism, an ethical postmaterialism, or a political-sociological postmaterialism, which is also the best known.
  • 3.8K
  • 04 Nov 2022
Topic Review
Sustainable Employability
Sustainable employability (SE) generally refers to employees’ capacities to function in work and on the labor market throughout their working lives. However, several definitions have been forwarded in the scientific literature that differ in nuanced ways. A recent overview of existing definitions is provided by Fleuren, de Grip, Jansen, Kant, and Zijlstra (2020).[1]
  • 3.7K
  • 29 Oct 2020
Topic Review
Catalytic Actions of Transformation Catalysts
Transformation catalysts (TCs) are ways of organizing that take catalytic actions to connect, cohere, and amplify the efforts of numerous initiatives oriented towards resolving complex socio-ecological problems like the ones embedded in the UN's Sustainable Development Goals. TCs target systems-level solutions by working with narrative to bring about cognitive or paradigm shifts and orient towards systemic change. They take catalytic actions by connecting, cohering, and amplifying the actions of numerous otherwise unconnected actors. TCs use sensemaking processes to problematize and create urgency around key issues, through adopting a systems orientation. 
  • 3.7K
  • 28 Sep 2021
Topic Review
Capital Structure
Capital structure is a firm’s mix of debt and equity financing. It is one of the most controversial areas of finance. Many of the results obtained in capital structure theory over the last 50-60 years have been very influential and led their authors to great international recognition. Among the researchers who contributed significantly to capital structure theory, note Nobel Prize Award winners Franco Modigliani, Merton Miller, Joseph Stiglitz, and most recently Jean Tirole. More research and more results are expected in this area in near future.
  • 3.6K
  • 09 Jun 2022
Topic Review
History of Industrialisation
This article delineates the history of industrialisation.
  • 3.6K
  • 14 Nov 2022
Topic Review
Ecosystem Services
Ecosystem services are the many and varied benefits to humans gifted by the natural environment and from healthy ecosystems. Such ecosystems include, for example, agroecosystems, forest ecosystems, grassland ecosystems and aquatic ecosystems. These ecosystems, functioning in healthy relationship, offer such things like natural pollination of crops, clean air, extreme weather mitigation, human mental and physical well-being. Collectively, these benefits are becoming known as 'ecosystem services', and are often integral to the provisioning of clean drinking water, the decomposition of wastes, and resilience and productivity of food ecosystems. While scientists and environmentalists have discussed ecosystem services implicitly for decades, the Millennium Ecosystem Assessment (MA) in the early 2000s popularized this concept. There, ecosystem services are grouped into four broad categories: provisioning, such as the production of food and water; regulating, such as the control of climate and disease; supporting, such as nutrient cycles and oxygen production; and cultural, such as spiritual and recreational benefits. To help inform decision-makers, many ecosystem services are being valuated in order to draw equivalent comparisons to human engineered infrastructure and services.
  • 3.5K
  • 28 Nov 2022
Topic Review
Private Equity Secondary Market
In finance, the private equity secondary market (also often called private equity secondaries or secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private equity funds as well as hedge funds can be more complex and labor-intensive. Sellers of private equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. By its nature, the private equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors, including "pension funds, endowments and wealthy families selling off their private equity funds before the pools have sold off all their assets". For the vast majority of private equity investments, there is no listed public market; however, there is a robust and maturing secondary market available for sellers of private equity assets. Buyers seek to acquire private equity interests in the secondary market for multiple reasons. For example, the duration of the investment may be much shorter than an investment in the private equity fund initially. Likewise, the buyer may be able to acquire these interests at an attractive price. Finally, the buyer can evaluate the fund's holdings before deciding to purchase an interest in the fund. Conversely, sellers may seek to sell interest for various reasons, including the need to raise capital, the desire to avoid future capital calls, the need to reduce an over-allocation to the asset class or for regulatory reasons. Driven by strong demand for private equity exposure over the past decade, a vast amount of capital has been committed to secondary market funds from investors looking to increase and diversify their private equity exposure.
  • 3.5K
  • 28 Sep 2022
Topic Review
Unemployment Benefits
Unemployment benefits (depending on the jurisdiction also called unemployment insurance or unemployment compensation) are payments made by back authorized bodies to unemployed people. In the United States, benefits are funded by a compulsory governmental insurance system, not taxes on individual citizens. Depending on the jurisdiction and the status of the person, those sums may be small, covering only basic needs, or may compensate the lost time proportionally to the previous earned salary. Unemployment benefits are generally given only to those registering as unemployed, and often on conditions ensuring that they seek work and do not currently have a job, and are validated as being laid off and not fired for cause in most states.
  • 3.5K
  • 11 Nov 2022
Topic Review
Globalization and the COVID-19 Pandemic
The rapidly spreading COVID-19 pandemic in 2020 not only brought many countries in the world to a state of health crisis, but also increasingly drove economic and social crisis. The roots of these crises, however, run far deeper and can be traced to decades of neoliberal political and economic actions and driving forces of globalization. Increasing globalization and liberalization of markets led to the increasing privatization of many public goods while collectivizing risks such as environmental disasters, pandemics and economic crises. 
  • 3.5K
  • 23 Jul 2021
Topic Review
Protein Consumption and Income Growth
Consumption and production of proteins derived from animals have more significant environmental and health impacts than proteins derived from plants. This raises concerns mainly in consideration of the predictable increased consumption of animal proteins at the expense of vegetal ones due to growing income, especially in developing countries. Animal protein consumption, and particularly meat consumption, seems to start to decrease at a high level of income, which may suggest that economic growth solves or attenuates the environmental and health problems of animal food consumption. Though there is actually some evidence of an inverted U-shaped relationship between per capita income and animal protein consumption, the peak is at such high levels as to make economic growth irrelevant to curb animal protein consumption.
  • 3.4K
  • 06 Sep 2021
Topic Review
Stock-Flow Consistent Model
Stock-Flow Consistent (SFC) models are a family of macroeconomic models based on a rigorous accounting framework, which guarantees a correct and comprehensive integration of all the flows and the stocks of an economy. These models were first developed in the mid-20th century but have recently become popular, particularly within the post-Keynesian school of thought.
  • 3.3K
  • 19 Oct 2022
Topic Review
Consumer and Food Product Innovations
New lifestyles, higher incomes and better consumer awareness are increasing the demand for a year-round supply of innovative food products. In past decades, important developments have been achieved in areas related to food and the food industry. This entry shows that factors influencing performance in new product development (NPD) are dynamic and continuously guiding project development. The data obtained by direct involvement of consumers can impact positively successful product development and enhance the company’s financial performance. The study of consumer behaviour and attitudes towards new foods encompasses multiple aspects, such as preference, choice, desire to eat certain foods, buying intentions and frequency of consumption. Additionally, both the consumers’ willingness to purchase and the willingness to pay a premium are important in NPD, launching and success.
  • 3.3K
  • 27 Sep 2020
Topic Review
Prediction of Customer Churn in Retail E-Commerce Business
Customer Relationship Management (CRM) is defined as a process in which the business manages its interactions with customers using data integration from various sources and data analysis.
  • 3.3K
  • 18 Jan 2022
Topic Review
The Fourth Industrial Revolution
According to Schwab, the word, “revolution”, refers to a radical change, and revolutions occur in the world when new technologies and novel ways of perceiving the world come about, with changes in the economic systems and the social structures of the world. As was noted before, the 4IR is defined as: “Revolution that is blurring the lines between the physical, the digital, and the biological worlds. Massive advances in artificial intelligence (AI), Internet of Things (IoT), robotics, 3D printing, quantum computing, genetic engineering, and various other technologies”. One of the easiest ways of understanding the 4IR is to start gathering knowledge about the First Industrial Revolution, the Second Industrial Revolution, and then the Third Industrial Revolution.
  • 3.3K
  • 06 Apr 2022
Topic Review
Weaponization of Finance
The term weaponization of finance refers to the foreign policy strategy of using incentives (access to capital markets) and penalties (varied types of sanctions) as tools of coercive diplomacy. The term was first coined by political scientists Ian Bremmer and Cliff Kupchan. It became one of the main themes of the Eurasia Group’s Top Risks 2015 report. It is a reference to the new ways in which the United States is using its influence to affect global outcomes. Rather than rely on traditional elements of America’s security advantage – including US-led alliances such as NATO and multi-lateral institutions such as the World Bank and the International Monetary Fund – Washington is now ‘weaponizing finance’ by limiting access to the US marketplace and US banks as an instrument of its foreign and security policy.
  • 3.2K
  • 29 Nov 2022
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