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Robert Stirling's innovative contribution to the design of hot air engines of 1816 was what he called the 'Economiser'. Later known as the regenerator, it stored heat from the hot portion of the engine as the air passed to the cold side, and released heat to the cooled air as it returned to the hot side.
“Since the pandemic, when the ‘hermit economy’ essentially started, adopting a minimalist approach is increasingly seen as a smart way to economize,” Lateef said.
Economy of force is one of the nine Principles of War, based upon Carl von Clausewitz's approach to warfare. It is the principle of employing all available combat power in the most effective way possible, in an attempt to allocate a minimum of essential combat power to any secondary efforts.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
fourthly, there is a necessity to economize, in human endeavours we are invariably concerned with an allocation of effort and resources so as to achieve a given set of objectives... [7] The term ‘management control’ was given of its current connotations by Robert N. Anthony (Otley, 1994). [8]
In a state of abundance, there is no such cost, which is to say that in situations where one need not economize, economics does not apply, e.g. areas with abundant fresh air and water. Otto Neurath and Hillel Ticktin argued that with detailed use of real unit accounting and demand surveys a planned economy could operate without a capital market ...
Economic development research has currently identified five phases, or "waves" of economic development practice.The differences between these waves are shaped by historical factors, the economic climate during historical periods, and leaders' response to these forces, which over time have created five strategies that differ from their predecessors.
Providing an incentive for enterprise (a) to produce those products valued most highly by the market, and (b) to use methods of production that economize relatively scarce factors of production. Providing an incentive to owners of resources to direct them into the most highly remunerated uses; Distributing output among the owners of resources