Introductory Economics

Hoag, Arleen J.; Hoag, John

doi:10.1142/4862

Cited by 4 publications

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“…jewels) are said to have high income elasticity: as people become wealthier, they will buy more and more of the luxury good. In economics, a luxury good is any type of good for which demand increases more than proportionally as income rises [ 8 ]. In our case, being highly "income" elastic, Health and POS expenditures can be considered luxury goods; as a country becomes wealthier it spends proportionately more on drug-related health and public order and safety interventions.…”

Section: Resultsmentioning

confidence: 99%

Labelled drug-related public expenditure in relation to gross domestic product (gdp) in Europe: A luxury good?

Prieto

2010

Subst Abuse Treat Prev Policy

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"Labelled drug-related public expenditure" is the direct expenditure explicitly labelled as related to illicit drugs by the general government of the state. As part of the reporting exercise corresponding to 2005, the European Monitoring Centre for Drugs and Drug Addiction's network of national focal points set up in the 27 European Union (EU) Member States, Norway, and the candidates countries to the EU, were requested to identify labelled drug-related public expenditure, at the country level. This was reported by 10 countries categorised according to the functions of government, amounting to a total of EUR 2.17 billion. Overall, the highest proportion of this total came within the government functions of Health (66%), and Public Order and Safety (POS) (20%). By country, the average share of GDP was 0.023% for Health, and 0.013% for POS. However, these shares varied considerably across countries, ranging from 0.00033% in Slovakia, up to 0.053% of GDP in Ireland in the case of Health, and from 0.003% in Portugal, to 0.02% in the UK, in the case of POS; almost a 161-fold difference between the highest and the lowest countries for Health, and a 6-fold difference for POS. Why do Ireland and the UK spend so much in Health and POS, or Slovakia and Portugal so little, in GDP terms? To respond to this question and to make a comprehensive assessment of drug-related public expenditure across countries, this study compared Health and POS spending and GDP in the 10 reporting countries. Results found suggest GDP to be a major determinant of the Health and POS drug-related public expenditures of a country. Labelled drug-related public expenditure showed a positive association with the GDP across the countries considered: r = 0.81 in the case of Health, and r = 0.91 for POS. The percentage change in Health and POS expenditures due to a one percent increase in GDP (the income elasticity of demand) was estimated to be 1.78% and 1.23% respectively. Being highly income elastic, Health and POS expenditures can be considered luxury goods; as a nation becomes wealthier it openly spends proportionately more on drug-related health and public order and safety interventions.

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Section: Resultsmentioning

confidence: 99%

Labelled drug-related public expenditure in relation to gross domestic product (gdp) in Europe: A luxury good?

Prieto

2010

Subst Abuse Treat Prev Policy

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“…For any countries economic growth it is one of the most important measure that calculates and affects a common man's life expense. Hence, the prediction of FOREX rate is never underestimated and must be regarded as a paramount (Hoag and Hoag, 2002) [1]. For decades many authors criticized the technical analysis and its methodology in the studyof price movements on the market.…”

Section: Literature Reviewmentioning

confidence: 99%

“…To solve and predict the above problem, various meta-heuristic approaches have been proposed in various fields. Genetic algorithm (GA), deferential evolution (DE), particle swarm optimization (PSO) , ant colony optimization (ACO), shuffled frog leaping algorithm (SFL), water cycle algorithm (WCA), marriage in honey bee optimization (MBO), artificial bee colony optimization (ABC), fish school search (FSS) are many of them Pradeep Kumar D and Ravi V [9] and Ojha V. K. et al [10]. In this work, WCA has been explored to optimize the ANN in order to predict the USD to INR exchange price for 3 days, 7days and 15days ahead.…”

Section: Introductionmentioning

confidence: 99%

Exploring the use of Water Cycle Optimization Algorithm for Foreign Exchange Prediction

Mohanty¹,

Mishra²

2019

IJITEE

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The aim of this paper is to model a network and predict the exchange price of United States Dollar to Indian Rupees using daily exchange rates from Dec 18, 1991-Jul 19, 2007. In this paper, Water Cycle Optimization (WCA) technique has been used to optimize the Artificial Neural Network (ANN) for Foreign Exchange prediction on the basis of their predictive performance. The performance metrics considered for the evaluation of the models are root mean square error (RMSE) and mean absolute error (MAE). The tabulated outcome shows the efficiency of the model over other popular models

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“…The concept in definition 2.1 is a direct consequence of the well accepted theoretical definition of what an economy is [14] and the full explanation can be found in an introductory book [8]. The general idea is that an economic agent has two characteristics: It produces an amount of resources based on the amount of resources he can access and he exchanges those resources with others for the resources he needs.…”

Section: Definition 21 (Economic Agent) Economic Agent Is An Object T...mentioning

confidence: 99%

“…( 2) because we are just summing wealth abstractly. That brings us to another definition: Definition 2.7 (Gross Product(adapted from [8])).…”

Section: Definition 25 (Exchange) Exchange Is the Coallocation Of Res...mentioning

confidence: 99%

On the Multiplicative Effect of Government Spending (or Any Other Spending for that Matter)

Cruz

Pires²

2015

SSRN Journal

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Introductory Economics

Abstract: British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library.The first and second editions of this book were published by Prentice Hall. INTRODUCTORY ECONOMICS (3rd Edition)

Cited by 4 publications

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Labelled drug-related public expenditure in relation to gross domestic product (gdp) in Europe: A luxury good?

Labelled drug-related public expenditure in relation to gross domestic product (gdp) in Europe: A luxury good?

Exploring the use of Water Cycle Optimization Algorithm for Foreign Exchange Prediction

On the Multiplicative Effect of Government Spending (or Any Other Spending for that Matter)

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