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The booming cities in North America used shovels to dig foundations and basements for the early skyscrapers. One hundred and two steam shovels worked in the decade-long dig of the Panama Canal across the Isthmus of Panama. Of these, seventy-seven were built by Bucyrus; [4] the remainder were Marion shovels. These machines 'moved mountains' in ...
Construction equipment being used to dig up rocky ground. Although humans are capable of digging in sand and soil using their bare hands, digging is often more easily accomplished with tools. The most basic tool for digging is the shovel. [1] In neolithic times and earlier, a large animal's scapula (shoulder blade) was often used as a crude ...
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
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 ...
Economics was the second Keynesian textbook in the United States, following the 1947 The Elements of Economics, by Lorie Tarshis.Like Tarshis's work, Economics was attacked by American conservatives (as part of the Second Red Scare, or McCarthyism), universities that adopted it were subject to "conservative business pressuring", and Samuelson was accused of Communism.
The front page quotes the motto of J. Willard Gibbs: "Mathematics is a language."The book begins with this statement: The existence of analogies between central features of various theories implies the existence of a general theory which underlies the particular theories and unifies them with respect to those central features.
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions.
Microfoundations are an effort to understand macroeconomic phenomena in terms of economic agents' behaviors and their interactions. [1] Research in microfoundations explores the link between macroeconomic and microeconomic principles in order to explore the aggregate relationships in macroeconomic models.