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Can you reflect a little bit on the changes you see in the profession, and how that factors in to the usefulness of economics? Is that a good thing? Does it make economics more useful? Giving examples of what has worked is very different from saying, "This is what you should do. I got my PhD in , and there's a way of counting that makes that 40 years ago.
And in that time, a lot of things have changed in economics. Game theory has entered economics. It used to be that if someone said to you he's an economic theorist, he mostly meant that he did general equilibrium theory. And now, he mostly means that he does some kind of game theory. Experimental economics has entered economics. Market design is starting to enter economics. And those are just the parts that I work in.
The day-to-day feeling is that change is very, very slow. That the process of convincing editors and referees that some new thing should be counted as economics, it day-to-day is a very slow process, but over the course of a career, it's very fast. I think there are a lot of scientific disciplines that fractionate, rather than incorporate new methods, in the way that economics has successfully done.
And, of course, economics is also welcoming to people like me, who didn't study economics. All my education was in engineering, in operations research, and I studied game theory. And it wasn't clear in where game theory was going to find a home, but it found a home in economics. I think that's a healthy sign for economics, so, obviously old people shouldn't give advice to young people about what to do next, but keep your eyes open, because there'll be lots of things that economists need to know that are coming from places other than other economists.
Not to tell you this is what you should do, but, if you find it intriguing, you might want to go there, and see if that's an interesting thought. And again, it's not surprising each of us thinks along certain lines, so we're all kind of coming back to our own theme, whether it's markets or so forth, and I've talked about innovation, and whole hosts of things. But when all of this innovation takes place and the change, and it's going on around the world, because every financial system, in fact every economy, but every financial system in response to these economies, has to have major revisions and changes.
China, for instance, is not just a big country. If it's going to take a role as kind of a world entity, it's going to have to vastly up what its financial system can do, and it's not just making the RMB a convertible, but that's only one case. You know, there's all around going on. What does all of this technological change mean? It's not like, it's like his phone. Or your computers.
Before you practically got it out of the box, it's already obsolete. Technology changes so rapidly, but that, in my view, is what's going on in the world. At least in finance, but since finance is not separated in the way I think of it from the rest of economics. I, again, only think of it as a strategic research site for insights. What does that mean? I would say that most of the time in economics, the perspective taken is what I would call an institutional one.
The institutions are the anchors around which you describe economic activity. In my part, the institutions are banks or insurance companies or pension funds and so forth. And, in fact, the term shadow banking, which you've all heard. What is that? It says there are firms out there doing what we think banks do, and they're not banks. Well, the reason shadow banking has to even be described, is because we choose to regulate and so the implementation of the way we think is institutionally. You regulate banks.
What is a bank? You define it as a legal entity with certain activities. One of the things I think you may find useful, is to consider using an alternative anchor, which is financial functions. If you do that, then the institutions can have a chance at becoming endogenous.
That is to say, you can begin to have a theory of the dynamics of institutional change, rather than do it. You can never do that, in my view, if you use the institutions as the anchors. So, we were talking about retirement. I alluded to an agrarian system. In the agrarian system, the institutions are family. That can't be done anymore when you have these changes.
If you use institutions, you're going to be walking around trying to figure out how you can fit into the institutional boxes you have used, the changes that are going on. If you know the retirement part of the life cycle is true for every country, it was true a hundred years ago when something had to be done, it'll be true a hundred years from now, it's highly stable.
And that's what you usually want for primitives, so I would suggest the whole area that's all connected to the things you're seeing, the technology and change, is to do that. Now, in periods that the past. Peter was saying we're all influenced by our environment, how we think, no matter how we step out.
In the past, there were vast periods, where financial systems didn't change very much at all. Banks were banks, and they did the same things, and so forth. In that case, you couldn't identify a difference between a functional or institutional because neither of them changed.
That's not the world you're in, and I don't believe that's the world you're going to, you know, be in going forward, in a big way. Rather than tell you what to work on, what I'm saying, as an example: Try to step back and look at the way the world is, and see if you can get some thoughts about maybe looking at it differently, and don't take as given what the last generation specified as the primitives or the way you have to think about it. And that would be as close as I can come to saying where to go, without violating Peter's principal, which I agree with.
And this seems to suggest that, maybe that's more valuable than doing basic research of a theoretical nature. But it is important to remember that sometimes serendipity, just your example, Bob, with the Arrow-Debreu doing the most abstractive things ending up being used to design actual securities many years later. Or, for that matter, when Gale and Shapley were writing 50 years ago on the differed acceptance algorithm.
That was an exercise in mathematical logic, and little did they know that Al would make that come true through the design of actual market systems. So basic science has this wonderful property of sometimes unexpectedly, completely showing up to be very, very useful.
Maybe this is a good time to ask people to come up with questions, and you can direct them to the panel at large, or to a member of the panel or however you'd like. And please, when I point at you, can you go to the mic? I saw you raising your hand. I have a question especially to Professor Merton about something you mentioned about responsibility for the advice economists give to politicians, for example.
On the one hand, you said that the closer you come to practise, be aware that the larger gets your responsibility for what your advice is. But on the other hand, you said economists who give advice should not be confused with the decision-makers who are in most cases then politicians. This could be a statement which could be understood as protecting oneself from responsibility, on the other hand, and so, I would like to, would be very thankful for the comments on this.
When I said the distinction between using all of your technical skills to create the best set of trade-offs you know how, that's because that's what you do, and others don't do that as well. I happen to be of the belief that once you come up to those trade-offs, it's not clear that the person who did that should also be the decision-maker of what trade-off you should make.
Where on that frontier. Just think of the simplest example of risk versus potential growth or return. Why should I make the decision for any large entities, let alone a country, on my preferences, what risk we should take, to get what grade of growth.
That seems to me, if it can be communicated, belongs to a decision in some way about some representation of what people in the economy want in terms of their preferences and capability. That's what I was trying to say in my remarks. Not to say, "Oh, well, you know. Whatever they do with this is not my problem. Well, this collective might not agree with me. And we have other mechanisms.
We talk about politicians and others, who are in one way or another, they're function, I think, is to try to represent and make decisions of those sort, at least as much as economists should decide. See, so that was the nature of that element. The other is, while you take responsibility, you can't take responsibility for what you don't control.
And if you don't control the execution of a strategy, you're not allowed to, you really can't be held responsible for it. The one thing that's not reasonable is hold people responsible when they don't have control or authority. That's how I would respond, pretty much, to your question. If you had a certain refinement, I'm happy to elaborate.
I feel like this is a once-in-a-lifetime opportunity. I am going to ask as a controversial question as possible to add some spark underneath all you guys. When I was doing a PhD. There needs to be an optimum number of lawyers in an economy. The idea was, you need some lawyers to help malfunctioning legal system.
But on the other hand, when you have more and more, at some point, they become a legal burden. They create more transaction cost to the economy, to function as efficient. The way that I interpreted this is if the legal system acquires a sort of market power, that would increase the surplus that goes to the legal system in terms of any economic activity, which, in turn, since the surplus is getting higher and higher, that would lure bright minds into that system, which then, are going to try to establish themselves in that system, make them indispensable to the workings of the economy.
So they actually try to increase their market power, and they are smart. They are going to actually, they might possibly, they have a chance to do that, and that this is going to feed them to a vicious circle. Basically, you could draw very similar conclusions to the whole profession as economics as well, maybe more importantly in financial system. There are many similarities. I guess the basic thing that I kind of get confused in my mind, when we are teaching economics, we praise competition.
You like competition. We don't like collusion, and we don't like market power, things like that that much. But what I observe in economies as a researcher or as a person that lives in an economy, even though the competition is good, when you leave them alone, every firm tries to increase their market power, and at the end, competition doesn't seem to be stable. At least for the part that we care the most. I'm going to bring that to the profession of economics, because, actually, the profession itself has some resources available to itself, legal resources to a certain extent available to itself, that increase the market power.
Actually they are going to get the higher surplus from the system, which in turn becomes, to a certain extent, from an economist point of view, becomes as efficient. I could make practical observations in terms of financial systems, like there is huge critics about financial system, in terms of that, like the huge amount of pay without increasing much productivity.
But I would like to just know what all of you think about this. It seems that the question is: have we passed the optimal number of economists? Take your pick. It said we're plugged into the profession. Couldn't we do something like getting government rules that you're not allowed to be a highly-paid consultant unless you have a PhD?
And then we could up tuition levels and the pay for economists. That was what you had in mind, right? I think it's interesting. He shook his head, no. I'm not surprised. I think it's interesting that many professions look for licencing under the cover of protecting people, and we certainly need some degree of licencing, and some degree of protection for people.
But we economists, perhaps out of our education of the value of competition, have never gone down that road, and that's a good thing. Evaluating the facts using the theory and the empirical work, recognising there are dimensions of your narrowly-defined economics training that enter into the real world that are not reflected, and review it, but I want to underscore the facts. You made statements about productivity. You made statements about too high pay, all of which may be absolutely true.
But I might ask you without asking you really, on what basis did you arrive at that as being something to quote, and if the answer is because, that's not the standard that's acceptable in our profession. We require a discipline. It's not we're any better than anybody else, but we require, if you want to carry, be a card-carrying economist, you have a discipline. And a discipline is, you have priors, you develop theory, you apply theory, and so forth.
You look at the data, and you try to make an assessment of what the facts are as best you understand that are relevant, and then what is the conclusion. And you try as much as possibly to let the conclusion be what all of that gives, and nobody does that perfectly. But that's a very important thing, because there's a lot said, and I could give you many cases, repeated over and over, some by very eminent people, even some eminent economists, based on a stated fact that wasn't true, but when it's repeated enough Well, if I heard three people say it, and of that stature, it must be true.
Never check the data. But, going back to what Peter said on competition, if I'm thinking of my world, because you alluded to the financial world, it's probably after medicine, the most regulated industry out there. Maybe you'll find a better one.
Maybe airlines, but I would say it's a good candidate. Is regulation bad or good? No, I'm just stating what I believe to be a fact, and one of the consequences of regulation may not be intended. In some cases, you alluded people with power would use this, because government is a very powerful tool for protecting your interest.
If you can get government to do what you want, but one of the unintended, I hope unintended consequences, it raise costs. Regulations, legal things, all of these things that in the abstract sound very good and may well be, also impose costs, and those costs are disproportionately imposed on the new, the innovative, the ones who are trying to take over and compete away the established.
We're always at that, again, trade-off, that we make those who are already there, that have the scale, you give them additional advantages whenever you create barriers of cost of entry. So, we need to analyse that. I'm not saying that's the reason this happened. I'm not even sure I agree with your facts, but if you presented them all, I would just suggest you have to look at the whole of these things, and recognise that every group is trying to have its influence or power for their interests.
And I think that's part of the role of the political system is to, you know, trying to do that. I think it's very important, but I think that competition is pretty powerful. Take a look at all the large financial firms, or firms providing financial services. And look at the ones that were doing that 20 years ago, let alone 40 years ago. You'll find that very few of those are anywhere close to being important or influential in the past. Different countries, that's not, you know, it's different, but I'm thinking of let's say in the U.
This image that somehow they got the power and that's it If you have innovation or technology that enables a reason to be able to do things better, and you have relatively few barriers to entry. In finance, and I'll quit on this, I mentioned it's a global business.
You have global competition. People speak English. They do it, and the universal language of finance is English, so if you're in there, you can do it. Companies can, through the modern technologies, Unibanco in Brazil, can compete in the equity markets in the United States against Citibank through the new technologies. And Citi Bank can compete with Unibanco, and Google could create certain financial services, provided the regulators would let them, that would likely, could drive several of these companies either out of business, or force them to change what they do.
Competition, if it's allowed to do it, is about the best I know, way to do it. Hiring a benevolent dictator, and well-informed, so you have to be both benevolent You have to be willing to do the right thing, and you have to know what the right thing is to do. We all know can be pretty efficient, but those adjectives are rarely satisfied.
Hi, my name is Nadia. As today we are talking about how economics is useful, I want to provide you two numbers: However, only 8 people are currently working on an energy policy, sustainability, climate change. So was wondering, what do you think about that? And what do you think, if there is a role for economists in this field, why economics and economists are not really focusing on climate change, and sustainability, that actually is one of the most pressing issues, worldwide.
And then I also wanted to recast: please use your knowledge, your expertise, and also your name to get more in touch on those topics. Go ahead. I think there are more than eight people in the world working on that. Certainly add MIT. There's a large initiative. A lot of that, of course, is coming out of the science and engineering part, but at MIT, economists are integrated into lots of different issues.
There is, in fact, an ongoing seminar: that's computer scientists and economists to interact with each other by having alternate weeks different speakers around the same kinds of issues. But, what you've raised is, we don't have a benevolent dictator saying, And you're suggesting, because it's important, there should be more people, and Bob would say, But the point is, it is decentralised, and merely the fact that the topic is important is not sufficient to know how much work economists should be doing at it.
Because part of the question is: what can economists accomplish in the process of working on that? And, how much of that relates to the kind of research that young people have comparative advantage of doing, as opposed just to trot out an example.
Nick Stern organised the British government report on climate change, drawing on scientists and economists. He was working for the government. He had a great deal of prestige, connections, and was in a place to put something on the agenda.
A young researcher can't do that. A pension economist or macroeconomist saying, "This is important. This is important. I think we have to ask the question, how do we find something both interesting, worthwhile and contributory for young researchers to do, and I think if you write a paper that people sit up and take notice of, other people will sit up and take notice of the opportunity.
So, the burden's on you. I definitely agree that you can't judge how much effort should be put into a topic by its importance. Just as old people shouldn't tell young people what to do, by and large, we don't tell each other what to do, and we have the idea that people look for ways into problems, and that studying the most important problem directly, is not always the best way to make progress to solve the important problems.
So to give a medical analogy: I don't know of anyone whose research agenda is to study how to prevent death. That's clearly an important medical problem, but the doctors and medical researchers I know all study smaller problems. How to do kidney surgery. How to fix broken bones. How to cure cancer. Some of those come closer to solving death than others, but it just doesn't make any sense to put in a grand proposal today that says, "My object is to solve death," because that's not the margin on which biologists and doctors can make the most progress right now.
So what we do as economists is we look for the margins where we can make progress. There are vast areas that we don't know about, and some of those are very important, but it's not clear that, as Peter says, that those will have the highest payoff in the short term, in the lifetime of any given economist, to be the things that we should work on. Of course climate change is important, and, of course, we should think about how we can contribute to that, but the contribution that scientists make is often at the frontiers of knowledge.
It's where we know something, and where we almost know something, and not where we know very little. What are the main and the best energy policy to support clean energy investment, so we are not seeing, "Oh, climate change is important. For instance, I'm working on financing, financing clean energy, that's just one example on what we can do. So, but, thanks for that. In many countries, media can manipulate views of citizens on economic issues. This in turn can make that preference, this political preference, and so on.
Academic journals usually are limited to students and researchers who have subscriptions to the journals. And I believe in academic journals, the conclusions are more objective than in media. My question. I wanted to say that there also people who are not in the industry, people who just have general interest in economic issues.
They cannot access these journals, because of the high costs. I can understand that there are probably pro and cons of opening access of these journals to broader audience, and I would like to hear your opinion about this. Someone want to speak to that?
There is a genuine cost to be covered of making information available, where we're talking about not, "Oh, I put something on my Facebook page" and "it was short enough for people to read. There's a process there that has real costs. In part, there are, there is some willingness to finance greater access through some mechanisms, such as an open access journal.
You can create one. There is also, and I think it's worth recognising, that while published things often have costs associated with them, the working papers are often readily available. Surely, you know, you don't keep up with what's happening in the profession by waiting until things are published. I think the issue of pricing, and the incentives for organisations to do things to make things more available, is important.
The American Economic Association, and I played a small role in this process, added more journals, because as a non-profit, as an association interested in expanding the availability of economic analysis, they charge a lot less for journals than the commercial ones.
And the charges significantly affect the extent to which things are in libraries. Many libraries are free access to lots of people, so I think we've got to recognise, there are multiple ways of communicating, multiple incentives for different groups. And I wouldn't pick out one, and say: "This is "just what we need, and then we don't have to worry about the rest.
The number of papers being published by economists are far more than any person can keep track of. We all use some kind of screening device, and some of it is somebody saying, posting on a webpage. Outside economics, I sign up for several, sometimes dailies, sometimes weekly emails of things that some group of people found interesting.
And if I read some of them and find them interesting, I don't unsubscribe, which is one of my favourite activities on the internet. I think we've got to recognise diversity and, if you have a particular example in mind, yes, there may be a niche for it that would be useful. I'm very glad to be here.
I'm so lucky. Rather than one question answered by all panellists, please allow me to address one question for each panellist. The first one, I address this question to Professor Diamond. Since I am working for the central bank: What do you think about one world, one central bank, one currency?
It will have probably external influence to other countries, because exchange rate crises or exchange rate shocks will hurt a country. The second one, I address this question to Professor Roth. What do you think, what went wrong with the so-called neo-liberal economic theories, so that some people are just not happy with that? And the last question I address to Professor Merton. We have developed so many model theories in everything. And we have so many practise people in this world, and some of them are here.
What is the role of laureates in the recent financial disasters? I'll go very quickly. There is a sizable literature on optimum currency areas, and, I can say, I've never read that literature. And while it is common, and this is another example for a laureate to be asked all sorts of questions, about which he has no expertise, and it's perhaps too common to answer them anyway.
I do some of that. Let me just say, I'm not answering. The question addressed to me was, what went wrong with neo-liberal economic theories. I don't understand the question. I'll have to pass. If I heard it right. I wasn't quite. You weren't quite clear at the end. Is it my personal responsibility for the financial crisis? This reminds me of an Ayn Rand novel. The John Galt of the world. I don't think so. But to be serious in it, obviously the answer to that's very complicated.
But I don't think you can attribute, and there's no basis for attributing it to simply models, because I could say lack of models, poorly designed models, or what's most important, and this I will say, because some of heard me talk, heard me say this before, the rest of you haven't. How many times do you hear people say it was bad models? That's not a well-defined thing in my view. To understand what's a good or bad model, you need a triplet, the model, the user of the model, and the application, and you cannot judge the model independently of the other two.
For one application, the right model might be something like it's called a standard model; purely empirical, looking at high-frequency data. Because if you're making markets at that speed, all the structural models have no meaning. If you're designing a model, let's say for the expensing of stock options, because they are now, by accounting, have to redo it, the accuracy in terms of market price is secondary. What's really important is that it's auditable, meaning somebody can reproduce it, the number.
That it's comparable, meaning the numbers are the same in these different balance sheets. That it's relatively cheap to do if you're going to impose it on everyone. In that case, the accountants chose to use a simple Black-Scholes formula, which is a very spatial case of for example the work that Myron Scholes, Fisher Black and I did, because everybody understands it, it's transparent.
They had rules on how you computed the inputs, and so, when you see that number for Cisco, or if you see that number for Microsoft, they're comparable by the way they were computed. And anyone can reproduce them, because you know the rules. For an accounting application, that's far more important, than whether that's something you would ever pay to trade. I don't really, we'll take too much more time, but I'm saying to you, those are the kinds of things you've got to come to deal with before you even make this assertion.
Because it sounded a little bit like say, you know, what's it like to be an axe murderer? Do you take responsibility for it? And there's a presumption in that sentence, which I don't quite agree with. Take the question from the first microphone.
Economics, as you said, is a very welcoming discipline. We've taken in a lot of ideas or new fields, sometimes coming from other directions. And it's also a very proliferating field, so we've seen, for example, law and economics proliferating, or political science using a lot more economic methods. But sometimes the growth of economics in these other fields can crowd out methods which were already there. The growth of law and economics could crowd out legal reasoning. The growth of quantitative methods in political science may crowd out their qualitative methods.
What do you see as the role of economists in these sort of proliferation of economic methods? Is it our role to incorporate some of their methods in return? Incorporating things like sociology or philosophy when studying things like repugnant markets, or is our role to educate others in better using the economist toolbox. Or finally, are there in fact some areas in which economics cannot be useful?
So as Professor Merton said earlier, are there questions which, you know, we can lay out the trade-offs, but leave to someone else the aggregation of preferences? Economics is what people do. It's all the ways that people cooperate and coordinate and compete, and organise themselves. So I think that there aren't natural disciplinary boundaries in what we study, although there may be disciplinary boundaries in how we study it.
But our obligation as economists is to bring what we can from wherever we can to help us study the things that we study. But I don't think of behavioural economics, economics and psychology, say, as crowding out traditional economic methods. I think of it as supplementing them. I don't think of economic sociology or economic geography as crowding out traditional, other things that economists do.
In the same way, I would imagine that it's the job of legal scholars to decide how useful they find thinking of the economic consequences of laws as their basis, as how useful are these compared to other kinds of legal scholarship. So I don't think we have a big role in policing the use of economics in other disciplines, but we should be very careful not to miss out on advances that are being made in other disciplines that we should know about.
My name is Christopher. I'm from the Central Bank of Iceland. I only have one question. Well, actually, I was going to ask this question yesterday, but on the panel discussion yesterday, they ran out of time, so if you don't like the question, it's not my fault. On the first panel discussion, we were talking about big data, how useful is it, and what to avoid, and stuff like that.
On yesterday's discussions, they were talking about mechanism designs. And they mentioned the name Hayek there, so a quote came to my mind. It's like, "The curious tasks of economics is to demonstrate to man how little they really know about what they imagine they can design. Starting from that place, my initial reaction is that your question left out: what's the alternative? If we're looking at some allocation problem, and economists are going to analyse how it's going to be done, the question isn't: can you do it?
The question is: can you do it better than it happens otherwise? If you'll excuse me, I reject your question. I think we've heard a lot fewer than four answers for most of the questions today. But you mentioned a lot about the fact that despite journals are expensive, that quite a bit of our economic knowledge and our working papers are available for free.
There has been this proliferation of free or nearly free economic scholarship, both with proliferation of economists, journals, availability of working papers, so much so that if I wanted to only read minimum wage papers that say that "minimum wages have devastating consequences for employment", I could do so.
And never have time to read any other papers about anything. Which has led to, I think we saw this in the last political debate over the minimum wage, that CNN seemed to report that all scholarships said one thing and Fox News appeared to report that all scholarships said the opposite. What do you think about our responsibility as economists and the creators of this knowledge to portray it in ways in which we accept that there are differences of opinion and differences in methodology that lead to these different answers.
So that when it's used by policy makers, that they can't sort of just go in one vein, and choose the pieces of scholarship that agree with them, rather than making an opinion based on the plethora of scholarship. It's very difficult to I can't think of any way to write a paper, even if you said in your paper, there's no way that the line in your abstract that supported somebody's position wouldn't be what they remembered from the paper.
For example in medicine, if you have a problem, some experts, top of the line experts, would say surgery is the best solution. Others say chemicals. The third says something else. All of them have data. At some point, either you have to hire someone who you think would make the best decision for you among those three, but you're sometimes asking for a convergence that is rare to find in any field.
I'm just saying that is a generic issue. But I think the other thing you're exemplifying, and which economics would have told you, Peter had mentioned feedback: The less expensive you make it to have it, both for people who write, who want to get an audience, and for people who want to read, but don't want to pay for it And therefore, you then found yourself with perhaps the unintended consequences.
You say, if you had to go back to the root sources, you could spend your entire life reading on one subject. So then you go back to what Peter was alluding to earlier about journals. You would probably hire somebody to say, "Which of these papers should I read? It's also true, because of blogs, and because you can get them easily, you don't have to have one person. You can get a stream of those, but then you're probably going to have the blogger to tell you which of the bloggers.
You know what I'm saying? I don't have an answer, but I would just point out to you that that's a feedback or instance of lowering the cost, and so in some sense, with respect to an earlier question, there's probably evidence that it's going in the right direction, at least making availability, if not practical availability. And we rely on things like the Journal of Economic Literature, the Journal of Economic Perspectives to try to get a balanced picture available. The issue of how to get the public more aware.
I think the media references you gave us, are not of people who are unaware of the ability to acquire a balanced perception. I think we're really talking in the realm outside the education and research that I consider to have been my job, and I still do I guess, but rather, "gee, wouldn't it be nice if society were different? So if you read Matt Gentzkow and Jesse Shapiro, people like that, they think there's a reason why Fox News presents one point of view and you can turn the channel and get a different point of view, and they think that that's filling a demand.
So it has something to do with the kind of news we like to listen to, that we get the kind of reporting that we get. I think that's testimony to the success of this panel, but I get strong signals from the real power that we ought to stop. I'm not going to try to summarise this discussion, which was very interesting.
If there is one idea that came out of it, it's this idea about the economist as an engineer, working on a gradual improvement of design of systems. And that comes pretty close to the views of Keynes. If I may remind you of the Essays in Persuasion written 83 years ago, when Keynes said, that would be splendid. And with that, let's close the panel.
Thanks to the panellists and thanks everyone for coming. And now I wish everybody a good lunch. See you later on. Wir werden allerdings versuchen, dies mithilfe spezifischer, konkreter, materieller politischer Fragen zu tun. Wir unterteilen diese Diskussionsrunde also in drei Abschnitte. Und dann im letzten Abschnitt, gehen wir auf Fragen des Publikums ein. Und es gibt eine Reihe von Elementen, die hier herausstechen.
Ach je Steve Levitts Buch, Freakonomics. Danke, Danke. Anreize sind wichtig. Aber Gleichgewicht hat zu viele Bedeutungen. Es gibt Feedback, das wichtig ist. Und als Drittes legen wir ein besonderes Augenmerk auf die Differenz zwischen Korrelation und Ursache. Als also die Obama-Regierung sagte, dass das Konjunkturprogramm bei der Erholung der Wirtschaft helfen wird, und dies nicht eintrat, war die allgemeine Reaktion, dass das Konjunkturprogramm fehlgeschlagen ist.
Wir arbeiten mit formalen Modellen. Ausreichend bezieht sich hier auf einen Besitz, der nach der Pensionierung im Vergleich zu dem, was Sie vorher hatten, Sinn macht. Das erschwert die Gestaltung einer Investitionsplanung. Bei der einen Rolle geht es um die Erstellung von staatlichen Regulierungen. Und es gibt steuerfreundliche Richtlinien, die einen Anreiz liefern sollen, um mehr zu sparen.
Was hat man aus dem Regulierungsmangel gelernt? Jahrhunderts ohne diese Regulierung aussah. Es geht eher darum, dass wir mehr gute Regulierung und weniger schlechte Regulierung brauchen. Es gibt immer Kompromisse. Die andere Rolle der Regierung ist es, Vorgaben zu erteilen. Die Welt ist komplex. Hier basierten die Zusatzleistungen auf Ihren besten 16 Jahren. Stellen Sie sich das mal vor? Wirkt sich das darauf auf, wie hart Sie arbeiten, um Geld zu verdienen? Schweden unterlief meiner Meinung nach das beste Beispiel einer hervorragenden Reform Mitte der 90er Jahre.
Irgendwie arbeitet man immer in der Hoffnung, dass man etwas Gutes bewirkt, und in dem Bewusstsein, dass man das Resultat wahrscheinlich nie erfahren wird. Die Menschen innerhalb der Regierung sind eher bereit, ihre Rolle zu erkennen und wie diese funktioniert. Schweden machte es zu einem kleinen Teil des Systems und gestaltete es sehr gut. Hierbei handelt es sich also um eine anhaltende Debatte. Vielen Dank. Aber es ist eine guter, wie ich glaube, strategischer Forschungsansatz zur Untersuchung der relevanten Frage.
Finanzen sind auf jeden Fall ein globales Thema. Es ist eine globale Sache, und dies trifft zunehmend zu. Man muss akzeptieren, dass das eine mit dem anderen Hand in Hand geht. In meinen zehn Minuten, werde ich nicht auf alle Verbesserungen eingehen, die im Risikotransfer gemacht worden sind, und welche Auswirkungen die letztlich auf die wirtschaftliche Entwicklung und das Wachstum hatte, die aus dieser Art von Forschung resultierten.
Sie betreiben keine Forschung in der akademischen Welt, sondern setzen ihre Arbeit in die Praxis um. Hierbei handelt es sich um die Naiven, wie wir sie nennen, aber auch, weil die Menschen nicht wirklich wissen, wie sie richtig anzuwenden sind, oder, wie sie richtig zu handhaben sind. Und wir nennen sie die Narren, aber wo es Narren oder Naive gibt, kann das Endergebnis sich negativ auf dieses Finanzsystem und die Wirtschaft auswirken.
Man erzielt diese nicht, ohne ein Risiko einzugehen. Aber, wie Sie ebenfalls wissen, liefert es auch Vorteile. Der Trick, und die Herausforderung ist, wie man zwischen diesen zwei Dingen, ein Gleichgewicht herstellt. Alle dominanten Strategien wurden entweder umgesetzt, wenn sie gut waren, oder man wurde sie los, wenn sie schlecht waren.
Sie bringen Ihr Know-how ein, um die effizientesten Kompromisse, die Sie kennen, zu schaffen. Und das ist eine Kunst. Es sind jene Punkte, die uns manchmal Schwierigkeiten bereiten. Wir erben eine Sprache, und wir nutzen sie, um miteinander zu kommunizieren. Was wir tun, ist, Designteams zu bilden. Ich bin ein Theoretiker. Wir haben eine Theorie, die hilfreich ist. Aber das Boot, auf dem wir uns hier auf dem Bodensee befanden, unterscheidet sich wesentlich von den ersten Booten.
Ein Grund ist, dass das Wissen sich erweitert hat. Aber es gab ein paar Themen, die angesprochen wurden, die Gemeinsamkeiten haben. Der zweite Punkt dreht sich um die Idee, dass die Weitergabe von Wissen sehr wichtig ist. Hier gibt es weitere Gemeinsamkeiten.
Gibt es einige allgemeine Lehren, auf die Sie hinweisen wollen? Alles, was Ihnen in den Sinn kommt. Was sind die Kompromisse? Auch wenn Sie nicht damit einverstanden sind, nehmen Sie vielleicht trotzdem an ihr teil. Wir tun dies nicht bewusst, aber wir lassen uns von unserem Unterbewusstsein sehr beeinflussen. Und wenn man sich die Zahlen in Bezug auf die Politik der Menschen ansieht, findet man hier eine gewisse Korrelation.
Und ich glaube der Prozess hier ist komplex, weil die politische Seite hier von Natur aus komplex ist. Ich glaube es gibt viele Dinge, wo viele nicht wissen, was zu tun ist. Ich habe mir Dinge in der Vergangenheit angeschaut, wo dies sehr deutlich wurde. Wir haben finanzielle Paniken durchlebt. Mir kommen hier die Bemerkungen des Kanzlers im Kopf, aber lassen Sie uns nicht zu weit in diese Richtung gehen.
Und in Bezug auf die Wiederwahl, hierbei geht es wirklich um einen Umdenkungsprozess. Das ist, meiner Meinung nach, die Aufgabe der Politik. Es ist einfach nicht praktikabel. Und ganz klar ist, dass es manchmal in der Vergangenheit ebenfalls nicht praktikabel war, denn es kann gut sein, dass ein System zu jenem Zeitpunkt in Ordnung war, aber mit der technologischen Weiterentwicklung, kann man eben jetzt Dinge tun, die man zuvor nicht tun konnte.
Das sind also Dinge, die Sie konnten es einfach nicht tun. Nicht, weil es falsch war. Nicht wegen des schlechten Designs. Es gibt immer eine Tendenz Dinge mit der Vergangenheit vergleichen zu wollen. Dennoch wurde diese Aussage von ernstzunehmenden Leuten gemacht, die die Meinung der Politiker oder wer auch immer daran arbeitete, reflektierte. Sie haben einen Traum. Sie haben eine Idee.
Sie werden es machen. Es muss nicht immer dieser Weg sein. Es gibt schlechtes Marketing und es gibt gutes Marketing. Es ist gibt schlechte und gute Bildung. Sie haben sie in Ihrer Tasche. Sie finden Sie im Internet. Wenn Sie Dinge im Internet kaufen, dann sind Sie weniger anonym als man es glauben will. Deshalb schauen sich zum Beispiel nationale Geheimdienste gerne die Metadaten von Telefonaten an.
Ich glaube es gibt auch eine andere Dynamik, die junge Forscher treibt, und hierbei handelt es sich, um das, was innerhalb des Berufes vor sich geht, was seine eigene Dynamik hat. Zu jener Zeit lag ein bestimmter Schwerpunkt auf der Grundlagenforschung. Heutzutage werden viel mehr Abhandlungen, Dissertationen zu empirischen Themen mit neuen Techniken geschrieben.
Zu jener Zeit waren die Wirtschaftswissenschaften ein wenig isolierter unter den Sozialwissenschaftlern. Hier scheint es auch eine treibende Kraft in Richtung eines eher praktischen Ansatzes zu geben. Ist dies eine gute Sache? Ich gebe auch zu, dass ich nicht mehr ganz auf dem Laufenden bin.
Ich promovierte , und so wie ich es berechne, also vor etwa 40 Jahren. Die Wirtschaftswissenschaften wurden durch die Spieltheorie erweitert. Die experimentelle Wirtschaftsforschung ist Teil der Wirtschaftswissenschaften geworden. Das Marktdesign beginnt sich in Richtung Wirtschaft zu bewegen. Und dies sind nur die Bereiche, mit denen ich arbeite. Meine gesamte Ausbildung basierte auf Ingenieurswesen, in der Unternehmensforschung, und ich studierte Spieltheorie.
Was bedeutet all dieser technologische Wandel? Es ist wie mit diesem Handy. Oder Ihre Computer. In meinen Bereich sind die Institutionen Banken oder Versicherungen oder Pensionsfonds und so weiter. Wobei handelt es sich hier?
Wir regulieren die Banken. Was ist eine Bank? Wenn Sie dies tun, dann haben die Institutionen die Chance endogen zu werden. Man kann dies nie tun, wenn man die Institutionen als Anker verwendet. Definition en-GB : Matters pertaining to the advancement and refinement of the human mind, of interests, skills, tastes and emotions. Related concept skos:exactMatch : medtop Name en-GB : archaeology.
Definition en-GB : Probing the past through ruins and artefacts. Broader concept : subj Related concept skos:broader : subj Name en-GB : architecture. Definition en-GB : Designing of buildings, monuments and the spaces around them. Name en-GB : bullfighting. Definition en-GB : Classical contest pitting man against the bull. Name en-GB : festive event including carnival. Definition en-GB : Parades, parties, celebrations and the like not necessarily tied to a fixed occasion or date.
Name en-GB : cinema. Definition en-GB : Cinema as art and entertainment. Name en-GB : film festival. Definition en-GB : National and international motion pictures festivals, selections, festival juries, nominations, awards etc. Name en-GB : dance. Definition en-GB : The expression of emotion or message through movement. Name en-GB : fashion. Definition en-GB : The design of clothing and accessories. Name en-GB : jewelry. Definition en-GB : Accessories to clothing.
Name en-GB : language. Definition en-GB : The means by which people communicate with each other. Name en-GB : library and museum. Definition en-GB : Edifices used to house collections of books, music, art, or objects from the past and present for public use and display. Name en-GB : literature. Definition en-GB : The use of pamphlets, books or other printed matter to convey ideas, stories or other messages for the public.
Name en-GB : fiction. Definition en-GB : Structured stories that are usually not based on fact but are the creation of the authors imagination. Name en-GB : poetry. Definition en-GB : The art, structure, forms of poetic expression. Name en-GB : music. Definition en-GB : Expressing emotion or message through instruments or voice using different sounds, tones, harmonies and the like.
Name en-GB : classical music. Definition en-GB : Music that follows classic structures of rhythm and harmony. Name en-GB : folk music. Definition en-GB : Music that developed from folk cultures, often based on story-telling. Name en-GB : jazz music. Definition en-GB : A music of diverse harmonics, often improvised. Name en-GB : popular music. Definition en-GB : The latest fad in music, generally aimed at the younger generation. Name en-GB : country music. Definition en-GB : Similar to folk but is unique to the United States and is less about story telling than about loves sought and lost.
Name en-GB : rock and roll music. Definition en-GB : Popular dance music developed in the s. Name en-GB : hip-hop. Definition en-GB : A contemporary urban music originating in the s. Related concept skos:broadMatch : medtop Name en-GB : painting. Definition en-GB : Using the mediums of oils, watercolour, pastel, pencils, chalk, crayon etc on various grounds to express emotion or message.
Name en-GB : photography. Definition en-GB : Mechanical means of creating images of objects by use of light and light sensitive materials with chemicals or by digitals means. Name en-GB : radio. Definition en-GB : Radio as art and entertainment.
Name en-GB : sculpture. Definition en-GB : Representation of forms in clays, stone, woods, metals or other materials. Name en-GB : plastic art. Definition en-GB : Forms of hand created art including installations. Related concept skos:closeMatch : medtop Name en-GB : television. Definition en-GB : Television as art and entertainment. Name en-GB : soap opera. Name en-GB : theatre. Definition en-GB : Telling of a story or idea through dialogue, music and physical expression in a space or building designed for it.
Name en-GB : music theatre. Definition en-GB : Opera, operetta, music revues etc. Name en-GB : monument and heritage site. Definition en-GB : Areas containing commemorative objects for historical people or events. Definition en-GB : NA. Name en-GB : customs and tradition. Definition en-GB : A particular way of behaving, or observances that have developed over time by a group of people.
Name en-GB : arts general. Definition en-GB : The collective expression of message or emotion through music, literature, painting, theatre or other means. Name en-GB : entertainment general. Definition en-GB : The collective use of television, radio, theatre, music and the like for the amusement of people.
Name en-GB : entertainment award. Definition en-GB : Awards for achievement in the entertainment industry, such as the Oscars for film, the Booker Prize for Literature, the Grammys for music, or induction into halls of fame. Name en-GB : culture general. Definition en-GB : The ideas, customs, arts, skills of a particular group.
Name en-GB : cultural development. Definition en-GB : The history of the development of art and culture such as the rise of cave paintings, pre-Colombian art, Chinese paper-making, anything non-political. Name en-GB : nightclub. Definition en-GB : A commercial establishment providing music, or other entertainment along with food and drink to selected clientele.
Name en-GB : cartoon. Definition en-GB : Still images such as editorial cartoons and comic strips. Name en-GB : animation. Definition en-GB : Animation, including full-length and short cinema, artists and merchandising of goods featuring animation characters. Name en-GB : mass media. Definition en-GB : Television, radio, magazines, newspapers etc.
Name en-GB : periodicals. Definition en-GB : Written material that is usually published weekly, bi-weekly, monthly or annually for a long time. Name en-GB : news media. Definition en-GB : Television, wire services, radio that collect facts about incidents, developing and presenting them to audiences as a whole story.
Name en-GB : newspapers. Definition en-GB : Daily or weekly publications that present the day to day history of the world, as well as features, comics etc. Name en-GB : reviews. Definition en-GB : A critical look at someone else's work, whether film, theatre or writing. Name en-GB : internet. Definition en-GB : Internet as art and entertainment. Name en-GB : history. Definition en-GB : Issues connected with the past; discoveries, repair, conservation or display of artifacts; anniversaries of historic events.
Name en-GB : crime, law and justice. Organizations and bodies involved in these activities. Name en-GB : crime. Definition en-GB : Violation of established laws by individuals, companies or organizations. Name en-GB : homicide. Definition en-GB : Killing of one person by another. Name en-GB : computer crime.
Definition en-GB : Theft or destructive behaviour using a computer. Name en-GB : theft. Definition en-GB : Unlawful taking. Name en-GB : drug trafficking. Definition en-GB : Dealing in illicit often harmful substances. Name en-GB : sexual assault. Definition en-GB : Sexual battery of one sex against another. Name en-GB : assault general. Definition en-GB : Battery, slugfests, brawls and threatening behaviour.
Name en-GB : kidnapping. Definition en-GB : To seize and detain or carry away a person against that person's will by unlawful threat, force or fraud. Name en-GB : arson. Definition en-GB : Intentional setting of fires with criminal intent.
Name en-GB : gang activity. Definition en-GB : Criminal activities by groups of individuals, usually in urban areas, who are allied by common territories, languages, ethnic backgrounds but generally are loosely organized. Name en-GB : terrorism. Definition en-GB : Violence against people to create fear in order to achieve political or ideological objectives. Name en-GB : judiciary system of justice. Definition en-GB : The system set up to deal with crime and those who do them.
Name en-GB : lawyer. Definition en-GB : Anyone legally able to represent another person or entity in a legal matter, such as a lawyer, solicitor, barrister, procurator, notary. Name en-GB : judge. Definition en-GB : Members of the bench that sit in judgement. Name en-GB : court administration. Definition en-GB : Court clerks, bailiffs, stenographers etc.
Name en-GB : police. Definition en-GB : Agents of the legal system set up enforce the laws. Name en-GB : law enforcement. Definition en-GB : Agencies involved in attempts to prevent disobedience to established laws, or to bring to justice those that disobey those laws. Name en-GB : investigation. Definition en-GB : Process of inquiry of a possible crime up to the point of arrest. Name en-GB : arrest. Definition en-GB : Detention of a suspect of a crime.
Name en-GB : punishment. Definition en-GB : The retribution handed out to those who break the laws. Name en-GB : fine. Definition en-GB : Monetary punishment. Name en-GB : execution. Name en-GB : prison. Definition en-GB : Also know as jails, lockups, calaboose, etc. Name en-GB : laws. Definition en-GB : The codification of rules of behaviour.
Name en-GB : criminal. Definition en-GB : The criminal code system. Name en-GB : civil. Definition en-GB : The civil code system. Name en-GB : justice and rights. Definition en-GB : The equitable administration of laws and regulations. Name en-GB : civil rights. Definition en-GB : Rights of individuals under civil law. Name en-GB : trials.
Definition en-GB : The process by which guilt or innocence, or right or wrong is determined and adjudged. Name en-GB : litigation. Name en-GB : arbitration. Definition en-GB : Resolution of disputed issues by a neutral panel. Name en-GB : court preliminary. Definition en-GB : Pre-trial events including pleas, bail, motions, discovery, depositions.
Name en-GB : prosecution. Definition en-GB : Stories regarding activities and investigations by public prosecutors. Name en-GB : defendant. Definition en-GB : The person on trial. Name en-GB : witness. Definition en-GB : A person who testifies. Name en-GB : organized crime. Definition en-GB : Crimes committed by gangs or criminal groups. Name en-GB : international law.
Name en-GB : international court or tribunal. Definition en-GB : The activities of international tribunals such as European court for human rights, Hague tribunal, International Court of Justice etc. Name en-GB : extradition. Definition en-GB : Legal transfer of criminals or suspects between countries. Name en-GB : corporate crime. Definition en-GB : Misdeeds of corporations and corporate officers. Name en-GB : fraud.
Definition en-GB : Intentional deception that causes others to give up rights or property. Name en-GB : embezzlement. Definition en-GB : The intentional theft of money left in one's care. Name en-GB : restraint of trade. Definition en-GB : Interference in free competition in business and trade.
Name en-GB : breach of contract. Definition en-GB : Rupture of legal agreements between companies, and with customers. Name en-GB : anti-trust crime. Definition en-GB : Violations of laws against monopolies. Name en-GB : corruption. Definition en-GB : General business misbehaviour. Name en-GB : bribery. Definition en-GB : Payments or benefits to influence the outcome of a legal case.
Name en-GB : war crime. Definition en-GB : Crimes committed during a war or armed conflict, usually against civilians or POW's, including the prosecution of such crimes. Name en-GB : inquest. Definition en-GB : Formal investigation of sudden or unexpected death and the hearing to decide cause of death.
Name en-GB : inquiry. Definition en-GB : Formal hearing involving a disaster, political event etc. Eg rail crash, drug prescription scandal. Name en-GB : tribunal. Definition en-GB : Formal hearing usually involving employment issues, property etc.
Name en-GB : disaster and accident. Name en-GB : drought. Definition en-GB : A severe lack of water over a period of time. Name en-GB : earthquake. Definition en-GB : The shifting of the tectonic plates of the Earth, creating in some cases damage to structures. Name en-GB : famine. Definition en-GB : Severe lack of food for a large population.
Name en-GB : fire. Definition en-GB : Ignition and consumption of materials through a combination of high heat and oxygen. Name en-GB : flood. Definition en-GB : Surfeit of water, caused by heavy rains or melting snow, usually in places where it's not wanted.
Name en-GB : industrial accident. Definition en-GB : A mishap in a factory, a shop or an office, potentially harmful to humans. Name en-GB : structural failures. Definition en-GB : When a building, bridge or other structures collapse because of unexpected forces or poor design. Name en-GB : meteorological disaster. Definition en-GB : A weather-related disaster.
Name en-GB : windstorms. Definition en-GB : A storm of high velocity but non-hurricane force movements of air with little or no rain or hail. Often highly destructive. Name en-GB : nuclear accident. Definition en-GB : A mishap involving radioactive materials. Name en-GB : pollution. Definition en-GB : Emissions of unwanted materials in areas where it can be harmful. Name en-GB : transport accident. Definition en-GB : An accident involving one or more vehicles.
Name en-GB : road accident. Definition en-GB : Accidents on roads. Name en-GB : railway accident. Definition en-GB : Accidents involving trains. Name en-GB : air and space accident. Definition en-GB : Accidents involving craft in air or space. Name en-GB : maritime accident. Definition en-GB : Accidents involving marine vessels. Name en-GB : volcanic eruption. Definition en-GB : A rupture in the skin of the Earth allowing molten material to escape to the surface.
Name en-GB : relief and aid organisation. Definition en-GB : Organizations set up to provide help to those in need because of lack of food, water or shelter. Name en-GB : accident general. Definition en-GB : Any unplanned event that causes unwanted consequences. Name en-GB : emergency incident. Definition en-GB : A sudden, unexpected event that requires immediate action. Name en-GB : explosion. Definition en-GB : Sudden eruptions, usually of chemical substances.
Name en-GB : disaster general. Definition en-GB : Serious or sudden misfortune. Name en-GB : natural disasters. Definition en-GB : Destructive incidents caused by the very nature of nature -- hurricanes, earthquakes, floods etc. Definition en-GB : Sudden dislodging of massive amounts of snow or soil. Name en-GB : emergency planning. Definition en-GB : Planning for actions to deal with sudden, unplanned events.
Name en-GB : rescue. Definition en-GB : An operation to save people, animals or property from harm or danger. Name en-GB : economy, business and finance. Definition en-GB : All matters concerning the planning, production and exchange of wealth. Name en-GB : agriculture. Definition en-GB : The process of producing natural materials for consumption. Name en-GB : arable farming. Definition en-GB : Production of food in the ground. Name en-GB : fishing industry.
Definition en-GB : Raising or gathering of fish. Name en-GB : forestry and timber. Definition en-GB : Production and collection and preparation of wood products for future use. Name en-GB : livestock farming. Definition en-GB : Raising of animals for food. Name en-GB : viniculture. Definition en-GB : Production of wines from the vines to the finish products. Name en-GB : aquaculture. Definition en-GB : Growing plants or animals in water for human consumption. Name en-GB : chemicals. Definition en-GB : Natural or manmade materials used to produce other materials.
Name en-GB : biotechnology. Definition en-GB : The business of using engineering technology to study and solved problems of living organisms. Name en-GB : fertiliser. Definition en-GB : Natural or manmade materials used to encourage the growth of plants. Name en-GB : health and beauty product. Definition en-GB : Compilation of chemicals and other substances for use in enhancing ones looks or smell.
Name en-GB : inorganic chemical. Definition en-GB : The branch of chemistry dealing with minerals and metals. Name en-GB : organic chemical. Definition en-GB : The branch of chemistry dealing with human, animal or carbon-based substances. Name en-GB : pharmaceutical. Definition en-GB : The production of medicines from various chemicals and natural substances.
Name en-GB : synthetic and plastic. Definition en-GB : Chemicals used to produce plastics and other artificial substances to be used in manufacturing. Name en-GB : computing and information technology. Name en-GB : hardware. Definition en-GB : The physical devices used to provide computer services, such as monitors, hard drives, keyboards etc. Name en-GB : networking. Definition en-GB : The interconnectivity between hardware that provides the medium for the transmission of data.
Name en-GB : satellite technology. Definition en-GB : Hardware and software that enables groundbased devices to send signals to each other via an orbiting satellite. Name en-GB : semiconductors and active components. Definition en-GB : The basic components that together create working electronic devices such as computers. Name en-GB : software. Definition en-GB : Programming sets that, when installed on hardware, perform specified functions.
Name en-GB : telecommunication equipment. Name en-GB : telecommunication service. Definition en-GB : Services provided by commercial companies that facilitate connections between telephones, pagers, computers. Note en-GB : typo fixed in Explanation. Name en-GB : security. Definition en-GB : To encompass technical developments in hardware and software, basic research and related areas such as cyber security.
Name en-GB : wireless technology. Definition en-GB : Transmission of information through means other than point-to-point wired hookups. Name en-GB : construction and property. Definition en-GB : All items pertaining to the construction and sale of property. Name en-GB : heavy construction. Note en-GB : Explanation changed in V Name en-GB : house building. Definition en-GB : Construction of residences, for private use. Name en-GB : real estate. Definition en-GB : The buying and selling of properties of all types.
Name en-GB : farms. Definition en-GB : Agricultural areas for the production of foodstuffs, including dairy products, fruits and livestock, such as cattle and fish. Name en-GB : land price. Definition en-GB : The price of land in specific zoned areas such as commercial, residential arable as provided by a responsible body. Note en-GB : In Japan, government publishes lists of standard land prices every year as an economic barometer and Newspapers take up with a lot of space.
Name en-GB : renovation. Name en-GB : design and engineering. Name en-GB : energy and resource. Definition en-GB : Production of electrical power, and the water, air, sunlight, and fuels used to produce them. Name en-GB : alternative energy. Definition en-GB : Alternative energy business. Name en-GB : coal. Definition en-GB : Production and mining of anthracite and bituminous products for use in power production. Name en-GB : oil and gas - downstream activities. Definition en-GB : All matters concerning oil and gas, typically refining and distribution activities.
Name en-GB : oil and gas - upstream activities. Definition en-GB : All matters concerning oil and gas, typically supply chain activities from the reservoir to the refinery gate. Name en-GB : nuclear power. Definition en-GB : Use of radioactive materials for power production. Name en-GB : electricity production and distribution. Definition en-GB : Primarily concerning the power line distribution system, but also the sale of electrical power at wholesale and retail levels.
Name en-GB : waste management and pollution control. Definition en-GB : The business of waste management and pollution control. Name en-GB : water supply. Definition en-GB : The business of providing water for human use. Name en-GB : natural resources general. Definition en-GB : The general use of natural resources for business purposes, not focused on specific resources such as coal, oil, gas or water. Name en-GB : energy general.
Definition en-GB : Energy industry, not focused on any specific sector. Name en-GB : natural gas. Definition en-GB : A natural resource, mainly methane in an flammable gaseous state, from the ground. Name en-GB : petrol. Definition en-GB : Distilled petroleum product used for automotive fuel, with or without additives.
Name en-GB : diesel fuel. Definition en-GB : A distilled petroleum product heavier than gasoline used not only for trucks, marine engines, but in certain forms for home heating. Definition en-GB : A light petroleum distillate used for cooking fuel, aircraft jet engines, lamps, heating and cleaning. Name en-GB : financial and business service. Definition en-GB : Services that transmit, safeguard, keep track of money or provide backup to commercial enterprises.
Name en-GB : accountancy and auditing. Definition en-GB : Services provide balance sheet, budgets reconciliation and examine accuracy of financial statements. Name en-GB : banking. Definition en-GB : Services for storing, transmitting, receiving and delivery of cash moneys.
Name en-GB : consultancy service. Definition en-GB : Providers of expert knowledge in a wide range of fields usually on a temporary, contract basis. Name en-GB : employment agency. Definition en-GB : A service helping people find jobs, and companies to find workers.
Name en-GB : healthcare provider. Definition en-GB : Providers of medical services at all levels, including doctors, hospitals etc. Name en-GB : insurance. Definition en-GB : A risk taking venture that allows individuals to pay small amounts periodically to guard financially against unexpected events. Name en-GB : legal service. Definition en-GB : Lawyers and others who help companies and individuals deal with state, federal and local laws.
Name en-GB : market research. Definition en-GB : A service that tries to determine what people want to buy. Name en-GB : stock broking. Definition en-GB : The buying and selling of company shares on behalf of individuals or other entities. Name en-GB : personal investing. Definition en-GB : Personal finance and investment. Name en-GB : market trend. Definition en-GB : Statistically significant consumer behaviour. Name en-GB : shipping service.
Definition en-GB : Companies that prepare and transport packages and documents for individuals or companies by any means, including postal services. Name en-GB : personal service. Definition en-GB : Consumer service that is intangible e. Name en-GB : janitorial service. Definition en-GB : Companies that provide cleaning and similar services for homes and businesses.
Name en-GB : funeral parlour and crematorium. Definition en-GB : Companies that provide services for disposal of the dead. Name en-GB : rental service. Definition en-GB : Companies which provide rentals, including motor vehicles, tuxedos, tools, heavy equipment, and other supplies. Name en-GB : wedding service.
Definition en-GB : Services and products related to the wedding industry. Name en-GB : personal finance. Definition en-GB : An individual's income and expenses. Name en-GB : personal income. Name en-GB : auction service. Definition en-GB : Sales by bidding. Definition en-GB : Production of printed matter such as flyers, ads, signs etc.
Name en-GB : investment service. Definition en-GB : Financial advisers, as opposed to stock dealers or consultants. Name en-GB : consumer goods. Definition en-GB : Items produced for and sold to individuals. Name en-GB : clothing. Definition en-GB : Items of apparel to wear. Name en-GB : department store. Definition en-GB : Stores largely devoted to the sale of clothing to individuals. Name en-GB : food. Definition en-GB : Fruits, vegetables, breads, meats for human consumption. Name en-GB : mail order.
Definition en-GB : Items sold through and delivered by mail. Name en-GB : retail. Definition en-GB : The last stage in the sales chain. Name en-GB : speciality store. Definition en-GB : Retail outlets that specialize in categories such as shoes, coats, power tools, etc.
Name en-GB : wholesale. Definition en-GB : The first link in the sales chain after production. Name en-GB : beverage. Definition en-GB : Liquid consumables, both alcoholic and non-alcoholic. Name en-GB : electronic commerce.
Definition en-GB : Buying and selling items through the Internet. Name en-GB : luxury good. Definition en-GB : Leather bags, jewellery, haute couture, accessories etc. Name en-GB : non-durable good. Definition en-GB : Lighters, pens and stationery, tableware, watches, glasses etc. Name en-GB : toy. Definition en-GB : Children's plaything. Name en-GB : macro economics.
Definition en-GB : Broad scale economics and the world or national level. Name en-GB : central bank. Definition en-GB : A country's major bank that sets interest rates, and provides transfer of funds between commercial banks. Name en-GB : consumer issue. Name en-GB : debt market. Name en-GB : economic indicator. Definition en-GB : Certain indexes, such as company inventories, the movement of prices that show whether the economy is improving or declining.
Name en-GB : emerging market. Definition en-GB : Those markets that are struggling to enter the world economies and those requiring financial help from international lenders. Name en-GB : foreign exchange market. Definition en-GB : The trading of shekels, dinars, euros dollars etc around the world through regulated markets. Name en-GB : government aid. Definition en-GB : Supply of financial and other help by one government, usually to another.
Name en-GB : government debt. Definition en-GB : The amount a government owes on bonds, services and for goods and services for which it has no ready cash.
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