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The first-referenced meaning of the law – "Work expands to fill the available time" – has sprouted several corollaries, the best known being the Stock-Sanford corollary to Parkinson's law: If you wait until the last minute, it only takes a minute to do.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The following decade added another 2,249 engineers, and by 1911 the United States was graduating 3,000 engineers a year, with a total of 38,000 in the work force. At the time, Germany was graduating 1,800 engineers per year. The US had become the leader in technical education just 50 years after passage of the Morrill Act. [16]
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director , George Stigler , and Ronald Coase .
[130] Moore's law describes a driving force of technological and social change, productivity, and economic growth. [ 131 ] [ 132 ] [ 128 ] An acceleration in the rate of semiconductor progress contributed to a surge in U.S. productivity growth, [ 133 ] [ 134 ] [ 135 ] which reached 3.4% per year in 1997–2004, outpacing the 1.6% per year ...
Law and economics, or economic analysis of law, is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are economically efficient, and to predict what the legal rules will be. [177]
Productive forces, productive powers, or forces of production (German: Produktivkräfte) is a central idea in Marxism and historical materialism.. In Karl Marx and Friedrich Engels' own critique of political economy, it refers to the combination of the means of labor (tools, machinery, land, infrastructure, and so on) with human labour power.
Applied economics is the application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics (the other set being the core), [1] it is typically characterized by the application of the core, i.e. economic theory and econometrics to address practical issues in a range of fields including demographic economics, labour economics, business economics ...