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As suggested by Baldwin and Crescenzi, economic interdependence may be modelled as a function of potential economic exit costs, which may deter, motivate or fail to affect political conflict. A key challenge that is faced is the need for a valid method to measure exit costs and interdependence, whilst maintaining a systematic approach with many ...
In that case, they have achieved financial independence, regardless of age, existing wealth, or current salary. For example, if a 25-year-old has $1000 in monthly expenses, and assets that generate $1000 or more per month, they have achieved financial independence. On the other hand, if a 50-year-old has assets that generate $1,000,000 a month ...
Hamilton was the first to use the term "infant industries" and to introduce it to the forefront of economic thinking. He believed that political independence was predicated upon economic independence. Increasing the domestic supply of manufactured goods, particularly war materials, was seen as an issue of national security.
Economic Coercion through complex interdependence can allow the states to ensure a better world order for all states involved and humanity. [17] Jeff D. Colgan discusses the example of Climate change reform emerging from economic ties.
For example, a person's demand for nails is usually independent of his or her demand for bread, since they are two unrelated types of goods. Note that this concept is subjective and depends on the consumer's personal utility function. A Cobb-Douglas utility function implies that goods are independent.
The term is also applied to limited forms of self-sustainability, for example growing one's own food or becoming economically independent of state subsidies. The self-sustainability of an electrical installation measures its degree of grid independence and is defined as the ratio between the amount of locally produced energy that is locally ...
In the 1990s there was a trend towards increasing the independence of central banks as a way of improving long-term economic performance. [87] While a large volume of economic research has been done to define the relationship between central bank independence and economic performance, the results are ambiguous.
Energy independence is independence or autarky regarding energy resources, energy supply and/or energy generation by the energy industry. Energy dependence, in general, refers to mankind's general dependence on either primary or secondary energy for energy consumption ( fuel , transport , automation , etc.).