Instruct: Given a question, retrieve passages that answer the question.
Query: What are the main branches of economics?
Philosophy of economics is the branch of philosophy which studies philosophical issues relating to economics. It can also be defined as the branch of economics which studies its own foundations and morality. It can be categorized into three central topics. The first concerns the definition and scope of economics and by what methods it should be studied and whether these methods rise to the level of epistemic reliability associated with the other special sciences. For example, is it possible to research economics in such a way that it is value-free, establishing facts that are independent of the normative views of the researcher? The second topic is the meaning and implications of rationality. For example, can buying lottery tickets (increasing the riskiness of your income) at the same time as buying insurance (decreasing the riskiness of your income) be rational? The third topic is the normative evaluation of economic policies and outcomes. What criteria should be used to determine whether a given public policy is beneficial for society?
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.
Many markets for commonly used goods feature products which are perfectly substitutable yet are differently branded and marketed, a condition referred to as monopolistic competition. A good example may be the comparison between store brand and name brand versions of medications - the products may be "identical" but the packaging is differentiated by the vendors. Since the goods are essentially alike, the only genuine difference between them is the price - their vendors rely primarily on price and branding to effect sales. In those sectors consumer choice is usually driven by discriminate according to "lowest price", with higher-priced variants relying on a sense of exclusivity created by slicker branding to maintain competitiveness.Perfect substitutability is significant in the era of deregulation, since there are usually several competing providers in a field (e.g. electricity suppliers) each retailing exactly the same product. The result is often aggressive price competition between the retailers.
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Gross domestic product (GDP) is a measure of aggregate output. Nominal GDP in a particular period reflects prices which were current at the time, whereas real GDP compensates for inflation. Price indices and the U.S. National Income and Product Accounts are constructed from bundles of commodities and their respective prices. In the case of GDP, a suitable price index is the GDP price index. In the U.S. National Income and Product Accounts, nominal GDP is called "GDP in current dollars" (that is, in prices current for each designated year), and real GDP is called "GDP in [base-year] dollars" (that is, in dollars that can purchase the same quantity of commodities as in the base year).
In contrast, in economic theory tariffs are viewed as a primary element in international trade with the function of the tariff being to influence the flow of trade by lowering or raising the price of targeted goods to create what amounts to an artificial competitive advantage. When tariffs are viewed and used in this fashion, they are addressing the country's and the competitors' respective economic healths in terms of maximizing or minimizing revenue flow rather than in terms of the ability to generate and maintain a competitive advantage which is the source of the revenue. As a result, the impact of the tariffs on the economic health of the country are at best minimal but often are counter-productive.
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Trade deficits mean that consumers buy too much foreign goods and too few domestic products. According to Keynesian theory, trade deficits are harmful. Countries that import more than they export weaken their economies. As the trade deficit increases, unemployment or poverty increases and GDP slows down. And surplus countries getting richer at the expense of deficit countries. They destroy the production of their trading partners. John Maynard Keynes thought that surplus countries should be taxed to avoid trade imbalances. The tariff is used to equalize the trade balance in order to protect domestic workers. Peter Temin explain that "a tariff is an expansionary policy, like a devaluation as it diverts demand from foreign to home producers".
The first prize in economics was awarded in 1969 to Ragnar Frisch and Jan Tinbergen "for having developed and applied dynamic models for the analysis of economic processes". In 2009, Elinor Ostrom became the first woman awarded the prize.
Kenya's economy is market-based with a few state-owned infrastructure enterprises and maintains a liberalised external trade system. The country is generally perceived as Eastern Africa's hub for Financial, Communication and Transportation services. Major industries include: agriculture, forestry and fishing, mining and minerals, industrial manufacturing, energy, tourism and financial services. As of 2019 estimates, Kenya had a GDP of $98.264 billion making it the 65th largest economy in the world. Per capita GDP was estimated at $1,991.
According to a bibliography published in 1950, Heckscher had, as of the previous year, published 1148 books and articles, among which may be mentioned his study of Mercantilism, which had been translated into several languages, and a monumental Economic history of Sweden in several volumes. Heckscher is best known for a model explaining patterns in international trade (Heckscher-Ohlin model) that he developed with Bertil Ohlin at the Stockholm School of Economics.
Uncertainty was a major factor, argued by several economists, that contributed to the worsening and length of the depression. It was also said to be responsible "for the initial decline in consumption that marks the" beginning of the Great Depression by economists Paul R. Flacco and Randall E. Parker. Economist Ludwig Lachmann argues that it was pessimism that prevented the recovery and worsening of the depression President Hoover is said to have been blinded from what was right in front of him.
Ethiopia has one of the fastest-growing economies in the world and is Africa's second most populous country. Many properties owned by the government during the previous regime have now been privatized and are in the process of privatization. However, certain sectors such as telecommunications, financial and insurance services, air and land transportation services, and retail, are considered as strategic sectors and are expected to remain under state control for the foreseeable future. Almost 50% of Ethiopia's population is under the age of 18, and even though education enrollment at primary and tertiary level has increased significantly, job creation has not caught up with the increased output from educational institutes. The country must create hundreds of thousands of jobs every year just to keep up with population growth.
One index of globalization is the "KOF Index of Globalization", which measures three important dimensions of globalization: economic, social, and political. Another is the A.T. Kearney / Foreign Policy Magazine Globalization Index.
Measurements of economic globalization typically focus on variables such as trade, Foreign Direct Investment (FDI), Gross Domestic Product (GDP), portfolio investment, and income. However, newer indices attempt to measure globalization in more general terms, including variables related to political, social, cultural, and even environmental aspects of globalization.
Agriculture, farming, and fishing form the primary sector of industry of the Japanese economy together with the Japanese mining industry, but together they account for only 1.3% of gross national product. Only 20% of Japan's land is suitable for cultivation, and the agricultural economy is highly subsidized.
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for censored endogenous variables, the well-known "Tobit model". Tobin received the Nobel Memorial Prize in Economic Sciences in 1981.
“Since 1776 "The Pursuit of Happiness" has been the great world question. Here, reflecting on modern survey techniques and results, Carol Graham drills deeper. What does happiness mean? For example, is it opportunity for a meaningful life? Or, is it blissful contentment? And why does it vary, as it does, across individuals and around the world? How does the perception of happiness differ in countries as disparate as Cuba, Afghanistan, Japan, and Russia? Carol Graham is opening up a whole new frontier in economic and social policy.” –George Akerlof, Professor of Economics at UC Berkeley and 2001 Nobel Laureate in Economics
On the other end the machinery industry supplies consumer goods, including kitchen appliances, refrigerators, washers, dryers and a like. Production of radio and television, however, is generally considered belonging to the electrical equipment industry. The machinery industry itself is a major customer of the steel industry.
Social science is a category of academic disciplines, concerned with society and the relationships among individuals within a society. Social science as a whole has many branches. These social sciences include, but are not limited to: anthropology, archaeology, communication studies, economics, history, human geography, jurisprudence, linguistics, political science, psychology, public health, and sociology. The term is also sometimes used to refer specifically to the field of sociology, the original "science of society", established in the 19th century. For a more detailed list of sub-disciplines within the social sciences see: Outline of social science.
A tariff is called an optimal tariff if it's set to maximize the welfare of the country imposing the tariff. It is a tariff derived by the intersection between the "trade indifference curve" of that country and the offer curve of another country. In this case, the welfare of the other country grows worse simultaneously, thus the policy is a kind of "beggar thy neighbor policy". If the offer curve of the other country is a line through the origin point, the original country is in the "condition of a small country", so any tariff worsens the welfare of the original country.
Recent exhibitions at Tensta konsthall include
• “Abstract Possible: The Stockholm Synergies,” with Doug Ashford, Claire Barclay, Goldin+Senneby, Wade Guyton, Mai-Thu Perret, Walid Raad, and Haegue Yang, among others
• “Kami, Khokha, Bert and Ernie: World Heritage” by Hinrich Sachs
• “Doing what you want: Marie-Louise Ekman accompanied by Sister Corita Kent, Mladen Stilinović, and Martha Wilson” 
• “The Society without qualities” with Sören Andreasen, Ane Hjort Guttu, Sture Johannesson, Sharon Lockhardt, and Palle Nielsen (part of “The new model” and curated by Lars Bang Larsen)
• “Working With…” by Zak Kyes
• “We are continuing BBDG” with Bernd Krauss
• “Two Archives” by Babak Afrassiabi and Nasrin Tabatabai
This enzyme belongs to the family of oxidoreductases, specifically those acting on paired donors, with O2 as oxidant and incorporation or reduction of oxygen. The oxygen incorporated need not be derived from O2 with 2-oxoglutarate as one donor, and incorporation of one atom o oxygen into each donor. The systematic name of this enzyme class is N6,N6,N6-trimethyl-L-lysine,2-oxoglutarate:oxygen oxidoreductase (3-hydroxylating). Other names in common use include trimethyllysine alpha-ketoglutarate dioxygenase, TML-alpha-ketoglutarate dioxygenase, TML hydroxylase, 6-N,6-N,6-N-trimethyl-L-lysine,2-oxoglutarate:oxygen oxidoreductase, and (3-hydroxylating). This enzyme participates in lysine degradation and L-carnitine biosynthesis and requires the presence of iron and ascorbate.
Botany is a natural science concerned with the study of plants. The main branches of botany (also referred to as "plant science") are commonly divided into three groups: core topics, concerned with the study of the fundamental natural phenomena and processes of plant life, the classification and description of plant diversity; applied topics which study the ways in which plants may be used for economic benefit in horticulture, agriculture and forestry; and organismic topics which focus on plant groups such as algae, mosses or flowering plants.
The Gary Public Library System consists of the main library at 220 West 5th Avenue and several branches: Brunswick Branch, W. E. B. DuBois Branch, J. F. Kennedy Branch, Tolleston Branch, and Woodson Branch. In March 2011, the Gary Library Board voted to close the main library on 5th Avenue and the Tolleston branch in what officials said was their best economic option. The main library closed at the end of 2011. The building now houses a museum.