Subject:
All Disciplines Arts & Humanities Biology & Life Sciences Business & Economics Chemistry & Materials Science Computer Science & Mathematics Engineering Environmental & Earth Sciences Medicine & Pharmacology Physical Sciences Public Health & Healthcare Social Sciences
Sort:
Most Viewed Latest Alphabetical (A-Z) Alphabetical (Z-A)
Filter:
All Topic Review Biography Peer Reviewed Entry Video Entry
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.
  • 2.5K
  • 17 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. 
  • 2.5K
  • 23 Jul 2021
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.
  • 2.4K
  • 27 Sep 2020
Topic Review
Iranian Subsidy Reform Plan
The economy of Iran includes a lot of subsidies. The Iranian targeted subsidy plan (Persian: طرح هدفمندسازی یارانه‌ها‎), also known as the subsidy reform plan, was passed by the Iranian Parliament in 2010. The government described the subsidy plan as the "biggest surgery" to the nation's economy in half a century and "one of the most important undertakings in Iran's recent economic history". The goal of the subsidy reform plan is to replace subsidies on food and energy (80% of total) with targeted social assistance, in accordance with a Five Year Economic Development Plan and a move towards free market prices in a 5-year period. The subsidy reform plan is the most important part of a broader Iranian economic reform plan. According to the government, approximately $100 billion per year is spent on subsidizing energy prices ($45 billion for the prices of fuel alone) and many consumable goods including bread, sugar, rice, cooking oil and medicine. However, some experts believe direct subsidies are about $30 billion, depending on oil prices. The subsidy system has been inherited from the Iran–Iraq War era but was never abolished. Iran is one of the largest gasoline consumers in the world, ranking second behind the United States in consumption per car. The government subsidy reform has been years in the making, for reasons which are unclear. Iran's Supreme Leader has backed the government’s subsidy reform plan.
  • 2.3K
  • 13 Oct 2022
Topic Review
South Korea's Green New Deal
Originally proposed as a post-COVID-19 stimulus plan, the Green New Deal is a sustainability-centered strategy for building a low-carbon and climate-neutral economy. The Green New Deal sets out eight targets to be accomplished under three strategic areas: green urban development, low-carbon decentralized energy, and innovative green industry. The Deal also takes measures to protect the people and sectors at a higher risk of being left behind in the process of the economic transition. It is an upgraded version of the “Green Growth” national policy, with more emphasis on sustainability in addition to the growth aspect.
  • 2.3K
  • 17 Dec 2020
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.
  • 2.3K
  • 28 Nov 2022
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.
  • 2.3K
  • 25 Oct 2022
Topic Review
Smart City Industries
Smart city industries can be defined as construction businesses based on IT manufacturing (precision instruments, electrical and electronic equipment), IT services (communications and broadcasting) and knowledge services (six fields such as finance and insurance, real estate and lease, professional, scientific and technical services). 
  • 2.3K
  • 06 Sep 2021
Topic Review
Green Entrepreneurship
The concept of “green entrepreneurship” has been given significant attention by academics, who push for “going green” to be captured as a measure to raise environmental sustainability. Give this direction, researchers view green entrepreneurship as the answer to ecological and social problems. This concept suggests that the world can become environmentally friendly when individuals pay attention to the “going green” environment. Green entrepreneurship is a new area in academia, both in research and policy forums in Ghana, and is thus no longer a clumsy business, but a charitable social action with the aim of safeguarding and conserving natural resources.
  • 2.3K
  • 30 Jul 2021
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.
  • 2.3K
  • 23 Nov 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.
  • 2.2K
  • 31 Oct 2022
Topic Review
Digital Marketing
The concept of digital marketing is based on a combination of traditional marketing tools and online technologies enabled by the internet in the 1990s . Its synonyms include but are not limited to digital marketing, electronic marketing, e-marketing, and online marketing.
  • 2.2K
  • 22 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.
  • 2.1K
  • 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.
  • 2.1K
  • 19 Oct 2022
Topic Review
Interaction Between Monetary and Fiscal Policies
Fiscal policy and monetary policy are the two tools used by the state to achieve its macroeconomic objectives. While for many countries the main objective of fiscal policy is to increase the aggregate output of the economy, the main objective of the monetary policies is to control the interest and inflation rates. The IS/LM model is one of the models used to depict the effect of policy interactions on aggregate output and interest rates. The fiscal policies have a direct impact on the goods market and the monetary policies have a direct impact on the asset markets; since the two markets are connected to each other via the two macrovariables output and interest rates, the policies interact while influencing output and interest rates. Traditionally, both the policy instruments were under the control of the national governments. Thus traditional analyses were made with respect to the two policy instruments to obtain the optimum policy mix of the two to achieve macroeconomic goals, lest the two policy tools be aimed at mutually inconsistent targets. But more recently, owing to the transfer of control with respect to monetary policy formulation to central banks, formation of monetary unions (like European Monetary Union formed via the Stability and Growth Pact), and attempts being made to form fiscal unions, there has been a significant structural change in the way in which fiscal and monetary policies interact. There is a dilemma as to whether these two policies are complementary, or act as substitutes to each other for achieving macroeconomic goals. Policy makers are viewed as interacting as strategic substitutes when one policy maker's expansionary (contractionary) policies are countered by another policy maker's contractionary (expansionary) policies. For example: if the fiscal authority raises taxes or cuts spending, then the monetary authority reacts to it by lowering the policy rates and vice versa. If they behave as strategic complements, then an expansionary (contractionary) policy of one authority is met by expansionary (contractionary) policies of the other. The issue of interaction and the policies being complements or substitutes for each other arises only when the authorities are independent of each other. But when the goals of one authority are made subservient to those of the other, then one authority solely dominates the policy making and no interaction worthy of analysis would arise. Also, fiscal and monetary policies interact only to the extent of influencing the final objective. So long as the objectives of one policy are not influenced by the other, there is no direct interaction between them.
  • 2.0K
  • 02 Nov 2022
Topic Review
History of Industrialisation
This article delineates the history of industrialisation.
  • 2.0K
  • 14 Nov 2022
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.
  • 2.0K
  • 18 Jan 2022
Topic Review
Impact of COVID-19 on Social/Health/Economy
The COVID-19 pandemic is the most large-scale pandemic on earth this century, and the impact in all life sectors is devasting and directly affected human activity in the first wave. The impact on the economy, social care systems, and human relationships is causing an unprecedented global crisis. SARS-CoV-2 has a strong direct acute impact on population health, not only at the physiological level but also at the psychological level for those who suffer it, those close to them, and the general population, who suffer from the social consequences of the pandemic. In this line, the economic recession increased, even more, the social imbalance and inequity, hitting the most vulnerable families, and creating a difficult context for public institutions to address. 
  • 1.9K
  • 15 Jun 2021
Topic Review
Sustainable Innovation Ecosystems
Innovation ecosystem is a intertwined network of multi-layer relationships through which relevant knowledge and creativity flow through a framework of sustained value co-creation. The term gained popularity among academics, policymakers, managers and entrepreneurs in the last decades. These complex relations between players aim to enable technology development and innovation with an open mindset and promoting the responsible and inclusive exploitation of resources.
  • 1.9K
  • 27 Oct 2020
Topic Review
Index of Industry 4.0
Industry 4.0 is currently identified as a major factor in the future competitiveness of enterprises. However, the implementation and readiness of different technologies varies from one enterprise to another. Based on the performed factor analysis, an Industry 4.0 index (VPi4) was created, which allows the enterprises to determine their current level of Industry 4.0.
  • 1.9K
  • 25 Jun 2021
  • Page
  • of
  • 17
Featured Entry Collections
>>

Featured Books

>>
Encyclopedia of Social Sciences
Encyclopedia of COVID-19
Encyclopedia of Fungi
Encyclopedia of Digital Society, Industry 5.0 and Smart City
ScholarVision Creations
Feedback