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Advances in understanding, theory and measurement must necessarily Research papers economic globalization hand in hand. A companion article in this publication sets forth the urgent need for new theory in economics. This article sets forth the complementary need for new measures.
The stakes are high and the choice is ours. The challenge is to derive more appropriate indicators to reflect real, sustainable economic welfare, social development and human wellbeing. The attributes that have made GDP so successful are often overlooked — it provides clear objectives for policy and decision-making.
The index is applied to assess the economic performance of select countries from Tools and Measures Human beings are distinguished from other life forms by their unique ability to fashion tools which extend our powers of consciousness beyond the reach of our senses and our powers of execution beyond the limits of strength, endurance, space and time imposed by our physical bodies.
Tools are an instrument for social evolution. Language is a tool which enables us to formulate original ideas, communicate our inmost thoughts and feelings, record events for posterity, transmit knowledge down through the ages, and exchange ideas over vast expanses of time and space.
The efficiency of our tools is an index of our social development. Measurement is another remarkable human ability. Modern medicine could not exist without the thermometer, stethoscope, sphygmomanometer and glucometer, along with measures for blood cell count, hemoglobin, cholesterol, and countless other metrics.
Today every food ingredient is carefully measured for its exact nutritional content. It is both a tool and a measure. But unlike other measures that are confined to measuring a single dimension or quality, money has the capacity of assigning value to almost anything material or immaterial — physical objects, human labor, social status, information, obedience, loyalty and sometimes even love.
Coinage enabled ancient kingdoms to become military and economic powers, because it facilitated standardized valuation of products and services for the financing and maintenance of huge armies. The concept of zero was unknown to the Greeks and Romans.
Developed independently in India and Mexico, it reached Europe via Arabia only in the 10th century. One need only try adding and multiplying Roman numerals to realize how greatly the introduction of Hindu-Arabic numerals, the zero, and the decimal place enhanced the capacity for accounting and the growth of trade.
Combined with double-entry bookkeeping, they spurred the commercial revolution in 13th century Italy, facilitating the precise calculation of capital and profit.
The Domesday Book is a record of the first known numerical census conducted by William I of England in to identify arable lands, livestock, fisheries and other sources of national wealth as a basis for improved tax collection. The first US census was conducted in Today economics employs a wide range of indispensable measuring tools, including GDP, the consumer price index, interest rate, money supply, exchange rate and the unemployment rate.
While the general public may regard these tools as accurate measures of economic reality, economists recognize that they are in fact only rough, approximate indicators designed to reflect economic reality rather than accurately measure it.
Right measurement is a powerful instrument for social progress, which is why efforts are constantly being made to improve their power and precision. The atomic clock has replaced the sundial, hourglass and pendulum.
DNA fingerprinting has largely replaced hand fingerprinting as a precise means for identifying human beings. Global satellite navigation has made the chronometer obsolete.
The 20th century has been aptly described as The First Measured Century in recognition of the enormous recent strides in harnessing the power of measurement. Today humanity pursues a common quest for higher standards of living, greater economic security, sustainable development, higher levels of welfare and well-being.Call for Papers and other details for the Annual Conference of the Chinese Economic Association (UK) and CEA(Europe).
Through timely, in-depth analysis of companies, industries, markets, and world economies, Morgan Stanley has earned its reputation as a leader in the field of investment research. Research papers on economic globalization. Business and Commercial Moves.
Don’t let your business lose any items or time during your company relocation. Our PGL Move Coordinators can pack, transport, and manage all of your belongings efficiently while keeping you in the loop. Research papers. Is Populism AEA Papers and Proceedings ;() I argue that economic history and economic theory both provide ample grounds for anticipating that advanced stages of economic globalization would produce a political backlash.
While the backlash may have been predictable, the specific form it took was. We welcome empirically grounded research papers by macro and micro-economists, and social scientists from any discipline, that examine the various aspects of globalization (economic, social, political, and cultural), and its consequences.
IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. This paper is one of the outcomes of a four-years economic research programme (), funded by the Department for International Development (DFID) of the UK and “Globalization” is currently a popular and controversial issue.