E. Economy

E. Economy [elements of]

EO. Total Output [types of]

(types of expenditure)

1. Consumption

2. Investment

3. Government spending 3t is taxes

4. Exports and imports 4e is exports, 4i is imports

(types of income)

5. Wages 5t is tips.

6. Profits (EO6b is losses)

7. Interest

8. Rent

9. Output of individual goods and services within individual markets. [EO9\ codes for ‘market for’] We will import the United Nations Standard Products and Services Code available at http://www.unspsc.org/ The UN notation can follow EO9: growing rice is thus EO9A0112 [One advantage of the UNSPC is that it does indeed refer to goods and services rather than activities: "rice" rather than 'growing rice'. We can thus without difficulty employ a synthetic approach: (producing)(rice)] [A drawback is that the UN codes will be updated from time to time, though this generally involves adding new subclasses.]

Note that the UNSPC provides 8-digit codes. In a manner similar to the DDC, codes ending with numerous zeros indicate more general classes. We will for ease of use not list the last zeroes in our notation. For example:

EO91. Live plant and animal material and accessories and supplies

EO9101. Live animals [Note that UNSPC does not follow strict hierarchy; there are many classes starting with 101 that are plants rather than animals. But this does not prevent us from using the abbreviated notation.]

EO910101516. Cattle

Note that the aggregations employed by the UN are designed for accounting purposes rather than classification purposes. There is thus no aggregate code for the outputs of farming (that is, plants and animals) that distinguishes this from ancillary activities. Moreover agricultural products are classed quite differently from agricultural services (such as horticulture). This is a serious difficulty, but the advantages of potential interoperability across databases, and the detail provided by UNSPC, argue for its use here. Ideally once UNSPC is imported into BCC links between subclasses can be put in place.

Note that the UN website allows free downloads of the code in PDF format and searches of the code.

EV: Economic Variables and terms: [These terms could be captured synthetically, but are commonly employed.]

1. Supply

2. Demand [Note: market failure is when supply does not equal demand. 'Invisible hand' is concept for cause supply equal demand]

3. Cost [Economies of scale are cost declines with output]

4. Public good

5. Externality

6. Free rider

7. Monopoly

8. Oligopoly

EO↕ Economic fluctuations [↕ means fluctuations; see Classifying Relationships.]

1. Price level

2. Unemployment

ED. Income Distribution [types of]

EL. Economic Ideology [types of] [This may prove unnecessary to distinguish from political ideology.] Mercantilism. Physiocrats.

EI. Economic Institutions [types of]

1. Ownership [codes for ‘firm’] [EI1 / I means net worth of individual]

a. Corporations, Company

b. Partnerships

c. Worker ownership

d. Cooperative or Collective

e. Individual Ownership

f. Feudal systems

g. Sharecropping

h. Public

i. Non-governmental agency

j. Private ownership in general

k. Fee simple

l. Bankruptcy [Is this a logical subclass?]

m. Non-profit

2. Production

a. Factory

b. Small workshop

c. Home production

d. Guild production

e. Regulations governing production (regulations in general)

3. Exchange

a. Market economy

b. Command economy

c. Mixed

d. Gift-giving, philanthropy

e. Regulations governing transport

f. Reservation; contract for future service/goods

g. Bill

h. Receipt

4. Trade

a. Foreign aid

b. Tariffs

c. Quotas

d. Other trade barriers

5. Finance

a. Money (including money supply) [Note ISO 4217 provides three-letter coding of currencies. It might be better to code by country (and

time period for former currencies).]

b. Interest rate

c. Loans

d. Bonds

e. Stocks

f. Banks

g. Insurance

h. Trust companies

i. Savings accounts

j. Chequing accounts

k. Budget

l. Business plan

m. Accounts

r. Risk

6. Labor relations

a. Slavery

b. Indentured labor [serfs are EI6b (EI1f)]

c. Free labor

7. Marketing

a. Price

b. Advertising [Do we need to distinguish the activity from the institution?]

c. sales catalogues

d. auction catalogues

e. public relations

t. trademark

v. copyright

8. Organizations

a. industry groups

b. professional associations

c. cartels

d. Unions