Public expenditure rises in 1970

But historians are not so sure. It was first introduced in the four short stories — which would later be collected as the novel Foundation. Axioms Psychohistory depends on the idea that, while one cannot foresee the actions of a particular individual, the laws of statistics as applied to large groups of people could predict the general flow of future events.

Public expenditure rises in 1970

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 Public expenditure rises in 1970 high and the choice is ours.

Predicting the Future

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.

Public expenditure - Wikipedia

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.

Public expenditure rises in 1970

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.

Right measurement is a powerful instrument for social progress, which is why efforts are constantly being made to improve their power and precision. The atomic clock has replaced the sundial, hourglass and pendulum.

DNA fingerprinting has largely replaced hand fingerprinting as a precise means for identifying human beings.

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Global satellite navigation has made the chronometer obsolete. The 20th century has been aptly described as The First Measured Century in recognition of the enormous recent strides in harnessing the power of measurement.

Today humanity pursues a common quest for higher standards of living, greater economic security, sustainable development, higher levels of welfare and well-being. For decades, the very intensity of the pursuit for a better life obscured the inadequacy of our conceptions and our instruments for achieving it.

But in recent decades we are compelled by social, economic and environmental challenges to seek more precise definitions of what we mean by these terms and more exact tools for measuring our progress toward achieving them.

Social and economic measures are inseparable from political objectives and public policy. It is not merely scientific precision that we are after, but more powerful instruments for achieving human objectives.

Wrong or imprecise measures are a source of hazard and even havoc. They can result in wrong policy with disastrous consequences. As John Kenneth Galbraith observed in his book The Great Crashthe lack of reliable measures combined with faulty theoretical knowledge led to actions that worsened rather than mitigated the crisis.

Galbraith cites poor economic intelligence among five principal causes for the Great Depression. Wrong measures can undermine good theory and practice.The KOF Globalisation Index measures the economic, social and political dimensions of globalisation. Globalisation in the economic, social and political fields has been on the rise since the s, receiving a particular boost after the end of the Cold War.

corruption perception index rises, there is an improvement in health status since infant and under-5 mortalities decline and life expectancy rises. Thus, simply increasing public expenditure on health is less likely to lead to. Dublin City Council’s concerns over Military Road transport plans discounted by Olivia Kelly from todays Irish Times Plans for a new €80 million Garda command and control centre on Military Road in Dublin have been approved by the Office of Public Works (OPW) more than two years after they were first proposed.

Education in India is provided by the public sector as well as the private sector, with control and funding coming from three levels: central, state and various articles of the Indian Constitution, free and compulsory education is provided as a fundamental right to children between the ages of 6 and The ratio of public schools .

Dublin City Council’s concerns over Military Road transport plans discounted by Olivia Kelly from todays Irish Times Plans for a new €80 million Garda command and control centre on Military Road in Dublin have been approved by the Office of Public Works (OPW) .

Public spending enables governments to produce and purchase goods and services, in order to fulfil their objectives – such as the provision of public goods or the redistribution of resources. In this entry we study public spending through the lens of aggregate cross-country data on government expenditures.

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