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== '''[[Economics]]''' ==
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The term '''economics'''  refers both to an intellectual discipline and to a profession.
==Footnotes==
 
The intellectual discipline of economics is an attempt to gain an  understanding of  the processes that govern the production, distribution  and consumption of [[wealth (economics)|wealth]], and to use that understanding to assist in the prediction of the consequences of economic activities. It uses the methodology of [[science]]  and can be considered to be a science insofar as it produces testable propositions (see [[/Tutorials#Economics as a science|economics as a science]]), although some branches of the subject are widely considered to be normative (see [[/Tutorials#Normative economics|normative economics]]). Like other sciences, it is subject to a continuing process of revision.
 
The profession of economics includes academics<ref>For a light-hearted look at the life of an academic economist, see Axel Leijonhufvud's ''Life among the Econs''[http://www.kysq.org/diss/LifeamongtheEcon.pdf]</ref>  who construct, develop and teach economic theory,  and practitioners who use economic theory  to make forecasts or to advise upon political, commercial and regulatory decisions. Its most influential application is to the management of the economy. Mistaken decisions in that context can do more damage than in most others.
 
===The methodology of economics===
The traditional methodology of economics has been  first to formulate a theory, and then to examine how far it provides  operationally useful conclusions. Its pioneers have often adopted an  [[instrumentalism|instrumentalist]] approach:  basing  a theory on arbitrary axioms - such as consistently rational human behaviour - and then advocating its acceptance solely  on the grounds that it had  provided  operationally useful results. That methodology has  proved to be vulnerable to changing conditions, however, and there  has recently been a tendency to move away  from an exclusively axiom-based  approach  towards a greater recognition  of  observed behaviour.  Among the  techniques that have been coming into use for that purpose are those of [[Philosophy of economics#Behavioural economics|behavioural economics]] and [[neuroeconomics]].
 
''[[Economics|.... (read more)]]''
 
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Latest revision as of 10:19, 11 September 2020

1901 photograph of a stentor (announcer) at the Budapest Telefon Hirmondó.

Telephone newspaper is a general term for the telephone-based news and entertainment services which were introduced beginning in the 1890s, and primarily located in large European cities. These systems were the first example of electronic broadcasting, and offered a wide variety of programming, however, only a relative few were ever established. Although these systems predated the invention of radio, they were supplanted by radio broadcasting stations beginning in the 1920s, primarily because radio signals were able to cover much wider areas with higher quality audio.

History

After the electric telephone was introduced in the mid-1870s, it was mainly used for personal communication. But the idea of distributing entertainment and news appeared soon thereafter, and many early demonstrations included the transmission of musical concerts. In one particularly advanced example, Clément Ader, at the 1881 Paris Electrical Exhibition, prepared a listening room where participants could hear, in stereo, performances from the Paris Grand Opera. Also, in 1888, Edward Bellamy's influential novel Looking Backward: 2000-1887 foresaw the establishment of entertainment transmitted by telephone lines to individual homes.

The scattered demonstrations were eventually followed by the establishment of more organized services, which were generally called Telephone Newspapers, although all of these systems also included entertainment programming. However, the technical capabilities of the time meant that there were limited means for amplifying and transmitting telephone signals over long distances, so listeners had to wear headphones to receive the programs, and service areas were generally limited to a single city. While some of the systems, including the Telefon Hirmondó, built their own one-way transmission lines, others, including the Electrophone, used standard commercial telephone lines, which allowed subscribers to talk to operators in order to select programming. The Telephone Newspapers drew upon a mixture of outside sources for their programs, including local live theaters and church services, whose programs were picked up by special telephone lines, and then retransmitted to the subscribers. Other programs were transmitted directly from the system's own studios. In later years, retransmitted radio programs were added.

During this era telephones were expensive luxury items, so the subscribers tended to be the wealthy elite of society. Financing was normally done by charging fees, including monthly subscriptions for home users, and, in locations such as hotel lobbies, through the use of coin-operated receivers, which provided short periods of listening for a set payment. Some systems also accepted paid advertising.

Footnotes