This intersection is creating unprecedented challenges and unique opportunities.
Advances in understanding, theory and measurement must necessarily proceed 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.Project Gutenberg's The Problems of Philosophy, by Bertrand Russell This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever.
What is the purpose of a business information systems, and how does it aid organisational planning and communication in a business environment?
Read on. Risk is the potential of gaining or losing something of value. Values (such as physical health, social status, emotional well-being, or financial wealth) can be gained or lost when taking risk resulting from a given action or inaction, foreseen or unforeseen (planned or not planned).Risk can also be defined as the intentional interaction with uncertainty.
“The value of philosophy is, in fact, to be sought largely in its very uncertainty” In this quote, Russell is calling to our attention that the study of Philosophy, of rational, logical thinking, is inherently a quest for an answer, without any definitive answer. The value of philosophy is, in fact, to be sought largely in its very uncertainty.
The man who has no tincture of philosophy goes through life imprisoned in the prejudices derived from common sense, from the habitual beliefs of his age or his nation, and from convictions which have grown up in his mind without the co-operation or consent of his.
"The value of philosophy is, in fact, to be sought largely in its very uncertainty" MEANING philosophy doesn't offer concrete examples, it opends us up to new possibilities.
2) this is a positive thing, it challenges our believes and "dogmatism".