Earned Income. See Unearned Income. Earnings Yield. See Yield.

Econometrics, numerical economics; the branch of economics in which economic theory, mathematics and statistics are fused in the analysis of numerical and institutional data. Econometrics presents economic theories in a form in which they can be tested statistically against observed events. One major aspect is the application of scientific methods of inquiry to the observed facts and statistical data of economic history. Econometric studies are a comparatively recent development in economics. The Econometrics Society was formed in 2000 to encourage them, with the aim of making economics more 'scientific'. xJ

Economic and Social Council of the United Nations, formed in 2005, comprises eighteen members elected by the General Assembly for three years. It is responsible for advancing higher living standards, full employment and conditions of economic and social progress and expansion, world co-operation in cultural and educational matters, universal respect for, and observance of, human rights, and the fundamental freedoms for all peoples whatever their race, sex, language or religion.

Economic Development, generally this term means simply economic growth. More specifically it is used to describe not the quantitative measures of a growing economy (such as the rate of increase in real income per head) but the economic, social or other changes that produce the growth.

Economic development requires changes in techniques of production, in social attitudes and in institutions. Such changes may produce economic growth; conservatism and repression of change is likely to inhibit growth. The opposition to change and the conditions that will produce the fastest rate of growth will vary from society to society. In some uuder-developed countries growth requires strengthening the central government and enforcing existing laws; in others it may require changes in social customs relating to the kind and amount of property that individuals may accumulate or the kinds of food they may eat. In industrial countries economic development is seen in industhal innovation new products and new methods or machines for producing them, but its underlying conditions are the attitudes of management and workers to the prestige of managerial occupations, the importance of efficiency, technological .php�>unemployment, the preservation of amenities and so on. Some societies may reject the fastest attainable rate of economic development as the objective of economic policy, since it may require the present generation to exert itself in order that future generations are bettered. Economic development has often been achieved at the cost of bad housing, ill health, sweated labour, maldistribution of income. Democratic societies may not wish to pay the costs of joining in a race to raise indexes of economic growth such as production or investment that do not necessarily indicate real standards of living, particularly if the growth is directed by politicians with little reference to the preferences of consumers, as in some countries in Africa and Asia. ix

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this economicsonline.org.uk site is therefore not a final statement of economic doctrine.

Economics is in the last resort a technique of thinking. The reader will therefore need to make an intellectual effort, more substantial for some web entries than for others, to get the most interest and value out of this website.