price demand price demand measure economics quantity demanded good service change price precisely gives percentage change quantity demanded response percent change price price negative analysts tend ignore sign lead ambiguity goods conform law demand goods positive general demand good said relatively absolute value changes price relatively small effect quantity good demanded demand good said elastic relatively elastic greater absolute value changes price relatively large effect quantity good demanded revenue price set exactly good predict burden tax good research methods determine price including test markets analysis historical sales data analysis definition measure quantity raw good service demanded changes price formula price demand good formula formula usually yields negative value nature relationship price quantity demanded described law demand example price increases quantity demanded decreases initial price quantity classes goods greater goods negative vast majority goods services refer price demand positive value absolute value terms measure referred price demand good demand respect good price order distinguish demand good respect change price good substitute good type measure called cross price demand difference prices quantities increases accuracy given formula decreases combination reasons good necessarily constant explained vary different points demand curve percentage nature thing slope demand curve dependent units price quantity second percentage changes instead percentage change values depends chosen starting value ending value example quantity demanded increases units units percentage change converted percentage quantity demanded decreases units units percentage change alternative measures avoid shortcomings basic formula point price arc point price demand point demand method determine change demand demand curve basically small change demand measured point way avoid accuracy problem described difference starting ending prices quantities approach taken definition point price uses differential change price quantity given point demand curve formula words equal absolute value derivative quantity respect price multiplied point price divided quantity terms partial differential point price demand defined follows let formula demand goods formula function parameters price wealth let formula demand good formula demand good formula respect price formula formula point price formula demand function formula known derivative respect price formula determined arc second solution problem having dependent given points demand curve chosen original point new percentage change relative average prices average quantities change relative point loosely speaking gives average section actual demand curve arc curve points result measure known arc case respect price good arc defined formula method computing price known formula average price average quantity coordinates straight line given points formula application method formula assumes section demand curve points linear greater actual demand curve range worse history concept economic alfred marshall credited defining demand book principles economics published described generally demand market great small according demanded increases little given fall price little given rise price reasons universal law person desire slow rapid slow small fall price cause comparatively large increase purchases rapid small fall price cause small increase purchases case wants great case demand small based point price definition differential factor determining willingness ability consumers price change postpone immediate consumption decisions concerning good search wait look number factors affect demand good availability substitute goods closer available higher likely people easily switch good minor price change strong effect close available effect small demand breadth definition good broader definition good service lower example company fish chips tend relatively high demand significant number available food general extremely low demand exist percentage income higher percentage consumer income product price represents higher tends people pay attention purchasing good cost income effect substantial goods represent portion budget income effect insignificant demand necessity necessary good lower people attempt buy matter price case need duration goods longer price change holds higher likely consumers find time search fuel prices increase suddenly instance consumers fill tanks short run prices remain high years consumers reduce demand fuel switching public transportation investing vehicles greater fuel economy taking measures hold consumer cars eventually necessary consumers replace present cars expect demand elastic brand loyalty attachment certain brand tradition barriers sensitivity price changes resulting demand pays directly pay good consume corporate expense accounts demand likely interpreting values price demand interpreted follows decrease price good normally results increase quantity demanded consumers law demand conversely quantity demanded decreases price rises summarized table good service referred different descriptive terms depending greater equal demand good called relatively percentage change quantity demanded percentage change price unit elastic unit elastic demand percentage change quantity demanded equal percentage change price relatively elastic percentage change quantity demanded greater percentage change price accompanying perfectly elastic demand represented horizontal line perfectly demand vertical line cases slope demand curve constant cases determined solely slope demand curve precisely slope relation marginal revenue following equation holds formula marginal revenue price proof total revenue formula formula formula demand curve marginal revenue curve demand elastic quantities marginal revenue positive demand unit elastic quantity marginal revenue zero demand quantity marginal revenue negative effect total revenue firm considering price change know effect change price total revenue revenue simply product unit price times quantity formula generally change price effects price effect goods increase unit price tend increase revenue decrease price tend decrease revenue effect reversed elastic goods quantity effect increase unit price tend lead fewer units sold decrease unit price tend lead units sold goods nature relationship price quantity demanded law demand effects affect total revenue opposite directions determining increase decrease prices firm needs know net effect provides answer percentage change total revenue approximately equal percentage change quantity demanded plus percentage change price change positive negative percentage change quantity related percentage change price percentage change revenue calculated knowing percentage change price result relationship total revenue described good price demand good perfectly changes price affect quantity demanded good raising prices cause total revenue increase goods necessary survival classified rational person willing pay good alternative death example person desert weak dying easily money matter bottle water die demand contingent price price demand good relatively percentage change quantity demanded smaller price price raised total revenue increases vice versa price demand good unit elastic percentage change quantity demanded equal price change price affect total revenue price demand good relatively elastic percentage change quantity demanded greater price price raised total revenue falls vice versa price demand good perfectly elastic increase price matter small cause quantity demanded good drop zero price raised total revenue falls zero situation typical goods value defined law currency dollar bill sold dollars buy demand zero accompanying shows total revenue combination price quantity demanded demand important realize price demand necessarily constant price ranges linear demand curve accompanying illustrates changes price change price different point curve effect tax combination price supply assess burden unit tax falling predict fall tax imposed example demand perfectly definition consumers alternative purchasing good service price increases quantity demanded remain constant suppliers increase price tax consumer end paying entirety opposite case demand perfectly elastic definition consumers infinite ability switch alternatives price increases stop buying good service question completely quantity demanded fall zero result firms pass tax raising prices forced pay practice demand likely relatively elastic relatively extreme cases perfect generally higher demand compared heavier burden producers conversely demand compared heavier burden consumers general principle party consumers producers fewer opportunities avoid tax switching alternatives bear greater proportion tax burden end tax burden carried individual households ultimate owners means production firm circular flow income effect loss associated tax regime loss lower comparable scenario higher optimal common applications price determine prices maximize revenue profit constant optimal point model demand changes finite range prices assumed constant respect price finite price range equation defining price product rewritten secondary linear equation formula formula formula constant similarly cross formula products written set formula simultaneous linear formula formula formula formula appearance letter index upper index lower index term implies index form shows point assumed constant price range determine prices generate maximum values formula similarly predict prices generate maximum formula maximum revenue constant predict optimal computing point points determine price point equals multiple products set prices point matrix negative identity matrix non constant optimal definition price extended yield relationship demand units formula price possible prices maximize formula formula revenue fundamental equation product formula corresponding equation products formula models available constant use non constant estimate prices revenue profit product products limitations revenue profit strategies situations revenue prices profit prices example variable costs unit complex similar kind yields prices generate optimal profits situations profit prices optimal strategy example scale economies large capturing market share key long term dominance market revenue profit optimal strategy selected price research methods price real life including analysis historic sales data public private use present day surveys customers preferences build test markets capable modelling changes alternatively analysis ranking users preferences analysed demand schedules vary depending price modeled assuming constant method goods intended act examples theory described follows suggestions goods services shown section price


robinson economy robinson economy simple framework study fundamental issues economics assumes economy consumer producer goods title robinson reference novel authored daniel thought experiment economics international trade found simplified version story important ability real world implicit assumption study agent economy provide useful insights functioning real world economy economic agents article study consumer behaviour producer behaviour fields economics robinson economy framework essentially thing example public finance robinson economy study types public goods certain aspects collective benefits growth economics develop growth models developing countries embark steady growth path techniques savings investment robinson economy individual robinson acts producer profits consumer utility possibility trade introduced adding person economy person friend man friday novel plays role servant robinson economy considered actor equal decision making abilities conditions efficiency analysed bringing concept box basic assumptions robinson economy follows island cut rest world trade single economic agent island produced found existing stocks framework robinson assumed deserted island similar choices households suppliers labour face activities participate earn income pass time leisure income generating activity case gathering usual time spends leisure food eat conversely time spends gathering time leisure depicted figure production function indifference curves indifference curves depict preferences leisure production function depicts technological relationship works axes depicting collection leisure reversed plotted indifference map production function figure drawn production function concave dimensions quasi convex dimensions means longer robinson works able gather diminishing marginal returns labour additional number gets additional hour labour declining point reach number hours works found highest indifference curve production function preferred point provided technology given changed point slope highest indifference curve equal slope production function recall marginal rate rate consumer ready good exchange good maintaining level utility additionally input marginal product extra output produced unit input assuming quantities production change marginal product labour marginal rate leisure role suppose decides stop producer consumer simultaneously decides produce day consume roles consumer producer split studied separately understand elementary form consumer theory producer theory dividing time consumer producer set collectively markets market labour market sets firm sole firm want profits deciding labour hire produce according prices worker firm collect wages collect profits consumer decide firm output purchase according income prevailing market prices let assume currency called dollars created robinson manage finances simplicity assume assumption calculations numerical example easy inclusion prices alter result analysis details refer producer assume firm produces total formula represents profit level assume wage rate firm employs labour labour employed formula formula function describes profit lines combinations labour produce constant profit profits marginal product labour equals wage rate marginal cost production symbolically profit line production function vertical intercept profit line measures level profit robinson firm level profit ability purchase dollars worth number purchased firm declare dollars given firm sole consumer consumer decide work leisure consume choose work dollars let instead consider realistic case deciding work hours labour consumption choice illustrated figure note labour assumed bad consumer doesn like presence consumption basket utility derives hand goods indifference curves positively sloped maximum labour indicated distance chosen supply labour gives demand leisure notice budget line slope passes point point level supplies labour dollars consume given wage rate choose work consume point demand equal supply demand labour equal supply labour occurs consumer producer superimposed notice ensures slopes indifference curves production set result ends consuming point decisions words market system outcome choosing individual utility cost plans important result level perspective implies exists set prices economy profit behaviour firms utility actions individuals results demand good supply markets means competitive exist merit competitive efficient allocation resources words economic agent better making economic agent worse production possibilities goods let assume produce apart example fish robinson decide time spare activities gather fish hunt combinations fish produce different amounts time activity known production possibilities set depicted figure boundary production possibilities set known production possibility frontier curve measures feasible produce fixed technological given resources case resources technological constraints robinson labour crucial note shape depends nature technology use technology refers type returns scale prevalent figure underlying assumption usual decreasing returns scale concave origin case assumed increasing returns scale embarked mass production movement faced decreasing costs convex origin linear downward slope circumstances technology gathering hunting fish exhibits constant returns scale input production robinson economy linear presence input marginal rate transformation suppose produce pounds fish pounds hour hours fish gathering hours gathering produce pounds fish pounds suppose decides work hours day production possibilities set consist combinations fish formula formula formula solve substitute formula equation represents slope measures marginal rate transformation good given order increase production second good unit works hour hunting fish fish extra hour collecting extra fish formula formula comparative advantage section possibility trade introduced adding person economy suppose new worker added robinson economy different skills gathering hunting fish second person called friday friday produce pounds fish pounds hour decides work hours production possibilities set determined following relations formula formula formula formula fish formula formula means pound friday gives produce pounds fish friday comparative advantage hunting fish comparative advantage gathering respective shown following joint production possibilities set extreme right shows total produced friday combines best workers work gather economy friday obtained setting respective slope joint want fish shift person comparative advantage fish hunting friday gathering fish hunting friday producing pounds fish fully occupied fish production increased point start hunting fish onward slope joint want produce fish economy pounds fish friday joint friday comparative advantages different economy gets ways producing output different comparative advantages concave efficiency assume units units fish available consumption friday economy given bundle efficient bundle determined mutual friday indifference curves box set contract curve friday marginal rate equal simple exchange economy contract curve describes set exhaust gains trade robinson friday economy way exchange goods produce good figure clear economy operating position friday equal fish efficient rate friday willing trade fish different rate transformed fish way friday better production pattern efficiency fish fish friday achieved competitive market production consumption decisions friday solve problems consume produce independently


petroleum industry iran iran energy petroleum industry iran plays important iran produced percent world total crude oil million barrels day generated revenues billion billion country primary source foreign currency levels production oil proceeds represented percent gross domestic product importance sector iran economy far greater oil gas industry engine economic growth directly affecting public development projects government annual budget foreign exchange sources sector accounted percent total government revenues percent total annual value exports foreign currency earnings oil gas revenues affected value crude oil international market estimated organization petroleum countries level december dollar change price crude oil international market alter iran oil revenues billion iran exports million barrels crude oil day second largest organization petroleum countries year officials iran estimated iran annual oil gas revenues reach billion industry disrupted international july january iran plans invest total billion oil sector history era international control history iran oil industry began british william received concession iran explore develop southern iran oil resources discovery oil led formation london based anglo persian oil company purchasing majority company shares british government gained direct control iranian oil industry relinquish years called anglo iranian oil company year agreement signed established flat payment iran british pounds ton crude oil exported denied iran right control oil exports ongoing popular demand prompted vote petroleum industry year later government prime minister formed national iranian oil company coup état led british intelligence agencies ousted government paved way new oil agreement new agreement divided profits equally multinational consortium replaced iran signed new year concession consortium beginning late 1950s iran international oil agreements produce expected outcomes oil companies managed extract oil designated areas contributed little country total oil production time islamic revolution largest international companies agreements accounted percent total oil production period iran oil industry remained disconnected industries particularly manufacturing separation promoted country overall industrial economy time iran second largest oil world arab israeli war october price oil iran told new_york_times course world price oil going rise certainly western nations increased price wheat sell sugar cement buy crude oil sell refined times price paid fair pay oil let times era oil present following revolution took control iran petroleum industry canceled iran international oil agreements exploration production sale export oil delegated ministry petroleum initially iran post revolutionary oil policy based foreign currency requirements long term preservation natural resource following iran iraq war policy replaced aggressive approach exports accelerating economic growth iran sign oil agreements foreign oil companies early administration president office government paid special attention developing country oil gas industry oil defined inter capital foundation economic development iran invested billion expanding capacity existing oil fields discovering exploring new fields deposits projects financed form joint investments foreign companies domestic contractors direct investment accordance law foreign investment oil discovery possible form agreements required expenses retain complete ownership oil field marketing crude oil potential buyers managed government enterprise called marketed iranian oil africa marketed asia europe according estimate oil revenue iran increase usd billion country extended period sanctions oil production reserves total oil production reached peak level iran second largest producer crude oil fourth largest producer world lengthy decline 1980s production crude oil began increase steadily iran produced million barrels day exported accounting percent world production returned previous position second largest producer according estimates iran capacity produce believed production capacity increase substantial increase foreign investment iran long term sustainable oil production rate estimated according iranian government iran reserves produce oil years oil reserves middle eastern countries depleted years oil rich countries lose reserves years iran reported crude oil reserves billion barrels accounting percent proven reserves percent world proven reserves estimate world crude oil reserves remained nearly steady billion barrels estimate iran oil reserves revised upward percent new field discovered near market value iran total oil reserves international crude price barrel stands early 2000s leading international oil firms china france india italy netherlands norway russia spain united_kingdom agreements develop iran oil gas fields china signed major agreement buy oil gas iran develop iran oil field value contract estimated billion billion years china national petroleum signed deal national iranian oil company took ownership stake promising pay percent development costs south oil field project needing investment billion earlier year won billion deal develop phase north modest important agreement signed india explore produce oil natural gas southern iran rate production decline percent iran existing onshore oil fields majority oil output percent existing offshore fields little exploration upgrading establishment new fields occurred threat american retaliation kept investment way desired levels allowed iran continue oil export determined level today equipment needed oil industry produced local manufacturers iran iran countries reached technology know drilling deep waters oil consumption iran combined capacity largest following capacities conveyed percent total refined products trucks percent rail percent percent oil produces wide range oil products petroleum gas gasoline fuel oil iran net petroleum products thanks large exports fuel oil meet domestic demand lighter gasoline domestic consumption oil products increased average annual growth rate percent consumption gasoline grew percent annually domestic production met percent demand product country imported billion worth gasoline imported percent gasoline imports gasoline consumption heavy investment new capacity iran gasoline capacity increased target increase capacity million barrels day trade oil oil products exports crude oil totaled percent country crude oil production direction crude oil exports changed revolution trade iran marketing strategy initially iran post revolutionary crude oil export policy based foreign currency requirements need long term preservation natural resource addition government expanded oil trade developing countries shares europe japan united_states declined average percent oil exports revolution percent early 2000s share exports east asia excluding japan increased significantly addition crude oil exports iran exports oil products exported barrels oil products percent total oil product output iran plans invest total billion oil sector iran exports million barrels crude oil day second largest organization petroleum countries major emerging economies depend iranian oil south_korea oil imports come iran india chinese iranian oil makes japan greek oil imports iran major oil supplier spain italy year officials iran estimate iran annual oil gas revenues reach billion current projects come stream according estimate oil revenue iran increase usd billion country extended period sanctions january iran exports oil china japan india south_korea italy turkey spain remainder france greece european countries taiwan sri_lanka south_africa natural gas addition natural gas associated oil exploration extraction estimated percent iran cubic meters proven natural gas reserves located independent natural gas fields second russia annual production reached billion cubic meters fastest growth occurring previous years natural gas accounted percent domestic energy consumption domestic gas prices heavily natural gas production reach million cubic meter day million cubic meter day infrastructure investment iranian foreign oil firms increased pipeline capacity support iranian gas industry transport natural gas domestic consumers increased kilometers kilometers period natural gas distribution increased kilometers kilometers response growing domestic consumption gas processing plants located corridor northern persian gulf close major gas fields south iran largest natural gas field received substantial foreign investment output intended export domestic consumption south expected reach production delays lower production iranian sanctions resulting migration gas loss iran output south basis special economic energy zone complex natural gas processing plants port facilities established persian gulf south iran able produce parts needed gas iran country world developed gas technology 1980s iran began replace oil coal fossil fuel energy sources natural gas environmentally safer share natural gas household energy consumption averaged percent projected increase percent overall natural gas consumption iran expected grow percent international oil prices increasing projected continue increasing international demand natural gas investment production transportation natural gas consumer markets increased early 2000s iran set goal increasing natural gas production capacity billion cubic meters keeping oil production stable achieve capacity government planned joint investment worth billion oil gas industry market value iran total natural gas reserves comparative international energy price barrel oil stands following discovery large gas deposit sea gas field estimated cubic feet cubic meters iran rank world terms gas reserves addition iranian media reported discovery gas field big south gas field oil rich province iran signed contract baghdad damascus order export iran gas iraq syria lebanon mediterranean region eventually europe kuwait negotiating import agreement operational iran potentially export total million cubic meter natural gas year iraq india pakistan major foreign projects iran signed contract france malaysia production export natural gas agreement european asian companies expansion marketing natural gas resources iran exported natural gas turkey expected expand market armenia china japan east asian countries india pakistan europe section new line armenia opened spring discussed major pipeline india pakistan remained negotiation stage recent deals switzerland energy company signed year export deal iran national iranian gas export company march reportedly valued billion switzerland buy billion cubic meters iranian natural gas year beginning april austrian partially state owned energy company signed letters intent iran worth estimated billion billion iran supply europe gas united_states expressed strong opposition swiss austrian deals iran national iranian gas company expected natural gas export deal pakistan exports set begin gas transported peace pipeline worth billion plan initially included gas india negotiations stalled iran discussing gas production export deal turkey plan turkey assist developing iran south field exchange cash natural gas gas shipped iran turkey europe new pipeline turkey plans build notable petroleum sector development deals include russia china february russian state gas company announced deal establish joint venture company develop offshore iranian south gas field china national offshore oil corporation investment deal valued billion develop iran north gas field build liquid natural gas plant supposed signed february delayed state operated national iranian oil company signed memorandum understanding december project purchase million metric tons year years early 2000s ambitious state project called expansion annual output industry million tons million tons output capacity estimated million tons goal expansion increase percentage iran processed petroleum based exports profitable raw materials iran exported billion products total exports year receiving percent iran exports china india major trading partners industry iran domestic resource base gives unique comparative advantage producing international crude oil prices rise gain greatest plants use liquid gas main input industry share projected percent iran plans invest total billion oil sector iran industries absorbed large private public investment early 2000s percent investments financed iran national company subsidiary ministry petroleum entire sector percent owned foreign creditors foreign banks foreign companies percent banks percent capital market industry physical capital imported industry strong backward manufacturing industries new plants came online construction began iran national company output capacity increase million estimated million world second largest chemical producer globally chemical iran housing world largest chemical complexes


potential page summary published academics opinions remember opinions allowed held writers reliable sources possible editor correct given academic place personal opinions potential state political economic entity speculated process point 21st century presently united_states criteria considered predictions potential past perfect states commonly mentioned potential china india european_union russia brazil collectively potential united_states comprise global nominal global total land area world population past predictions predictions past perfect example 1980s political economic analysts predicted japan eventually status large population huge gross domestic product high economic growth time world tenth largest population largest economy terms nominal japan faced ongoing period weak growth lost decade 1990s suffering aging population early 2000s potential brazil republic brazil seen limited discussion authorities potential contrary views writing diplomatic british ambassador brazil peter identifies brazil recognition potential largely stems national identity ambition points past years brazil sought emerge global economic political power position brazil feels argues brazil certainly fulfilled aspirations finally started gain international recognition deserves won emerge instead current position emerging power allow brazil shape future realistic aspirations publication challenge foreign security policy analysis professor carefully likelihood countries attaining status brazil highlights country possesses enormous untouched strategic natural resources including valuable minerals tenth world fresh water earth largest remaining feels likely brazil gain dominant role international relations especially comes environmental issues soft power influence enhanced brazil policy makers seeking engage international organizations possible forming alliances notably social diplomatic economic issues despite economic potential brazil self image country great destiny believes country falls far short levels required supporting belief emphasizes brazil apparent lack traditional hard power military power global security influence major obstacle writes brazil little incentive invest military country developed environment hardly inter state security threats brazil position accumulate influence global security matters meet criteria instead feels brazil emerge great power important position spheres influence limited international security china people republic china receives continual coverage popular press emerging status identified rising emerging economic growth military academics experts fact rise china named news story 21st century global language monitor measured number appearances global print electronic media internet social media term second applied scholars possibility people republic china emerge global power influence par united_states potential countries form stronger relations address global issues referred group barry asserted china certainly presents promising round profile potential claimed china currently fashionable potential degree dominant international society makes obvious political challenger noted challenge constrained major challenges development fact rise trigger counter coalition states asia stated making massive trade investment deals latin_america africa china established presence european_union united_states china rise demonstrated share trade gross domestic product believed china style allowed develop political economic ties countries including viewed rogue states united_states stated shanghai cooperation organisation founded russia central asian countries eventually nato east economist author eclipse living shadow china economic dominance argued china direct world financial system chinese replace dollar world reserve currency years united_states soft power remain longer stated china dog economically thousands years prior dynasty ways past years lawrence school oriental african studies london argued united_states surpassed china military years economic power director china center economic reform university yang stated assuming chinese economies grow respectively real terms china inflation rate america averages decade dollar year average years china world largest economy time countries historian ash argued pointing factors international monetary fund predicting china purchasing power adjusted overtake united_states power shift world happening china lacking soft power power projection abilities low person article stated research center survey found people countries believed china overtake world leading interview given singapore premier lee stated china united_states conclusion chinese leaders nonetheless displacing united_states powerful country asia transformed poor society economic miracle second largest economy world number asia time world chinese strategy lee maintains revolve huge increasingly highly skilled educated workers sell build relations united_states medium term turn worse china avoid action sour relations challenge stronger superior power like peaceful rise lee believes china genuinely interested growing global framework united_states created time strong successfully prevailing political economic order chinese foreign policy adviser stated chinese officials china class power treated china argued soon world largest economy making rapid progress areas united_states seen declining indicated factors poor economic recovery financial disorder high gaining close levels unemployment increasing political forcing jobs overseas china contrary views founder international holdings stated doesn china writes china basically worked manufacturing location foreign companies high tech products china produced foreign companies added china problems wages aging declining population gender china gender ratio males unable find female partner suggested problems lead crime pointed china continually environment years economic growth cities world cities china james writes people china live indoor mainland chinese scientist won nobel prize unlikely able economic murray china argued potential china high fairly perceived looking risks obstacles china faces managing population resources political situation china fragile survive status according susan china fragile factors china ability future include limited supplies energy raw materials questions innovation capability inequality corruption risks social stability environment argued china soon argued china faces political economic challenges argued china despite economic power influence nations real friends allies surrounded potentially hostile nations situation improve regional territorial disputes resolved china participated effective regional defense system reduce fears neighbors alternatively china dramatically improve foreign relations nations amy stated country attractive immigrants important quality wrote china lacks pull bring scientists countries immigrants believed china said size resources european_union european_union called emerging academics scholars academics like andrew andrew mark john politicians like tony blair believe 21st century mark cites factors large population large economy largest economy world low inflation rates perceived failure foreign policy recent years certain member states high quality life especially measured terms hours worked week health care social services john believes achieved status based size global reach economy global political influence argues nature power changed cold war driven definition developed military power longer essential great power argues control means production important control means destruction contrasts threatening hard power united_states opportunities offered soft power european_union believes europe overtaking rivals world successful empire writes south_america east asia regions prefer emulate european dream american variant possibly seen african union notably world largest influential languages official borders andrew takes future account eventual future accession rest europe russia turkey boost economy increase population million considers equal india china different india china enormously prosperous advanced turkish said years place meet inclusion turkey robert wrote definition term changed 21st century refer states military power groups european_union strong market economics young highly educated workers high technology global vision danish ambassador expressed similar views conceded special kind establish unified military force close level individual members additionally argued commentators political integration required european_union international influence apparent weaknesses constitute real strengths low profile diplomacy emphasis rule law represents new potentially successful type international actor traditional ones uncertain effectiveness influence equal politically integrated union states united_states barry notes potential status depends unclear state like quality needed described states unlikely remain potential long time material wealth political weakness erratic difficult course internal political development particularly regards common foreign defence policy alexander finnish foreign minister said thinks sense largest political union single market aid donor world defense foreign policy spheres like barry alexander thinks major factor rise status lack international system factors lack internal drive project power worldwide continued preference sovereign nation state europeans urged leaders approve lisbon treaty create foreign ministry established develop common defense hold collective seat united_nations security council address described sour mood prevalent european countries today contrary views believe achieve status according secretary state foreign commonwealth affairs david lacking unified foreign policy inability project military power worldwide lacks substance definition military reach possess capacity arrive quickly troops impose government argues high degree involvement conflicts israeli palestinian conflict largely compensate european inability project military power internationally particularly contrast usa economist robert lane notes lack strong european military lack unified foreign policy arguments status noting especially creation global response force united_states_of_america biggest barrier european european refuse bring fantasies military hard power line way rest world interprets reality according strategic studies group britain michael howard warned worry europeans pushing greater integration united_states europe total reliance soft non military power lack shared identity european_union model power military force backing free trade military shortcomings argue status american questions europe destined global continues growing body research says overwhelming evidence supports view contemporary europe mix problems complex apart dramatic changes public policy europe headed certain decline george british chancellor pointed economic crisis european_union said biggest economic risk facing europe doesn come want reform negotiation comes failure reform status quo people europe ongoing economic crisis continuing decline said facing growing competition global economic powers like china india european_union reform decline india republic india seen considerable coverage potential media academics newsweek international herald joined academics discussing india potential certain india 21st century example states india functional institutions democracy relatively corruption free society emerge desirable resource energy efficient near future india overtake china fastest growing economy world emerge fledged economic addition states india potential serve leading example combine rapid economic growth inclusion ladder efficient resource especially energy india world fastest growing economy continue researchers harvard_university projected india projected annual growth rate continue ahead china making india fastest growing economy world meredith points average european americans higher chinese indians hundreds millions chinese indians live poverty suggested economic growth nations important factor reducing global poverty decades world bank report amy adds india faces problems rural poverty entrenched corruption high inequality notes india tremendous fix stating india achievements working centuries old system maintaining world largest diverse democracy historically unprecedented pointing india young population coupled second largest english speaking population world india advantage china believes industrial countries face youth gap india lots young people words workers capita income rise times current level according strength india democratic government lasted years stating democracy provide long term stability given india clyde founder president economic strategy institute counselor secretary commerce reagan administration predicted going india century india going biggest economy world going biggest 21st century according report named indian century defining india place rapidly changing global economy institute business value india predicted world highest growth nations coming years contrary views wrote believes india future decades china development strategic appetite instead believes india key swing state russia says india big important highly successful professional class millions citizens live poverty writes matters china borders dozen countries india vast ocean world tallest mountains recent article written says india china grow stronger powers like europe reviewing book spite gods strange rise modern india writes india impressive growth world class institutions poor coverage programs levels similar worse sub african nations demographic health surveys india child worst nations comparable recent data adult literacy study teachers absent work showing teach health care workers absent work politics india remains important force argues large population long statistical tail high quality students good higher education institutions gives misleading impression indian education indian students placed thirty seventh study comparing students indian states nations trends international mathematics science study miller assistant professor international relations boston university argues india great power rise factors contribute argues new delhi foreign policy decisions highly autonomy turn means new delhi little collective thinking long term foreign policy goals strategic planning takes place government happens individual level second think tanks helps indian foreign outside influences foreign contrast expect strategic guidance broad spectrum organizations supplement long term planning happens government india political believe country inevitable rise western construct placed unrealistic expectations india economic growth forecasts international commitments contrast miller notes chinese political leaders pay close attention international hype surrounding country growing stature miller concludes india inability develop long term strategies means systematically consider implications growing power long remains case country play role global affairs expect russia russian federation suggested potential candidate resuming status 21st century russia seen discussion potential emerging assertion hugo late president venezuela government noted enjoyed warm relations stated russia citing american influence global affairs suggested elevated global currency israeli prime minister benjamin called russia important praising effectiveness ally israel foe iran publication entitled russia 21st century professor economics university north_carolina chapel hill predicted russia emerge arms race noted end come tremendous sacrifice global security russian people freedom stephen boston_globe compared russia actions neighboring territories taking ukraine examples mixed opinion offered matthew los_angeles_times contends russia climate change eats away covers march thirds country absence reveal immense stores oil natural gas precious minerals potential farmland allow russia world bread basket control planet food supply russian news agency called russia actions syria formation coalition fight isis syria iraq new_york_post called russia world new sole contrary views annual state nation address moscow december russian president denied russian quoted saying called kind understanding claim world regional interests force patronage try teach live forbes writer summarized arguments russia potential russia grabbed headlines hosting forthcoming olympics edward super power russia trade profile world country size canada percent united_states soft power valley hollywood wall street highly rated universities analysts commented fact russia showed signs aging population fred said severely limits russia potential emerge central world power political journalist peter brown wrote russia like reclaim status held nearly years world war 21st century lack combination economic military power said russia won soon citing russia population high levels poverty poor public health british historian professor highlighted negative effects russia declining population suggested russia way global russia shown slight population growth partly immigration number chinese russia far_east growing russia demographic problems continued smith national business review said despite russia having potential win new cold war 1980s factors american influence status inaccurate


model model economic model international trade originally developed james barbara early 1980s model illustrates situation certain assumptions government domestic firms help competition foreign producers national welfare conclusion stands contrast results international trade models government non interference socially optimal basic model variation leader follower game alternatively model portrayed game terms initially game multiple nash government having capability affecting switch game possible national government increase country welfare model export subsidies policy neighbor type means governments simultaneously attempt follow policy model countries wind worse model new trade theory developed late 1970s early 1980s incorporated recent developments literature industrial organization theories international trade particular like new trade theory models economies scale case form fixed entry costs play important role model entry game version simplified version model popularized paul 1990s book prosperity set firms foreign domestic considering entering new export market country possibly world demand export market firm enters profit enter loss initial set infrastructure product development marketing fixed costs entry matrix presents stylized example game firms engaged available choices domestic firms given left foreign firm number cell denotes domestic firm second number foreign firm game government domestic firm shown figure left firms enter suffer loss million dollars stay market firm makes profit loss firm enters firm realize profit million dollars firm nash game marked purple situations firm enters firm domestic foreign situation foreign firm slight initial advantage domestic firm began product development earlier domestic firm stay foreign firm enter game changes government promises domestic firm enters market illustrated figure suppose government promises million regardless foreign firm enters case foreign firm enters domestic firm lose million entry costs compensated government ending net million foreign firm enter course profitable domestic firm enter result regardless action foreign firm domestic firm incentive enter market anticipating foreign firm stay market loss point view domestic country welfare improving million transfer government firm effect national welfare ignoring costs taxation long large basic insight model goes additionally domestic firm gains million gone foreign firm version original paper presented game framework competition model letting denote output domestic firm denote output foreign firm demand function price function total quantity given formula profit function domestic firm formula formula total revenue formula total cost producing units unit provided government profit function foreign firm similar include formula firm chooses quantity supply order maximize profits taking choice given order conditions profit formula domestic firm formula foreign firm denote partial derivatives solving defines best response function firm formula formula illustrated figure domestic firm output axis foreign firm output axis government resulting standard outcome shown intersection best response functions effect shifting domestic firm best response function right output domestic firm increases production turn means foreign firm best response cut output market price falls new domestic firm produces foreign firm produces model domestic social welfare defined home firm profit net model extended social welfare includes firm monopoly profit wages paid firm workers results shown profit function evaluated quantity levels concave eventually negatively sloped result optimal domestic firm profits domestic social welfare turns government sets exactly optimal level resulting leader follower model case firms case domestic firm ability choose output creates ability commit particular action resulting advantage model government creates credible commitment private firm ability extensions domestic consumption export good standard models international trade fall price country export good deterioration terms trade generally decreases home country welfare model opposite true model markets perfectly competitive revenue expanded quantity sold firm revenue lost lower export price good produced firm consumed domestically result bit complicated case firm able separate home export market charge different prices possibility party level optimal subsidies depend marginal costs production constant increasing decreasing optimal level higher lower respectively compared level domestic consumption need government precise information industry structure firm cost functions general case firm price domestic foreign consumers effects clear expansion exports deterioration terms trade present starting position introducing small improve country welfare extended government game basic model extended incorporate game played governments respective countries case government chooses level provide firm taking government action given anticipating reaction firms terms quantity produced resulting nash governments choose level high manage maximize social welfare fact good produced consumed domestically optimal level negative export tax total quantity produced higher profit monopoly level output home foreign firm producing market export tax reduce total quantity produced monopoly level increasing firms profits way governments effect outcome firms country imports good policy applications applied work general difficulties pointed paul model sensitivity results assumptions establish generally applicable policy favor government subsidies provides example intervention points conditions favor general difficulty application model like game models easily lend testing result avenues research pursued subsequent literature estimates variation particular industries models parameters studies approach assumes firms firms react choice output base decision belief approach problematic internally consistent point view guarantee makes conceptual sense remains stable new policy government introduced models industry structure hand generally found industry case policy export case optimal policy export tax result hard industries exactly policy apply agriculture marie extended version model examine international trade wheat produced united_states canada includes marketing boards possibility variety government policies analysis finds significant economies scale industry barriers entry high regardless extent market power firms industry optimal policy actually export tax aircraft book presented model general public paul example aircraft industry players boeing fact baldwin examined industry wide bodied aircraft context model paper authors extended version model order examine effect european governments presence market support firms worldwide find negative effect welfare united_states positive effect rest world benefits lower prices result europe price demand relatively demand net effect positive benefits european consumers elastic demand social welfare europe goes importantly unlike model baldwin find changes consumer surplus resulting entry dominate effect changes firm profits social welfare calculations analysis similar baldwin models analyze effects entry transport aircraft industry included effects learning production process depends scale production model suggested unit production costs fall total production doubled case entry firm case market decrease firm output reduce learning scale effects analysis entry cause increase consumer surplus smaller resulting loss producer surplus criticism general like new trade theory models results model policy generates sensitive underlying assumptions nature industry question information available national government ability commit action likely response foreign governments criticisms noted paper advised caution work model shown slight difference assumptions produce completely different results example showed firms compete prices quantities competition optimal policy export tax policy rarely practice politically unpopular contrary sentiment generally touted new trade theory models argument favored policies influence paper export subsidies international market share rivalry presented original version model cited paper journal international economics inception journal


max max german april june german philosopher political economist ideas profoundly influenced social theory social research cited founders key proponent arguing study social action purely means based understanding purpose meaning individuals attach actions unlike believe proposed outcome multiple causes main intellectual concern understanding processes associated rise capitalism saw result new way thinking world best known thesis combining economic religion elaborated book protestant ethic spirit capitalism proposed major associated rise western world market driven capitalism rational legal nation state argued basic boost capitalism said spirit capitalism inherent protestant religious values historical emphasised importance cultural influences embedded religion means understanding genesis capitalism protestant ethic formed earliest broader investigations world religion went examine religions china religions india ancient judaism particular regard differing economic consequences conditions social major work politics defined state entity successfully claims monopoly legitimate use physical force given territory social authority distinct forms labelled charismatic traditional rational legal analysis bureaucracy emphasised modern state institutions increasingly based rational legal authority variety contributions economic history economic theory analysis significantly influenced critical theory associated frankfurt school world war max founders liberal german democratic_party ran unsuccessfully seat parliament served advisor committee drafted ill fated democratic constitution contracting spanish flu died pneumonia aged biography early life family background born province prussia oldest seven children max wealthy prominent civil servant member national liberal party wife partly descended french immigrants held strong moral ideas involvement public life immersed home politics salon welcomed prominent scholars public figures young brother alfred economist intellectual atmosphere christmas presents parents thirteen years old historical essays entitled course german history special reference positions emperor pope roman imperial period constantine migration nations class bored unimpressed teachers turn resented perceived attitude secretly read volumes recently argued important influence thought entering university read classical works time significantly affected marital tension father man enjoyed pleasures mother devout sought lead life education enrolled university law student year military service transferred university berlin years student spent time drinking beer fencing increasingly mother family arguments grew estranged father simultaneously studies worked junior lawyer passed examination comparable bar association examination british american legal systems late 1880s continued study law history earned law doctorate writing legal history titled development principle joint liability separate fund public trading company household trade communities italian cities work longer work history trading companies middle ages based south european sources published year years later completed roman history significance public private law working august having joined university berlin faculty consulting government early work years completion took interest contemporary social policy joined new professional association german affiliated historical school saw role economics primarily finding solutions social problems age pioneered large scale statistical studies economic issues involved politics joining left leaning evangelical social congress established research program examine polish question influx polish farm workers eastern germany local labourers migrated germany rapidly cities charge study wrote large final report generated considerable attention controversy marked beginning renown social scientist member pan german league organization campaigned influx polish workers degree support poles similar nationalist policies debated modern scholars work particular provocative lecture nation state economic policy delivered immigration poles blames class slavic immigration serve selfish interests married distant cousin later feminist activist author right instrumental collecting publishing journal articles books death biography important source understanding life children usually acknowledged marriage marriage granted long awaited financial independence allowing finally leave parents household couple moved appointed professor economics university accepting position university central figure called circle composed intellectuals wife robert remained active evangelical social congress research period focused economics legal history max died months severe quarrel son resolved increasingly prone depression making difficult fulfill duties professor condition forced reduce teaching eventually leave course unfinished autumn spending months summer autumn wife travelled italy end year return april withdraw teaching return till ordeal mental illness carefully described personal chronology destroyed wife chronicle supposedly destroyed feared max work nazis experience mental illness widely known later work immense productivity early 1890s publish papers early late finally resigning late freed obligations year accepted position associate editor archives social science social welfare worked colleagues new interests lie fundamental issues social sciences works period primary interest modern scholars began publish seminal papers journal notably essay protestant ethic spirit capitalism famous work laid foundations later research impact cultures religions development economic systems essay works period published book lifetime works written half decades 20th century published posthumously dedicated primarily fields religion economic legal recognised important intellectual contributions visited united_states participated congress arts sciences held connection world fair louisiana purchase exposition louis monument visit placed home relatives visited north_carolina despite partial recovery evident america felt unable resume regular teaching time continued private scholar helped inheritance disappointed founded german association served treasurer resign tried organise left wing political party combine social democrats liberals attempt unsuccessful liberals feared social democratic revolutionary ideals political outbreak world war aged volunteered service appointed reserve officer charge organizing army hospitals role fulfilled end views war expansion german empire changed course conflict early supported nationalist rhetoric war effort viewed war necessity fulfill german duty leading state power time prominent critics german kaiser war policies publicly attacked belgian annexation policy submarine warfare later supported calls constitutional reform universal suffrage joined worker soldier council served german delegation paris peace conference advisor confidential committee constitutional reform drafted constitution motivated understanding american model advocated strong popularly elected presidency constitutional power professional bureaucracy defended provisions emergency presidential powers article constitution provisions later adolf_hitler rest constitution institute rule decree allowing regime suppress opposition gain powers ran unsuccessfully parliamentary seat member liberal german democratic_party founded opposed leftist german revolution ratification treaty versailles positions defied political germany time prevented friedrich new social democratic president germany appointing minister ambassador commanded widespread respect relatively little influence role german politics remains controversial day case critique left complained leaders leftist league led controlled city government berlin campaigning party german revolution thank fact send single division poles dirt horse play belongs gardens time critical versailles treaty believed assigned war guilt germany came world war believed countries guilty starting world war germany making case argued case war power desired circumstances according political goals required russia crossed mind german invasion belgium innocent act germans later month january party defeated election delivered greatest academic lectures politics reflection inherent violence found politicians profession recently personally active nature politicians concluded cases hot air touch reality feel burden need shoulder romantic years frustrated politics resumed teaching time university vienna university munich lectures period collected major works general economic history science politics munich headed german university institute held position colleagues students munich attacked response german revolution right wing students held protests home max contracted spanish flu died pneumonia munich june time death finished writing theory economy society widow helped prepare publication max thought max bureaucratic theory model known legal rational model model tries explain bureaucracy rational point view main characteristics principles follows max bureaucratic model legal rational model wrote modern bureaucracy public private sector relies following principles based general principle precisely defined organized board offices rules laws administrative regulations means rigid division labor established clearly identifies regular tasks duties particular bureaucratic system firmly established chains command duties capacity comply described regulation regular continuous execution assigned duties undertaken hiring people particular qualifications certified notes aspects constitute essence bureaucratic administration public sector private sector aspects constitute essence bureaucratic management private company main principles characteristics specialized roles recruitment based merit tested open competition uniform principles placement promotion transfer administrative system systematic salary structure hierarchy responsibility official conduct strict rules discipline control supremacy abstract rules authority office bearer bring office political neutrality merits max noted real bureaucracy optimal effective ideal type model principles utilized analyze individual level organization implemented group setting organization form efficiency effectiveness achieved especially regards better output especially true bureaucratic model emphasizes qualification merits job scope labour hierarchy power rules discipline efficiency effectiveness unclear contradictory especially dealing matters bureaucracy distributing job scope worker having day rotating tasks fear decreasing output tasks routine contribute employees feel organization work vision missions consequently sense belonging long term furthermore type organization tends invite exploitation potential employees creativity workers brushed aside favour strict adherence rules regulations procedures inspirations thinking strongly influenced german particularly neo exposed colleague university especially important work neo belief reality essentially chaotic rational order way human mind focuses attention certain aspects reality resulting perceptions opinions social sciences parallels work contemporary neo philosopher pioneering influenced ethics nonetheless came think obsolete modern age lacking religious respect influence friedrich philosophy evident according stanford encyclopedia philosophy deep tension moral diagnosis modern cultural world apparently gives tragic shade ethical major influence life writings workings socialist thought active politics shares bureaucratic systems capable advancing logic human freedom autonomy views conflict perpetual inevitable host spirit available influence mother evident life work maintained deep lifelong interest study religions open fact personally political economist economic historian belonged youngest german historical school economics represented academics von student research interests line school views theory value diverged significantly german closer fact austrian school traditional rivals historical school section economics unlike classical figures attempt consciously create specific set rules governing social sciences general particular comparison focused individuals culture clear focused society concentrated individuals actions structure action discussion argued material world world ideas valued ideas actions individuals big picture max science attempts understanding social action order arrive explanation course effects concerned question distinguished social action social behavior noting social action understood individuals relate study social action means based understanding meaning purpose individuals attach actions social actions easily identifiable objective means ends understanding ends scientist subject layer understanding scientist noted importance social sciences makes creation fool proof universal laws difficult natural sciences objective knowledge social sciences achieve limited overall supported goal objective science noted goal definitely worth absolutely objective scientific analysis culture knowledge cultural reality knowledge particular points view objective analysis cultural events proceeds according thesis ideal science reduction reality laws meaningless knowledge social laws knowledge social reality aids minds attaining end principle holds social scientists seek understand nations cultures governments churches corporations etc solely result context actions individual persons traced particularly chapter economy society argues individuals treated agents course action words argued social phenomena understood scientifically extent captured models behaviour individuals models called ideal types actual historical events necessarily accidental factors ideal type exist reality provide objective real life measured know scientifically ideals sure makes efforts past expected create ideals breast age culture developed context wider debate social sciences position close understood social actions heavily tied particular historical contexts analysis required understanding motivations individuals social actors use comparative historical analysis interested explaining certain outcome result historical processes predicting outcome processes future scholars described question individual freedom increasingly rational society main theme work theme situated larger context relationship psychological motivations cultural values beliefs primarily religion structure society usually determined economy understood individual cost benefit calculation second wider bureaucratic organisation organisations finally general sense opposite understanding reality mystery magic fate times characterised world began studies subject protestant ethic spirit capitalism argued connection work especially protestant denominations particularly shifted human effort rational efforts aimed achieving economic gain protestant religion christian god expressed secular calling rational roots doctrine argued soon grew incompatible larger religious eventually discarded continued investigation matter later works notably studies bureaucracy classification legitimate authority types rational legal traditional charismatic rational legal bureaucracy dominant modern world works described saw society movement similarly seen economy development highly rational calculating capitalism saw main factors setting european west apart rest world relied deep changes ethics religion psychology culture changes took place western depicted western culture especially development modern societies viewpoint new structures society marked systems taken shape capitalist enterprise bureaucratic state apparatus understood process rational economic administrative action degree everyday life affected cultural societal traditional forms life early modern period differentiated primarily according trade dissolved features include increasing knowledge growing enhanced control social material life ambivalent admitting responsible advances particular freeing humans traditional restrictive social guidelines criticised individuals machine freedom trapping bureaucratic iron cage bureaucracy related process world explained mystical moving religions ones finally science processes affect society removing sublime values public life making art creative critique notes modern society product drive reformation time society created process welcoming possible salvage remnants individual freedom movement sense given powerful trend religion work field religion started essay protestant ethic spirit capitalism continued analysis religion china religion india buddhism ancient judaism work religions interrupted sudden death prevented following ancient judaism studies early christianity islam main themes essays effect religious ideas economic activities relation social religious ideas distinguishable characteristics western saw religion core forces society goal find reasons different development paths cultures orient judging like contemporary followed social wanted primarily explain distinctive elements western analysis findings maintained widely protestant religious ideas major impact social innovation development economic system west noted factors development notable factors mentioned included scientific pursuit merging observation mathematics science scholarship rational government administration economic enterprise end study religion according focused distinguishing western culture decline beliefs magic referred world proposed model religious change showing general societies moved magic finally ethical according evolution occurred growing economic stability allowed evolution sophisticated societies grew complex encompassed different groups hierarchy gods developed power society concept single universal god popular desirable protestant ethic spirit capitalism essay protestant ethic spirit capitalism famous work argued work viewed detailed study introduction later works especially studies interaction religious ideas economic behaviour economic system protestant ethic spirit capitalism forward thesis ethic ideas influenced development capitalism noted post reformation shift europe economic centre away catholic countries france spain italy protestant countries netherlands england scotland germany noted societies having highly developed capitalist economy similarly societies different religions successful business leaders protestant argued roman catholicism development capitalist economy west religions buddhism world development concept calling quickly gave modern entrepreneur clear conscience workers gave employees wages devotion calling operation ruthless exploitation capitalism prospect eternal salvation christian religious devotion historically accompanied rejection mundane affairs including economic pursuit showed certain types notably supportive rational pursuit economic gain activities dedicated seeing endowed moral spiritual significance argued reasons look origins modern capitalism religious ideas reformation particular protestant ethic specifically ethic motivated believers work hard successful business profits development pleasures notion calling meant individual action indication salvation member church reduced economic inequality meant material wealth taken sign salvation believers justified pursuit profit religion instead morally suspect greed ambition actions motivated highly moral respected philosophy called spirit capitalism protestant religious ideology inevitably led capitalist economic system theory viewed reversal thesis economic base society determines aspects abandoned research colleague professional theologian begun work book social teachings christian churches reason decision work achieved desired area laying comparative analysis religion society phrase work ethic modern commentary derivative protestant ethic discussed adopted idea protestant ethic apply japanese people jews non christians lost religious religion china religion china second major work religion edited translated text english introduction focused aspects chinese society different western_europe especially aspects contrasted work questioned capitalism develop china focused issues chinese urban development chinese chinese religion philosophy primarily areas chinese development differed european route according mutually exclusive types rational thought attempting way life based religious notably valued self control restraint oppose accumulation wealth qualities means final goal divided key difference goal status position goal create individuals tools god intensity belief enthusiasm action rare common actively working wealth proper states difference social attitudes mentality shaped respective dominant religions contributed development capitalism west absence china religion india buddhism religion india buddhism major work religion work deals structure indian society orthodox doctrines doctrines buddhism modifications brought influence popular finally impact religious beliefs secular ethic indian society view india like china barrier capitalism indian system difficult individuals advance society activity including economic activity seen context advancement soul ended research society religion india bringing insights previous work china discuss similarities asian belief systems notes beliefs saw meaning life mystical experience social world fundamentally divided educated elite following guidance prophet wise man masses beliefs centered magic asia prophecy plan meaning everyday life educated alike called ethical notably near east region found mainland focused reaching educated proper ways live life usually little emphasis hard work material world differences prevented countries following paths earlier chinese indian work ancient judaism attempt prove theory ancient judaism ancient judaism fourth major work religion attempted explain factors resulted early differences oriental contrasted developed western christianity mystical kind developed india noted aspects christianity sought conquer change world withdraw fundamental characteristic christianity compared far eastern religions stems originally ancient jewish prophecy claimed judaism fathered christianity islam crucial rise modern state judaism influence important roman cultures premature death prevented following planned analysis book job early christianity islam economy society economy society collection essays working time death death final organization editing book fell widow final german form published reflected work intellectual commitment beginning german began editing organizing german edition economy society based study papers left death english versions economy society published collected volume edited result editions german english differences organization different volumes economy society includes wide range essays dealing views social philosophy politics social world religion diplomacy subjects book typically published volume set german english pages long fortune fortune theory suggested members different social classes adopt different belief systems explain social situation concept expanded mainly thought addition ethical considerations subject religion ethical religion including mean respectively people understand able correct relationship supernatural powers explain evil bad things happen good people separation different regard class tend belief wealth privilege indications signs evil contrast fortune emphasise notion privileges blessing deserved writes affluent embrace good fortune emphasise prosperity blessing god emphasise sign evil suffering world rewarded applied class structure society racial segregation religion defines importance societal class religion examining difference class structures apply concept work ethic attached fortune protestant work ethic contribution higher class outcomes education work ethic believing wealth happiness granted example belief religious influences class lower status poor deep faith way comfort provide hope prosperous future higher status actions prove right possessing greater wealth found segregation religious community main division seen mainline protestant evangelical denominations relation class particular example mainline churches upper class congregations promote order stability proved powerful source status quo existing distribution wealth power wealth church comes congregation contrast churches adopted instead advocated change intended advance cause justice learned upper class religious churches preach fortune ultimately support capitalism corporation churches adopted instead preached equality politics government political influential contributions politics essay definition state entity possesses monopoly legitimate use physical force wrote politics sharing state power groups political leaders power politician man true christian ethic understood ethic sermon mount injunction turn cheek ethic ought understood saint saints according appropriately follow political realm realm saints politician ought marry ethic attitude ethic responsibility possess passion capacity distance subject governed distinguished ideal types political leadership alternatively referred types domination authority charismatic domination religious traditional domination legal domination modern law state bureaucracy view historical relation rulers ruled contained elements analysed basis distinction notes instability charismatic authority forces structured form authority pure type traditional rule sufficient resistance ruler lead traditional revolution rational legal structure authority bureaucratic structure inevitable end theory viewed social theory ties broader concept suggesting direction bureaucratic administration means fundamentally domination knowledge described ideal types public administration government masterpiece economy society critical study society enduring parts work began studies bureaucracy works led term aspects modern public administration classic organised civil service continental type called civil service efficient rational way organising key rational legal authority furthermore saw key process ongoing western society listed emergence bureaucracy growth space population administered growth complexity administrative tasks carried existence monetary economy resulted need efficient administrative system development communication transportation technologies efficient administration possible popularly requested culture resulted demands new system treat everybody equally ideal bureaucracy characterised organisation lines authority fixed area activity action taken recorded basis written rules bureaucratic officials needing expert training rules implemented career advancement depending technical qualifications judged organisations individuals decisive reason advance bureaucratic organisation purely technical superiority form organisation recognising bureaucracy efficient form organisation modern state saw threat individual freedoms ongoing leading polar night darkness increasing human life traps individuals aforementioned iron cage bureaucratic rule based rational control order counteract system needs politicians social formulated component theory social class social status political party distinct elements component theory contrast simpler theory social class ties social people theory issues honor prestige important distinction clearly described essay classes parties published book economy society components theory social class based economically determined relationship market owner employee etc status german stand based non economic qualities like honour prestige religion party refers political domain dimensions consequences called life chances opportunities improve life scholars recognize important maintain sharp distinction terms status class tend popular usage study city overarching effort understand unique development western world produced detailed general study city characteristic social economic relations political arrangements ideas eventually came define west resulted monograph titled city probably compiled research conducted published posthumously incorporated second economy society chapter city non legitimate domination according city politically autonomous organisation people living close proximity employed variety specialised trades physically separated surrounding countryside fully developed west great extent shaped cultural evolution origin rational inner ethic associated appearance developed social context alien cultures context consisted political problems status group city judaism christianity development thinking argued judaism early christianity theology later political party modern science possible urban context reached development west saw history medieval european cities rise unique form non legitimate domination successfully challenged existing forms legitimate domination traditional charismatic rational legal prevailed medieval world new domination based great economic military power organised community city citizens economics regarded primarily political economist appointments economics today contributions field largely overshadowed role founder modern economist belonged youngest german historical school economics great differences school interests methods hand school modern mainstream economics largely derives explain influence economics today hard max pioneer connection capitalism earlier texts explores american effects current means productions contribution existent literature paramount importance main reasons important relates capitalism course new max past adds correct confirming connection reform capitalism key role played norse mythology left effect concept discussed come core norse culture secondly understand future led english speaking societies construct risk prone culture resulted dubbed risk society criticism exerted uneven distribution capitalism explained economy peoples formulated research interests line german strong emphasis interpreting economic history defence social sciences represented important break school embracing arguments founder austrian school economics context academic debate methods late 19th century phrase come common usage modern debates connection coined austrian american economist joseph way referring views according social research fully descriptive understanding phenomenon implies researcher mere description interpret interpretation requires classification according abstract ideal pure types taken justification model rational economic man heart modern mainstream economics unlike accepted marginal theory value called taught students published article drew sharp distinction psychology economics attacked claims marginal theory value economics reflected form psychological response described law max article cited definitive dependence economic theory value laws george friedrich broader issue relation economics psychology come academic debate development economics economic history best known work economics concerned capitalist development particularly relations religion capitalism explored protestant ethic spirit capitalism works religion argued bureaucratic political economic systems emerging middle ages essential rise modern capitalism including rational book keeping organisation formally free labour case ancient capitalism different social political structure based conquest slavery coastal city state contributions include early work economic history roman society labour relations eastern germany analysis history commercial partnerships middle ages critique discussion roles history capitalism economy society general economic history notable example kind work associated german historical school today primarily read social philosophers work significant influence frank knight founders chicago school economics translated general economic history english knight wrote max economist dealt problem understanding emergence modern capitalism angle yield answer questions angle comparative history broad sense economic calculation like colleague regarded economic calculation especially double entry method business accounting important forms associated development modern capitalism importance economic calculation led develop critique socialism system lacked mechanism resources efficiently order satisfy human needs socialist intellectuals like realised completely economy prices exist central planners resort kind monetary economic calculation according type coordination inefficient especially incapable solving problem accurately determining relative values capital goods wrote socialism order possible rational means production system kind accounting determine value kind individual capital goods role prices book modern business accounting clear established particular verified instance vary production unit basis economic location uniform entire economy basis social utility present future consumption requirements gained assuming problem non monetary economy seriously attacked suitable accounting method discovered invented problem fundamental kind complete speak rational planned economy long decisive respect instrument rational plan argument socialism independently time von significant influence befriended university vienna spring associated austrian school 20th century friedrich particular elaborated arguments economic calculation central free market economics intellectual assault socialism model spontaneous coordination dispersed knowledge markets legacy prestige max european social scientists difficult estimate widely considered greatest german leading influence european american thought influential work economic political religion commonly regarded founders modern following worked tradition instrumental developing tradition social sciences regard belongs similar tradition german colleagues stressed differences appropriate social natural sciences presented science human social action action separated traditional value rational instrumental science object interpret meaning social action explanation way action proceeds effects produces action definition meant human behaviour extent agent agents meaningful meaning refer meaning actually intended individual agent particular historical occasion number agents approximate average given set cases meaning attributed agent agents types pure type constructed abstract case meaning thought correct true criterion difference sciences action history kind discipline logic ethics aesthetics aim extract subject matter correct valid meaning time viewed primarily historian economist breadth interests apparent depth social theory affinity capitalism religious origins western world force charisma religion politics embracing process bureaucratic price progress role legitimacy violence offspring leadership modern world ending power religion antagonistic relation key concepts enduring fascination thinking works famous today collected revised published posthumously significant interpretations writings produced parsons wright mills parsons particular works perspective personal interpretation criticised influenced later social max different elements thought emphasised joseph leo according austrian economist von met time university vienna early death genius great disaster germany lived longer german people today able look example broken national socialism friend psychiatrist philosopher described greatest german era death felt german world lost heart critical responses explanations highly specific historical periods analysed disagree pointing despite fact write early twentieth century ideas remain alive relevant understanding issues like politics bureaucracy social today scholars disagreed specific claims makes historical analysis example economist joseph argued capitalism begin industrial revolution 14th century italy milan venice florence small city state governments led development earliest forms capitalism 16th century antwerp commercial centre europe predominantly country scotland enjoy economic growth netherlands england new_england pointed netherlands majority later 19th century predominantly catholic belgium centres industrial revolution european mainland expanded argument arguing hypothesis hurt development capitalism leading development labour theory value