abu yahya's definitions
All of the parts of a productive system that contribute to marketable products; the productive elements in a particular economy. This includes the entire network of firms, regulatory bodies (like government), infrastructure (roads, telecommunications), and financial intermediaries (banks, thrifts).
In a global economy, there are many industrial systems. In fact, it's quite possible that a single town could have companies belonging to different industrial systems; e.g., a paper mill near a biotech research facility. Almost none of the productive systems share potential employees or potential markets; a recession for the biotech business could--and probably would--completely spare the paper mill. Moreover, the managers of the two businesses probably want opposite policies: the mill owners want low taxes and small government, while the biotech researchers want big spending on education and infrastructure.
Much confusion is caused by calling the industrial system the "economy." The industrial system is not the economy. The industrial system is an organic entity within a greater economy. Various policies may be beneficial for this or that industrial system, with an ambiguous effect (if any) on the economy.
In a global economy, there are many industrial systems. In fact, it's quite possible that a single town could have companies belonging to different industrial systems; e.g., a paper mill near a biotech research facility. Almost none of the productive systems share potential employees or potential markets; a recession for the biotech business could--and probably would--completely spare the paper mill. Moreover, the managers of the two businesses probably want opposite policies: the mill owners want low taxes and small government, while the biotech researchers want big spending on education and infrastructure.
Much confusion is caused by calling the industrial system the "economy." The industrial system is not the economy. The industrial system is an organic entity within a greater economy. Various policies may be beneficial for this or that industrial system, with an ambiguous effect (if any) on the economy.
The family model was incorporated into the industrial system with the agent (who was the chief manager) filling the father's role. The same model was also expressed in the hierarchical management structure... The overseer was the "father" of his workroom and was expected to treat the workers like his children.
(Tamara K. Hareven, *Family Time and Industrial Time* 1982, p.4)
(Tamara K. Hareven, *Family Time and Industrial Time* 1982, p.4)
by Abu Yahya February 24, 2010
Get the Industrial System mug.(ECONOMICS) Job losers and persons who completed temporary jobs, as a percent of the civilian labor force.
The US Bureau of Labor Statistics regularly publishes six estimates of unemployment. The others are U-1, U-3, U-4, U-5, and U-6. Eurostat publishes one monthly estimate of unemployment for the European Union, which is approximately midway between U-3 and U-4.
The unemployment statistics for the USA are collected through a monthly Current Population Survey (CPS) (also known as the household survey) and an establishment survey.
The US Bureau of Labor Statistics regularly publishes six estimates of unemployment. The others are U-1, U-3, U-4, U-5, and U-6. Eurostat publishes one monthly estimate of unemployment for the European Union, which is approximately midway between U-3 and U-4.
The unemployment statistics for the USA are collected through a monthly Current Population Survey (CPS) (also known as the household survey) and an establishment survey.
As a measure of unemployment, U-2 focuses on workers who must abruptly deal with the loss of income after having lost their job or recently finished temporary employment. It is nearly always more than U-1, but there are occasional exceptions.
by Abu Yahya July 17, 2010
Get the U-2 mug.(FINANCE) a tradable financial instrument that consists of a commitment to buy a fixed amount of X at a fixed price (known as a "strike price"). Put options are the opposite of a call option, in which ones to sell a fixed amount of X at strike.
Put options are useful to traders interested in covering risk. They guarantee a minimum price at which one can expect to sell one's holdings of X.
When the strike price of a put is less than the spot price, then it is "out of the money" and has no intrinsic value.
Put options are useful to traders interested in covering risk. They guarantee a minimum price at which one can expect to sell one's holdings of X.
When the strike price of a put is less than the spot price, then it is "out of the money" and has no intrinsic value.
Buying put options is a way of shorting a stock; but it can also be used as a hedge against unpleasant surprises.
by Abu Yahya April 15, 2010
Get the put option mug.the amount of goods and services that a country exports, minus the goods and services that it imports *in a calendar year*. In 1999 Japan exported much more than it imported, so it had a trade surplus. The same year, the United States imported more than it exported, and therefore had a large trade deficit.
While Japan had a trade surplus and the USA had a trade deficit, both had something called a trade balance, which was negative for the USA and positive for Japan.
A country can have an overall trade deficit (like the USA in all years since 1980) and still have trade surpluses with individual countries (e.g., the USA occasionally has trade surpluses with Brazil).
While Japan had a trade surplus and the USA had a trade deficit, both had something called a trade balance, which was negative for the USA and positive for Japan.
A country can have an overall trade deficit (like the USA in all years since 1980) and still have trade surpluses with individual countries (e.g., the USA occasionally has trade surpluses with Brazil).
Usually, when a country runs a trade surplus it tends to export the excess foreign currency back to the deficit country as portfolio investment. In this way, the foreign currency retains its value.
by Abu Yahya February 14, 2009
Get the trade surplus mug.(FINANCE) for a financial instrument, the person/institution who takes the opposite position. For example, in a credit default swap (CDS), the buyer is someone who needs insurance against the possibility that a borrower will default on a loan. In that case, the counterparty is whoever receives the CDS premiums, and pays out in the event of default.
The purpose of financial options is to minimize risk to the buyer; therefore, it creates potentially lucrative opportunities for the counterparty, because the counterparty takes on so much risk.
by Abu Yahya April 5, 2010
Get the counterparty mug.(ECONOMICS) when a government has to restructure spending by massively cutting social programs, development programs, and subsidies on basic necessities. Often accompanied by taxes increases, especially on lower incomes (since the poor cannot escape tax hikes).
Usually we use the term "austerity program" when the government in question has to backtrack on its ideological commitments. An example of this is France, after June 1982. The Socialist government of Mitterrand had just implemented a raft of major new social welfare programs, and was promptly forced to cut everything back when the deficit ballooned.
by Abu Yahya May 5, 2010
Get the austerity program mug.an overwrought public anxiety that evil things are afoot. The term seems to have been coined by Jock Young in 1971.* The most obvious example of an ancient moral panic is the blood libel.
Other famous examples of moral panics include the 1955 Boise scandal, in which three cases of lewd conduct between men and teenaged boys, plus a noxious editorial, triggered a general war against homosexual men. In the early 1930's, the Federal Bureau of Narcotics (FBN) launched a public relations effort to have federal laws passed banning the use of marijuana; it was driven by a jurisdictional struggle between Harry Anslinger (FBN) and J. Edgar Hoover (FBI). The campaign was a success; it not only achieved the desired legislation, but created a wave of mass hysteria about the "threat" of marijuana.
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* Goode & Ben-Yehuda, *Moral Panics* (1994), p.12.
Other famous examples of moral panics include the 1955 Boise scandal, in which three cases of lewd conduct between men and teenaged boys, plus a noxious editorial, triggered a general war against homosexual men. In the early 1930's, the Federal Bureau of Narcotics (FBN) launched a public relations effort to have federal laws passed banning the use of marijuana; it was driven by a jurisdictional struggle between Harry Anslinger (FBN) and J. Edgar Hoover (FBI). The campaign was a success; it not only achieved the desired legislation, but created a wave of mass hysteria about the "threat" of marijuana.
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* Goode & Ben-Yehuda, *Moral Panics* (1994), p.12.
In the movie *Quadrophenia*, set in Brighton, UK in the late 1960's, a recurring theme was the contemporary moral panic over the clash between Mods and Rockers.
by Abu Yahya February 15, 2009
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