The Second Industrial Revolution Has Brought Modern Social and Economic Developments
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Public Debt, High Inflation and Economic Depression: a Survival Analysis Approach Minjie Guo
CORE Metadata, citation and similar papers at core.ac.uk Provided by Scholar Commons - Institutional Repository of the University of South Carolina University of South Carolina Scholar Commons Theses and Dissertations Spring 2019 Public Debt, High Inflation and Economic Depression: A Survival Analysis Approach Minjie Guo Follow this and additional works at: https://scholarcommons.sc.edu/etd Part of the Economics Commons Recommended Citation Guo, M.(2019). Public Debt, High Inflation and Economic Depression: A Survival Analysis Approach. (Doctoral dissertation). Retrieved from https://scholarcommons.sc.edu/etd/5279 This Open Access Dissertation is brought to you by Scholar Commons. It has been accepted for inclusion in Theses and Dissertations by an authorized administrator of Scholar Commons. For more information, please contact [email protected]. Public Debt, High Inflation and Economic Depression: A Survival Analysis Approach by Minjie Guo Bachelor of Arts Fujian Agriculture and Forestry University, 2007 Master of Arts University of Texas at Arlington, 2011 Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in Economics Darla Moore School of Business University of South Carolina 2019 Accepted by: John McDermott, Major Professor Janice Bass, Committee Member William Hauk, Committee Member Warren Weber, Committee Member Cheryl L. Addy, Vice Provost and Dean of the Graduate School c Copyright by Minjie Guo, 2019 All Rights Reserved. ii Dedication To my parents and grandparents. iii Acknowledgments I would like to express my sincere gratitude to Dr. John McDermott for his support during my Ph.D study. His guidance and encouragement during the dissertation process were invaluable. -
Kentucky in the 1880S: an Exploration in Historical Demography Thomas R
The Kentucky Review Volume 3 | Number 2 Article 5 1982 Kentucky in the 1880s: An Exploration in Historical Demography Thomas R. Ford University of Kentucky Follow this and additional works at: https://uknowledge.uky.edu/kentucky-review Part of the Social and Behavioral Sciences Commons Right click to open a feedback form in a new tab to let us know how this document benefits you. Recommended Citation Ford, Thomas R. (1982) "Kentucky in the 1880s: An Exploration in Historical Demography," The Kentucky Review: Vol. 3 : No. 2 , Article 5. Available at: https://uknowledge.uky.edu/kentucky-review/vol3/iss2/5 This Article is brought to you for free and open access by the University of Kentucky Libraries at UKnowledge. It has been accepted for inclusion in The Kentucky Review by an authorized editor of UKnowledge. For more information, please contact [email protected]. Kentucky in the 1880s: An Exploration in Historical Demography* e c Thomas R. Ford r s F t.; ~ The early years of a decade are frustrating for social demographers t. like myself who are concerned with the social causes and G consequences of population changes. Social data from the most recent census have generally not yet become available for analysis s while those from the previous census are too dated to be of current s interest and too recent to have acquired historical value. That is c one of the reasons why, when faced with the necessity of preparing c a scholarly lecture in my field, I chose to stray a bit and deal with a historical topic. -
Recession of 1797?
SAE./No.48/February 2016 Studies in Applied Economics WHAT CAUSED THE RECESSION OF 1797? Nicholas A. Curott and Tyler A. Watts Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise What Caused the Recession of 1797? By Nicholas A. Curott and Tyler A. Watts Copyright 2015 by Nicholas A. Curott and Tyler A. Watts About the Series The Studies in Applied Economics series is under the general direction of Prof. Steve H. Hanke, co-director of the Institute for Applied Economics, Global Health, and Study of Business Enterprise ([email protected]). About the Authors Nicholas A. Curott ([email protected]) is Assistant Professor of Economics at Ball State University in Muncie, Indiana. Tyler A. Watts is Professor of Economics at East Texas Baptist University in Marshall, Texas. Abstract This paper presents a monetary explanation for the U.S. recession of 1797. Credit expansion initiated by the Bank of the United States in the early 1790s unleashed a bout of inflation and low real interest rates, which spurred a speculative investment bubble in real estate and capital intensive manufacturing and infrastructure projects. A correction occurred as domestic inflation created a disparity in international prices that led to a reduction in net exports. Specie flowed out of the country, prices began to fall, and real interest rates spiked. In the ensuing credit crunch, businesses reliant upon rolling over short term debt were rendered unsustainable. The general economic downturn, which ensued throughout 1797 and 1798, involved declines in the price level and nominal GDP, the bursting of the real estate bubble, and a cluster of personal bankruptcies and business failures. -
Deflation: a Business Perspective
Deflation: a business perspective Prepared by the Corporate Economists Advisory Group Introduction Early in 2003, ICC's Corporate Economists Advisory Group discussed the risk of deflation in some of the world's major economies, and possible consequences for business. The fear was that historically low levels of inflation and faltering economic growth could lead to deflation - a persistent decline in the general level of prices - which in turn could trigger economic depression, with widespread company and bank failures, a collapse in world trade, mass unemployment and years of shrinking economic activity. While the risk of deflation is now remote in most countries - given the increasingly unambiguous signs of global economic recovery - its potential costs are very high and would directly affect companies. This issues paper was developed to help companies better understand the phenomenon of deflation, and to give them practical guidance on possible measures to take if and when the threat of deflation turns into reality on a future occasion. What is deflation? Deflation is defined as a sustained fall in an aggregate measure of prices (such as the consumer price index). By this definition, changes in prices in one economic sector or falling prices over short periods (e.g., one or two quarters) do not qualify as deflation. Dec lining prices can be driven by an increase in supply due to technological innovation and rapid productivity gains. These supply-induced shocks are usually not problematic and can even be accompanied by robust growth, as experienced by China. A fall in prices led by a drop in demand - due to a severe economic cycle, tight economic policies or a demand-side shock - or by persistent excess capacity can be much more harmful, and is more likely to lead to persistent deflation. -
The Industrial Revolution in America
DO NOT EDIT--Changes must be made through “File info” CorrectionKey=TX-A SECTION 1 The Industrial TEKS 5B, 5D, 7A, 11A, 12C, 12D, 13A, Revolution in 13B, 14A, 14B, 27A, 27D, 28B What You Will Learn… America Main Ideas 1. The invention of new machines in Great Britain If YOU were there... led to the beginning of the You live in a small Pennsylvania town in the 1780s. Your father is a Industrial Revolution. 2. The development of new blacksmith, but you earn money for the family, too. You raise sheep machines and processes and spin their wool into yarn. Your sisters knit the yarn into warm brought the Industrial Revolu- tion to the United States. wool gloves and mittens. You sell your products to merchants in the 3. Despite a slow start in manu- city. But now you hear that someone has invented machines that facturing, the United States made rapid improvements can spin thread and make cloth. during the War of 1812. Would you still be able to earn the same amount The Big Idea of money for your family? Why? The Industrial Revolution trans- formed the way goods were produced in the United States. BUILDING BACKOU GR ND In the early 1700s making goods depend- ed on the hard work of humans and animals. It had been that way for Key Terms and People hundreds of years. Then new technology brought a change so radical Industrial Revolution, p. 385 that it is called a revolution. It began in Great Britain and soon spread to textiles, p. -
The Bank Restriction Act and the Regime Shift to Paper Money, 1797-1821
European Historical Economics Society EHES WORKING PAPERS IN ECONOMIC HISTORY | NO. 100 Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797-1821 Patrick K. O’Brien Department of Economic History, London School of Economics Nuno Palma Department of History and Civilization, European University Institute Department of Economics, Econometrics, and Finance, University of Groningen JULY 2016 EHES Working Paper | No. 100 | July 2016 Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797-1821* Patrick K. O’Brien Department of Economic History, London School of Economics Nuno Palma Department of History and Civilization, European University Institute Department of Economics, Econometrics, and Finance, University of Groningen Abstract The Bank Restriction Act of 1797 suspended the convertibility of the Bank of England's notes into gold. The current historical consensus is that the suspension was a result of the state's need to finance the war, France’s remonetization, a loss of confidence in the English country banks, and a run on the Bank of England’s reserves following a landing of French troops in Wales. We argue that while these factors help us understand the timing of the Restriction period, they cannot explain its success. We deploy new long-term data which leads us to a complementary explanation: the policy succeeded thanks to the reputation of the Bank of England, achieved through a century of prudential collaboration between the Bank and the Treasury. JEL classification: N13, N23, N43 Keywords: Bank of England, financial revolution, fiat money, money supply, monetary policy commitment, reputation, and time-consistency, regime shift, financial sector growth * We are grateful to Mark Dincecco, Rui Esteves, Alex Green, Marjolein 't Hart, Phillip Hoffman, Alejandra Irigoin, Richard Kleer, Kevin O’Rourke, Jaime Reis, Rebecca Simson, Albrecht Ritschl, Joan R. -
Henry Bessemer and the Mass Production of Steel
Henry Bessemer and the Mass Production of Steel Englishmen, Sir Henry Bessemer (1813-1898) invented the first process for mass-producing steel inexpensively, essential to the development of skyscrapers. Modern steel is made using technology based on Bessemer's process. Bessemer was knighted in 1879 for his contribution to science. The "Bessemer Process" for mass-producing steel, was named after Bessemer. Bessemer's famous one-step process for producing cheap, high-quality steel made it possible for engineers to envision transcontinental railroads, sky-scraping office towers, bay- spanning bridges, unsinkable ships, and mass-produced horseless carriages. The key principle is removal of impurities from the iron by oxidation with air being blown through the molten iron. The oxidation also raises the temperature of the iron mass and keeps it molten. In the U.S., where natural resources and risk-taking investors were abundant, giant Bessemer steel mills sprung up to drive the expanding nation's rise as a dominant world economic and industrial leader. Why Steel? Steel is the most widely used of all metals, with uses ranging from concrete reinforcement in highways and in high-rise buildings to automobiles, aircraft, and vehicles in space. Steel is more ductile (able to deform without breakage) and durable than cast iron and is generally forged, rolled, or drawn into various shapes. The Bessemer process revolutionized steel manufacture by decreasing its cost. The process also decreased the labor requirements for steel-making. Prior to its introduction, steel was far too expensive to make bridges or the framework for buildings and thus wrought iron had been used throughout the Industrial Revolution. -
DRAFT – Subject to NIST Approval 1.5 IMPACTS of AUTOMATION on PRECISION1 M. Alkan Donmez and Johannes A. Soons Manufacturin
DRAFT – Subject to NIST approval 1.5 IMPACTS OF AUTOMATION ON PRECISION1 M. Alkan Donmez and Johannes A. Soons Manufacturing Engineering Laboratory National Institute of Standards and Technology Gaithersburg, MD 20899 ABSTRACT Automation has significant impacts on the economy and the development and use of technology. In this section, the impacts of automation on precision, which directly influences science, technology, and the economy, are discussed. As automation enables improved precision, precision also improves automation. Followed by the definition of precision and the factors affecting precision, the relationship between precision and automation is described. This section concludes with specific examples of how automation has improved the precision of manufacturing processes and manufactured products over the last decades. 1.5.1 What is precision Precision is the closeness of agreement between a series of individual measurements, values, or results. For a manufacturing process, precision describes how well the process is capable of producing products with identical properties. The properties of interest can be the dimensions of the product, its shape, surface finish, color, weight, etc. For a device or instrument, precision describes the invariance of its output when operated with the same set of inputs. Measurement precision is defined by the International Vocabulary of Metrology [1] as the "closeness of agreement between indications obtained by replicate measurements on the same or similar objects under specified conditions." In this definition, the "specified conditions" describe whether precision is associated with the repeatability or the reproducibility of the measurement process. Repeatability is the closeness of the agreement between results of successive measurements of the same quantity carried out under the same conditions. -
Ecobiz April
ECO-BIZ Inside this issue…….. Businessman with a difference VOLUME I ISSUE 1 Business Crossword Early Bird Prize News u can use Top stories….. Top ranking business schools We welcome you all to the first edition of ECO-BIZ the economics-commerce-accounts-essential info zone. Through this publication our aim is to make you all experience the power of knowledge, the power of economy and fi- nance, the power of media and advertising, the power of brands and logos, the power of industrialists….. We are proud and happy to present the first issue and hope you will enjoy reading it. We have come up with some innova- tive ideas of presenting information which we hope will make reading enjoyable. You will love the thrill it gives, cheer it creates, storm that will surround you, beat in the heart, the victory, the defeat of men….machine etc. The last decade or so has seen a proliferation of brands like never before, paralleled by a furious upsurge in advertising activity. A million messages inundate the consumer urging him to buy bigger, better and more products. In this stimulating issue the readers will be faced with new challenges in the form of questions, made aware of economic news that will rack their brains and encourage them to keep themselves abreast of all the latest in the field of branding, ad- vertising and marketing. Update your business knowledge and see how you score in the quiz given in the newsletter and allow us the opportunity of introducing you to a world which hitherto might have seemed not so interesting……. -
Smart Contracts for Machine-To-Machine Communication: Possibilities and Limitations
Smart Contracts for Machine-to-Machine Communication: Possibilities and Limitations Yuichi Hanada Luke Hsiao Philip Levis Stanford University Stanford University Stanford University [email protected] [email protected] [email protected] Abstract—Blockchain technologies, such as smart contracts, present a unique interface for machine-to-machine communication that provides a secure, append-only record that can be shared without trust and without a central administrator. We study the possibilities and limitations of using smart contracts for machine-to-machine communication by designing, implementing, and evaluating AGasP, an application for automated gasoline purchases. We find that using smart contracts allows us to directly address the challenges of transparency, longevity, and Figure 1. A traditional IoT application that stores a user’s credit card trust in IoT applications. However, real-world applications using information and is installed in a smart vehicle and smart gasoline pump. smart contracts must address their important trade-offs, such Before refueling, the vehicle and pump communicate directly using short-range as performance, privacy, and the challenge of ensuring they are wireless communication, such as Bluetooth, to identify the vehicle and pump written correctly. involved in the transaction. Then, the credit card stored by the cloud service Index Terms—Internet of Things, IoT, Machine-to-Machine is charged after the user refuels. Note that each piece of the application is Communication, Blockchain, Smart Contracts, Ethereum controlled by a single entity. I. INTRODUCTION centralized entity manages application state and communication protocols—they cannot function without the cloud services of The Internet of Things (IoT) refers broadly to interconnected their vendors [11], [12]. -
Should Functional Constituency Elections in the Legislative Council Be
Hong Kong Diploma of Secondary Education Liberal Studies Independent Enquiry Study Report Standard Covering Page (for written reports and short written texts of non-written reports starting from 2017) Enquiry Question: Should Functional Constituency elections in the Legislative Council be abolished? Year of Examination: Name of Student: Class/ Group: Class Number: Number of words in the report: 3162 Notes: 1. Written reports should not exceed 4500 words. The reading time for non-written reports should not exceed 20 minutes and the short written texts accompanying non-written reports should not exceed 1000 words. The word count for written reports and the short written texts does not include the covering page, the table of contents, titles, graphs, tables, captions and headings of photos, punctuation marks, footnotes, endnotes, references, bibliography and appendices. 2. Candidates are responsible for counting the number of words in their reports and the short written texts and indicating it accurately on this covering page. 3. If the Independent Enquiry Study Report of a student is selected for review by the School-Based Assessment System, the school should ensure that the student’s name, class/ group and class number have been deleted from the report before submitting it to the Hong Kong Examinations and Assessment Authority. Schools should also ensure that the identities of both the schools and students are not disclosed in the reports. For non-written reports, the identities of the students and schools, including the appearance of the students, should be deleted. Sample 1 Table of Contents A. Problem Definition P.3 B. Relevant Concepts and Knowledge/ Facts/ Data P.5 C. -
TECHNICAL REPORT – PATENT ANALYSIS Enhancing Productivity in the Indian Paper and Pulp Sector
TECHNICAL REPORT – PATENT ANALYSIS Enhancing Productivity in the Indian Paper and Pulp Sector 2018 TABLE OF contEnts ACKNOWLEDGEMENTS 10 EXECUTIVE SUMMARY 11 1 INTRODUCTION 13 2 OVERVIEW OF THE PULP AND PAPER SECTOR 15 2.1. Status of the Indian Paper Industry 15 2.2. Overview of the Pulp and Papermaking Process 20 2.3. Patenting in the Paper and Pulp Industry: A Historical Perspective 22 2.4. Environmental Impact of the Pulp and Paper Industry 25 3 METHODOLOGY 27 3.1. Search Strategy 27 4 ANALYSIS OF PATENT DOCUMENTS USING GPI 31 4.1. Papermaking; Production of Cellulose (IPC or CPC class D21) 31 4.2. Analysis of Patenting Activity in Different Technology Areas using GPI 38 5 ANALYSIS OF THE INDIAN PATENT SCENARIO WITHIN THE CONTEXT OF THIS REPORT 81 5.1. Analysis of Patents Filed in India 81 6 CONCLUDING REMARKS 91 REFERENCES 93 ANNEXURE 94 Annexure 1. Technologies related to paper manufacturing 94 Annexure 2. Sustainable/green technologies related to pulp and paper sector 119 Annexure 3. Emerging Technology Areas 127 List OF FIGURES Figure 2.1: Geographical Spread of Figure 4.11: (d) Applicant vs. Date of Indian Paper Mills .................................16 Priority Graph: Paper-Making Machines Figure 2.2: Share of Different Segments and Methods ........................................42 in Total Paper Production .......................19 Figure 4.11: (e) Applicant vs. Date of Figure 2.3: Variety Wise Production of Priority Graph: Calendars and Accessories ..43 Paper from Different Raw Materials ........19 Figure 4.11: (f) Applicant vs. Date of Figure 2.4: Different Varieties of Paper Priority Graph: Pulp or Paper Comprising Made from Various Raw Materials ..........19 Synthetic Cellulose or Non-Cellulose Fibres ..43 Figure 2.5: Diagram of a Process Block Figure 4.11: (g) Applicant vs.