Bianca Bianca Gold Bionca Seven Bionica Lynenette Champaign Bridgette Bleu Bridgette Blue Brigette Bleu Brigette Blue Lynn Connelly Mrs Clark Kim Kum Kimmy Toyota Eden Kim Kwan Kimmy Jee Kimmi Gee Kimmi Kimi G Kimi Ji Kimi Jee Sam Katie Allisa Allure Alyssa Allyssa Allure Alicia Allure Allysa Allure Amia Moré Amia Moore Amia Amore Tricia Trisha Jessica Jewell Heather Horne Jessica Conners Jessica Rabbit Jessica Collins Heather Hornay Kimare Broody Jessica Alexis Lamore Alexis Amour Alexis Brittney Britany Skye Britany Sky Britney Skye Brittaney Skye Brittany Sky Britney Sky Brittany Skye Alana Ev Alona Alana Allana Evans Jenna Talia Lucy Blaze C ey Cumms C ey Alexander Andi San Dim Andi Love Andi Crush Andie San Dim Rock Christina Inked Andi Andi Love Lilith Rose Kerri websites Katie Stives Alexa Nicole Aleska Nicole Aleksa Nicole Alysa Alysha Gapolexa Lora Alisya Eloa Bobbie Starr Bobby Starr Bobbi Bobbi Star Annette Swartz Anette Annette Schwartz Annette Annetta Schwarz Naomi Cruise Nyomi Cruise Naomi Cruz Summer Monroe Miss Moretti Amia Moretti Amea Moretti on websites Abbey Ileana Amia A ianna Angel A inna Angle Au ianna Scarlett eamz Alannah Rae Alanah Ray Katie Koxxx Flower Aarlynn Aarilyn Berra Aaralynn Barra Arryolyn Barra Aaryn Barra Aaralyn Aaralyn Berra Aarolyn Barra Kelly Fucking Wells Kelly Fuck'n Wells Kelley Wells Kelly Fuckin' Wells Kelly Fuck 'n Wells Rebecca Edna Purviance The Girl James T Kelley James T Kelley Mitzi Gaynor Martha Stewart Jeanne Crain Jeanne Crain Letty P Eddie Albert Eddie Albert Austin Mack Beverly Garland Beverly Garland Buster Crabbe 'Slinger' Dunn Larry "Buster" Crabbe Katherine DeMille Katherine DeMille Molly Dunn Katherine de Mille Tom Keene Tom Keene Jim Travis Richard M ur Sheriff Ed Smalley Clay Tanner Clay Tanner Buck Henry The Escort Vincent Gardenia Vincent Gardenia Krim Joseph Maher Joseph Maher Sisk Hamilton Camp Hamilton Camp William Callaway Harley William Bronder William Bronder Sorrell Booke Al G Karp G Wood G Wood An ew Constable Colleen Dewhurst Monique Aldo Sambrell Aldo Sambrell Miguel Aldo Sanbrell Ian McShane Wolfe Lissner Nigel Davenport Nigel Davenport Bob Matthews Donald Sinden Donald Sinden Eddie Davies Paul Luty Paul Luty Daphne Oxenford Daphne Oxenford Deborah Watling Deborah Watling Gerald aycott James Cossins Roy Barraclough Peregrine Patricia Hayes Patricia Hayes Air Hostess Mollie Sugden Mollie Sugden Doris Check In Girl Frank Thornton Frank Thornton Travel nt Ronnie Brody Ronnie Brody Courier Ernest Arnley Ernest Arnley Customer Alec Bregonzi Alec Bregonzi sistant Felix Bowness Felix Bowness Barry Halliday Barry Halliday Didi Sullivan Didi Sullivan Fiona Lewis Fiona Lewis Venetia T P McKenna T P McKenna Frank Fletcher Joss Ackland Joss Ackland Edgar Lowis Cathleen Nesbitt Cathleen Nesbitt Mrs DakinElizabeth Knight Elizabeth Knight Patti Colin Welland Colin Welland Tom Binney Tony Selby Tony Selby DuncanJohn Hallam John Hallam Terry Del Henney Del Henney Webb Ben Howard Ben Howard Henry James Cossins James Cossins Brown Antonio Tarruella Antonio Tarruella Motorcycle Policeman Robert Coleby Robert Coleby Hitch HikerPat Zurica Pat Zurica st Man Patrick J Zurica Rocky Taylor Rocky Taylor nd ManClifton James Clifton James StreigerBob Balaban Bob Balaban Victor KarpBibi Osterwald Bibi Osterwald Mums GornikFrank McRae Frank McRae Hermann X Don Calfa Don Calfa Stosh GornikHarvey Evans Harvey Evans IrvingHank Stohl Hank Stohl JohnsonLiam Dunn Liam Dunn PainterJack Riley Jack Riley JacksonPat Zurica Pat Zurica Man in privyHarvey J Goldenberg Harvey J Goldenberg st policeman RosewaterJeannie Linero Jeannie Linero LolaPe o Gonzalez Gonzalez Pe o Gonzalez Gonzalez MiguelitoAnthony Palmer Anthony Palmer Chief AppletonHarvey Solin Harvey Solin Sally Kirkland Sally Kirkland JanetBruce M Fischer Bruce M Fischer Mathew Anden Mathew Anden Jack Perkins Jack Perkins Ross Durfee Ross Durfee Jorge Moreno Jorge Moreno Jamie Reidy Jamie Reidy Hank Worden Hank Worden Hoke Howell Hoke Howell Bentley Arthur Malet Arthur Malet Everett Stephanie Faracy Stephanie Faracy CorinneJeannie Linero Jeannie Linero LaviniaHarry D K Wong Harry D K Wong GardenerGeorge J Manos George J ManosLt Henry LawtonPat McCormick Pat McCormick John NobleJack Starrett Jack Starrett Gen George CrookJohn Durren John Durren Jay Robinson John C RupertJohn tin John tin A eva Rose Reva Rose Richard Todd Sir Walter RaleighJoan Collins Joan Collins Beth ThrogmortonJay Robinson Jay Robinson ChadwickHerbert Marshall Herbert Marshall Lord Leicester Robert Dudley Dan O'Herlihy Dan O'Herlihy Lord DerryRobert Dougl Robert Dougl Sir Christopher HattonRomney Brent Romney Brent French Amb sadorLeslie Parrish Leslie Parrish Anne Marjorie Hellen Lisa Daniels Lisa Daniels MaryLuluRobert Foulk Robert Foulk Commissioner DingleBrayden Linden Brayden Linden FrankKaren Mae Johnson Karen Mae Johnson Lola Karen Rae Johnson Francis R Cody Francis R Cody Rhett Francis Cody Darra Lyn Tobin Darra Lyn Tobin Elvira Darra Lynn Tobin Hank Whickham Hank Whickham SpeedJ Rob Jordan J Rob Jordan Officer NerdmanHerb Marlis Herb Marlis LloydMarshal Joe LeFlors Meg Mazursky AmyGlenna Sargent Glenna Sargent NancyViola Spolin Viola Spolin Mrs Morrison MotherAn e Philippe An e Philippe An eMichael Lerner Michael Lerner LeoJoan Delaney Joan Delaney JaneNeil Burstyn Neil Burstyn NormanLeon Frederick Leon Frederick LewisCarol O'Leary Carol O'Leary MarleneTox ohar Tox ohar ToxSophia Krischer Sophia Krischer Sophi ne Krischer Gene Krischer GenePaul Mazursky Paul Mazursky Hal SternJeremy Slate Jeremy Slate Capt Emmet CrawfordEnrique Lucero Enrique Lucero GeronimoStafford Morgan Stafford Morgan Gen Nelson MilesDon Collier Don Collier Mr NickellJames Oliver James Oliver Mickey FreeGeorge Reynolds George Reynolds st RustlerWilliam Smith Jr William Smith JBenny Baker Benny Baker Jim TraftLeif Erickson Leif Erickson Curley Prentiss Glenn Erikson David Canary Candy CanadayArthur Hunnicutt Arthur Hunnicutt Salty HubbardEric Christm Eric Christm Bobby DanMike Mazurki Mike Mazurki Big JackJohn Carradine John Carradine Preacher DillardIvor Francis Ivor Francis BankerJim Connell Jim Connell Hotel Man rRobert Sorrells Robert Sorrells SidGuy Wilkerson Guy Wilkerson SheriffMilton Parsons Milton Parsons UndertakerSunshine Parker Sunshine Parker Bum Lee McLaughlin Lee McLaughlin Stanley An ews Stanley An ews Clay JacksonRichard Carle Richard Carle Sheriff BinghamIrving Bacon Irving Bacon Windy Watkins Traft ForemanEffie Ellsler Effie Ellsler Granny DunnJan Duggan Jan Duggan Carrie BinghamWalter Long Walter Long Bev WilsonChester Gan Chester Gan ClarenceRichard Alexander Richard Alexander Seth HaverlyBudd Fine Budd Fine Sam Haverly Bud Fine Jack Pennick Jack Pennick WearyRest of c t listed alphabetically Curley Baldwin Curley Baldwin Man at Dance Ed Brady Ed Brady Jackson Henchman Charles Brinley Charles Brinley Barfly Jack Rube Clifford Jack Rube Clifford Rodeo Announcer Frank O'Connor Frank O'Connor Bartender at Mace's Saloon Bob Reeves Bob Reeves Henchman Don Roberts Don Roberts Guncheck Room Clerk Henry Roquemore Henry Roquemore Rodeo Judge Tom Smith Tom Smith Man at DanceC sie MackJackie Coogan Jackie Coogan Swifty MorganBarry Kelley Barry Kelley Captain Hugh McCarthyTed de Corsia Ted de Corsia Georgie ParkerLeonard Graves Leonard Graves Tim CooganValerie Allen Valerie Allen Flora ChorineHank Henry Hank Henry Burlesque ComedianSophie Tucker Sophie Tucker Sophie TuckerRest of c t listed alphabetically Ned Gl s Ned Gl s Johnson Eric Alden Eric Alden Doorman at the Copacabana Robert quith Robert quith Nightclub Patron Bill Baldwin Bill Baldwin Radio Announcer on Loudspeaker Bobby Barber Bobby Barber Waiter Don Beddoe Don Beddoe Heckler at the Copacabana Russ Bender Russ Bender Man in Hotel Suite John Benson John Benson Hood Billie Bird Billie Bird Ticket Seller C hier Jan Bradley Jan Bradley Telephone Operator Judith Bradshaw Judith Bradshaw Chorine Wally Brown Wally Brown L Veg Heckler Paul Bryar Paul Bryar Heckler Benny Burt Benny Burt Taxicab iver Florine Carlan Florine Carlan Chorine Fred Catania Fred Catania Bouncer at Silver Door James Cavanaugh James Cavanaugh Burlesque Straight Man Edith Clair Edith Clair Nightclub Patron Au ey Conti Au ey Conti Girl in Hotel Suite Jimmy Cross Jimmy Cross Jack Jann Darlyn Jann Darlyn Girl in Hotel Suite Joseph Donte Joseph Donte Man in Hotel Suite Phyllis Dougl Phyllis Dougl Chorine Heidi Duval Heidi Duval Chorine Dick Elliott Dick Elliott Man Shaving Shirley Falls Shirley Falls Fl hy Blonde Franklyn Farnum Franklyn Farnum Nightclub Patron Darlene Fields Darlene Fields Chorine Ruby Fleming Ruby Fleming Nightclub Patron Kathleen Gallant Kathleen Gallant Heckler's Wife Paul Gary Paul Gary Man in Hotel Suite H W Gim H W Gim Janitor Mary Ellen Gle on Mary Ellen Gle on Girl on Chair Regina Gle on Regina Gle on Girl in Hotel Suite Joe Gray Joe Gray Fighter Reita Green Reita Green Chorine Donna Jo Gribble Donna Jo Gribble Chorine Kit Guard Kit Guard Doorman at the Valencia John Harding John Harding Johnny Allen Maurice Hart Maurice Hart Man on Squawk Box Ed H kett Ed H kett C ino Patron Len Hen y Len Hen y Heckler Bill Hickman Bill Hickman Hood Knife Paula Hill Paula Hill Chorine Harold Huber Harold Huber Harry Bliss Edward Ingram Edward Ingram Nightclub Patron Dorothy Johnson Dorothy Johnson Nightclub Patron Lorna Jordon Lorna Jordon Waitress Howard Joslin Howard Joslin Nightclub Patron Kenner G Kemp Kenner G Kemp Elevator Operator Man at Benefit Jack Kenney Jack Kenney Hotel Clerk Walter Woolf King Walter Woolf King Mr P Richard Kipling Richard Kipling Man at Craps Table Larry Knight Larry Knight Dealer Lucy Knoch Lucy Knoch Chorine Joseph La Cava Joseph La Cava Waiter Estelle Lawrence Estelle Lawrence Nightclub Patron Ned Le Fevre Ned Le Fevre Austin Joanna Lee Joanna Lee Chorine Carl M Leviness Carl M Leviness Wedding Guest Arthur Lewis Arthur Lewis Man in Hotel Suite Au ey Lowell Au ey Lowell Chorine Mike Mahoney Mike Mahoney Man at Benefit Nightclub Patron Helene Marshall Helene Marshall Girl in Hotel Suite Leon Martin Leon Martin Man in Hotel Suite Thom Martin Thom Martin C ino Patron Oliver McGowan Oliver McGowan Judge Dennis McMullen Dennis McMullen Photographer Ron McNeil Ron McNeil Cab iver William Meader William Meader Man in Hotel Suite Sid Melton Sid Melton Racetrack Runner Paul Millard Paul Millard Nightclub Patron Harold Miller Harold Miller Nightclub Patron Man at Benefit Frank Mills Frank Mills Florist Truck iver Ralph Montgomery Ralph Montgomery Man in Hotel Suite Pat Moran Pat Moran Man at Craps Table Sol Murgi Sol Murgi Wedding Guest Forbes Murray Forbes Murray Nightclub Patron William H O'Brien William H O'Brien Nightclub Patron George Offerman Jr George Offerman Jr Elevator Starter Alan Paige Alan Paige Man in Hotel Suite Arturo Petterino Arturo Petterino Maitre D' Murray Pollack Murray Pollack C ino Patron William Pullen William Pullen Letty's Husband Mabel Rea Mabel Rea Chorine Eleanor Roosevelt Eleanor Roosevelt Mrs Roosevelt Franklin D Roosevelt Franklin D Roosevelt President Franklin D Roosevelt Edna Ryan Edna Ryan Chorine Paul Salata Paul Salata Hood Cosmo Sardo Cosmo Sardo Maitre D' Jeffrey Sayre Jeffrey Sayre Elevator P senger Slot Machine Player David Siegel David Siegel Dealer Billy Snyder Billy Snyder Man in Hotel Suite Ann Stebbins Ann Stebbins Chorine Jack Stoney Jack Stoney Racetrack Patron Football Game Spectator Robert Strong Robert Strong Waiter Brick Sullivan Brick Sullivan Wedding Guest Elliott Sullivan Elliott Sullivan Nightclub Patron Kay Tapscott Kay Tapscott Chorine Harriette Tarler Harriette Tarler Chorine June Tolley June Tolley Girl in Hotel Suite Mary Treen Mary Treen Heckler Carl von Schiller Carl von Schiller C ino Patron Ned Wever Ned Wever Pierson Dave White Dave White Officer Eric Wilton Eric Wilton Samuels Letty's Butler Her FatherEric Campbell Eric Campbell Mr StoutHenry Bergman Henry Bergman Mrs StoutAlbert Austin Albert Austin CookLeota Bryan Leota Bryan Edna's Friend Claire Bloom TherezaNigel Bruce Nigel Bruce PostantBuster Keaton Buster Keaton Calvero's PartnerSydney Chaplin Sydney Chaplin NevilleNorman Lloyd Norman Lloyd BodalinkAn e Eglevsky An e Eglevsky DancerMelissa Hayden Melissa Hayden DancerMarorie Bennett Marjorie Bennett Mrs AlsopWheeler yden Wheeler yden Thereza's DoctorBarry Bernard Barry Bernard John RedfernStapleton Kent Stapleton Kent ClaudiusMolly Glessing Molly Glessing Maid Mollie Glessing Leonard Mudie Leonard Mudie Calvero's Doctor Leonard Mudi Loyal Underwood Loyal Underwood Street Musician'Snub' Pollard 'Snub' Pollard Street Musician Snub Pollard Peter Sellers Evelyn Tremble James Bond Ursula An ess Ursula An ess Vesper Lynd James Bond David Niven David Niven Sir James BondOrson Welles Orson Welles Le ChiffreJoanna Pettet Joanna Pettet Mata BondDaliah Lavi Daliah Lavi The Detainer James Bond Woody Allen Woody Allen Jimmy Bond Noah Deborah Kerr Deborah Kerr nt Mimi Lady Fiona McTarryWilliam Holden William Holden RansomeCharles Boyer Charles Boyer Le GrandJohn Huston John Huston M General McTarryKurt K znar Kurt K znar SmernovGeorge Raft George Raft Jean Paul Belmondo Jean Paul Belmondo French Legionnaire Jean Paul Belmondo Terence Cooper Terence Cooper Cooper James Bond Charles 'Bud' Tingwell Captain Jaffe s Peter Copley Peter Copley Charles Wilson s Geoffrey Palmer Geoffrey Palmer Chief Officer s Erik Chitty Erik Chitty Bernard s Ronald Lewis Ronald Lewis Max Harrow David Langton David Langton Morrison James Maxwell James Maxwell Jon Foster Tom Criddle Tom Criddle Doctor Keith Buckley Keith Buckley Scotty Jessica Dunning Jessica Dunning Annika Tenniel Evans Tenniel Evans QT Jane Jordan Rogers Jane Jordan Rogers of Friend Peter Madden Peter Madden Spelman Alan Downer Alan Downer John Sherwood Tony W r Tony W r Harvey Geoffrey Kenion Geoffrey Kenion Birch Michael Danvers Walker Michael Danvers Walker Brett David Munro David Munro Ken Patrick Scanlan Patrick Scanlan A Captor Milo O'Shea Milo O'Shea Henry Wilkes Anthony Bate Anthony Bate General John Gabriel John Gabriel E terbrook Seb tian Breaks Seb tian Breaks Paul Porter Petra Davies Petra Davies Mary Birkett Wendy Gifford Wendy Gifford Susan Calvin Peter Barkworth Peter Barkworth Philimore David Collings David Collings R Daneel Olivaw John Robinson John Robinson Saint Robert James Robert James Kersh Derek Benfield Derek Benfield Moore Clifford Cox Clifford Cox Ewan McKenzie Shirley Cain Shirley Cain Frances Mervyn Jerry Stovin Jerry Stovin Spaceship captain David Cargill David Cargill Radio man One Raymond Hardy Raymond Hardy Radio man Two Robert MacLeod Robert MacLeod American John Wentworth John Wentworth Barton Barry Warren Barry Warren Larry Belmont Bernard Brown Bernard Brown Frank Bowers Two James Copeland James Copeland Oliver MacDonald June Ellis June Ellis Brenda Gerald Sim Gerald Sim Det Sgt Greene John Berwyn John Berwyn Japhet Garfield Morgan Garfield Morgan Bit Part Steve Peters Steve Peters Man Jonathan Adams Capt Julius Belwether RNMarcia Bennett Marcia Bennett Girl at lodging houseTony Caunter Tony Caunter Sir William CongreveRobert Caw on Robert Caw on Robert Fulton Carl Conway Carl Conway Sailor in DevonAubrey Danvers Walker Aubrey Danvers Walker SullivanPatricia Gordino Patricia Gordino Young lady in carri Paul Grist Paul Grist Lt Simon Lamb RNJames H well James H well Sailor aboard the 'Relentless'Ricky Lansing Ricky Lansing Coachman William Mervyn Chief Insp Rose s Keith Barron Keith Barron Det Sgt John Swift June Tobin June Tobin Alice Brand s Richard Armit Alec Track Navin Chowdhry Navin Chowdhry Naz Osbourne Zoe Telford Zoe Telford Jane Cameron Ciarán McMenamin Ciarán McMenamin Paul Keane Billy Geraghty Billy Geraghty Kurt Jagger Francesca Fowler Francesca Fowler Coma Patient s Pooky Quesnel Pooky Quesnel Christine Whelan Lorna Fitzgerald Lorna Fitzgerald J mine Campbell Rebecca Sarker Rebecca Sarker Nina Osbourne Chloe Howman Chloe Howman PC Rowena Banks John Carson John Carson Anthony Brand Steve Peters Steve Peters Staff Officer at the AdmiraltyRex R hley Rex R hley Jim Harris Murray Melvin Murray Melvin John Moffatt John Moffatt Emma Bakhle Lucy Bernadette Windsor Bernadette Windsor Alice Phyllida Law Phyllida Law Aunt Gwen Royce Mills Royce Mills Uncle Peter Russell Lewis Russell Lewis Patrick Oona Kirsch Oona Kirsch Rachel François Evans François Evans Bill Ève Karpf Ève Karpf Mademoiselle Blake Butler Blake Butler Brown Aimée Delamain Aimée Delamain Aunt Olive Carol MacReady Carol MacReady Mrs Clayton Joan Sav Joan Sav Mrs Naylor Paul Luty Paul Luty Jonathan Ryde Jonathan Ryde Nigel Godfrey Nigel Godfrey Edward SeeleyFrançois Evans François Evans Paul Anthony Paul AnthonyAncient AdmiralKyn ton Reeves Kyn ton Reeves AdmiralTerry Scully Terry Scully Lord NelsonPaul Greenwood PC Michael 'Rosie' Penrose s Tony Haygarth Tony Haygarth PC Wilmot s Lorraine Peters Lorraine Peters Aunt Ida s Frankie Jordan Frankie Jordan Gillian Chiselhurst s Penny Leatherbarrow Penny Leatherbarrow WPC Brenda Whatmough s Allan Surtees Allan Surtees Uncle Norman s Paul Luty Paul Luty Chief Inspector Dunwoody s Avril Elgar Avril Elgar Millie Penrose s Maggie Jones Maggie Jones Glenda s Don McKillop Don McKillop Bill s Tim Turner Peter Brady s Lisa Daniely Lisa Daniely Diane 'Dee' Wilson s Deborah Watling Deborah Watling Sally Wilson s George Cole David Bliss Hugh Sinclair Hugh Sinclair Bob Batten Frances Bennett Frances Bennett Pam Batten William Kendall William Kendall Gilbert Dudley Tracy Connell Tracy Connell Abdul Annette Kerr Annette Kerr Mrs Lodge Karl Howman Jacko s Mike Walling Mike Walling Eric s Jackie Lye Jackie Lye San a s Howard Lew Lewis Howard Lew Lewis Elmo s Elizabeth Counsell Elizabeth Counsell Veronica s Gary Waldhorn Gary Waldhorn Lionel s Erika Hoffman Erika Hoffman Lesley s Nicky Croydon Nicky Croydon Jean s Wendy Craig Barbara Gray s John Quayle John Quayle Duke of Broughton s Natalie Forbes Natalie Forbes Tilly Wilcox Maid s Yootha Joyce Mil ed s Brian Murphy Brian Murphy George s Norman Eshley Norman Eshley Jeffrey Fourmile s Sheila Fearn Sheila Fearn Ann Fourmile s Nichol Bond Owen Nichol Bond Owen Tristram s Brian Haines Captain Petherbridge s John Ronane John Ronane Johnnie s Aubrey Richards Aubrey Richards Governor Yates s Neil Wilson Neil Wilson Joe Salcott s Aubrey Morris Aubrey Morris Arnold Gerson s Peter Hughes Peter Hughes Hotel Man r s Roy Patrick Roy Patrick Detective Sergeant s Michael Al idge Michael Al idge Major Spencer s Tamara Hinchco Tamara Hinchco Carol Sandford s Dudley Foster Dudley Foster Gilbert Platt s Michael Gwynn Michael Gwynn Director Glyn Houston Glyn Houston Inspector H tings Newton Blick Newton Blick Herman Gold Nyree Dawn Porter Nyree Dawn Porter Caroline West David Saire David Saire Nigel John Hurt John Hurt Private Briggs Leo Carera Leo Carera Abb Tukur Garfield Morgan Garfield Morgan Det Supt Miller Robert Hardy Robert 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Hodge Raymond Hodge Court Orderly Carolyn Pertwee Carolyn Pertwee Cecily Norman Pitt Norman Pitt Lord Stapleton Ralph Wilson Ralph Wilson Court Member Edward Caddick Edward Caddick Maurice Patmore Carole Allen Carole Allen Louise Rosemary hford Rosemary hford Beatrice John Barrett John Barrett Ellison Rodney Bewes Rodney Bewes Peter Morton Patrick Macnee John Steed s Diana Rigg Diana Rigg Emma Peel s Honor Blackman Honor Blackman Catherine Gale s Linda Thorson Linda Thorson Tara King s Ian Hen y Ian Hen y David Keel s Patrick Newell Patrick Newell Mother s Ingrid Hafner Ingrid Hafner Carol Wilson s Dougl Muir Dougl Muir One Ten s Frank Maher Frank Maher Frank Elrick s Terence Plummer Terence Plummer Equipment Operator s Julie Stevens Julie Stevens Venus Smith Edwin Richfield Edwin Richfield Alex s Norman Chappell Norman Chappell Fleming s Philip Madoc Philip Madoc Ivan Pepitoparoff s Valentino Musetti Valentino Musetti Ali s Peter J Elliott Peter J Elliott nd Guest s Robert James Robert James Ronnie Vance s Alan Chuntz Alan Chuntz Guard s Peter Clay Peter Clay First Victim s Rocky Taylor Rocky Taylor Martial Artist Kenneth J Warren Kenneth J Warren Felder s Warren Mitchell Warren Mitchell Amb sador Vladimir Jiroslav Brodny s Julian Glover Julian Glover Major Peter Rooke s Paul Whitsun Jones Paul Whitsun Jones Charles s Roy Kinnear Roy Kinnear Bagpipes Happychap s John Laurie John Laurie Crewe s Peter Bowles Peter Bowles Ezdorf s Judy Parfitt Judy Parfitt Brenda Paterson s Gerald Sim Gerald Sim Budge s John Hollis John Hollis Kanwitch s Doug Robinson Doug Robinson Bodyguard Georgi s Ray Browne Ray Browne Alex s Anthony Blackshaw Anthony Blackshaw Davis s Peter Barkworth Peter Barkworth Crichton Bull s Allan Cuthbertson Allan Cuthbertson Hugh Chalk s Peter Arne Peter Arne Cosmo Gallion s Garfield Morgan Garfield Morgan Gilbert s Frank Gatliff Frank Gatliff Dubois s Gary Watson Gary Watson Allen Marling s Tenniel Evans Tenniel Evans Hurst s Geoffrey Palmer Geoffrey Palmer Terence s John Bailey John Bailey Fernand s Raymond Adamson Raymond Adamson Boris s Neil Wilson Neil Wilson Beppi s Michael Gough Michael Gough Clement Armstrong s Steven Scott Steven Scott Boris s John Woodvine John Woodvine Bloom s Harry Shacklock Harry Shacklock Bill Reston s Jon Roll on Jon Roll on Martin King Ronald Radd Ronald Radd Henry Cade s Clifford Evans Clifford Evans Henry Boardman s Peter Jeffrey Peter Jeffrey Max Prenderg t s Frederick Jaeger Frederick Jaeger Benson s Patricia Haines Patricia Haines Emma Peel s T P McKenna T P McKenna Major Robert Wentworth s Dudley Foster Dudley Foster Mr Goat s Patricia English Patricia English Carla Berotti s David Langton David Langton Gerald Shelley s John Carson John Carson Ariston s Terence Alexander Terence Alexander 'Piggy' Warren s Fulton Mackay Fulton Mackay Frank Glover s Philip Locke Philip Locke Henry Primble s Gerald Harper Gerald Harper Colonel Corf s Richard Leech Richard Leech Col ew s Iris Russell Iris Russell Father s Hugh Manning Hugh Manning Colonel Watson s John Sharp John Sharp Jonathan Jupp s Jeremy Young Jeremy Young Penrose s Jerome Willis Jerome Willis George s Jeremy Burnham Jeremy Burnham Gordon White s Howard Marion Crawford Howard Marion Crawford Brigadier 'Percy' Ponsonby Goddard s John Cater John Cater Disco s Derek Newark Derek Newark Crawford s Bernard Horsfall Bernard Horsfall Captain Smythe s Ivor Dean Ivor Dean Bates s A ian Ropes A ian Ropes Baines s John Stone John Stone Frederick Paignton s Harvey hby Harvey hby Bobby Cleaver s Bruno Barnabe Bruno Barnabe Farrar s David Garth David Garth Barton s Christopher Benjamin Christopher Benjamin J J Hooter s Vernon Dobtcheff Vernon Dobtcheff George Spencer s John Crocker John Crocker Fothers s Peter Thom Peter Thom Gatt Ken ick s The Kenny Powell Trio The Kenny Powell Trio Themselves The Dave Lee Trio The Dave Lee Trio Themselves Christopher Lee Christopher Lee Colonel Mannering s Alfred Burke Alfred Burke Brown s Godfrey Quigley Godfrey Quigley Spicer s John Ronane John Ronane Hubert s Caroline Blakiston Caroline Blakiston Cynthia Wentworth Howe s Burt Kwouk Burt Kwouk King Tenuphon s Neil Hallett Neil Hallett Arnie Packer s Wolfe Morris Wolfe Morris Ali s Maurice Good Maurice Good Harry Mercer s Alex Scott Alex Scott Henry J Averman s Paul Dawkins Paul Dawkins Evans s Yolande Turner Yolande Turner Henrietta s Neil McCarthy Neil McCarthy Bart s Michael Robbins Michael Robbins Cavell s Gary Hope Gary Hope Barker s A J Brown A J Brown Dawson s John G Heller John G Heller Boris Groski s Peter Madden Peter Madden Benson s Hamilton Dyce Hamilton Dyce H Ralph Camrose s Alister Williamson Alister Williamson Detective Superintendent Wilson s Irene Bradshaw Irene Bradshaw Diana s Michael Hawkins Michael Hawkins Corporal Jones s Jon Laurimore Jon Laurimore Ronny Westcott s Penelope Keith Penelope Keith Au ey Long s John Baker John Baker Hallam s Malcolm Taylor Malcolm Taylor Hooper s Junia Junia s Tom Adams Tom Adams Fenton Grenville s Morris Perry Morris Perry Harry s Harvey Hall Harvey Hall Guard Ray Austin Ray Austin Baron s Charlie Bird Charlie Bird Hall s Art Thom Art Thom Major Alexander Vazin s Nosher Powell Nosher Powell Henrik s Cliff Diggins Cliff Diggins Fighter s Dinny Powell Dinny Powell Intercrime Guard s Redmond Bailey Redmond Bailey Jones s Blaise Wyndham Blaise Wyndham Campbell s An é Morell An é Morell Horatio 'King' Kane Patrick M e Patrick M e J P Spagge Nigel Stock Nigel Stock Richard Carlyon Patrick Cargill Patrick Cargill Mr A ian Lovejoy Nigel Davenport Nigel Davenport Lord Barnes Ron Moody Ron Moody Ponsonby Hopkirk Peter Wyngarde Peter Wyngarde Stewart Kirby Nigel Green Nigel Green Sir Lexius Cray John Le Mesurier John Le Mesurier Benson William Luc William Luc Brigadier Brett Ray McAnally Ray McAnally Arcos Katherine Woodville Katherine Woodville Laure Paul Eddington Paul Eddington Lord William Beaumont Charles 'Bud' Tingwell Charles 'Bud' Tingwell Neville Jan Holden Jan Holden Paula William Franklyn William Franklyn Brinstead Robert Urquhart Robert Urquhart Angus De'ath Liam Redmond Liam Redmond Charles Merrydale Anthony Bate Anthony Bate Earle Peter Copley Peter Copley Henry Barker Campbell Singer Campbell Singer George Stanley Angela Browne Angela Browne Pamela Johnson Colette Wilde Colette Wilde Helena James Maxwell James Maxwell J on Wade Alan MacNaughton Alan MacNaughton Gilpin Kenneth Cope Kenneth Cope Gardiner Ronald Lacey Ronald Lacey Humbert Green Willoughby Goddard Willoughby Goddard Professor Harvey Truman Leslie French Leslie French Gregory Anthony Nicholls Anthony Nicholls Shanklin Pauline Delaney Pauline Delaney Elizabeth Bayle Philip Latham Philip Latham Carter Alec Mango Alec Mango Boris Shvedloff Daniel Moynihan Daniel Moynihan Corporal Barman David Bauer David Bauer Bishop Bernard Archard Bernard Archard Desmond Leeming Anthony Newlands Anthony Newlands Ben Jago Bernard Cribbins Bernard Cribbins Arkwright Colin Jeavons Colin Jeavons Lord Darcy Brian Blessed Brian Blessed Major Mark Dayton Sally Nesbitt Sally Nesbitt Helen Pritchard yndon Brook Lyndon Brook Manx An ew Keir An ew Keir Col James Stratford Johns Stratford Johns Sidney Street Naomi Chance Naomi Chance Mrs Daniels Tony Steedman Tony Steedman Beardmore Sandor Elès Sandor Elès Maurice Jubert Peter Bayliss Peter Bayliss Prof Dodge Jack Watson Jack Watson Hopper Peter Jones Peter Jones Peter Adams Michael Latimer Michael Latimer Lord Lakeham Jeremy Lloyd Jeremy Lloyd Bertram Fortescue Winthrop Smith David Sumner David Sumner Charles Minnow John Bennett John Bennett Marson Gillian Muir Gillian Muir Judy Alan Browning Alan Browning Gregor Zaroff George A Cooper George A Cooper Maxwell Barker Patrick Holt Patrick Holt Madden Barry Warren Barry Warren Jeremy Wade Mary Merrall Mary Merrall Georgina Kyn ton Reeves Kyn ton Reeves Dickens Ian Shand Ian Shand E tow John Tate John Tate Colonel Wesker Brian Oulton Brian Oulton Mr Edgar Nora Nicholson Nora Nicholson Ermyntrude William Job William Job Alan Carter Francis Matthews Francis Matthews Matthew An ew Chivers John Nettleton John Nettleton Professor Palmer Howard Goorney Howard Goorney Green Noel Coleman Noel Coleman Conroy Kenneth Keeling Kenneth Keeling Appleton Edward de Souza Edward de Souza Brian Collier John Junkin John Junkin Sergeant Anneke Wills Anneke Wills Judy Channerin Ken Parry Ken Parry Arbuthnot John Wentworth John Wentworth Sir Charles Reniston John Ringham John Ringham Cliff Howard David Lodge David Lodge M kell John Horsley John Horsley Gilmore James Bree James Bree Arthur Wilkington Harold Innocent Harold Innocent Frank Leeson Gordon Whiting Gordon Whiting DeLeon Philip Anthony Philip Anthony Cummings Michael Trubshawe Michael Trubshawe Col ers Roger Booth Roger Booth 'Porky' Purser Peter Blythe Peter Blythe James Mankin Timothy Bateson Timothy Bateson Hubert Merryweather Simon Oates Simon Oates M kin Michael Forrest Michael Forrest Peters Anthony Baird Anthony Baird nd sistant Edina Ronay Edina Ronay Elin Artro Morris Artro Morris Henry Throgbottom Rowena Gregory Rowena Gregory Anne Michael Gover Michael Gover One Six Geoffrey Whitehead Geoffrey Whitehead Carter Edward Underdown Edward Underdown Jonathan Stone John Glyn Jones John Glyn Jones D B Grindley Robert Caw on Robert Caw on Banks David Kernan David Kernan Arthur Piedi Allan McClelland Allan McClelland Broster Barry Linehan Barry Linehan Magnus Alec Ross Alec Ross st Guard M ters Ilona Rodgers Ilona Rodgers Receptionist Steve Plyt Steve Plyt Boris Kartovski Keith Pyott Keith Pyott D M Pennington Alan Haywood Alan Haywood Jackson Arthur Pentelow Arthur Pentelow Grant Richard Caldicot Richard Caldicot Admiral Cartney Terence Lodge Terence Lodge Borowski Donald Webster Donald Webster Dave Fre ic Abbott Fre ic Abbott Manley Anthony Dawes Anthony Dawes Actor Russell Waters Russell Waters Controller Bill Wallis Bill Wallis Charles Grey AD Edward Burnham Edward Burnham Brett Donald Pickering Donald Pickering Freddie Cartwright Arthur Cox Arthur Cox Anaesthetist Joanna Marie Jones Joanna Marie Jones Hilda Nichol Smith Nichol Smith Cavalier Fred Ferris Fred Ferris Inspector George Roubicek George Roubicek Bernard Grant Martin Friend Martin Friend George Norman Scace Norman Scace Stann John Kidd John Kidd Sir Arnold Kelly Hilary Wontner Hilary Wontner Edward J Dumayn Bette Bourne Bette Bourne Allen Cardew Robinson Cardew Robinson Minister Aimée Delamain Aimée Delamain st Lady Charles Lloyd Pack Charles Lloyd Pack Fawcett Talfryn Thom Talfryn Thom Eli Barker Graham Armit Graham Armit Algernon 'Algy' Wynche John Garrie John Garrie Tay Ling Anthony Dutton Anthony Dutton J W Garnett John Lee John Lee Soames Toni Gilpin Toni Gilpin Jackie Ross Nichol Courtney Nichol Courtney Captain Gifford Pamela Ann Davy Pamela Ann Davy Mandy McKay Dougl Cummings Dougl Cummings Barker Geoffrey Colville Geoffrey Colville Burns Arnold Diamond Arnold Diamond Krelmar Jonathan Elsom Jonathan Elsom Ackroyd David Glover David Glover Carson Anthony Valentine Anthony Valentine Calvin George Little George Little Sigi Peter Hughes Peter Hughes Edwards James Belchamber James Belchamber Arthur Peever Geoffrey Chater Geoffrey Chater Seaton Rio Fanning Rio Fanning Bobby Danvers Eric Elliott Eric Elliott Butler Geoff L'Cise Geoff L'Cise Gruber Reg Pritchard Reg Pritchard Postman Richard Owens Richard Owens Mechanic Nicole Shelby Nicole Shelby Brunette Herbert Nelson Herbert Nelson Gravedigger Terence Woodfield Terence Woodfield Green John Frawley John Frawley Autograph Hunting P senger Frank Sieman Frank Sieman Bert Barnes Bryan Mosley Bryan Mosley Armshith Clifford Earl Clifford Earl Clyde Paxton Edward Higgins Edward Higgins P C An ews Edwin Brown Edwin Brown Lorry iver John Moore John Moore Greer Michael Nightingale Michael Nightingale Luc David Grey David Grey Sterret John Murray Scott John Murray Scott Jackson Noel Davis Noel Davis Carter Graham hley Graham hley Gendarme William Lyon Brown William Lyon Brown Blind Man Anne Rutter Anne Rutter Betty Frank Peters Frank Peters Fred the cabbie An ew Laurence An ew Laurence Herrick Angela Dougl Angela Dougl Beth Wilkinson Barbara Shelley Barbara Shelley Susan Summers Patrick Allen Patrick Allen Frank Reed Melissa Stribling Melissa Stribling Claire Summers Philip Stone Philip Stone Richard J Tredding Colin Blakely Colin Blakely Mickle Geoffrey Bayldon Geoffrey Bayldon Clapham San a Dorne San a Dorne Fiona Charles Henry Lincoln Henry Lincoln Emir Abdulla Akaba Reed De Rouen Reed De Rouen Jack agna George Murcell George Murcell Hooper Helen Lindsay Helen Lindsay Barbara Kingston Mark Eden Mark Eden Jacques Beronne Jonathan Burn Jonathan Burn Conrad Beardsley Peter Reynolds Peter Reynolds Al Brady Victor Platt Victor Platt Archie Duncan Sylva Langova Sylva Langova Lisa Strauss George Roderick George Roderick Binaggio James Copeland James Copeland Gymn t Michael Coles Michael Coles Verret Tim Barrett Tim Barrett An e Gordon Rollings Gordon Rollings Lucien Dennis Edwards Dennis Edwards st sistant Mitzi Rogers Mitzi Rogers Ann Aubrey Richards Aubrey Richards Palmer Ronald Leigh Hunt Ronald Leigh Hunt Bob Lambert Lisa Peake Lisa Peake Esther Michael Mellinger Michael Mellinger Fr er Alan Lake Alan Lake Her Majesties Prison Officer Toke Townley Toke Townley Bernard Bourg Ronald Wilson Ronald Wilson Private Holmes Billy Milton Billy Milton Chandler Moira Redmond Moira Redmond Mrs Zoe Carter Joe Robinson Joe Robinson Martial Artist Fred Haggerty Fred Haggerty nt Alan Gerrard Alan Gerrard Fintry Clive Colin Bowler Clive Colin Bowler Robin Roger Delgado Roger Delgado Kreer Kevin Brennan Kevin Brennan Bruton Robert Mill Robert Mill Brown Michael Collins Michael Collins Detective Sgt Harold K ket Harold K ket Bartello Cyril Renison Cyril Renison Customer Dave Anderson Dave Anderson Gordon Gerry Crampton Gerry Crampton st Guest Leslie Crawford Leslie Crawford Male Farmhand Patrick Connor Patrick Connor Bob Bari Jonson Bari Jonson African Delegate Ewan Roberts Ewan Roberts Major C well Vic Wise Vic Wise Jackie Warren Kenneth Benda Kenneth Benda James Broom Alf Joint Alf Joint Big Man Ron Pember Ron Pember Bert Mills Norman Pitt Norman Pitt B il Roxby Cynthia Bizeray Cynthia Bizeray Blonde Charles Hodgson Charles Hodgson Mark Crawford Charles Morgan Charles Morgan Nick M on Raymond Hodge Raymond Hodge Plainclothes Man Ross Hutchinson Ross Hutchinson Chairman Harry Hutchinson Harry Hutchinson Pen ed's Servant Nigel Lambert Nigel Lambert nd Doctor Victor Charrington Victor Charrington Breckin Michael Barrington Michael Barrington Head waiter Lionel Burns Lionel Burns Photographer Eric Dodson Eric Dodson Inspector Anthony Nina Marriott Nina Marriott Alice Anthony Booth Anthony Booth Kearns Justine Lord Justine Lord Jeanette John McLaren John McLaren Freedman Paul St sino Paul St sino Yakob Borb Meier Tzelniker Meier Tzelniker Samuel Ross Richard Warner Richard Warner Miguel Ros Daphne Anderson Daphne Anderson Betty Jane Barrett Jane Barrett Kathleen Sutherland Hugh Burden Hugh Burden Bruno Guy Doleman Guy Doleman Oliver Waldner Ruth Dunning Ruth Dunning Mrs Dove Lee Patterson Lee Patterson Lomax Eric Pohlmann Eric Pohlmann M on Robert Rietty Robert Rietty Carlo Leonard Rossiter Leonard Rossiter Robin Hood William J Cavendish B il Dignam B il Dignam Major Ronald Pantling Fenella Fielding Fenella Fielding Kim Lawrence Avice Landone Avice Landone Mrs Wilson Duncan Macrae Duncan Macrae Brigadier General Sir Ian Stuart Bollinger Peter Sallis Peter Sallis Hal Anderson Leslie Sands Leslie Sands Captain Slim Derek Farr Derek Farr Sir Lyle Petersen Ronald Fr er Ronald Fr er Sir Horace
Kay Parker Ellen Brewster Harry Reems Vince Brewster Angel Gloria Jamie Gillis Jerry Tom Byron Mark Brewster Ginger Lynn Allen Stacy as Ginger Shanna McCullough Pam Wilson Ivory Essex Samantha Nikki Randall Leslie as Rachel Whitney Lynn Ray Cody Nicole nips xxx lisa gallery caught actresses michelle celebraty men year heard gemser pierced anne lesbian celiberty yvonne bitch legs megan sophie from blowjob trishelle 2008 wwwcelebrity sarandon victoria international camel elizabeth french out katy heels wendi taylor lee penis leaked best dupre shots body catterfeld bitches english naughty bodies 2009 hard sylvia all model jane talia shower wet sandrelli swimsuit Raven Candy Roxanne Rollan Blonde on beach as Roxanna Rollann Crystal Breeze Jackie as Crystal Braze Ken Starbuck Tom Byron Domination Client Greg Derek Crystal Breeze Victorian woman Venus DeLight Herself Stacey Donovan Sex Ed student Steve Drake Lord Chatsworthy Veronica Hart Dr Ruth Robert Kerman Gerard the photographer kathy hottest supermodel review for flashing kristel redhead singer sexiest hardcore rihanna inthe nicole rebecca mclendoncovey asian cum celebity spanish vanessa vanna fucked sudanese celebrty uncensored erect images carla tiny classic dutch photography hair stefania cumshot posing reality rachel huge breasts bra having cleavage kim top halloween boob high monk catherine hight Constance Rand Laurie Smith Diane Ginger Lynn Allen Gail as Ginger Lynn Stacey helena blood babes red galleries photo young clip latest girls true mattsson edmondson aussie celbrities family indian real british fenech susan laura ass skin babe old girl julie antonelli edie older brandy love celebritiy alonso Donovan Stewardess Paul Thomas Paul Rand Colleen Brennan Woman Trying on Lingerie Jerry Butler Captain Parker Debi Diamond Stewardess as Shelly Rey Sasha Gabor Walter Hibbel Jamie Gillis Mr Margold Gabrielle Behar Marilyn Bunny Bleu Girl Scout as Bunny Blue Larry Harwood Greg Rome Eric Edwards Paul Rosemarie edwige audrina andrea scandal with 70s teen feet hairy amber jennifer teens scene scenes hirivskaya eugenia head west american pink pamela suzee pokies big pai white celeberity cameltoe celebrety picture tennis diane ashley black fakes madeleine blog celebritie tapes adlon maria clebrity her fox celebirty welch jaime smith alice chelan ahmo gennifer pregnant mature larranaga russo goddess hall butler sunbathing goodwin shows beautiful kate boyer singers dress hawn booty falco olivia valeria something cheri angela goldie bootz Melissa as Rose Marie Danica Rhae Danica Peter North George Christy Canyon Louise Harrison Chanel Lindsay Janey Robbins Andrea Bunny Bleu Kelly Nichols Killer Kristara Barrington Jane Chelsea Blake Martha Taija Rae Wendy Jill Cumer Inmate Joey Silvera Guard Paul Thomas The Warden George Payne Jocko Danica Rhae Mrs Whittaker Susan Hart Becky Raven Claudia Whittaker Athena Star slips pussy videos the and hollywood pic tits clips actress boobs australian movie celbrity women grammer oops video beach fuck celibrity gone elena sarah recent swedish cullen anna carati carter brit conchita comshaw holly mrskin Judy Jones Britany Striker Brittany Striker Brittany Strycker Britany Stryker Brittany Styryker ashleyduprenet really handjob nguyen wendy cock petra lady kiper madison isild lombardo shirt blalock syndrome alex cannatella louise see attractive stiff woman celebritys Sally Whittaker Marc Wallice David as Mark Wallice Craig Roberts Tom Byron Blake Palmer Dick Howard Guard Frank Serrone Candye Kane as Candy Kane Gina Valentino as LaGina Valento Marc Wallice as Marc Wallace Jerry Butler Peter Stacey Donovan Kimo's girlfriend as Ashley Britton Lois Ayres Melanie Jay Serling Barry Brittany Speared 2003 Ultimate Ginger Lynn 2002 Cock Smokers 15 2000 Fire in the Hole 2000 Tasty Treats 1994 Fantasy World 1991 Girls Like Us 1991 Naughty Nymphs 1991 Raunch II 1989 also as Brittany Styryker Terry Raunch 2 USA video box title Submissive Women 1989 Take My Body 1989 Comimg in America 1988 Coming in America USA video box title Get Me While I'm Hot 1988 Outrageous Orgies 2 1988 Sins of Angel Kelly 1988 Soul Games 1988 Banana Splits 1987 Charmed and Dangerous 1987 Honey Buns 1987 Let's Get It On 1987 Alex deRenzy's Let's Get It On USA complete title Pumping Irene II 1987 Restless Passion 1987 Sky Foxes 1987 Switch Hitters 1987 Dolly Tailspin 1987 The Touchables The Men Girls Pay to Touch 1987 Lois California Gigolo USA alternative title Touchables USA alternative title Ginger's Sex Asylum 1986 Rusty All for His Ladies 1986 as Brittany Striker Back Door Bride 1986 Backdoor to Hollywood Part 2 1986 Maggie Woodson Beyond the Casting Couch 1986 Doctor Penetration 1986 Flasher 1986 as Brittany Strycker Isabel Lasse Braun's Flasher USA complete title Hard Ride 1986 Having It All! 1986 I Am Curious Black 1986 Kiss of the Dragon Lady 1986 Lust at Sea 1986 as Britany Striker Lusty Layout 1986 Pumping Irene 1986 Rears 1986 New waitress Super Wrestling Sluts of Hollywood 1986 Super Sluts of Hollywood USA informal short title Takin' It to the Streets 1986 The Brat 1986 Gwen Brat International English title alternative title White Trash 1986 Drug dealer's wife Angel of the Night 1985 Hot Nights at the Blue Note Cafe 1985 The Blue Note Cafe USA alternative title Indecent Itch 1985 Gale Martin Late After Dark 1985 Lucky in Love 1985 Barmaid Sex Life of a Nerd USA video title Tailgunners 1985 as Britany Stryker Talk Dirty to Me One More Time 1985 Virgin Heat 1985 For Your Thighs Only 1984 Dark Chambers 2000 Astrid Rocks Deeper Vol 11 1998 Best of Nina Hartley 1993 Read My Lips No More Bush 1993 All That Glitters 1992 Bad Conduct 1992 The Backdoor Club 1992 2 of a Kind 2 1991 Any Port in the Storm 1991 Body Fire 1991 Dark Corners 1991 Fantasy World 1991 Favorite Endings 1991 Bruce Seven's Favorite Endings USA complete title Imagine 1991 Sins of Tami 1991 The Sins of Tami Monroe USA video box title Snatched to the Future 1991 Michelle Transparent Desires 1991 Amazing Tails 4 1990 Bimbo Bowlers from Boston 1990 Buns N' Roses 1990 Buns & Roses USA video box title Buns and Roses USA video box title Easy Pickin's 1990 Ginger Then and Now 1990 Girls Don't Lie 1990 Girls Gone Bad II The Breakout 1990 Nurse Erica I Said a Butt Light 1990 Night Trips II 1990 Only the Best of Barbara Dare 1990 Passion from Behind 1990 Pump It Up 1990 Tori Welles Exposed 1990 Where the Sun Never Shines 1990 Body Music 1989 Girls Gone Bad 1989 Nurse Head Lock 1989 Sharon Mitchell Non stop 1989 Skin Games 1989 The Wild Brat 1989 Show Stoppers 1988 Bionca on Fire 1988 Chicks in Black Leather 1988 Debbie Goes to Hawaii 1988 Diamond Collection Double X 14 1988 Dreams in the Forbidden Zone 1988 Flaming Tongues 2 1988 Girls Who Dig Girls 6 1988 Girls Who Dig Girls 8 1988 Honeybuns 2 Grecian Formula 1988 I Love You Molly Flynn 1988 Inches for Keisha 1988 Jamie Loves Jeff 1988 Jeff Loves Jamie USA alternative title Lez'be Friends 1988 Loose Ends IV The Ultimate Tail 1988 Linda Outrageous Orgies 2 1988 Outrageous Orgies 3 1988 Samantha I Love You 1988 Sex Asylum III 1988 Soul Kiss This 1988 Taste of the Best 1988 Tawnee Be Good 1988 The Eleventh Commandment 1988 The Screwdriver Saloon 1988 Viper's Place 1988 Oral Majority 3 The Lust Continues 1987 Narrator Jerome Tanner's Oral Majority 3 The Lust Continues USA complete title Adult Video Therapist 1987 Angel's Got to Have It 1987 Back to Back 1987 Barbara Dare Devours Men 1987 Barbara Dare's Prime Choice 1987 Barbara the Barbarian 1987 Ophiria Blazing Bedrooms 1987 Babs Born to Be Bad 1987 Diamond Head 1987 Erica Dr Blacklove 1987 Endzone 1987 Furburgers Home of the Box Lunch 1987 Girl Games 1987 Girls Who Dig Girls 3 1987 Hard Rockin' Babes 1987 Paula Hard to Handle 1987 Immoral Miss Teeze 1987 Miss Teeze Loose Ends III 1987 Mile High Girls 1987 Erica Rio Heat! 1987 Robofox 1987 Woman in club Star Cuts 49 Erica Boyer 1987 Star Cuts Erica Boyer Volume Nine 49 USA alternative title The Best Little Whorehouse in Hong Kong 1987 Unveiled 1987 Gentlemen Prefer Ginger 1986 Nancy Sheets of San Francisco 1986 Joy Sum Ting Aerobics Girls Club 1986 Carol Another Kind of Love 1986 An Unnatural Act Part II 1986 Elizabeth Backside to the Future 1986 Elizabeth Best Little Whorehouse in Beverly Hills 1986 Owner of whorehouse Black to the the Future 1986 Marilyn Mansfield Black to the Future USA video box title Cheerleader Academy 1986 Deep Inside Vanessa del Rio 1986 Evil Angel 1986 Lisa Funky Brewster 1986 Margaux Girl Toys 1986 Morgan Hannah Does Her Sisters 1986 Oral Majority 1986 Pumping Flesh 1986 Jay Jay Reckless Passion 1986 Seduction of Jennifer 1986 Sex Asylum II 1986 Sex Game 1986 Sexy Delights 1986 Slippery When Wet 1986 Driver's wife Star Cuts 33 Kari Foxx 1986 uncredited Hooker Star Cuts Kari Foxx Volume Six 33 USA alternative title The Autobiography of Herman Flogger 1986 The Debutante 1986/I The Devil in Miss Jones 4 The Final Outrage 1986 Schoolgirl Devil in Miss Jones Part 4 The Final Outrage USA video box title The Honeymooners 1986 The Performers 1986 Erica The Sex Dancer 1986 This Butt's for You 1986 Virgin Cheeks 1986 Liz Wet Science 1986 69 Park Avenue 1985 Wife 69 Park Ave USA video catalogue title Backdoor Babes 1985 Billy Blue Black Throat 1985 Oil Girl Dance Fever 1985 Erica Enchantress 1985 Flesh Fire 1985 Nurse Randolph Paul Lyons' Flesh Fire USA complete title Gang Bang 1985 2nd Biker Bar Chic Gang Bangs USA video box title Ginger on the Rocks 1985 Tom's Girlfriend Grand Opening 1985 Hard to Swallow 1985 Holly Holly Does Hollywood 1985 Hot Nights at the Blue Note Cafe 1985 The Blue Note Cafe USA alternative title Loose Ends 1985 Loose Ends II 1985 Linda Losing Control 1985 Midslumber's Night Dream 1985 Roschelle Naked Night 1985 Once Upon a Madonna 1985 Pipe Dreams 1985 Tailenders 1985 Tail Enders USA video title The Good Time Girls 1985 The Magic Touch 1985 The Night of the Headhunter 1985 Ebony The Pleasure Party 1985 Party Organizer White Bunbusters 1985 Every Woman Has a Fantasy 1984 Bonnie Before She Says 'I Do' 1984 Cagney & Stacey 1984 Cagney For Your Thighs Only 1984 Indecent Pleasures 1984 Lesbian Las Vegas Hustle 1984 Let's Get Physical 1984 Shelley Hyapatia Lee's Let's Get Physical USA complete title Modeling Studio 1984 Suzie The Modeling Studio USA video box title Nasty Lady 1984 Sex Performer Open Up Traci 1984 Palomino Heat 1984 Mary Whitingham Rear Action Girls 1984 Mandy Six Shave Tail 1984 Star 84 the Tina Marie Story 1984 Trading Partners 1984 The Prostitute Where the Girls Are 1984 Candy Starr X Factor 1984 1st Nurse Young Girls Do 1984 Erica Thompson Body Girls 1983 Shelley Coffee Tea or Me 1983 Erica Passion for Bondage 1983 Working It Out 1983 Randy Campus Capers 1982 Erica Sexloose 1982 uncredited Melinda Sex Loose USA video box title Aunt Peg's Fulfillment 1981 as Joanne McRay Erica Manhattan Mistress 1981 Angel Horny Temptress USA reissue title Cells of Passion 1981 Erica Boyer/Terri Sheffield Bighouse Babes USA reissue title Desire for Men 1981 Couple 2 Nothing to Hide 1981 Karenda Please Mr Postman 1981 Mary Skin on Skin 1981 Boutique Saleslady Girls U S A 1980 Hooker with Boat Captain Gym Coach in Bondage 1980 uncredited Erica female wrestling auditioner Beyond De Sade 1979 Never a Tender Moment 1979 as Carol Christy Erica Bee Carol Christy Sue Gantt Joanne McRay as R Bolla Francois Papillon John the gardener Rhonda Jo Petty Mrs Abbey Craig Roberts Sex Ed student/Male model Roxanne Rollan Sex Ed Student Candy Samples Herself Gina Valentino Sex Ed student Marc Wallice Timothy Heather Wayne Ron Jeremy sex porn video free porno girl nude girls tube xxx young hot teen com model sexy pics pussy models fucking videos lolitas fuck index dog gratis forum pictures phillipinesyoutube years ladies naked extreme fotos asian sex52sex underage torrent hairy vedio the pre animal photo foto rapidshare arab webboard live net ebony wild breast gone videw youtube thailahd tnaflix watch htm sexxy naruto indiasexx khuanniang celebrity nudes nude celeb celebrities porn naked celebritynudes free pics celebs sex lynn collins katrina nipple nudity famous bowden sexy hot celeberty nip female renee olstead news fake paparazzi photos nipples slip pictures Peter North Steve Drake Detective Michael Phillips Louise's Brother Gary Reed Pamela Jennings as Pam Nemmo Lynn Ray Jane Raven Debbie Northrup as Betty Blue Marc Wallice as Mark Wallice Bunny Bleu as Kim Warner Jerry Butler Craig Roberts as Greg Ruffner Blake Palmer as Blair Higgins Greg Derek David Sanders as Steve Dante Greg Rome Maria Daniels as Marie Daneils Susan Hart Suzie Athena Star Marc Wallice Joey Tom Byron Craig Roberts Raven David Cannon Christy Canyon Alice Gina Carrera Janet as Gina Carrerra Tom Byron Tom Peter North Janet's boyfriend 2 W O Williams The Angel as William Black Janey Robbins Jennifer Dino Alexander Pool Boy Marc Wallice Alice's stud Chanel Lindsay Miriam Dee Booher sweet ebony film posh caffaro cute catalina emmanuelle Susan Hart Suzi Cara Lott Sandy Morgan Paul Barresi Sid Rosen also as Paul Barreisi Eric Edwards Roy Harmon Paul Thomas Lt Mike Shaw Colleen Brennan Nancy Shaw as Colleen Brennen Tawny Mason Mai Lee Mike Motion Police Chief Peter North Party Guest Gina Carrera Party Guest Debbie Northrup Greg Rome Marc Wallice Craig Roberts Tom Byron milf nice tit simmons toe show jessica stockings amanda raquel horny patridge langton blonde tape public wild scandals star robbs stars playboy italian new topless movies spencer bikini forced mom you lesbian ftv bbs tvcom gerls www lolita child movies movie gallery picture and teens indian boy boys little wwwkhuanniangskgoth thai top old women gay woman russian pic actress ass female shemale Herself as Queen Kong Veronica Hart Dr Ruth Marc Wallice Man practicing with girl Raven Heather Thomas as Heather Adams Rene Tiffany Gina Carrera Harry Reems Lt Harry Parker Kristara Barrington Lily Chang as Kristina Barrington Ginger Lynn Allen Mandy Walker as Ginger Lynn Herschel Savage Charlie Wells as Hershel Savage
Man Del Lawrence Del Lawrence Train P senger Mitchell Lewis Mitchell Lewis McGuire Train Engineer George Magrill George Magrill Train P senger Wally Maher Wally Maher Man at Station Claire McDowell Claire McDowell Woman at Station Frances Morris Frances Morris Woman at Station Emory Parnell Emory Parnell Bob Lee Phelps Lee Phelps Train Engineer Miller Victor Potel Victor Potel Mr. Tompkins Mickey Rentschler Mickey Rentschler Curly Howard Curly Curly Larry Fine Larry Fine Larry Larry Moe Howard Moe Howard Moe Moe Christine McIntyre Christine McIntyre Rita Yolanda Robert Kellard Robert Kellard Black Louie Robert Stevens Vernon Dent Vernon Dent El Brendel Olaf Hansen Anne Jeffreys Anne Jeffreys Ivey Brown George J. Lewis George J. Lewis Bill Dykes Rest of c t listed alphabetically: Lynton Brent Lynton Brent Rex Bell Jerry Dunbar Ruth Mix Ruth Mix Mary Vance Buzz Barton Buzz Barton Danny Blake Philo McCullough Philo McCullough Don McGregor Ted Adams Ted Adams Alex McGregor Milburn Morante Milburn Morante Spud the traitor Melt Moranti Jack B ton Jack B ton Sheriff Lafe Lew Meehan Lew Meehan Les Daggett Fern Emmett Fern Emmett Aunt Lydia Willie Fung Willie Fung Camp Cook Mary Jane Irving Mary Jane Irving Sally Moore Chuck Morrison Chuck Morrison Jew's Harp Player Theodore Lorch Theodore Lorch Ross McGregor Mary Jo Ellis Mary Jo Ellis Jane McGregor Mary Joe Ellis Rest of c t listed alphabetically: Silver Tip Baker Silver Tip Baker Man at Dance Chuck Baldra Chuck Baldra Musician Barney Be ley Barney Be ley Man Who Shoots Jerry off Horse Ed Carey Ed Carey Cowhand William Desmond William Desmond Townsman Art Dillard Art Dillard Henchman Bill Hickey Bill Hickey Dance Emcee Higgins Jack Jones Jack Jones Banjo Player Jack King Jack King Henchman Tracy Layne Tracy Layne Henchman Eva McKenzie Eva McKenzie Townswoman Art Mix Art Mix Townsman Tex Palmer Tex Palmer Townsman Bill Patton Bill Patton Onion Peeler Rose Plumer Rose Plumer Woman at Dance Bud Pope Bud Pope Cowhand Francis Walker Francis Walker Henchman Slim Whitaker Slim Whitaker Henchman Kidnapper Heinie Conklin Heinie Conklin Kidnapper Bud Jamison Bud Jamison Pa Brown Ethelreda Leopold Ethelreda Leopold Girl in Restaurant Eva McKenzie Eva McKenzie Ma Brown Cy Schindell Cy Schindell Kidnapper Al Thompson Al Thompson Addled Man Victor Travers Victor Travers Kidnapper John Tyrrell John Tyrrell Kidnapper; Waiter Governor Dorothy DeHaven Dorothy DeHaven Chiquita Governor's Secretary Rest of c t listed alphabetically: Jack Hill Jack Hill Pirate Ethan Laidlaw Ethan Laidlaw Pirate Dirk Larry McGrath Larry McGrath Short Soldier Joe Palma Joe Palma Pirate Jack Jack Parker Jack Parker Tall Soldier Cy Schindell Cy Schindell Pirate Al Thompson Al Thompson Pirate Johnny Joe's Friend Marion Sheldon Marion Sheldon Train P senger Buster Slaven Buster Slaven Boy at Tree Marvin Stephens Marvin Stephens Frank Allen Harry Strang Harry Strang Army Officer Forrest Taylor Forrest Taylor Train P senger Al Thompson Al Thompson Man at Station Spencer Tracy Spencer Tracy Man Admiring Portrait of Thom A. Edison Frank Whitbeck Frank Whitbeck Narrator voice Joe Whitehead Joe Whitehead Mr. Hodge Restaurant Customer Dougl Spencer Dougl Spencer Actor in Theatre Group Larry Steers Larry Steers Restaurant Patron Diane Stewart Diane Stewart Customer Cigar Clerk Tommy Summers Tommy Summers Minor Role Harry Templeton Harry Templeton Newsman Marie Thom Marie Thom Showgirl Arthur Tovey Arthur Tovey Actor in Theatre Group Harland Tucker Harland Tucker Saunders Archie Twitchell Archie Twitchell Movie Patron in Trailer Herb Vigran Herb Vigran Movie Usher in Trailer Bobby Watson Bobby Watson Barney Stratum Joe Whitehead Joe Whitehead Building Manager Harry Depp Harry Depp Mary Jane Dolan Mary Jane Dolan Model Pearl Early Pearl Early Howard C. Hickman Howard C. Hickman Howard Hughes Howard Hughes Hilda Navarez Hilda Navarez Carmen Miranda Impersonator Tim Ryan Tim Ryan Rolfe Sedan Rolfe Sedan Bob Sáenz Bob Sáenz Charles Williams Charles Williams Clarence Wilson Clarence Wilson Sybil's Lawyer May Edgar Barrier Edgar Barrier Jeff Donnell Jeff Donnell Annie Roy Engel Roy Engel Manahan Frank Ferguson Frank Ferguson Lt. Ryan Duane Grey Duane Grey Jack Harden Jack Harden Linda Leighton Linda Leighton Marty John Qualen John Qualen Prospector Karen Sharpe Karen Sharpe Houseley Stevenson Houseley Stevenson Charles Irene Vernon Irene Vernon Charles Williams Charles Williams Doctor Ila Rhodes Ila Rhodes Secretary John Ridgely John Ridgely Man Making Crack About Judith Speirs Ruskell Speirs Ruskell Henry Curtiss Dr. Steele's sistant Cliff Saum Cliff Saum Moving Man Jeffrey Sayre Jeffrey Sayre Doctor Amzie Strickland Amzie Strickland Judith's Friend Rosella Towne Rosella Towne Girl in Box William Worthington William Worthington Specialist Maris Wrixon Maris Wrixon Judith's Friend Nurse Maidel Turner Maidel Turner Mrs. Martin Monte Vandergrift Monte Vandergrift Laborer Frederick Vogeding Frederick Vogeding Doctor Walter Walker Walter Walker Nichol Merrick Harry Watson Harry Watson Boy Lillian West Lillian West Nurse Andy White Andy White Photographer Carol Wines Carol Wines Nurse Leah Winslow Leah Winslow Woman on Boat William Worthington William Worthington Man on Boat Relative Joe Torillo Joe Torillo Newsboy Fred Trowbridge Fred Trowbridge Relative Emmett Vogan Emmett Vogan Gangster Theodore von Eltz Theodore von Eltz Federal Man Max Wagner Max Wagner Reporter Lloyd Whitlock Lloyd Whitlock G Man Frank Whitson Frank Whitson Relative Jay Wilsey Jay Wilsey Cop Eric Wilton Eric Wilton Butler Leah Winslow Leah Winslow Relative Factory Foreman Chuck Hamilton Chuck Hamilton Police Driver Charles Murphy Charles Murphy Foreman Bob Reeves Bob Reeves Policeman Photographer Gayne Whitman Gayne Whitman Theatre Manager Billy Wilkerson Billy Wilkerson Indian at Party Guy Wilkerson Guy Wilkerson Townsman Tom Wilson Tom Wilson Stagehand in Wings Henchman Archie Ricks Archie Ricks Henchman Blackie Whiteford Blackie Whiteford Henchman Mr. Worsford Haddon M on Haddon M on Dr. Blake David Nichol David Nichol Gerald Armitage Elliott Seabrooke Elliott Seabrooke Derrick Beckett Bould Philpotts Rosalyn Boulter Rosalyn Boulter E. Holman Clark Mr. Marrapit Eileen Dennes Eileen Dennes Mary Humfray Evan Thom Evan Thom George Denis Cowles Denis Cowles Beatriz Michelena Lily Folinsbee Frederick Lewis Frederick Lewis Joe Andrew Robson Andrew Robson Jack Hamlin D. Mitsor D. Mitsor Sanchez Clarence Arper Clarence Arper Col. Starbottle Nat Snyder Nat Snyder John Folinsbee Clara Beyers Clara Beyers Dolores James Leslie James Leslie The Desperado Nina Herbert Nina Herbert Lily's Mother Frank Hollins Frank Hollins Truthful James Bill Wyvern Reginald Bach Reginald Bach Bob Chater Gwynne Herbert Gwynne Herbert Mrs. Major John MacAndrews John MacAndrews Fletcher Winifred Sadler Winifred Sadler Mrs. Chater Frederick Lewis Frederick Lewis Vyvian Howard Joyce Deane Leslie Bradley Leslie Bradley Peter Hurst Kenneth Buckley Kenneth Buckley Arthur Marsh Robert Field Robert Field Des Voeux Aubrey Mallalieu Aubrey Mallalieu Bellamy Wally Patch Wally Patch Sergeant Yerbury Elliott Seabrooke Elliott Seabrooke Mr. Sulgrave Sally Stewart Sally Stewart George Houston Tom Cameron The Lone Rider Al St. John Al St. John Fuzzy Jones Al 'Fuzzy' St. John Dennis Moore Dennis Moore Sheriff Smoky Moore Dennis 'Smoky' Moore Wanda McKay Wanda McKay Kate Stewart Claire Rochelle Claire Rochelle Nora Gilpin Arch Hall Sr. Arch Hall Sr. Fake Padre Tremmer Slim Whitaker Slim Whitaker Rancher Huxley Edward Peil Sr. Edward Peil Sr. Ed Hannigan cattle theft victim Karl Hackett Karl Hackett Jack Stewart Julian Rivero Julian Rivero Padre José Rest of c t listed alphabetically: Horace B. Carpenter Horace B. Carpenter Conway Tearle Jim Stafford Barbara Bedford Barbara Bedford Mona Cartier Alberta Dugan Alberta Dugan Carole Cartier Fred Malatesta Fred Malatesta Nick Zellini Betty Mack Betty Mack Bunny Stafford Dirk Thane Dirk Thane Bob Steele Curley Thompson Syd Saylor Syd Saylor Sam Hawkins I. Stanford Jolley I. Stanford Jolley Hatch Bolton Lorraine Miller Lorraine Miller Alice Rhodes Charles King Charles King Henchman Al Craig John L. C on John L. C on Doug McClure Tramp s James Drury James Drury The Virginian s Lee J. Cobb Lee J. Cobb Judge Henry Garth s Sara Lane Sara Lane Elizabeth Grainger s Clu Gulager Clu Gulager Emmett Ryker s Randy Boone Randy Boone Randy Benton s Roberta Shore Roberta Shore Betsy Garth s John McIntire John McIntire Clay Grainger s Gary Clarke Gary Clarke Steve Hill s Ross Elliott Ross Elliott Sheriff Mark Abbott s Don Quine Don Quine Stacey Grainger s Harper Flaherty Harper Flaherty Harper s Charles Bickford Charles Bickford John Grainger s Diane Roter Diane Roter Jennifer Sommers s David Hartman David Hartman David Sutton s Jeanette Nolan Jeanette Nolan Holly Grainger s L.Q. Jones L.Q. Jones Belden s Frank Sully Frank Sully Danny s Stewart Granger Stewart Granger Col. Alan MacKenzie s Tim Matheson Tim Matheson Jim Horn s Lee Majors Lee Majors Roy Tate s John Bryant John Bryant Dr. Spaulding s Roy Engel Roy Engel Barney Wingate s Stuart Nisbet Stuart Nisbet Bartender s Dick Shane Dick Shane Dick s Sam Edwards Sam Edwards Hotel Clerk s Mark Tapscott Mark Tapscott Blacksmith s Russell Thorson Russell Thorson Sheriff Stan Evans s Lew Brown Lew Brown Dink s Jean Peloquin Jean Peloquin Jean s Dennis McCarthy Dennis McCarthy Editor s Edward Faulkner Edward Faulkner Proctor s Ed Prentiss Ed Prentiss Carl Jensen s Pitt Herbert Pitt Herbert Telegrapher s Bing Russell Bing Russell Donovan s Myron Healey Myron Healey nd Drifter s Gregg Palmer Gregg Palmer st Cowhand s Stephen Coit Stephen Coit Station M ter s Jimmy Lee Cook Jimmy Lee Cook Jimmy Lee s John Harmon John Harmon Auctioneer s Walter Woolf King Walter Woolf King Judge s Don Wilbanks Don Wilbanks Appleby s Norman Leavitt Norman Leavitt Storekeeper s Dee Carroll Dee Carroll Wife s Ollie O'Toole Ollie O'Toole sayer s William Fawcett William Fawcett Hostler s Robert Williams Robert Williams Cattle Buyer s John Mitchum John Mitchum Bartender s Don 'Red' Barry Don 'Red' Barry Carstairs s Paul Comi Paul Comi Brad Carter s Cal Bartlett Cal Bartlett st Cowhand s Chuck Courtney Chuck Courtney Blake s Leonard P. Geer Leonard P. Geer st Outlaw s John Dehner John Dehner Morgan Starr s Ford Rainey Ford Rainey Amos Wardlow s Barbara Werle Barbara Werle Betty s Karl Swenson Karl Swenson Ben Wallace s John McLiam John McLiam Parker s Harlan Warde Harlan Warde Sheriff John Brannan s E.J. André E.J. André Trail Cook s Hal Baylor Hal Baylor st Miner s Quintin Sondergaard Quintin Sondergaard st Thug s Jimmy Joyce Jimmy Joyce Buffalo Herald Editor s Tim Graham Tim Graham Bystander s Harry Harvey Harry Harvey Bartender s Stuart Randall Stuart Randall Auctioneer s Mike Ragan Mike Ragan Avery s Pippa Scott Pippa Scott Molly Wood s Michael Burns Michael Burns Bobby Crayton s John Anderson John Anderson Adam Tercell s Tom Skerritt Tom Skerritt Billy Landers s John Milford John Milford Burke s Brendan Dillon Brendan Dillon Mr. Bemis s Ken Lynch Ken Lynch Big Jim Todd s Harry Lauter Harry Lauter Capt. Sam Harris s John Pickard John Pickard Charlie Hobkins s Rex Holman Rex Holman Buck s William Phipps William Phipps Hank s Harold Gould Harold Gould Adam Pendleton s Boyd Stockman Boyd Stockman Stagecoach Driver s Clyde Howdy Clyde Howdy Cattle Buyer s John Cliff John Cliff Bounty Hunter s Victor Jory Victor Jory Luke Nichols s Harold J. Stone Harold J. Stone Adam Southcort s Leslie Nielsen Leslie Nielsen Ben Stratton s Andrew Prine Andrew Prine Brett Benton s Royal Dano Royal Dano Dan Molder s Jan Shepard Jan Shepard Claire s William Smith William Smith Andy Adams s Steve Carlson Steve Carlson Bud McLister s Sandy Kenyon Sandy Kenyon Ben Robbins s Berkeley Harris Berkeley Harris Arnold 'Crouch' Hudkins s Ron Soble Ron Soble Deputy Royal Wainwright s Ann Doran Ann Doran Annie Thom s William Bramley William Bramley Arnold Bowden s Brad Weston Brad Weston Ben s Paul Birch Paul Birch Ben Carter s Walter Reed Walter Reed Caleb s Larry J. Blake Larry J. Blake Barker s John Hoyt John Hoyt John Weston s Richard Garland Richard Garland Deputy s Tol Avery Tol Avery Coroner s Shug Fisher Shug Fisher Desk Clerk s K.L. Smith K.L. Smith Bartender s John Zaremba John Zaremba Mayor s Jackie Russell Jackie Russell Saloon Girl s Warren Hammack Warren Hammack Gil Blinns s Med Flory Med Flory st Drifter s David McMahon David McMahon Conductor s Dan White Dan White Baggage Man s Ron Burke Ron Burke Cowhand s Clay Tanner Clay Tanner Baggage Man s Paul Carr Paul Carr Frank Hodges s Bill Zuckert Bill Zuckert Bernie s Charles Seel Charles Seel Cafferty Cook s Henry Hunter Henry Hunter Banker s Hal Needham Hal Needham Bounty Hunter s Barry Cahill Barry Cahill Bartender s Laurie Mitchell Laurie Mitchell Waitress s Fred Carson Fred Carson Cowhand s Ted Jordan Ted Jordan Bank Teller s William Windom William Windom Arthur Blanton s James Gregory James Gregory Cal Young s Albert Salmi Albert Salmi Corporal C.T. Smoot s Susan Oliver Susan Oliver Alice Barnes s Tom Tryon Tom Tryon Andrew Hiller s Chris Robinson Chris Robinson Arnie Hendricks s Brenda Scott Brenda Scott Abby Keefer s James Whitmore James Whitmore Capt. Piper Pritican s Linden Chiles Linden Chiles Ben Fancher s Peter Mark Richman Peter Mark Richman Al Keets s Skip Homeier Skip Homeier Callan s Joanna Moore Joanna Moore Carol Fisk s Peter Whitney Peter Whitney Ansel Miller s John Doucette John Doucette Arthur Willis s Lonny Chapman Lonny Chapman Carl Luther s John Larch John Larch Ben Hicks s Joan Freeman Joan Freeman Caroline Witman s Edward Binns Edward Binns Colonel John Briscoe s Steve Ihnat Steve Ihnat Four Eyes s Dick Foran Dick Foran Adam Burnside s Tim McIntire Tim McIntire John Wesley Hardin s Katherine Crawford Katherine Crawford Alice Lawford s Ben Johnson Ben Johnson Jed Cooper s Robert F. Simon Robert F. Simon Ben Wainwright s Robert Pine Robert Pine Corporal Maron s John Lupton John Lupton Floyd Ramon s John Kellogg John Kellogg Mel Dover s Michael Forest Michael Forest Cavalry Lieutenant s Shelly Novack Shelly Novack Dean Miley s Russ Conway Russ Conway Charley Cousins s Kelly Thordsen Kelly Thordsen Amos Coe s Ed Peck Ed Peck Ben Clayton s Parley Baer Parley Baer Henderson s Jean Inness Jean Inness Clarissa McCloud s Kenneth Tobey Kenneth Tobey Joe Pierce s Richard Devon Richard Devon Arthur Faber s Virginia Christine Virginia Christine Judith Briscoe s Warren Oates Warren Oates Bowers s Richard Van Vleet Richard Van Vleet Cowboy s Virginia Gregg Virginia Gregg Hattie McLain s Terry Wilson Terry Wilson Jimmy s Gilbert Green Gilbert Green Judge Porter s Ken Swofford Ken Swofford Seth Pettit s Harry Swoger Harry Swoger Mr. Markle s Than Wyenn Than Wyenn Blacksmith s Hal Bokar Hal Bokar rd Card Player s Jon Locke Jon Locke st Man s Richard Reeves Richard Reeves Jake Grohs s Ken Mayer Ken Mayer Deputy Clay Friendly s Bobs Watson Bobs Watson Hotel Clerk s Ben Wright Ben Wright Desk Clerk s Steve Raines Steve Raines Carlson s Buck Young Buck Young Carter Reed s Russ Bender Russ Bender Bartender s Kay Stewart Kay Stewart Martha Landeen s Bill Quinn Bill Quinn Doctor Stanton s Joseph Mell Joseph Mell Bartender s Austin Green Austin Green Baliff s Robert Karnes Robert Karnes Hendricks s Vince Williams Vince Williams st Reporter s Dean Harens Dean Harens Minister s Jan Stine Jan Stine Eddie s Tyler McVey Tyler McVey Gillman s Boyd 'Red' Morgan Boyd 'Red' Morgan Brawler s Charlie Briggs Charlie Briggs Hank Stram s John Daheim John Daheim Bard Arden s Jonathan Hole Jonathan Hole Hotel Clerk s Alex Sharp Alex Sharp Buck s Bill Catching Bill Catching nd Outlaw s Anthony Jochim Anthony Jochim st Poker Player s Dee Cooper Dee Cooper Townsman s Ricardo Montalban Ricardo Montalban Enrique Cuellar s Vera Miles Vera Miles Amelia Ballard s Diane Baker Diane Baker Julie Oakes s Fabian Fabian Charlie Ryan s John Saxon John Saxon Ben Oakes s Brandon De Wilde Brandon De Wilde James 'Mike Flynn' Cafferty s Robert Lansing Robert Lansing George Calhoun s Lloyd Nolan Lloyd Nolan Abe Clayton s Leif Erickson Leif Erickson Bill King s Joseph Campanella Joseph Campanella Corbett s Michael Constantine Michael Constantine John Halstead s Frank Overton Frank Overton Mr. Umber s Peter Brown Peter Brown Chad Cooper s Noah Beery Jr. Noah Beery Jr. Ed Simpson s Bert Freed Bert Freed Col. Harmon s Arch Johnson Arch Johnson Charles Daniels s David Macklin David Macklin Eddie Tighe s David McLean David McLean Burt Adams s Paul Fix Paul Fix Arnold Boyle s Tom Simcox Tom Simcox Chris Antlow s Jay C. Flippen Jay C. Flippen a Keogh s Jill Donohue Jill Donohue Barbara s Gene Evans Gene Evans Blanchard s James Brown James Brown Lou Seb tian s Slim Pickens Slim Pickens Hogy s George Kennedy George Kennedy Huck Harkness s Don Stroud Don Stroud Cate s Kiel Martin Kiel Martin Cal Dorsey s Lawrence Dane Lawrence Dane Frenchman s Kevin Hagen Kevin Hagen Albert Morgan s Leonard Nimoy Leonard Nimoy Benjamin Frome s Bruce Dern Bruce Dern Bert Kramer s Hugh Beaumont Hugh Beaumont Charles Martin s William Mims William Mims Harley Cole s Simon Scott Simon Scott District Attorney s Sean McClory Sean McClory Cobb s Robert Colbert Robert Colbert Gordon W. Madden s Buck Taylor Buck Taylor Deputy Plumb s Bill Fletcher Bill Fletcher Greer s Lorraine Gary Lorraine Gary Laura s Eric Christm Eric Christm Parker s Joe Maross Joe Maross Buck Stargil s J. Pat O'Malley J. Pat O'Malley Charlie Dell s Monica Lewis Monica Lewis Connie Wells s H.M. Wynant H.M. Wynant Dalton Lacey s Robert Brubaker Robert Brubaker Charlie Trent s Dougl Henderson Dougl Henderson Ben Cooper s Michael Stanwood Michael Stanwood Deputy s Anthony Caruso Anthony Caruso Matthew Keller s Wesley Lau Wesley Lau Hoyt s Alan Baxter Alan Baxter Ben Thom s Judson Pratt Judson Pratt Harry s Jim Boles Jim Boles Farmer s James Beck James Beck Dink Gar s Whit Bissell Whit Bissell Andrew C s s Harry Hickox Harry Hickox Bill Manders s Leo Gordon Leo Gordon Big Jim Lafferty s Noah Keen Noah Keen Arnold Page s Arthur Hunnicutt Arthur Hunnicutt J.D. Drover s Jocelyn Brando Jocelyn Brando Ida Martin s Warren Stevens Warren Stevens Paul Carson s Clint Howard Clint Howard Manuel s The Irish Rovers The Irish Rovers Themselves s Arnold Lessing Arnold Lessing Mickey s George Wallace George Wallace Dixon s Barry Kelley Barry Kelley Commissioner Todd s Richard LePore Richard LePore Cally s Ken Renard Ken Renard Chief Iron Hands s Christopher Dark Christopher Dark Benny Caboose s Quinn K. Redeker Quinn K. Redeker Benjy Davis s Morgan Woodward Morgan Woodward Col. Mark Hamilton s Willard Sage Willard Sage Barrows s Kay E. Kuter Kay E. Kuter Jonah Sills s Mort Mills Mort Mills Bert Devlin s Bartlett Robinson Bartlett Robinson Beaumont s Walter Coy Walter Coy Bartender s Michael Bow Michael Bow Andy s Michael M ters Michael M ters Dawkins s Raymond Guth Raymond Guth Carley s Alvy Moore Alvy Moore nd Man s Michael Macready Michael Macready Curly s Eddie Little Sky Eddie Little Sky Cut Knife s Jon Lormer Jon Lormer Doctor s Stacy Harris Stacy Harris Gambler s Helen Kleeb Helen Kleeb Mrs. Howard s Don Stewart Don Stewart Kern s Don Keefer Don Keefer Ross Tedler s Ross Hagen Ross Hagen B sett s Robert P. Lieb Robert P. Lieb Carnahan s Jeff Scott Jeff Scott Deputy Cal Brown s Audrey Swanson Audrey Swanson Mrs. Wingate s Bobby Buntrock Bobby Buntrock Andrew s Gail Bonney Gail Bonney Farm Woman s Elizabeth Harrower Elizabeth Harrower Mrs. Crandall s William Tannen William Tannen Bartender s James Nusser James Nusser Bank Clerk s Tom Middleton Tom Middleton Bert s William Boyett William Boyett Cadwell s Barry Brooks Barry Brooks Conductor s Ray Montgomery Ray Montgomery Businessman s Bob Kline Bob Kline Bartender s Frances Morris Frances Morris Landlady s Russ Whiteman Russ Whiteman nd Rancher s Bud Perkins Bud Perkins Banker s Stephen Price Stephen Price Jonathan Marden s Art Stewart Art Stewart st Homesteader s David Farrow David Farrow st Player s X Brands X Brands Commanche Lookout s Michael Vandever Michael Vandever Chee Phillips s John Litel John Litel Finley s Michael Fox Michael Fox Coroner s Charles Fredericks Charles Fredericks Bartender s Pete Kellett Pete Kellett Bartender s Francis De Sales Francis De Sales Dave McCoy s Barry Sullivan Barry Sullivan Frank Dawson s Aldo Ray Aldo Ray Frank Krause s Yvonne De Carlo Yvonne De Carlo Helen Haldeman aka Elena s Jane Wyatt Jane Wyatt Mrs. Lori Kinkaid s Susan Str berg Susan Str berg Clara Hansch s Burgess Meredith Burgess Meredith Muley s Joseph Cotten Joseph Cotten Judge Hobbs s Anthony Franciosa Anthony Franciosa Kordick s Jack Warden Jack Warden John Conway s Bradford Dillman Bradford Dillman Deke Slaughter s Howard Duff Howard Duff Ed Frazer s Madlyn Rhue Madlyn Rhue Frankie Grace s Steve Forrest Steve Forrest James Templeton s Darren McGavin Darren McGavin Mark Troxel s Ed Begley Ed Begley Micah Ellis s Sheree North Sheree North Della Saunders s Jeremy Slate Jeremy Slate Benton s Bethel Leslie Bethel Leslie Catherine Cantrell s Peter Breck Peter Breck Jess Carver s John Agar John Agar Joe Williams s Richard Carlson Richard Carlson Major Ralph Forrester s William Shatner William Shatner Henry Swann s Martin Milner Martin Milner C e s James Farentino James Farentino Frank Colby s Debbie Watson Debbie Watson Eileen Linden s James Daly James Daly Dan Sheppard s Pete Duel Pete Duel Denny Todd s E.G. Marshall E.G. Marshall Judge Carver s Shirley Knight Shirley Knight Clara Malone s Stephen McNally Stephen McNally Gus Muller s Anne Francis Anne Francis Myra Greenc tle s Anne Helm Anne Helm Janet Hale s Strother Martin Strother Martin Finley s Charles Bronson Charles Bronson Ben Justin s Michael Ansara Michael Ansara Marshall Merle Frome s Richard Beymer Richard Beymer Frank Colter s Simon Oakland Simon Oakland Bob Coulter s Pernell Roberts Pernell Roberts Jim Boyer Sr. s Robert Fuller Robert Fuller Carl Ellis s Burr DeBenning Burr DeBenning J on Crowder s Jack Albertson Jack Albertson Billy 'Moose' Valentine s Charles Drake Charles Drake Milo Cantrell s Claude Akins Claude Akins Hezekiah s Jim McMullan Jim McMullan Jess Kroeger s Geraldine Brooks Geraldine Brooks Della Price s R.G. Armstrong R.G. Armstrong Ben Winters s Philip Carey Philip Carey Captain Edward Parmalee s Pat O'Brien Pat O'Brien Doc Bigelow s Mariette Hartley Mariette Hartley Kate Andrews s Lois Nettleton Lois Nettleton Mary Justin s Cloris Leachman Cloris Leachman Clara s Scott Brady Scott Brady Dolby s John Smith John Smith Caine Ellis s Alan Hale Jr. Alan Hale Jr. Sam Donner s Don Galloway Don Galloway Jack Henderson s DeForest Kelley DeForest Kelley Ben Tully s Lisabeth Hush Lisabeth Hush Judith Hiller s Brooke Bundy Brooke Bundy Jenny s Don Hanmer Don Hanmer Gentry s Ruta Lee Ruta Lee Jane Carlyle s Ron Russell Ron Russell Lemoine Carlson s Lloyd Bochner Lloyd Bochner Abel Wilks s Audrey Totter Audrey Totter Audry s Kevin Coughlin Kevin Coughlin Dan Burden s Michael Conrad Michael Conrad John White s Jo Ann Harris Jo Ann Harris Amanda Benson s Steve Sandor Steve Sandor Billy White s Larry Pennell Larry Pennell Carl Rand s Robert J. Wilke Robert J. Wilke Colton s Neville Brand Neville Brand Reese Bennett s Davey Davison Davey Davison Jenny Larkin s Jim Davis Jim Davis McKinley s Don Knight Don Knight Cal Hobson s Murray MacLeod Murray MacLeod Lorne Buchanan s Charles Aidman Charles Aidman Sam Hicks s Woodrow Parfrey Woodrow Parfrey Hobie Simpson s Tom Reese Tom Reese Hans Wollsack s Michael Pate Michael Pate Alf s George Brenlin George Brenlin Lembeck s Pamela Austin Pamela Austin Donna s Ida Lupino Ida Lupino Helen Blaine s Rees Vaughn Rees Vaughn Kevin Tyrone s Hugh Marlowe Hugh Marlowe Clay Billings s Jan Merlin Jan Merlin Reese s Robert Random Robert Random Jeremy Sheppard s Pilar Seurat Pilar Seurat Hapamawa s Andy Devine Andy Devine Amos Tyke s Diana Muldaur Diana Muldaur Laura Messinger s Lee Kroeger Lee Kroeger Janie Buell s Pamela McMyler Pamela McMyler Ellie Bishop s Warren J. Kemmerling Warren J. Kemmerling Frank Benteen s Carlos Romero Carlos Romero Pedro s Ann Prentiss Ann Prentiss Geneviève Bujold Élisabeth Richard Jordan Richard Jordan Georges Nelson Marcel Cuvelier Marcel Cuvelier Jérôme Philippe Léotard Philippe Léotard Antoine Suzie Baillargeon Suzie Baillargeon Aurélie Huguette Oligny Huguette Oligny La mère d'Élisabeth Janine Sutto Janine Sutto Tante Olivette Thibault Olivette Thibault Tante Marie Fresnières Marie Fresnières Tante Camille Bernard Camille Bernard La mère d'Antoine Colette Cortois Colette Cortois Florida Gigi Duckett Gigi Duckett Anne Marie Marcel Marineau Marcel Marineau Greffier médecin Len Watt Len Watt Le gouverneur Rita Lafontaine Rita Lafontaine Une servante André Cailloux André Cailloux Ernest Émile Genest Émile Genest Aubergiste Françoise Berd Françoise Berd Sa femme Gilles Latulippe Gilles Latulippe Clermont Denise Proulx Denise Proulx Victoire Serge L'Italien Serge L'Italien sistant roux Jean Louis Paris Jean Louis Paris Paul Hus Alexandre Gauvreau Alexandre Gauvreau Le prêtre Yan Barcelo Yan Barcelo Yvon Barrette Yvon Barrette Marie Thérèse Beaulieu Marie Thérèse Beaulieu Dame au thé Gaétane Bélanger Gaétane Bélanger Monique Bélisle Monique Bélisle La fille qui rit Germaine Bougie Germaine Bougie Yolande Bourguignon Yolande Bourguignon Dominique Brunet Dominique Brunet Jean Brunet Jean Brunet Lyne Champagne Lyne Champagne Line Champagne Monique Champagne Monique Champagne L'hotesse à St Ours Anne Marie Ducharme Anne Marie Ducharme Dame au thé Nini Durand Nini Durand J. Léo Gagnon J. Léo Gagnon J. Léo Gagnon Pat Gagnon Pat Gagnon Claude Gai Claude Gai Amulette Garneau Amulette Garneau Paul Gauthier Paul Gauthier Paul Gélin Paul Gélin Nettie Harris Nettie Harris Esther Auger Isabelle Reynald Bouchard Reynald Bouchard Gérard Bessette Pierre Curzi Pierre Curzi Sylvie Léonard Geneviève St Louis Béatrice Picard Béatrice Picard Aline St Louis Rémi Pierre Paquin Rémi Pierre Paquin Pierre Alexandre Langlois Marc Messier Marc Messier Jacques Dumais Marcel Sabourin Marcel Sabourin Claude Longevin Sophie Cadieux Sophie Cadieux Chantal Vincent Leclerc Vincent Leclerc Jean Françoise Longevin Isabelle Cyr Isabelle Cyr Jeune fonctionnaire Paolo Noël Paolo Noël Johnny Magalie Lépine Blondeau Magalie Lépine Blondeau Stéphanie animtrice télé Mahée Paiement Mahée Paiement Lili réalisatrice Marie Christine Pereault Marie Christine Pereault Directrice centre d'accueil Pierre Mailloux Pierre Mailloux Raymond huissier Thiéry Dubé Thiéry Dubé Huissier avec Raymond Thiery Dubé Davy Boisvert Davy Boisvert MC Danny Rest of c t listed alphabetically: Alexy Ald Alexy Ald Dancer France C tel France C tel Marie Deslonchamps Marie Deslonchamps Dancer Diana Diaz Diana Diaz Dancer Tamara Dupuis Tamara Dupuis Dancer Julia Gutsik Julia Gutsik Dancer André Nichol Malouf André Nichol Malouf Dominique Michel Various s Patrice L'Ecuyer Patrice L'Ecuyer Various s Yves Jacques Yves Jacques Various s Pauline Martin Pauline Martin Various s André Dubois André Dubois Various s Michel Desrochers Michel Desrochers Various s Marc Messier Marc Messier Various s Véronique Cloutier Véronique Cloutier Various s Benoît Marleau Benoît Marleau Various s Jean Guy Moreau Jean Guy Moreau Various s Michel Côté Michel Côté Various s Michèle Deslauriers Michèle Deslauriers Various s Joël Legendre Joël Legendre Various s Jean François Mercier Jean François Mercier Capitaine Y Bock s Guy A. 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Paquette Robert J.A. Paquette Various Ghyslain Tremblay Ghyslain Tremblay Various Jean Besré Jean Besré Various Rémy Girard Rémy Girard Various Rose Ouellette Rose Ouellette Various Paul Houde Paul Houde Various Suzanne Champagne Suzanne Champagne Various Patrick Bourgeois Patrick Bourgeois B.B. François Jean François Jean B.B. Alain Lapointe Alain Lapointe B.B. Julie M se Julie M se Various Marina Orsini Marina Orsini Various Bernard Fortin Bernard Fortin Various Sylvie Frechette Sylvie Frechette Various Luc Guérin Luc Guérin Various Stéphane F. Jacques Stéphane F. Jacques Various Guy Jodoin Guy Jodoin Various Guylaine Tremblay Guylaine Tremblay Various Rodger Brulotte Rodger Brulotte Himself P cale Bussières P cale Bussières Various Jacques Demers Jacques Demers Himself Pierre Pagé Pierre Pagé Himself Jean Luc Br sard Jean Luc Br sard Himself Patrick Norman Patrick Norman Himself Marie Lise Pilote Marie Lise Pilote Various Yvon Deschamps Yvon Deschamps Various François Léveillé François Léveillé Various Joseph Antaki Joseph Antaki Arab tourist Heroutyville Valérie Blais Valérie Blais Valérie Cabana Valérie Cabana Andrée Chalifour Andrée Chalifour Michel Olivier Girard Michel Olivier Girard Reda Guerinik Reda Guerinik Pierre Luc Lafontaine Pierre Luc Lafontaine Mariane Lalumière Mariane Lalumière Sofi Lambert Sofi Lambert Raphaël Landry Raphaël Landry Johanne Loiselle Johanne Loiselle Philomène Lévesque Rainville Philomène Lévesque Rainville Jojo Marangola Jojo Marangola Pier Olivier Paquet Pier Olivier Paquet Nicol Paulhus Nicol Paulhus Marie des Neiges Poliquin Marie des Neiges Poliquin Caroline Roberge Caroline Roberge Kim T chereau Kim T chereau Dany Turcotte Dany Turcotte Various Seb tien Beaulac Seb tien Beaulac Soeur Angèle Soeur Angèle Janette Bertrand Janette Bertrand Emmanuel Bilodeau Emmanuel Bilodeau Genviève Borne Genviève Borne Simon Boudreault Simon Boudreault Christian Bégin Christian Bégin Patrice Bélanger Patrice Bélanger Marie Chantal Cadieux Marie Chantal Cadieux Paul Cagelet Paul Cagelet Julie Couillard Julie Couillard Jean Philippe Cuerrier Jean Philippe Cuerrier Gustavo Alves Dafonte Gustavo Alves Dafonte Alexandre Despatie Alexandre Despatie Roy Dupuis Roy Dupuis Edgar Fruitier Edgar Fruitier Cathy Gauthier Cathy Gauthier Stéphane Gentilini Stéphane Gentilini Catherine Girard Catherine Girard José Godet José Godet Guylaine Guay Guylaine Guay Gilles Julien Gilles Julien Bob La Cuillière Bob La Cuillière Evelyne Laforest Evelyne Laforest Dominique Lajeunesse Dominique Lajeunesse Pierre Lapointe Pierre Lapointe Pierre François Legendre Pierre François Legendre Guillaume Lemay Thivierge Guillaume Lemay Thivierge Michel Louvain Michel Louvain François Maranda François Maranda Sylvain Marcel Sylvain Marcel Byron Mikaloff Byron Mikaloff Sylvie Moreau Sylvie Moreau Alex Morrissette Alex Morrissette Fred Pellerin Fred Pellerin Alex Perron Alex Perron Chantal Petitclerc Chantal Petitclerc Béatrice Picard Béatrice Picard Christian Roberge Christian Roberge Alpha Rococo Alpha Rococo Sharlene Royer Sharlene Royer Xiao Sun Xiao Sun Beautiful Girl in Chinatown Mario Tessier Mario Tessier Marie Élaine Thibert Marie Élaine Thibert Charles Tisseyre Charles Tisseyre Richard Turcotte Richard Turcotte Tammy Verge Tammy Verge Annie Villeneuve Annie Villeneuve Antoine Vézina Antoine Vézina Frédéric Y sine Frédéric Y sine P cal Yiacouvakis P cal Yiacouvakis Stéphan Côté Stéphan Côté Fonctionnaire pour le G Michel Daigle Michel Daigle Martin Deschamps Martin Deschamps Jonathan Duhamel Jonathan Duhamel Caroline Gervais Caroline Gervais Kim Gingr Kim Gingr Marc Hervieux Marc Hervieux Pierre Hébert Pierre Hébert Ariane Jeudy Ariane Jeudy Herself Philippe Laprise Philippe Laprise Sienna Mazzone Sienna Mazzone Herself Messmer Messmer Messmer Messmer Himself Viridiana Bustos Mora Viridiana Bustos Mora Herself Joannie Rochette Joannie Rochette Manon Saint Laurent Manon Saint Laurent Herself Manon St Laurent Manon St Laurent Shana Troy Shana Troy Karine Van se Karine Van se Herself Photographe Shirley Marquis Shirley Marquis Dancer Maxime Mensah Maxime Mensah Dancer Viridiana Bustos Mora Viridiana Bustos Mora Dancer Élodie Murciano Élodie Murciano Dancer Claudine Olivier Claudine Olivier Dancer Livia Pellerin Livia Pellerin Dancer Pamela Schneider Pamela Schneider Dancer Yvon J. Léo Gagnon J. Léo Gagnon Léo Claude Jutra Claude Jutra Doctor Willie Lamothe Willie Lamothe Marthe Nadeau Marthe Nadeau Marthe Marcel Sabourin Marcel Sabourin Robert Bessette Madeleine Langlois Madeleine Langlois Priscilla Lapointe Priscilla Lapointe Yvon Leroux Yvon Leroux Le policier Jean Mathieu Jean Mathieu Michel Milleret Michel Milleret Barbara Ulrich Barbara Claude Godbout Claude Godbout Claude Manon Blain Manon Blain Manon J'sais p qui Véronique Vilbert Véronique Vilbert Véronique Jean Paul Bernier Jean Paul Bernier Jean Paul André Leblanc André Leblanc Toulouse Paul Marie Lapointe Paul Marie Lapointe Messieurs ont joué trois personnages Jean V. Dufresne Jean V. Dufresne Messieurs ont joué trois personnages Jean V. Dufresne Pierre Maheu Pierre Maheu Messieurs ont joué trois personnages Thérèse Morange Thérèse Morange Marthe Nadeau Marthe Nadeau Dame au thé Jean Scheler Jean Scheler Marc Saugavinski Marc Saugavinski Steve Talbot Steve Talbot Yvette Thuot Yvette Thuot Gisèle Trépanier Gisèle Trépanier André Vezina André Vezina André Vézina Véronique Vilbert Véronique Vilbert Horse Marine Alice s Arthur Franz Arthur Franz Fitz Warren s Jean Hale Jean Hale Eileen Terry s Kurt Russell Kurt Russell Andy Denning s Stuart Anderson Stuart Anderson Billy Conklin s Dorothy Green Dorothy Green Laura Forrester s Ben Murphy Ben Murphy Mike Bradbury s Joe De Santis Joe De Santis General Rodello s Patricia Morrow Patricia Morrow Henchman Ed Blaine Bob C on Budd Buster Budd Buster Miner Zeke Jim Haley in credits Kermit Maynard Kermit Maynard Deputy Walter Gordon Frank Ellis Frank Ellis Henchman Owens Ed C sidy Ed C sidy Marshal Dawes Edward C sidy Rest of c t listed alphabetically: Roy Brent Roy Brent Bartender Haley Al Ferguson Al Ferguson Rancher Joe Moore Henry Hall Henry Hall Sheriff Tom Gordon Ray Jones Ray Jones Henchman Lew Morphy Lew Morphy Henchman Wally West Wally West Henchman Roxy Stone Richard Thane Evelyn Hagara Evelyn Hagara Maysie Robert McKenzie Robert McKenzie Sheriff Bob Arnett Bob McKenzie Harrison Greene Harrison Greene Boomer hton and Co'ena hton and Co'ena Dance Team Tove Linden Tove Linden Adele Thorne Lloyd Brooks Lloyd Brooks Kent Hollis Rest of c t listed alphabetically: Budd Buster Budd Buster Deputy Jack Evans Jack Evans Townsman Man in Lynch Mob Steve Clark Steve Clark Rancher Art Dillard Art Dillard Fake Padre Curley Dresden Curley Dresden Rancher Curley Frank Ellis Frank Ellis Man in Lynch Mob Ray Jones Ray Jones Townsman Cactus Mack Cactus Mack Sophie Lorain Anne Fortier s Gilbert Sicotte Gilbert Sicotte Gabriel Johnson s Pierre Lebeau Pierre Lebeau Jean Marie Dufour s Jean François Pichette Jean François Pichette Claude Mayrand s François Chénier François Chénier Étienne Parent s Carl Marotte Carl Marotte Me Jacques Savaria s Sophie Léger Sophie Léger Médecin légiste s Louise Deslières Louise Deslières Suzanne Landreville s Réjean Lefrançois Réjean Lefrançois Armand Durivage s Benoît Dagenais Benoît Dagenais Me Fontaine s Steve Banner Steve Banner Tétrault s Danielle Fichaud Danielle Fichaud Rolande Leboeuf s Paul Savoie Paul Savoie Roger Lefebvre s Sylvie Drapeau Sylvie Drapeau Louise Dusseault s Valérie Blais Valérie Blais Kathleen Giroux s Alexis Martin Alexis Martin Thom Sévigny s Jean Nicol Verreault Jean Nicol Verreault Marc Deschênes s Monique Gosselin Monique Gosselin Gertrude s Paul Doucet Paul Doucet Pierre Ducharme s David Francis David Francis Griffin s Louise Marleau Louise Marleau Jeannine Ross s Frédérike Bédard Frédérike Bédard Rita Dufour s Annick Bergeron Annick Bergeron Caroline Landry s Normand Bissonnette Normand Bissonnette Rodrigue Lemire s Géraldine Charbonneau Géraldine Charbonneau Caroline Daigneault s Henri Ch sé Henri Ch sé Pierre Lemire s Daniel Desputeau Daniel Desputeau Gilles Duguay s Henry Gauthier Henry Gauthier Chef Techno s Bianca Gervais Bianca Gervais Julie Lemire s Marie Gignac Marie Gignac Christine Sirois s Michel Houde Michel Houde Jean Paul Savard s Roger La Rue Roger La Rue Benoit Lambert s Michèle Barbara Pelletier Michèle Barbara Pelletier Magali Simon s Tobie Pelletier Tobie Pelletier Mathieu Lambert s Stephan Perreault Stephan Perreault Paul Legris s Julien Poulin Julien Poulin Jean Pierre Legris s Dominique Quesnel Dominique Quesnel France Plourde s André Richard André Richard Gilles Lefebvre s Johanne Marie Tremblay Johanne Marie Tremblay Claire Daigneault s Amélie Bonenfant Amélie Bonenfant Gabrielle Leclerc s Frédérick De Grandpré Frédérick De Grandpré Mario Doyle s Patrick Drolet Patrick Drolet Séb tien Ouellet s David La Haye David La Haye André Poupart s Gilles Renaud Gilles Renaud Rouleau s Louise Cardinal Louise Cardinal Marijo s Tony Conte Tony Conte Jerry Comeau s Denis Bernard Denis Bernard Daniel Richer s Jean François C abonne Jean François C abonne Curé Alain Comeau s Claude Despins Claude Despins Agent Fortin s André Lahaie André Lahaie Steve Dunbarry s Lucie Laurier Lucie Laurier Saq h s Peter Miller Peter Miller Jim Quitish s Séb tien Ricard Séb tien Ricard Les jumeaux Frappier s Frank Schorpion Frank Schorpion Agent Cushing s David Alexandre David Alexandre Technician s Rock Aubert Rock Aubert Alain Charest s Eudore Belzile Eudore Belzile Jacques Marsolais s Réal Bossé Réal Bossé Phillipe Simon s Reynald Bouchard Reynald Bouchard Chef de CCP s Pierre Luc Brillant Pierre Luc Brillant Éric Charest s Daniel Brière Daniel Brière Pitou St Onge s Marc Béland Marc Béland Maurice Dug s P cale Bélanger P cale Bélanger Stéphanie Charest s Michel André Cardin Michel André Cardin Laperrière s Corinne Chevarier Corinne Chevarier Ginette Br sard s Stéphane Demers Stéphane Demers Pierre Gagnon s Jacques Henri Gagnon Jacques Henri Gagnon Juge s Maxim Gaudette Maxim Gaudette Maxime Dupont s Henri Gauthier Henri Gauthier Technician Poly Light s Pierre Gauvreau Pierre Gauvreau Voisin Magali s Louise Hélène Lac se Louise Hélène Lac se Educatrice Cente d'accueil s Marie France Lambert Marie France Lambert Justine Lampron s Sara Leblanc Sara Leblanc Johannie Desmarais s Jean Marie Moncelet Jean Marie Moncelet André Bruneau s François Papineau François Papineau Claude Lizotte s Pierre Pinchiaroli Pierre Pinchiaroli Simard s Louise Portal Louise Portal Esther Charest s Lise Roy Lise Roy Josée Archambault s Vuk Stojanovic Vuk Stojanovic Stéphane Charest s Bernard Tanguay Bernard Tanguay Rivest s Alexandrine Agostini Alexandrine Agostini Nathalie Leblanc s Nathalie Beaudoin Nathalie Beaudoin Lise Devault s Manon Brunelle Manon Brunelle Lise Allard s Frédéric Bélanger Frédéric Bélanger Yannick Dubé s Patrice Bélanger Patrice Bélanger Luc Martel s Sophie Cadieux Sophie Cadieux Josée Berthiaume s Frédérique Collin Frédérique Collin Jeannine Doyle s Eve Duranceau Eve Duranceau P cale Dubé s Stéphane F. Jacques Stéphane F. Jacques Rosaire Parent s Clermont Jolicoeur Clermont Jolicoeur Renaud Béland s Emmanuel Charest Emmanuel Charest Serge Lebel s Nathalie Coupal Nathalie Coupal Johanne Desrochers s Yves Desgagnés Yves Desgagnés André Matteau s Paule Ducharme Paule Ducharme Sylvie Lemay s Jean Emery Gagnon Jean Emery Gagnon Paul Latendresse s Danièle Lorain Danièle Lorain Louise Garnier s Hubert Proulx Hubert Proulx Mathieu s Louis Sincennes Louis Sincennes Georges Lapierre s Martin Thibaudeau Martin Thibaudeau Le gigolo de Fortier s Alain Zouvi Alain Zouvi Marcel Fournier s Roxan Bourdelais Roxan Bourdelais Simon Tessier s Anne Marie Cadieux Anne Marie Cadieux Louise Marcotte s Benoît Gouin Benoît Gouin Jacques Bilodeau s Patrick Huard Patrick Huard Paul Tanguay s Patrick Labbé Patrick Labbé Jacques Marcotte s Michel Gregory Dagenais Michel Gregory Dagenais Responsable informatique Manuel Aranguiz Manuel Aranguiz Homme bar gai Patrick Baby Patrick Baby Avocat de Lemire Ardon Bess Ardon Bess Dexter Kennedy Jean François Boudreau Jean François Boudreau Gardien de prison Jean Br sard Jean Br sard Policier Diner Marguerite Brodeur Marguerite Brodeur Soeur grise Stéphane Brodeur Stéphane Brodeur Homme qui cherche Esther Bégin Esther Bégin Lectrice LCN Louis Champagne Louis Champagne Molosse Jean Antoine Charest Jean Antoine Charest Homme firme d'ingénieurs Sophie Clément Sophie Clément Juge Genevieve Cocke Genevieve Cocke Vendeuse François Cormier François Cormier Policer Gagnon Stéphane Crête Stéphane Crête sistant légiste Yves Dagenais Yves Dagenais Avocat Pierre Dallaire Pierre Dallaire Greffier René Daniel Dubois René Daniel Dubois Médecin légiste Thiéry Dubé Thiéry Dubé Louis J son Finney J son Finney Molosse Richard Fréchette Richard Fréchette Gagnon Gérald Gagnon Gérald Gagnon Patron Bar reggae Josée Gagnon Josée Gagnon Femme souliers Sylvie Marie Gagnon Sylvie Marie Gagnon Secrétaire Couronne Suzanne Garceau Suzanne Garceau Juge Sirois Serge Gariépy Serge Gariépy Anbulancier Marie Josée Gauthier Marie Josée Gauthier Greffrière Martin Gendron Martin Gendron Martial Leduc Denis Gravereaux Denis Gravereaux Vendeur Luc Denis Houle Denis Houle Gardien de prison Benoit Jetté Benoit Jetté Policier Convoi Laurent Lacoursière Laurent Lacoursière Fils de Lizotte François Lambert François Lambert François Laneuville François Laneuville Policier no. Caroline Lavoie Caroline Lavoie sistante Dr. Pellerin Jean Pierre Leduc Jean Pierre Leduc Dr. Pelletier Sara Lelanc Sara Lelanc Johannie Desmarais Suzanne Lemoyne Suzanne Lemoyne Réceptionniste banque Pierre Mailloux Pierre Mailloux Patron Dug Sylvain Marcel Sylvain Marcel Pierre Daoust Luc Morissette Luc Morissette Royer David Paré David Paré Policier François Stefan Perrault Stefan Perrault Chauffeur de taxi Dominic Philie Dominic Philie Ronald Lamarche Catherine Pinard Catherine Pinard Journaliste Louise Proulx Louise Proulx Marie Guy Provost Guy Provost Père d'Esther Leina Riel Leina Riel Annie Charest Leina Riel Leina Riel Annie Charest Patrice Robitaille Patrice Robitaille Sergent Denis Bill Rowat Bill Rowat Leroy Stanfield Norman Roy Norman Roy Juge Daniel Simard Daniel Simard Inspecteur Boudreault Guy Sprung Guy Sprung Abraham Goldberg Diane St Jacques Diane St Jacques Greffrière Michelle Sweeney Michelle Sweeney Chanteuse fête Dufour Michel Thériault Michel Thériault Technician judiciaire Guy Daniel Tremblay Guy Daniel Tremblay Gardien de prison Mark Antoine Tremblay Mark Antoine Tremblay Policier Diner François Trottier François Trottier Leroux Gerardo Lo Dico Policier Albert Kwan Albert Kwan Joueur iatique Claude Morin Claude Morin Prisonnier Anoulith Sintharaphone Anoulith Sintharaphone Bodyguard Craig Snoyer Craig Snoyer Big Thug Alain Nadro Alain Nadro Zachary unknown s Roger Léger Roger Léger Gilbert Dum unknown s Denis Trudel Denis Trudel Albert Tremblay le shylock unknown s Kim Du Trinh Kim Du Trinh Thi Mung Nguyen la mere unknown s Jean Emery Gagnon Jean Emery Gagnon Eric unknown s Yves Soutière Yves Soutière Maurice unknown s Bonfield Marcoux Bonfield Marcoux Gerant de l'imprimerie unknown s Robert Ozores Robert Ozores Miguel unknown s Jean François Boudreau Jean François Boudreau Gerard unknown s P cal Contamine P cal Contamine Queteux unknown s Clément S seville Clément S seville Chauffeur livreur de l'imprimerie unknown s Maxime Le Flaguais Maxime Le Flaguais Livreur de l'imprimerie unknown s Martin Dubreuil Martin Dubreuil Fetichiste unknown s Marjolaine Lemieux Marjolaine Lemieux Detective Marchand unknown s Amy Khoury Amy Khoury Actor unknown s Steve Banner Steve Banner unknown s Raymond Bouchard Raymond Bouchard Antoine Caron unknown s Vanessa Brown Vanessa Brown unknown s Rose Maïté Erkoreka Rose Maïté Erkoreka Mélanie Dum unknown s Marie Thérèse Fortin Marie Thérèse Fortin Maria Delucci unknown s Ima Ima Sandra Johnson unknown s Kim Lambert Kim Lambert Thi Tram Nguyen unknown s Thai Hoa Le Thai Hoa Le Isabelle Guérard Espérance Lothaire Bluteau Lothaire Bluteau Le Capitaine Anthony Lemke Anthony Lemke Lothaire Bluteau Pincer Bedier Tara Fitzgerald Tara Fitzgerald Daisy MacDonald Monique Mercure Monique Mercure Grace Gallagher David Fox David Fox Carl Gallagher Eugene Lipinski Eugene Lipinski Glenn Boychuk Daniel MacDonald Daniel MacDonald Erwin Boychuk Quyen Hua Quyen Hua My Lang John Bourgeois John Bourgeois Morley Pincer's Boss Susan Williamson Susan Williamson Margaret the Shy Quiet One Chrisse Bornstein Chrisse Bornstein Dorothy Jean Freeman Jean Freeman Betty Walter Willis Walter Willis Harold Gabriel Prenderg t Gabriel Prenderg t Marcel Ian Black Ian Black Moving Man Le vulgaire Vincent Leclerc Vincent Leclerc Le Laid Arthur Holden Arthur Holden Le Blessé Peter Miller Peter Miller Pierre André K per André K per Mathurin André K per Kolstad Charlotte St Cyr Charlotte St Cyr Madelon Jonah Nimijean Jonah Nimijean Le Jeune Kim Dee Nguyen unknown s Ron Lea Ron Lea Thom Wilson unknown s Guillaume Lemay Thivierge Guillaume Lemay Thivierge Stéphane Dum unknown s Karyne Lemieux Karyne Lemieux Emmanuelle Caron unknown s Sean Lu Sean Lu An Nguyen unknown s Sylvie Léonard Sylvie Léonard Louise Turcotte unknown s Peter Miller Peter Miller Tiger unknown s Daniel Parent Daniel Parent Marc Roberge unknown s Pierre Powers Pierre Powers Marcel Rocheleau unknown s Danielle Proulx Danielle Proulx Marianne Dum unknown s Geneviève Rioux Geneviève Rioux Monique unknown s Catherine Sénart Catherine Sénart Josée unknown s Antoine Vézina Antoine Vézina Policier Ji Ci Francine Vézina Francine Vézina Juge Jacques Allard Jacques Allard Charles Derome Pierre Leblanc Pierre Leblanc Alain Tremblay Denis Trudel Denis Trudel Tara Fitzgerald Angel Alex Burchu Alex Burchu Boy Lenore Andriel Lenore Andriel Mother Sergei Davidoff Sergei Davidoff John Reader Richard Neil Richard Neil Stepfather V ile Balan V ile Balan Father Vera Cheban Vera Cheban Mother Cornel Balan Cornel Balan Stepfather a Boy Olga Davydova Olga Davydova Stapfater's syster Viacheslav Prokopie Viacheslav Prokopie Santa Claus Helene Ababy Davidoff Helene Ababy Davidoff Shopper Svetlana Tarachila Svetlana Tarachila Snow White Rest of c t listed alphabetically: Ion Arakelov Ion Arakelov Dwarf George Pyrlia George Pyrlia Laurence Fox SS Maj. Klaus Kessler Louis Dempsey Louis Dempsey Snyder Lucy G kell Lucy G kell Benitta Coral Beed Coral Beed S kia Andrew Howard Andrew Howard Capt. Edward Banks Jack Dee Jack Dee Warren Neil Newbon Neil Newbon Cpl. Rhys Powell Nick Moran Nick Moran Pvt. Alan Ives Rafe Spall Rafe Spall Pvt. David Wellings Tommy Flanagan Tommy Flanagan Pvt. Dennis Baker Sean Pertwee Sean Pertwee Sgt. Bill McMillan Billy Zane Billy Zane Flt. Lt. Robert Oates Neil Jackson Neil Jackson Flt. Sgt. Simkins Steve Speirs Steve Speirs Gustav Hansfeldt Agathe de La Boulaye Agathe de La Boulaye Katrina David Ginola David Ginola Cpl. Dieter Max Karel Roden Karel Roden Sgt. Hans Beck Alexander Skarsgård Alexander Skarsgård Penny Antine Herself Sheila Balkan Sheila Balkan Herself Tom Byron Tom Byron Himself Chloe Chloe Herself Ralph Garman Ralph Garman Himself Patte Hamilton Patte Hamilton Herself Veronica Hart Veronica Hart Herself Steve Hirsch Steve Hirsch Himself Steven Hirsch Kylie Ireland Kylie Ireland Herself Ron Jeremy Ron Jeremy Himself Stephen Kessler Stephen Kessler Himself Ginger Lynn Ginger Lynn ia Carrera Orsolya Bella Orsoya Orsolya Blonde Orsolya Blonde Vivienne Cl h Vivienne Cl h Erica Bella Belle Maria Bellucci Maria Bellucci Damsel Maria Quant J mine Delaitre J mine Delaitre Waitress Vicky Csilla Kalnay Csilla Kalnay Waitress Anna Tron Alain L'Yle Alain L'Yle Alain Lyle Anna Lain Anna Lain Damsel Beatrix Penny Logan Penny Logan Kim Eternity K sandra C sandra Kim Eternity Kim Eternity Cindy Love Cindy Love Cindy Luv Jimmy Zee Jimmy Zee Jimmy Z Mr. Marcus Mr. Marcus Menage Trois Menage Trois Menaja Devlin Weed Devlin Weed Kitten Kitten Papillon Papillon Tatiana Tatiana Toni Toni Rebecca Wild Rebecca Wild Damsel&Red Bubbles Woman Christina Love Christina Love Maria Bellucci Dawn Burning Kiki Doll Kiki Doll Lexi Erikson Lexi Erikson Sophia Ferrari Sophia Ferrari Nadia Moore Nadia Moore Ceran Morris Ceran Morris Naomi Naomi Peter North Peter North Wilde Oscar Wilde Oscar Aliea Pears Aliea Pears Sean Rider Sean Rider Alex Sanders Alex Sanders Goldie Star Goldie Star J on Steel J on Steel Vince Vouyer Vince Vouyer Maria Szallontai Anita Blond Anita Blond Caroline Caroline Anita Dark Anita Dark Frank Gun Frank Gun Ildiko Ildiko Chanel Katy K h Katy K h Frank Larson Frank Larson John Lenin John Lenin Nadia Moore Nadia Moore Jennifer Red Jennifer Red Mercedes Devon Shore Devon Shore Bobby Vitale Bobby Vitale John Walton John Walton Zoltan Zoltan Kaja Luna Luna Magda Magda The Dwarf Ursula Moore Ursula Moore Robot Woman Ursula Nikita Nikita Princess Brunilde Marta Sokar Marta Sokar Fat Woman Monica Starlet Monica Starlet Damsel Monica Kiss Andrea Weber Andrea Weber Waitress Eniko Wrabel Eniko Wrabel Waitress Alain Deloin Alain Deloin Devereaux Devereaux Tricia Devereaux Tricia Devereaux Anita Blond Vivienne Cl h Vivienne Cl h Kristina Kovacs Kristina Kovacs Ursula Moore Ursula Moore Selen Selen Elone Elone Christi Lake Christi Lake Richard Langin Richard Langin David Perry David Perry Franck Versace Franck Versace footage Christi Lake Christi Lake Mike Majors Mike Majors Mike Majors Missy Missy footage Sydnee Steele Sydnee Steele Evan Stone Evan Stone Herself Sharon Mitchell Sharon Mitchell Herself Henri Pachard Henri Pachard Himself Keith Proctor Keith Proctor Himself Suze Randall Suze Randall Herself Robert Salamone Robert Salamone Himself Bionca Seven Bionca Seven Herself Bionca Charlie Sheen Charlie Sheen Himself footage Janet Sherman Janet Sherman Herself Rick Sloane Rick Sloane Himself Jim South Jim South Himself Evan Stone Evan Stone Himself Lt Jürgen Voller Michael Madsen Michael Madsen Col. J.T. Colt Todd Spangler Todd Spangler Shannon Dave Evans Dave Evans Pvt. Meyer Justin Thomson Justin Thomson Daniella Erdmann Andre Schneider Andre Schneider Marc Schulze Marc Schulze Marc O. Schulze Esther Zimmering Esther Zimmering Steiner Justin Thompson Gheorge Debre Gheorge Debre Mayor Ioana Popescu Ioana Popescu Mayor's Wife Ioana Popescu Galgotiu Diarmid Scrimshaw Diarmid Scrimshaw Bondi Bachi Zvonko Bel Zvonko Bel Leona Bojko Leona Bojko Anita Bond Anita Bond Anita Soros Freddy Dalton Freddy Dalton Istvan Dok Istvan Dok Jacuza Hadjuk Jacuza Hadjuk Lenka Harmova Lenka Harmova Atila Hun Atila Hun Backey Jakic Backey Jakic Claudia Jamsson Claudia Jamsson Claudia Jameson Ferentz Janos Ferentz Janos Karma Karma Karma Nera K sandra K sandra Agoston Kovach Agoston Kovach Mery Mery Barbara Horst Baron Horst Baron Anita Bond Anita Bond Denise Denise Jens Marquart Jens Marquart Blue Angel Caroline De Jaie Caroline De Jaie Angel Dark Black Diamond Black Diamond Lacey DuValle Lacey DuValle Leanni Lei Leanni Lei J mine Rouge J mine Rouge Silvia Saint Silvia Saint Frank Major Frank Major J mine Rouge J mine Rouge Titus Steel Titus Steel Jens Miriam Miriam Fanny Steel Fanny Steel Titus Steel Titus Steel Cody Nicole Your Captain Roxanne Potts Nicole Black Nicole Black Your Crew Member Jeanette James Camilla Franklin Camilla Franklin Your Crew Member Eve Evans Eve Evans Your Crew Member Lynn Warlaumont Lynn Warlaumont Your Crew Member Kris Munroe Kris Munroe Your Crew Member Kandi Barbour Kandi Barbour The Ship's Purser Kandy Barbour Terry Galko Terry Galko The P sengers Pamela Jennings Pamela Jennings The P sengers Pamela Nimo Shirley McCracken Shirley McCracken The P sengers Little Oral Annie Little Oral Annie The P sengers Andrea Parducci Kelly Hamilton Kelly Hamilton Vicky Steele Vicky Steele Orgy Girl in White Dress Vicki Trimble Pam Jalimov Pam Jalimov Lucy Bush Lucy Bush Linda Wogoman Linda Wogoman Wendy Pimknee Wendy Pimknee Sue Holland Sue Holland Kathy Hesun Kathy Hesun Trudy Mabsen Trudy Mabsen Sherrie Smith Sherrie Smith Party Girl in Black and Red Dawn Swenson Dawn Swenson Jean King Jean King Linda Reeves Linda Reeves First Dorm Girl 'Elizabeth' Hillary Summers Hillary Summers Second Dorm Girl 'Elizabeth' Kelly Nichols Kelly Nichols Brunette Deck Hand Dana Dennis Dana Dennis Blond Deck Hand Renee La Paz Renee La Paz Orgy Girl Bow Tie Sylvia Benedict Sylvia Benedict Laura Silvia Moser Turk Lyon Turk Lyon The Stowaways Robert Lyon Randy West Randy West The Stowaways R.J. Reynolds R.J. Reynolds The Pirates Greg Michaels Greg Michaels The Pirates Greg Michels Dougl Fairbank Dougl Fairbank John Holmes Johnny Nancy Suiter Nancy Suiter Toni Mike Ranger Mike Ranger Teddy Mike Wrangler Ric Lutze Ric Lutze Cab Driver Gripe Rick Lutz R.J. Reynolds R.J. Reynolds Car Salesman Randy Roetman George Mitchell George Mitchell Desk Sergeant Stacy Goldman Stacy Goldman Redheaded Hooker Amika Giortano Amika Giortano Brunette Hooker Bud Wise Bud Wise Pete Bob Arkin Aubrey Nichols Aubrey Nichols Blond Hooker Adele Lambert John Seeman John Seeman Mr. Brock Cab Driver John Seman Hillary Summers Hillary Summers Brunette Lesbian Jailbird Heather Gordon Pat Manning Pat Manning Blond Hooker Harry Nancy Hoffman Nancy Hoffman Blond Lesbian Jailbird Celest Celest Hooker Karen Marshall Karen Marshall Hooker Nicole Scent Nicole Scent Blond Hooker Against Bars Penny C h Jan Ledgerwood Jan Ledgerwood Hooker Candida Royalle Candida Royalle L t Hooker into Cell Candida Royal Jolanda Borkhurst Jolanda Borkhurst Seka Ultra Flesh Jamie Gillis Jamie Gillis Sugarman Tyler Reynolds Tyler Reynolds President Ty Horn John Leslie John Leslie Intergalactic Lover Luis De Jesus Luis De Jesus Midget Mr. Short Stud Georgie Veg Georgie Veg Midget Lisa De Leeuw Lisa De Leeuw Dr. Wiesenall Lisa Deleuw John Seeman John Seeman Presidential Aid John Semen Clyde Wilcox Clyde Wilcox Green Man Doug Lear Doug Lear Gorilla Ken Conard Ken Conard Black Monster Ken Yontz Ken Yontz Big Mack Ken Milo Misha Boyko Misha Boyko Russian Aid Angel C h Angel C h First Lady Nancy Racetor Sanyen Sunny Sanyen Sunny Chinese Leader Sergei Novotny Sergei Novotny Russian Leader Sonny Sonny Intergalactic Leader Buddy Owen Buddy Owen Red Man Serena Serena Blond Fleshette Brad Candida Royalle Candida Royalle Third Female Sex Performer Mike Ranger Mike Ranger Third Male Sex Performer Mike Stepp Terri Dolan Terri Dolan First Female Sex Performer Jesse Adams Jesse Adams First Male Sex Performer Jessie Adams Jack Shute Jack Shute Guy on Stairs Blonde David Rosen Tawny Pearl Tawny Pearl Second Female Sex Performer Sue Pearlman Michael Parker Michael Parker Second Male Sex Performer Steve Lacey George Mitchell George Mitchell Nervous Guy Ultra Flesh Piper Smith Piper Smith First Blonde Ultra Flesh Laurie Smith Laurie Smith First Brunette Ultra Flesh Lori Smith Cathy Ebelt Cathy Ebelt Fleshette Bonnie Benson Bonnie Benson Fleshette Delphy Meade Delphy Meade Fleshette Pamela Bowman Pamela Bowman Fleshette Pam Bowman Sparkie Sparkie Fleshette Cathy Remund Cathy Remund Fleshette Brenda Darling Brenda Darling Fleshette Eve Bryna Eve Bryna Fleshette Gloria Verver Gloria Verver Fleshette Molly Manning Molly Manning Randy West Burt Ron Hudd Ron Hudd Joe Kandi Barbour Kandi Barbour Sue Kandy Barbour T.J. Testatuski T.J. Testatuski Dick Samantha Fox Samantha Fox M sage Parlour Girl Candida Royalle Candida Royalle M sage Parlour Girl Tara Tara Go Go Girl W.P. Dremak W.P. Dremak Bank President W.P. Dreamak Ron Jeremy Ron Jeremy Bell Boy Robin Byrd Robin Byrd Paris Hooker Erica Richardson Erica Richardson Farmer's Daughter Erica Richardson Eric Richardson Jake Teague Jake Teague Farmer Adam De Haven Adam De Haven Men Kidnappers Mark Fish Mark Fish Men Kidnappers Veri Knotty Veri Knotty Shaun Costello Mr. Boynton Erica Eaton Erica Eaton Miss Crabtree Helen Madigan Helen Madigan Nancy Arturo Millhouse Arturo Millhouse Georgina Spelvin Valerie Harry Reems Harry Reems Jonathan Valerie Marron Valerie Marron Rainbow Valarie Marron Mary Stuart Mary Stuart Jean Alan Marlow Alan Marlow David Alan Marlo The Director hley Moore hley Moore Lazlo Levi Richards Levi Richards Rock Stone Georgina Spelvin Georgina Spelvin Oona Alvar Stugard Alvar Stugard Man in editing suite Women Kidnappers Patty Boyd Patty Boyd Women Kidnappers Katy Keene Merle Michaels Merle Michaels Fraulien Schmidt Nick Romano Nick Romano Butler Steve Kraus Steve Kraus Herr Hoffman Kelly Nichols Kelly Nichols American Girl in Zurich Rest of c t listed alphabetically: Margot DuMont Margot DuMont Woman in German Pub Erica Eaton Erica Eaton Woman Harold Al Goldstein Al Goldstein Guy at Bar Kurt Mann Kurt Mann Complainer in Elevator Fleshette Jerilyn Hirsch Jerilyn Hirsch Fleshette Camilla Bryant Camilla Bryant Fleshette Little Oral Annie Little Oral Annie Fleshette Andrea Parducci Chris Garland Chris Garland Fleshette Kandi Barbour Kandi Barbour Fleshette Kandy Barbour Rest of c t listed alphabetically: John Boland John Boland Pipe Smoking Presidential Aide Kandi Delight Kandi Delight Redheaded Fleshette Ron Jeremy Ron Jeremy Gardener Kelly Nichols Kelly Nichols Fleshette Gardener Svetlana Svetlana Blond Protester Hooker Mitch Morrill Mitch Morrill Harry the Cop Jamie Gillis Jamie Gillis Sam Jaimi Gillis Serena Serena Rose Hooker in Shorts Rest of c t listed alphabetically: Alan Colberg Alan Colberg P senger Dildo Bill Stanley Bill Stanley P senger Juicy Lucy Svetlana Svetlana Polish Comedienne The Pirates Sam Lito Sam Lito The Pirates Alan Katz Alan Katz The Pirates Sam Kinney Sam Kinney The Pirates Bill Owen Bill Owen The Pirates Rest of c t listed alphabetically: Carolyn Jackson Carolyn Jackson Inoue Kevin James Kevin James Mark Copper Penny Copper Penny Cindy Mike Ranger Mike Ranger Sam Loni Sanders Loni Sanders Sharon Svetlana Svetlana Lieutenant Kathy Tom Byron Claudio Claudio Delphin Delphin Delfin Sana Fey Sana Fey F.M. Bradley Crystal Hart Crystal Hart Nina Hartley Nina Hartley Nina Hartley Jamie Gillis Jamie Gillis Taija Rae Taija Rae Tom Byron Tom Byron Lois Ayres Lois Ayres Bunny Bleu Bunny Bleu Greg Rome Greg Rome Lili Marlene Lili Marlene Billy Dee Billy Dee Billy Daniels Siobhan Hunter Siobhan Hunter Little Oral Annie Little Oral Annie Owner of vineyard Mike Horner Mike Horner Shanna McCullough Shanna McCullough Alicia Monet Alicia Monet Peter North Peter North Herself Jamie Le
Marissa Mayer From Wikipedia the free encyclopedia This article is about the Yahoo CEO For the novelist see Marissa Meyer Text document with red question mark svg Some of this article s listed sources may not be reliable Please help this article by looking for better more reliable sources Unreliable citations may be challenged or deleted January Learn how and when to remove this template message Marissa Mayer Marissa Mayer May cropped jpg Marissa Mayer in Born Marissa Ann Mayer May age Wausau Wisconsin U S Residence San Francisco Palo Alto California U S Nationality American Alma mater Stanford University Occupation President CEO Yahoo Employer Yahoo Salary USD million excluding benefits Net worth Increase USD million Political party Democratic Board member of Cooper–Hewitt National Design Museum New York City Ballet Jawbone San Francisco Ballet San Francisco Museum of Modern Art Walmart Spouse s Zachary Bogue m Children Marissa Ann Mayer 'ma??r born May is an American information technology executive currently serving as the president of Yahoo a position she has held since July In January it was announced that she stepped down from the company s board to serve principally as CEO of the company She is a graduate of Stanford and was a long time executive usability leader and key spokesperson for Google Contents hide Early life and education Career Google Yahoo Allegations of WARN Act violations and gender based discrimination Boards and honors Personal life References Additional reading External links Early life and education edit Mayer was born in Wausau Wisconsin the daughter of Margaret Mayer an art teacher of Finnish descent and Michael Mayer an environmental engineer who worked for water companies Her grandfather Clem Mayer had polio when he was and served as mayor of Jackson Wisconsin for years She has a younger brother She would later describe herself as having been painfully shy as a child and teenager She never had fewer than one after school activity per day participating in ballet ice skating piano swimming debate and Brownies During middle school and high school she took piano and ballet lessons the latter of which taught her criticism and discipline poise and confidence At an early age she showed an interest in math and science When she was attending Wausau West High School Mayer was on the curling team and the precision dance team She excelled in chemistry calculus biology and physics She took part in extracurricular activities becoming president of her high school s Spanish club treasurer of the Key Club captain of the debate team and captain of the pom pom squad Her high school debate team won the Wisconsin state championship and the pom pom squad was the state runner up During high school she worked as a grocery clerk After graduating from high school in Mayer was selected by Tommy Thompson then the Governor of Wisconsin as one of the state s two delegates to attend the National Youth Science Camp in West Virginia Intending to become a pediatric neurosurgeon Mayer took pre med classes at Stanford University She later switched her major from pediatric neuroscience to symbolic systems a major which combined philosophy cognitive psychology linguistics and computer science At Stanford she danced in the university ballet s Nutcracker was a member of parliamentary debate volunteered at children s hospitals and helped bring computer science education to Bermuda s schools During her junior year she taught a class in symbolic systems with Eric S Roberts as her supervisor The class was so well received by students that Roberts asked Mayer to teach another class over the summer Mayer went on to graduate with honors from Stanford with a BS in symbolic systems in and an MS in computer science in For both degrees her specialization was in artificial intelligence For her undergraduate thesis she built travel recommendation software that advised users in natural sounding human language In the Illinois Institute of Technology granted Mayer an honoris causa doctorate degree in recognition of her work in the field of search Mayer interned at SRI International in Menlo Park California and Ubilab UBS s research lab based in Zurich Switzerland She holds several patents in artificial intelligence and interface design Career edit Google edit Marissa Mayer speaking at the Google Search On event in After graduating from Stanford Mayer received job offers including a teaching job at Carnegie Mellon University and a consulting job at McKinsey Company She joined Google in as employee number and was the company s first female engineer She started out writing code and overseeing small teams of engineers developing and designing Google s search offerings She became known for her attention to detail which helped land her a promotion to product manager and later became director of consumer web products She oversaw the layout of Google s well known unadorned search homepage She was also on the three person team responsible for Google AdWords which is an algorithm used by advertisers to get insight into the products consumers want AdWords helped deliver of the company s revenue in the first quarter of Marissa Mayer at an interview while working for Google In Mayer started the Associate Product Manager APM program a Google mentorship program aimed to recruit new talents and cultivate and train them for leadership roles within the company Each year Mayer selected a number of junior employees for the two year program which would see them take on a number of extracurricular assignments and intensive evening classes Notable graduates of the program include Bret Taylor and Justin Rosenstein In she became Vice President of Search Products and User Experience Mayer held key roles in Google Search Google Images Google News Google Maps Google Books Google Product Search Google Toolbar iGoogle and Gmail Mayer was the vice president of Google Product Search until the end of when she was demoted by then CEO Eric Schmidt to head the Local Maps and Location Services In she secured Google s acquisition of survey site Zagat for million While Mayer was working at Google she taught introductory computer programming at Stanford and mentored students at the East Palo Alto Charter School She was awarded the Centennial Teaching Award and the Forsythe Award from Stanford Yahoo edit Michael Arrington and Marissa Mayer at TechCrunch Disrupt On July Mayer was appointed president and CEO of Yahoo effective the following day She is also a member of the company s board of directors To simplify the bureaucratic process and make the culture the best version of itself Mayer launched a new online program called PB J It collects employee complaints as well as their votes on problems in the office if a problem generates at least votes online management automatically investigates the matter In February Mayer oversaw a major personnel policy change at Yahoo that required all remote working employees to convert to in office roles Having worked from home toward the end of her pregnancy Mayer returned to work after giving birth to a boy and had a nursery built next to her office suite—Mayer was consequently criticized for the telecommuting ban In April Mayer changed Yahoo s maternity leave policy lengthening its time allowance and providing a cash bonus to parents CNN noted this was in line with other Silicon Valley companies such as Facebook and Google Mayer has been criticized for many of her management decisions in pieces by The New York Times and The New Yorker On May Mayer led Yahoo to acquire Tumblr in a billion acquisition In February Yahoo acknowledged that the value of Tumblr had fallen by million since it was acquired In July Yahoo reported a fall in revenues but a rise in profits compared with the same period in the previous year Reaction on Wall Street was muted with shares falling In September it was reported that the stock price of Yahoo had doubled over the months since Mayer s appointment However much of this growth may be attributed to Yahoo s stake in the Chinese e commerce company Alibaba Group which was acquired before Mayer s tenure Mayer delivering a conference keynote In November Mayer instituted a performance review system based on a bell curve ranking of employees suggesting that managers rank their employees on a bell curve with those at the low end being fired Employees complained that some managers were viewing the process as mandatory In February a former Yahoo employee filed a lawsuit against the company claiming that Yahoo s firing practices have violated both California and federal labor laws In Mayer was ranked sixth on Fortune s under list and was ranked the th most powerful businesswoman in the world that year according to the same publication In March Fortune would name Mayer as one of the world s most disappointing leaders Yahoo stocks continued to fall by more than throughout while key executives left the company In December the New York based hedge fund SpringOwl a shareholder in Yahoo Inc released a statement arguing that Mayer be replaced as CEO Starboard Value an activist investing firm that owns a stake in Yahoo likewise wrote a scathing letter regarding Mayer s performance at Yahoo By January it was further estimated that Yahoo s core business has been worth less than zero dollars for the past few quarters In February Mayer confirmed that Yahoo was considering the possibility of selling its core business In March it was revealed that Mayer would lose her CEO job and receive a million termination package upon the sale of Yahoo to Verizon Mayer with the House Democratic leader Nancy Pelosi May Allegations of WARN Act violations and gender based discrimination edit Scott Ard a prominent editorial director fired from Yahoo in filed a lawsuit alleging that Mayer encouraged and fostered the use of an employee performance rating system to accommodate management s subjective biases and personal opinions to the detriment of Yahoo s male employees He claimed that prior to his firing he had received fully satisfactory performance reviews since starting at the company in as head of editorial programming for Yahoo s home page however he was relieved of his role which was given to a woman who had been recently hired An earlier lawsuit was filed by Gregory Anderson who was fired in alleging the company s performance management system was arbitrary and unfair and disguised layoffs as terminations for the purpose of evading state and federal WARN Acts making it the first WARN Act and gender discrimination lawsuit Yahoo and Mayer faced in Boards and honors edit As well as sitting on the boards of directors of Walmart Jawbone and Yahoo Mayer also sits on several non profit boards such as Cooper–Hewitt National Design Museum New York City Ballet San Francisco Ballet and San Francisco Museum of Modern Art Mayer actively invests in technology companies including crowd sourced design retailer Minted live video platform Airtime wireless power startup uBeam online DIY community e commerce company Brit Co mobile payments processor Square home décor site One Kings Lane genetic testing company Natera and nootropics and biohacking company Nootrobox Mayer was named to Fortune magazine s annual list of America s Most Powerful Women in Business in and with ranks at and respectively In at age she was the youngest woman ever listed Mayer was named one of Glamour Magazine s Women of the Year in She was listed in Forbes Magazine s List of The World s Most Powerful Women in and with ranks of and respectively In September Mayer became the first CEO of a Fortune company to be featured in a Vogue magazine spread In she was also named in the Time and became the first woman listed as number one on Fortune magazine s annual list of the top business stars under years old Mayer eventually made Fortune magazine history in as the only person to feature in all three of its annual lists during the same year Businessperson of the Year No Most Powerful Women at No and Under No at the same time On December Mayer was listed by UK based company Richtopia at number in the list of Most Influential CEO s In March in contrast Fortune named Mayer as one of the world s most disappointing leaders Personal life edit Mayer married lawyer and investor Zachary Bogue on December On the day Yahoo announced her hiring Mayer revealed that she was pregnant she gave birth to a baby boy on September Although she asked for suggestions via social media the name Macallister was eventually chosen for her baby s name from an existing list On December Mayer announced that she had given birth to identical twin girls Marielle and Sylvana Mayer is Lutheran but said referencing Vince Lombardi s Your God your family and the Green Bay Packers quote her priorities are God family and Yahoo except I m not that religious so it s really family and Yahoo Since Mayer has lived in the th floor penthouse suite at the Four Seasons Hotel in San Francisco References edit Jump up ^ Edwards Jim September Look Inside The Million Mansion Yahoo s Marissa Mayer Just Bought SFGate Retrieved May Jump up ^ Marissa Mayer s House Palo Alto California CA US Retrieved May Jump up ^ Womack Brian October Google Executive Marissa Mayer Takes New Role in Location Local Services Bloomberg Businessweek Retrieved April Jump up ^ Miguel Helft Marissa Mayer Forbes Jump up ^ Yahoo CEO Marissa Mayer and Warner Music Group COO Robert Wiesenthal Joining Jawbone s Board of Directors PDF Jawbone May Retrieved October Jump up ^ Walmart Board of Directors Nominates New Candidate Marissa Mayer to stand for election at Walmart s Annual Shareholders Meeting Bloomberg Bloomberg LP April Retrieved December Jump up ^ Singer Sally December The Bride Wore Snowflakes Vogue Retrieved August Jump up ^ Lopez Napier Yahoo renamed Altaba as CEO Marissa Mayer resigns from board The Next Web Retrieved Jump up ^ Mayer M Innovation design and simplicity at google ACM SIGCSE Bulletin doi ^ Jump up to a b Holson Laura March Putting a Bolder Face on Google The New York Times p BU Jump up ^ Stone Brad July Marissa Mayer Is Yahoo s New CEO Bloomberg Businessweek Retrieved August Jump up ^ Jännäri Jenny November Google johtaja vieraili Suomessa sukujuurillaan Kauppalehti Retrieved July English title Google vice president visits the land of her ancestors ^ Jump up to a b c d e Weisberg Jacob August Yahoo s Marissa Mayer Hail to the Chief Vogue Retrieved August Jump up ^ Marissa Mayer The Talent Scout Businessweek June Retrieved August Jump up ^ Chernin Andrew January La mujer fuerte de Google Qué Pasa Quepasa Retrieved August ^ Jump up to a b c d Elgin Ben October Managing Google s Idea Factory Bloomberg Businessweek Retrieved October at Stanford where she taught computer science to undergrads Jump up ^ Marissa Mayer From Finland to Yahoo MyHeritage July Retrieved October Jump up ^ Hrodey Matt May Mighty Mayer Milwaukee Mag Retrieved October ^ Jump up to a b c d e f g h i Carlson Nicholas August The Truth About Marissa Mayer An Unauthorised Biography Business Insider Archived from the original on August Retrieved October Jump up ^ Biography com Jump up ^ McLean Bethany January Yahoo s Geek Goddess Vanity Fair Retrieved October Jump up ^ Rodriguez Salvador July Look back at Marissa Mayer s Los Angeles Times interview Los Angeles Times Retrieved October Jump up ^ Did You Know PDF WSD Dialogue Wausau School District Spring p Retrieved August Jump up ^ Nalley Steven June Wang attends National Youth Science Camp Starkville Daily News Retrieved July ^ Jump up to a b c d Perry Tekla S March Marissa Mayer Google s Chic Geek IEEE Spectrum Retrieved October ^ Jump up to a b c Leahey Colleen December Google s Marissa Mayer How I got ahead Fortune Magazine Retrieved October ^ Jump up to a b c Singer Sally March From the Archives Google s Marissa Mayer in Vogue Vogue Retrieved October Jump up ^ Marissa Mayer becomes CEO of Yahoo The Stanford Daily July Retrieved October Jump up ^ Google VP Marissa Mayer to Address IIT Graduates IIT Media Room Illinois Institute of Technology March Retrieved May Jump up ^ IIT Media Room Iit edu May Retrieved June Jump up ^ Sutter John D July Know Yahoo s Marissa Mayer in facts CNN Retrieved October Jump up ^ Yahoo Appoints Marissa Mayer Chief Executive Officer Business Wire July Retrieved October Jump up ^ Sloan Paul July Google s Marissa Mayer becomes Yahoo CEO CNET Retrieved August Jump up ^ Guglielmo Connie July Google s Page Says Mayer Will Be Missed HP s Whitman Welcomes Yahoo s New CEO Forbes Retrieved August ^ Jump up to a b c d Riggins Nash July Marissa Mayer Queen of Silicon Valley World Finance Retrieved October ^ Jump up to a b Miller Lisa October Can Marissa Mayer Really Have It All New York Magazine Retrieved October ^ Jump up to a b Tischler Linda November THE BEAUTY OF SIMPLICITY The Fast Company Retrieved October Jump up ^ Sorkin Andrew Ross Rusli Evelyn M July A Yahoo Search Calls Up a Chief From Google The New York Times Retrieved August Jump up ^ Levy Steven Part Four Google s Cloud In the Plex How Google Thinks Works and Shapes Our Lives Simon Schuster ISBN ^ Jump up to a b Thomas Owen July MARISSA S MARVELS The Graduates Of Her Google Genius School Business Insider Retrieved October Jump up ^ Marissa Mayer Fortune Retrieved October ^ Jump up to a b Guthrie Julian February The adventures of Marissa San Francisco Magazine Archived from the original on October Retrieved October Jump up ^ Marissa Mayer s Career at Google – Business Insider Business Insider September Jump up ^ Miller Claire Cain October At Google Mayer Takes a New Job The New York Times Bits Blog Retrieved August Jump up ^ Marissa Mayer Stanford University s Entrepreneurship Corner Retrieved October Jump up ^ Chang Andrea July Google executive Marissa Mayer named Yahoo s new chief executive Los Angeles Times Retrieved August Jump up ^ Oreskovic Alexei Lauria Peter July Yahoo snags Google s Mayer as CEO in surprise hire MSNBC Reuters Retrieved July Jump up ^ Sellers Patricia October How Yahoo CEO Mayer fixed problems – Postcards Postcards blogs fortune cnn com Retrieved November Jump up ^ Why Marissa Mayer Told Remote Employees To Work in an Office Or Quit Business Insider February Retrieved February Jump up ^ Guynn Jessica February Yahoo CEO Marissa Mayer causes uproar with telecommuting ban latimes com Retrieved June Jump up ^ Carlson Nicholas April Marissa Mayer Doubles Yahoo s Paid Maternity Leave Gives Dads Eight Weeks Off Business Insider Retrieved June Jump up ^ Pepitone Julianne April Marissa Mayer extends Yahoo s maternity leave – CNNMoney – Apr Money cnn com Retrieved June Jump up ^ McCullough DG August Women CEOs Why companies in crisis hire minorities – and then fire them The Guardian Retrieved October ^ Jump up to a b Nicholas Carlson December What Happened When Marissa Mayer Tried to Be Steve Jobs The New York Times Magazine Retrieved February ^ Jump up to a b Vauhini Vara October Yahoo s Dynamic C E O and Her Boring Plan The New Yorker Retrieved February Jump up ^ Lublin Joann S Efrati Amir Ante Spencer E May Yahoo Deal Shows Power Shift The Wall Street Journal Retrieved October Jump up ^ de la Merced Michael J Bilton Nick Perlroth Nicole May Yahoo to Buy Tumblr for Billion The New York Times Retrieved October Jump up ^ Yahoo revenue falls on slow ad sales Bbc co uk Retrieved July Jump up ^ Victoria Edwards September Things We Learned From Marissa Mayer and Mark Zuckerberg at TechCrunch Disrupt Search Engine Watch Incisive Media Incisive Interactive Marketing LLC Retrieved September Jump up ^ What Happened When Marissa Mayer Tried to Be Steve Jobs The New York Times December Jump up ^ Yahoo Inc November Yahoo s Latest HR Disaster Ranking Workers on a Curve Businessweek Retrieved November ^ Jump up to a b Because Marissa Said So – Yahoos Bristle at Mayer s New QPR Ranking – Kara Swisher – News AllThingsD November Retrieved November Jump up ^ A Yahoo Employee Ranking System Favored by Marissa Mayer Is Challenged in Court The New York Times February Jump up ^ Fortune Most Powerful Women in Business money cnn com Retrieved November Jump up ^ Fortune Most Powerful Women in Business Fortune Retrieved January ^ Jump up to a b Fortune Editors March Here Are the World s Most Disappointing Leaders Fortune Fortune Jump up ^ Josh Lipton What options does Marissa Mayer have left Cnbc com Retrieved Jump up ^ Marissa Mayer Firing Yahoo CEO Staff Can Save Company Says Shareholder Headlines Global News Jump up ^ Paul R La Monica January Hedge fund is sick of Yahoo CEO Marissa Mayer CNNMoney Jump up ^ Timothy B Lee February Yahoo is laying off and putting itself up for sale Here s why Vox Jump up ^ Hazel Sheffield February Yahoo CEO Marissa Mayer says company is considering selling its internet business The Independent Jump up ^ http money cnn com technology yahoo marissa mayer severance Jump up ^ Bell Lee Yahoo boss Marissa Mayer sued over gender bias allegations by MALE former employee Thesun co uk Retrieved Jump up ^ Jump up ^ Ethan Baron Lawsuit Yahoo CEO Marissa Mayer led illegal purge of male workers Mercurynews com Retrieved Jump up ^ A Yahoo Employee Ranking System Favored by Marissa Mayer Is Challenged in Court Updated nytimes com Retrieved Jump up ^ Tong Brian Yahoo s Mayer sued for allegedly forcing out male employees Cnet com Retrieved Jump up ^ Why A Man Is Suing Yahoo For Sexism The Huffington Post Retrieved Jump up ^ Jeff Blagdon Yahoo s Marissa Mayer joins Jawbone board The Verge Retrieved June Jump up ^ Savitz Eric April Wal Mart Names Google s Marissa Mayer To Its Board Forbes Retrieved July Jump up ^ Yahoo s new boss Marissa Mayer could see pay top m BBC July Retrieved August Jump up ^ Wal Mart Nominates Google s Marissa Mayer to Board Bloomberg April Retrieved September Jump up ^ Benchmark Marissa Mayer Put M In Stationery Design And Retail Site Minted TechCrunch ^ Jump up to a b c d e f g Yarow Jay July Here Are The Startups New Yahoo CEO Marissa Mayer Has Invested In Business Insider Retrieved October Jump up ^ Kelly Heather May Meet the Martha Stewart of tech CNN Retrieved October Jump up ^ Shambora Jessica February One Kings Lane Silicon Valley s newest obsession Fortune Retrieved October Jump up ^ Marissa Mayer and Mark Pincus invested in a startup that makes brain drugs and chewable coffee Business Insider October Jump up ^ Marissa Mayer Most Powerful Women in Business CNNMoney com October Retrieved March Jump up ^ Rao Leena November Marissa Mayer Chosen As A Glamour Magazine Woman of the Year TechCrunch Retrieved April Jump up ^ Yahoo CEO Marissa Mayer First Female to Top Annual Under List TheWrap Retrieved November Jump up ^ Sellers Patricia November Marissa Mayer s unprecedented amazing trifecta – Postcards Postcards blogs fortune cnn com Retrieved November Jump up ^ Top CEOs From Tim Cook to Justine Roberts These Are the Most Influential CEOs in the World Richtopia Retrieved January Jump up ^ Bigelow Catherine December Google Employee No gets hitched San Francisco Chronicle Retrieved July Jump up ^ Marissa Mayer and Zack Bogue one of the most powerful couples Wagcenter com Retrieved September Jump up ^ Sellers Patricia July New Yahoo CEO Mayer is pregnant Postcards CNNMoney com Retrieved August Jump up ^ Cain Miller Claire July Marissa Mayer New Yahoo Chief Is Pregnant The New York Times Retrieved August Jump up ^ Google s Marissa Mayer is Yahoo CEO says she s pregnant The Times of India July Retrieved August Jump up ^ Carlson Nickolas Marissa Mayer Had A Baby Boy Business Insider Retrieved October Jump up ^ Gaynes Sarah Waaaa hoo Yahoo CEO asks others to name baby Bostonherald com Retrieved October Jump up ^ Sellers Patricia Yahoo CEO Mayer reveals her baby s name CNN Money Retrieved October Jump up ^ Yahoo CEO Mayer gives birth to identical twin girls Marielle and Sylvana Reuters Jump up ^ Kim Grundy Yahoo s Marissa Mayer reveals her twins names a month after birth SheKnows Jump up ^ marissamayer on Twitter Twitter Retrieved Jump up ^ Yahoo CEO Mayer s God and baby is easy quotes go viral CNN December Retrieved December Jump up ^ Benny Evangelista November Marissa Mayer talks mobile priorities and Vince Lombardi in protest interupted sic talk at Dreamforce SF Gate Retrieved December Additional reading edit What Happened When Marissa Mayer Tried to Be Steve Jobs Nicholas Carlson The New York Times Marissa Mayer – How Yahoo went from mess to an Apple Design award Tim Green Hot Topics External links edit Wikiquote has quotations related to Marissa Mayer Wikimedia Commons has media related to Marissa Mayer Marissa Mayer at the Internet Movie Database Marissa Mayer One of the most powerful women in business Marissa Mayer Video produced by Makers Women Who Make America Business positions Preceded by Ross Levinsohn Acting Chief Executive Officer of Yahoo –present Incumbent hide v t e Yahoo Advertising APT from Yahoo BrightRoll Flurry Panama Right Media Search Marketing Development Developer Network BOSS Query Language UI Library Web portal and search engine Auctions Japan Hong Kong Taiwan Autos Celebrity Finance Health Homes Local Movies Music News Search Shine Shopping Sports Time Capsule Travel TV Wallet Communication Answers Groups Mail Rivals Publishing Flickr GeoCities Japan only Polyvore Tumblr Software Messenger versions Toolbar Co branded ISPs AT T BT Frontier Rogers Stanford University From Wikipedia the free encyclopedia Redirected from Stanford Stanford redirects here For other uses see Stanford disambiguation Stanford University Leland Stanford Junior University Circular seal with tree in the center with motto and university name and founding date ringing the outer circle Seal of Stanford University Other name Stanford Motto German Die Luft der Freiheit weht Motto in English The wind of freedom blows Type Private research university Established Founder Leland and Jane Stanford Endowment US billion President Marc Tessier Lavigne Provost Persis Drell Academic staff Administrative staff excluding SHC Students Undergraduates Postgraduates Location Stanford California U S Coordinates ° ' ?N ° ' ?W Campus Suburban acres sq mi km Colors Cardinal and white Athletics NCAA Division I FBS – Pac Sports varsity sports teams men s women s coed Nickname Cardinal Mascot none The Stanford Tree is the mascot of the Band but not the university Sporting affiliations IRA PCCSC MPSF Website www stanford edu Stanford University logo Stanford is located in the US StanfordStanford Location in the United States Stanford is located in California StanfordStanford Location in California Stanford University Stanford officially Leland Stanford Junior University is a private research university in Stanford California adjacent to Palo Alto and between San Jose and San Francisco Its acre sq mi km campus is one of the largest in the United States note Stanford also has land and facilities elsewhere The university was founded in by Leland and Jane Stanford in memory of their only child Leland Stanford Jr who had died of typhoid fever at age the previous year Stanford was a former Governor of California and U S Senator he made his fortune as a railroad tycoon The school admitted its first students years ago on October as a coeducational and non denominational institution Stanford University struggled financially after Leland Stanford s death in and again after much of the campus was damaged by the San Francisco earthquake Following World War II Provost Frederick Terman supported faculty and graduates entrepreneurialism to build self sufficient local industry in what would later be known as Silicon Valley The university is also one of the top fundraising institutions in the country becoming the first school to raise more than a billion dollars in a year There are three academic schools that have both undergraduate and graduate students and another four professional schools Students compete in varsity sports and the university is one of two private institutions in the Division I FBS Pac Conference It has gained NCAA team championships the second most for a university individual championships the most in Division I and has won the NACDA Directors Cup recognizing the university with the best overall athletic team achievement for consecutive years beginning in – Stanford faculty and alumni have founded a large number of companies that produce more than trillion in annual revenue equivalent to the th largest economy in the world It is the alma mater of living billionaires astronauts and Turing Award laureates note It is also one of the leading producers of members of the United States Congress Sixty Nobel laureates and seven Fields Medalists have been affiliated with Stanford as students alumni faculty or staff Contents hide History Land Central campus Non central campus Faculty residences Other uses Landmarks Administration and organization Endowment and fundraising Academics Teaching and learning Research centers and institutes Libraries and digital resources Arts Reputation and rankings Discoveries and innovation Student life Student body Dormitories and student housing Athletics Traditions Religious life Greek life Student groups Safety People Award laureates and scholars See also Notes References Further reading External links History edit Center of the campus in Main article History of Stanford University Stanford University was founded in by Leland and Jane Stanford dedicated to Leland Stanford Jr their only child The institution opened in on Stanford s previous Palo Alto farm Despite being impacted by earthquakes in both and the campus was rebuilt each time In The Hoover Institution on War Revolution and Peace was started by Herbert Hoover to preserve artifacts related to World War I The Stanford Medical Center completed in is a teaching hospital with over beds The SLAC National Accelerator Laboratory originally named the Stanford Linear Accelerator Center which was established in performs research in particle physics Jane and Leland Stanford modeled their university after the great eastern universities and most specifically Cornell University and Harvard University Stanford opened being called the Cornell of the West in due to faculty being former Cornell professors and alumni including its first president David Starr Jordan Both Cornell and Stanford were among the first to have higher education be accessible nonsectarian and open to women as well to men Cornell is credited as one of the first American universities to adopt this radical departure from traditional education and Stanford became an early adopter as well Land edit An aerial photograph of the center of the Stanford University campus in Most of Stanford University is on an acre sq mi km campus on the San Francisco Peninsula in the northwest part of the Santa Clara Valley Silicon Valley approximately miles km southeast of San Francisco and approximately miles km northwest of San Jose this is the founding grant In of this land remained undeveloped Besides the central campus described below the university also operates at several more remote locations some elsewhere on the main campus some further afield see below Stanford s main campus includes a census designated place within unincorporated Santa Clara County although some of the university land such as the Stanford Shopping Center and the Stanford Research Park is within the city limits of Palo Alto The campus also includes much land in unincorporated San Mateo County including the SLAC National Accelerator Laboratory and the Jasper Ridge Biological Preserve as well as in the city limits of Menlo Park Stanford Hills neighborhood Woodside and Portola Valley Central campus edit The academic central campus is adjacent to Palo Alto bounded by El Camino Real Stanford Avenue Junipero Serra Boulevard and Sand Hill Road The United States Postal Service has assigned it two ZIP codes for campus mail and for P O box mail It lies within area code View of the main quadrangle of Stanford University with Memorial Church in the center background from across the grass covered Oval Non central campus edit Stanford currently operates or intends to operate in various locations outside of its central campus On the founding grant Jasper Ridge Biological Preserve is a acre ha natural reserve south of the central campus owned by the university and used by wildlife biologists for research SLAC National Accelerator Laboratory is a facility west of the central campus operated by the university for the Department of Energy It contains the longest linear particle accelerator in the world miles km on acres ha of land Golf course and a seasonal lake The university also has its own golf course and a seasonal lake Lake Lagunita actually an irrigation reservoir both home to the vulnerable California tiger salamander As of Lake Lagunita was often dry and the university had no plans to artificially fill it Off the founding grant Hopkins Marine Station in Pacific Grove California is a marine biology research center owned by the university since Study abroad locations unlike typical study abroad programs Stanford itself operates in several locations around the world thus each location has Stanford faculty in residence and staff in addition to students creating a mini Stanford China Stanford Center at Peking University housed in the Lee Jung Sen Building is a small center for researchers and students in collaboration with Peking University Locations in development Redwood City in the university purchased a small acre ha campus in Midpoint Technology Park intended for staff offices development was delayed by The Great Recession In the university announced a development plan Lake Lagunita in early spring the Dish a large radio telescope and local landmark is visible in the Stanford owned foothills behind the lake and is the high point of a popular campus jogging and walking trail Faculty residences edit Many Stanford faculty members live in the Faculty Ghetto within walking or biking distance of campus The Faculty Ghetto is composed of land owned entirely by Stanford Similar to a condominium the houses can be bought and sold but the land under the houses is rented on a year lease Houses in the Ghetto appreciate and depreciate but not as rapidly as overall Silicon Valley values However it remains an expensive area in which to own property and the average price of single family homes on campus is actually higher than in Palo Alto citation needed Other uses edit Some of the land is managed to provide revenue for the university such as the Stanford Shopping Center and the Stanford Research Park Stanford land is also leased for a token rent by the Palo Alto Unified School District for several schools including Palo Alto High School and Gunn High School El Camino Park the oldest Palo Alto city park established is also on Stanford land Landmarks edit Contemporary campus landmarks include the Main Quad and Memorial Church the Cantor Center for Visual Arts and the Bing Concert Hall the Stanford Mausoleum with the nearby Angel of Grief Hoover Tower the Rodin sculpture garden the Papua New Guinea Sculpture Garden the Arizona Cactus Garden the Stanford University Arboretum Green Library and the Dish Frank Lloyd Wright s Hanna–Honeycomb House and the Lou Henry Hoover House are both listed on the National Historic Register The Claw officially White Memorial Fountain between the Stanford Bookstore and the Old Union is a popular place to meet and to engage in the Stanford custom of fountain hopping it was installed in and designed by Aristides Demetrios after a national competition as a memorial for two brothers in the class of William N White and John B White II one of whom died before graduating and one shortly after in Interior of the Stanford Memorial Church at the center of the Main Quad Lou Henry Hoover House official residence of the University President Hoover Tower at feet m the tallest building on campus The Dish a feet m diameter radio telescope on the Stanford foothills overlooking the main campus The original Golden spike on display at the Cantor Arts Museum at Stanford University Stanford Main Quad at night White Memorial Fountain The Claw Administration and organization edit Stanford University is a tax exempt corporate trust governed by a privately appointed Board of Trustees with a maximum membership of note Trustees serve five year terms not more than two consecutive terms and meet five times annually A new trustee is chosen by the current trustees by ballot The Stanford trustees also oversee the Stanford Research Park the Stanford Shopping Center the Cantor Center for Visual Arts Stanford University Medical Center and many associated medical facilities including the Lucile Packard Children s Hospital The Board appoints a President to serve as the chief executive officer of the university and prescribe the duties of professors and course of study manage financial and business affairs and appoint nine vice presidents The Provost is the chief academic and budget officer to whom the deans of each of the seven schools report Persis Drell became the th Provost in February As of the university was organized into seven academic schools The schools of Humanities and Sciences departments Engineering departments and Earth Energy Environmental Sciences departments have both graduate and undergraduate programs while the Schools of Law Medicine Education and Business have graduate programs only The powers and authority of the faculty are vested in the Academic Council which is made up of tenure and non tenure line faculty research faculty senior fellows in some policy centers and institutes the president of the university and some other academic administrators but most matters are handled by the Faculty Senate made up of elected representatives of the faculty The Associated Students of Stanford University ASSU is the student government for Stanford University and all registered students are members Its elected leadership consists of the Undergraduate Senate elected by the undergraduate students the Graduate Student Council elected by the graduate students and the President and Vice President elected as a ticket by the entire student body Stanford is the beneficiary of a special clause in the California Constitution which explicitly exempts Stanford property from taxation so long as the property is used for educational purposes Endowment and fundraising edit The university s endowment managed by the Stanford Management Company was valued at billion in August over the previous year The endowment fell in as a result of the late s recession but posted gains of in and in when it was valued at billion Stanford has been the top fundraising university in the United States for several years It raised million in million in million in million in million in million in and billion in becoming the first school to raise more than a billion dollars in a year In and it raised million and million Payouts from the Stanford endowment covered approximately of University expenses in the fiscal year compared to Princeton at and Harvard at In President John L Hennessy launched a five year campaign called the Stanford Challenge which reached its billion fundraising goal in two years ahead of time but continued fundraising for the duration of the campaign It concluded on December having raised a total of billion and breaking the previous campaign fundraising record of billion held by Yale Specifically the campaign raised million for undergraduate financial aid as well as billion for its initiative in Seeking Solutions to global problems billion for Educating Leaders by improving K education and billion for Foundation of Excellence aimed at providing academic support for Stanford students and faculty Funds supported new fellowships for graduate students new endowed chairs for faculty and new or renovated buildings The new funding also enabled the construction of a facility for stem cell research a new campus for the business school an expansion of the law school a new Engineering Quad a new art and art history building an on campus concert hall a new art museum and a planned expansion of the medical school among other things Academics edit Teaching and learning edit Walkway in the Main Quad Stanford follows a quarter system with Autumn quarter usually starting in late September and Spring Quarter ending in early June The full time four year undergraduate program has an arts and sciences focus with high graduate student coexistence Stanford is accredited by the Western Association of Schools and Colleges Full time undergraduate tuition was for – Stanford s admission process is need blind for US citizens and permanent residents while it is not need blind for international students are on need based aid with an average aid package of In – the university awarded million in need based financial aid to students with an average aid package of Eighty percent of students receive some form of financial aid Stanford has a no loan policy For undergraduates admitted in Stanford waives tuition room and board for most families with incomes below and most families with incomes below are not required to pay tuition those with incomes up to may have tuition significantly reduced of students receive Pell Grants a common measure of low income students at a college Research centers and institutes edit Hoover Tower inspired by the cathedral tower at Salamanca in Spain From the Hoover Tower one can see all of the Stanford campus Pictured is the Main Quad and Serra Mall As of the Office of the Vice Provost and Dean of Research oversaw eighteen independent laboratories centers and institutes Other Stanford affiliated institutions include the SLAC National Accelerator Laboratory originally the Stanford Linear Accelerator Center the Stanford Research Institute an independent institution which originated at the university the Hoover Institution on War Revolution and Peace a major public policy think tank that attracts visiting scholars from around the world and the Hasso Plattner Institute of Design a multidisciplinary design school in cooperation with the Hasso Plattner Institute of University of Potsdam that integrates product design engineering and business management education citation needed Stanford is home to the Martin Luther King Jr Research and Education Institute which grew out of and still contains the Martin Luther King Jr Papers Project a collaboration with the King Center to publish the King papers held by the King Center It also runs the John S Knight Fellowship for Professional Journalists and the Center for Ocean Solutions which brings together marine science and policy to address challenges facing the ocean Libraries and digital resources edit Green Library Main article Stanford University Libraries As of Stanford University Libraries SUL held a collection of more than million volumes nearly rare or special books million e books million audiovisual materials serials nearly million microform holdings and thousands of other digital resources The main library in the SU library system is Green Library which also contains various meeting and conference rooms study spaces and reading rooms Lathrop Library previously Meyer Library demolished in holds various student accessible media resources and houses one of the largest East Asia collections with volumes Arts edit Bronze statues by Auguste Rodin are scattered through the campus including these Burghers of Calais Stanford University is home to the Cantor Center for Visual Arts museum with galleries sculpture gardens terraces and a courtyard first established in by Jane and Leland Stanford as a memorial to their only child The Center s collection of works by Rodin is among the largest in the world The Thomas Welton Stanford Gallery built in serves as a teaching resource for the Department of Art Art History as well as an exhibition venue There are outdoor art installations throughout the campus primarily sculptures but some murals as well The Papua New Guinea Sculpture Garden near Roble Hall features includes wood carvings and totem poles The Stanford music department sponsors many ensembles including five choirs the Stanford Symphony Orchestra Stanford Taiko and the Stanford Wind Ensemble Extracurricular activities include theater groups such as Ram s Head Theatrical Society the Stanford Improvisors the Stanford Shakespeare Society and the Stanford Savoyards a group dedicated to performing the works of Gilbert and Sullivan There are award winning a cappella music groups including the Mendicants Counterpoint the Stanford Fleet Street Singers Harmonics Mixed Company Testimony Talisman Everyday People and Raagapella The creative writing program brings young writers to campus via the Stegner Fellowships and other graduate scholarship programs Knight Journalism Fellows are invited to spend a year at the campus taking seminars and courses of their choice The Stanford Spoken Word Collective an extracurricular writing and performance group also serves as the school s poetry slam team Stanford also hosts various publishing courses for professionals The Stanford Professional Publishing Course which was offered on campus since the late s brought together international publishing professionals to discuss changing business models in magazine and book publishing It ended in although the tradition has continued at Yale with the Yale Publishing Course that began in Videos from the Stanford Professional Publishing Courses were available on their website as of Reputation and rankings edit University rankings National ARWU Forbes U S News World Report Washington Monthly Global ARWU QS Times U S News World Report Notably Stanford ranks high and often first in many domestic college ranking measures leading Slate to dub Stanford in as the Harvard of the st century and The New York Times in the same year to conclude that Stanford University has become America s it school by measures that Harvard once dominated From polls done by The Princeton Review in and the most commonly named dream college for students was Stanford separately parents too most frequently named Stanford as their dream college The inaugural Wall Street Journal Times Higher Education College Rankings picked Stanford as the No school in the United States Gate to the Main Quad Globally the Academic Ranking of World Universities ARWU ranked Stanford second most years from to Discoveries and innovation edit See also Carnegie Mellon discoveries and innovation Illinois discoveries and innovation MIT discoveries and innovation and Cal Berkeley discoveries and innovation Stanford is one of the most successful universities in creating companies and licensing its inventions to existing companies it is often held up as a model for technology transfer Stanford s Office of Technology Licensing is responsible for commercializing developments and has been run by Katherine Ku since She took over from Niels Reimers who had been with the office for years Stanford faculty and alumni have founded many companies including Google Hewlett Packard Nike Instagram Snapchat LinkedIn and Yahoo and companies founded by Stanford alumni generate more than trillion in annual revenue equivalent to the th largest economy in the world Developments include biological synthesis of deoxyribonucleic acid DNA Arthur Kornberg synthesized DNA material and won the Nobel Prize in for his work at Stanford First Transgenic organism Stanley Cohen and Herbert Boyer were the first scientists to transplant genes from one living organism to another a fundamental discovery for genetic engineering Thousands of products have been developed on the basis of their work including human growth hormone and hepatitis B vaccine Nuclear magnetic resonance Felix Bloch developed new ways and methods for nuclear magnetic precision measurements which are the underlying principles of the MRI klystron tube invented by the brothers Russell and Sigurd Varian at Stanford Their prototype was completed and demonstrated successfully on August Upon publication in news of the klystron immediately influenced the work of US and UK researchers working on radar equipment laser Arthur Leonard Schawlow shared the Nobel Prize in Physics with Nicolaas Bloembergen and Kai Siegbahn for his work on lasers RISC ARPA funded VLSI project of microprocessor design Stanford and Cal Berkeley are most associated with the popularization of this concept Stanford s design would go on to be commercialized as the successful MIPS architecture while Berkeley RISC gave its name to the entire concept commercialized as the SPARC Another success from this era were IBM s efforts that eventually led to the Power Architecture As these projects matured a wide variety of similar designs flourished in the late s and especially the early s representing a major force in the Unix workstation market as well as embedded processors in laser printers routers and similar products Frequency modulation synthesis John Chowning discovered the FM synthesis algorithm in Google Google began in January as a research project by Larry Page and Sergey Brin when they were both PhD students at Stanford They were working on the Stanford Digital Library Project SDLP The SDLP s goal was to develop the enabling technologies for a single integrated and universal digital library and it was funded through the National Science Foundation among other federal agencies SUN workstation Andy Bechtolsheim designed the SUN workstation for the Stanford University Network communications project as a personal CAD workstation Which led to Sun Microsystems ARPANET Stanford Research Institute formerly part of Stanford but on a separate campus was the site of one of the four original ARPANET nodes Student life edit Student body edit Demographics of students and comparison to California and United States Census estimates Undergraduate Adjusted Percentage notedemo Graduate California United States Black or African American notedemo Asian notedemo notedemo White notedemo Hispanic Latino American Indian or Alaska Native notedemo Native Hawaiian or other U S Pacific Islander n a notedemo Two or more races n a notedemo Race ethnicity unknown n a n a International student n a n a Notes Jump up ^ adjusted for US citizens and permanent residents only since racial breakdown in the Stanford data is not given for students here on temporary visas The census data for California and the United States as a whole does include people who are here on temporary visas or who are undocumented ^ Jump up to a b c d Does not include Hispanic Americans ^ Jump up to a b c The data for graduate students merges Asian with Pacific Islander Also no separate category for multiple races Stanford enrolled undergraduate and graduate students as of October and women comprised of undergraduates and of professional and graduate students In the same academic year the freshman retention rate was Stanford awarded undergraduate degrees Master s degrees doctoral degrees and professional degrees in the – school year The four year graduation rate in the class of was and the six year rate was The relatively low four year graduation rate is a function of the university s coterminal degree or coterm program which allows students to earn a master s degree as an extension of their undergraduate program As of fifteen percent of undergraduates were first generation students Dormitories and student housing edit Main article Stanford University student housing As of of undergraduate students lived in on campus university housing First year undergraduates are required to live on campus and all undergraduates are guaranteed housing for all four undergraduate years Undergraduates live in different houses including dormitories co ops row houses and fraternities and sororities At Manzanita Park mobile homes were installed as temporary housing from to but as of was the site of newer dorms Castano Kimball Lantana and the Humanities House completed in Most student residences are just outside the campus core within ten minutes on foot or bike of most classrooms and libraries Some are reserved for freshman sophomores or upperclass students and some are open to all four classes Most residences are co ed seven are all male fraternities three are all female sororities and there is also one all female non sorority house Roth House In most residences men and women live on the same floor but a few dorms are configured for men and women to live on separate floors single gender floors including all Wilbur dorms except for Arroyo and Okada Many students use bicycles to get around the large campus Several residences are considered theme houses The Academic Language and Culture Houses include EAST Education And Society Themed House Hammarskjöld International Themed House Haus Mitteleuropa Central European Themed House La Casa Italiana Italian Language and Culture La Maison Française French Language and Culture House Slavianskii Dom Slavic East European Themed House Storey Human Biology Themed House and Yost Spanish Language and Culture Cross Cultural Themed Houses include Casa Zapata Chicano Latino Theme in Stern Hall Muwekma tah ruk American Indian Alaska Native and Native Hawaiian Themed House Okada Asian American Themed House in Wilbur Hall and Ujamaa Black African American Themed House in Lagunita Court Focus Houses include Freshman Sophomore College Academic Focus Branner Hall Community Service Kimball Arts Performing Arts Crothers Global Citizenship and Toyon Sophomore Priority Theme houses predating the current theme classification system are Columbae Social Change Through Nonviolence since and Synergy Exploring Alternatives since Co ops or Self Ops are another housing option These houses feature cooperative living where residents and eating associates each contribute work to keep the house running such as cooking meals or cleaning shared spaces These houses have unique themes around which their community is centered Many co ops are hubs of music art and philosophy The co ops on campus are Alvarado Row formerly Chi Theta Chi Columbae Enchanted Broccoli Forest EBF Hammarskjöld Kairos Terra the unofficial LGBT house and Synergy Phi Sigma at Campus Drive was formerly Phi Sigma Kappa fraternity but in became a Self Op As of around percent of the graduate student population lived on campus First year graduate students are guaranteed on campus housing Stanford also subsidizes off campus apartments in nearby Palo Alto Menlo Park and Mountain View for graduate students who are guaranteed on campus housing but are unable to live on campus due to a lack of space Athletics edit Main article Stanford Cardinal The new Stanford Stadium site of home football games The Leland Stanford Junior University Marching Band rallies football fans with arrangements of All Right Now and other contemporary music As of Stanford had male varsity sports and female varsity sports club sports and about intramural sports In following a unanimous vote by the Executive Committee for the Associated Students the athletic department adopted the mascot Indian The Indian symbol and name were later dropped by President Richard Lyman in after objections from Native American students and a vote by the student senate The sports teams are now officially referred to as the Stanford Cardinal referring to the deep red color not the cardinal bird Stanford is a member of the Pac Conference in most sports the Mountain Pacific Sports Federation in several other sports and the America East Conference in field hockey with the participation in the inter collegiate NCAA s Division I FBS Its traditional sports rival is Berkeley the neighbor to the north in the East Bay The winner of the annual Big Game between the Cal and Cardinal football teams gains custody of the Stanford Axe Stanford has had at least one NCAA team champion every year since the – school year and has earned NCAA national team titles since its establishment second most and only fewer than the four times larger enrollment UCLA Bruins and Stanford has won individual national championships the most by any university Stanford has won the award for the top ranked collegiate athletic program — the NACDA Directors Cup formerly known as the Sears Cup – annually for the past twenty two straight years Stanford athletes have won medals in every Olympic Games since winning Olympic medals total of them gold In the Summer Olympics and Summer Olympics Stanford won more Olympic medals than any other university in the United States Stanford athletes won medals at the Summer Games gold silver and bronze and medals at the Summer Games Traditions edit Vintage Stanford University postcard The unofficial motto of Stanford University selected by President Jordan is Die Luft der Freiheit weht Translated from the German language this quotation from Ulrich von Hutten means The wind of freedom blows The motto was controversial during World War I when anything in German was suspect at that time the university disavowed that this motto was official Hail Stanford Hail is the Stanford Hymn sometimes sung at ceremonies or adapted by the various University singing groups It was written in by mechanical engineering professor Albert W Smith and his wife Mary Roberts Smith in she earned the first Stanford doctorate in Economics and later became associate professor of Sociology but was not officially adopted until after a performance on campus in March by the Mormon Tabernacle Choir Uncommon Man Uncommon Woman Stanford does not award honorary degrees but in the degree of Uncommon Man Uncommon Woman was created to recognize individuals who give rare and extraordinary service to the University Technically this degree is awarded by the Stanford Associates a voluntary group that is part of the university s alumni association As Stanford s highest honor it is not conferred at prescribed intervals but only when appropriate to recognize extraordinary service Recipients include Herbert Hoover Bill Hewlett Dave Packard Lucile Packard and John Gardner Big Game events The events in the week leading up to the Big Game vs UC Berkeley including Gaieties a musical written composed produced and performed by the students of Ram s Head Theatrical Society Viennese Ball a formal ball with waltzes that was initially started in the s by students returning from the now closed Stanford in Vienna overseas program It is now open to all students Mausoleum Party An annual Halloween Party at the Stanford Mausoleum the final resting place of Leland Stanford Jr and his parents A year tradition the Mausoleum party was on hiatus from to due to a lack of funding but was revived in In it was hosted in Old Union rather than at the actual Mausoleum because rain prohibited generators from being rented In after fundraising efforts by the Junior Class Presidents and the ASSU Executive the event was able to return to the Mausoleum despite facing budget cuts earlier in the year Former campus traditions include the Big Game bonfire on Lake Lagunita a seasonal lake usually dry in the fall which was formally ended in because of the presence of endangered salamanders in the lake bed Religious life edit Students and staff at Stanford are of many different religions The Stanford Office for Religious Life s mission is to guide nurture and enhance spiritual religious and ethical life within the Stanford University community by promoting enriching dialogue meaningful ritual and enduring friendships among people of all religious backgrounds It is headed by a dean with the assistance of a senior associate dean and an associate dean Stanford Memorial Church in the center of campus has a Sunday University Public Worship service UPW usually in the Protestant Ecumenical Christian tradition where the Memorial Church Choir sings and a sermon is preached usually by one of the Stanford deans for Religious Life UPW sometimes has multifaith services In addition the church is used by the Catholic community and by some of the other Christian denominations at Stanford Weddings happen most Saturdays and the university has for over years allowed blessings of same gender relationships and now legal weddings In addition to the church the Office for Religious Life has a Center for Inter Religious Community Learning and Experiences CIRCLE on the third floor of Old Union It offers a common room an interfaith sanctuary a seminar room a student lounge area and a reading room as well as offices housing a number of Stanford Associated Religions SAR member groups and the Senior Associate Dean and Associate Dean for Religious Life Most though not all religious student groups belong to SAR The SAR directory includes organizations that serve atheist Baha i Buddhist Christian Hindu Islam Jewish and Sikh groups though these groups vary year by year The Windhover Contemplation Center was dedicated in October and was intended to provide spiritual sanctuary for students and staff in the midst of their course and work schedules the center displays the Windhover paintings by Nathan Olivera the late Stanford professor and artist Some religions have a larger and more formal presence on campus in addition to the student groups these include the Catholic Community at Stanford and Hillel at Stanford Greek life edit Fraternities and sororities have been active on the Stanford campus since when the university first opened In University President Donald Tresidder banned all Stanford sororities due to extreme competition However following Title IX the Board of Trustees lifted the year ban on sororities in Students are not permitted to join a fraternity or sorority until Spring quarter of their freshman year As of Stanford had Greek organizations including sororities and fraternities Nine of the Greek organizations are housed eight in University owned houses and one Sigma Chi in their own house though the land is the University Six chapters were members of the African American Fraternal and Sororal Association chapters were members of the Interfraternity Council chapters belonged to the Intersorority Council and chapters belonged to the Multicultural Greek Council Stanford is home to three unhoused historically NPHC National Pan Hellenic Council or Divine Nine sororities Alpha Kappa Alpha Delta Sigma Theta and Sigma Gamma Rho and three unhoused NPHC fraternities Alpha Phi Alpha Kappa Alpha Psi and Phi Beta Sigma These fraternities and sororities operate under the AAFSA African American Fraternal Sororal Association at Stanford citation needed Seven historically NPC National Panhellenic Conference sororities four of which are unhoused Alpha Phi Alpha Epsilon Phi Chi Omega and Kappa Kappa Gamma and three of which are housed Delta Delta Delta Kappa Alpha Theta and Pi Beta Phi call Stanford home These sororities operate under the Stanford Inter sorority Council ISC citation needed Eleven historically NIC National Interfraternity Conference fraternities are also represented at Stanford including five unhoused fraternities Alpha Epsilon Pi Delta Kappa Epsilon Delta Tau Delta Sigma Alpha Epsilon and Sigma Phi Epsilon and six housed fraternities Kappa Alpha Order Kappa Sigma Phi Kappa Psi Sigma Chi Sigma Nu and Theta Delta Chi These fraternities operate under the Stanford Inter fraternity Council IFC citation needed There are also four unhoused MGC Multicultural Greek Council sororities on campus Alpha Kappa Delta Phi Lambda Theta Nu Sigma Psi Zeta and Sigma Theta Psi as well as two unhoused MGC fraternities Gamma Zeta Alpha and Lambda Phi Epsilon Lambda Phi Epsilon is recognized by the National Interfraternity Conference NIC Student groups edit As of Stanford had student organizations Groups are often though not always partially funded by the University via allocations directed by the student government organization the ASSU These funds include special fees which are decided by a Spring Quarter vote by the student body Groups span from Athletic Recreational see section on Athletics Careers Pre professional Community Service Ethnic Cultural Fraternities Sororities Health Counseling Media Publications Music Dance Creative Arts see section on Arts Political Social Awareness to Religious Philosophical The Stanford Daily is the daily newspaper and has been published since the University was founded in The Stanford Review is a conservative student newspaper founded in The student run radio station KZSU Stanford FM features freeform music programming sports commentary and news segments it started in as an AM radio station Students run SUpost com an online marketplace for Stanford students and alumni in partnership with Stanford Student Enterprises SSE and the Stanford Pre Business Association The latter is intended to build connections among industry alumni and student communities Stanford Marketing is a student group that provides students hands on training through research and strategy consulting projects with Fortune clients as well as workshops led by people from industry and professors in the Stanford Graduate School of Business Stanford Finance provides mentoring and internships for students who want to enter a career in finance The Business Association of Stanford Entrepreneurial Students BASES is one of the largest professional organizations in Silicon Valley with over members Its goal is to support the next generation of entrepreneurs Stanford Women In Business SWIB is an on campus business organization consisting of over a board of and active members Each year SWIB organizes over events and workshops hosts a winter and spring conference and provides mentorship and spring quarter internships StartX is a non profit startup accelerator for student and faculty led startups that over of the study body has applied to It is staffed primarily by students Other groups include The Stanford Axe Committee is the official guardian of the Stanford Axe and the rest of the time assists the Stanford Band as a supplementary spirit group It has existed since The Stanford solar car project in which students build a solar powered car every years and race it in either the North American Solar Challenge or the World Solar Challenge The Pilipino American Student Union PASU a culture oriented community service and social activism group Also integral to PASU is a traditional performing arts arm called Kayumanggi The Stanford Improvisors SIMPS for short teach and perform improvisational theatre on campus and in the surrounding community In the group finished second in the Golden Gate Regional College Improv tournament and they ve since been invited twice to perform at the annual San Francisco Improv Festival Asha for Education is a national student group founded in by V J P Srivatsavoy Deepak Gupta and Sandeep Pandey It focuses mainly on education in India and supporting nonprofit organizations that work mainly in the education sector Asha s Stanford chapter organizes events like Holi as well as lectures by prominent leaders from India at the university campus Safety edit Stanford s Department of Public Safety is responsible for law enforcement and safety on the main campus Its deputy sheriffs are peace officers by arrangement with the Santa Clara County Sheriff s Office The department is also responsible for publishing an annual crime report covering the previous three years as required by the Clery Act Fire protection has been provided by contract with the Palo Alto Fire Department since Murder is rare on the campus though a few of the cases have been notorious including Theodore Streleski s murder of his professor in and the unsolved murder of Arlis Perry in Stanford Memorial Church In Stanford University s Campus Climate Survey percent of female undergraduates reported experiencing sexual assault as defined by the university and percent reported experiencing sexual misconduct According to the survey of perpetrators of misconduct were Stanford students and were men Perpetrators of sexual misconduct were frequently aided by alcohol or drugs according to the survey Nearly three fourths of the students whose responses were categorized as sexual assault indicated that the act was accomplished by a person or person taking advantage of them when they were drunk or high according to the survey Close to percent of students who reported an experience of sexual misconduct involving nonconsensual penetration and or oral sex indicated the same Associated Students of Stanford University and student and alumni activists with the anti rape group Stand with Leah criticized the survey methodology for downgrading incidents involving alcohol if students did not check two separate boxes indicating they were both intoxicated and incapacity while sexually assaulted Reporting on the Brock Turner rape case a reporter from The Washington Post analyzed campus rape reports submitted by universities to the U S Department of Education and found that Stanford was one of the top ten universities in campus rapes in with reported that year but when analyzed by rapes per students Stanford was not among the top ten Main article People v Turner Early in the morning of January a woman visiting campus to attend a party at the Kappa Alpha fraternity was raped by Brock Turner a freshman who had a swimming scholarship The rape was interrupted by two Swedish graduate students Stanford immediately referred the case to prosecutors and offered the woman counseling and within two weeks had barred Turner from campus after conducting an investigation Turner was convicted on three felony charges in March and in June he received a jail sentence of six months and was declared a sex offender requiring him to register as such for the rest of his life prosecutors had sought a six year prison sentence out of the maximum years that was possible The case and the relatively lenient sentence drew nationwide attention The judge in the case a Stanford graduate faced a recall effort in the aftermath See also Joe Lonsdale § Personal In February Elise Clougherty filed a sexual assault and harassment lawsuit against venture capitalist Joe Lonsdale Lonsdale and Clougherty entered into a relationship in the spring of when she was a junior and he was her mentor in a Stanford entrepreneurship course By the spring of Clougherty had broken off the relationship and filed charges at Stanford that Lonsdale had broken the Stanford policy against consensual relationships between students and faculty and that he had sexually assaulted and harassed her which resulted in Lonsdale being banned from Stanford for years Lonsdale challenged Stanford s finding that he had had sexually assaulted and harassed her and Stanford rescinded that finding and the campus ban in the fall of Clougherty withdrew her suit that fall as well People edit Main article List of Stanford University people As of late Stanford had tenure line faculty senior fellows center fellows and medical center faculty Award laureates and scholars edit Stanford s current community of scholars includes Nobel Prize laureates official count affiliates in total members of the National Academy of Sciences members of National Academy of Engineering members of Institute of Medicine members of the American Academy of Arts and Sciences recipients of the National Medal of Science recipients of the National Medal of Technology recipients of the National Humanities Medal members of American Philosophical Society fellows of the American Physics Society since Pulitzer Prize winners MacArthur Fellows Wolf Foundation Prize winners ACL Lifetime Achievement Award winners AAAI fellows Presidential Medal of Freedom winners Stanford s faculty and former faculty includes Nobel laureates as well as recipients if visiting professors and consulting professors included of the Turing Award the so called Nobel Prize in computer science comprising one third of the awards given in its year history The university has ACM fellows It is also affiliated with Gödel Prize winners Knuth Prize recipients IJCAI Computers and Thought Award winners and about Grace Murray Hopper Award winners for their work in the foundations of computer science Stanford alumni have started many companies and according to Forbes has produced the second highest number of billionaires of all universities Eight Stanford alumni have won the Nobel Prize As of Stanford students have been named Rhodes Scholars See also edit SF From Marin Highlands jpgSan Francisco Bay Area portal Platopainting jpgUniversity portal List of colleges and universities in California S a collaboration between seven universities and the Karolinska Institutet for training in bioinformatics and genomics Notes edit Jump up ^ It is often stated that Stanford has the largest contiguous campus in the world or the United States but that depends on definitions Berry College with over acres sq mi km Paul Smith s College with acres sq mi km and the United States Air Force Academy with acres ha are larger but are not usually classified as universities Duke University at acres sq mi km does have more land but it is not contiguous However the University of the South has over acres sq mi km Jump up ^ Undergraduate school alumni who received the Turing Award Vint Cerf BS Math Stanford MS CS UCLA PhD CS UCLA Allen Newell BS Physics Stanford PhD Carnegie Institute of Technology Graduate school alumni who received the Turing Award Martin Hellman BE New York University MS Stanford University PhD Stanford University all in electrical engineering Professor at Stanford – John Hopcroft BS Seattle University MS EE Stanford Phd EE Stanford Barbara Liskov BSc Berkeley PhD Stanford Raj Reddy BS from Guindy College of Engineering Madras India M Tech University of New South Wales PhD Stanford Ronald Rivest BA Yale PhD Stanford Robert Tarjan BS Caltech MS Stanford PhD Non alumni former and current faculty staff and researchers who received the Turing Award Whitfield Diffie BS mathematics Massachusetts Institute of Technology Visiting scholar at Stanford – and an affiliate from – currently a consulting professor at CISAC The Center for International Security and Cooperation at Stanford University Doug Engelbart BS EE Oregon State University MS EE Berkeley PhD Berkeley Researcher Director at Stanford Research Institute SRI – Director Bootstrap Project at Stanford University – Edward Feigenbaum BS Carnegie Institute of Technology PhD Carnegie Institute of Technology Associate Professor at Stanford – Professor at Stanford – Professor Emeritus at Stanford present Robert W Floyd BA BSc Physics both from University of Chicago Professor at Stanford – Sir Antony Hoare Undergraduate at Oxford University Visiting Professor at Stanford Alan Kay BA BS from University of Colorado at Boulder PhD from University of Utah Researcher at Stanford – John McCarthy BS Math Caltech PhD Princeton Assistant Professor at Stanford – Professor at Stanford – Robin Milner BSc from Cambridge University Researcher at Stanford University – Amir Pnueli BSc Math from Technion PhD Weizmann Institute of Science Instructor at Stanford Visitor at Stanford Dana Scott BA Berkeley PhD Princeton Associate Professor at Stanford – Niklaus Wirth BS Swiss Federal Institute of Technology MSC Universite Laval Canada PhD Berkeley Assistant Professor at Stanford University – Andrew Yao BS physics National University of Taiwan AM Physics Haravard PhD Physics Harvard PhD CS University of Illinois Urbana Champagin Assistant Professor at Stanford University – Professor at Stanford University – Jump up ^ The rules governing the board have changed over time The original trustees were appointed for life in by the Stanfords as were some of the subsequent replacements In Jane Stanford changed the maximum number of trustees from to and set the term of office to years On June she resigned her powers as Founder and the board took on its full powers In the s the board decided that members was not sufficient to do all the work needed and in March petitioned the courts to raise the maximum number to of whom would be regular trustees serving year terms and would be alumni trustees serving year terms In another petition was successfully made to have the number raised to a maximum of with a minimum of that all trustees would be just trustees and that the university president would be a trustee ex officio The last original trustee Timothy Hopkins died in the last life trustee Joseph D Grant appointed in died in References edit ^ Jump up to a b c Casper Gerhard October Die Luft der Freiheit weht—On and Off Speech Retrieved April ^ Jump up to a b History Stanford University Stanford University Retrieved April ^ Jump up to a b Chapter The University and the Faculty Faculty Handbook Stanford University September Retrieved Jump up ^ As of June U S and Canadian Institutions Listed by Fiscal Year FY Endowment Market Value and Change in Endowment Market Value from FY to FY PDF National Association of College and University Business Officers and Commonfund Institute February Retrieved April ^ Jump up to a b c d e f g h i j k l m n o p Stanford Facts The Stanford Faculty Stanford University Retrieved December ^ Jump up to a b Stanford Facts Administration Finances Stanford University February Retrieved April ^ Jump up to a b c d Stanford Facts at a Glance Stanford University Retrieved Jump up ^ Stanford University Geographic Names Information System United States Geological Survey January Retrieved April ^ Jump up to a b What is the history of Stanford s mascot and nickname Stanford Athletics July Retrieved July Jump up ^ Return of Organization Exempt from Income Tax – IRS Form ^ Jump up to a b c Where is Stanford Stanford University Retrieved December Jump up ^ Virtual Tours Stanford University Retrieved April Jump up ^ Keck Gayle Stanford A Haven in Silicon Valley PDF Executive Travel Magazine Jump up ^ History – Part The New Century Stanford University Stanford edu Retrieved December Jump up ^ History – Part The Rise of Silicon Valley Stanford University Stanford edu Retrieved December ^ Jump up to a b Chea Terence February Stanford University is st College to raise B Associated Press Retrieved March ^ Jump up to a b National Championships overall NCAA Retrieved December Jump up ^ Championship Summary through July PDF NCAA Retrieved December Jump up ^ Meister Christine June Stanford Captures Division I LSDC Cup SEC has Institutions in top Retrieved September ^ Jump up to a b Beckett Jamie October Study shows Stanford alumni create nearly trillion in economic impact each year Stanford Report Retrieved July Jump up ^ Vinton Cerf – A M Turing Award Winner acm org Jump up ^ Allen Newell acm org Jump up ^ Martin Hellman acm org Jump up ^ John E Hopcroft acm org Jump up ^ Barbara Liskov acm org Jump up ^ Raj Reddy – A M Turing Award Winner acm org Jump up ^ Ronald L Rivest – A M Turing Award Winner acm org Jump up ^ Robert E Tarjan – A M Turing Award Winner acm org Jump up ^ Whitfield Diffie acm org Jump up ^ Douglas Engelbart acm org Jump up ^ Edward A Feigenbaum – A M Turing Award Winner acm org Jump up ^ Robert W Floyd – A M Turing Award Winner acm org Jump up ^ Lee J A N Charles Antony Richard Tony Hoare IEEE Computer Society Retrieved February Jump up ^ Alan Kay acm org Jump up ^ John McCarthy acm org Jump up ^ A J Milner – A M Turing Award Winner acm org Jump up ^ Amir Pnueli acm org Jump up ^ Dana S Scott – A M Turing Award Winner acm org Jump up ^ Niklaus E Wirth acm org Jump up ^ Andrew C Yao – A M Turing Award Winner acm org Jump up ^ Farrell Andrew Billionaire Universities Forbes Jump up ^ Harvard Stanford Yale Graduate Most Members of Congress Jump up ^ Carey Bjorn August Stanford s Maryam Mirzakhani wins Fields Medal Stanford Report Stanford University Retrieved September Jump up ^ Davis Margo Nilan Roxanne November The Stanford Album A Photographic History Stanford University Press ISBN Jump up ^ Stanford University Location Enrollment Notable Alumni britannica com December Jump up ^ https books google com books id oe qpzomMwkC pg PA lpg PA dq cornell stanford history david starr jordan source bl ots DaVhxm yob sig GjHHUu EhmDfe wdDtr VIBiedI hl en sa X ved ahUKEwi lqDmoqTTAhUU IMKHW xDAI ChDoAQg MAU v onepage q cornell stanford history david starr jordan f false Jump up ^ University spent billion locally in study shows Retrieved May Jump up ^ Stanford Facts The Stanford Lands Stanford University Retrieved December Jump up ^ About SLAC Retrieved April Jump up ^ Julia Enthoven December University monitors Lake Lagunita after fall storms The Stanford Daily Retrieved December Jump up ^ Faculty in Residence Bing Overseas Study Program Retrieved December Jump up ^ About the Center Stanford Center at Peking Stanford University Archived from the original on July Retrieved July Jump up ^ The Lee Jung Sen Building Stanford Center at Peking University Stanford University Archived from the original on July Retrieved July Jump up ^ Redwood City campus remains undeveloped The Stanford Daily July Retrieved April Jump up ^ Chesley Kate September Redwood City approves Stanford office building proposals Stanford Report Stanford University Retrieved July Jump up ^ Kadvany Elena December Stanford s Redwood City campus moves closer to reality Palo Alto Weekly Retrieved December Jump up ^ Stanford Faculty Staff Housing Retrieved December Jump up ^ Breitrose Charlie December SCHOOLS District wants Stanford land for school Palo Alto Weekly Retrieved January Jump up ^ El Camino Park City of Palo Alto Retrieved January Jump up ^ Sullivan Kathleen J August Machinists restoring White Memorial Fountain aka The Claw develop an affinity for the campus icon Stanford News Retrieved December Jump up ^ Sullivan Kathleen J June Sculptor returns for update on White Plaza fountain makeover Stanford News Retrieved December Jump up ^ Kofman Nicole May Frolicking in fountains Stanford Daily Retrieved December Jump up ^ Steffen Nancy L May The Claw White Plaza Dedication Stanford Daily Retrieved December Has information on the White brothers that slightly corrects some of the facts in other articles ^ Jump up to a b Stanford University – The Founding Grant with Amendments Legislation and Court Decrees PDF Stanford University Retrieved Jump up ^ University Governance and Organization Stanford University Retrieved December Jump up ^ Stanford University Facts—Finances and Governance Stanford University Retrieved November Jump up ^ University Governance and Organization Stanford University Retrieved December Jump up ^ About the Provost Office of the Provost Stanford University Retrieved February Jump up ^ About the Office – Office of the Provost Stanford University Retrieved December Jump up ^ Stanford s Seven Schools Stanford University Retrieved December Jump up ^ University Governance and Organization Stanford University Retrieved December Jump up ^ University Governance and Organization Stanford University Retrieved December Jump up ^ Grodin Joseph R Massey Calvin R Cunningham Richard B The California State Constitution A Reference Guide Westport Connecticut Greenwood Press p ISBN X Jump up ^ Reports from Stanford Management Company Stanford Management Company Retrieved December Jump up ^ Official University Endowment FAQ PDF Stanford University p Retrieved February Jump up ^ Endowment Returns Still Uncertain Going Forward November Retrieved February Jump up ^ Stanford Tops Harvard Yale With Million in Private Gifts Bloomberg February Retrieved January Jump up ^ Donations Are Up But Not From Alumni Insider Higher Ed Retrieved January Jump up ^ Top Fund Raising Institutions The Chronicle of Higher Education March p A Jump up ^ Stanford giving drops in still tops list of universities The Stanford Daily October Retrieved January Jump up ^ Finances Stanford University Facts Retrieved January ^ Jump up to a b Stanford Facts Finances Stanford University Retrieved December Jump up ^ Official University Endowment FAQ PDF Stanford University p Retrieved September Jump up ^ Stanford Raises Billion in Five Year Campaign Inside Higher Ed February Jump up ^ Stanford Nets billion in year Campaign The Huffington Post February Jump up ^ Stanford Concludes Transformative Campaign Jump up ^ The Stanford Challenge – Final Report – By the Numbers Overall Archived from the original on February Retrieved February ^ Jump up to a b Carnegie Classifications—Stanford University Carnegie Foundation for the Advancement of Teaching Retrieved January Jump up ^ WASC—Stanford Reaccreditation by WASC Stanford University Registrar s Office Retrieved December ^ Jump up to a b c d e f g h i j k l m Common Data Set Stanford University Retrieved December Jump up ^ Stanford offers admission to students expands financial aid program Stanford News March Retrieved May Jump up ^ Interdisciplinary Laboratories Centers and Institutes Stanford University Retrieved Jump up ^ The King Papers Project The Martin Luther King Jr Research and Education Institute Jump up ^ Center for Ocean Solutions Stanford Woods Retrieved April Jump up ^ Stanford Facts Stanford Libraries Stanford University Retrieved December Jump up ^ Rodin The Complete Stanford Collection Cantor Arts Center Retrieved April Jump up ^ Virtual Host Frozen stanford edu Jump up ^ About the Mendicants Retrieved July Jump up ^ About Counterpoint Retrieved July Jump up ^ About Fleet Street Retrieved July Because Fleet Street maintains Stanford songs as a regular part of its performing repertoire the university used the group as ambassadors during the University s centennial celebration and commissioned an album entitled Up Toward Mountains Higher of Stanford songs which were sent to alumni around the world Jump up ^ About Mixed Company Retrieved July Jump up ^ About Raagapella Retrieved August Jump up ^ Stanford Spoken Word Collective Stanford University Retrieved June Jump up ^ Stanford Publishing Courses for Professionals Stanford University Retrieved January Jump up ^ Academic Ranking of World Universities USA Shanghai Ranking Consultancy Retrieved August Jump up ^ America s Top Colleges Forbes July Jump up ^ Best Colleges National Universities Rankings U S News World Report September Jump up ^ Rankings National Universities Washington Monthly Retrieved September Jump up ^ Academic Ranking of World Universities Shanghai Ranking Consultancy Retrieved August Jump up ^ QS World University Rankings® Quacquarelli Symonds Limited Retrieved September Jump up ^ World University Rankings THE Education Ltd Retrieved September Jump up ^ Best Global Universities Rankings U S News World Report LP Retrieved October Jump up ^ Oremus Will April Silicon Is the New Ivy Slate Retrieved June Jump up ^ Pérez Peña Richard May To Young Minds of Today Harvard Is the Stanford of the East New York Times Retrieved June Jump up ^ College Hopes Worries Press Release Princeton Review Retrieved April Jump up ^ WSJ THE College Rankings Jump up ^ ARWU Stanford University Retrieved September Jump up ^ Nigel Page The Making of a Licensing Legend Stanford University s Office of Technology Licensing Chapter in Sharing the Art of IP Management Globe White Page Ltd London U K Jump up ^ Timothy Lenoir Inventing the entrepreneurial university Stanford and the co evolution of Silicon Valley pp in Building Technology Transfer within Research Universities An Entrepreneurial Approach Edited by Thomas J Allen and Rory P O Shea Cambridge University Press ISBN Jump up ^ Lawrence M Fisher for The New York Times September Stanford Picks Inventor As Head of Licensing Jump up ^ Who we are Office of Technology Licensing Stanford University Retrieved November Jump up ^ Yount Lisa A to Z of biologists New York Facts on File pp – ISBN Retrieved May Jump up ^ Cohen S N September DNA cloning A personal view after years Proceedings of the National Academy of Sciences – doi pnas PMC ?Freely accessible PMID Jump up ^ Alvarez Luis W Bloch F A Quantitative Determination of the Neutron Moment in Absolute Nuclear Magnetons Physical Review – Bibcode PhRv A doi PhysRev Jump up ^ Bloch F Hansen W W Packard Martin Nuclear Induction Physical Review Bibcode PhRv B doi PhysRev Jump up ^ Varian Dorothy The Inventor and the Pilot Pacific Books p Jump up ^ Arthur L Schawlow IEEE Global History Network IEEE Retrieved August Jump up ^ Hänsch Theodor W December Obituary Arthur Leonard Schawlow Physics Today – Bibcode PhT l H doi Jump up ^ Reilly Edwin D Milestones in Computer Science and Information Technology p ISBN Jump up ^ Google Milestones Google Inc Retrieved September Jump up ^ The Stanford Integrated Digital Library Project Award Abstract September through August Estimated award amount Jump up ^ Andreas Bechtolsheim Forest Baskett Vaughan Pratt March The SUN Workstation Architecture PDF Stanford University Computer systems Laboratory Technical Report No Retrieved July Jump up ^ Network SUNet — The Stanford University Network Stanford University Information Technology Services July Retrieved April Jump up ^ Stanford University University Discoveries Retrieved Jump up ^ Stanford University Common Data Set – Stanford University Retrieved September Jump up ^ California QuickFacts from the US Census Bureau United States Census Bureau September Retrieved September See also Demographics of California and Demographics of the United States Jump up ^ Best Colleges—Education—US News and World Report Colleges usnews rankingsandreviews com August Archived from the original on March Retrieved July Jump up ^ Concerns of first generation students must remain a priority The Stanford Daily October Retrieved January Jump up ^ Stanford University—Student Housing—Apply for Housing – Stanford edu Retrieved ^ Jump up to a b Stanford Housing—Undergraduate Residences Stanford University Retrieved November Jump up ^ Manzanita trailers to house Webb Ranch workers News stanford edu Retrieved July Jump up ^ Chelsey Kate March Manzanita residence hall aims at humanities Stanford Report Stanford University Retrieved October Jump up ^ Stanford University—Student Housing—Tour Undergraduate Housing Stanford edu Retrieved July Jump up ^ Columbae House Stanford University Retrieved April Jump up ^ Synergy House Stanford University Retrieved April Jump up ^ About Terra ResEd Stanford University Retrieved February Jump up ^ Residential Education—Cooperative Houses Stanford University Retrieved November Jump up ^ Interestingly this chapter had voiced concern that women were being treated unfairly due to the campus ban on sororities Nu Deuteron Chapter voted to become co ed in relinquishing its charter over the matter according to fraternity records accessed Nov This occurred just four years before the ban on sororities was ended by the Regents Jump up ^ Lapin Lisa Chelsey Kate October New graduate housing proposed for Escondido Village Stanford Report Stanford University Retrieved October Jump up ^ Off Campus Subsidized Apartments Student Housing Stanford University Retrieved October Jump up ^ Stanford Sports Page accessed June Jump up ^ Stanford Cardinal Recreation – Club Sports Stanford University Retrieved Jump up ^ Cardinal Recreation – Intramural Sports Page accessed June Jump up ^ Cal UC Davis Pacific Stanford Added As AEFH Associate Members Press release America East Conference October Retrieved November Jump up ^ Jay Matthews for Newsweek August The Top College Rivalries in the Country Jump up ^ Timanus Eddie June USA Today Retrieved Jump up ^ NACDA Official Athletic Site – Directors Cup Retrieved December Jump up ^ Stanford Athletics By The Numbers Stanford – Home of Champions Stanford edu Retrieved December Jump up ^ Stanford Facts Cardinal Athletics Stanford University Retrieved December Jump up ^ Wrapping Up Rio www gostanford com Retrieved Jump up ^ What Stanford University and Japan have in Common Freakonomics Jump up ^ Stanford Athletes Complete Olympic Action Stanford Athletics Archived from the original on Retrieved November Jump up ^ Stanford Athletes Complete Olympic Action Stanford Daily Archived from the original on May Retrieved Jump up ^ Stanford Facts The Founding of the University Stanford University Retrieved Jump up ^ Karen Bartholomew March–April Century at Stanford Alumni stanford edu Retrieved Jump up ^ Archived January at the Wayback Machine Jump up ^ Stanford Bulletin Conferral of Degrees Archived from the original on December Retrieved September Jump up ^ Stanford Bulletin Conferral of Degrees Retrieved September Jump up ^ Degree of Uncommon Man and Uncommon Woman Award Stanford Alumni Association Jump up ^ The History of Big Game Gaieties Ram s Head Theatrical Society Retrieved October The Big Game Gaieties started in when the Big Game was rugby but did not acquire its present name until the s when it also became part of Rams Head The tradition was dormant from until revived in and has run ever since Jump up ^ Johnston Theresa May Strictly Ballroom Stanford Magazine Stanford Alumni Association Jump up ^ Chien Jennifer January–February A Party to Die For Stanford Magazine Stanford Alumni Association Retrieved November Jump up ^ Banerjee Devin October Mausoleum Party is a go Regardless of rain party set for Old Union Stanford Daily p Retrieved March Jump up ^ Feliciano Cassandra October Mausoleum next to die Stanford Daily p Retrieved March Jump up ^ Stanford Press Release October Big Game Bonfire is a tradition of the past Jump up ^ University Public Worship Office for Religious Life Stanford University Retrieved October Jump up ^ Stanford Associated Religions Office for Religious Life Stanford University Retrieved October Jump up ^ Xu Victor May Windhover contemplative center to finish by early summer The Stanford Daily The Stanford Daily Retrieved September Jump up ^ Catholic Community at Stanford About us Retrieved December The Catholic Community is a personal parish in the Diocese of San Jose and staffed by the Dominicans and lay leaders Jump up ^ Hillel at Stanford About Retrieved October Jump up ^ Kappa Kappa Gamma Chapters kappakappagamma org April Retrieved July Jump up ^ Chi Omega – Nu Alpha – History Retrieved September Jump up ^ Frequently Asked Questions Stanford Residential Education Stanford University Retrieved June Jump up ^ Soong Shiong Nika August Life at Summer Chi Stanford Daily Retrieved June Jump up ^ FSL Organizations Stanford University Retrieved June ^ Jump up to a b c Fraternity and Sorority Life Stanford Undergrad undergrad stanford edu Retrieved Jump up ^ Lambda Phi Epsilon National Fraternity Lambdaphiepsilon com Archived from the original on February Retrieved July Jump up ^ Student Organizations Stanford University Retrieved May Jump up ^ About the Daily Stanford Daily Retrieved June Jump up ^ Wallace Lisa Atallah Alex February A Brief and Non Exhaustive History of the Stanford Review Stanford Review Retrieved June Jump up ^ About KZSU Stanford University Retrieved October Jump up ^ SPBA Retrieved Jump up ^ Stanford Marketing Retrieved Jump up ^ Become An Associate Retrieved Jump up ^ StartX stanford edu Jump up ^ Stanford Axe Committee About us Retrieved October Jump up ^ PASU Retrieved November Jump up ^ The Stanford Improvisors Jump up ^ Tall Grande Venti Takes Top Bay College Title to Rep SF in Nationals Jump up ^ San Francisco Improv Festival Jump up ^ Asha Dandiya featured in India Abroad Magazine Asha Stanford November Jump up ^ Adhik Kadam s mile bike ride for donors Asha Stanford October Jump up ^ Asha Stanford Welcome Dinner with Adhik Kadam and the Borderless World Foundation allevents in Jump up ^ Employment Opportunities Stanford University Department of Public Safety Retrieved June Jump up ^ Safety Security Results Crime Statistics Stanford University Department of Public Safety Retrieved June Jump up ^ Sheyner Gennady October Palo Alto Stanford clash over fire services Palo Alto Online Retrieved June Jump up ^ Xu Victor October A history of murder at Stanford Stanford Daily Retrieved June ^ Jump up to a b c d Kadvany Elena One third of Stanford women experience sexual misconduct survey finds Palo Alto Onilne Retrieved Jump up ^ Nick Anderson for the Washington Post June These colleges have the most reports of rape ^ Jump up to a b Liam Stack for The New York Times June Light Sentence for Brock Turner in Stanford Rape Case Draws Outrage Jump up ^ Ashley Fantz for CNN June Outrage over month sentence for Brock Turner in Stanford rape case Jump up ^ Jacqueline Lee for Mercury News June Stanford sex assault Brock Turner gets months in jail Jump up ^ Fehely Devin June Stanford Sex Assault Victim s Story Draws Worldwide Reaction CBS SF Bay Area Retrieved June Jump up ^ Katie Benner for Bloomberg News Feb Benner on Tech Parsing a Sexual Assault Suit ^ Jump up to a b c Emily Bazelon for the New York Times February The Stanford Undergraduate and the Mentor Jump up ^ Emily Bazelon for The New York Times Nov The Lessons of Stanford s Sex Assault Case Reversal Jump up ^ Woman drops sex assault case against U S venture capitalist Jump up ^ APS Fellows Archive Retrieved February Jump up ^ ACL Lifetime Achievement Award Recipients retrieved February Jump up ^ Elected AAAI Fellows retrieved February Jump up ^ Levy Dawn July Edward Teller wins Presidential Medal of Freedom p http news service stanford edu pr teller html Retrieved November Teller is the third Stanford scholar to be awarded a Presidential Medal of Freedom The others are Nobel Prize winning economist Milton Friedman and former Secretary of State George Shultz Jump up ^ Thibault Marie August Billionaire University Forbes Retrieved April Jump up ^ Pfeiffer Eric W August What MIT Learned from Stanford Forbes Retrieved April Jump up ^ Stanford Entrepreneurs Stanford University Retrieved March Jump up ^ Other Nobel connections to the Farm Stanford Report Stanford University October Retrieved August Jump up ^ Alumni Stanford University Facts Stanford University Retrieved December Jump up ^ Sullivan Kathleen J November Two Stanford seniors awarded Rhodes Scholarships Stanford Report Stanford University Retrieved July Further reading edit Lee Altenberg Beyond Capitalism Leland Stanford s Forgotten Vision Stanford Historical Society Ronald N Bracewell Trees of Stanford and Environs Stanford Historical Society Ken Fenyo The Stanford Daily Years of Headlines ISBN Jean Fetter Questions and Admissions Reflections on Admissions Decisions at Stanford ISBN Ricard Joncas David Neumann and Paul V Turner Stanford University The Campus Guide Princeton Architectural Press Available online Stuart W Leslie The Cold War and American Science The Military Industrial Academic Complex at MIT and Stanford Columbia University Press Rebecca S Lowen R S Lowen Creating the Cold War University The Transformation of Stanford University of California Press External links edit Wikimedia Commons has media related to Stanford University Official website Stanford Athletics website Texts on Wikisource Leland Stanford Jr University Encyclopædia Britannica th ed Leland Stanford Junior University Encyclopedia Americana Leland Stanford Junior University Collier s New Encyclopedia show v t e Stanford University Google From Wikipedia the free encyclopedia This article is about the company For the search engine see Google Search For other uses see Google disambiguation Google Inc redirects here For the parent company see Alphabet Inc Not to be confused with Goggles or Googol Google Inc The letters of Google are each purely colored from left to right in blue red yellow blue green and red Googleplex Patio Aug JPG Google s headquarters the Googleplex in August Type Subsidiary Industry Internet Computer software Computer hardware Founded September years ago Menlo Park California Founders Larry Page Sergey Brin Headquarters Googleplex Mountain View California U S Area served Worldwide Key people Sundar Pichai CEO Larry Page CEO Alphabet Inc Sergey Brin President Alphabet Inc Products List of Google products Number of employees Q Parent Alphabet Inc –present Subsidiaries List of subsidiaries Website www google com Footnotes references Google is an American multinational technology company specializing in Internet related services and products These include online advertising technologies search cloud computing software and hardware Google was founded in by Larry Page and Sergey Brin while they were Ph D students at Stanford University in California Together they own about percent of its shares and control percent of the stockholder voting power through supervoting stock They incorporated Google as a privately held company on September An initial public offering IPO took place on August and Google moved to its new headquarters in Mountain View California nicknamed the Googleplex In August Google announced plans to reorganize its various interests as a conglomerate called Alphabet Inc Google Alphabet s leading subsidiary will continue to be the umbrella company for Alphabet s Internet interests Upon completion of the restructure Sundar Pichai became CEO of Google replacing Larry Page who became CEO of Alphabet Rapid growth since incorporation has triggered a chain of products acquisitions and partnerships beyond Google s core search engine Google Search It offers services designed for work and productivity Google Docs Sheets and Slides email Gmail Inbox scheduling and time management Google Calendar cloud storage Google Drive social networking Google instant messaging and video chat Google Allo Duo Hangouts language translation Google Translate mapping and turn by turn navigation Google Maps video sharing YouTube notetaking Google Keep and photo organizing and editing Google Photos The company leads the development of the Android mobile operating system the Google Chrome web browser and Chrome OS a lightweight operating system based on the Chrome browser Google has moved increasingly into hardware from to it partnered with major electronics manufacturers in the production of its Nexus devices and in October it released multiple hardware products including the Google Pixel smartphone Home smart speaker Wifi mesh wireless router and Daydream View virtual reality headset The new hardware chief Rick Osterloh stated a lot of the innovation that we want to do now ends up requiring controlling the end to end user experience Google has also experimented with becoming an Internet carrier In February it announced Google Fiber a fiber optic infrastructure that was installed in Kansas City in April it launched Project Fi in the United States combining Wi Fi and cellular networks from different providers and in it announced the Google Station initiative to make public Wi Fi around the world which had already been deployed in India Alexa a company that monitors commercial web traffic lists Google com as the most visited website in the world Several other Google services also figure in the top most visited websites including YouTube and Blogger Google has been the second most valuable brand in the world for consecutive years but has received significant criticism involving issues such as privacy concerns tax avoidance antitrust censorship and search neutrality Google s mission statement from the outset was to organize the world s information and make it universally accessible and useful and its unofficial slogan was Don t be evil In October the motto was replaced in the Alphabet corporate code of conduct by the phrase Do the right thing Contents hide History Financing and initial public offering Growth onward Push into hardware Acquisitions and partnerships – – – Google data centers Alphabet Products and services Advertising Search engine Enterprise services Consumer services Web based services Operating systems Software services Hardware platforms Internet services Other products APIs Other websites Corporate affairs and culture Employees Office locations and headquarters Doodles Easter eggs and April Fools Day jokes Philanthropy Tax avoidance Environment Lobbying Litigation Criticism and controversy See also References Further reading External links History edit Main article History of Google Google s homepage in Google s original homepage had a simple design because the company founders were inexperienced in HTML the markup language used for designing web pages Google began in January as a research project by Larry Page and Sergey Brin when they were both PhD students at Stanford University in Stanford California While conventional search engines ranked results by counting how many times the search terms appeared on the page the two theorized about a better system that analyzed the relationships among websites They called this new technology PageRank it determined a website s relevance by the number of pages and the importance of those pages that linked back to the original site Page and Brin originally nicknamed their new search engine BackRub because the system checked backlinks to estimate the importance of a site Eventually they changed the name to Google originating from a misspelling of the word googol the number followed by zeros which was picked to signify that the search engine was intended to provide large quantities of information Originally Google ran under Stanford University s website with the domains google stanford edu and z stanford edu The domain name for Google was registered on September and the company was incorporated on September It was based in the garage of a friend Susan Wojcicki in Menlo Park California Craig Silverstein a fellow PhD student at Stanford was hired as the first employee Financing and initial public offering edit Google s first servers showing lots of exposed wiring and circuit boards Google s first production server The first funding for Google was an August contribution of from Andy Bechtolsheim co founder of Sun Microsystems given before Google was incorporated At least three other angel investors invested in Amazon com founder Jeff Bezos Stanford University computer science professor David Cheriton and entrepreneur Ram Shriram Author Ken Auletta claims that each including Bechtolsheim invested but other sources have reported a level After some additional small investments through the end of to early a new million round of funding was announced on June with major investors including the venture capital firms Kleiner Perkins Caufield Byers and Sequoia Capital Early in Brin and Page decided they wanted to sell Google to Excite They went to Excite CEO George Bell and offered to sell it to him for million He rejected the offer Vinod Khosla one of Excite s venture capitalists talked the duo down to but Bell still rejected it Google s initial public offering IPO took place five years later on August At that time Larry Page Sergey Brin and Eric Schmidt agreed to work together at Google for years until the year At IPO the company offered shares at a price of per share Shares were sold in an online auction format using a system built by Morgan Stanley and Credit Suisse underwriters for the deal The sale of bn billion gave Google a market capitalization of more than bn By January its market capitalization had grown to bn The vast majority of the million shares remained under the control of Google and many Google employees became instant paper millionaires Yahoo a competitor of Google s also benefitted because it owned million shares of Google before the IPO took place There were concerns that Google s IPO would lead to changes in company culture Reasons ranged from shareholder pressure for employee benefit reductions to the fact that many company executives would become instant paper millionaires As a reply to this concern co founders Brin and Page promised in a report to potential investors that the IPO would not change the company s culture In articles in The New York Times and other sources began suggesting that Google had lost its anti corporate no evil philosophy excessive citations In an effort to maintain the company s unique culture Google designated a Chief Culture Officer who also serves as the Director of Human Resources The purpose of the Chief Culture Officer is to develop and maintain the culture and work on ways to keep true to the core values that the company was founded on a flat organization with a collaborative environment Google has also faced allegations of sexism and ageism from former employees In a class action against several Silicon Valley companies including Google was filed for alleged no cold call agreements which restrained the recruitment of high tech employees The stock performed well after the IPO with shares hitting for the first time on October primarily because of strong sales and earnings in the online advertising market The surge in stock price was fueled mainly by individual investors as opposed to large institutional investors and mutual funds GOOG shares split into GOOG Class C shares and GOOGL class A shares The company is listed on the NASDAQ stock exchange under the ticker symbols GOOGL and GOOG and on the Frankfurt Stock Exchange under the ticker symbol GGQ These ticker symbols now refer to Alphabet Inc Google s holding company since the fourth quarter of Growth edit In March the company moved its offices to Palo Alto California which is home to several prominent Silicon Valley technology start ups The next year against Page and Brin s initial opposition toward an advertising funded search engine Google began selling advertisements associated with search keywords In order to maintain an uncluttered page design and increase speed advertisements were solely text based Keywords were sold based on a combination of price bids and click throughs with bidding starting at five cents per click This model of selling keyword advertising was first pioneered by Goto com an Idealab spin off created by Bill Gross When the company changed names to Overture Services it sued Google over alleged infringements of the company s pay per click and bidding patents Overture Services would later be bought by Yahoo and renamed Yahoo Search Marketing The case was then settled out of court Google agreed to issue shares of common stock to Yahoo in exchange for a perpetual license In Google received a patent for its PageRank mechanism The patent was officially assigned to Stanford University and lists Lawrence Page as the inventor In after outgrowing two other locations the company leased an office complex from Silicon Graphics at Amphitheatre Parkway in Mountain View California The complex became known as the Googleplex a play on the word googolplex the number one followed by a googol zeroes The Googleplex interiors were designed by Clive Wilkinson Architects Three years later Google bought the property from SGI for million By that time the name Google had found its way into everyday language causing the verb google to be added to the Merriam Webster Collegiate Dictionary and the Oxford English Dictionary denoted as to use the Google search engine to obtain information on the Internet The first use of Google as a verb in pop culture happened on the TV series Buffy the Vampire Slayer in In The Washington Post reported on a percent increase in third quarter profit for Google largely thanks to large companies shifting their advertising strategies from newspapers magazines and television to the Internet In January all the data that passed through Google s MapReduce software component had an aggregated size of petabytes per day In a CNN report about top political searches of noted that more than a billion searches are being typed into Google on a daily basis In May the number of monthly unique visitors to Google surpassed one billion for the first time an percent increase from May million was the first year that Google generated billion in annual revenue topping s billion generated Then CEO Larry Page commented in January We ended with a strong quarter Revenues were up year on year and quarter on quarter And we hit billion in revenues for the first time last year – not a bad achievement in just a decade and a half onward edit Screenshot of the Google homepage in Google announced the launch of a new company called Calico on September to be led by Apple Inc chairman Arthur Levinson In the official public statement Page explained that the health and well being company would focus on the challenge of ageing and associated diseases Google celebrated its year anniversary on September and in it celebrated its th birthday with an animated Doodle shown on web browsers around the world although it has used other dates for its official birthday The reason for the choice of September remains unclear and a dispute with rival search engine Yahoo Search in has been suggested as the cause The Alliance for Affordable Internet A AI was launched in October Google is part of the coalition of public and private organisations that also includes Facebook Intel and Microsoft Led by Sir Tim Berners Lee the A AI seeks to make Internet access more affordable so that access is broadened in the developing world where only of people are online Google will help to decrease Internet access prices so they fall below the UN Broadband Commission s worldwide target of of monthly income The corporation s consolidated revenue for the third quarter of was reported in mid October as billion a percent increase compared to the previous quarter Google s Internet business was responsible for billion of this total with an increase in the number of users clicks on advertisements In November Google announced plans for a new million sq ft sq m office in London which was due to open in The new premises able to accommodate employees has been identified as one of the biggest ever commercial property acquisitions in Britain According to Interbrand s annual Best Global Brands report Google has been the second most valuable brand in the world behind Apple Inc in and with a valuation of billion In September Google engineering manager Rachel Potvin revealed details about Google s software code at an engineering conference She revealed that the entire Google codebase which spans every single service it develops consists of over billion lines of code All that code is stored on a code repository available to all Google engineers and the code is regularly copied and updated on Google data centers To keep control Potvin said Google has built its own version control system called Piper and that when you start a new project you have a wealth of libraries already available to you Almost everything has already been done Engineers can make a single code change and deploy it on all services at the same time The only major exceptions are that the PageRank search results algorithm is stored separately with only specific employee access and the code for the Android operating system and the Google Chrome browser are also stored separately as they don t run on the Internet The Piper system spans TB of data Google engineers make changes to the code each day and on a weekly basis change approximately million lines of code across files With that much code automated bots have to help Potvin reported You need to make a concerted effort to maintain code health And this is not just humans maintaining code health but robots too Bots aren t writing code but generating a lot of the data and configuration files needed to run the company s software Not only is the size of the repository increasing Potvin explained but the rate of change is also increasing This is an exponential curve As of October Google operates offices in more than countries Alexa a company that monitors commercial web traffic lists Google com as the most visited website in the world Several other Google services also figure in the top most visited websites including YouTube and Blogger Push into hardware edit In April Recode reported that Google had hired Rick Osterloh Motorola Mobility s former President to head Google s new hardware division Later in October The Information reported that David Foster Amazon com s former Kindle hardware chief had joined Google as hardware chief for a new brand of smartphones by Google On October Google held a press event where it announced its intention to create more hardware Rick Osterloh stated a lot of the innovation that we want to do now ends up requiring controlling the end to end user experience and introduced The Pixel and Pixel XL smartphones with the Google Assistant a next generation contextual voice assistant built in Google Home an Amazon Echo like voice assistant placed in the house that can answer voice queries play music find information from apps calendar weather etc and control third party smart home appliances users can tell it to turn on the lights for example Daydream View virtual reality headset that lets Android users with compatible Daydream ready smartphones put their phones in the headset and enjoy VR content Google Wifi a connected set of Wi Fi routers to simplify and extend coverage of home Wi Fi David Foster left Google in April after working at Google for six months Acquisitions and partnerships edit See also List of mergers and acquisitions by Google Google went through three major periods of acquisitions spanning – – and – Larry Page and Sergey Brin in – edit Since Google has acquired many companies primarily small venture capital funded firms In Google acquired Keyhole Inc The start up company developed a product called Earth Viewer that gave a three dimensional view of the Earth Google renamed the service Google Earth in Google acquired Urchin Software in April using their Urchin on Demand product along with ideas from Adaptive Path s Measure Map to create Google Analytics in In October Google announced that it had acquired the video sharing site YouTube for billion in Google stock and the deal was finalized on November Google does not provide detailed figures for YouTube s running costs and YouTube s revenues in were noted as not material in a regulatory filing In May a Forbes magazine article projected the YouTube revenue at million noting progress in advertising sales On April Google reached an agreement to acquire DoubleClick for billion transferring to Google valuable relationships that DoubleClick had with Web publishers and advertising agencies Later that same year Google purchased GrandCentral for million The site would later be renamed Google Voice On August Google bought out its first public company video software maker On Technologies for million Google also acquired Aardvark a social networking search engine for million and commented on its internal blog we re looking forward to collaborating to see where we can take it In April Google announced it had acquired a hardware startup Agnilux In addition to the many companies Google has purchased the firm has partnered with other organizations for research advertising and other activities For example in Google partnered with NASA Ames Research Center to build square feet m of offices The offices would be used for research projects involving large scale data management nanotechnology distributed computing and the entrepreneurial space industry Google entered into a partnership with Sun Microsystems in October to help share and distribute each other s technologies The company also partnered with AOL to enhance each other s video search services Google s partnerships also included financing the new mobi top level domain for mobile devices along with other companies including Microsoft Nokia and Ericsson Google would later launch AdSense for Mobile taking advantage of the emerging mobile advertising market Further extending its advertising reach Google and Fox Interactive Media of News Corporation entered into a million agreement to provide search and advertising on the then popular social networking site MySpace In Google began sponsoring NORAD Tracks Santa displacing the former sponsor AOL NORAD Tracks Santa purports to follow Santa Claus progress on Christmas Eve using Google Earth to track Santa in D for the first time Google owned YouTube gave NORAD Tracks Santa its own channel In Google developed a partnership with GeoEye to launch a satellite providing Google with high resolution m monochrome m color imagery for Google Earth The satellite was launched from Vandenberg Air Force Base on September Google also announced in that it was hosting an archive of Life Magazine s photographs Some images in the archive were never published in the magazine The photos were watermarked and originally had copyright notices posted on all photos regardless of public domain status – edit In Google Energy made its first investment in a renewable energy project putting million into two wind farms in North Dakota The company announced the two locations will generate megawatts of power enough to supply homes The farms which were developed by NextEra Energy Resources will reduce fossil fuel use in the region and return profits NextEra Energy Resources sold Google a twenty percent stake in the project to get funding for its development In February the Federal Energy Regulatory Commission FERC granted Google an authorization to buy and sell energy at market rates The order specifically states that Google Energy—a subsidiary of Google—holds the rights for the sale of energy capacity and ancillary services at market based rates but acknowledges that neither Google Energy nor its affiliates own or control any generation or transmission facilities The corporation exercised this authorization in September when it announced it would purchase all the electricity produced by the not yet built megawatt Happy Hereford wind farm Also in Google purchased Global IP Solutions a Norway based company that provides web based teleconferencing and other related services This acquisition enabled Google to add telephone style services to its list of products On May Google announced it had also closed the acquisition of the mobile ad network AdMob This occurred days after the Federal Trade Commission closed its investigation into the purchase Google acquired the company for an undisclosed amount In July Google signed an agreement with an Iowa wind farm to buy megawatts of energy for years On April The Globe and Mail reported that Google bid million for Nortel Networks patents On August Google made its largest ever acquisition to date when it announced that it would acquire Motorola Mobility for billion subject to approval from regulators in the United States and Europe In a post on Google s blog Google Chief Executive and co founder Larry Page revealed that the acquisition was a strategic move to strengthen Google s patent portfolio The company s Android operating system has come under fire in an industry wide patent battle as Apple and Microsoft have sued Android device makers such as HTC Samsung and Motorola The merger was completed on May after the approval of People s Republic of China This purchase was made in part to help Google gain Motorola s considerable patent portfolio on mobile phones and wireless technologies to help protect Google in its ongoing patent disputes with other companies mainly Apple and Microsoft and to allow it to continue to freely offer Android After the acquisition closed Google began to restructure the Motorola business to fit Google s strategy On August Google announced plans to lay off Motorola Mobility employees On December Google sold the manufacturing operations of Motorola Mobility to Flextronics for million As a part of the agreement Flextronics will manufacture undisclosed Android and other mobile devices On December Google sold the Motorola Home business division of Motorola Mobility to Arris Group for billion in a cash and stock transaction As a part of this deal Google acquired a stake in Arris Group valued at million On June Google announced it had acquired Quickoffice a company widely known for their mobile productivity suite for both iOS and Android Google plans to integrate Quickoffice s technology into its own product suite On February Google announced it had acquired Channel Intelligence for million Channel Intelligence a technology company that helps customers buy products online is active globally in different countries and works with over retailers Google will use this technology to enhance its e commerce business The official confirmation of Google s acquisition of the Israel based startup Waze occurred in June Waze is promoted as a community based traffic and navigation app Following the acquisition of Waze Google submitted a Q filing with the Securities Exchange Commission SEC that revealed that the corporation spent billion on acquisitions during the first half of The filing also revealed that the Waze acquisition cost Google million instead of the billion figure that was initially presented in media sources The acquisition of WIMM Labs a company that previously made an Android powered smartwatch was confirmed in August As of August Google has not publicly commented on the news concerning WIMM Labs The acquisition of Flutter a creator of hand gesture recognition technology was confirmed by the corporation in early October The reported price is million and Google spokesperson stated We re really impressed by the Flutter team s ability to design new technology based on cutting edge research Flutter s technology allows users to enact hand gestures to control navigation for apps such as iTunes Windows Media Player and Winamp – edit On January Google Inc announced it had agreed to acquire DeepMind Technologies a privately held artificial intelligence company from London DeepMind describes itself as having the ability to combine the best techniques from machine learning and systems neuroscience to build general purpose learning algorithms DeepMind s first commercial applications were used in simulations e commerce and games As of December it was reported that DeepMind had roughly employees The technology news website Re code reported that the company was purchased for million though it was not disclosed where the information came from A Google spokesman would not comment of the price The purchase of DeepMind aids in Google s recent growth in the artificial intelligence and robotics community On January Google announced it was selling its Motorola Mobility unit to China based Lenovo for bn The company kept the extensive patent collection used to develop Android products considered the most valuable part of the original deal Nonetheless the sale price was significantly less than the billion Google had bought Motorola Mobility for The bn price tag consisted of million in cash million in Lenovo ordinary shares and a billion year promissory note In March Google confirmed it had purchased the remnants of gaming startup Green Throttle Games which developed a Bluetooth gaming controller for Android In May Google announced it had purchased Quest Visual maker of the augmented reality translator app Word Lens In June Google purchased satellite imaging firm Skybox Imaging for million In July Google purchased the online music service Songza On September Google announced to form strategic partnership with Mobvoi to bring Android Wear to mainland China In October Google invested in a China based artificial intelligence AI company Mobvoi The funding will enable the Company to further enhance its core AI technologies and develop new consumer products empowered by AI In July Google announced that it had purchased Moodstocks a startup which specializes in instant image recognition In August Google acquired Orbitera a startup that developed a platform for buying and selling cloud based software for around million In October Google announced it has acquired FameBit a marketplace that connects video creators with marketers Also in October Google acquired eye tracking startup Eyefluence Matt Brian of Engadget drew references to Google s Daydream VR platform and Google s effort to create its own VR headsets that need eye tracking sensors and that the Eyefluence company which specializes in turning eye movements into virtual actions can be helpful in that process Google data centers edit As of Google owned and operated nine data centers across the U S two in Asia and four in Europe In the company had announced plans to build three data centers at a cost of more than million in Asia Singapore Hong Kong and Taiwan and said they would be operational within two years In December Google announced that it had scrapped the plan to build a data center in Hong Kong In October The Washington Post reported that the U S National Security Agency intercepted communications between Google s data centers as part of a program named MUSCULAR This wiretapping was made possible because Google did not encrypt data passed inside its own network Google began encrypting data sent between data centers in Google s most efficient data center runs at °F °C using only fresh air cooling requiring no electrically powered air conditioning the servers run so hot that humans cannot go near them for extended periods An August report estimated that Google had about servers in their data centers based on energy usage The report does state that Google never says how many servers are running in its data centers In December Google announced that starting in it will power all of its data centers as well as all of its offices from renewable energy The commitment will make Google the world s largest corporate buyer of renewable power with commitments reaching gigawatts megawatts of wind and solar energy Google also stated that it does not count that as its final goal it says that since the wind doesn t blow hours a day we ll also broaden our purchases to a variety of energy sources that can enable renewable power every hour of every day Additionally the project will help support communities around the world as the purchase commitments will result in infrastructure investments of more than billion globally and will generate tens of millions of dollars per year in revenue to local property owners and tens of millions more to local and national governments in tax revenue Alphabet edit On August Google announced plans to reorganize its various interests as a conglomerate called Alphabet Google Alphabet s leading subsidiary will continue to be the umbrella company for Alphabet s Internet interests Upon completion of the restructure Sundar Pichai became CEO of Google replacing Larry Page who became CEO of Alphabet Products and services edit See also List of Google products Advertising edit Google on ad tech London For the fiscal year the company reported billion in total advertising revenues and only million in licensing and other revenues In of Google s revenue was derived from its advertising programs In addition to its own algorithms for understanding search requests Google uses technology from the company DoubleClick to project user interest and target advertising to the search context and the user history Google Analytics allows website owners to track where and how people use their website for example by examining click rates for all the links on a page Google advertisements can be placed on third party websites in a two part program Google s AdWords allows advertisers to display their advertisements in the Google content network through either a cost per click or cost per view scheme The sister service Google AdSense allows website owners to display these advertisements on their website and earn money every time ads are clicked One of the criticisms of this program is the possibility of click fraud which occurs when a person or automated script clicks on advertisements without being interested in the product causing the advertiser to pay money to Google unduly Industry reports in claimed that approximately to percent of clicks were fraudulent or invalid In February Google stopped showing the advertisements of Oceana a non profit organization protesting a major cruise ship s sewage treatment practices Google cited its editorial policy at the time stating Google does not accept advertising if the ad or site advocates against other individuals groups or organizations The policy was later changed In June Google reached an advertising agreement with Yahoo which would have allowed Yahoo to feature Google advertisements on its web pages The alliance between the two companies was never completely realized because of antitrust concerns by the U S Department of Justice As a result Google pulled out of the deal in November In an attempt to advertise its own products Google launched a website called Demo Slam developed to demonstrate technology demos of Google Products Search engine edit Main article Google Search Google Search homepage as of December According to market research published by comScore in November Google Search is the dominant search engine in the United States market with a market share of Google indexes billions of web pages so that users can search for the information they desire through the use of keywords and operators In The New York Times complained about Google s indexing claiming that Google s caching of content on its site infringed its copyright for the content In this case the United States District Court of Nevada ruled in favor of Google in Field v Google and Parker v Google The publication The Hacker Quarterly has compiled a list of words that the web giant s new instant search feature will not search Google Watch has criticized Google s PageRank algorithms saying that they discriminate against new websites and favor established sites Google also hosts Google Books The company began scanning books and uploading limited previews and full books were allowed into its new book search engine The Authors Guild a group that represents U S authors filed a class action suit in a New York City federal court against Google in over this service Google replied that it is in compliance with all existing and historical applications of copyright laws regarding books Google eventually reached a revised settlement in to limit its scans to books from the U S the UK Australia and Canada Furthermore the Paris Civil Court ruled against Google in late asking it to remove the works of La Martinière Éditions du Seuil from its database In competition with Amazon com Google sells digital versions of new books On July in response to Bing Google updated its image search to display a streaming sequence of thumbnails that enlarge when pointed at Though web searches still appear in a batch per page format on July dictionary definitions for certain English words began appearing above the linked results for web searches The Hummingbird update to the Google search engine was announced in September The update was introduced over the month prior to the announcement and allows users ask the search engine a question in natural language rather than entering keywords into the search box In August Google announced two major changes related to its mobile search results The first removing the mobile friendly label that highlighted pages were easy to read on mobile from its mobile search results page The second on January the company will start punishing mobile pages that show intrusive interstitials when a user first opens a page and they will rank lower in its search results Enterprise services edit Main article G Suite G Suite is a monthly subscription offering for organizations and businesses to get access to a collection of Google s services including Gmail Google Drive and Docs Sheets and Slides with additional administrative tools unique domain names and support Google s search appliance Google s search appliance at the RSA Conference Google Search Appliance was launched in February targeted toward providing search technology for larger organizations Google launched the Mini three years later which was targeted at smaller organizations Late in Google began to sell Custom Search Business Edition providing customers with an advertising free window into Google com s index The service was renamed Google Site Search in Site Search customers were notified by email in late March that no new licenses for Site Search would be sold after April but that customer and technical support would be provided for the duration of existing license agreements On March Google announced the introduction of Google Analytics Suite a set of integrated data and marketing analytics products designed specifically for the needs of enterprise class marketers Among other things the suite is designed to help enterprise class marketers see the complete customer journey generate useful insights and deliver engaging experiences to the right people Jack Marshall of The Wall Street Journal wrote that the suite competes with existing marketing cloud offerings by companies including Adobe Oracle Salesforce and IBM Consumer services edit Web based services edit Main article Gmail In Google launched Gmail a web based email service with a significantly higher storage offer than competitors Gmail grew to become the world s most popular email service with over a billion active users in February Gmail faces significant criticism over privacy due to its usage of machine scanning of email content a practice that Google says is necessary of web based email Main article Google Drive In April Google launched Google Drive a cloud storage service with GB free storage space and paid plans up to TB available Main article Google Docs Sheets and Slides Google Docs Sheets and Slides are a web based word processor spreadsheet and presentation program respectively that form the Google Docs suite Docs originated from a Silicon Valley startup that was acquired by Google in The suite was integrated into Google Drive when Drive launched in Main article Google Photos Google Photos is a photo sharing and storage service offering unlimited free storage for photos up to megapixels and p resolution Operating systems edit Main article Android operating system In reports surfaced that Google was planning the release of its own mobile phone possibly a competitor to Apple s iPhone The project called Android turned out not to be a phone but an operating system for mobile devices which Google acquired and then released as an open source project under the Apache license Google provides a software development kit for developers so applications can be created to be run on Android based phones In September T Mobile released the G the first Android based phone Google released the seventh major version of the Android operating system in August which featured the Google Daydream virtual reality platform Android is the world s most widely used operating system with over billion active users in September However Android s platform fragmentation millions of devices from hundreds of manufacturers who each design their own version of Android means that the operating system suffers significant issues with security vulnerabilities due to a lack of updates and support Google has also developed variations of Android for smartwatches Android Wear televisions Android TV cars Android Auto and Internet of things enabled smart devices Android Things Main article Chrome OS Following the launch of the Chrome browser in Google introduced Chrome OS in described as a new open source lightweight operating system based entirely around the browser and targeted at netbooks Software services edit Main article Google Chrome In September Google introduced the Google Chrome web browser in beta testing status The Chrome browser is the world s most widely used web browser across all platforms as of October Hardware platforms edit Main articles Google Nexus and Pixel smartphone In January Google released Nexus One the first Android phone under its own Nexus brand It spawned a number of phones and tablets under the Nexus branding which some referred to as high quality low cost devices The Nexus line was discontinued and replaced by a new brand called Pixel in Main article Chromebook In the Chromebook was introduced described as a new kind of computer running Chrome OS with the first Chromebooks coming from Samsung and Acer Main article Chromecast In July Google introduced the Chromecast dongle that allows users to stream YouTube and Netflix videos via smartphones Main article Google Cardboard A Google Cardboard headset a cheap and accessible standard for experimenting with virtual reality In June Google announced Google Cardboard a simple cardboard viewer that lets user place their smartphone in a special front compartment to view virtual reality VR media Internet services edit Main article Google Fiber In February Google announced the Google Fiber project with experimental plans to build an ultra high speed broadband network for to customers in one or more American cities In March Google announced that Kansas City Kansas would be the first community where the new network would be deployed Following Google s corporate restructure to make Alphabet Inc its parent company Google Fiber was moved to Alphabet s Access division Main article Project Fi In April Google announced Project Fi a mobile virtual network operator that combines Wi Fi and cellular networks from different telecommunication providers to enable seamless connectivity and fast Internet signal In September Google began expanding its Google Station initiative which was previously a project for public Wi Fi at railway stations in India Caesar Sengupta VP for Google s next billion users told The Verge that people get online for the first time thanks to Google Station and that million people use the service every month The expansion meant that Google was looking for partners around the world to further develop the initiative which promised high quality secure easily accessible Wi Fi Other products edit Google Translate is a server side machine translation service which can translate between different languages For some languages handwriting recognition or speech recognition can be used as input and translated text can be pronounced through speech synthesis The software uses corpus linguistics techniques where the program learns from professionally translated documents specifically UN and European Parliament proceedings Google launched its Google News service in an automated service which summarizes news articles from various websites In March Agence France Presse AFP sued Google for copyright infringement in federal court in the District of Columbia a case which Google settled for an undisclosed amount in a pact that included a license of the full text of AFP articles for use on Google News Lexus RX h retrofitted by Google for its driverless car fleet In August a mysterious code post on GitHub revealed that Google was developing a new operating system called Fuchsia Fuchsia uses Magenta kernel Google s modified version of Qualcomm s open sourced boot loader Little Kernel The Magenta kernel is built for modern phones and modern personal computers with fast processors non trivial amounts of ram with arbitrary peripherals doing open ended computation No official announcement was made but the code suggests Fuchsia is a universal OS capable of running on all types of devices everything from dash infotainment systems for cars to embedded devices like traffic lights and digital watches all the way up to smartphones tablets and PCs In May Google announced Google Wallet a mobile application for wireless payments In late June Google launched a social networking service called Google In Google launched Google Shopping Express a delivery service initially available only in San Francisco and Silicon Valley Google Alerts is a content change detection and notification service offered by the search engine company Google The service sends emails to the user when it finds new results—such as web pages newspaper articles or blogs—that match the user s search term In July Google released DeepDream an image recognition software capable of creating psychedelic images using a convolutional neural network Google introduced its Family Link service in March letting parents buy Android Nougat based Android devices for kids under years of age and create a Google account through the app with the parents controlling the apps installed monitor the time spent using the device and setting a Bedtime feature that remotely locks the device In April Google launched AutoDraw a web based tool using artificial intelligence and machine learning to recognize users drawings and replace scribbles with related stock images that have been created by professional artists The tool is built using the same technology as QuickDraw an experimental game from Google s Creative Lab where users were tasked with drawing objects that algorithms would recognize within seconds APIs edit Google APIs are a set of application programming interfaces APIs developed by Google which allow communication with Google Services and their integration to other services Examples of these include Search Gmail Translate or Google Maps Third party apps can use these APIs to take advantage of or extend the functionality of the existing services Other websites edit Google Developers is Google s site for software development tools APIs and technical resources The site contains documentation on using Google developer tools and APIs—including discussion groups and blogs for developers using Google s developer products Google Labs was a page created by Google to demonstrate and test new projects Google owns the top level domain e net which is used for some servers within Google s network The name is a reference to the scientific E notation representation for googol E × In March Google launched a new website opensource google com to publish its internal documentation for Google Open Source projects Corporate affairs and culture edit Eric Schmidt Eric Schmidt Sergey Brin and Larry Page sitting together Then CEO now Chairman of Google Eric Schmidt with cofounders Sergey Brin and Larry Page left to right in colleges with the most alumni at Google png On Fortune magazine s list of the best companies to work for Google ranked first in and and fourth in and Google was also nominated in to be the world s most attractive employer to graduating students in the Universum Communications talent attraction index Google s corporate philosophy includes principles such as you can make money without doing evil you can be serious without a suit and work should be challenging and the challenge should be fun Employees edit As of the second quarter in Google has employees A March report detailed that it had developers based in more than offices After the company s IPO in founders Sergey Brin and Larry Page and CEO Eric Schmidt requested that their base salary be cut to Subsequent offers by the company to increase their salaries were turned down primarily because their main compensation continues to come from owning stock in Google Before Schmidt made per year and Page and Brin each received an annual salary of In and early several top executives left Google In October former chief financial officer of YouTube Gideon Yu joined Facebook along with Benjamin Ling a high ranking engineer In March Sheryl Sandberg then vice president of global online sales and operations began her position as chief operating officer of Facebook At the same time Ash ElDifrawi formerly head of brand advertising left to become chief marketing officer of Netshops On April Larry Page became CEO and Eric Schmidt became Executive Chairman of Google In July Google s first female employee Marissa Mayer left Google to become Yahoo s CEO Asian man in his twenties wearing a blue green yellow and red propeller hat that says Noogle New employees are called Nooglers and are given a propeller beanie cap to wear on their first Friday As a motivation technique Google uses a policy often called Innovation Time Off where Google engineers are encouraged to spend of their work time on projects that interest them Some of Google s newer services such as Gmail Google News Orkut and AdSense originated from these independent endeavors In a talk at Stanford University Marissa Mayer Google s Vice President of Search Products and User Experience until July showed that half of all new product launches in the second half of had originated from the Innovation Time Off Office locations and headquarters edit Google Mountain View campus garden Bicycles painted in the corporate color scheme are available for free use by any employee travelling around the Googleplex Mountain View Main article Googleplex Google s headquarters in Mountain View California is referred to as the Googleplex a play on words on the number googolplex and the headquarters itself being a complex of buildings The lobby is decorated with a piano lava lamps old server clusters and a projection of search queries on the wall The hallways are full of exercise balls and bicycles Many employees have access to the corporate recreation center Recreational amenities are scattered throughout the campus and include a workout room with weights and rowing machines locker rooms washers and dryers a massage room assorted video games table football a baby grand piano a billiard table and ping pong In addition to the recreation room there are snack rooms stocked with various foods and drinks with special emphasis placed on nutrition Free food is available to employees with the offerings provided by paid vending machines prorated based on and favoring those of better nutritional value Google s extensive amenities are not available to all of its workers Temporary workers such as book scanners do not have access to shuttles Google cafes or other perks New York City In Google moved into square feet m of office space in New York City at Eighth Avenue in Manhattan The office was specially designed and built for Google and houses its largest advertising sales team which has been instrumental in securing large partnerships The New York headquarters is similar in design and functionality to its Mountain View headquarters and includes a game room micro kitchens and a video game area As of February a significant engineering team is based in New York City Other U S cities By late Google established a new headquarters for its AdWords division in Ann Arbor Michigan In November Google opened offices on Carnegie Mellon s campus in Pittsburgh focusing on shopping related advertisement coding and smartphone applications and programs Other office locations in the U S include Atlanta Georgia Austin Texas Boulder Colorado Cambridge Massachusetts San Francisco California Seattle Washington Reston Virginia and Washington D C Google s NYC office building Google s NYC office building houses its largest advertising sales team In October the company announced plans to install thousands of solar panels to provide up to megawatts of electricity enough to satisfy approximately of the campus energy needs The system will be the largest solar power system constructed on a U S corporate campus and one of the largest on any corporate site in the world In addition Google announced in that it was deploying herds of goats to keep grassland around the Googleplex short helping to prevent the threat from seasonal bush fires while also reducing the carbon footprint of mowing the extensive grounds The idea of trimming lawns using goats originated from Bob Widlar an engineer who worked for National Semiconductor In Google faced accusations in Harper s Magazine of being an energy glutton The company was accused of employing its Don t be evil motto and its public energy saving campaigns to cover up or make up for the massive amounts of energy its servers require On May Google announced the setting up of its largest campus outside the United States in Hyderabad India The proposed campus can accommodate employees International locations Internationally Google has over offices outside the US the majority of which are local corporate offices and data centers Google also has regional business and sales headquarters including in Dublin for Europe and Singapore for Asia Pacific Google also has product research and development operations in cities around the world namely Sydney main development location of Google Maps and London part of Android development as well as numerous others including Zurich Munich Tokyo Tel Aviv and Hyderabad Doodles edit Main article Google Doodle The first ever Google Doodle celebrating Burning Man which was used on August Since Google has been designing special temporary alternate logos to place on their homepage intended to celebrate holidays events achievements and people The first Google Doodle was in honor of the Burning Man Festival of The doodle was designed by Larry Page and Sergey Brin to notify users of their absence in case the servers crashed Subsequent Google Doodles were designed by an outside contractor until Larry and Sergey asked then intern Dennis Hwang to design a logo for Bastille Day in From that point onward Doodles have been organized and created by a team of employees termed Doodlers Easter eggs and April Fools Day jokes edit Main articles List of Google April Fools Day jokes and List of Google Easter eggs Google has a tradition of creating April Fools Day jokes On April Google MentalPlex allegedly featured the use of mental power to search the web In Google announced a free Internet service called TiSP or Toilet Internet Service Provider where one obtained a connection by flushing one end of a fiber optic cable down their toilet Also in Google s Gmail page displayed an announcement for Gmail Paper allowing users to have email messages printed and shipped to them In Google announced Gmail Custom time where users could change the time that the email was sent In Google changed its company name to Topeka in honor of Topeka Kansas whose mayor changed the city s name to Google for a short amount of time in an attempt to sway Google s decision in its new Google Fiber Project In Google announced Gmail Motion an interactive way of controlling Gmail and the computer with body movements via the user s webcam Google s services contain easter eggs such as the Swedish Chef s Bork bork bork Pig Latin Hacker or leetspeak Elmer Fudd Pirate and Klingon as language selections for its search engine The search engine calculator provides the Answer to the Ultimate Question of Life the Universe and Everything from Douglas Adams The Hitchhiker s Guide to the Galaxy When searching the word recursion the spell checker s result for the properly spelled word is exactly the same word creating a recursive link When searching for the word anagram meaning a rearrangement of letters from one word to form other valid words Google s suggestion feature displays Did you mean nag a ram In Google Maps searching for directions between places separated by large bodies of water such as Los Angeles and Tokyo results in instructions to kayak across the Pacific Ocean During FIFA World Cup search queries including World Cup and FIFA caused the Goooo gle page indicator at the bottom of every result page to read Goooo al instead Philanthropy edit Main article Google org In Google formed the not for profit philanthropic Google org with a start up fund of billion The mission of the organization is to create awareness about climate change global public health and global poverty One of its first projects was to develop a viable plug in hybrid electric vehicle that can attain miles per gallon Google hired Larry Brilliant as the program s executive director in and the current director is Megan Smith In Google announced its project which accepted ideas for how to help the community and then allowed Google users to vote on their favorites After two years of silence during which many wondered what had happened to the program Google revealed the winners of the project giving a total of ten million dollars to various ideas ranging from non profit organizations that promote education to a website that intends to make all legal documents public and online In Google donated million euros to International Mathematical Olympiad to support the next five annual International Mathematical Olympiads – On July Google launched a Legalize Love campaign in support of gay rights Tax avoidance edit Google uses various tax avoidance strategies Out of the five largest American technology companies it pays the lowest taxes to the countries of origin of its revenues The company accomplishes this partly by licensing technology through shell subsidiaries in tax havens such as Ireland Bermuda the Bahamas and the Netherlands This has reportedly sparked a French investigation into Google s transfer pricing practices Following criticism of the amount of corporate taxes that Google paid in the United Kingdom Chairman Eric Schmidt said It s called capitalism We are proudly capitalistic During the same December interview Schmidt confirmed that the company had no intention of paying more to the UK exchequer In Schmidt responded to questions about taxes paid in the UK by pointing to the advertising fees Google charged UK companies as a source of economic growth Google Vice President Matt Brittin testified to the Public Accounts Committee of the UK House of Commons that his UK sales team made no sales and hence owed no sales taxes to the UK In January Google reached a settlement with the UK to pay £ m in back taxes plus higher taxes in future Environment edit Since Google has aimed for carbon neutrality in regard to its operations Google disclosed in September that it continuously uses enough electricity to power homes almost million watts or about a quarter of the output of a nuclear power plant Total carbon emissions for were just under million metric tons most due to fossil fuels that provide electricity for the data centers Google said that percent of its energy was supplied by renewable fuels in An average search uses only watt hours of electricity so all global searches are only million watts or of the total electricity consumption by Google In Google launched a project centered on developing renewable energy titled the Renewable Energy Cheaper than Coal RE
Google Translate From Wikipedia the free encyclopedia Google Translate Google Translate Icon png Screenshot show Type of site Machine translation Available in languages see below Owner Google Website translate google com Commercial Yes Registration Optional Users Over million people daily Launched April years ago as statistical machine translation November months ago as neural machine translation Current status Active Google Translate is a free multilingual machine translation service developed by Google to translate text speech images sites or real time video from one language into another It offers a web interface mobile apps for Android and iOS and an API that helps developers build browser extensions and software applications Google Translate supports over languages at various levels and as of May serves over million people daily In November Google announced that Google Translate would switch to a neural machine translation engine Google Neural Machine Translation GNMT which translates whole sentences at a time rather than just piece by piece It uses this broader context to help it figure out the most relevant translation which it then rearranges and adjusts to be more like a human speaking with proper grammar Originally only enabled for a few languages in GNMT is gradually being used for more languages Contents hide Features Browser integration Mobile apps API Supported languages Languages in development Method of translation Google Neural Machine Translation Limitations Open source licenses and components Reviews Translation mistakes and oddities Translate Community See also References External links Features edit Google Translate can translate multiple forms of text and media including text speech images sites or real time video from one language to another It supports over languages at various levels and as of May serves over million people daily For some languages Google Translate can pronounce translated text highlight corresponding words and phrases in the source and target text and act as a simple dictionary for single word input If Detect language is selected text in an unknown language can be automatically identified If a user enters a URL in the source text Google Translate will produce a hyperlink to a machine translation of the website For some languages text can be entered via an on screen keyboard handwriting recognition or speech recognition Browser integration edit Google Translate is available in some browsers as an extension which can run the translation engine A number of Firefox extensions exist for Google services and likewise for Google Translate which allow right click command access to the translation service An extension for Google s Chrome browser also exists in February Google Translate was integrated into the Chrome browser by default for optional automatic webpage translation Mobile apps edit iOS app of Google Translate showing a Filipino translation of Good The Google Translate app for Android and iOS supports more than languages and can translate languages via photo via voice in conversation mode and via real time video in augmented reality mode The Android app was released in January while an HTML web application was released for iOS users in August followed by a native app on February An early version supported Conversation Mode when translating between English and Spanish in alpha testing This interface within Google Translate allows users to communicate fluidly with a nearby person in another language In October it was expanded to languages The Camera input functionality allows users to take a photograph of a document signboard etc Google Translate recognises the text from the image using optical character recognition OCR technology and gives the translation Camera input is not available for all languages In January the application gained the ability to translate text in real time using the device s camera as a result of Google s acquisition of the Word Lens app The speed and quality of real time video translation augmented reality feature were further enhanced in July with the release of a new implementation that utilizes convolutional neural networks API edit In May Google announced that the Google Translate API for software developers had been deprecated and would cease functioning The Translate API page stated the reason as substantial economic burden caused by extensive abuse with an end date set for December In response to public pressure Google announced in June that the API would continue to be available as a paid service Because the API was used in numerous third party websites and apps the original decision to deprecate it led some developers to criticize Google and question the viability of using Google APIs in their products Supported languages edit The following languages are supported in Google Translate Afrikaans Albanian Amharic Arabic Armenian Azerbaijani Basque Belarusian Bengali Bosnian Bulgarian Catalan Cebuano Chichewa Chinese Simplified and Traditional Corsican Croatian Czech Danish Dutch English Esperanto Estonian Filipino Finnish French Frisian Galician Georgian German Greek Gujarati Haitian Creole Hausa Hawaiian Hebrew Hindi Hmong Hungarian Icelandic Igbo Indonesian Irish Italian Japanese Javanese Kannada Kazakh Khmer Korean Kurdish Kurmanji Kyrgyz Lao Latin Latvian Lithuanian Luxembourgish Macedonian Malagasy Malay Malayalam Maltese Maori Marathi Mongolian Myanmar Burmese Nepali Norwegian Pashto Persian Polish Portuguese Punjabi Romanian Russian Samoan Scots Gaelic Serbian Sesotho Shona Sindhi Sinhala Slovak Slovenian Somali Spanish Sundanese Swahili Swedish Tajik Tamil Telugu Thai Turkish Ukrainian Urdu Uzbek Vietnamese Welsh Xhosa Yiddish Yoruba Zulu Languages in development edit These languages are not yet supported by Google Translate but are available in the Translate Community Assamese Cantonese Cherokee Dzongkha Guarani Kinyarwanda Kurdish Sorani Oriya Romansh Tatar Tibetan Turkmen Uighur Wolof Method of translation edit In April Google Translate launched with a statistical machine translation engine Google Translate does not apply grammatical rules since its algorithms are based on statistical analysis rather than traditional rule based analysis The system s original creator Franz Josef Och has criticized the effectiveness of rule based algorithms in favor of statistical approaches It is based on a method called statistical machine translation and more specifically on research by Och who won the DARPA contest for speed machine translation in Och was the head of Google s machine translation group until leaving to join Human Longevity Inc in July According to Och a solid base for developing a usable statistical machine translation system for a new pair of languages from scratch would consist of a bilingual text corpus or parallel collection of more than million words and two monolingual corpora each of more than a billion words Statistical models from these data are then used to translate between those languages To acquire this huge amount of linguistic data Google used United Nations documents The UN typically publishes documents in all six official UN languages which has produced a very large language corpus Google Translate does not translate from one language to another L ? L Instead it often translates first to English and then to the target language L ? EN ? L When Google Translate generates a translation it looks for patterns in hundreds of millions of documents to help decide on the best translation By detecting patterns in documents that have already been translated by human translators Google Translate makes intelligent guesses as to what an appropriate translation should be Before October for languages other than Arabic Chinese and Russian Google Translate was based on SYSTRAN a software engine which is still used by several other online translation services such as Babel Fish now defunct Since October Google Translate has used proprietary in house technology based on statistical machine translation instead Google Neural Machine Translation edit In September a research team at Google announced the development of the Google Neural Machine Translation system GNMT to increase fluency and accuracy in Google Translate and in November announced that Google Translate would switch to GNMT Google Translate s new neural machine translation system uses a large end to end artificial neural network capable of deep learning GNMT improves the quality of translation because it uses an example based EBMT machine translation method in which the system learns from millions of examples It translates whole sentences at a time rather than just piece by piece It uses this broader context to help it figure out the most relevant translation which it then rearranges and adjusts to be more like a human speaking with proper grammar GNMT s proposed architecture of system learning was first tested on over a hundred languages supported by Google Translate With the end to end framework the system learns over time to create better more natural translations The GNMT network is capable of interlingual machine translation which encodes the semantics of the sentence rather than simply memorizing phrase to phrase translations and the system did not invent its own universal language but uses the commonality found inbetween many languages GNMT was first enabled for eight languages to and from English and Chinese French German Japanese Korean Portuguese Spanish and Turkish In March it was enabled for Hindi Russian and Vietnamese languages followed by Indonesian Bengali Gujarati Kannada Malayalam Marathi Punjabi Tamil and Telugu languages in April GNMT is an improvement on Google Translate in that it is capable of translating directly from one language to another L ? L instead often first translating to English for example and then to the target language L ? EN ? L The GNMT system is capable of Zero Shot Translation translating between a language pair for example Japanese to Korean which the system has never explicitly seen before Previously Google Translate translated to English and then to the target language L ? EN ? L not directly from one language to another L ? L Limitations edit Some languages produce better results than others Google Translate performs well especially when English is the target language and the source language is from the European Union due to the prominence of translated EU parliament notes A analysis indicated that French to English translation is relatively accurate However if the source text is shorter rule based machine translations often perform better this effect is particularly evident in Chinese to English translations While edits of translations may be submitted in Chinese specifically one is not able to edit sentences as a whole Instead one must edit sometimes arbitrary sets of characters leading to incorrect edits Texts written in the Greek Devanagari Cyrillic and Arabic scripts can be transliterated automatically from phonetic equivalents written in the Latin alphabet The browser version of Google Translate provides the read phonetically option for Japanese to English conversion The same option is not available on the paid API version Accent of English that the text to speech audio of Google Translate of each country uses British English female American English female Oceania accent female No Google translate service Many of the more popular languages have a text to speech audio function that is able to read back a text in that language up to a few dozen words or so In the case of pluricentric languages the accent depends on the region for English in the Americas most of the Asia Pacific and West Asia the audio uses a female General American accent whereas in Europe Hong Kong Malaysia Singapore Guyana and all other parts of the world a female British English accent is used except for a special Oceania accent used in Australia New Zealand and Norfolk Island for Spanish in the Americas a Latin American Spanish accent is used while in the other parts of the world a Castilian Spanish accent is used Portuguese uses a São Paulo accent in the world except for Portugal where their native accent is used Some less widely spoken languages use the open source eSpeak synthesizer for their speech citation needed Open source licenses and components edit Language WordNet License Albanian Albanet CC BY GPL Arabic Arabic Wordnet CC BY SA Catalan Multilingual Central Repository CC BY Chinese Chinese Wordnet Wordnet Danish Dannet Wordnet English Princeton Wordnet Wordnet Finnish FinnWordnet Wordnet French WOLF WOrdnet Libre du Français CeCILL C Galician Multilingual Central Repository CC BY Hebrew Hebrew Wordnet Wordnet Hindi IIT Bombay Wordnet Indo Wordnet Indonesian Wordnet Bahasa MIT Italian MultiWordnet CC BY Japanese Japanese Wordnet Wordnet Javanese Javanese Wordnet Wordnet Malay Wordnet Bahasa MIT Norwegian Norwegian Wordnet Wordnet Persian Persian Wordnet Free to Use Polish plWordnet Wordnet Portuguese OpenWN PT CC BY SA Spanish Multilingual Central Repository CC BY Thai Thai Wordnet Wordnet Nepali Nepali Wordnet Wordnet Reviews edit Shortly after launching the translation service Google won an international competition for English–Arabic and English–Chinese machine translation Translation mistakes and oddities edit Since Google Translate uses statistical matching to translate translated text can often include apparently nonsensical and obvious errors sometimes swapping common terms for similar but nonequivalent common terms in the other language or inverting sentence meaning Novelty websites like Bad Translator and Translation Party have utilized the service to produce humorous text by translating back and forth between multiple languages similar to the children s game Chinese whispers If the app tries to translate Monty Python s The Funniest Joke in the World into English the service returns the message FATAL ERROR Translate Community edit Translate Community is a platform intended to improve the Google Translate service Volunteers can select up to five languages to help improve translation users can verify translated phrases and translate phrases in their languages to and from English helping to improve the accuracy of translating more rare and complex phrases In August the Google Crowdsource app was released which also offered translation tasks See also edit Apertium Babel Fish discontinued redirects to main Yahoo site Comparison of machine translation applications Google Dictionary discontinued Google Text to Speech Google Translator Toolkit Jollo discontinued List of Google products Microsoft Translator Omniscien Technologies SYSTRAN Word Lens discontinued merged into Google Translate app Yandex Translate References edit ^ Jump up to a b Orch Franz April Statistical machine translation live Google Research Blog Google Retrieved December ^ Jump up to a b c d e f Turovsky Barak November Found in translation More accurate fluent sentences in Google Translate The Keyword Google Blog Google Retrieved March ^ Jump up to a b c Languages Google Translate Google Retrieved October ^ Jump up to a b Shankland Stephen May Google Translate now serves million people daily CNET CBS Interactive Retrieved December Jump up ^ About Google Translate Google Retrieved December Jump up ^ Google Translate Help Google Translate Help Google Retrieved December Jump up ^ Translate written words Google Translate Help Google Retrieved December Jump up ^ Translate text messages webpages or documents Google Translate Help Google Retrieved December Jump up ^ Translate with handwriting or virtual keyboard Google Translate Help Google Retrieved December Jump up ^ Translate by speech Google Translate Help Google Retrieved December Jump up ^ Search Add ons Add ons for Firefox Mozilla Retrieved August Jump up ^ Google Translate Chrome Web Store Google Retrieved December Jump up ^ Brinkmann Martin February Google Translate Integrated In Google Chrome Ghacks net Retrieved December Jump up ^ Setalvad Ariha July Google Translate adds new languages to video text translation The Verge Vox Media Retrieved March Jump up ^ Hutchison Allen August Google Translate now for iPhone Google Mobile Blog Google Retrieved March Jump up ^ Zhu Wenzhang February Introducing the Google Translate app for iPhone Official Google Blog Google Retrieved March Jump up ^ Ryan Kim October Google Translate conversation mode expands to languages GigaOM Jump up ^ Turovsky Barak January Hallo hola olá to the new more powerful Google Translate app Official Google Blog Google Retrieved March Jump up ^ Turovsky Barak July See the world in your language with Google Translate Official Google Blog Google Retrieved March Jump up ^ Good Otavio July How Google Translate squeezes deep learning onto a phone Google Research Blog Google Retrieved March Jump up ^ Feldman Adam May Spring cleaning for some of our APIs Official Google Code Blog Google Archived from the original on May Retrieved December Jump up ^ Google Translate API Deprecated Google Code Google Archived from the original on August Retrieved December Jump up ^ Feldman Adam June Spring cleaning for some of our APIs Official Google Code Blog Google Retrieved December Jump up ^ Burnette Ed May Google pulls the rug out from under web service API developers nixes Google Translate and others ZDNet CBS Interactive Retrieved December Jump up ^ Wong George May Google gets rid of APIs for Translate and other services UberGizmo Retrieved December Jump up ^ See which features work with each language Google Retrieved January Jump up ^ Translate Community Help us improve Google Translate ^ Jump up to a b Och Franz September Statistical Machine Translation Foundations and Recent Advances PDF Google Retrieved December Jump up ^ Franz Och Ph D Expert in Machine Learning and Machine Translation Joins Human Longevity Inc as Chief Data Scientist Press release La Jolla CA Human Longevity Inc July Retrieved January Jump up ^ Google seeks world of instant translations ABC News Retrieved November Jump up ^ Boitet Christian Blanchon Hervé Seligman Mark Bellynck Valérie MT on and for the Web PDF Retrieved December Jump up ^ Inside Google Translate Google Archived from the original on August Retrieved December Jump up ^ Chitu Alex October Google Switches to Its Own Translation System Unofficial Google Blog Retrieved March Jump up ^ Schwartz Barry October Google Translate Drops Systran For Home Brewed Translation Search Engine Land Retrieved March ^ Jump up to a b Le Quoc Schuster Mike September A Neural Network for Machine Translation at Production Scale Google Research Blog Google Retrieved December ^ Jump up to a b c d e Schuster Mike Johnson Melvin Thorat Nikhil November Zero Shot Translation with Google s Multilingual Neural Machine Translation System Google Research Blog Google Retrieved March ^ Jump up to a b c Boitet Christian Blanchon Hervé Seligman Mark Bellynck Valérie MT on and for the Web PDF Retrieved December Jump up ^ McDonald Chris January Ok slow down Medium Retrieved March Jump up ^ Davenport Corbin March Google Translate now uses neural machine translation for some languages Android Police Retrieved April Jump up ^ Hager Ryne April Google adds Indonesian and eight new Indian languages to its neural machine translation Android Police Retrieved April ^ Jump up to a b Ethan Shen Comparison of online machine translation tools archived from the original on February retrieved December Jump up ^ Inside Google Translate Google Archived from the original on January Retrieved December Jump up ^ Nielsen Michael Reinventing discovery the new era of networked science Princeton NJ Princeton University Press p ISBN Jump up ^ Gomes Lee July Google Translate Tangles With Computer Learning Forbes Retrieved March Jump up ^ Weinberg Nathan September Google Translates Ivan the Terrible as Abraham Lincoln Blog News Channel Archived from the original on September Retrieved March Jump up ^ Kincaid Jason August Translation Party Tapping Into Google Translate s Untold Creative Genius TechCrunch AOL Retrieved March Jump up ^ Freeze Christopher JokeWarfare Instagram Retrieved April Jump up ^ Translate Community FAQ Google Jump up ^ Whitwam Ryan August New Google Crowdsource app asks you to help with translation and text transcription a few seconds at a time Android Police Retrieved March External links edit Official website Translate Community Eric Schmidt From Wikipedia the free encyclopedia For other uses see Eric Schmidt disambiguation Eric Schmidt Eric Schmidt at the th G Summit in Deauville jpg Schmidt at the G Summit Born Eric Emerson Schmidt April age Falls Church Virginia United States Residence Atherton California U S Alma mater Princeton University University of California Berkeley Occupation Executive Chairman Years active –present Employer Alphabet Inc Salary US million base salary US million aggregate including bonuses stock options Net worth Decrease US billion June Title Executive Chairman of Alphabet Inc Political party Democratic Spouse s Wendy Boyle m Children daughters Sophie and Alison Parent s Eleanor and Wilson Schmidt Website Google com — Eric Schmidt Eric Emerson Schmidt born April is an American software engineer a businessman and the Executive Chairman of Alphabet Inc In Forbes ranked Schmidt as the th richest person in the world with an estimated wealth of US billion As an intern at Bell Labs Schmidt did a complete re write of Lex a software program to generate lexical analysers for the UNIX computer operating system From to he was Chief Executive Officer CEO of Novell From to Schmidt served as the CEO of Google He has served on various other boards in academia and industry including the Boards of Trustees for Carnegie Mellon University Pennsylvania and Princeton University New Jersey Contents hide Early life Career Early career Sun Microsystems Novell Google Role in illegal non recruiting agreements Apple Other ventures Political contributions Philanthropy Schmidt Family Foundation Schmidt Transformative Technology Fund Public positions Tax avoidance Privacy Network neutrality Influence of Internet usage in North Korea Advocating open Internet use in Burma Authored Books and Publications The New Digital Age How Google Works Schmidts Law Other work Art collection Bilderberg Group Schmidt Ocean Institute Berggruen Institute Acting Personal life See also References External links Early life edit Eric Emerson Schmidt was born in Falls Church Virginia and grew up in Falls Church and Blacksburg Virginia He was one of three sons of Eleanor who had a master s degree in psychology and Wilson Emerson Schmidt a professor of international economics at Virginia Tech and Johns Hopkins University who worked at the U S Treasury Department during the Nixon Administration Schmidt graduated from Yorktown High School in the Yorktown neighborhood of Arlington County Virginia in after earning eight varsity letter awards in long distance running He then attended Princeton University where he started as an architecture major but then switched and earned a B S degree in electrical engineering in From to Schmidt stayed at the International House Berkeley where he met his future wife Wendy Boyle In at the University of California Berkeley Schmidt then earned an M S degree for designing and implementing a network Berknet linking the campus computer center with the CS and EECS departments There he also earned a Ph D degree in in EECS with a dissertation about the problems of managing distributed software development and tools for solving these problems Career edit Early career edit Early in his career Schmidt held a series of technical positions with IT companies including Byzromotti Design Bell Labs in research and development Zilog and Xerox s Palo Alto Research Center PARC During his summers at Bell Labs he and Mike Lesk wrote Lex a program that generates lexical analyzers from regular expression descriptions It is an important tool for compiler construction Sun Microsystems edit In Schmidt joined Sun Microsystems as its first software manager He rose to become director of software engineering vice president and general manager of the software products division vice president of the general systems group and president of Sun Technology Enterprises During his time at Sun he was the target of two notable April Fool s Day pranks In the first his office was taken apart and rebuilt on a platform in the middle of a pond complete with a working phone The next year a working Volkswagen Beetle was taken apart and re assembled in his office Novell edit In April Schmidt became the CEO and chairman of the board of Novell He presided over a period of decline at Novell where its IPX protocol was being replaced by open TCP IP products while at the same time Microsoft was shipping free TCP IP stacks in Windows making Novell much less profitable In he departed after the acquisition of Cambridge Technology Partners Google edit Google founders Larry Page and Sergey Brin interviewed Schmidt Impressed by him they recruited Schmidt to run their company in under the guidance of venture capitalists John Doerr and Michael Moritz In March Schmidt joined Google s board of directors as chairman and became the company s CEO in August At Google Schmidt shared responsibility for Google s daily operations with founders Page and Brin Prior to the Google initial public offering Schmidt had responsibilities typically assigned to the CEO of a public company and focused on the management of the vice presidents and the sales organization According to Google Schmidt s job responsibilities included building the corporate infrastructure needed to maintain Google s rapid growth as a company and on ensuring that quality remains high while the product development cycle times are kept to a minimum Schmidt as Executive Chairman of Google speaking with Nik Gowing Upon being hired at Google Eric Schmidt was paid a salary of and an annual performance bonus He was granted shares of Class B common stock at per share and shares of Series C preferred stock at purchase price of In Schmidt and the Google founders agreed to a base salary of US which continued through with other compensation of in in and in He did not receive any additional stock or options in or Most of his compensation was for personal security and charters of private aircraft In PC World ranked Schmidt as the first on its list of the most important people on the Web along with Google co founders Page and Brin Schmidt is one of a few people who who became billionaires in United States dollars based on stock options received as employees in corporations of which they were neither the founders nor relatives of the founders not in citation given In its World s Billionaires list Forbes ranked Schmidt as the th richest person in the world with an estimated wealth of billion Google gave him a million equity award in when he stepped down as CEO On January Google announced that Schmidt would step down as the CEO of Google but continue as the executive chairman of the company and act as an adviser to co founders Page and Brin On April Page replaced Schmidt as the CEO Role in illegal non recruiting agreements edit While working at Google Schmidt was involved in activities that later became the subject of the High Tech Employee Antitrust Litigation case that resulted in a settlement of million paid by Adobe Apple Google and Intel to employees In one incident after receiving a complaint from Steve Jobs of Apple Schmidt sent an email to Google s HR people saying I believe we have a policy of no recruiting from Apple and this is a direct inbound request Can you get this stopped and let me know why this is happening I will need to send a response back to Apple quickly so please let me know as soon as you can Thanks Eric Schmidt s email led to a recruiter for Google being terminated within the hour for not having adhered to the illegal scheme Under Schmidt there was a Do Not Call list of companies Google would avoid recruiting from According to a court filing another email exchange shows Google s human resources director asking Schmidt about sharing its no cold call agreements with competitors Schmidt responded that he preferred it be shared verbally since I don t want to create a paper trail over which we can be sued later Apple edit On August Schmidt was elected to Apple Inc s board of directors On August it was announced that Schmidt would resign from the board of directors at Apple due to conflicts of interest amid the growing competition between Google and Apple Other ventures edit Schmidt sat on the boards of trustees for both Carnegie Mellon University and Princeton University He taught at Stanford Graduate School of Business in the s Schmidt serves on the boards of the Institute for Advanced Study in Princeton the Khan Academy and The Economist New America is a non profit public policy institute and think tank founded in Schmidt succeeded founding chairman James Fallows in Founded in by Schmidt and Dror Berman Innovation Endeavors is an early stage venture capital The fund based in Palo Alto California invested companies such as Mashape Uber company Quixey Gogobot BillGuard and Formlabs Eric Schmidt and Ash Carter meet about Innovation Advisory Board for the DoD Political contributions edit Schmidt was an informal advisor and major donor to Barack Obama s presidential campaign and began campaigning the week of October on behalf of the candidate He was mentioned as a possible candidate for the Chief Technology Officer position which Obama created in his administration and Obama considered him for Commerce Secretary After Obama won in Schmidt became a member of President Obama s transition advisory board and has since become a member of the United States President s Council of Advisors on Science and Technology PCAST Schmidt has served on Google s government relations team Schmidt has proposed that the easiest way to solve all of the domestic problems of the United States at once is by a stimulus program that rewards renewable energy and over time attempts to replace fossil fuels with renewable energy Ash Carter appointed Schmidt as chairman of the DoD Innovation Advisory Board announced March It will be modeled like the Defense Business Board and will facilitate the Pentagon at becoming more innovative and adaptive Schmidt is an investor in The Groundwork a start up company associated with Hillary Clinton s presidential campaign For example it charged the campaign in the second quarter of By May the campaign had spent on it Schmidt is an investor in Timshel another start up company associated with Hillary Clinton s presidential campaign Timshel is the parent company of The Groundwork Philanthropy edit Schmidt Family Foundation edit The Schmidt Family Foundation was established in by Wendy Schmidt and Eric Schmidt to address issues of sustainability and the responsible use of natural resources Schmidt and his wife established the Eric Wendy Schmidt Data Science for Social Good Fellowship a University of Chicago summer school program for aspiring data scientists The Schmidt Family Foundation s subsidiaries include ReMain Nantucket and the Marine Science and Technology Foundation its main charitable program is the th Hour Project The Foundation has also awarded grants to the Natural Resources Defense Council and the Energy Foundation The Foundation is the main funder of the Schmidt Ocean Institute supporting the acquisition and operation of its research vessels The Schmidts working with Heart Howerton a San Francisco architectural firm that specializes in large scale land use have inaugurated several projects on the island of Nantucket that seek to sustain the unique character of the island and to minimize the impact of seasonal visitation on the island s core community Ms Schmidt offered the prize purse of the Wendy Schmidt Oil Cleanup X CHALLENGE a challenge award for the efficient capturing of crude oil from seawater motivated by the Deepwater Horizon oil spill Schmidt Transformative Technology Fund edit In Eric and Wendy Schmidt endowed the Schmidt Transformative Technology Fund at Princeton University with million The Fund s purpose is to support cutting edge research and technology in the natural sciences and engineering encouraging collaboration across disciplines It awarded million in grants in and million in grants in Public positions edit Tax avoidance edit Schmidt has claimed that Google s use of artificial distinctions to avoid paying billions of pounds in Corporation tax owed by its UK operations is capitalism and that he was very proud of it On May Margaret Hodge MP the chair of the United Kingdom Public Accounts Committee accused Google of being calculated and unethical over its use of artificial distinctions to avoid paying billions of pounds in Corporation tax owed by its UK operations Google was accused by the committee which represents the interests of all UK taxpayers of being evil for not paying its fair amount of tax In the UK Government introduced a new law intended to penalise Google and other large multinational corporations artificial tax avoidance Google is accused of avoiding paying tens of billions of dollars of tax through a convoluted scheme of inter company licensing agreements and transfers to tax havens Schmidt was also criticised for his inaccurate use of the term capitalism to describe billions of dollars being transferred into tax havens where no economic activity was actually taking place Schmidt with Google founders Privacy edit Publicly Schmidt stated that as paraphrased by CNN Money there has to be a trade off between privacy concerns and functionality His explanations referenced Don t Be Evil During an interview aired on December on the CNBC documentary Inside the Mind of Google Schmidt was asked People are treating Google like their most trusted friend Should they be He replied I think judgment matters If you have something that you don t want anyone to know maybe you shouldn t be doing it in the first place But if you really need that kind of privacy the reality is that search engines including Google do retain this information for some time And it s important for example that we are all subject in the United States to the Patriot Act It is possible that information could be made available to the authorities At the Techonomy conference on August Schmidt expressed that technology is good And he said that the only way to manage the challenges is much greater transparency and no anonymity Schmidt also stated that in an era of asymmetric threats true anonymity is too dangerous However at the Hay Festival Schmidt expressed concern that sharing of personal information was too rampant and could have a negative effect particularly on teenagers stating that we have never had a generation with a full photographic digital record of what they did declaring that We have a point at which we Google forget information we know about you because it is the right thing to do There are situations in life that it s better that they don t exist In Schmidt stated that the government surveillance in the United States was the nature of our society and that he was not going to pass judgment on that However on the revelation that the NSA has been secretly spying on Google s data centers worldwide he called the practice outrageous and criticized the NSA s collection of Americans phone records In Google blacklisted CNET reporters from talking to Google employees for one year until July after CNET published personal information on Schmidt including his political donations hobbies salary and neighborhood that had been obtained through Google searches Network neutrality edit In August Schmidt clarified his company s views on network neutrality I want to be clear what we mean by Net neutrality What we mean is if you have one data type like video you don t discriminate against one person s video in favor of another But it s okay to discriminate across different types So you could prioritize voice over video And there is general agreement with Verizon and Google on that issue Influence of Internet usage in North Korea edit In January Schmidt and Jared Cohen director of Google Ideas visited North Korea along with former New Mexico governor Bill Richardson The trip was highly publicized and controversial due to the ongoing tension between North Korea and the United States Tumblr a Yahoo owned social blogging site featured a page titled Eric Schmidt looking at things and included photographs of Schmidt looking intently at computer screens and other scenes in North Korea On August North Korea announced an indigenous smartphone named Arirang that may be using the Google Android operating system Advocating open Internet use in Burma edit In March Schmidt visited Burma which had been ruled by a military junta for decades and is transitioning to a democracy During his visit Schmidt spoke in favor of free and open Internet use in the country and was scheduled to meet with the country s president Authored Books and Publications edit The New Digital Age edit In Schmidt and Jared Cohen director of the Google Ideas think tank published The New Digital Age Reshaping the Future of People Nations and Business which discusses the geopolitical implications of increasingly widespread Internet use and access to information The book was inspired by an essay in Foreign Affairs magazine the two co wrote in He also wrote the preface to The Startup Game Inside the Partnership between Venture Capitalists and Entrepreneurs by William H Draper III How Google Works edit In Schmidt co authored the New York Times best selling book How Google Works with Jonathan Rosenberg former Senior Vice President of Products at Google and current advisor to Google CEO Larry Page and Alan Eagle The book is a collection of the business management lessons learned over the course of Schmidt and Rosenberg s time leading Google In his book Eric Schmidt argues that successful companies in the technology driven internet age should attract smart and creative employees and then create an environment where they can thrive He argues that the traditional business rules that make a company successful have changed The book states that companies should maximize freedom and speed and decision making should not lie in the hands of the few It also emphasizes that individuals and small teams can have a massive impact on innovation Schmidts Law edit Dating back to early s and dubbed Schmidts Law by George Gilder when Schmidt predicted that the network will become the computer Schmidts Law states When the network becomes as fast as the backplane of your computer the computer hollows out its components dispersing across the Web its value migrating to search and sort functions Other work edit Art collection edit Schmidt was on the list of ARTnews s top art collectors in Bilderberg Group edit He is a member of the Bilderberg Group and has attended the annual Bilderberg conferences every year since He also has a listed membership with the Trilateral Commission He is a member of the International Advisory Board at the Blavatnik School of Government University of Oxford Schmidt Ocean Institute edit With his wife Wendy he formed the Schmidt Ocean Institute which supports oceanographic research by operating RV Falkor Berggruen Institute edit Schmidt is an active member of the Berggruen Institute s st Century Council Acting edit In he had a cameo appearance in the film Dumb and Dumber To starring Jim Carrey and Jeff Daniels He also had a cameo appearance in the HBO show Silicon Valley Personal life edit In June Schmidt married Wendy Susan Boyle born in Short Hills New Jersey in They lived in Atherton California in the s They have two daughters Sophie and Allison The two separated in In January Schmidt visited North Korea with his daughter Sophie Jared Cohen and former New Mexico governor Bill Richardson See also edit Google portal Biography portal List of billionaires Model — business model advocated by Schmidt RechargeIT References edit Jump up ^ Google Biography for Dr Eric Schmidt Retrieved July ^ Jump up to a b Google s Eric Schmidt Talks About How to Run the World Not That He Wants To Los Angeles Times June Retrieved July ^ Jump up to a b c Corona Brezina July Sergey Brin Larry Page Eric Schmidt and Google Retrieved December ^ Jump up to a b Hart Kim June Google News or Lack Thereof Washingtonpost com Retrieved December Jump up ^ Forbes List of Billionaires Forbes Retrieved July ^ Jump up to a b c d e f g Tim Walker December Is The Executive Chairman of Google Really the Arrogant Defender of Tax Avoidance that His Critics Claim London The Independent Retrieved December ^ Jump up to a b Novell s Schmidt Joins Google at Critical Time CNET Retrieved April ^ Jump up to a b Dr Eric Schmidt Resigns from Apple s Board of Directors Press release Apple Inc August Retrieved June ^ Jump up to a b Google VP Named CMU Dean Carnegie Mellon University Retrieved October ^ Jump up to a b Princeton University Board of Trustees Retrieved September ^ Jump up to a b c Ken Auletta Googled The End of the World As We Know It Retrieved December Jump up ^ http www jimmycarterlibrary gov digital library sso SSO pdf Jump up ^ McCaffrey Scott May New Inductees Named to Yorktown Hall of Fame Sun Gazette Jump up ^ HOF – Eric Schmidt Yorktownalums org Retrieved December Jump up ^ Wolff Josephine February University Library joins Google Book Search The Daily Princetonian Retrieved May Jump up ^ Eric Schmidt The Berkeley Network – A Retrospective PDF Computer Science Division Department of Electrical Engineering and Computer Science University of California Berkeley Retrieved June Jump up ^ Schmidt Eric Controlling Large Software Development in a Distributed Environment PhD thesis University of California Berkeley Jump up ^ Lesk M E Schmidt E Lex – A Lexical Analyzer Generator Retrieved August Jump up ^ Dr Eric Schmidt Appointed Chairman of the Board and Chief Executive Officer of Novell Inc News release Sun Microsystems March Archived from the original on May Retrieved June Jump up ^ Eric Schmidt April Fool Cars News YouTube May Jump up ^ April Fools Prank on Eric Schmidt from News YouTube July Jump up ^ Eric Schmidt April Fools Prank – MrRedusers News YouTube March Jump up ^ CEO Eric Eric Schmidt stood out because he was the only candidate who had been to Burning Man From Markoff and Zachary on Google quoted are John Markoff and Gregg Zachary See also Business Week s Eric Eric Schmidt Google from September One of the first orders of business was joining his new something colleagues at Burning Man a free form festival of artistic self expression held in a Nevada desert lake bed Sitting in his office shortly after his return tanned and slightly weary Eric Schmidt couldn t have been happier They re keeping me young he declared Jump up ^ Google Form S Registration Statement EDGAR August p Jump up ^ Google Management Eric Schmidt Executive Google Inc Retrieved June Jump up ^ Ken Auletta Googled The End of the World as We Know It Virgin Books ISBN Jump up ^ Google Inc Definitive Proxy Statement Schedule A United States Securities and Exchange Commission April Retrieved June Jump up ^ Google Inc Definitive Proxy Statement Schedule A United States Securities and Exchange Commission March Retrieved June ^ Jump up to a b Google Inc Definitive Proxy Statement Schedule A United States Securities and Exchange Commission April Retrieved June Jump up ^ Null Christopher The Most Important People on the Web PC World March Retrieved on March Archived March at the Wayback Machine Jump up ^ Earlier this year he pulled in almost US million from sales of Google stock and made at least another US million selling shares in the past two months as the stock leaped to more than US a share Mills Elinor August Google balances privacy reach CNET Archived from the original on Retrieved November Jump up ^ Eric Schmidt Forbes December Retrieved December Jump up ^ Baldwin Clare January Google to give outgoing CEO Schmidt US million Reuters Jump up ^ Larry Page is officially Google CEO again Silicon Valley San Jose Business April Retrieved June ^ Jump up to a b Apple Google agree to settle lawsuit alleging hiring conspiracy Chicago Tribune Chicago Tribune April Retrieved January Jump up ^ Ames Mark March Newly unsealed documents show Steve Jobs brutal response after getting a Google employee fired PandoDaily Jump up ^ Google CEO Dr Eric Schmidt Joins Apple s Board of Directors Press release Apple Inc August Retrieved June Jump up ^ Brown Joe High Flier California Magazine Retrieved September Jump up ^ unknown Sam Google CEO Named Chairman of Washington Think Tank The Chronicle of Philanthropy Retrieved September Jump up ^ Riley Charles March Google s Eric Schmidt makes rare visit to Myanmar CNN Money Retrieved September Jump up ^ Kinetz Erika March Eric Schmidt Urges Myanmar To Embrace Free Speech Associated Press Retrieved September Jump up ^ New America Foundation Board of Directors accessed May Jump up ^ Eric Schmidt s Newest VC Fund Business Week July Retrieved on September Jump up ^ Companies Innovation Endeavors website Archived from the original on September Retrieved September Jump up ^ Langley Monica Jessica E Vascellaro October Google CEO Backs Obama The Wall Street Journal Jump up ^ Mary Anne Ostrom October Google CEO Eric Schmidt to stump for Obama San Jose Mercury News Retrieved June Jump up ^ Carney Timothy April Google not proud of its politicking Washington Examiner Jump up ^ Membership list of PCAST Whitehouse gov Retrieved on September Jump up ^ Gore Alliance for Climate Protection All In for Plug Ins Calcars org Retrieved March Jump up ^ Pentagon to Establish Defense Innovation Advisory Board ^ Jump up to a b Fernholz Tim Pasick Adam October The stealthy Eric Schmidt backed startup that s working to put Hillary Clinton in the White House Quartz Retrieved October ^ Jump up to a b Higgins Tim May How an Eric Schmidt Backed Startup May Help Clinton Get Elected Bloomberg Retrieved October Jump up ^ Fernholz Tim Hacked emails show Eric Schmidt played a crucial role in Team Hillary s election tech Quartz Retrieved February Jump up ^ Fernholz Tim Hacked emails show Eric Schmidt played a crucial role in Team Hillary s election tech Quartz Retrieved February Jump up ^ About Us Retrieved January Jump up ^ th Hour Project Grantees th Hour Project website Retrieved October Jump up ^ Winning Teams Announced in the Million Wendy Schmidt Oil Cleanup X CHALLENGE Yahoo Finance October Jump up ^ Eric and Wendy Schmidt Transformative Technology Fund Princeton University website Retrieved October Jump up ^ Schmidt Fund to advance science through support for transformative technology Princeton University website Retrieved October Jump up ^ Bosker Bianca October Eric Schmidt Princeton Receives M From Google CEO For Tech Fund Huffington Post Retrieved October Jump up ^ Google Boss Pledges Million for Princeton Tech Fund The Chronicle of Philanthropy Retrieved October Jump up ^ Parker Hilary Inaugural Schmidt Fund awards enable innovative explorations in sensors and electronics Princeton University news archive Retrieved October Jump up ^ Zandonella Catherine Schmidt Fund awards support transformative technologies Princeton University news archive Retrieved October ^ Jump up to a b Bowers Simon Syal Rajeev May MP on Google tax avoidance scheme I think that you do evil – via The Guardian Jump up ^ Google s tax avoidance is called capitalism says chairman Eric Schmidt Jump up ^ Google boss I m very proud of our tax avoidance scheme December ^ Jump up to a b A highly taxing session for the men from Amazon Google and Starbucks November – via The Guardian Jump up ^ Budget Google Tax introduction confirmed March – via www bbc co uk Jump up ^ The biggest threat to democracy comes from companies like Google ^ Jump up to a b c Westhoven Jennifer CNET We ve been blackballed by Google Archive CNN Money August Retrieved on September Schmidt is officially Google s chief champion and defender and has publicly said that there has to be a trade off between privacy concerns and functionality He has brought up Google s corporate motto Don t Be Evil in those defenses Jump up ^ Google CEO Eric Schmidt on privacy YouTube December Retrieved March Jump up ^ Media – Facebook must be weary of changing the rules Ft com December Retrieved March Jump up ^ Google s Eric Schmidt Society not ready for technology CNET August Retrieved August Jump up ^ Furness Hannah May Telegraph Retrieved on May Jump up ^ Holpuch Amanda Google s Eric Schmidt says government spying is the nature of our society The Guardian Friday September Retrieved on September Jump up ^ Franceschi Bicchierai Lorenzo Mashable Tuesday November Retrieved on November Jump up ^ Goldman David August Why Google and Verizon s Net neutrality deal affects you CNNMoney CNN Retrieved August Jump up ^ Google Execs Say The Power Of Information Is Underrated All Tech Considered NPR April Retrieved August Google executives Eric Schmidt and Jared Cohen recently returned from a highly publicized trip to North Korea They discuss the role of the Internet in more repressive countries Jump up ^ Schmidt s visit to North Korea revealed limits benefits of private diplomacy Jump up ^ Eric Schmidt Looking at Things tumblr Retrieved August Jump up ^ Youkyung Lee August Skepticism as NKorea shows home grown smartphone AP Newswire Stars Stripes Retrieved August The Korean Central News Agency s Aug report said the factory began manufacturing smartphones a few days ago Kim Mun gu a manager at a South Korean mobile phone company said the Arirang smartphone appears to be using the Android operating system He said the photos aren t convincing as proof the North is manufacturing the phones Jump up ^ Hla Tun Aung March Google s Schmidt tells Myanmar a free Internet can anchor reform Reuters website Retrieved October Jump up ^ Riley Charles March Google s Eric Schmidt makes rare visit to Burma CNN website Retrieved October Jump up ^ Kinetz Erika March Eric Schmidt Urges Myanmar To Embrace Free Speech Associated Press Retrieved October Jump up ^ Cohen Jared Eric Schmidt December The Digital Disruption – Connectivity and the Diffusion of Power Foreign Affairs magazine Retrieved October Jump up ^ Kaufman Leslie December Book by From Google Takes a Deep Look at the Web New York Times Media Decoder blog Retrieved October Jump up ^ Shankland Stephen Google execs New Digital Age resists cyber siren song CNET website Retrieved October Jump up ^ The Startup Game Inside the Partnership between Venture Capitalists and Entrepreneurs Amazon February Jump up ^ Best Sellers The New York Times October Jump up ^ How Google Works Jump up ^ Max Wallis September How Google Works by Eric Schmidt and Jonathan Rosenberg book review The Independent Jump up ^ D ONFRO JILLIAN October Former Google CEO Here s How To Build A Billion Company Business Insider Retrieved October Jump up ^ http www seas upenn edu ~gaj bandgg html Jump up ^ How Google s Chrome OS has deep roots in Eric Schmidt s past Jump up ^ https www discovery org a Jump up ^ Gilder George January Ten Laws Of The Telecosm Redux Jump up ^ ARTnews The ARTnews Top Collectors Artnews com July Retrieved on September Jump up ^ Latest Meetings BilderbergMeetings org Retrieved July Jump up ^ Bilderberg Participant Lists PublicIntelligence net Retrieved July Jump up ^ Skelton Charlie Bilderberg The tipping point The Guardian UK June Jump up ^ Bilderberg list of participants BilderbergMeetings org Archived from the original on August Retrieved August Jump up ^ The Trilateral Commission Executive Committee PDF Retrieved January Jump up ^ Eric Schmidt Blavatnik School of Government www bsg ox ac uk Retrieved Jump up ^ Kerry A Dolan August Google Chairman Eric Schmidt s Falkor A Dream Ship For Ocean Researchers Makes San Francisco Debut Forbes Retrieved August Jump up ^ Berggruen Institute Jump up ^ Blankfqld Keren A Man For All Reasons Forbes December Berggruen plucked from his diverse connections including such boldface names as former U S Secretary of State Condoleezza Rice philanthropist Eli Broad and Google Chief Eric Schmidt Jump up ^ Eric Schmidt Jump up ^ Loose Ends Presidential performance Almanac News October Retrieved November Jump up ^ Holson Laura M August You Could Google Her New York Times Retrieved January Jump up ^ Married Eric Schmidt dating concert pianist Chau Giang Nguyen New York Post September Retrieved December Jump up ^ Amira Dan July Inside Eric Schimdt s Lavish Sex Palace – Daily Intelligencer New York Magazine Retrieved July Jump up ^ Eric Schmidt s daughter details North Korea visit CNN Money January Jump up ^ Greg Dalton May Eric Schmidt and Jared Cohen at the Commonwealth Club San Francisco Climate One Retrieved August Jump up ^ Donald Kirk February A quiet envoy to the hermit kingdom of North Korea Christian Science Monitor Retrieved August Jump up ^ John Battelle December The Percent Solution Google CEO Eric Schmidt gives us his golden rules for managing innovation CNN Money magazine Retrieved August External links edit Wikiquote has quotations related to Eric Schmidt Wikimedia Commons has media related to Eric E Schmidt Eric Schmidt at the Internet Movie Database Eric Schmidt collected news and commentary The Guardian Edit this at Wikidata Eric Schmidt speaks as part of NASA years Lecture series on YouTube January http www mobileworldlive com on stage mwc mobile world congress keynote eric schmidt ceo google Mobile World Congress Keynote Eric Schmidt CEO Google February How Google Works The best ideas by TECHmED Class Action employee suit naming Schmidt Shareholder suit naming Schmidt Eric Schmidt interviews Business positions Preceded by Larry Page Chief Executive Officer Google – Succeeded by Larry Page Preceded by New Position Executive Chairman Alphabet Inc formerly Google –present Incumbent show v t e Apple Inc show v t e Yahoo From Wikipedia the free encyclopedia This article is about the corporation For the search engine see Yahoo Search For other uses see Yahoo disambiguation Yahoo Inc Yahoo logo svg Yahoo Headquarters jpg Yahoo headquarters in Sunnyvale CA Type of site Public Traded as NASDAQ YHOO NASDAQ Component S P Component Founded January years ago as Jerry and David s Guide to the World Wide Web March years ago as Yahoo Headquarters Sunnyvale California U S Area served Worldwide Founder s Jerry Yang David Filo Key people David Filo Chief Yahoo Eric Brandt disambiguation needed Chairman Marissa Mayer President and CEO Industry Internet Computer software Products Yahoo News Yahoo Mail Yahoo Finance Yahoo Sports Yahoo Search Yahoo Messenger Yahoo Answers Tumblr Flickr See Yahoo products Revenue Increase billion Operating income Increase million Net income Increase million Total assets Increase billion Total equity Increase billion Employees Subsidiaries Yahoo subsidiaries Website yahoo com Alexa rank Decrease Global March Yahoo Inc is an American multinational technology company headquartered in Sunnyvale California Yahoo was founded by Jerry Yang and David Filo in January and was incorporated on March Yahoo was one of the pioneers of the early internet era in the s Marissa Mayer a former Google executive Google Employee number and Google s first female Engineer serves as CEO and President of Yahoo It is globally known for its Web portal search engine Yahoo Search and related services including Yahoo Directory Yahoo Mail Yahoo News Yahoo Finance Yahoo Groups Yahoo Answers advertising online mapping video sharing fantasy sports and its social media website It is one of the most popular sites in the United States According to third party web analytics providers Alexa and SimilarWeb Yahoo is the highest read news and media website with over billion views per month being the sixth most visited website globally As of December According to news sources roughly million people visit Yahoo websites every month Yahoo itself claims it attracts more than half a billion consumers every month in more than languages Once the most popular website in the U S Yahoo slowly started to decline since the late s and on July Verizon Communications announced its intent to acquire Yahoo s internet business excluding its stakes in Alibaba Group and Yahoo Japan for billion—the company was once worth over billion Contents hide History Founding Expansion Decline security breaches Verizon purchase Products and services Communication Content Co branded Internet services Mobile services Commerce Small business Advertising GeoPlanet Yahoo Next Yahoo BOSS Yahoo Meme Y Connect Yahoo Accessibility Yahoo Axis Yahoo SearchMonkey Defunct services Twitter slide leak on upcoming changes to Yahoo Privacy Storing personal information and tracking usage Criticism Allegations of sexism against men Management Board of Directors Chief Executive Officers Yahoo International Logos and themes See also References External links History edit Main article History of Yahoo See also Timeline of Yahoo Founding edit Jerry Yang and David Filo the founders of Yahoo In January Yang and Filo were electrical engineering graduate students at Stanford University when they created a website named Jerry and David s guide to the World Wide Web The site was a directory of other websites organized in a hierarchy as opposed to a searchable index of pages In March Jerry and David s Guide to the World Wide Web was renamed Yahoo The yahoo com domain was created on January The word yahoo is a backronym for Yet Another Hierarchically Organized Oracle or Yet Another Hierarchical Officious Oracle The term hierarchical described how the Yahoo database was arranged in layers of subcategories The term oracle was intended to mean source of truth and wisdom and the term officious rather than being related to the word s normal meaning described the many office workers who would use the Yahoo database while surfing from work However Filo and Yang insist they mainly selected the name because they liked the slang definition of a yahoo used by college students in David Filo s native Louisiana in the late s and early s to refer to an unsophisticated rural Southerner rude unsophisticated uncouth This meaning derives from the Yahoo race of fictional beings from Gulliver s Travels Expansion edit Yahoo grew rapidly throughout the s Like many search engines and web directories Yahoo added a web portal By Yahoo was the most popular starting point for web users It also made many high profile acquisitions Its stock price skyrocketed during the dot com bubble Yahoo stocks closing at an all time high of a share on January However after the dot com bubble burst it reached a post bubble low of on September Yahoo headquarters in Yahoo began using Google for search in Over the next four years it developed its own search technologies which it began using in In response to Google s Gmail Yahoo began to offer unlimited email storage in The company struggled through with several large layoffs In February Microsoft Corporation made an unsolicited bid to acquire Yahoo for billion Yahoo formally rejected the bid claiming that it substantially undervalues the company and was not in the interest of its shareholders Three years later Yahoo had a market capitalization of billion Carol Bartz replaced Yang as CEO in January In September she was removed from her position at Yahoo by the company s chairman Roy Bostock and CFO Tim Morse was named as Interim CEO of the company In early after the appointment of Scott Thompson as CEO rumors began to spread about looming layoffs Several key executives such as Chief Product Officer Blake Irving left On April Yahoo announced a cut of jobs or about percent of its workers The cut was expected to save around million annually after the layoffs are completed at end of In an email sent to employees in April Thompson reiterated his view that customers should come first at Yahoo He also completely reorganized the company On May Yahoo issued a press release stating that Thompson was no longer with the company and would immediately be replaced on an interim basis by Ross Levinsohn recently appointed head of Yahoo s new Media group Thompson s total compensation for his day tenure with Yahoo was at least million On July Marissa Mayer was appointed President and CEO of Yahoo effective the following day Yahoo sign at Times Square On May the Yahoo board approved a billion purchase of blogging site Tumblr and the company s CEO and founder David Karp will remain a large shareholder The announcement reportedly signifies a changing trend in the technology industry as large corporations like Yahoo Facebook and Google acquire start up Internet companies that generate low amounts of revenue as a way in which to connect with sizeable fast growing online communities The Wall Street Journal stated that the purchase of Tumblr would satisfy the company s need for a thriving social networking and communications hub On May the company announced the acquisition of Tumblr officially The company also announced plans to open a San Francisco office in July On August Yahoo acquired Rockmelt its staff was retained but all of its existing products were terminated Data collated by comScore during July revealed that more people in the U S visited Yahoo websites during the month in comparison to Google the occasion was the first time that Yahoo outperformed Google since The data did not count mobile usage nor Tumblr In November Yahoo announced that it would acquire the video advertising provider BrightRoll for million On November it was announced that Yahoo had acquired Cooliris Decline security breaches Verizon purchase edit By the fourth quarter of the company s share price had more than doubled since Marissa Mayer took over as president in July however the share price peaked at about in November It did go up to in the mid afternoon of December perhaps on news that the board of directors was meeting to decide on the future of Mayer whether to sell the struggling internet business and whether to continue with the spinoff of its stake in China s Alibaba e commerce site Not all had gone well during Mayer s tenure including the billion acquisition of Tumblr that had yet to prove beneficial and the forays into original video content that led to a million write down Sydney Finkelstein a professor at Dartmouth College s Tuck School of Business told the Washington Post that sometimes the single best thing you can do is sell the company The closing price of Yahoo Inc on December was The Wall Street Journal s Douglas MacMillan reported on February that Yahoo s CEO Marissa Mayer was expected to cut of its workforce On July Verizon Communications announced that it had agreed to purchase Yahoo s core internet business for billion Following the conclusion of the purchase these assets will be merged with AOL to form a new entity known as Oath Yahoo AOL and Huffington Post will continue to operate under their own names under the Oath umbrella The deal excludes Yahoo s stake in Alibaba Group and stake in Yahoo Japan following the completion of the acquisition these assets will be retained under the name Altaba with a new executive team On September Yahoo disclosed a data breach that occurred in late in which information associated with at least million user accounts one of the largest breaches reported to date The United States have indicted four men including two employees of Russia s Federal Security Service FSB for their involvement in the hack On December the company revealed that another separate data breach had occurred in with hackers obtaining sensitive account information including security questions to at least one billion accounts The company stated that hackers had utilized stolen internal software to forge cookies In response to these breaches Bloomberg News reported that Verizon was attempting to re negotiate the deal to reduce the purchase price by million causing a increase in Yahoo stock prices On February Verizon agreed to lower its purchase price for Yahoo by million and share liabilities regarding the investigation into the data breaches Products and services edit Main article List of Yahoo owned sites and services Yahoo operates a portal that provides the latest news entertainment and sports information The portal also gives users access to other Yahoo services like Yahoo Search Yahoo Mail Yahoo Maps Yahoo Finance Yahoo Groups and Yahoo Messenger Communication edit Yahoo provides Internet communication services such as Yahoo Messenger and Yahoo Mail As of May its e mail service would offer unlimited storage Yahoo provided social networking services and user generated content including products such as My Web Yahoo Personals Yahoo ° Delicious Flickr and Yahoo Buzz Yahoo closed Yahoo Buzz MyBlogLog and numerous other products on April Yahoo Photos was closed on September in favor of Flickr On October Yahoo announced that it would discontinue Yahoo ° including bug repairs the company explained that in it would instead establish a universal profile similar to the Yahoo Mash experimental system Content edit Yahoo partners with numerous content providers in products such as Yahoo Sports Yahoo Finance Yahoo Music Yahoo Movies Yahoo Weather Yahoo News Yahoo Answers and Yahoo Games to provide news and related content Yahoo provides a personalization service My Yahoo which enables users to combine their favorite Yahoo features content feeds and information onto a single page On March Yahoo launched Shine a site tailored for women seeking online information and advice between the ages of and Map showing localized versions of Yahoo web portals as of Co branded Internet services edit For more details on this topic see AT T Internet Services § Conversion to AT T Internet Services Yahoo developed partnerships with broadband providers such as AT T Inc via Prodigy BellSouth SBC Verizon Communications Rogers Communications and British Telecom offering a range of free and premium Yahoo content and services to subscribers Mobile services edit Yahoo Mobile offers services for email instant messaging and mobile blogging as well as information services searches and alerts Services for the camera phone include entertainment and ring tones Yahoo introduced its Internet search system called OneSearch for mobile phones on March The results include news headlines images from Flickr business listings local weather and links to other sites Instead of showing only for example popular movies or some critical reviews OneSearch lists local theaters that at the moment are playing the movie along with user ratings and news headlines regarding the movie A zip code or city name is required for OneSearch to start delivering local search results The results of a Web search are listed on a single page and are prioritized into categories As of Yahoo used Novarra s mobile content transcoding service for OneSearch On October Yahoo announced plans to bring video chat to mobile phones via Yahoo Messenger Commerce edit Yahoo offers shopping services such as Yahoo Shopping Yahoo Autos Yahoo Real Estate and Yahoo Travel which enables users to gather relevant information and make commercial transactions and purchases online Yahoo Auctions were discontinued in except for Asia Yahoo Shopping is a price comparison service which uses the Kelkoo price comparison service it acquired in April Small business edit Yahoo provides business services such as Yahoo DomainKeys Yahoo Web Hosting Yahoo Merchant Solutions Yahoo Business Email and Yahoo Store to small business owners and professionals allowing them to build their own online stores using Yahoo s tools citation needed Advertising edit Yahoo Search Marketing provides services such as Sponsored Search Local Advertising and Product Travel Directory Submit that let different businesses advertise their products and services on the Yahoo network Following the closure of a beta version on April the Yahoo Publisher Network was relaunched as an advertising tool that allows online publishers to monetize their websites through the use of site relevant advertisements Yahoo launched its new Internet advertisement sales system on February called Panama It allows advertisers to bid for search terms to trigger their ads on search results pages The system considers bids ad quality clickthrough rates and other factors in ranking ads Through Panama Yahoo aims to provide more relevant search results to users a better overall experience and to increase monetization On April Yahoo announced APT from Yahoo which was originally called AMP from Yahoo an online advertising management platform The platform simplifies advertising sales by unifying buyer and seller markets The service was launched in September In September Yahoo formed an ad selling strategic partnership with of its top competitors AOL and Microsoft But by this was found to be underperforming in market share and revenue as Microsoft simply skimmed off four percent of the search market from Yahoo without growing their combined share The Dublin LGBTQ Pride Festival sponsored by Yahoo A Yahoo branded PC keyboard GeoPlanet edit Main article GeoPlanet Yahoo offers cartographic and geographic services via GeoPlanet Yahoo Next edit Main article Yahoo Next Yahoo Next is an incubation ground for future Yahoo technologies currently undergoing testing It contains forums for Yahoo users to give feedback to assist in the development of these future Yahoo technologies Yahoo BOSS edit Main article Yahoo Search BOSS Yahoo Search BOSS is a service that allows developers to build search applications based on Yahoo s search technology Early Partners in the program include Hakia Me dium Delver Daylife and Yebol In early the program switched to a paid model using a cost per query model from to CPM cost per BOSS queries The price as Yahoo explained depends on whether the query is of web image news or other information Yahoo Meme edit Main article Yahoo Meme Yahoo Meme is a beta social service similar to the popular social networking sites Twitter and Jaiku Y Connect edit Y Connect enables individuals to leave comments in online publication boards by using their Yahoo ID instead of having to register with individual publications The Wall Street Journal reported that Yahoo plans to mimic this strategy used by rival Facebook Inc to help drive traffic to its site Yahoo Accessibility edit Yahoo has invested resources to increase and improve access to the Internet for the disabled community through the Yahoo Accessibility Lab Yahoo Axis edit Main article Yahoo Axis Yahoo Axis is a desktop web browser extension and mobile browser for iOS devices created and developed by Yahoo The browser made its public debut on May A copy of the private key used to sign official Yahoo browser extensions for Google Chrome was accidentally leaked in the first public release of the Chrome extension Yahoo SearchMonkey edit Yahoo SearchMonkey often misspelled Search Monkey was a Yahoo service which allowed developers and site owners to use structured data to make Yahoo Search results more useful and visually appealing and drive more relevant traffic to their sites The service was shut down in October along with other Yahoo services as part of the Microsoft and Yahoo search deal The name SearchMonkey is an homage to Greasemonkey Officially the product name has no space and two capital letters Yahoo SearchMonkey was selected as one of the top Semantic Web Products of Defunct services edit Main article List of Yahoo owned sites and services § Closed defunct services Geocities was a popular web hosting service founded in and was one of the first services to offer web pages to the public At one point it was the third most browsed site on the World Wide Web Yahoo purchased GeoCities in and ten years later the web host was closed deleting some seven million web pages A great deal of information was lost but many of those sites and pages were mirrored at the Internet Archive OOcities com and other such databases Yahoo Go a Java based phone application with access to most of Yahoo services was closed on January Yahoo ° was a blogging social networking beta service launched in March by Yahoo and closed on July Yahoo Mash beta was another social service closed after one year of operation prior to leaving beta status Yahoo Photos was shut down on September in favor of integration with Flickr Yahoo Tech was a website that provided product information and setup advice to users Yahoo launched the website in May On March Yahoo closed down the service and redirected users to Yahoo s technology news section Other discontinued services include Farechase My Web Audio Search Pets Live Kickstart Briefcase and Yahoo for Teachers Hotjobs was acquired by and merged with Monster com Yahoo Koprol was an Indonesian geo tagging website that allowed users to share information about locations without the use of a GPS device Koprol was acquired by Yahoo a year following its inception and in million people were utilizing the website with users also based in Singapore the Philippines and Vietnam However eighty percent of users were Indonesian Yahoo officially discontinued Koprol on August because it did not meaningfully drive revenue or engagement Yahoo Mail Classic was announced as to be shut down in April Yahoo made a notice that starting in June Mail Classic and other old versions of Yahoo Mail will be shut down All users of Mail Classic are expected to switch to the new Yahoo Mail use IMAP or switch to another email service In addition April brought the closure of Upcoming Yahoo Deals Yahoo SMS Alerts Yahoo Kids Yahoo Mail and Messenger feature phone J ME In early July Yahoo announced the scheduled closure of the task management service Astrid Yahoo had acquired the company in May and was to discontinue the service on August The team at Astrid has supplied its customers with a data export tool and recommended former competitors such as Wunderlist and Sandglaz Twitter slide leak on upcoming changes to Yahoo edit On December one day after Yahoo announced layoffs of of its workers across their portfolio MyBlogLog founder Eric Marcoullier posted a slide from a Yahoo employee on Twitter The slide was visible during an employee only strategy webcast indicating changes in Yahoo s offerings The following services were in a column under Sunset Yahoo Picks AltaVista MyM AlltheWeb Yahoo Bookmarks Yahoo Buzz del icio us and MyBlogLog Under the Merge column were Upcoming FoxyTunes Yahoo Events Yahoo People Search Sideline and FireEagle other properties were listed that Yahoo was interested in developing into feature sites within the portal to take the place of the Sunset and Merge vacancies including the prior feature services before the new Yahoo Mail was launched were Yahoo Address Book Calendar and Notepad Despite Notepad being listed as a feature service instead of sunset or merge in Yahoo has since taken steps to de emphasize Notepad For example in January Notepad was no longer linked within the new Yahoo mail service although it continued to be linked in the older Classic version Also starting in mid to late January Notepad was no longer searchable citation needed The blog on the del icio us website released a post by Chris Yeh after the slide was leaked in which Yeh stated that Sunset doesn t necessarily mean that Yahoo is closing down the site Yeh further explained that other possibilities—including del icio us leaving Yahoo through sale or spinoff —were still being considered We can only imagine how upsetting the news coverage over the past hours has been to many of you Speaking for our team we were very disappointed by the way that this appeared in the press On April Yahoo s sale of del icio us to Avos was announced Yahoo Buzz was closed down on April without an official announcement from Yahoo MyBlogLog was then discontinued by Yahoo on May Privacy edit Protest against the mass surveillance by the NSA In September Yahoo s transparency report said the company received thousand requests for information about users from governments in the first six months of Over thousand of the requests came from the United States In October The Washington Post reported that the U S National Security Agency intercepted communications between Yahoo s data centers as part of a program named Muscular In late January Yahoo announced on its company blog that it had detected a coordinated effort to hack into possibly millions of Yahoo Mail accounts The company prompted users to reset their passwords but did not elaborate on the scope of the possible breach citing an ongoing federal investigation Storing personal information and tracking usage edit Yahoo Kimo Taiwan Open Hack Day event in Ambox current red svg This section s factual accuracy may be compromised due to out of date information Please update this article to reflect recent events or newly available information June Working with comScore The New York Times found that Yahoo was able to collect far more data about users than its competitors from its Web sites and advertising network By one measure on average Yahoo had the potential in December to build a profile of records per month about each of its visitors Yahoo retains search requests for a period of months However in response to European regulators Yahoo obfuscates the IP address of users after three months by deleting its last eight bits On March Yahoo announced that it would introduce a Do Not Track feature that summer allowing users to opt out of Web visit tracking and customized advertisements However on April Yahoo announced that it would no longer support the Do Not Track browser setting According to a article in Computerworld Yahoo has a petabyte specially built data warehouse that it uses to analyze the behavior of its half billion Web visitors per month processing billion daily events In contrast the United States Internal Revenue Service IRS database of all United States taxpayers weighs in at only terabytes On September it was reported that data from at least million Yahoo accounts was stolen in In October Reuters reported that in Yahoo created a software to search their customers e mail at the request of NSA or FBI Criticism edit Main article Criticism of Yahoo In Yahoo was taken to court in France by parties seeking to prevent French citizens from purchasing memorabilia relating to the Nazi Party In March Yahoo launched a paid inclusion program whereby commercial websites were guaranteed listings on the Yahoo search engine Yahoo discontinued the program at the end of Yahoo was criticized for providing ads via the Yahoo ad network to companies who display them through spyware and adware Yahoo as well as other search engines cooperated with the Chinese government in censoring search results In April dissident Shi Tao was sentenced to years in prison for providing state secrets to foreign entities as a result of being identified by IP address by Yahoo Human rights organizations and the company s general counsel disputed the extent of Yahoo s foreknowledge of Shi s fate Human rights groups also accuse Yahoo of aiding authorities in the arrest of dissidents Li Zhi and Jiang Lijun In April Yahoo was sued for failing to uphold settlement agreements in this case Yahoo pledged to give support to the families of those arrested and create a relief fund for those persecuted for expressing their views online with Yahoo Human Rights Trust Of the million allotted to this fund million had been used for a townhouse in Washington DC and other purchases In September dissident Wang Xiaoning was convicted of charges of incitement to subvert state power and was sentenced to ten years in prison Yahoo Hong Kong connected Wang s group to a specific Yahoo e mail address Both Xiaoning s wife and the World Organization for Human Rights sued Yahoo under human rights laws on behalf of Wang and Shi As a result of media scrutiny relating to Internet child predators and a lack of significant ad revenues Yahoo s user created chatrooms were closed down in June On May Yahoo s image search was criticized for bringing up sexually explicit images even when SafeSearch was active Yahoo was when a in September owner of Alibaba Group which was a subject of controversy for allowing the sale of shark derived products The company banned the sale of shark fin products on all its e commerce platforms effective January On November Yahoo was criticized by the Electronic Frontier Foundation for sending a DMCA notice to whistle blower website Cryptome for publicly posting details prices and procedures on obtaining private information pertaining to Yahoo s subscribers After some concerns over censorship of private emails regarding a website affiliated with Occupy Wall Street protests were raised Yahoo responded with an apology and explained it as an accident Allegations of sexism against men edit Scott Ard a prominent editorial director fired from Yahoo in has filed a lawsuit accusing Mayer of leading a sexist campaign to purge male employees Ard a male employee stated Mayer encouraged and fostered the use of an employee performance rating system to accommodate management s subjective biases and personal opinions to the detriment of Yahoo s male employees In the suit Ard claimed prior to his firing he had received fully satisfactory performance reviews since starting at the company in as head of editorial programming for Yahoo s home page however he was relieved of his role that was given to a woman who had been recently hired by Megan Lieberman the editor in chief of Yahoo News The lawsuit states Liberman stated that she was terminating Ard because she had not received a requested breakdown of his duties Ard had already provided that very information as requested however and reminded Liberman that he had done so Liberman s excuse for terminating Ard was a pretext A second sexual discrimination lawsuit was filed separately by Gregory Anderson who was fired in alleging the company s performance management system was arbitrary and unfair making it the second sexism lawsuit Yahoo and Meyer has faced in Management edit Board of Directors edit David Filo Co Founder Chief Yahoo and Director Yahoo Inc Sue James Retired Partner Ernst Young LLP Max Levchin Chairman and CEO HVF LLC Marissa Mayer – CEO Yahoo Inc Thomas J McInerney – Former Executive Vice President and Chief Financial Officer IAC InterActiveCorp Charles R Schwab Chairman The Charles Schwab Corporation H Lee Scott Jr Retired President and Chief Executive Officer Wal Mart Stores Jane E Shaw Retired Chairman of the Board Intel Corporation Maynard Webb – Chairman Yahoo founder Webb Investment Network and chairman and former CEO of LiveOps Chief Executive Officers edit Marissa Mayer – Ross Levinsohn Interim Scott Thompson Tim Morse Interim – Carol Bartz – Jerry Yang – Terry Semel – Timothy Koogle – Former chief operating officer Henrique de Castro departed from the company in January after Mayer who initially hired him after her appointment as CEO dismissed him De Castro who previously worked for Google and McKinsey Company was employed to revive Yahoo s advertising business Yahoo International edit Yahoo s Bangalore office Yahoo offers a multi lingual interface The site is available in over languages The official directory for all of the Yahoo International sites is world yahoo com The company s international sites are wholly owned by Yahoo with the exception of its Japan and China sites Yahoo holds a minority stake in Yahoo Japan while SoftBank holds YahooXtra in New Zealand which Yahoo have of and belongs to Telecom New Zealand and Yahoo in Australia which is a – agreement between Yahoo and the Seven Network Historically Yahoo entered into joint venture agreements with SoftBank for the major European sites UK France and Germany and well as South Korea and Japan In November Yahoo purchased the minority interests that SoftBank owned in Europe and Korea Yahoo used to hold a stake in Alibaba which manages a web portal in China using the Yahoo brand name Yahoo in the USA does not have direct control over Alibaba which operates as a completely independent company On September following years of negotiations Yahoo agreed to sell a stake back to Alibaba for billion On March Yahoo launched its Romania local service after years of delay due to the financial crisis Yahoo officially entered the MENA region when it acquired Maktoob a pan regional Arabic language hosting and social services online portal on August Since the service is pan regional Yahoo officially became Yahoo Maktoob in the region On December Yahoo Korea shut down all its services and left the country with its previous domain saying in Korean Starting from December Yahoo Korea has ended You can go to the original Yahoo for more Yahoo s information Sooner did that message also disappear leaving with just an abandoned empty search bar powered by Bing On September Yahoo China shut down and was redirected to taobao com and has been being redirected to Yahoo Singapore s search page Logos and themes edit Logo used from to shown purple variant used from red version still used by Yahoo Japan Yahoo logo with the Y moniker – Yahoo sign with address at its headquarters The first logo appeared when the company was founded in —it was red with three icons on each side The logo used on the Yahoo home page formerly consisted of the color red with a black outline and shadow however in May together with a theme redesign the logo was changed to purple without an outline or shadow This change also applied to several international Yahoo home pages In some countries most notably Yahoo of Australia the logo remained red until On occasion the logo is abbreviated Y On August at around midnight EDT Yahoo announced that the final version of the new logo would be revealed on September at a m UTC In the period leading up to the unveiling of the new logo the Days of Change campaign was introduced whereby a variation of the logo was published every day for the days following the announcement The new logo was eventually launched with an accompanying video that showed its digital construction and Mayer published a personalized description of the design process on her Tumblr page Mayer explains So one weekend this summer I rolled up my sleeves and dove into the trenches with our logo design team We spent the majority of Saturday and Sunday designing the logo from start to finish and we had a ton of fun weighing every minute detail We knew we wanted a logo that reflected Yahoo whimsical yet sophisticated Modern and fresh with a nod to our history Having a human touch personal Proud On September Yahoo launched a new version of the My Yahoo personalized homepage The redesign allows users to tailor a homepage with widgets that access features such as email accounts calendars Flickr and other Yahoo content and Internet content Users can also select theme packs that represent artists such as Polly Apfelbaum and Alec Monopoly and bands such as Empire of the Sun Mayer then explained at a conference in late September that the logo change was the result of feedback from both external parties and employees See also edit San Francisco Bay Area portal Companies portal icon Internet portal List of search engines List of web analytics software Yahoo Guesthouse Yahoo litigation Yahoo Messenger Protocol References edit Jump up ^ Home About Yahoo ^ Jump up to a b c d e Yahoo Inc Financial Statements Google com Jump up ^ Yahoo s Q Earnings Yahoo July ^ Jump up to a b Yahoo com Site Overview Alexa com Alexa Internet Retrieved March Jump up ^ https businesssearch sos ca gov CBS SearchResults SearchType CORP SearchCriteria Yahoo SearchSubType Keyword Jump up ^ Yahoo celebrates th anniversary Yahoo News Retrieved Jump up ^ At Yahoo celebrates and looks ahead Yahoo Retrieved Jump up ^ Yahoo s Sale to Verizon Ends an Era for a Web Pioneer The New York Times July Jump up ^ Perlroth Nicole July Marissa Mayer hopes to improve user experience at Yahoo The Times of India New Delhi Archived from the original on July Jump up ^ Staff yahoo com Quantcast – It s your audience We just find it Quantcast Corporation Retrieved May Jump up ^ Yahoo com Analytics SimilarWeb com Retrieved June Jump up ^ Top sites in the world for News And Media SimilarWeb com Retrieved June Jump up ^ Swartz Jon November Yahoo s latest moves baffle some USA Today Washington D C Retrieved July Jump up ^ Canada Pension Plan mulls Yahoo buy report says Toronto CBC News October Retrieved July Jump up ^ Yahoo LinkedIn com LinkedIn Retrieved July Jump up ^ Yahoo reasons for the internet icon s decline Jump up ^ Yahoo Inc – Company Timeline at the Wayback Machine archived July yhoo client shareholder com Jump up ^ Clark Andrew February How Jerry s guide to the world wide web became Yahoo The Guardian London Retrieved May Jump up ^ Thomson David G Blueprint to a Billion Wiley Interscience p ISBN Jump up ^ Trex Ethan Jerry and David s Guide to the World Wide Web becomes Yahoo Blogs static mentalfloss com Retrieved August Jump up ^ Computer History – Computer Hope Retrieved May Jump up ^ Gaffin Adam Sep Hello Is Anyone Out There Network World Jump up ^ The History of Yahoo – How It All Started Yahoo Media Relations Archived from the original on April Retrieved July Jump up ^ Gurnitsky Joanna What Does Yahoo Stand For About com Retrieved July Jump up ^ The History of Yahoo How It All Started Jump up ^ Yahoo still first portal call BBC News June Retrieved November Jump up ^ Linder Karen The Women of Berkshire Hathaway Hoboken New Jersey John Wiley Sons p ISBN Retrieved May Shortly after the attacks on September Yahoo s stock hit its all time low of Jump up ^ Hundreds of Layoffs Expected at Yahoo The New York Times January Retrieved May Jump up ^ Yahoo rejects Microsoft approach BBC News February Retrieved February Jump up ^ Job cuts help Yahoo profits surge BBC News October Retrieved May Jump up ^ Swisher Kara April Exclusive Yahoo s Chief Product Officer Blake Irving Resigns All Things D Retrieved July Jump up ^ Liedtke Michael April Yahoo dumping workers in latest purge The Jakarta Post Retrieved July ^ Jump up to a b Swisher Kara April It s Official Yahoo Reorgs Itself Just Like We Said Memo Time All Things D Retrieved July Jump up ^ Yahoo Names Fred Amoroso Chairman and Appoints Ross Levinsohn Interim CEO Press release Yahoo May Retrieved July Jump up ^ Oreskovic Alexei May Yahoo CEO says he never provided a resume source Reuters Retrieved July Jump up ^ Pepitone Julianne May Ousted Yahoo CEO will get no severance CNN Money Retrieved May Jump up ^ Matt McGee Search Engine Land Confirmed Marissa Mayer Leaving Google For Yahoo CEO Role July Retrieved Mar Jump up ^ Lublin Joann S Efrati Amir Ante Spencer E May Yahoo Deal Shows Power Shift The Wall Street Journal New York Retrieved May Jump up ^ Yahoo to buy Tumblr – reports News NZ May Jump up ^ Tumblr Yahoo May Jump up ^ Yahoo Plans Splashy New San Francisco Digs and Neon Billboard Dreams Kara Swisher News AllThingsD July Retrieved on August Jump up ^ Yahoo Has Acquired Rockmelt Apps To Shut Down On August st TechCrunch Retrieved February Jump up ^ Garside Juliet August Google overtaken by Yahoo in United States site visitors for first time in two years The Guardian London Retrieved August Jump up ^ Trefis Team November Yahoo Eyes Video Ad Dollars With BrightRoll Acquisition Forbes Retrieved November Jump up ^ By TechCrunch Jump up ^ Campos Rodrigo December With buyback help Yahoo stock has soared under Mayer Yahoo News Retrieved December Jump up ^ Goliya Kshitiz Nayak Malathi December Verizon could explore Yahoo s Internet business CFO says Reuters Retrieved December Jump up ^ no by line > December Yahoo board in final talks on future of company Reuters Retrieved 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of Yahoo will rename itself Altaba Business Insider Retrieved January Jump up ^ Dwoskin Elizabeth January How Yahoo came up with its new name Altaba The Washington Post Retrieved January Jump up ^ Yahoo Says Hackers Stole Data on Million Users in New York Times September Retrieved September Jump up ^ Yahoo state hackers stole data from million users BBC News September Retrieved September Jump up ^ Goel Vindu March Russian Agents Were Behind Yahoo Breach U S Says The New York Times Retrieved March Jump up ^ Here s How Russian Agents Hacked Million Yahoo Users Bloomberg Retrieved March Jump up ^ Goel Vindu December Yahoo Says Billion User Accounts Were Hacked New York Times Retrieved December Jump up ^ Gallagher Sean February Yahoo reveals more breachiness to users victimized by forged cookies Updated Ars Technica Retrieved February Jump up ^ Moritz Scott Sherman Alex Womack Brian February Verizon Said to Near Yahoo Deal at Lower Price After Hacks Bloomberg News Retrieved February ^ Jump 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Lee Cliff Bergkamp Brigida eds September Verizon and Yahoo Extend Strategic Alliance with New Multiyear Co branded Portal Agreement Press release Yahoo Investor Relations Retrieved September Jump up ^ JOHNSON BARY ALYSSA January Verizon Yahoo Launch Co Branded FiOS News Analysis PC Magazine Ziff Davis PCMag Digital Group Retrieved September Jump up ^ BLACKWELL RICHARD July Rogers Yahoo team up for new high speed Internet package The Globe and Mail Newspaper Bell Globemedia Publishing Inc Retrieved September Will compete with Bell Microsoft similar offering Jump up ^ Staff writer January Rogers Cable and Yahoo Co brand Services to Customers LEXPERT LEXPERT CA THOMSON REUTERS CANADA LIMITED Retrieved September Jump up ^ Yahoo Gets Ahead of Google in the Mobile Search Market February Archived from the original on December Jump up ^ Gibbs Colin July Novarra to transcode for Yahoo s oneSearch RCR Wireless US Retrieved July Jump up ^ New Yahoo app to challenge Apple FaceTime on iPhone Reuters October Retrieved December Jump up ^ Yahoo to close North American auction site NBC News Associated Press May Retrieved July Jump up ^ The Leading E Commerce Optimization Site on the Net ECommerceOptimization com Retrieved Jump up ^ Yahoo Publisher Network Yahoo Inc Retrieved July Jump up ^ Elesseily Mona February New Panama Ranking System For Yahoo Ads Launches Today Search Engine Land Third Door Media Inc Retrieved July Jump up ^ Leggatt Helen September Yahoo gives APT an upgrade BizReport Retrieved July Jump up ^ Yahoo Previews Powerful New Online Advertising Management Platform Press release Yahoo April Retrieved July Jump up ^ Keane Meghan September Yahoo Announces New Digital Ad Platform Wired Retrieved July Jump up ^ Kafka Peter September All for One Yahoo AOL Microsoft Band Together for Ad Plan All Things D Retrieved July Jump up ^ Oreskovic Alexei February Yahoo s Mayer says Microsoft search deal underperforms San Jose Mercury News Reuters Jump up ^ Labs Home Yahoo Inc Retrieved July Jump up ^ Schonfeld Erick August Yahoo Boss Is So Open It Runs on Google s App Engine The Washington Post Retrieved May Jump up ^ Hane Paula J July Yahoo Expands Its Open Strategy With BOSS Information Today Retrieved July Jump up ^ New Yahoo app to challenge Apple FaceTime on iPhone Reuters October Jump up ^ Efrati Amir October Yahoo to Offer Media Links The Wall Street Journal Retrieved December Jump up ^ Cooper Chet Angeles Liz February–March Yahoo and Accessibility Ability Magazine Retrieved July Jump up ^ A browser from Yahoo makes surprise debut Jump up ^ Yahoo ships private certificate by accident The Register London May Jump up ^ Top Semantic Web Products of ReadWriteWeb award ReadWriteWeb Retrieved March Jump up ^ GeoCities Climbs to Third Most Trafficked Site on the Internet Press release California PRNewswire January Retrieved August Jump up ^ Fletcher Dan November Internet Atrocity GeoCities Demise Erases Web History Time New York Retrieved July Jump up ^ Saving a Historical Record of GeoCities Internet Archive Retrieved July Jump up ^ Milian Mark October GeoCities time has expired Yahoo closing the site today Los Angeles Times blog Retrieved November Jump up ^ Arghire Ionut November Yahoo Go to Be Shut Down in Early Softpedia Retrieved May Jump up ^ Ngo Dong May Yahoo to close on July CNET News Retrieved May Jump up ^ McCarthy Caroline August Yahoo Mash gets smashed bashed quashed CNET News Retrieved May Jump up ^ Yahoo closes tech website New Statesman London February Retrieved July Jump up ^ Yahoo abandoning GeoCities Physorg April Retrieved August Jump up ^ Grazella Mariel June Yahoo drops Koprol in global overhaul The Jakarta Post Retrieved July Jump up ^ Kevin Joshua June Yahoo is Shutting Down Koprol in Two Months Tech in Asia Retrieved July Jump up ^ Can I switch back to a previous version of Yahoo Mail Yahoo Retrieved October Jump up ^ Protalinski Emil April Yahoo cuts the deadwood with closures The Next Web Retrieved May Jump up ^ Velazko Chris July Yahoo s Recently Acquired Task Tracking Service Astrid Will Go Dark On August TechCrunch Retrieved July Jump up ^ Paris Jon May Yahoo acquires Astrid Astrid blog Retrieved July Jump up ^ Leak Confirmed – Yahoo Shutting Down Delicious Buzz AltaVista MyBlogLog and Other Services TechChunks December Retrieved May Jump up ^ Twitter post of original slide Twitter December Retrieved October Jump up ^ Kirkpatrick Marshall December Now Yahoo Says Delicious Will Live On Somewhere Else ReadWriteWeb Retrieved August Jump up ^ Bosker Bianca April YouTube Founders Buy Yahoo s Delicious Huffington Post Retrieved May Jump up ^ Yahoo Buzz To Die On April OnlyGizmos April Retrieved May Jump up ^ Lee Amy February Yahoo to close MyBlogLog this May Huffington Post Retrieved May Jump up ^ Yahoo reports government data requests Indian Express Retrieved Jump up ^ Gellman Barton Soltani Ashkan October NSA infiltrates links to Yahoo Google data centers worldwide Snowden documents say The Washington Post Retrieved November Jump up ^ Savage Charlie Miller Claire Perlroth Nicole October N S A Said to Tap Google and Yahoo Abroad The New York Times Retrieved November Jump up ^ Yahoo Detects Hacking Attempt on Email Accounts Thomson Reuters Retrieved January Jump up ^ Story Louise and comScore March They Know More Than You Think JPEG The New York Times in Story Louise March To Aim Ads Web Is Keeping Closer Eye on You The New York Times Retrieved March Jump up ^ Helfy Miguel January Yahoo Limits Retention of Search Data The New York Times Retrieved August Jump up ^ DeLuna JoAnn March Yahoo to launch Do Not Track feature Direct Marketing News Haymarket Media Retrieved July Jump up ^ Yahoo Privacy Team April Yahoo s Default A Personalized Experience Yahoo Yahoo Retrieved May ^ Jump up to a b Lai Eric May Size matters Yahoo claims petabyte database is world s biggest busiest Computer World Retrieved August Jump up ^ million Yahoo accounts breached Jump up ^ Joseph Menn Exclusive Yahoo secretly scanned customer emails for U S intelligence sources Reuters reuters com October Retrieved October Jump up ^ Yahoo Has Tough Day in French Court Computerworld com au November Retrieved May Jump up ^ Yahoo Introduces Paid Inclusion Program adweek com Archived from the original on September Retrieved February Jump up ^ Yahoo Shutting Down Paid Inclusion webpronews com Retrieved August Jump up ^ Yahoo s Pop Up Connection Bloomberg BusinessWeek Retrieved February Jump up ^ Yahoo s Adware Counterattack Bloomberg BusinessWeek Retrieved February Jump up ^ Jailed Chinese Journalist Wins WAN Golden Pen of Freedom wmd org Archived from the original on September Retrieved February Jump up ^ Yahoo s Statement before the U S Congress PDF The New York Times Retrieved February Jump up ^ Rights Group Says Yahoo May Have Lied to Congress Voice of America Archived from the original on September Retrieved February Jump up ^ Yahoo Is Sued for Failing to Keep China Dissident Promises Bloomberg com Retrieved Jump up ^ O Brien Luke March Yahoo Betrayed My Husband Wired Retrieved August Jump up ^ Yahoo plea over China rights case BBC News August Retrieved February Jump up ^ Egelko Bob April Suit by wife of Chinese activist San Francisco Chronicle Retrieved November Jump up ^ Mills Elinor June Yahoo closes chat rooms over child sex concerns CNET News Retrieved September Jump up ^ Yahoo image search exposes school to porn The Register London May Retrieved February Jump up ^ Top shareholders back Alibaba s controversial corporate structure Reuters September Jump up ^ Yahoo Tries to Hide Snoop Service Price List Electronic Frontier Foundation Retrieved August Jump up ^ Lee Fang September Yahoo Appears To Be Censoring Email Messages About Wall Street Protests Updated Think Progress Center for American Progress Action Fund Retrieved September Jump up ^ TheFreak September Yahoo Censoring Occupy Wall Street Protest Messages Videosift Sift Partners Inc Retrieved September Jump up ^ Nelson Miranda September Yahoo admits blocking Wall Street protest emails says censorship was not intentional Straight com Vancouver Retrieved September Jump up ^ http www usnews com news articles lawsuit accuses yahoo ceo marissa mayer of discrimination against men ^ Jump up to a b Lawsuit Yahoo CEO Marissa Mayer led illegal purge of male workers Retrieved February Jump up ^ Peyser Eve New Lawsuit Alleges Marissa Mayer Tried to Purge Yahoo of Men Updated Retrieved February Jump up ^ Yahoo s Mayer sued for allegedly forcing out male employees Retrieved February Jump up ^ Ferro Shane February Why A Man Is Suing Yahoo For Sexism Retrieved February Jump up ^ Yahoo Names Maynard Webb Permanent Board Chairman Retrieved September Jump up ^ Yahoo Inc – Board of Directors Investor yahoo net Retrieved July Jump up ^ Summary of YAHOO INC – Yahoo Finance Biz yahoo com Archived from the original on January Retrieved July Jump up ^ Jackson Eric September Roy Bostock s Tarnished Legacy at Yahoo Forbes New York Jump up ^ Summary of YAHOO INC – Yahoo Finance Biz yahoo com Archived from the original on May Retrieved July Jump up ^ VINDU GOEL CLAIRE CAIN MILLER January Bumps on a Road to Revival for Yahoo The New York Times Retrieved April Jump up ^ Yahoo co jp Ir yahoo co jp March Retrieved November Jump up ^ Yahoo sell stake to Alibaba Finance yahoo com September Retrieved October Jump up ^ Darren Petterson promises an important increase in Yahoo in Romania in Romanian May Retrieved February Jump up ^ Darren Patterson Yahoo Yahoo ro is scheduled to launch by the end of Q in Romanian Ziarul Financiar May Retrieved February Jump up ^ Fanache the only mohican of Yahoo in Romania If there were no crisis by now we will have had Yahoo Mail and Messenger in Romanian in Romanian Daily Business April Retrieved February Jump up ^ Yahoo Romania will launch in June in Romanian Smash ro November Retrieved February Jump up ^ Mediacafe Yahoo ro won t revolutionise the market and neither will it gross three times more money Money ro December Retrieved February Jump up ^ Kincaid Jason August Confirmed Yahoo Acquires Arab Internet Portal Maktoob TechCrunch Retrieved August Jump up ^ ?? ?? ?? ?? Yahoo Korea Jump up ^ Yahoo ceases China news and community services Bbc co uk September Retrieved October Jump up ^ Yahoo Logo Design Logo Design History Logoorange com Retrieved May Jump up ^ Yardney Michael Yahoo Au yahoo com Retrieved October Jump up ^ Y – Yahoo All Acronyms Retrieved May Jump up ^ Swartz Jon August Yahoo is getting a new logo in a month USA Today Retrieved August Jump up ^ Knight Shawn August Yahoo s days of change campaign will end with new logo design TechSpot Retrieved August Jump up ^ Newton Casey September Yahoo reveals its new logo The Verge Vox Media Inc Retrieved September Jump up ^ Mayer Marissa September Geeking Out on the Logo Marissa s Tumblr Yahoo Retrieved September Jump up ^ Perez Sarah September Yahoo Resurrects The Personalized Homepage With My Yahoo Revamp TechCrunch Retrieved September Jump up ^ Edwards Victoria September Things We Learned From Marissa Mayer and Mark Zuckerberg at TechCrunch Disrupt Search Engine Watch Retrieved September External links edit Official website Business data for Yahoo Google Finance Yahoo Finance Bloomberg Reuters SEC filings Yahoo companies grouped at OpenCorporates show v t e Yahoo show v t e Companies of the NASDAQ index Jerry Yang From Wikipedia the free encyclopedia For other people named Jerry Yang see Jerry Yang disambiguation This is a Chinese name the family name is Yang Jerry Yang Jerry Yang jpg Jerry Yang in Native name ??? Born Jerry Chih Yuan Yang November age Taiwan Republic of China Residence Los Altos Hills California United States Alma mater Stanford University Occupation Founding Partner AME Cloud Ventures Net worth Decrease US billion September Spouse s Akiko Yamazaki Jerry Chih Yuan Yang traditional Chinese ??? simplified Chinese ??? pinyin Yáng Zhìyuan Pe?h oe ji iông tì oán born November in Taipei Taiwan is an American Internet entrepreneur and programmer He is the co founder and former CEO of Yahoo Inc Contents hide Early life Career Yahoo years Dealings in China Alibaba Chinese government collaboration controversies Microsoft negotiations Resignation as CEO to departure AME Cloud Ventures Board seats Personal life Philanthropy References External links Early life edit Jerry Yang s signature Yang was born with the name Yang Chih Yuan in Taipei Taiwan on November his mother was a professor of English and drama and his father died when he was two and by then Yang had a brother In his mother moved the family to San Jose California where his grandmother and extended family took care of the boys while his mother taught English to other immigrants After coming to the US Yang took the American name Jerry his mother Lily and his brother Ken He says that he only knew one English word shoe when he came to America but became fluent in English in about three years Yang earned both a Bachelor of Science and a Master of Science in electrical engineering from Stanford University in four years He met David Filo at Stanford in and the two of them went to Japan in for a six month exchange program during which he met the woman who would become his wife who was there as part of the exchange program Career edit Yang founded Yahoo in served as CEO from to He left Yahoo in He founded a venture capital firm called AME Cloud Ventures and as of serves on several corporate boards According to Rob Solomon a venture capitalist at Accel Partners Yang was a great founder evangelist strategist and mentor having created the blueprint for what is possible on the Internet Yahoo years edit While studying at Stanford in Yang and David Filo co created an Internet website called Jerry and David s Guide to the World Wide Web which consisted of a directory of other websites As it grew in popularity they renamed it Yahoo Inc Yahoo received around unique visitors by the fall of In April Yahoo received a million investment from Sequoia Capital Tim Koogle was hired as CEO and Yang and Filo were each appointed Chief Yahoo Yahoo received a second round of funding in the Fall from Reuters and Softbank It went public in April with employees In Yang was named to the MIT Technology Review TR as one of the top innovators in the world under the age of Terry Semel who replaced Koogle as CEO after the dot com bubble crash served until when the rise of Google led the board to fire him and appoint Yang as interim CEO Dealings in China edit Yang led Yahoo s investment in Alibaba prior to becoming CEO and served as CEO during the time when Yahoo s dealings with the Chinese government became controversial Alibaba edit Yang met Alibaba founder Jack Ma in during Yang s first trip to China Ma a government employed tour guide and former English teacher gave Yang a tour of the Great Wall of China The two hit it off and discussed the growth of the Web Ma created Alibaba several months later A photo of Yang and Ma at the Great Wall still hangs on the wall in Alibaba s Hangzhou office In under Yang s direction but before he took over as CEO in Yahoo purchased a stake in Alibaba for billion plus the assets of Yahoo China valued at million In Yahoo sold a portion of its stake in Alibaba for billion The company made an additional billion in Alibaba s IPO Eric Jackson the founder of hedge fund Ironfire Capital called Yahoo s investment in Alibaba the best investment an American company has ever made in China and stated Jerry deserves enormous credit for that Chinese government collaboration controversies edit In fall a month after the Alibaba investment news broke that Yahoo had cooperated with Chinese authorities in the arrest of Chinese journalist Shi Tao in November Shi had used a Yahoo email address to anonymously notify a pro democracy website in the US that the Chinese government had ordered the Chinese media not to cover the fifteenth anniversary of the Tiananmen Square Protests of on June Yahoo provided the Chinese security agencies with the IP addresses of the senders the recipients and the time of the message Shi was subsequently convicted for divulging state secrets abroad Yang justified the action stating To be doing business in China or anywhere else in the world we have to comply with local law s Yang and Yahoo were heavily criticized and Reporters Without Borders called Yahoo a Chinese police informant In April Wang Xiaoning and other journalists brought a civil suit against Yahoo for allegedly aiding and abetting the Chinese government which it was claimed resulted in torture that included beatings and imprisonment In early November Yang faced questions from a Congressional committee with respect to Yahoo s role in the arrests of Tao and other journalists in China During the hearings he apologized to Tao s mother who was also at the hearing A week later Yahoo agreed to settle with affected Chinese dissidents paying them undisclosed compensation Yang stated After meeting with the families it was clear to me what we had to do to make this right for them for Yahoo and for the future That week Yang established the Yahoo Human Rights Fund a fund to provide humanitarian and legal support to online dissidents In February Secretary of State Condoleezza Rice said that she raised issues about jailed Chinese journalists with her Chinese counterpart Yang Jiechi she cited a letter from Jerry Yang requesting her assistance in freeing the jailed dissidents Late in the Laogai Museum opened the museum was run by noted Chinese dissident Harry Wu and showcased China s laogai penal system It was funded by the Yahoo Human Rights Fund Microsoft negotiations edit In February Microsoft made an unsolicited offer to buy Yahoo for billion at the time Yahoo was still struggling to catch up to Google while Microsoft was still seeking an internet strategy The offer was a premium to Yahoo s market value at the time The negotiations were difficult as Yang had no desire to sell Yahoo and would not make a counter offer Once the negotiations ended in failure in May Yahoo s stock price plunged Yang and board chairman Roy Bostock were strongly criticized by investors for their handling of negotiations which later led to several shareholder lawsuits and a proxy fight led by Carl Icahn which was settled in July Yang s response to the Microsoft takeover was to make a commercial search advertising arrangement with Google but they ended negotiation after U S authorities voiced concerns regarding the effect on competition in the market Resignation as CEO to departure edit On November The Wall Street Journal reported Yang would step down as CEO as soon as the company found a replacement He served as CEO until when Yahoo named Carol Bartz as CEO He regained his former position as Chief Yahoo and remained on Yahoo s board of directors In January Yahoo announced that Yang was leaving the company and would be resigning from the board and all other positions at the company The company also announced his resignation from the boards of Yahoo Japan and Alibaba Corp AME Cloud Ventures edit After leaving Yahoo he became a mentor to technology startups and an investor through his firm AME Cloud Ventures AME pronounced ah meh has provided funding to more than startups including Tango Evernote Wattpad and Chinese travel site Shijiebang Ame means rain in Japanese a nod to Yang s interest in cloud computing He re joined the board of Alibaba in Board seats edit Yahoo Cisco Alibaba Group Stanford University Board of Trustees Workday Inc Curbside citation needed Lenovo Group Ltd Observer Personal life edit Yang is married to Akiko Yamazaki a Japanese woman who was raised in Costa Rica whom he met in during a month Stanford exchange program when they were both students there Yamazaki graduated from Stanford University with a degree in industrial engineering and is a director with the Wildlife Conservation Network He currently resides in Los Altos Hills California Philanthropy edit In February Yang and his wife gave million to Stanford University their alma mater million of which went to building the Jerry Yang and Akiko Yamazaki Environment and Energy Building a multi disciplinary research teaching and lab building designed with sustainable architecture principles In late and early the Asian Art Museum of San Francisco exhibited selections from the Chinese calligraphy collection belonging to Yang and his wife He began the collection in the late s it contains about pieces These selections also appeared at the Metropolitan Museum of Art in the exhibition Out of Character Decoding Chinese Calligraphy References edit ^ Jump up to a b Jerry Yang Forbes Jump up ^ Jerry Chih Yuan Yang Boardroom Insiders November Retrieved April ^ Jump up to a b Henderson Harry Yang Jerry Chih Yuan Yang A to Z of Computer Scientists Infobase p ^ Jump up to a b c d e f g h i j k l Parmy Olson for Forbes September Finding Alibaba How Jerry Yang Made The Most Lucrative Bet In Silicon Valley History Jump up ^ Pickert Kate November Yahoo CEO Jerry Yang Time Jump up ^ Sherman Josepha Jerry Yang and David Filo chief yahoos of Yahoo Brookfield Conn Twenty First Century Books ISBN ^ Jump up to a b c d Schlender Brent How A Virtuoso Plays The Web Fortune Retrieved Jump up ^ Solomon Rob Yahoo Was the GE of the Internet recode com Recode Retrieved January Jump up ^ Yahoo Inc – Company History yhoo client shareholder com Jump up ^ Hal Plotkin for Metro April MetroActive A Couple of Yahoos Jump up ^ Young Innovators Under Jerry Yang Technology Review Retrieved August ^ Jump up to a b c d e f Brian Womack for Bloomberg News Sept Yahoo s Yang Is Back Playing Alibaba Board Power Broker ^ Jump up to a b Helft Miguel September Jerry Yang The most successful American investor in China Fortune Time Inc Retrieved January Jump up ^ Novellino Teresa October Inside Jerry Yang s wild bet on Alibaba and Jack Ma Upstart Business Journal American City Business Journals Retrieved January ^ Jump up to a b Joseph Kahn for the New York Times September Yahoo Role Documented in Chinese Trial Jump up ^ Reporters Without Borders September Information supplied by Yahoo helped journalist Shi Tao get years in prison Jump up ^ Editors of the Washington Post September Editorial Obeying Orders Jump up ^ Miguel Helft for the New York Times April Chinese Political Prisoner Sues in U S Court Saying Yahoo Helped Identify Dissidents Jump up ^ Yahoo summoned to Washington over Chinese arrests c net news blog October Jump up ^ Boudreau John Lawmaker scolds Yahoo Morally you are pygmies Mercury News Retrieved Jump up ^ Associated Press in the New York Times November Yahoo Criticized in Case of Jailed Dissident Jump up ^ Corey Boles and Scott Morrison for the Wall Street Journal Nov Yahoo Settles Suit Over Jailed Chinese Dissidents Jump up ^ Press Release Yahoo Inc Reaches Settlement On Lawsuit Works To Establish Human Rights Fund PDF Yahoo November Jump up ^ Rice presses China on jailed dissidents New York Times Jump up ^ Fowler Geoffrey A November Yahoo Sponsored Chinese Human Rights Museum Opens in Washington The Wall Street Journal Retrieved December Jump up ^ Yahoo weighs up options Financial Times February ^ Jump up to a b Lohr Steve Microsoft s Failed Yahoo Bid Risks Online Growth New York Times Retrieved Jump up ^ Rob Hof for Bloomberg BusinessWeek TechBeat July Yahoo Settles Proxy Fight With Icahn What s Next Jump up ^ Yang to Step Down as Yahoo CEO The Wall Street Journal November Jump up ^ Yahoo names new chief executive BBC News January Jump up ^ Michael Liedtke Yahoo to Replace Yang as CEO TheStreet com Retrieved permanent dead link Jump up ^ Yahoo announces resignation of Jerry Yang Marketwatch News January Jump up ^ Jerry Yang Is Back And Investing More Than Ever Wall Street Journal March Jump up ^ Jerry Yang s Next Act Startup Investor and Mentor Mashable March Jump up ^ John Chambers for Cisco Blogs September Jerry Yang to Retire from Cisco s Board ^ Jump up to a b Stanford University Press Release February Alumni couple Jerry Yang co founder of Yahoo and Akiko Yamazaki pledge million to alma mater Jump up ^ Profile of Jerry Yang Forbes com Retrieved on Jump up ^ Stanford Report March Y E New building sets sustainability standards for Stanford Jump up ^ Seno Alexandra A October Worthy Characters The Wall Street Journal Retrieved January Jump up ^ Rosenberg Karen June A Calligraphic Answer to I Like This The New York Times Retrieved January External links edit Wikimedia Commons has media related to Jerry Yang Appearances on C SPAN Jerry Yang on Charlie Rose Jerry Yang at the Internet Movie Database Jerry Yang collected news and commentary The New York Times Jerry Yang at Stanford Engineering Heroes page IT Conversations audio interview from the Web conference October Business positions Preceded by Terry Semel Chief Executive Officer of Yahoo – Succeeded by Carol Bartz hide v t e Yahoo Advertising APT from Yahoo BrightRoll Flurry Panama Right Media Search Marketing Development Developer Network BOSS Query Language UI Library Web portal and search engine Auctions Japan Hong Kong Taiwan Autos Celebrity Finance Health Homes Local Movies Music News Search Shine Shopping Sports Time Capsule Travel TV Wallet Communication Answers Groups Mail Rivals Publishing Flickr GeoCities Japan only Polyvore Tumblr Software Messenger versions Toolbar Co branded ISPs AT T BT Frontier Rogers International Yahoo Yahoo Japan Yahoo Kids Yahoo Maktoob Yahoo Indonesia Yahoo China Yahoo Korea Yahoo Philippines Discontinued or sold ° AltaVista Axis Babel Fish Briefcase blo gs Broadcast com Buzz Delicious Dialpad Fire Eagle FoxyTunes Gallery Games GeoCities outside of Japan Go Mobile Jobs JumpCut Kelkoo Kickstart Live Meme Maps Mash Music Jukebox Music Radio Music Unlimited MyBlogLog Next Pipes Photos Podcasts Publisher Network RocketMail Screen SearchMonkey Site Explorer The All Seeing Eye Upcoming Voice Voices WebRing Widgets Corporate Acquisitions Criticism History Timeline David Filo From Wikipedia the free encyclopedia David Filo David Filo jpg David Filo May Born April age Wisconsin United States Residence Palo Alto California U S Alma mater Tulane University Stanford University Occupation Co founder and Chief Yahoo Yahoo Inc Salary One dollar salary Net worth Increase US billion April Spouse s Angela Buenning David Filo born April is an American businessman and the co founder of Yahoo with Jerry Yang His Filo Server Program written in the C programming language was the server side software used to dynamically serve variable web pages called Filo Server Pages on visits to early versions of the Yahoo web site Contents hide Personal life and education Career References External links Personal life and education edit Filo was born in Wisconsin At age six he moved to Moss Bluff Louisiana a suburb of Lake Charles Louisiana He graduated from Sam Houston High School and then earned a B S in computer engineering at Tulane University through the Dean s Honor Scholarship and an M S at Stanford University As of December Filo is estimated to be worth billion ranking him as the th richest person in the world In he gave million to his alma mater Tulane University for use in its School of Engineering Filo is married to photographer and teacher Angela Buenning Filo and his wife launched Yellow Chair Foundation in helped in the launch of Stanford Interdisciplinary Graduate Fellowship in and have endowed professorships in engineering and education In they helped create the K Start Fund which invests in education technology companies Career edit In February he co created with Jerry Yang an Internet website called Jerry and David s Guide to the World Wide Web consisting of a directory of other websites It was renamed Yahoo an exclamation Yahoo became very popular and Filo and Yang realized the business potential and co founded Yahoo Inc Yahoo started off as a web portal with a web directory providing an extensive range of products and services for various online activities It is now one of the leading internet brands and due to partnerships with telecommunications firms has one of the most trafficked networks on the internet References edit David Filo Yahoo management team Jump up ^ peopleandprofiles com Archived January at the Wayback Machine Jump up ^ Yahoo Proxy Statement PDF Retrieved July Jump up ^ David Filo Jump up ^ David Filo Forbes October ^ Jump up to a b Forbes Richest Americans David Filo Forbes March Jump up ^ Another billionaire drops Archived December at the Wayback Machine Jump up ^ The Internet Hierarchy As A Hobby By David Filo Eyerys com Jump up ^ Yahoo Inc – Company History yhoo client shareholder com Jump up ^ Most Popular Sites Alexa Ranks The Most Visited Websites Huffington Post August External links edit MetroActive A Couple of Yahoos Michael Moritz interviews David Filo et al at TechCrunch conference video hide v t e Yahoo Advertising APT from Yahoo BrightRoll Flurry Panama Right Media Search Marketing Development Developer Network BOSS Query Language UI Library Web portal and search engine Auctions Japan Hong Kong Taiwan Autos Celebrity Finance Health Homes Local Movies Music News Search Shine Shopping Sports Time Capsule Travel TV Wallet Communication Answers Groups Mail Rivals Publishing Flickr GeoCities Japan only Polyvore Tumblr Software Messenger versions Toolbar Co branded ISPs AT T BT Frontier Rogers International NASDAQ From Wikipedia the free encyclopedia NASDAQ Nasdaq logo svg Type Stock exchange Location One Liberty Plaza Broadway New York City New York U S Coordinates Coordinates °N °W Founded February years ago Owner Nasdaq Inc Currency United States dollar No of listings July Market cap US trillion Website Business Nasdaq com Studio The Nasdaq Stock Market Listeni 'næz?dæk is an American stock exchange It is the second largest exchange in the world by market capitalization behind only the New York Stock Exchange The exchange platform is owned by Nasdaq Inc which also owns the Nasdaq Nordic formerly known as OMX and Nasdaq Baltic stock market network and several other US stock and options exchanges Contents hide History Quote availability Trading schedule Market tiers Average annualized growth rate See also References External links History edit When it was founded NASDAQ stood for the acronym of National Association of Securities Dealers Automated Quotations NASDAQ was founded in by the National Association of Securities Dealers NASD which divested itself of NASDAQ in a series of sales in and The Nasdaq Stock Market is owned and operated by Nasdaq Inc the stocks of which were listed on its own stock exchange marketing July under the ticker symbol NDAQ Former logo When the Nasdaq Stock Market began trading on February it was the world s first electronic stock market At first it was merely a quotation system and did not provide a way to perform electronic trades The Nasdaq Stock Market helped lower the spread the difference between the bid price and the ask price of the stock but was unpopular among brokerages which made much of their money on the spread The Nasdaq Stock Market eventually assumed the majority of major trades that had been executed by the over the counter OTC system of trading although there are still many securities traded in this fashion As late as the NASDAQ exchange was still commonly referred to as OTC in media and also in the monthly Stock Guides stock guides and prodecures issued by Standard Poor s Corporation citation needed Over the years the Nasdaq Stock Market became more of a stock market by adding trade and volume reporting and automated trading systems It was also the first stock market in the United States to start trading online highlighting Nasdaq traded companies and closing with the declaration that the Nasdaq Stock Market is the stock market for the next hundred years The Nasdaq Stock Market attracted new growth companies such as Microsoft Apple Cisco Oracle and Dell and helped modernize the IPO Its main index is the NASDAQ Composite which has been published since its inception However its exchange traded fund tracks the large cap NASDAQ index which was introduced in alongside the NASDAQ Financial Index tracks the largest companies in terms of market capitalization In the Nasdaq Stock Market joined with the London Stock Exchange to form the first intercontinental linkage of securities markets The National Association of Securities Dealers spun off the Nasdaq Stock Market in to form a publicly traded company In the status of the Nasdaq Stock Market was changed from a stock market to a licensed national securities exchange In Nasdaq merged with OMX a leading exchange operator in the Nordic countries expanded its global footprint and changed its name to the NASDAQ OMX Group To qualify for listing on the exchange a company must be registered with the United States Securities and Exchange Commission SEC must have at least three market makers financial firms that act as brokers or dealers for specific securities and must meet minimum requirements for assets capital public shares and shareholders In February in the wake of an announced merger of NYSE Euronext with Deutsche Börse speculation developed that NASDAQ OMX and Intercontinental Exchange ICE could mount a counter bid of their own for NYSE NASDAQ OMX could be when looking to acquire the American exchange s cash equities business ICE the derivatives business At the time NYSE Euronext s market value was billion Nasdaq was valued at billion while ICE was valued at billion Late in the month Nasdaq was reported to be considering asking either ICE or the Chicago Mercantile Exchange to join in what would probably have to be if it proceeded an – billion counterbid The European Association of Securities Dealers Automatic Quotation System EASDAQ was founded as a European equivalent to the Nasdaq Stock Market It was purchased by NASDAQ in and became NASDAQ Europe Operations were shut down however as a result of the burst of the dot com bubble In NASDAQ Europe was revived as Equiduct and is currently when operating under Börse Berlin On June NASDAQ OMX became a founding member of the United Nations Sustainable Stock Exchanges initiative on the eve of the United Nations Conference on Sustainable Development Rio In November NASDAQ Chief Operating Officer Adena Friedman was promoted to the role of CEO becoming the first woman to run a major exchange in the U S Quote availability edit NASDAQ quotes are available at three levels Level shows the highest bid and lowest ask—inside quote Level shows all public quotes of market makers together with information of market dealers wishing to buy or sell stock and recently executed orders Level is used by the market makers and allows them to enter their quotes and execute orders Trading schedule edit The Nasdaq Stock Market has a pre market session from am to am Eastern a normal trading session from am to pm and a post market session from pm to pm Market tiers edit The Nasdaq Stock Market has three different market tiers Capital Market small cap is an equity market for companies that have relatively small levels of market capitalization Listing requirements for such small cap companies are less stringent than for other Nasdaq markets that list larger companies with significantly higher market capitalization Global Market mid cap is made up of stocks that represent the Nasdaq Global Market The Global Market consists of stocks that meet Nasdaq s strict financial and liquidity requirements and corporate governance standards The Global Market is less exclusive than the Global Select Market Global Select Market NASDAQ GS large cap is a market capitalization weighted index made up of US based and international stocks that represent the Global Select Market Composite The Global Select Market consists of stocks that meet Nasdaq s strict financial and liquidity requirements and corporate governance standards The Global Select Market is more exclusive than the Global Market Every October the Nasdaq Listing Qualifications Department reviews the Global Market Composite to determine if any of its stocks have become eligible for listing on the Global Select Market Average annualized growth rate edit As of June the Nasdaq Stock Market had had an average annualized growth rate of since its opening in February Since the end of the recession in June however it has increased by per year See also edit icon New York City portal United States corporate law ACT NASDAQ Directors Desk Economy of New York City NASDAQ NASDAQ futures Nasdaq MarketSite Nasdaq Inc NASDAQ Dubai NASDAQ Private Market List of stock exchanges List of stock exchanges in the Americas List of stock exchange mergers in the Americas References edit Jump up ^ NASDAQ Companies Retrieved March Jump up ^ Monthly Reports World Exchanges org World Federation of Exchanges Archived from the original on August Retrieved June Jump up ^ Nasdaq Nasdaq Business Solutions Services Retrieved October Jump up ^ Frequently Asked Questions NASDAQ com NASDAQ n d Web December Archived February at WebCite Jump up ^ Terrell Ellen History of the American and NASDAQ Stock Exchanges LOC gov Library of Congress Business Reference Services Retrieved April Jump up ^ NASDAQ com Frequently Asked Questions Retrieved October Jump up ^ Gilpin Kenneth N COMPANY NEWS AN ERRATIC QUARTER FOR STOCK MARKETS The New York Times ISSN Retrieved Jump up ^ Walsh Michelle Nasdaq Stock Market Becomes A National Securities Exchange Changes Market Designations Jump up ^ De la Merced Michael J Nasdaq and ICE Hold Talks Over Potential N Y S E Bid The New York Times Dealbook February pm Retrieved February Jump up ^ Fraser Michelle E Nasdaq May Ask CME or ICE for Help in NYSE Counterbid WSJ Says Bloomberg February AM ET Retrieved March Jump up ^ Easdaq Makes A Comeback As Equiduct Archived from the original on February Jump up ^ Sustainable Stock Exchanges Initiative Exchanges listing over companies commit to promoting sustainability Reuters com Reuters Retrieved May Jump up ^ Nasdaq s New CEO Attributes Her Success to an Eclectic Career Path Fortune Retrieved Jump up ^ Order Book Level Market Data and Depth of Market Daytrading About com Archived from the original on February Jump up ^ NASDAQ Level III Quote Jump up ^ NASDAQ Trading Schedule NASDAQ com Retrieved April Jump up ^ Definition of Nasdaq SmallCap Market now known as Nasdaq Capital Market Investopedia com Retrieved August Jump up ^ Definition of NASDAQ Global Market Composite Investopedia com Retrieved August Jump up ^ Definition of NASDAQ Global Select Market Composite Investopedia com Retrieved August Jump up ^ Pinto Jerald E Henry Elaine Robinson Thomas R Stowe John D Equity Asset Valuation CFA Institute Investment Series ed John Wiley Sons p ISBN Retrieved March NASDAQ GS stands for Nasdaq Global Select Market Jump up ^ Measuring Worth Measures of worth inflation rates saving calculator relative value worth of a dollar worth of a pound purchasing power gold prices GDP history of wages average wage measuringworth com Retrieved October External links edit Wikimedia Commons has media related to NASDAQ New York Stock Exchange From Wikipedia the free encyclopedia This article is about the stock exchange For its parent company see Intercontinental Exchange New York Stock Exchange The NYSE s logo New York Stock Exchange Wall Street jpg The New York Stock Exchange in Type Stock exchange Location New York City New York U S Founded May years ago Owner Intercontinental Exchange Owner Key people Jeffrey Sprecher Chairman Currency United States Dollar No of listings Market cap US trillion Volume US trillion Indices Dow Jones Industrial Average S P NYSE Composite Website nyse com New York Stock Exchange U S National Register of Historic Places U S National Historic Landmark New York Stock Exchange Simon Fieldhouse jpg Front Elevation of the New York Stock Exchange New York Stock Exchange is located in Lower Manhattan New York Stock Exchange Show map of Lower Manhattan Show map of New York Show map of the US Show all Coordinates ° ' ?N ° ' ?WCoordinates ° ' ?N ° ' ?W Built Architect Trowbridge Livingston George B Post Architectural style Classical Revival NRHP Reference Significant dates Added to NRHP June Designated NHL June The New York Stock Exchange abbreviated as NYSE and nicknamed The Big Board is an American stock exchange located at Wall Street Lower Manhattan New York City New York It is by far the world s largest stock exchange by market capitalization of its listed companies at US trillion as of June The average daily trading value was approximately US billion in The NYSE trading floor is located at Wall Street and is composed of rooms used for the facilitation of trading A fifth trading room located at Broad Street was closed in February The main building and the Wall Street building were designated National Historic Landmarks in The NYSE is owned by Intercontinental Exchange an American holding company that it also lists NYSE ICE Previously it was part of NYSE Euronext NYX which was formed by the NYSE s merger with Euronext NYSE and Euronext now operate as divisions of Intercontinental Exchange The NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in was sued by its former CEO for breach of contract and defamation Contents hide History Notable events Official holidays and related special circumstances Trading NYSE Composite Index Timeline Merger acquisition and control Opening and closing bells History Notable bell ringers See also References External links History edit See also List of presidents of the New York Stock Exchange The Stock Exchange at – Broad Street in The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement Previously securities exchange had been intermediated by the auctioneers who also conducted more mundane auctions of commodities such as wheat and tobacco On May twenty four brokers signed the Buttonwood Agreement which set a floor commission rate charged to clients and bound the signers to give preference to the other signers in securities sales The earliest securities traded were mostly governmental securities such as War Bonds from the Revolutionary War and First Bank of the United States stock although Bank of New York stock was a non governmental security traded in the early days citation needed The Bank of North America along with the First Bank of the United States and the Bank of New York were the first shares traded on the New York Stock Exchange In the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms and reorganized After sending a delegation to Philadelphia to observe the organization of their board of brokers restrictions on manipulative trading were adopted as well as formal organs of governance After re forming as the New York Stock and Exchange Board the broker organization began renting out space exclusively for securities trading which previously had been taking place at the Tontine Coffee House Several locations were used between and when the present location was adopted The invention of the electrical telegraph consolidated markets and New York s market rose to dominance over Philadelphia after weathering some market panics better than other alternatives The Open Board of Stock Brokers was established in as a competitor to the NYSE With members the Open Board of Stock Brokers rivaled the NYSE in membership which had because it used a more modern continuous trading system superior to the NYSE s twice daily call sessions The Open Board of Stock Brokers merged with the NYSE in Robert Wright of Bloomberg writes that the merger increased the NYSE s members as well as trading volume as several dozen regional exchanges were also competing with the NYSE for customers Buyers sellers and dealers all wanted to complete transactions as quickly and cheaply as technologically possible and that meant finding the markets with the most trading or the greatest liquidity in today s parlance Minimizing competition was essential to keep a large number of orders flowing and the merger helped the NYSE to maintain its reputation for providing superior liquidity The Civil War greatly stimulated speculative securities trading in New York By membership had to be capped and has been sporadically increased since The latter half of the nineteenth century saw rapid growth in securities trading citation needed Securities trade in the latter nineteenth and early twentieth centuries was prone to panics and crashes Government regulation of securities trading was eventually seen as necessary with arguably the most dramatic changes occurring in the s after a major stock market crash precipitated an economic depression The Stock Exchange Luncheon Club was situated on the seventh floor from until its closure in The main building located at Broad Street between the corners of Wall Street and Exchange Place was designated a National Historic Landmark in as was the Wall Street building The floor of the New York Stock Exchange in The NYSE announced its plans to merge with Archipelago on April in a deal intended to reorganize the NYSE as a publicly traded company NYSE s governing board voted to merge with rival Archipelago on December and became a for profit public company It began trading under the name NYSE Group on March A little over one year later on April the NYSE Group completed its merger with Euronext the European combined stock market thus forming NYSE Euronext the first transatlantic stock exchange Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services It comprises a matrix of wholesale financial sectors financial markets financial institutions and financial industry firms Robert The principal sectors are securities industry commercial banking asset management and insurance Prior to the acquisition of NYSE Euronext by the ICE in Marsh Carter was the Chairman of the NYSE and the CEO was Duncan Niederauer Presently when the chairman is Jeffrey Sprecher Notable events edit See also Wall Street Crash of Black Tuesday Friday the th mini crash October mini crash and Economic effects arising from the September attacks The exchange was closed shortly after the beginning of World War I July but it partially re opened on November of that year in order to help the war effort by trading bonds and completely reopened for stock trading in mid December On September a bomb exploded on Wall Street outside the NYSE building killing people and injuring more than The perpetrators were never found The NYSE building and some buildings nearby such as the JP Morgan building still have marks on their façades caused by the bombing The Black Thursday crash of the Exchange on October and the sell off panic which started on Black Tuesday October are often blamed for precipitating the Great Depression In an effort to try to restore investor confidence the Exchange unveiled a fifteen point program aimed to upgrade protection for the investing public on October On October the exchange was registered as a national securities exchange with the U S Securities and Exchange Commission with a president and a thirty three member board On February the non profit corporation was formed and the number of board members was reduced to twenty five One of Abbie Hoffman s well known publicity stunts took place in when he led members of the Yippie movement to the Exchange s gallery The provocateurs hurled fistfuls of dollars toward the trading floor below Some traders booed and some laughed and waved Three months later the stock exchange enclosed the gallery with bulletproof glass Hoffman wrote a decade later We didn t call the press at that time we really had no notion of anything called a media event NYSE s stock exchange traders floor before the introduction of electronic readouts and computer screens On October the Dow Jones Industrial Average DJIA dropped points a loss in a single day the second biggest one day drop the exchange had experienced Black Monday was followed by Terrible Tuesday a day in which the Exchange s systems did not perform well and some people had difficulty completing their trades Subsequently there was another major drop for the Dow on October —the Mini Crash of The crash was apparently caused by a reaction to a news story of a billion leveraged buyout deal for UAL Corporation the parent company of United Airlines which broke down When the UAL deal fell through it helped trigger the collapse of the junk bond market causing the Dow to fall points or percent Similarly there was a panic in the financial world during the year of the Asian Financial Crisis Like the fall of many foreign markets the Dow suffered a drop in value points on October in what later became known as the Mini Crash but from which the DJIA recovered quickly This was the first time that the circuit breaker rule had operated On January an altercation during filming of the music video for Sleep Now in the Fire which was directed by Michael Moore caused the doors of the exchange to be closed and the band Rage Against the Machine to be escorted from the site by security after band members attempted to gain entry into the exchange In the aftermath of the September attacks the NYSE was closed for trading sessions resuming on Monday September one of the rare times the NYSE was closed for more than one session and only the third time since March On the first day the NYSE suffered a drop in value points after a week it dropped by points An estimated of trillion was lost within five days of trading On May the Dow Jones Industrial Average posted its largest intraday percentage drop since the October crash with a point loss later being called the Flash Crash as the drop occurred in minutes before rebounding The SEC and CFTC published a report on the event although it did not come to a conclusion as to the cause The regulators found no evidence that the fall was caused by erroneous fat finger orders On October the stock exchange was shut down for days due to Hurricane Sandy The last time the stock exchange was closed due to weather for a full two days was on March and in On May the stock exchange was fined million by the Securities and Exchange Commission to settle charges it violated market rules On August Berkshire Hathaway s A Class shares the highest priced shares on the NYSE hit a share for the first time On July technical issues affected the stock exchange halting trading at am ET The NYSE reassured stock traders that the outage was not a result of a cyber breach and the Department of Homeland Security confirmed that there was no sign of malicious activity Trading eventually resumed at pm ET the same day Official holidays and related special circumstances edit The New York Stock Exchange is closed on all federal holidays except Veterans Day including New Year s Day Independence Day and Christmas However certain types of years require the stock exchange to be closed on days that are not federal holidays in observance of the aforementioned three holidays In a Leap year starting on Wednesday or a Common year starting on Thursday the day before Independence Day is given as a full holiday since the stock exchange is always closed on Saturday In a Leap year starting on Thursday or a Common year starting on Friday the day after Independence Day is given as a full holiday since the stock exchange is always closed on Sunday Also in the just aforementioned year types Christmas Eve and New Year s Eve are also given as full holidays In a Leap year starting on Friday or a Common year starting on Saturday the day before Christmas Eve and the day after Christmas are given as full holidays In a Leap year starting on Sunday or a Common year starting on Sunday the day after New Year s Day is given as a full holiday Trading edit The NYSE trading floor in August The New York Stock Exchange sometimes referred to as the Big Board provides a means for buyers and sellers to trade shares of stock in companies registered for public trading The NYSE is open for trading Monday through Friday from am – pm ET with the exception of holidays declared by the Exchange in advance The NYSE trades in a continuous auction format where traders can execute stock transactions on behalf of investors They will gather around the appropriate post where a specialist broker who is employed by a NYSE member firm that is he she is not an employee of the New York Stock Exchange acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction They do on occasion approximately of the time facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together The auction process moved toward automation in through the use of wireless hand held computers HHC The system enabled traders to receive and execute orders electronically via wireless transmission On September NYSE member Michael Einersen who designed and developed this system executed shares of IBM through this HHC ending a year process of paper transactions and ushering in an era of automated trading As of January all NYSE stocks can be traded via its electronic hybrid market except for a small group of very high priced stocks Customers can now send orders for immediate electronic execution or route orders to the floor for trade in the auction market In the first three months of in excess of of all order volume was delivered to the floor electronically NYSE works with US regulators like the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points Until the right to directly trade shares on the exchange was conferred upon owners of the seats The term comes from the fact that up until the s NYSE members sat in chairs to trade In the number of seats was fixed at and this number was increased several times over the years In the number of seats was set at These seats were a sought after commodity as they conferred the ability to directly trade stock on the NYSE and seat holders were commonly referred to as members of the NYSE The Barnes family is the only known lineage to have five generations of NYSE members Winthrop H Barnes admitted Richard W P Barnes admitted Richard S Barnes admitted Robert H Barnes admitted Derek J Barnes admitted Seat prices varied widely over the years generally falling during recessions and rising during economic expansions The most expensive inflation adjusted seat was sold in for which today would be over six million dollars In recent times seats have sold for as high as million in the late s and as low as million in In seat prices shot up to million as the exchange entered into an agreement to merge with Archipelago and became a for profit publicly traded company Seat owners received in cash per seat and shares of the newly formed corporation The NYSE now sells one year licenses to trade directly on the exchange Licenses for floor trading are available for and a license for bond trading is available for as little as as of Neither are resell able but may be transferable during a change of ownership of a corporation holding a trading license Following the Black Monday market crash in NYSE imposed trading curbs to reduce market volatility and massive panic sell offs Following the rule change at the start of each trading day the NYSE sets three circuit breaker levels at levels of Level Level and Level of the average closing price of the S P for the preceding trading day Level and Level declines result in a minute trading halt unless they occur after pm when no trading halts apply A Level decline results in trading being suspended for the remainder of the day The biggest one day decline in the S P since was the drop on October NYSE Composite Index edit In the mid s the NYSE Composite Index NYSE NYA was created with a base value of points equal to the yearly close This was done to reflect the value of all stocks trading at the exchange instead of just the stocks included in the Dow Jones Industrial Average To raise the profile of the composite index in the NYSE set its new base value of points equal to the yearly close Its close at the end of was Timeline edit The NYSE at Christmas time December In NYSE acquires its first traded securities In the constitution of the New York Stock and Exchange Board is adopted it had also been established by the New York brokers as a formal organization In New York Gold Exchange was acquired by the NYSE In Stock tickers were first introduced In the NYSE members in the Consolidated Stock Exchange withdraw from Consolidated over disagreements on exchange trade areas In DJIA first published in The Wall Street Journal In NYSE moves into new quarters at Broad Street In DJIA exceeds on January In Panic of In Trading in bonds In World War I causes the longest exchange shutdown four months two weeks re opening December brings the largest one day percentage drop in the DJIA In Basis of quoting and trading in stocks changed from of par value to dollars In a bomb exploded on Wall Street outside the NYSE building Thirty killed and over injured In central quote system established Black Thursday October and Black Tuesday October signal the end of the Roaring Twenties bull market In trading floor is opened to women In the longest eight year bull market begins In DJIA surpasses its peak in inflation adjusted dollars In DJIA closes above for the first time on March In NYSE begins a composite index of all listed common stocks This is referred to as the Common Stock Index and is transmitted daily The starting point of the index is It is later renamed the NYSE Composite Index In Muriel Siebert becomes the first female member of the New York Stock Exchange In protesters led by Abbie Hoffman throw mostly fake dollar bills at traders from gallery leading to the installation of bullet proof glass In Securities Investor Protection Corporation established In NYSE incorporated and recognized as Not for Profit organization In DJIA closes above for the first time on November In foreign brokers are admitted to NYSE In New York Futures Exchange established In Black Monday October sees the second largest one day DJIA percentage drop in history In DJIA exceeds In DJIA exceeds In real time ticker introduced In DJIA exceeds on March In DJIA peaks at on January first NYSE global index is launched under the ticker NYIID Security after the September attacks In trading in fractions ?n/ ends replaced by decimals increments of see Decimalization September attacks occur causing NYSE to close for four sessions In NYSE Composite Index relaunched and value set equal to points In NYSE and ArcaEx merge creating NYSE Arca and forming the publicly owned for profit NYSE Group Inc in turn NYSE Group merges with Euronext creating the first trans Atlantic stock exchange group DJIA tops on October In US President George W Bush shows up unannounced to the Floor about an hour and a half before a Federal Open Market Committee interest rate decision on January NYSE announces its merger with the American Stock Exchange NYSE Composite closes above on June DJIA exceeds on July and closes at a peak of on October In DJIA loses more than points on September amid fears of bank failures resulting in a permanent prohibition of naked short selling and a three week temporary ban on all short selling of financial stocks in spite of this record volatility continues for the next two months culminating at ½ year market lows In DJIA closes at on March reaching a year low DJIA returns to on October In DJIA closes above highs on March DJIA closes above to end the year In DJIA closes above on July and above on December In DJIA achieved an all time high of on May In DJIA dropped over points to soon after open on August before bouncing back and closing at a drop of over points In DJIA hits an all time high of On Wednesday January the DJIA reaches Merger acquisition and control edit On February NYSE and Deutsche Börse announced their merger to form a new company as yet unnamed wherein Deutsche Börse shareholders will have ownership of the new entity and NYSE Euronext shareholders will have On February the European Commission blocked the merger of NYSE with Deutsche Börse after commissioner Joaquin Almunia stated that the merger would have led to a near monopoly in European financial derivatives worldwide Instead Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly On February NYSE Euronext and Deutsche Börse agreed to scrap the merger In April Intercontinental Exchange ICE an American futures exchange and NASDAQ OMX Group had together made an unsolicited proposal to buy NYSE Euronext for approximately US a deal in which NASDAQ would have taken control of the stock exchanges NYSE Euronext rejected this offer twice but it was finally terminated after the United States Department of Justice indicated their intention to block the deal due to antitrust concerns In December ICE had proposed to buy NYSE Euronext in a stock swap with a valuation of billion NYSE Euronext shareholders would receive either in cash or in cash and approximately a sixth of a share of ICE The chairman and CEO of ICE Jeffrey Sprecher will retain those positions but four members of the NYSE board of directors will be added to the ICE board Opening and closing bells edit U S Secretary of Commerce Donald L Evans rings the opening bell at the NYSE on April Former chairman Jack Womack is also in this picture NASA astronauts Scott Altman and Mike Massimino ring the closing bell The NYSE s opening and closing bells mark the beginning and the end of each trading day The opening bell is rung at am ET to mark the start of the day s trading session At pm ET the closing bell is rung and trading for the day stops There are bells located in each of the four main sections of the NYSE that all ring at the same time once a button is pressed There are three buttons that control the bells located on the control panel behind the podium which overlooks the trading floor The main bell which is rung at the beginning and end of the trading day is controlled by a green button The second button colored orange activates a single stroke bell that is used to signal a moment of silence A third red button controls a backup bell which is used in case the main bell fails to ring History edit The signal to start and stop trading was not always a bell The original signal was a gavel which is still in use today along with the bell but during the late s the NYSE decided to switch the gavel for a gong to signal the day s beginning and end After the NYSE changed to its present location at Broad Street in the gong was switched to the bell format that is currently being used A common sight today is the highly publicized events in which a celebrity or executive from a corporation stands behind the NYSE podium and pushes the button that signals the bells to ring Many consider the act of ringing the bells to be quite an honor and a symbol of a lifetime of achievement Furthermore due to the amount of coverage that the opening closing bells receive many companies coordinate new product launches and other marketing related events to start on the same day as when the company s representatives ring the bell This daily tradition wasn t always this highly publicized either In fact it was only in that the NYSE began having special guests ring the bells on a regular basis Prior to that ringing the bells was usually the responsibility of the exchange s floor managers Notable bell ringers edit Many of the people who ring the bell are business executives whose companies trade on the exchange However there have also been many famous people from outside the world of business that have rung the bell Athletes such as Joe DiMaggio of the New York Yankees and Olympic swimming champion Michael Phelps entertainers such as rapper Snoop Dogg singer and actress Liza Minnelli and members of the band Kiss and politicians such as Mayor of New York City Rudy Giuliani and President of South Africa Nelson Mandela have all had the honor of ringing the bell Two United Nations Secretaries General have also rung the bell On April Secretary General Kofi Annan rang the opening bell to launch the United Nations Principles for Responsible Investment On July Secretary General Ban Ki moon rang the closing bell to celebrate the NYSE joining the United Nations Sustainable Stock Exchanges Initiative In addition there have been many bell ringers who are famous for heroic deeds such as members of the New York police and fire departments following the events of members of the United States Armed Forces serving overseas and participants in various charitable organizations There have also been several fictional characters that have rung the bell including Mickey Mouse the Pink Panther Mr Potato Head the Aflac Duck and Darth Vader See also edit icon New York City portal New York Stock Exchange listed stocks – A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Aftermath of the September attacks Economy of New York City Economy of the United States List of American Exchanges List of stock exchange mergers in the Americas List of presidents of the New York Stock Exchange List of stock exchange opening times Rule Trading day U S Securities and Exchange Commission List of stock exchanges in the Americas References edit Notes Jump up ^ History of the New York Stock Exchange Retrieved March Jump up ^ NYSE Q Investor Presentation PDF Retrieved August ^ Jump up to a b NYSE Group Shares Outstanding and Market Capitalization of Companies Listed Jump up ^ National Park Service National Register Information System National Register of Historic Places National Park Service ^ Jump up to a b New York Stock Exchange National Historic Landmark summary listing National Park Service September Archived from the original on October Jump up ^ Merriam Webster Dictionary s definition of Big Board Merriam Webster Retrieved November subscription required Jump up ^ The NYSE Makes Stock Exchanges Around The World Look Tiny Retrieved March Jump up ^ Is the New York Stock Exchange the Largest Stock Market in the World Retrieved March ^ Jump up to a b c Rothwell Steve December For the New York Stock Exchange a sell order San Jose Mercury News Associated Press Jump up ^ Calpers Sues NYSE Firms Alleging Fraudulent Trades Update Bloomberg L P Retrieved October Jump up ^ New Jersey pension fund sues NYSE Euronext on ICE deal Reuters Retrieved October Jump up ^ Ben White July Grasso Sues NYSE for Million The Washington Post Company Retrieved October ^ Jump up to a b c d e National Register of Historic Places Inventory – Nomination Form Wall Street PDF National Park Service Retrieved August OCRed document unreable Jump up ^ Pound Richard W Fitzhenry and Whiteside Book of Canadian Facts and Dates Fitzhenry and Whiteside p Jump up ^ E Wright Robert January The NYSE s Long History of Mergers and Rivalries Bloomberg Retrieved April Jump up ^ Edmonston Peter April Where Wall Street Meets to Eat the Last Lunch New York Times Retrieved January Jump up ^ National Historic Landmarks Survey New York PDF National Park Service Archived from the original PDF on June Jump up ^ George R Adams March New York Stock Exchange National Register of Historic Places Inventory Nomination MB PDF PDF National Park Service Retrieved January Jump up ^ National Register of Historic Places Inventory Nomination MB PDF PDF National Park Service Jump up ^ Intercontinental Exchange – Board of Directors Jump up ^ The exchange opens The Independent December Retrieved July Jump up ^ James Ledbetter August The day the NYSE went Yippie CNN Jump up ^ Abbie Hoffman Soon to be a Major Motion Picture p Putnam Jump up ^ Rage against Wall Street Green Left Weekly March Archived from the original on October Retrieved October Jump up ^ Davis Marc How September Affected The U S Stock Market Investopedia Retrieved Jump up ^ SEC gov Jump up ^ Stock markets to open today NYSE backup plan criticized – Business Courier Bizjournals com October Retrieved Jump up ^ Mehta Nina U S Stocks to Open After Longest Storm Outage Since Bloomberg Retrieved Jump up ^ Lynch Sarah N New York Stock Exchange to pay million to settle SEC charges Reuters Washington Retrieved August The New York Stock Exchange agreed on Thursday to pay million to settle charges brought by U S securities regulators that the exchange flouted its own rules marking the latest crackdown on violations of market structure rules Jump up ^ Berkshire Hathaway shares top apiece Forbes com August Retrieved August Jump up ^ Gillespie Patrick Egan Matt Long Heather New York Stock Exchange suspends trading CNN Money Retrieved July Jump up ^ Chris Vermeulen NYSE referred to as Big Board Investing com Retrieved March The NYSE also referred to as the Big Board is an index with the largest brand name companies Jump up ^ Shell Adam July Technology squeezes out real live traders USA Today Jump up ^ Mecane Joe March What s an Exchange to Do The Role of the Exchange in Evaluating Algorithms FIXGlobal Jump up ^ NYSE License Application Forms PDF NYSE Trading License Publication Jump up ^ NYSE Market Model Circuit Breakers New York Stock Exchange Retrieved March Jump up ^ Waring David The New York Stock Exchange NYSE Informed Trades p Jump up ^ NYSE New York Stock Exchange > About Us > History > Firsts Records Nyse com Retrieved June Jump up ^ NYSE New York Stock Exchange – About Us – History – Timeline – Timeline Specialists are Transformed into Designated Market Makers DMMs Nyse com January Retrieved June Jump up ^ NYSE New York Stock Exchange – About Us – History – Timeline – Timeline Nyse com Archived from the original on May Retrieved June Jump up ^ George Winslow New York Gold Market in The Encyclopedia of New York City d ed eds Kenneth T Jackson Lisa Keller Nancy Flood ^ Jump up to a b NYSE New York Stock Exchange – About Us – History – Timeline – Timeline Nyse com Retrieved June Jump up ^ The Consolidated Stock Exchange of New York Its History Organization Machinery and Methods Jump up ^ NYSE Timeline Jump up ^ NYSE New York Stock Exchange – About Us – History – Timeline – Timeline Nyse com Retrieved August ^ Jump up to a b NYSE New York Stock Exchange – About Us – History – Timeline – Timeline Nyse com December Retrieved June Jump up ^ First Female Member of NYSE Muriel Siebert Dies at NPR org August Retrieved October Jump up ^ NYSE New York Stock Exchange – About Us – History – Timeline Video Trading Posts Upgrade Nyse com January Retrieved June Jump up ^ Katy Byron January President Bush makes surprise visit to NYSE CNN Money Cable News Network Retrieved February Jump up ^ Noel Randewich May Stocks end mixed Dow creeps up to new record high Reuters Jump up ^ Europe Blocks NYSE and Deutsche Boerse Merger CNBC February Archived from the original on February Retrieved February Jump up ^ NYSE Euronext and Deutsche Boerse Terminate Business Combination Agreement press release NYSE Euronext February archived from the original on July ^ Jump up to a b c Anupreeta Das Jenny Strasburg December Upstart in Talks To Buy NYSE The Wall Street Journal paper p A ^ Jump up to a b What is the history behind the opening and closing bells on the NYSE Retrieved August Jump up ^ Lessons in Ringing the New York Stock Exchange s Closing Bell Retrieved August Jump up ^ Liza Minnelli Rings The New York Stock Exchange Closing Bell Photos and Images Getty Images Retrieved March Jump up ^ United Nations Secretary General Launches Principles for Responsible Investment at the NYSE Principles for Responsible Investment NYSE Retrieved May Jump up ^ United Nations Secretary General Ban Ki moon Visits the NYSE and Rings The Closing Bell® to Commemorate NYSE Euronext s Participation in the United Nations Sustainable Stock Exchanges SSE Initiative NYSE NYSE Retrieved May Jump up ^ The Tradition of the NYSE Bell Retrieved August Bibliography Buck James E The New York Stock Exchange The First Years Greenwich Pub Group ISBN Geisst Charles R Wall Street A History – From its Beginnings to the Fall of Enron Oxford University Press ISBN Kent Zachary The Story of the New York Stock Exchange Scholastic Library Pub ISBN Sloane Leonard The Anatomy of the Floor Doubleday ISBN Sobel Robert N Y S E A History of the New York Stock Exchange – Weybright and Talley ISBN External links edit Wikimedia Commons has media related to New York Stock Exchange Official website Website on trading and listing on the NYSE List of planned and unplanned historical closings NYSE holidays New York Stock Exchange collected news and commentary The New York Times show v t e NYSE Euronext show v t e Financial markets Market capitalization From Wikipedia the free encyclopedia The New York Stock Exchange on Wall Street the world s largest stock exchange in terms of total market capitalization of its listed companies Market capitalization market cap is the market value at a point in time of the shares outstanding of a publicly traded company being equal to the share price at that point of time times the number of shares outstanding As outstanding stock is bought and sold in public markets capitalization could be used as an indicator of public opinion of a company s net worth and is a determining factor in some forms of stock valuation Market capitalization is used by the investment community in ranking the size of companies as opposed to sales or total asset figures It is also used in ranking the relative size of stock exchanges being a measure of the sum of the market capitalizations of all companies listed on each stock exchange See List of stock exchanges In performing such rankings the market capitalizations are calculated at some significant date such as June or December The total capitalization of stock markets or economic regions may be compared with other economic indicators The total market capitalization of all publicly traded companies in the world was US trillion in January and rose as high as US trillion in May before dropping below US trillion in August and slightly above US trillion in September In and global market capitalization was US trillion and US trillion respectively Contents hide Calculation Market cap terms Related measures See also References External links Calculation edit Market cap is given by the formula textstyle MC N times P textstyle MC N times P where MC is the market capitalization N is the number of shares outstanding and P is the closing price per share For example if some company has million shares outstanding and the closing price per share is its market cap is then million If the closing price per share rises to the market cap becomes million If it drops to per share the market cap falls to million This is in contrast to mercantile pricing where purchase price average price and sale price may differ due to transaction costs Market cap terms edit Traditionally companies were divided into large cap mid cap and small cap The terms mega cap and micro cap have also since come into common use and nano cap is sometimes heard Different numbers are used by different indexes there is no official definition of or full consensus agreement about the exact cutoff values The cutoffs may be defined as percentiles rather than in nominal dollars The definitions expressed in nominal dollars need to be adjusted over decades due to inflation population change and overall market valuation for example billion was a large market cap in but it is not very large now and market caps are likely to be different country to country Related measures edit Market cap reflects only the equity value of a company It is important to note that a firm s choice of capital structure has a significant impact on how the total value of a company is allocated between equity and debt A more comprehensive measure is enterprise value EV which gives effect to outstanding debt preferred stock and other factors For insurance firms a value called the embedded value EV has been used See also edit List of finance topics List of corporations by market capitalization Market price Market trend Middle market company Public float Shares authorized Treasury stock References edit Jump up ^ Market highlights for first half year PDF World Federation of Exchanges Retrieved May ^ Jump up to a b Market Capitalization Definition Retrieved April Jump up ^ Financial Times Lexicon Retrieved February Jump up ^ Global stock values top trln industry data Reuters ^ Jump up to a b WFE Report Generator including report for Domestic Market Capitalization World Federation of Exchanges Jump up ^ WFE Full Year Statistics World Federation of Exchanges Jump up ^ Mega Cap Definition Retrieved April Jump up ^ Micro Cap Definition Retrieved April Jump up ^ Definition of Market Capitalization External links edit Look up market capitalization in Wiktionary the free dictionary How to Value Assets – from the Washington State U S government web site Year end market capitalization by country – World Bank – Equity and Bond Capitalizations G – Equity and bond capitalization for the G Comparative Explanation – Share Count Authorized Outstanding And Float Market cap filter for global public companies Free look up of current market capitalization Historical market caps of S P companies Market capitalization of listed companies of GDP statistics by country hide v t e Financial markets Types of markets Primary market Secondary market Third market Fourth market Types of stocks Common stock Golden share Preferred stock Restricted stock Tracking stock Share capital Authorised capital Issued shares Shares outstanding Treasury stock Net worth From Wikipedia the free encyclopedia For other uses see Net Worth disambiguation Net worth is the value of all the non financial and financial assets owned by an institutional unit or sector minus the value of all its outstanding liabilities Thus net worth can refer to companies individuals or governments It can also refer to economic sectors such as the sector of financial corporations or to entire countries Contents hide Companies Individuals Governments Countries References External links Companies edit Net worth in business is also referred to as own equity It is generally based on the value of all assets and liabilities at the carrying value which is the value as expressed on the financial statements To the extent items on the balance sheet do not express their true market value the net worth will also be inaccurate On reading the balance sheet if the accumulated losses exceed the shareholder s equity net worth becomes negative Net worth in this formulation does not express the market value of a firm a firm may be worth more or less if sold with a going concern Individuals edit For individuals net worth or wealth refers to an individual s net economic position the value of the individual s assets minus liabilities Examples of assets that an individual would factor into their net worth include retirement accounts other investments home s and vehicles Liabilities include both secured debt such as a home mortgage or vehicle loan and unsecured debt such as consumer debt or personal loans Typically intangible assets such as educational degrees are not factored into net worth even though such assets positively contribute to one s overall financial position For a deceased individual net worth can be used for the value of their estate when in probate Individuals with considerable net worth are listed as High net worth individuals Governments edit Balance sheets that include all assets and liabilities can also be constructed for governments Compared with government debt a government s net worth is an alternative measure of the government s financial strength Countries edit A country s net worth is calculated as the sum of the net worth of all companies and individuals resident in this country plus the government s net worth As for the United States this measure is referred to as the financial position References edit Jump up ^ System of National Accounts published by the European Commission the International Monetary Fund the Organisation for Economic Co operation and Development the United Nations and the World Bank p section External links edit http www bankrate com calculators smart spending personal net worth calculator aspx ixzz uYPfXc y http www investing com news economy news u s household net worth rises to record trillion http www nytimes com magazine Worth t html Celebrity Net Worth Financial market From Wikipedia the free encyclopedia It has been suggested that Financial system be merged into this article Discuss Proposed since July Finance Philippine stock market board jpg Markets hide Bond Commodity Derivatives Foreign exchange Money Over the counter Private equity Real estate Spot Stock Participants Investor institutional Retail Speculator Instruments show Corporate show Personal show Public show Banks and banking show Regulation Standards show Economic history show v t e A financial market is a market in which people trade financial securities commodities and other fungible items of value at low transaction costs and at prices that reflect supply and demand Securities include stocks and bonds and commodities include precious metals or agricultural products In economics typically the term market means the aggregate of possible buyers and sellers of a certain good or service and the transactions between them The term market is sometimes used for what are more strictly exchanges organizations that facilitate the trade in financial securities e g a stock exchange or commodity exchange This may be a physical location like the NYSE BSE LSE JSE or an electronic system like NASDAQ Much trading of stocks takes place on an exchange still corporate actions merger spinoff are outside an exchange while any two companies or people for whatever reason may agree to sell stock from the one to the other without using an exchange Trading of currencies and bonds is largely on a bilateral basis although some bonds trade on a stock exchange and people are building electronic systems for these as well similar to stock exchanges Contents hide Types of financial markets Raising capital Lenders Individuals Doubles Companies Borrowers Derivative products Analysis of financial markets Financial market slang Role in the economy Functions of financial markets Components of financial market Based on market levels Based on security types See also Notes References External links Types of financial markets edit Within the financial sector the term financial markets is often used to refer just to the markets that are used to raise finance for long term finance the Capital markets for short term finance the Money markets Another common use of the term is as a catchall for all the markets in the financial sector as per examples in the breakdown below Capital markets which to consist of Stock markets which provide financing through the issuance of shares or common stock and enable the subsequent trading thereof Bond markets which provide financing through the issuance of bonds and enable the subsequent trading thereof Commodity markets which facilitate the trading of commodities Money markets which provide short term debt financing and investment Derivatives markets which provide instruments for the management of financial risk Futures markets which provide standardized forward contracts for trading products at some future date see also forward market Foreign exchange markets which facilitate the trading of foreign exchange Spot market Interbank lending market The capital markets may also be divided into primary markets and secondary markets Newly formed issued securities are bought or sold in primary markets such as during initial public offerings Secondary markets allow investors to buy and sell existing securities The transactions in primary markets exist between issuers and investors while secondary market transactions exist among investors Liquidity is a crucial aspect of securities that are traded in secondary markets Liquidity refers to the ease with which a security can be sold without a loss of value Securities with an active secondary market mean that there are many buyers and sellers at a given point in time Investors benefit from liquid securities because they can sell their assets whenever they want an illiquid security may force the seller to get rid of their asset at a large discount Raising capital edit Financial markets attract funds from investors and channel them to corporations—they thus allow corporations to finance their operations and achieve growth Money markets allow firms to borrow funds on a short term basis while capital markets allow corporations to gain long term funding to support expansion known as maturity transformation Without financial markets borrowers would have difficulty finding lenders themselves Intermediaries such as banks Investment Banks and Boutique Investment Banks can help in this process Banks take deposits from those who have money to save They can then lend money from this pool of deposited money to those who seek to borrow Banks popularly lend money in the form of loans and mortgages More complex transactions than a simple bank deposit require markets where lenders and their agents can meet borrowers and their agents and where existing borrowing or lending commitments can be sold on to other parties A good example of a financial market is a stock exchange A company can raise money by selling shares to investors and its existing shares can be bought or sold The following table illustrates where financial markets fit in the relationship between lenders and borrowers Relationship between lenders and borrowers Lenders Financial Intermediaries Financial Markets Borrowers Individuals Companies Banks Insurance Companies Pension Funds Mutual Funds Interbank Stock Exchange Money Market Bond Market Foreign Exchange Individuals Companies Central Government Municipalities Public Corporations Lenders edit The lender temporarily gives money to somebody else on the condition of getting back the principal amount together with some interest profit or charge Individuals Doubles edit Many individuals are not aware that they are lenders but almost everybody does lend money in many ways A person lends money when he or she Puts money in a savings account at a bank Contributes to a pension plan Pays premiums to an insurance company Invests in government bonds Companies edit Companies tend to be lenders of capital When companies have surplus cash that is not needed for a short period of time they may seek to make money from their cash surplus by lending it via short term markets called money markets Alternatively such companies may decide to return the cash surplus to their shareholders e g via a share repurchase or dividend payment Borrowers edit Individuals borrow money via bankers loans for short term needs or longer term mortgages to help finance a house purchase Companies borrow money to aid short term or long term cash flows They also borrow to fund modernization or future business expansion Governments often find their spending requirements exceed their tax revenues To make up this difference they need to borrow Governments also borrow on behalf of nationalized industries municipalities local authorities and other public sector bodies In the UK the total borrowing requirement is often referred to as the Public sector net cash requirement PSNCR Governments borrow by issuing bonds In the UK the government also borrows from individuals by offering bank accounts and Premium Bonds Government debt seems to be permanent Indeed the debt seemingly expands rather than being paid off One strategy used by governments to reduce the value of the debt is to influence inflation Municipalities and local authorities may borrow in their own name as well as receiving funding from national governments In the UK this would cover an authority like Hampshire County Council Public Corporations typically include nationalized industries These may include the postal services railway companies and utility companies Many borrowers have difficulty raising money locally They need to borrow internationally with the aid of Foreign exchange markets Borrowers having similar needs can form into a group of borrowers They can also take an organizational form like Mutual Funds They can provide mortgage on weight basis The main advantage is that this lowers the cost of their borrowings Derivative products edit During the s and s a major growth sector in financial markets was the trade in so called derivative products or derivatives for short In the financial markets stock prices bond prices currency rates interest rates and dividends go up and down creating risk Derivative products are financial products which are used to control risk or paradoxically exploit risk It is also called financial economics Derivative products or instruments help the issuers to gain an unusual profit from issuing the instruments For using the help of these products a contract has to be made Derivative contracts are mainly types Future Forward Option Swap Seemingly the most obvious buyers and sellers of currency are importers and exporters of goods While this may have been true in the distant past when when international trade created the demand for currency markets importers and exporters now represent only of foreign exchange dealing according to the Bank for International Settlements The picture of foreign currency transactions today shows Banks Institutions Speculators Government spending for example military bases abroad Importers Exporters Tourists Analysis of financial markets edit See Statistical analysis of financial markets statistical finance Much effort has gone into the study of financial markets and how prices vary with time Charles Dow one of the founders of Dow Jones Company and The Wall Street Journal enunciated a set of ideas on the subject which are now called Dow theory This is the basis of the so called technical analysis method of attempting to predict future changes One of the tenets of technical analysis is that market trends give an indication of the future at least in the short term The claims of the technical analysts are disputed by many academics who claim that the evidence points rather to the random walk hypothesis which states that the next change is not correlated to the last change The role of human psychology in price variations also plays a significant factor Large amounts of volatility often indicate the presence of strong emotional factors playing into the price Fear can cause excessive drops in price and greed can create bubbles In recent years the rise of algorithmic and high frequency program trading has seen the adoption of momentum ultra short term moving average and other similar strategies which are based on technical as opposed to fundamental or theoretical concepts of market Behaviour The scale of changes in price over some unit of time is called the volatility It was discovered by Benoît Mandelbrot that changes in prices do not follow a Gaussian distribution but are rather modeled better by Lévy stable distributions The scale of change or volatility depends on the length of the time unit to a power a bit more than Large changes up or down are more likely than what one would calculate using a Gaussian distribution with an estimated standard deviation Financial market slang edit Poison pill when a company issues more shares to prevent being bought out by another company thereby increasing the number of outstanding shares to be bought by the hostile company making the bid to establish majority Bips meaning bps or basis points A basis point is a financial unit of measurement used to describe the magnitude of percent change in a variable One basis point is the equivalent of one hundredth of a percent For example if a stock price were to rise bit s it means it would increase Quant a quantitative analyst with advanced training in mathematics and statistical methods Rocket scientist a financial consultant at the zenith of mathematical and computer programming skill They are able to invent derivatives of high complexity and construct sophisticated pricing models They generally handle the most advanced computing techniques adopted by the financial markets since the early s Typically they are physicists and engineers by training IPO stands for initial public offering which is the process a new private company goes through to go public or become a publicly traded company on some index White Knight a friendly party in a takeover bid Used to describe a party that buys the shares of one organization to help prevent against a hostile takeover of that organization by another party Round tripping Smurfing a deliberate structuring of payments or transactions to conceal it from regulators or other parties a type of money laundering that is often illegal Spread the difference between the highest bid and the lowest offer Pip smallest price move that a given exchange rate makes based on market convention Pegging when a country wants to obtain price stability it can use pegging to fix their exchange rate relative to another currency Role in the economy edit One of the important sustainability requisite for the accelerated development of an economy is the existence of a dynamic financial market A financial market helps the economy in the following manner Saving mobilization Obtaining funds from the savers or surplus units such as household individuals business firms public sector units central government state governments etc is an important role played by financial markets Investment Financial markets play a crucial role in arranging to invest funds thus collected in those units which are in need of the same National Growth An important role played by financial market is that they contribute to a nation s growth by ensuring unfettered flow of surplus funds to deficit units Flow of funds for productive purposes is also made possible Entrepreneurship growth Financial market contribute to the development of the entrepreneurial claw by making available the necessary financial resources Industrial development The different components of financial markets help an accelerated growth of industrial and economic development of a country thus contributing to raising the standard of living and the society of well being Functions of financial markets edit Intermediary functions The intermediary functions of financial markets include the following Transfer of resources Financial markets facilitate the transfer of real economic resources from lenders to ultimate borrowers Enhancing income Financial markets allow lenders to earn interest or dividend on their surplus invisible funds thus contributing to the enhancement of the individual and the national income Productive usage Financial markets allow for the productive use of the funds borrowed The enhancing the income and the gross national production Capital formation Financial markets provide a channel through which new savings flow to aid capital formation of a country Price determination Financial markets allow for the determination of price of the traded financial assets through the interaction of buyers and sellers They provide a sign for the allocation of funds in the economy based on the demand and to the supply through the mechanism called price discovery process Sale mechanism Financial markets provide a mechanism for selling of a financial asset by an investor so as to offer the benefit of marketability and liquidity of such assets Information The activities of the participants in the financial market result in the generation and the consequent dissemination of information to the various segments of the market So as to reduce the cost of transaction of financial assets Financial Functions Providing the borrower with funds so as to enable them to carry out their investment plans Providing the lenders with earning assets so as to enable them to earn wealth by deploying the assets in production debentures Providing liquidity in the market so as to facilitate trading of funds Providing liquidity to commercial bank Facilitating credit creation Promoting savings Promoting investment Facilitating balanced economic growth Improving trading floors Components of financial market edit Based on market levels edit Primary market Primary market is a market for new issues or new financial claims Hence it s also called new issue market The primary market deals with those securities which are issued to the public for the first time Secondary market It s a market for secondary sale of securities In other words securities which have already passed through the new issue market are traded in this market Generally such securities are quoted in the stock exchange and it provides a continuous and regular market for buying and selling of securities Simply put primary market is the market where the newly started company issued shares to the public for the first time through IPO initial public offering Secondary market is the market where the second hand securities are sold securitCommodity Marketies Based on security types edit Money market Money market is a market for dealing with financial assets and securities which have a maturity period of up to one year In other words it s a market for purely short term funds Capital market A capital market is a market for financial assets which have a long or indefinite maturity Generally it deals with long term securities which have a maturity period of above one year Capital market may be further divided into a industrial securities market b Govt securities market and c long term loans market Equity markets A market where ownership of securities are issued and subscribed is known as equity market An example of a secondary equity market for shares is the Bombay stock exchange Debt market The market where funds are borrowed and lent is known as debt market Arrangements are made in such a way that the borrowers agree to pay the lender the original amount of the loan plus some specified amount of interest Derivative markets A market where financial instruments are derived and traded based on an underlying asset such as commodities or stocks Financial service market A market that comprises participants such as commercial banks that provide various financial services like ATM Credit cards Credit rating stock broking etc is known as financial service market Individuals and firms use financial services markets to purchase services that enhance the working of debt and equity markets Depository markets A depository market consists of depository institutions that accept deposit from individuals and firms and uses these funds to participate in the debt market by giving loans or purchasing other debt instruments such as treasure bills Non depository market Non depository market carry out various functions in financial markets ranging from financial intermediary to selling insurance etc The various constituency in non depositary markets are mutual funds insurance companies pension funds brokerage firms etc See also edit Finance capitalism Financial services Financial instrument Financial market efficiency Brownian Model of Financial Markets Investment theory Quantitative behavioral finance Mathematical finance Stock investor Financial Market Theory of Development Transaction cost From Wikipedia the free encyclopedia It has been suggested that Search cost be merged into this article Discuss Proposed since December In economics and related disciplines a transaction cost is a cost incurred in making an economic exchange of some sort or in other words the cost of participating in a market In Transaction Costs Institutions and Economic Performance Douglass C North argues that Institutions understood as the set of rules in a society are key in the determination of transaction costs In this sense institutions that facilitate low transaction costs boost economic growth Transaction costs can be divided into three broad categories Search and information costs are costs such as in determining that the required good is available on the market which has the lowest price etc Bargaining costs are the costs required to come to an acceptable agreement with the other party to the transaction drawing up an appropriate contract and so on In game theory this is analyzed for instance in the game of chicken On asset markets and in market microstructure the transaction cost is some function of the distance between the bid and ask Policing and enforcement costs are the costs of making sure the other party sticks to the terms of the contract and taking appropriate action often through the legal system if this turns out not to be the case For example the buyer of a used car faces a variety of different transaction costs The search costs are the costs of finding a car and determining the car s condition The bargaining costs are the costs of negotiating a price with the seller The policing and enforcement costs are the costs of ensuring that the seller delivers the car in the promised condition Contents hide History of development Examples Differences from neoclassical microeconomics See also Notes References External links History of development edit The pool shows institutions and market as a possible form of organization to coordinate economic transactions When the external transaction costs are higher than the internal transaction costs the company will grow If the internal transaction costs are higher than the external transaction costs the company will be downsized by outsourcing for example The idea that transactions form the basis of an economic thinking was introduced by the institutional economist John R Commons He said that These individual actions are really trans actions instead of either individual behavior or the exchange of commodities It is this shift from commodities and individuals to transactions and working rules of collective action that marks the transition from the classical and hedonic schools to the institutional schools of economic thinking The shift is a change in the ultimate unit of economic investigation The classic and hedonic economists with their communistic and anarchistic offshoots founded their theories on the relation of man to nature but institutionalism is a relation of man to man The smallest unit of the classic economists was a commodity produced by labor The smallest unit of the hedonic economists was the same or similar commodity enjoyed by ultimate consumers One was the objective side the other the subjective side of the same relation between the individual and the forces of nature The outcome in either case was the materialistic metaphor of an automatic equilibrium analogous to the waves of the ocean but personified as seeking their level But the smallest unit of the institutional economists is a unit of activity – a transaction with its participants Transactions intervene between the labor of the classic economists and the pleasures of the hedonic economists simply because it is society that controls access to the forces of nature and transactions are not the exchange of commodities but the alienation and acquisition between individuals of the rights of property and liberty created by society which must therefore be negotiated between the parties concerned before labor can produce or consumers can consume or commodities be physically exchanged —?John R Commons Institutional Economics American Economic Review Vol pp The term transaction cost is frequently thought to have been coined by Ronald Coase who used it to develop a theoretical framework for predicting when certain economic tasks would be performed by firms and when they would be performed on the market However the term is actually absent from his early work up to the s While he did not coin the specific term Coase indeed discussed costs of using the price mechanism in his paper The Nature of the Firm where he first discusses the concept of transaction costs and refers to the Costs of Market Transactions in his seminal work The Problem of Social Cost The term Transaction Costs itself can instead be traced back to the monetary economics literature of the s and does not appear to have been consciously coined by any particular individual Arguably transaction cost reasoning became most widely known through Oliver E Williamson s Transaction Cost Economics Today transaction cost economics is used to explain a number of different behaviours Often this involves considering as transactions not only the obvious cases of buying and selling but also day to day emotional interactions informal gift exchanges etc Oliver E Williamson was awarded the Nobel Memorial Prize in Economics According to Williamson the determinants of transaction costs are frequency specificity uncertainty limited rationality and opportunistic behavior At least two definitions of the phrase transaction cost are commonly used in literature Transaction costs have been broadly defined by Steven N S Cheung as any costs that are not conceivable in a Robinson Crusoe economy —in other words any costs that arise due to the existence of institutions For Cheung if the term transaction costs were not already so popular in economics literatures they should more properly be called institutional costs But many economists seem to restrict the definition to exclude costs internal to an organization The latter definition parallels Coase s early analysis of costs of the price mechanism and the origins of the term as a market trading fee Starting with the broad definition many economists then ask what kind of institutions firms markets franchises etc minimize the transaction costs of producing and distributing a particular good or service Often these relationships are categorized by the kind of contract involved This approach sometimes goes under the rubric of New Institutional Economics Examples edit A supplier may bid in a very competitive environment with a customer to build a widget However to make the widget the supplier will be required to build specialized machinery which cannot be easily redeployed to make other products Once the contract is awarded to the supplier the relationship between customer and supplier changes from a competitive environment to a monopoly monopsony relationship known as a bilateral monopoly This means that the customer has greater leverage over the supplier such as when price cuts occur To avoid these potential costs hostages may be swapped to avoid this event These hostages could include partial ownership in the widget factory revenue sharing might be another way Car companies and their suppliers often fit into this category with the car companies forcing price cuts on their suppliers Defense suppliers and the military appear to have the opposite problem with cost overruns occurring quite often Technologies like enterprise resource planning ERP can provide technical support for these strategies Differences from neoclassical microeconomics edit Williamson argues in The Mechanisms of Governance that Transaction Cost Economics TCE differs from neoclassical microeconomics in the following six points Behavioral assumptions whereas neoclassical theory assumes hyperrationality and ignores most of the hazards related to opportunism TCE assumes bounded rationality Unit of analysis whereas neoclassical theory is concerned with composite goods and services TCE analyzes the transaction itself Governance structure whereas neoclassical theory describes the firm as a production function a technological construction TCE describes it as a governance structure an organizational construction Problematic property rights and contracts whereas neoclassical theory often assumes that property rights are clearly defined and the cost of enforcing those rights by the means of courts is negligible TCE treats property rights and contracts as problematic Discrete structural analysis whereas neoclassical theory uses continuous marginal modes of analysis in order to achieve second order economizing adjusting margins TCE analyzes the basic structures of the firm and its governance in order to achieve first order economizing improving the basic governance structure Remediableness whereas neoclassical theory recognizes profit maximization or cost minimization as criteria of efficiency TCE insists that there is no optimal solution and that all alternatives are flawed thus bounding optimal efficiency to the solution with no superior alternative and whose implementation produces net gains See also edit Diseconomy of scale Economic anthropology Herbert A Simon Market impact cost Market maker Property rights economics Switching costs Theory of the firm Transaction cost analysis Notes edit Jump up ^ Buy side Use TCA to Measure Execution Performance FIXGlobal June Jump up ^ North Douglass C Transaction costs institutions and economic performance San Francisco CA ICS Press Jump up ^ Dahlman Carl J The Problem of Externality Journal of Law and Economics – doi ISSN These then represent the first approximation to a workable concept of transaction costs search and information costs bargaining and decision costs policing and enforcement costs Jump up ^ Robert Kissell and Morton Glantz Optimal Trading Strategies AMACOM pp Jump up ^ Special Issue of Journal of Retailing in Honor of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Oliver E Williamson Volume Issue Pages September Edited by Arne Nygaard and Robert Dahlstrom Jump up ^ Steven N S Cheung On the New Institutional Economics Contract Economics Jump up ^ L Werin and H Wijkander eds Basil Blackwell pp Jump up ^ Harold Demsetz Ownership and the Externality Problem In T L Anderson and F S McChesney eds Property Rights Cooperation Conflict and Law Princeton N J Princeton University Press References edit North Douglass C Transaction costs institutions and economic performance San Francisco CA ICS Press Cheung Steven N S Economic organization and transaction costs The New Palgrave A Dictionary of Economics v – Commons J R Institutional Economics American Economic Review – Retrieved February Douma Sytse Schreuder Hein Economic Approaches to Organizations th ed London Pearson ISBN Klaes M transaction costs history of The New Palgrave Dictionary of Economics nd Edition Abstract Niehans Jürg Transaction costs The New Palgrave A Dictionary of Economics v pp – Pierre Schlag The Problem of Transaction Costs Southern California Law Review Coase Ronald The Nature of the Firm Economica – doi j tb x Coase Ronald The Problem of Social Cost Journal of Law and Economics – doi Williamson Oliver E The Economics of Organization The Transaction Cost Approach The American Journal of Sociology pp The Economic Institutions of Capitalism Firms Markets Relational Contracting Preview to p New York NY Free Press The Mechanisms of Governance Preview Oxford University Press The Theory of the Firm as Governance Structure From Choice to Contract Journal of Economic Perspectives pp Milgrom P and J Roberts Bargaining Costs Influence Costs and the Organization of Economic Activity in J E Alt and K A Shepsle eds Perspectives on Positive Political Economy Cambridge University of Cambridge Milgrom P Roberts J Economics Organization and Management Englewood Cliffs NJ Prentice Hall ISBN External links edit Wikiquote has quotations related to Transaction cost Transaction cost economics Coordination Costs follow the Publications link where you can download Reference hide v t e Economics Economic theory Econometrics Applied economics Macroeconomics Adaptive expectations Aggregate demand Balance of payments Business cycle Capacity utilization Capital flight Central bank Consumer confidence Currency Demand shock Depression Great Depression DSGE Economic growth Economic indicator Economic rent Effective demand General Theory of Keynes Hyperinflation Inflation Interest Interest rate Investment IS–LM model Microfoundations Monetary policy Money NAIRU National accounts PPP Rate of profit Rational expectations Recession Saving Shrinkflation Stagflation Supply shock Unemployment Macroeconomics publications Microeconomics Aggregation problem Budget set Consumer choice Convexity Cost–benefit analysis Deadweight loss Distribution Duopoly Economic equilibrium Economic shortage Economic surplus Economies of scale Economies of scope Elasticity Expected utility hypothesis Externality General equilibrium theory Indifference curve Intertemporal choice Marginal cost Market failure Market structure Monopoly Monopsony Non convexity Oligopoly Opportunity cost Preference Production set Profit Public good Returns to scale Risk aversion Scarcity Social choice theory Sunk costs Supply and demand Theory of the firm Trade Transaction cost Value Uncertainty Utility Microeconomics publications Applied fields Agricultural Business Demographic Development Economic history Education Environmental Financial Health Industrial organization International Knowledge Labour Law and economics Monetary Natural resource Public Service Urban Welfare Methodology Behavioral economics Computational economics Econometrics Economic systems Experimental economics Mathematical economics Methodological publications Economic thought Ancient economic thought Austrian school of economics Chicago school of economics Classical economics Feminist economics Heterodox economics Institutional economics Keynesian economics Mainstream economics Marxian economics Neoclassical economics Post Keynesian economics Schools overview Notable economists and thinkers within economics Marginal cost From Wikipedia the free encyclopedia A typical marginal cost curve with marginal revenue overlaid In economics marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit that is it is the cost of producing one more unit of a good In general terms marginal cost at each level of production includes any additional costs required to produce the next unit For example if producing additional vehicles requires building a new factory the marginal cost of the extra vehicles includes the cost of the new factory In practice this analysis is segregated into short and long run cases so that over the longest run all costs become marginal At each level of production and time period being considered marginal costs include all costs that vary with the level of production whereas other costs that do not vary with production are considered fixed The graph is plotted with Price Cost and Revenue on the Y axis and Quantity on the X axis If the good being produced is infinitely divisible the size of a marginal cost will change with volume so a non linear and non proportional cost function includes the following variable terms dependent on volume constant terms independent on volume and occurring with the respective lot size jump fix cost increase or decrease dependent on steps of volume increase In practice the above definition of marginal cost as the change in total cost as a result of an increase in output of one unit is inconsistent with the differential definition of marginal cost for virtually all non linear functions This is as the definition finds the tangent to the total cost curve at the point q which assumes that costs increase at the same rate as they were at q A new definition may be useful for marginal unit cost MUC using the current definition of the change in total cost as a result of an increase of one unit of output defined as TC q TC q and re defining marginal cost to be the change in total as a result of an infinitesimally small increase in q which is consistent with its use in economic literature and can be calculated differentially If the cost function is differentiable joining the marginal cost is the cost of the next unit produced referring to the basic volume displaystyle text Marginal Cost MC frac dC dQ text Marginal Cost MC frac dC dQ If the cost function is not differentiable the marginal cost can be expressed as follows displaystyle MC frac Delta C Delta Q MC frac Delta C Delta Q A number of other factors can affect marginal cost and its applicability to real world problems Some of these may be considered market failures These may include information asymmetries the presence of negative or positive externalities transaction costs price discrimination and others Contents hide Cost functions and relationship to average cost Economies of scale Perfectly competitive supply curve Decisions taken based on marginal costs Relationship to fixed costs Externalities Negative externalities of production Positive externalities of production Social costs See also References Cost functions and relationship to average cost edit In the simplest case the total cost function and its derivative are expressed as follows where Q represents the production quantity VC represents variable costs FC represents fixed costs and TC represents total costs Since by definition fixed costs do not vary with production quantity it drops out of the equation when it is differentiated The important conclusion is that marginal cost is not related to fixed costs This can be compared with average total cost or ATC which is the total cost divided by the number of units produced and does include fixed costs displaystyle ATC frac C Delta C Q ATC frac C Delta C Q For discrete calculation without calculus marginal cost equals the change in total or variable cost that comes with each additional unit produced In contrast incremental cost is the composition of total cost from the surrogate of contributions where any increment is determined by the contribution of the cost factors not necessarily by single units For instance suppose the total cost of making shoe is and the total cost of making shoes is The marginal cost of producing the second shoe is – Marginal cost is not the cost of producing the next or last unit As Silberberg and Suen note the cost of the last unit is the same as the cost of the first unit and every other unit In the short run increasing production requires using more of the variable input — conventionally assumed to be labor Adding more labor to a fixed capital stock reduces the marginal product of labor because of the diminishing marginal returns This reduction in productivity is not limited to the additional labor needed to produce the marginal unit – the productivity of every unit of labor is reduced Thus the costs of producing the marginal unit of output has two components the cost associated with producing the marginal unit and the increase in average costs for all units produced due to the damage to the entire productive process ?AC ?q q The first component is the per unit or average cost The second unit is the small increase in costs due to the law of diminishing marginal returns which increases the costs of all units of sold Marginal costs can also be expressed as the cost per unit of labor divided by the marginal product of labor displaystyle MC frac Delta VC Delta Q MC frac Delta VC Delta Q displaystyle Delta VC w Delta L Delta VC w Delta L displaystyle MC frac w Delta L Delta Q MC frac w Delta L Delta Q Because displaystyle frac Delta L Delta Q frac Delta L Delta Q is the change in quantity of labor that affects a one unit change in output this implies that this equals displaystyle frac MPL frac MPL where MPL is ratio of increase in the quantity produced per unit increase in labour i e ?Q ?L Therefore displaystyle MC frac w MPL MC frac w MPL Since the wage rate is assumed constant marginal cost and marginal product of labor have an inverse relationship—if marginal cost is increasing decreasing the marginal product of labor is decreasing increasing Economies of scale edit Economies of scale is a concept that applies to the long run a span of time in which all inputs can be varied by the firm so that there are no fixed inputs or fixed costs Production may be subject to economies of scale or diseconomies of scale Economies of scale are said to exist if an additional unit of output can be produced for less than the average of all previous units— that is if long run marginal cost is below long run average cost so the latter is falling Conversely there may be levels of production where marginal cost is higher than average cost and average cost is an increasing function of output For this generic case minimum average cost occurs at the point where average cost and marginal cost are equal when plotted the marginal cost curve intersects the average cost curve from below this point will not be at the mimum for marginal cost if fixed costs are greater than Perfectly competitive supply curve edit The portion of the marginal cost curve above its intersection with the average variable cost curve is the supply curve for a firm operating in a perfectly competitive market the portion of the MC curve below its intersection with the AVC curve is not part of the supply curve because a firm would not operate at price below the shut down point This is not true for firms operating in other market structures For example while a monopoly has an MC curve it does not have a supply curve In a perfectly competitive market a supply curve shows the quantity a seller s willing and able to supply at each price – for each price there is a unique quantity that would be supplied The one to one relationship simply is absent in the case of a monopoly With a monopoly there could be an infinite number of prices associated with a given quantity It all depends on the shape and position of the demand curve and its accompanying marginal revenue curve Decisions taken based on marginal costs edit In perfectly competitive markets firms decide the quantity to be produced based on marginal costs and sale price If the sale price is higher than the marginal cost then they supply the unit and sell it If the marginal cost is higher than the price it would not be profitable to produce it So the production will be carried out until the marginal cost is equal to the sale price In other words firms refuse to sell if the marginal cost is greater than the market price Relationship to fixed costs edit Marginal costs are not affected by changes in fixed cost Marginal costs can be expressed as ?C q /?Q Since fixed costs do not vary with depend on changes in quantity MC is ?VC/?Q Thus if fixed cost were to double the cost of MC would not be affected and consequently the profit maximizing quantity and price would not change This can be illustrated by graphing the short run total cost curve and the short run variable cost curve The shape of the curves are identical Each curve initially increases at a decreasing rate reaches an inflection point then increases at an increasing rate The only difference between the curves is that the SRVC curve begins from the origin while the SRTC curve originates on the y axis The distance of the origin of the SRTC above the origin represents the fixed cost – the vertical distance between the curves This distance remains constant as the quantity produced Q increases MC is the slope of the SRVC curve A change in fixed cost would be reflected by a change in the vertical distance between the SRTC and SRVC curve Any such change would have no effect on the shape of the SRVC curve and therefore its slope at any point – MC Externalities edit Externalities are costs or benefits that are not borne by the parties to the economic transaction A producer may for example pollute the environment and others may bear those costs A consumer may consume a good which produces benefits for society such as education because the individual does not receive all of the benefits he may consume less than efficiency would suggest Alternatively an individual may be a smoker or alcoholic and impose costs on others In these cases production or consumption of the good in question may differ from the optimum level Negative externalities of production edit Negative Externalities of Production Much of the time private and social costs do not diverge from one another but at times social costs may be either greater or less than private costs When marginal social costs of production are greater than that of the private cost function we see the occurrence of a negative externality of production Productive processes that result in pollution are a textbook example of production that creates negative externalities Such externalities are a result of firms externalising their costs onto a third party in order to reduce their own total cost As a result of externalising such costs we see that members of society will be negatively affected by such behavior of the firm In this case we see that an increased cost of production on society creates a social cost curve that depicts a greater cost than the private cost curve In an equilibrium state we see that markets creating negative externalities of production will overproduce that good As a result the socially optimal production level would be lower than that observed Positive externalities of production edit Positive Externalities of Production When marginal social costs of production are less than that of the private cost function we see the occurrence of a positive externality of production Production of public goods are a textbook example of production that create positive externalities An example of such a public good which creates a divergence in social and private costs includes the production of education It is often seen that education is a positive for any whole society as well as a positive for those directly involved in the market Examining the relevant diagram we see that such production creates a social cost curve that is less than that of the private curve In an equilibrium state we see that markets creating positive externalities of production will under produce that good As a result the socially optimal production level would be greater than that observed Social costs edit Main article Social cost Of great importance in the theory of marginal cost is the distinction between the marginal private and social costs The marginal private cost shows the cost associated to the firm in question It is the marginal private cost that is used by business decision makers in their profit maximization goals Marginal social cost is similar to private cost in that it includes the cost of private enterprise but also any other cost or offsetting benefit to society to parties having no direct association with purchase or sale of the product It incorporates all negative and positive externalities of both production and consumption Examples might include a social cost from air pollution affecting third parties or a social benefit from flu shots protecting others from infection See also edit Average cost Break even analysis Cost Cost curve Cost Volume Profit Analysis Cost sharing mechanism Economic surplus Marginal concepts Marginal factor cost Opportunity cost From Wikipedia the free encyclopedia Economics Supply demand right shift demand svg A supply and demand diagram illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e In microeconomic theory the opportunity cost also known as alternative cost is the value not a benefit of the choice of a best alternative cost while making a decision A choice needs to be made between several mutually exclusive alternatives assuming the best choice is made it is the cost incurred by not enjoying the benefit that would have been had by taking the second best available choice The New Oxford American Dictionary defines it as the loss of potential gain from other alternatives when one alternative is chosen Opportunity cost is a key concept in economics and has been described as expressing the basic relationship between scarcity and choice The notion of opportunity cost plays a crucial part in attempts to ensure that scarce resources are used efficiently Thus opportunity costs are not restricted to monetary or financial costs the real cost of output forgone lost time pleasure or any other benefit that provides utility should also be considered an opportunity cost Contents hide History Opportunity costs in production Explicit costs Implicit costs Evaluation Example See also References External links History edit The term was coined in by Austrian economist Friedrich von Wieser in his book Theorie der gesellschaftlichen Wirtschaft The idea had been anticipated by previous writers including Benjamin Franklin and Frédéric Bastiat Franklin coined the phrase Time is Money and spelt out the associated opportunity cost reasoning in his Advice to a Young Tradesman Remember that Time is Money He that can earn Ten Shillings a Day by his Labour and goes abroad or sits idle one half of that Day tho he spends but Sixpence during his Diversion or Idleness ought not to reckon That the only Expence he has really spent or rather thrown away Five Shillings besides Bastiat s essay What Is Seen and What Is Not Seen used opportunity cost reasoning in his critique of the broken window fallacy and of what he saw as spurious arguments for public expenditure Opportunity costs in production edit Explicit costs edit Explicit costs are opportunity costs that involve direct monetary payment by producers The explicit opportunity cost of the factors of production not already owned by a producer is the price that the producer has to pay for them For instance if a firm spends on electrical power consume its explicit opportunity cost is This cash expenditure represents a lost opportunity to purchase something else with the Implicit costs edit Implicit costs also called implied imputed or notional costs are the opportunity costs that are not reflected in cash outflow but implied by the failure of the firm to allocate its existing owned resources or factors of production to the best alternative use For example a manufacturer has previously purchased tons of steel and the machinery to produce a widget The implicit part of the opportunity cost of producing the widget is the revenue lost by not selling the steel and not renting out the machinery instead of using them for production One example of opportunity cost is in the evaluation of foreign to the US buyers and their allocation of cash assets in real estate or other types of investment vehicles With the recent downturn circa June July of the Chinese stock market more and more Chinese investors from Hong Kong and Taiwan are turning to the United States as an alternative vessel for their investment dollars the opportunity cost of leaving their money in the Chinese stock market or Chinese real estate market is too high relative to yields available in the US real estate market Evaluation edit Note that opportunity cost is not the sum of the available alternatives when those alternatives are in turn mutually exclusive to each other It is the next best alternative given up selecting the best option The opportunity cost of a city s decision to build the hospital on its vacant land is the loss of the land for a sporting center or the inability to use the land for a parking lot or the money the city could have made by selling the land Use for any one of those purposes precludes all the others If someone loses the opportunity to earn money that is part of the opportunity cost If someone chooses to spend money that money could be used to purchase other goods and services so the spent money is part of the opportunity cost as well Add the value of the next best alternatives and you have the total opportunity cost If you miss work to go to a concert your opportunity cost is the money you would have earned if you went to work plus the cost of the concert Example edit Question Suppose you have a free ticket to a concert by Band X The ticket has no resale value On the night of the concert your next best alternative entertainment is a performance by Band Y for which the tickets cost You like Band Y and would usually be willing to pay for a ticket to see them What is the opportunity cost of using your free ticket and seeing Band X instead of Band Y Answer The benefit you forgo that is the value to you is the benefit of seeing Band Y less the ticket cost of See also edit icon Economics portal Budget constraint Economic value added Fear of missing out Opportunity cost of capital Parable of the broken window Production possibility frontier There Ain t No Such Thing As A Free Lunch Time management Trade off Best alternative to a negotiated agreement References edit Jump up ^ Opportunity Cost Investopedia Retrieved Jump up ^ James M Buchanan Opportunity cost The New Palgrave Dictionary of Economics Online Second ed Retrieved Jump up ^ Opportunity Cost Economics A–Z The Economist Retrieved Jump up ^ Friedrich von Wieser A Ford Hinrichs translator ed Social Economics PDF New York Adelphi Retrieved • Friedrich von Wieser November Theorie der gesellschaftlichen Wirtschaft Theory of Social Economics in German Original publication Jump up ^ Explicit vs Implicit Cost Jump up ^ AP Economics Review Cost Revenue and Profit ReviewEcon com Retrieved Jump up ^ Gittins Ross April At the coal face economists are struggling to measure up The Sydney Morning Herald Retrieved April External links edit Wikiquote has quotations related to Opportunity cost The Opportunity Cost of Economics Education by Robert H Frank hide v t e Microeconomics Economics From Wikipedia the free encyclopedia This article is about the social science For other uses see Economics disambiguation and Economic Theory journal For a topical guide to this subject see Outline of economics Economics Supply demand right shift demand svg A supply and demand diagram illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e Economics UK English i?k?'n?m?ks ?k?'n?m?ks US English ?k?'n??m?ks ik?'n??m?ks is a social science concerned chiefly with description and analysis of the production distribution and consumption of goods and services The discipline was renamed in the late th century primarily due to Alfred Marshall from political economy to economics as a shorter term for economic science at a time when it became more open to rigorous thinking and made increased use of mathematics which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences The ultimate goal of economics is to improve the living conditions of people in their everyday life Economics focuses on the behaviour and interactions of economic agents and how economies work Consistent with this focus textbooks often distinguish between microeconomics and macroeconomics Microeconomics examines the behaviour of basic elements in the economy including individual agents and markets their interactions and the outcomes of interactions Individual agents may include for example households firms buyers and sellers Macroeconomics analyzes the entire economy meaning aggregated production consumption savings and investment and issues affecting it including unemployment of resources labour capital and land inflation economic growth and the public policies that address these issues monetary fiscal and other policies Other broad distinctions within economics include those between positive economics describing what is and normative economics advocating what ought to be between economic theory and applied economics between rational and behavioural economics and between mainstream economics and heterodox economics Economic analysis can be applied throughout society in business finance health care and government Economic analyses is sometimes also applied to such diverse subjects as crime education the family law politics religion social institutions war science and the environment Countries by real GDP growth rate in Countries in red were in recession Contents hide Definitions Microeconomics Markets Production cost and efficiency Specialization Supply and demand Firms Uncertainty and game theory Market failure Public sector Macroeconomics Growth Business cycle Unemployment Inflation and monetary policy Fiscal policy International economics Practice Theory Empirical investigation Profession Related subjects History Classical political economy Marxism Neoclassical economics Keynesian economics Chicago school of economics Other schools and approaches Agreements Criticisms General criticisms Criticisms of assumptions See also References Further reading External links Definitions edit A map of world economies by size of GDP nominal in USD World Bank There are a variety of modern definitions of economics some reflect evolving views of the subject or different views among economists Scottish philosopher Adam Smith defined what was then called political economy as an inquiry into the nature and causes of the wealth of nations in particular as a branch of the science of a statesman or legislator with the twofold objectives of providing a plentiful revenue or subsistence for the people and to supply the state or commonwealth with a revenue for the publick services J B Say distinguishing the subject from its public policy uses defines it as the science of production distribution and consumption of wealth On the satirical side Thomas Carlyle coined the dismal science as an epithet for classical economics in this context commonly linked to the pessimistic analysis of Malthus John Stuart Mill defines the subject in a social context as The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth in so far as those phenomena are not modified by the pursuit of any other object Alfred Marshall provides a still widely cited definition in his textbook Principles of Economics that extends analysis beyond wealth and from the societal to the microeconomic level Economics is a study of man in the ordinary business of life It enquires how he gets his income and how he uses it Thus it is on the one side the study of wealth and on the other and more important side a part of the study of man Lionel Robbins developed implications of what has been termed p erhaps the most commonly accepted current definition of the subject Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses Robbins describes the definition as not classificatory in pick ing out certain kinds of behaviour but rather analytical in focus ing attention on a particular aspect of behaviour the form imposed by the influence of scarcity He affirmed that previous economists have usually centred their studies on the analysis of wealth how wealth is created production distributed and consumed and how wealth can grow But he said that economics can be used to study other things such as war that are outside its usual focus This is because war has as the goal winning it as a sought after end generates both cost and benefits and resources human life and other costs are used to attain the goal If the war is not winnable or if the expected costs outweigh the benefits the deciding actors assuming they are rational may never go to war a decision but rather explore other alternatives We cannot define economics as the science that studies wealth war crime education and any other field economic analysis can be applied to but as the science that studies a particular common aspect of each of those subjects they all use scarce resources to attain a sought after end Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets From the s however such comments abated as the economic theory of maximizing behaviour and rational choice modelling expanded the domain of the subject to areas previously treated in other fields There are other criticisms as well such as in scarcity not accounting for the macroeconomics of high unemployment Gary Becker a contributor to the expansion of economics into new areas describes the approach he favours as combin ing the assumptions of maximizing behaviour stable preferences and market equilibrium used relentlessly and unflinchingly One commentary characterizes the remark as making economics an approach rather than a subject matter but with great specificity as to the choice process and the type of social interaction that such analysis involves The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject matter that the texts treat Among economists more generally it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving or should evolve Microeconomics edit Main article Microeconomics Markets edit Main article Markets A vegetable vendor in a marketplace Economists study trade production and consumption decisions such as those that occur in a traditional marketplace Two men sit at computer monitors with financial information In Virtual Markets buyer and seller are not present and trade via intermediates and electronic information Pictured São Paulo Stock Exchange Brazil Microeconomics examines how entities forming a market structure interact within a market to create a market system These entities include private and public players with various classifications typically operating under scarcity of tradable units and government regulation The item traded may be a tangible product such as apples or a service such as repair services legal counsel or entertainment In theory in a free market the aggregates sum of of quantity demanded by buyers and quantity supplied by sellers will be equal and reach economic equilibrium over time in reaction to price changes in practice various issues may prevent equilibrium and any equilibrium reached may not necessarily be morally equitable For example if the supply of healthcare services is limited by external factors the equilibrium price may be unaffordable for many who desire it but cannot pay for it Various market structures exist In perfectly competitive markets no participants are large enough to have the market power to set the price of a homogeneous product In other words every participant is a price taker as no participant influences the price of a product In the real world markets often experience imperfect competition Forms include monopoly in which there is only one seller of a good duopoly in which there are only two sellers of a good oligopoly in which there are few sellers of a good monopolistic competition in which there are many sellers producing highly differentiated goods monopsony in which there is only one buyer of a good and oligopsony in which there are few buyers of a good Unlike perfect competition imperfect competition invariably means market power is unequally distributed Firms under imperfect competition have the potential to be price makers which means that by holding a disproportionately high share of market power they can influence the prices of their products Microeconomics studies individual markets by simplifying the economic system by assuming that activity in the market being analysed does not affect other markets This method of analysis is known as partial equilibrium analysis supply and demand This method aggregates the sum of all activity in only one market General equilibrium theory studies various markets and their behaviour It aggregates the sum of all activity across all markets This method studies both changes in markets and their interactions leading towards equilibrium Production cost and efficiency edit Main articles Production theory basics Opportunity cost Economic efficiency and Production–possibility frontier In microeconomics production is the conversion of inputs into outputs It is an economic process that uses inputs to create a commodity or a service for exchange or direct use Production is a flow and thus a rate of output per period of time Distinctions include such production alternatives as for consumption food haircuts etc vs investment goods new tractors buildings roads etc public goods national defence smallpox vaccinations etc or private goods new computers bananas etc and guns vs butter Opportunity cost refers to the economic cost of production the value of the next best opportunity foregone Choices must be made between desirable yet mutually exclusive actions It has been described as expressing the basic relationship between scarcity and choice For example if a baker uses a sack of flour to make pretzels one morning then the baker cannot use either the flour or the morning to make bagels instead Part of the cost of making pretzels is that neither the flour nor the morning are available any longer for use in some other way The opportunity cost of an activity is an element in ensuring that scarce resources are used efficiently such that the cost is weighed against the value of that activity in deciding on more or less of it Opportunity costs are not restricted to monetary or financial costs but could be measured by the real cost of output forgone leisure or anything else that provides the alternative benefit utility Inputs used in the production process include such primary factors of production as labour services capital durable produced goods used in production such as an existing factory and land including natural resources Other inputs may include intermediate goods used in production of final goods such as the steel in a new car Economic efficiency describes how well a system generates desired output with a given set of inputs and available technology Efficiency is improved if more output is generated without changing inputs or in other words the amount of waste is reduced A widely accepted general standard is Pareto efficiency which is reached when no further change can make someone better off without making someone else worse off An example production–possibility frontier with illustrative points marked The production–possibility frontier PPF is an expository figure for representing scarcity cost and efficiency In the simplest case an economy can produce just two goods say guns and butter The PPF is a table or graph as at the right showing the different quantity combinations of the two goods producible with a given technology and total factor inputs which limit feasible total output Each point on the curve shows potential total output for the economy which is the maximum feasible output of one good given a feasible output quantity of the other good Scarcity is represented in the figure by people being willing but unable in the aggregate to consume beyond the PPF such as at X and by the negative slope of the curve If production of one good increases along the curve production of the other good decreases an inverse relationship This is because increasing output of one good requires transferring inputs to it from production of the other good decreasing the latter The slope of the curve at a point on it gives the trade off between the two goods It measures what an additional unit of one good costs in units forgone of the other good an example of a real opportunity cost Thus if one more Gun costs units of butter the opportunity cost of one Gun is Butter Along the PPF scarcity implies that choosing more of one good in the aggregate entails doing with less of the other good Still in a market economy movement along the curve may indicate that the choice of the increased output is anticipated to be worth the cost to the agents By construction each point on the curve shows productive efficiency in maximizing output for given total inputs A point inside the curve as at A is feasible but represents production inefficiency wasteful use of inputs in that output of one or both goods could increase by moving in a northeast direction to a point on the curve Examples cited of such inefficiency include high unemployment during a business cycle recession or economic organization of a country that discourages full use of resources Being on the curve might still not fully satisfy allocative efficiency also called Pareto efficiency if it does not produce a mix of goods that consumers prefer over other points Much applied economics in public policy is concerned with determining how the efficiency of an economy can be improved Recognizing the reality of scarcity and then figuring out how to organize society for the most efficient use of resources has been described as the essence of economics where the subject makes its unique contribution Specialization edit Main articles Division of labour Comparative advantage and Gains from trade A map showing the main trade routes for goods within late medieval Europe Specialization is considered key to economic efficiency based on theoretical and empirical considerations Different individuals or nations may have different real opportunity costs of production say from differences in stocks of human capital per worker or capital labour ratios According to theory this may give a comparative advantage in production of goods that make more intensive use of the relatively more abundant thus relatively cheaper input Even if one region has an absolute advantage as to the ratio of its outputs to inputs in every type of output it may still specialize in the output in which it has a comparative advantage and thereby gain from trading with a region that lacks any absolute advantage but has a comparative advantage in producing something else It has been observed that a high volume of trade occurs among regions even with access to a similar technology and mix of factor inputs including high income countries This has led to investigation of economies of scale and agglomeration to explain specialization in similar but differentiated product lines to the overall benefit of respective trading parties or regions The general theory of specialization applies to trade among individuals farms manufacturers service providers and economies Among each of these production systems there may be a corresponding division of labour with different work groups specializing or correspondingly different types of capital equipment and differentiated land uses An example that combines features above is a country that specializes in the production of high tech knowledge products as developed countries do and trades with developing nations for goods produced in factories where labour is relatively cheap and plentiful resulting in different in opportunity costs of production More total output and utility thereby results from specializing in production and trading than if each country produced its own high tech and low tech products Theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage so that relatively low cost inputs go to producing low cost outputs In the process aggregate output may increase as a by product or by design Such specialization of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other more highly valued goods A measure of gains from trade is the increased income levels that trade may facilitate Supply and demand edit Main article Supply and demand A graph depicting Quantity on the X axis and Price on the Y axis The supply and demand model describes how prices vary as a result of a balance between product availability and demand The graph depicts an increase that is right shift in demand from D to D along with the consequent increase in price and quantity required to reach a new equilibrium point on the supply curve S Prices and quantities have been described as the most directly observable attributes of goods produced and exchanged in a market economy The theory of supply and demand is an organizing principle for explaining how prices coordinate the amounts produced and consumed In microeconomics it applies to price and output determination for a market with perfect competition which includes the condition of no buyers or sellers large enough to have price setting power For a given market of a commodity demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good Demand is often represented by a table or a graph showing price and quantity demanded as in the figure Demand theory describes individual consumers as rationally choosing the most preferred quantity of each good given income prices tastes etc A term for this is constrained utility maximization with income and wealth as the constraints on demand Here utility refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred The law of demand states that in general price and quantity demanded in a given market are inversely related That is the higher the price of a product the less of it people would be prepared to buy other things unchanged As the price of a commodity falls consumers move toward it from relatively more expensive goods the substitution effect In addition purchasing power from the price decline increases ability to buy the income effect Other factors can change demand for example an increase in income will shift the demand curve for a normal good outward relative to the origin as in the figure All determinants are predominantly taken as constant factors of demand and supply Supply is the relation between the price of a good and the quantity available for sale at that price It may be represented as a table or graph relating price and quantity supplied Producers for example business firms are hypothesized to be profit maximizers meaning that they attempt to produce and supply the amount of goods that will bring them the highest profit Supply is typically represented as a function relating price and quantity if other factors are unchanged That is the higher the price at which the good can be sold the more of it producers will supply as in the figure The higher price makes it profitable to increase production Just as on the demand side the position of the supply can shift say from a change in the price of a productive input or a technical improvement The Law of Supply states that in general a rise in price leads to an expansion in supply and a fall in price leads to a contraction in supply Here as well the determinants of supply such as price of substitutes cost of production technology applied and various factors inputs of production are all taken to be constant for a specific time period of evaluation of supply Market equilibrium occurs where quantity supplied equals quantity demanded the intersection of the supply and demand curves in the figure above At a price below equilibrium there is a shortage of quantity supplied compared to quantity demanded This is posited to bid the price up At a price above equilibrium there is a surplus of quantity supplied compared to quantity demanded This pushes the price down The model of supply and demand predicts that for given supply and demand curves price and quantity will stabilize at the price that makes quantity supplied equal to quantity demanded Similarly demand and supply theory predicts a new price quantity combination from a shift in demand as to the figure or in supply For a given quantity of a consumer good the point on the demand curve indicates the value or marginal utility to consumers for that unit It measures what the consumer would be prepared to pay for that unit The corresponding point on the supply curve measures marginal cost the increase in total cost to the supplier for the corresponding unit of the good The price in equilibrium is determined by supply and demand In a perfectly competitive market supply and demand equate marginal cost and marginal utility at equilibrium On the supply side of the market some factors of production are described as relatively variable in the short run which affects the cost of changing output levels Their usage rates can be changed easily such as electrical power raw material inputs and over time and temp work Other inputs are relatively fixed such as plant and equipment and key personnel In the long run all inputs may be adjusted by management These distinctions translate to differences in the elasticity responsiveness of the supply curve in the short and long runs and corresponding differences in the price quantity change from a shift on the supply or demand side of the market Marginalist theory such as above describes the consumers as attempting to reach most preferred positions subject to income and wealth constraints while producers attempt to maximize profits subject to their own constraints including demand for goods produced technology and the price of inputs For the consumer that point comes where marginal utility of a good net of price reaches zero leaving no net gain from further consumption increases Analogously the producer compares marginal revenue identical to price for the perfect competitor against the marginal cost of a good with marginal profit the difference At the point where marginal profit reaches zero further increases in production of the good stop For movement to market equilibrium and for changes in equilibrium price and quantity also change at the margin more or less of something rather than necessarily all or nothing Other applications of demand and supply include the distribution of income among the factors of production including labour and capital through factor markets In a competitive labour market for example the quantity of labour employed and the price of labour the wage rate depends on the demand for labour from employers for production and supply of labour from potential workers Labour economics examines the interaction of workers and employers through such markets to explain patterns and changes of wages and other labour income labour mobility and un employment productivity through human capital and related public policy issues Demand and supply analysis is used to explain the behaviour of perfectly competitive markets but as a standard of comparison it can be extended to any type of market It can also be generalized to explain variables across the economy for example total output estimated as real GDP and the general price level as studied in macroeconomics Tracing the qualitative and quantitative effects of variables that change supply and demand whether in the short or long run is a standard exercise in applied economics Economic theory may also specify conditions such that supply and demand through the market is an efficient mechanism for allocating resources Firms edit Main articles Theory of the firm Industrial organization Business economics and Managerial economics People frequently do not trade directly on markets Instead on the supply side they may work in and produce through firms The most obvious kinds of firms are corporations partnerships and trusts According to Ronald Coase people begin to organize their production in firms when the costs of doing business becomes lower than doing it on the market Firms combine labour and capital and can achieve far greater economies of scale when the average cost per unit declines as more units are produced than individual market trading In perfectly competitive markets studied in the theory of supply and demand there are many producers none of which significantly influence price Industrial organization generalizes from that special case to study the strategic behaviour of firms that do have significant control of price It considers the structure of such markets and their interactions Common market structures studied besides perfect competition include monopolistic competition various forms of oligopoly and monopoly Managerial economics applies microeconomic analysis to specific decisions in business firms or other management units It draws heavily from quantitative methods such as operations research and programming and from statistical methods such as regression analysis in the absence of certainty and perfect knowledge A unifying theme is the attempt to optimize business decisions including unit cost minimization and profit maximization given the firm s objectives and constraints imposed by technology and market conditions Uncertainty and game theory edit Main articles Information economics Game theory and Financial economics Uncertainty in economics is an unknown prospect of gain or loss whether quantifiable as risk or not Without it household behaviour would be unaffected by uncertain employment and income prospects financial and capital markets would reduce to exchange of a single instrument in each market period and there would be no communications industry Given its different forms there are various ways of representing uncertainty and modelling economic agents responses to it Game theory is a branch of applied mathematics that considers strategic interactions between agents one kind of uncertainty It provides a mathematical foundation of industrial organization discussed above to model different types of firm behaviour for example in an oligopolistic industry few sellers but equally applicable to wage negotiations bargaining contract design and any situation where individual agents are few enough to have perceptible effects on each other As a method heavily used in behavioural economics it postulates that agents choose strategies to maximize their payoffs given the strategies of other agents with at least partially conflicting interests In this it generalizes maximization approaches developed to analyse market actors such as in the supply and demand model and allows for incomplete information of actors The field dates from the classic Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern It has significant applications seemingly outside of economics in such diverse subjects as formulation of nuclear strategies ethics political science and evolutionary biology Risk aversion may stimulate activity that in well functioning markets smooths out risk and communicates information about risk as in markets for insurance commodity futures contracts and financial instruments Financial economics or simply finance describes the allocation of financial resources It also analyses the pricing of financial instruments the financial structure of companies the efficiency and fragility of financial markets financial crises and related government policy or regulation Some market organizations may give rise to inefficiencies associated with uncertainty Based on George Akerlof s Market for Lemons article the paradigm example is of a dodgy second hand car market Customers without knowledge of whether a car is a lemon depress its price below what a quality second hand car would be Information asymmetry arises here if the seller has more relevant information than the buyer but no incentive to disclose it Related problems in insurance are adverse selection such that those at most risk are most likely to insure say reckless drivers and moral hazard such that insurance results in riskier behaviour say more reckless driving Both problems may raise insurance costs and reduce efficiency by driving otherwise willing transactors from the market incomplete markets Moreover attempting to reduce one problem say adverse selection by mandating insurance may add to another say moral hazard Information economics which studies such problems has relevance in subjects such as insurance contract law mechanism design monetary economics and health care Applied subjects include market and legal remedies to spread or reduce risk such as warranties government mandated partial insurance restructuring or bankruptcy law inspection and regulation for quality and information disclosure Market failure edit Main articles Market failure Government failure Information economics Environmental economics and Agricultural economics A smokestack releasing smoke Pollution can be a simple example of market failure If costs of production are not borne by producers but are by the environment accident victims or others then prices are distorted The term market failure encompasses several problems which may undermine standard economic assumptions Although economists categorize market failures differently the following categories emerge in the main texts Information asymmetries and incomplete markets may result in economic inefficiency but also a possibility of improving efficiency through market legal and regulatory remedies as discussed above Natural monopoly or the overlapping concepts of practical and technical monopoly is an extreme case of failure of competition as a restraint on producers Extreme economies of scale are one possible cause Public goods are goods which are undersupplied in a typical market The defining features are that people can consume public goods without having to pay for them and that more than one person can consume the good at the same time Externalities occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices For example air pollution may generate a negative externality and education may generate a positive externality less crime etc Governments often tax and otherwise restrict the sale of goods that have negative externalities and subsidize or otherwise promote the purchase of goods that have positive externalities in an effort to correct the price distortions caused by these externalities Elementary demand and supply theory predicts equilibrium but not the speed of adjustment for changes of equilibrium due to a shift in demand or supply In many areas some form of price stickiness is postulated to account for quantities rather than prices adjusting in the short run to changes on the demand side or the supply side This includes standard analysis of the business cycle in macroeconomics Analysis often revolves around causes of such price stickiness and their implications for reaching a hypothesized long run equilibrium Examples of such price stickiness in particular markets include wage rates in labour markets and posted prices in markets deviating from perfect competition A woman takes samples of water from a river Environmental scientist sampling water Some specialized fields of economics deal in market failure more than others The economics of the public sector is one example Much environmental economics concerns externalities or public bads Policy options include regulations that reflect cost benefit analysis or market solutions that change incentives such as emission fees or redefinition of property rights Public sector edit Main articles Economics of the public sector and Public finance See also Welfare economics Public finance is the field of economics that deals with budgeting the revenues and expenditures of a public sector entity usually government The subject addresses such matters as tax incidence who really pays a particular tax cost benefit analysis of government programmes effects on economic efficiency and income distribution of different kinds of spending and taxes and fiscal politics The latter an aspect of public choice theory models public sector behaviour analogously to microeconomics involving interactions of self interested voters politicians and bureaucrats Much of economics is positive seeking to describe and predict economic phenomena Normative economics seeks to identify what economies ought to be like Welfare economics is a normative branch of economics that uses microeconomic techniques to simultaneously determine the allocative efficiency within an economy and the income distribution associated with it It attempts to measure social welfare by examining the economic activities of the individuals that comprise society Macroeconomics edit The circulation of money in an economy in a macroeconomic model Main article Macroeconomics Macroeconomics examines the economy as a whole to explain broad aggregates and their interactions top down that is using a simplified form of general equilibrium theory Such aggregates include national income and output the unemployment rate and price inflation and subaggregates like total consumption and investment spending and their components It also studies effects of monetary policy and fiscal policy Since at least the s macroeconomics has been characterized by further integration as to micro based modelling of sectors including rationality of players efficient use of market information and imperfect competition This has addressed a long standing concern about inconsistent developments of the same subject Macroeconomic analysis also considers factors affecting the long term level and growth of national income Such factors include capital accumulation technological change and labour force growth Growth edit Main article Economic growth Growth economics studies factors that explain economic growth – the increase in output per capita of a country over a long period of time The same factors are used to explain differences in the level of output per capita between countries in particular why some countries grow faster than others and whether countries converge at the same rates of growth Much studied factors include the rate of investment population growth and technological change These are represented in theoretical and empirical forms as in the neoclassical and endogenous growth models and in growth accounting Business cycle edit Main article Business cycle See also Circular flow of income Aggregate supply Aggregate demand and Unemployment A basic illustration of economic business cycles The economics of a depression were the spur for the creation of macroeconomics as a separate discipline field of study During the Great Depression of the s John Maynard Keynes authored a book entitled The General Theory of Employment Interest and Money outlining the key theories of Keynesian economics Keynes contended that aggregate demand for goods might be insufficient during economic downturns leading to unnecessarily high unemployment and losses of potential output He therefore advocated active policy responses by the public sector including monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle Thus a central conclusion of Keynesian economics is that in some situations no strong automatic mechanism moves output and employment towards full employment levels John Hicks IS LM model has been the most influential interpretation of The General Theory Over the years understanding of the business cycle has branched into various research programmes mostly related to or distinct from Keynesianism The neoclassical synthesis refers to the reconciliation of Keynesian economics with neoclassical economics stating that Keynesianism is correct in the short run but qualified by neoclassical like considerations in the intermediate and long run New classical macroeconomics as distinct from the Keynesian view of the business cycle posits market clearing with imperfect information It includes Friedman s permanent income hypothesis on consumption and rational expectations theory led by Robert Lucas and real business cycle theory In contrast the new Keynesian approach retains the rational expectations assumption however it assumes a variety of market failures In particular New Keynesians assume prices and wages are sticky which means they do not adjust instantaneously to changes in economic conditions Thus the new classicals assume that prices and wages adjust automatically to attain full employment whereas the new Keynesians see full employment as being automatically achieved only in the long run and hence government and central bank policies are needed because the long run may be very long Unemployment edit Main article Unemployment The percentage of the US population employed – The amount of unemployment in an economy is measured by the unemployment rate the percentage of workers without jobs in the labour force The labour force only includes workers actively looking for jobs People who are retired pursuing education or discouraged from seeking work by a lack of job prospects are excluded from the labour force Unemployment can be generally broken down into several types that are related to different causes Classical models of unemployment occurs when wages are too high for employers to be willing to hire more workers Wages may be too high because of minimum wage laws or union activity Consistent with classical unemployment frictional unemployment occurs when appropriate job vacancies exist for a worker but the length of time needed to search for and find the job leads to a period of unemployment Structural unemployment covers a variety of possible causes of unemployment including a mismatch between workers skills and the skills required for open jobs Large amounts of structural unemployment can occur when an economy is transitioning industries and workers find their previous set of skills are no longer in demand Structural unemployment is similar to frictional unemployment since both reflect the problem of matching workers with job vacancies but structural unemployment covers the time needed to acquire new skills not just the short term search process While some types of unemployment may occur regardless of the condition of the economy cyclical unemployment occurs when growth stagnates Okun s law represents the empirical relationship between unemployment and economic growth The original version of Okun s law states that a increase in output would lead to a decrease in unemployment Inflation and monetary policy edit Main articles Inflation and Monetary policy See also Money Quantity theory of money Monetary policy and History of money Money is a means of final payment for goods in most price system economies and the unit of account in which prices are typically stated An apt statement by Francis Amasa Walker a well known economist is Money is what money does citation needed Money has a general acceptability a relative consistency in value divisibility durability portability elastic in supply and survives with mass public confidence It includes currency held by the nonbank public and checkable deposits It has been described as a social convention like language useful to one largely because it is useful to others As a medium of exchange money facilitates trade It is essentially a measure of value and more importantly a store of value being a basis for credit creation Its economic function can be contrasted with barter non monetary exchange Given a diverse array of produced goods and specialized producers barter may entail a hard to locate double coincidence of wants as to what is exchanged say apples and a book Money can reduce the transaction cost of exchange because of its ready acceptability Then it is less costly for the seller to accept money in exchange rather than what the buyer produces At the level of an economy theory and evidence are consistent with a positive relationship running from the total money supply to the nominal value of total output and to the general price level For this reason management of the money supply is a key aspect of monetary policy Fiscal policy edit Main articles Fiscal policy and Government spending Governments implement fiscal policy that influence macroeconomic conditions by adjusting spending and taxation policies to alter aggregate demand When aggregate demand falls below the potential output of the economy there is an output gap where some productive capacity is left unemployed Governments increase spending and cut taxes to boost aggregate demand Resources that have been idled can be used by the government For example unemployed home builders can be hired to expand highways Tax cuts allow consumers to increase their spending which boosts aggregate demand Both tax cuts and spending have multiplier effects where the initial increase in demand from the policy percolates through the economy and generates additional economic activity The effects of fiscal policy can be limited by crowding out When there is no output gap the economy is producing at full capacity and there are no excess productive resources If the government increases spending in this situation the government use resources that otherwise would have been used by the private sector so there is no increase in overall output Some economists think that crowding out is always an issue while others do not think it is a major issue when output is depressed Sceptics of fiscal policy also make the argument of Ricardian equivalence They argue that an increase in debt will have to be paid for with future tax increases which will cause people to reduce their consumption and save money to pay for the future tax increase Under Ricardian equivalence any boost in demand from fiscal policy will be offset by the increased savings rate intended to pay for future higher taxes International economics edit Main articles International economics and Economic system List of countries by GDP PPP per capita in International trade studies determinants of goods and services flows across international boundaries It also concerns the size and distribution of gains from trade Policy applications include estimating the effects of changing tariff rates and trade quotas International finance is a macroeconomic field which examines the flow of capital across international borders and the effects of these movements on exchange rates Increased trade in goods services and capital between countries is a major effect of contemporary globalization The distinct field of development economics examines economic aspects of the economic development process in relatively low income countries focusing on structural change poverty and economic growth Approaches in development economics frequently incorporate social and political factors Economic systems is the branch of economics that studies the methods and institutions by which societies determine the ownership direction and allocation of economic resources An economic system of a society is the unit of analysis Among contemporary systems at different ends of the organizational spectrum are socialist systems and capitalist systems in which most production occurs in respectively state run and private enterprises In between are mixed economies A common element is the interaction of economic and political influences broadly described as political economy Comparative economic systems studies the relative performance and behaviour of different economies or systems The U S Export Import Bank defines a Marxist Lenninist state as having a centrally planned economy They are now rare examples can still be seen in Cuba North Korea and Laos needs update Practice edit Main articles Economic methodology Mathematical economics and Schools of economics Contemporary economics uses mathematics Economists draw on the tools of calculus linear algebra statistics game theory and computer science Professional economists are expected to be familiar with these tools while a minority specialize in econometrics and mathematical methods Theory edit Mainstream economic theory relies upon a priori quantitative economic models which employ a variety of concepts Theory typically proceeds with an assumption of ceteris paribus which means holding constant explanatory variables other than the one under consideration When creating theories the objective is to find ones which are at least as simple in information requirements more precise in predictions and more fruitful in generating additional research than prior theories In microeconomics principal concepts include supply and demand marginalism rational choice theory opportunity cost budget constraints utility and the theory of the firm Early macroeconomic models focused on modeling the relationships between aggregate variables but as the relationships appeared to change over time macroeconomists including new Keynesians reformulated their models in microfoundations The aforementioned microeconomic concepts play a major part in macroeconomic models – for instance in monetary theory the quantity theory of money predicts that increases in the money supply increase inflation and inflation is assumed to be influenced by rational expectations In development economics slower growth in developed nations has been sometimes predicted because of the declining marginal returns of investment and capital and this has been observed in the Four Asian Tigers Sometimes an economic hypothesis is only qualitative not quantitative Expositions of economic reasoning often use two dimensional graphs to illustrate theoretical relationships At a higher level of generality Paul Samuelson s treatise Foundations of Economic Analysis used mathematical methods to represent the theory particularly as to maximizing behavioural relations of agents reaching equilibrium The book focused on examining the class of statements called operationally meaningful theorems in economics which are theorems that can conceivably be refuted by empirical data Empirical investigation edit Main articles Econometrics and Experimental economics Economic theories are frequently tested empirically largely through the use of econometrics using economic data The controlled experiments common to the physical sciences are difficult and uncommon in economics and instead broad data is observationally studied this type of testing is typically regarded as less rigorous than controlled experimentation and the conclusions typically more tentative However the field of experimental economics is growing and increasing use is being made of natural experiments Statistical methods such as regression analysis are common Practitioners use such methods to estimate the size economic significance and statistical significance signal strength of the hypothesized relation s and to adjust for noise from other variables By such means a hypothesis may gain acceptance although in a probabilistic rather than certain sense Acceptance is dependent upon the falsifiable hypothesis surviving tests Use of commonly accepted methods need not produce a final conclusion or even a consensus on a particular question given different tests data sets and prior beliefs Criticism based on professional standards and non replicability of results serve as further checks against bias errors and over generalization although much economic research has been accused of being non replicable and prestigious journals have been accused of not facilitating replication through the provision of the code and data Like theories uses of test statistics are themselves open to critical analysis although critical commentary on papers in economics in prestigious journals such as the American Economic Review has declined precipitously in the past years This has been attributed to journals incentives to maximize citations in order to rank higher on the Social Science Citation Index SSCI In applied economics input output models employing linear programming methods are quite common Large amounts of data are run through computer programs to analyse the impact of certain policies IMPLAN is one well known example Experimental economics has promoted the use of scientifically controlled experiments This has reduced long noted distinction of economics from natural sciences allowed direct tests of what were previously taken as axioms In some cases these have found that the axioms are not entirely correct for example the ultimatum game has revealed that people reject unequal offers In behavioural economics psychologist Daniel Kahneman won the Nobel Prize in economics in for his and Amos Tversky s empirical discovery of several cognitive biases and heuristics Similar empirical testing occurs in neuroeconomics Another example is the assumption of narrowly selfish preferences versus a model that tests for selfish altruistic and cooperative preferences These techniques have led some to argue that economics is a genuine science Profession edit Main article Economist The professionalization of economics reflected in the growth of graduate programmes on the subject has been described as the main change in economics since around Most major universities and many colleges have a major school or department in which academic degrees are awarded in the subject whether in the liberal arts business or for professional study In the private sector professional economists are employed as consultants and in industry including banking and finance Economists also work for various government departments and agencies for example the national Treasury Central Bank or Bureau of Statistics The Nobel Memorial Prize in Economic Sciences commonly known as the Nobel Prize in Economics is a prize awarded to economists each year for outstanding intellectual contributions in the field Related subjects edit Main articles Law and Economics Natural resource economics Philosophy and economics and Political economy Economics is one social science among several and has fields bordering on other areas including economic geography economic history public choice energy economics cultural economics family economics and institutional economics Law and economics or economic analysis of law is an approach to legal theory that applies methods of economics to law It includes the use of economic concepts to explain the effects of legal rules to assess which legal rules are economically efficient and to predict what the legal rules will be A seminal article by Ronald Coase published in suggested that well defined property rights could overcome the problems of externalities Political economy is the interdisciplinary study that combines economics law and political science in explaining how political institutions the political environment and the economic system capitalist socialist mixed influence each other It studies questions such as how monopoly rent seeking behaviour and externalities should impact government policy Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests Energy economics is a broad scientific subject area which includes topics related to energy supply and energy demand Georgescu Roegen reintroduced the concept of entropy in relation to economics and energy from thermodynamics as distinguished from what he viewed as the mechanistic foundation of neoclassical economics drawn from Newtonian physics His work contributed significantly to thermoeconomics and to ecological economics He also did foundational work which later developed into evolutionary economics The sociological subfield of economic sociology arose primarily through the work of Émile Durkheim Max Weber and Georg Simmel as an approach to analysing the effects of economic phenomena in relation to the overarching social paradigm i e modernity Classic works include Max Weber s The Protestant Ethic and the Spirit of Capitalism and Georg Simmel s The Philosophy of Money More recently the works of Mark Granovetter Peter Hedstrom and Richard Swedberg have been influential in this field History edit Main articles History of economic thought and History of macroeconomic thought Economic writings date from earlier Mesopotamian Greek Roman Indian subcontinent Chinese Persian and Arab civilizations Notable writers from Antiquity through to the Renaissance include Aristotle Xenophon Chanakya also known as Kautilya Qin Shi Huang Thomas Aquinas and Ibn Khaldun Joseph Schumpeter described Aquinas as coming nearer than any other group to being the founders of scientific economics as to monetary interest and value theory within a natural law perspective not in citation given A seaport with a ship arriving A painting of a French seaport during the heyday of mercantilism Two groups later called mercantilists and physiocrats more directly influenced the subsequent development of the subject Both groups were associated with the rise of economic nationalism and modern capitalism in Europe Mercantilism was an economic doctrine that flourished from the th to th century in a prolific pamphlet literature whether of merchants or statesmen It held that a nation s wealth depended on its accumulation of gold and silver Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and restricting imports other than of gold and silver The doctrine called for importing cheap raw materials to be used in manufacturing goods which could be exported and for state regulation to impose protective tariffs on foreign manufactured goods and prohibit manufacturing in the colonies Physiocrats a group of th century French thinkers and writers developed the idea of the economy as a circular flow of income and output Physiocrats believed that only agricultural production generated a clear surplus over cost so that agriculture was the basis of all wealth Thus they opposed the mercantilist policy of promoting manufacturing and trade at the expense of agriculture including import tariffs Physiocrats advocated replacing administratively costly tax collections with a single tax on income of land owners In reaction against copious mercantilist trade regulations the physiocrats advocated a policy of laissez faire which called for minimal government intervention in the economy Adam Smith – was an early economic theorist Smith was harshly critical of the mercantilists but described the physiocratic system with all its imperfections as perhaps the purest approximation to the truth that has yet been published on the subject Classical political economy edit Main article Classical economics A man facing the right The publication of Adam Smith s The Wealth of Nations in is considered to be the first formalisation of economic thought The publication of Adam Smith s The Wealth of Nations in has been described as the effective birth of economics as a separate discipline The book identified land labour and capital as the three factors of production and the major contributors to a nation s wealth as distinct from the Physiocratic idea that only agriculture was productive Smith discusses potential benefits of specialization by division of labour including increased labour productivity and gains from trade whether between town and country or across countries His theorem that the division of labor is limited by the extent of the market has been described as the core of a theory of the functions of firm and industry and a fundamental principle of economic organization To Smith has also been ascribed the most important substantive proposition in all of economics and foundation of resource allocation theory – that under competition resource owners of labour land and capital seek their most profitable uses resulting in an equal rate of return for all uses in equilibrium adjusted for apparent differences arising from such factors as training and unemployment In an argument that includes one of the most famous passages in all economics Smith represents every individual as trying to employ any capital they might command for their own advantage not that of the society and for the sake of profit which is necessary at some level for employing capital in domestic industry and positively related to the value of produce In this He generally indeed neither intends to promote the public interest nor knows how much he is promoting it By preferring the support of domestic to that of foreign industry he intends only his own security and by directing that industry in such a manner as its produce may be of the greatest value he intends only his own gain and he is in this as in many other cases led by an invisible hand to promote an end which was no part of his intention Nor is it always the worse for the society that it was no part of it By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it The Rev Thomas Robert Malthus used the concept of diminishing returns to explain low living standards Human population he argued tended to increase geometrically outstripping the production of food which increased arithmetically The force of a rapidly growing population against a limited amount of land meant diminishing returns to labour The result he claimed was chronically low wages which prevented the standard of living for most of the population from rising above the subsistence level Economist Julian Lincoln Simon has criticized Malthus s conclusions While Adam Smith emphasized the production of income David Ricardo focused on the distribution of income among landowners workers and capitalists Ricardo saw an inherent conflict between landowners on the one hand and labour and capital on the other He posited that the growth of population and capital pressing against a fixed supply of land pushes up rents and holds down wages and profits Ricardo was the first to state and prove the principle of comparative advantage according to which each country should specialize in producing and exporting goods in that it has a lower relative cost of production rather relying only on its own production It has been termed a fundamental analytical explanation for gains from trade Coming at the end of the Classical tradition John Stuart Mill parted company with the earlier classical economists on the inevitability of the distribution of income produced by the market system Mill pointed to a distinct difference between the market s two roles allocation of resources and distribution of income The market might be efficient in allocating resources but not in distributing income he wrote making it necessary for society to intervene Value theory was important in classical theory Smith wrote that the real price of every thing is the toil and trouble of acquiring it as influenced by its scarcity Smith maintained that with rent and profit other costs besides wages also enter the price of a commodity Other classical economists presented variations on Smith termed the labour theory of value Classical economics focused on the tendency of any market economy to settle in a final stationary state made up of a constant stock of physical wealth capital and a constant population size Marxism edit Main article Marxian economics A man facing the viewer The Marxist school of economic thought comes from the work of German economist Karl Marx Marxist later Marxian economics descends from classical economics It derives from the work of Karl Marx The first volume of Marx s major work Das Kapital was published in German in In it Marx focused on the labour theory of value and the theory of surplus value which he believed explained the exploitation of labour by capital The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production and the theory of surplus value demonstrated how the workers only got paid a proportion of the value their work had created Neoclassical economics edit Main article Neoclassical economics At the dawn as a social science economics was defined and discussed at length as the study of production distribution and consumption of wealth by Jean Baptiste Say in his Treatise on Political Economy or The Production Distribution and Consumption of Wealth These three items are considered by the science only in relation to the increase or diminution of wealth and not in reference to their processes of execution Say s definition has prevailed up to our time saved by substituting the word wealth for goods and services meaning that wealth may include non material objects as well One hundred and thirty years later Lionel Robbins noticed that this definition no longer sufficed because many economists were making theoretical and philosophical inroads in other areas of human activity In his Essay on the Nature and Significance of Economic Science he proposed a definition of economics as a study of a particular aspect of human behaviour the one that falls under the influence of scarcity which forces people to choose allocate scarce resources to competing ends and economize seeking the greatest welfare while avoiding the wasting of scarce resources For Robbins the insufficiency was solved and his definition allows us to proclaim with an easy conscience education economics safety and security economics health economics war economics and of course production distribution and consumption economics as valid subjects of the economic science Citing Robbins Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses After discussing it for decades Robbins definition became widely accepted by mainstream economists and it has opened way into current textbooks Although far from unanimous most mainstream economists would accept some version of Robbins definition even though many have raised serious objections to the scope and method of economics emanating from that definition Due to the lack of strong consensus and that production distribution and consumption of goods and services is the prime area of study of economics the old definition still stands in many quarters A body of theory later termed neoclassical economics or marginalism formed from about to The term economics was popularized by such neoclassical economists as Alfred Marshall as a concise synonym for economic science and a substitute for the earlier political economy This corresponded to the influence on the subject of mathematical methods used in the natural sciences Neoclassical economics systematized supply and demand as joint determinants of price and quantity in market equilibrium affecting both the allocation of output and the distribution of income It dispensed with the labour theory of value inherited from classical economics in favour of a marginal utility theory of value on the demand side and a more general theory of costs on the supply side In the th century neoclassical theorists moved away from an earlier notion suggesting that total utility for a society could be measured in favour of ordinal utility which hypothesizes merely behaviour based relations across persons In microeconomics neoclassical economics represents incentives and costs as playing a pervasive role in shaping decision making An immediate example of this is the consumer theory of individual demand which isolates how prices as costs and income affect quantity demanded In macroeconomics it is reflected in an early and lasting neoclassical synthesis with Keynesian macroeconomics Neoclassical economics is occasionally referred as orthodox economics whether by its critics or sympathizers Modern mainstream economics builds on neoclassical economics but with many refinements that either supplement or generalize earlier analysis such as econometrics game theory analysis of market failure and imperfect competition and the neoclassical model of economic growth for analysing long run variables affecting national income Neoclassical economics studies the behaviour of individuals households and organizations called economic actors players or agents when they manage or use scarce resources which have alternative uses to achieve desired ends Agents are assumed to act rationally have multiple desirable ends in sight limited resources to obtain these ends a set of stable preferences a definite overall guiding objective and the capability of making a choice There exists an economic problem subject to study by economic science when a decision choice is made by one or more resource controlling players to attain the best possible outcome under bounded rational conditions In other words resource controlling agents maximize value subject to the constraints imposed by the information the agents have their cognitive limitations and the finite amount of time they have to make and execute a decision Economic science centres on the activities of the economic agents that comprise society They are the focus of economic analysis An approach to understanding these processes through the study of agent behaviour under scarcity may go as follows The continuous interplay exchange or trade done by economic actors in all markets sets the prices for all goods and services which in turn make the rational managing of scarce resources possible At the same time the decisions choices made by the same actors while they are pursuing their own interest determine the level of output production consumption savings and investment in an economy as well as the remuneration distribution paid to the owners of labour in the form of wages capital in the form of profits and land in the form of rent Each period as if they were in a giant feedback system economic players influence the pricing processes and the economy and are in turn influenced by them until a steady state equilibrium of all variables involved is reached or until an external shock throws the system toward a new equilibrium point Because of the autonomous actions of rational interacting agents the economy is a complex adaptive system Keynesian economics edit Main articles Keynesian economics and Post Keynesian economics John Maynard Keynes right was a key theorist in economics Keynesian economics derives from John Maynard Keynes in particular his book The General Theory of Employment Interest and Money which ushered in contemporary macroeconomics as a distinct field The book focused on determinants of national income in the short run when prices are relatively inflexible Keynes attempted to explain in broad theoretical detail why high labour market unemployment might not be self correcting due to low effective demand and why even price flexibility and monetary policy might be unavailing The term revolutionary has been applied to the book in its impact on economic analysis Keynesian economics has two successors Post Keynesian economics also concentrates on macroeconomic rigidities and adjustment processes Research on micro foundations for their models is represented as based on real life practices rather than simple optimizing models It is generally associated with the University of Cambridge and the work of Joan Robinson New Keynesian economics is also associated with developments in the Keynesian fashion Within this group researchers tend to share with other economists the emphasis on models employing micro foundations and optimizing behaviour but with a narrower focus on standard Keynesian themes such as price and wage rigidity These are usually made to be endogenous features of the models rather than simply assumed as in older Keynesian style ones Chicago school of economics edit Main article Chicago school economics The Chicago School of economics is best known for its free market advocacy and monetarist ideas According to Milton Friedman and monetarists market economies are inherently stable if the money supply does not greatly expand or contract Ben Bernanke former Chairman of the Federal Reserve is among the economists today generally accepting Friedman s analysis of the causes of the Great Depression Milton Friedman effectively took many of the basic principles set forth by Adam Smith and the classical economists and modernized them One example of this is his article in the September issue of The New York Times Magazine where he claims that the social responsibility of business should be to use its resources and engage in activities designed to increase its profits through open and free competition without deception or fraud Other schools and approaches edit Main article Schools of economics Other well known schools or trends of thought referring to a particular style of economics practised at and disseminated from well defined groups of academicians that have become known worldwide include the Austrian School the Freiburg School the School of Lausanne post Keynesian economics and the Stockholm school Contemporary mainstream economics is sometimes separated into the Saltwater approach of those universities along the Eastern and Western coasts of the US and the Freshwater or Chicago school approach Within macroeconomics there is in general order of their appearance in the literature classical economics Keynesian economics the neoclassical synthesis post Keynesian economics monetarism new classical economics and supply side economics Alternative developments include ecological economics constitutional economics institutional economics evolutionary economics dependency theory structuralist economics world systems theory econophysics feminist economics and biophysical economics Agreements edit Unbalanced scales svg This article may be unbalanced towards certain viewpoints Please improve the article by adding information on neglected viewpoints or discuss the issue on the talk page February According to various random and anonymous surveys of members of the American Economic Association economists have agreement about the following propositions by percentage A ceiling on rents reduces the quantity and quality of housing available agree Tariffs and import quotas usually reduce general economic welfare agree Flexible and floating exchange rates offer an effective international monetary arrangement agree Fiscal policy e g tax cut and or government expenditure increase has a significant stimulative impact on a less than fully employed economy agree The United States should not restrict employers from outsourcing work to foreign countries agree Economic growth in developed countries like the United States leads to greater levels of well being agree The United States should eliminate agricultural subsidies agree An appropriately designed fiscal policy can increase the long run rate of capital formation agree Local and state governments should eliminate subsidies to professional sports franchises agree If the federal budget is to be balanced it should be done over the business cycle rather than yearly agree The gap between Social Security funds and expenditures will become unsustainably large within the next fifty years if current policies remain unchanged agree Cash payments increase the welfare of recipients to a greater degree than do transfers in kind of equal cash value agree A large federal budget deficit has an adverse effect on the economy agree The redistribution of income in the United States is a legitimate role for the government agree Inflation is caused primarily by too much growth in the money supply agree The United States should not ban genetically modified crops agree A minimum wage increases unemployment among young and unskilled workers agree The government should restructure the welfare system along the lines of a negative income tax agree Effluent taxes and marketable pollution permits represent a better approach to pollution control than imposition of pollution ceilings agree Government subsidies on ethanol in the United States should be reduced or eliminated agree Criticisms edit General criticisms edit The dismal science is a derogatory alternative name for economics devised by the Victorian historian Thomas Carlyle in the th century It is often stated that Carlyle gave economics the nickname the dismal science as a response to the late th century writings of The Reverend Thomas Robert Malthus who grimly predicted that starvation would result as projected population growth exceeded the rate of increase in the food supply However the actual phrase was coined by Carlyle in the context of a debate with John Stuart Mill on slavery in which Carlyle argued for slavery while Mill opposed it Some economists like John Stuart Mill or Léon Walras have maintained that the production of wealth should not be tied to its distribution In The Wealth of Nations Adam Smith addressed many issues that are currently also the subject of debate and dispute Smith repeatedly attacks groups of politically aligned individuals who attempt to use their collective influence to manipulate a government into doing their bidding In Smith s day these were referred to as factions but are now more commonly called special interests a term which can comprise international bankers corporate conglomerations outright oligopolies monopolies trade unions and other groups Economics per se as a social science is independent of the political acts of any government or other decision making organization however many policymakers or individuals holding highly ranked positions that can influence other people s lives are known for arbitrarily using a plethora of economic concepts and rhetoric as vehicles to legitimize agendas and value systems and do not limit their remarks to matters relevant to their responsibilities The close relation of economic theory and practice with politics is a focus of contention that may shade or distort the most unpretentious original tenets of economics and is often confused with specific social agendas and value systems Notwithstanding economics legitimately has a role in informing government policy It is indeed in some ways an outgrowth of the older field of political economy Some academic economic journals are currently focusing increased efforts on gauging the consensus of economists regarding certain policy issues in hopes of effecting a more informed political environment Currently there exists a low approval rate from professional economists regarding many public policies Policy issues featured in a recent survey of American Economic Association economists include trade restrictions social insurance for those put out of work by international competition genetically modified foods curbside recycling health insurance several questions medical malpractice barriers to entering the medical profession organ donations unhealthy foods mortgage deductions taxing internet sales Wal Mart casinos ethanol subsidies and inflation targeting In Steady State Economics leading ecological economist and steady state theorist Herman Daly argues that there exist logical inconsistencies between the emphasis placed on economic growth and the limited availability of natural resources Issues like central bank independence central bank policies and rhetoric in central bank governors discourse or the premises of macroeconomic policies monetary and fiscal policy of the state are focus of contention and criticism Deirdre McCloskey has argued that many empirical economic studies are poorly reported and she and Stephen Ziliak argue that although her critique has been well received practice has not improved This latter contention is controversial A International Monetary Fund study looked at consensus forecasts the forecasts of large groups of economists that were made in advance of different national recessions in the s in of the cases the economists did not predict the contraction a year in advance On those rare occasions when economists did successfully predict recessions they significantly underestimated their severity Criticisms of assumptions edit Economics has been subject to criticism that it relies on unrealistic unverifiable or highly simplified assumptions in some cases because these assumptions simplify the proofs of desired conclusions Examples of such assumptions include perfect information profit maximization and rational choices The field of information economics includes both mathematical economical research and also behavioural economics akin to studies in behavioural psychology Nevertheless prominent mainstream economists such as Keynes and Joskow have observed that much of economics is conceptual rather than quantitative and difficult to model and formalize quantitatively In a discussion on oligopoly research Paul Joskow pointed out in that in practice serious students of actual economies tended to use informal models based upon qualitative factors specific to particular industries Joskow had a strong feeling that the important work in oligopoly was done through informal observations while formal models were trotted out ex post He argued that formal models were largely not important in the empirical work either and that the fundamental factor behind the theory of the firm behaviour was neglected In recent years feminist critiques of neoclassical economic models gained prominence leading to the formation of feminist economics Contrary to common conceptions of economics as a positive and objective science feminist economists call attention to the social construction of economics and highlight the ways in which its models and methods reflect masculine preferences Primary criticisms focus on failures to account for the selfish nature of actors homo economicus exogenous tastes the impossibility of utility comparisons the exclusion of unpaid work and the exclusion of class and gender considerations Feminist economics developed to address these concerns and the field now includes critical examinations of many areas of economics including paid and unpaid work economic epistemology and history globalization household economics and the care economy In Marilyn Waring published the book If Women Counted in which she argues that the discipline of economics ignores women s unpaid work and the value of nature according to Julie A Nelson If Women Counted showed exactly how the unpaid work traditionally done by women has been made invisible within national accounting systems and issued a wake up call to issues of ecological sustainability Bjørnholt and McKay argue that the financial crisis of – and the response to it revealed a crisis of ideas in mainstream economics and within the economics profession and call for a reshaping of both the economy economic theory and the economics profession They argue that such a reshaping should include new advances within feminist economics that take as their starting point the socially responsible sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as the planet Philip Mirowski observes that The imperatives of the orthodox research programme of economic science leave little room for maneuver and less room for originality These mandates Appropriate as many mathematical techniques and metaphorical expressions from contemporary respectable science primarily physics as possible Preserve to the maximum extent possible the attendant nineteenth century overtones of natural order Deny strenuously that neoclassical theory slavishly imitates physics Above all prevent all rival research programmes from encroaching by ridiculing all external attempts to appropriate twentieth century physics models All theorizing is in this way held hostage to nineteenth century concepts of energy In a series of peer reviewed journal and conference papers and books published over a period of several decades John McMurtry has provided extensive criticism of what he terms the unexamined assumptions and implications of economics and their consequent cost to people s lives Nassim Nicholas Taleb and Michael Perelman are two additional scholars who criticized conventional or mainstream economics Taleb opposes most economic theorizing which in his view suffers acutely from the problem of overuse of Plato s Theory of Forms and calls for cancellation of the Nobel Memorial Prize in Economics saying that the damage from economic theories can be devastating Michael Perelman provides extensive criticism of economics and its assumptions in all his books and especially his books published from to date papers and interviews Despite these concerns mainstream graduate programs have become increasingly technical and mathematical See also edit icon Business and economics portal Book icon Book Economics Business ethics Economics terminology that differs from common usage Economic ideology Economic policy Economic union Free trade List of economic communities List of economics films List of free trade agreements Socioeconomics General Glossary of economics Index of economics articles Outline of economics References edit Jump up ^ Oxford Living Dictionaries ^ Jump up to a b Merriam Webster com Jump up ^ economics Oxford English Dictionary rd ed Oxford University Press September Subscription or UK public library membership required Jump up ^ st Century Economics A Reference Handbook Volume edited by Rhona C Free p ^ Jump up to a b • Marshall Alfred and Mary Paley Marshall The Economics of Industry Macmillan p • Jevons W Stanley The Theory of Political Economy nd ed Macmillan p xiv Jump up ^ So the term economics is derived from economic science and the word economic is perhaps shortened from economical or derived from the French word économique or directly from the Latin word oeconomicus of domestic economy This in turn comes from the Ancient Greek ??????µ???? oikonomikos practiced in the management of a household or family and therefore frugal thrifty which in turn comes from ??????µ?a oikonomia household management which in turn comes from ????? oikos house and ??µ?? nomos custom or law Jump up ^ Harper Douglas February Online Etymology Dictionary – Economy Retrieved October Jump up ^ By Paul Samuelson Economics Jump up ^ Andrew Caplin and Andrew Schotter The Foundations of Positive and Normative Economics Oxford University Press ISBN Jump up ^ The World Bank Economics of Education Retrieved October Jump up ^ Iannaccone Laurence R Introduction to the Economics of Religion Journal of Economic Literature pp – Jump up ^ Nordhaus William D The Economic Consequences of a War with Iraq in War with Iraq Costs Consequences and Alternatives pp – Archived February at the Wayback Machine American Academy of Arts and Sciences Cambridge Massachusetts Retrieved October Jump up ^ Arthur M Diamond Jr science economics of The New Palgrave Dictionary of Economics nd Edition Basingstoke and New York Palgrave Macmillan Pre publication cached ccpy Jump up ^ Towards a Green Economy Pathways to Sustainable Development and Poverty Eradication United Nations Environment Programme ISBN Retrieved Jump up ^ GDP Official Exchange Rate PDF World Bank Retrieved August Jump up ^ • Backhouse Roger E and Steven Medema economics definition of The New Palgrave Dictionary of Economics nd Edition pp – Abstract • Retrospectives On the Definition of Economics Journal of Economic Perspectives pp – Jump up ^ Smith Adam An Inquiry into the Nature and Causes of the Wealth of Nations and Book IV as quoted in Peter Groenwegen political economy and economics The New Palgrave A Dictionary of Economics v pp – brief link Jump up ^ Say Jean Baptiste A Treatise on Political Economy or the Production Distribution and Consumption of Wealth trans C C Biddle ed Grigg and Elliot ^ Jump up to a b • Carlyle Thomas Occasional Discourse on the N egro Question Fraser s Magazine republished in Works of Thomas Carlyle v Charles Scribner s Sons pp – • Malthus Thomas An Essay on the Principle of Population • Persky Joseph Retrospectives A Dismal Romantic Journal of Economic Perspectives pp – pp Jump up ^ Mill John Stuart On the Definition of Political Economy and on the Method of Investigation Proper to It Essay V in Essays on Some Unsettled Questions of Political Economy V Jump up ^ Marshall Alfred Principles of Political Economy v pp – th ed London Macmillan Jump up ^ Backhouse Roger E and Steven Medema Retrospectives On the Definition of Economics Journal of Economic Perspectives p pp – Jump up ^ Robbins Lionel An Essay on the Nature and Significance of Economic Science p London Macmillan Links for HTML and nd ed facsimile Jump up ^ Robbins Lionel An Essay on the Nature and Significance of Economic Science p Jump up ^ Robbins Lionel pp to Jump up ^ • Backhouse Roger E and Steven G Medema Defining Economics The Long Road to Acceptance of the Robbins Definition Economica V Economics Spreads Its Wings Pp – • Stigler George J Economics—The Imperial Science Scandinavian Journal of Economics pp Jump up ^ Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p pp – Jump up ^ Becker Gary S The Economic Approach to Human Behavior Chicago p Jump up ^ Backhouse Roger E and Steven Medema Retrospectives On the Definition of Economics Journal of Economic Perspectives p Introduction and Conclusion pp – Jump up ^ • Blaug Mark The Social Sciences Economics Microeconomics The New Encyclopædia Britannica v pp – Chicago ISBN • Varian Hal R microeconomics The New Palgrave A Dictionary of Economics v pp – London and New York Macmillan and Stockton ISBN Jump up ^ Buchanan James M opportunity cost The New Palgrave A Dictionary of Economics v pp – Jump up ^ The Economist Economics A Z Opportunity Cost Accessed Aug Jump up ^ Montani Guido scarcity The New Palgrave A Dictionary of Economics v p Jump up ^ Samuelson Paul A William D Nordhaus Economics McGraw Hill ch p quotation and sect C The Production–Possibility Frontier pp – ch Efficiency sect ch sect D The Concept of Efficiency Jump up ^ Krugman Paul R Scale Economies Product Differentiation and the Pattern of Trade American Economic Review pp – • William C Strange urban agglomeration The New Palgrave Dictionary of Economics nd Edition Abstract Jump up ^ • Groenewegen Peter division of labour The New Palgrave Dictionary of Economics Abstract • Johnson Paul M Specialization A Glossary of Political Economy Terms • Yang Xiaokai and Yew Kwang Ng Specialization and Economic Organization Description Amsterdam North Holland Jump up ^ Cameron Rondo nd ed A Concise Economic History of the World From Paleolithic Times to the Present Oxford pp – Jump up ^ • Samuelson Paul A and William D Nordhaus Economics ch Trade Specialization and Division of Labor section ch Comparative Advantage among Nations section Glossary of Terms Gains from trade • Findlay Ronald comparative advantage The New Palgrave Dictionary of Economics Abstract • Kemp Murray C gains from trade The New Palgrave A Dictionary of Economics v pp – Jump up ^ Brody A prices and quantities The New Palgrave A Dictionary of Economics v p Jump up ^ Baumol William J Economic Theory Measurement and ordinal utility The New Encyclopædia Britannica v p ^ Jump up to a b c Hicks J R Value and Capital London Oxford University Press nd ed paper ISBN Jump up ^ Freeman R B labour economics The New Palgrave A Dictionary of Economics v pp – • Taber Christopher and Bruce A Weinberg labour economics new perspectives The New Palgrave Dictionary of Economics nd Edition Abstract • Hicks J R nd ed The Theory of Wages London Macmillan Jump up ^ Blanchard Olivier th ed Macroeconomics ch Putting All Markets Together The AS–AD Model Prentice Hall Jump up ^ Jordan J S The Competitive Allocation Process Is Informationally Efficient Uniquely Journal of Economic Theory – doi Jump up ^ Coase The Nature of the Firm Jump up ^ Schmalensee Richard Industrial Organization The New Palgrave A Dictionary of Economics v pp – Jump up ^ • NA managerial economics The New Encyclopædia Britannica Chicago The New Encyclopædia Britannica pp v p ISBN • Hughes Alan managerial capitalism The New Palgrave A Dictionary of Economics v pp – Jump up ^ Machina Mark J and Michael Rothschild risk The New Palgrave Dictionary of Economics nd Edition Abstract Jump up ^ Wakker Peter P uncertainty The New Palgrave Dictionary of Economics nd Edition Abstract ^ Jump up to a b Samuelson Paul A and William D Nordhaus Economics th ed ch Uncertainty and Game Theory and end Glossary of Terms Economics of information Game theory and Regulation Jump up ^ Colin F Camerer Behavioral Game Theory Description and ch link scroll down Princeton Jump up ^ Aumann R J game theory The New Palgrave Dictionary of Economics Abstract Archived May at the Wayback Machine Jump up ^ Bernanke Ben and Mark Gertler Financial Fragility and Economic Performance Quarterly Journal of Economics p p Jump up ^ From The New Palgrave Dictionary of Economics nd Edition • Ross Stephen A finance Abstract • Burnside Craig Martin Eichenbaum and Sergio Rebelo currency crises models Abstract • Kaminsky Graciela Laura currency crises Abstract • Calomiris Charles W banking crises Abstract Jump up ^ Akerlof George A The Market for Lemons Quality Uncertainty and the Market Mechanism Quarterly Journal of Economics pp – Archived August at the Wayback Machine ^ Jump up to a b Lippman S S and J J McCall Information Economics of International Encyclopedia of the Social Behavioral Sciences pp – doi B Jump up ^ From The New Palgrave Dictionary of Economics nd Edition • Wilson Charles adverse selection Abstract • Kotowitz Y moral hazard TOC • Myerson Roger B revelation principle Abstract Jump up ^ • Cf Nicholas Barr whose list of market failures is melded with failures of economic assumptions which are producers as price takers i e presence of oligopoly or monopoly but why is this not a product of the following equal power of consumers what labour lawyers call an imbalance of bargaining power complete markets public goods external effects i e externalities increasing returns to scale i e practical monopoly perfect information in his Economics of the Welfare State th ed Oxford University Press pp – • Joseph E Stiglitz classifies market failures as from failure of competition including natural monopoly information asymmetries incomplete markets externalities public good situations and macroeconomic disturbances in his Economics of the Public Sector rd ed Ch W W Norton Jump up ^ Laffont J J externalities The New Palgrave A Dictionary of Economics v p – Jump up ^ Blaug Mark The Social Sciences Economics The New Encyclopædia Britannicav p Chicago ISBN Jump up ^ • Kneese Allen K and Clifford S Russell environmental economics The New Palgrave A Dictionary of Economics v pp – • Samuelson Paul A and William D Nordhaus Economics ch Protecting the Environment McGraw Hill Jump up ^ Musgrave R A public finance The New Palgrave A Dictionary of Economics v pp – Jump up ^ Feldman Allan M welfare economics The New Palgrave A Dictionary of Economics v pp – Jump up ^ Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Jump up ^ Ng Yew Kwang Business Confidence and Depression Prevention A Mesoeconomic Perspective The American Economic Review American Economic Association – ISSN JSTOR – via JSTOR Registration required help Jump up ^ Howitt Peter M Macroeconomics Relations with Microeconomics edited by John Eatwell Murray Milgate Peter Newman The New Palgrave A Dictionary of Economics pp – London and New York Macmillan and Stockton ISBN Jump up ^ Blaug Mark The Social Sciences Economics Macroeconomics The New Encyclopædia Britannica v p Jump up ^ • Samuelson Paul A and William D Nordhaus Economics ch The Process of Economic Growth McGraw Hill ISBN • Uzawa H models of growth The New Palgrave A Dictionary of Economics v pp – Jump up ^ O Sullivan Arthur Sheffrin Steven M Economics Principles in Action Upper Saddle River New Jersey Pearson Prentice Hall p ISBN ^ Jump up to a b Blanchard Olivier Jean neoclassical synthesis The New Palgrave Dictionary of Economics nd Edition Abstract Jump up ^ The Macroeconomist as Scientist and Engineer Gregory Mankiw Harvard University May Archived January at the Wayback Machine Jump up ^ Fischer Stanley new classical macroeconomics The New Palgrave Dictionary of Economics nd Edition Contents ^ Jump up to a b Dixon Huw David new Keynesian macroeconomics The New Palgrave Dictionary of Economics nd Edition Abstract ^ Jump up to a b Dwivedi Jump up ^ Freeman Dictionary of Economics Jump up ^ Dwivedi Jump up ^ Dwivedi Jump up ^ Neely Christopher J Okun s Law Output and Unemployment Economic Synopses Number Jump up ^ Tobin James Money Money as a Social Institution and Public Good The New Palgrave Dictionary of Finance and Money v pp – Jump up ^ • Milton Friedman quantity theory of money The New Palgrave A Dictionary of Economics v pp – • Samuelson Paul A and William D Nordhaus Economics ch Money The Lubroicant of Exchange section ch Fig – Jump up ^ • Anderson James E international trade theory The New Palgrave Dictionary of Economics nd Edition Abstract • Venables A international trade economic integration International Encyclopedia of the Social Behavioral Sciences pp – doi B • Obstfeld Maurice international finance The New Palgrave Dictionary of Economics nd Edition Abstract Jump up ^ • Bell Clive development economics The New Palgrave A Dictionary of Economics v pp – • Blaug Mark The Social Sciences Economics Growth and development The New Encyclopædia Britannica v p Chicago Jump up ^ • Heilbroner Robert L and Peter J Boettke Economic Systems The New Encyclopædia Britannica v pp – • NA economic system Encyclopædia Britannica online Concise Encyclopedia entry Archived April at the Wayback Machine ^ Jump up to a b THOMAS FULLER September Communism and Capitalism Are Mixing in Laos New York Times Jump up ^ von Brabant Jozef M The Planned Economies and International Economic Organizations Cambridge University Press p Jump up ^ Debreu Gérard mathematical economics The New Palgrave A Dictionary of Economics v pp – Jump up ^ Friedman Milton The Methodology of Positive Economics Essays in Positive Economics University of Chicago Press p Jump up ^ Boland Lawrence A methodology The New Palgrave A Dictionary of Economics v pp – ^ Jump up to a b Frey Bruno S Pommerehne Werner W Schneider Friedrich Gilbert Guy Consensus and Dissension among Economists An Empirical Inquiry The American Economic Review American Economic Association – ISSN JSTOR – via JSTOR Registration required help Jump up ^ Quirk James qualitative economics The New Palgrave A Dictionary of Economics v pp – Jump up ^ Samuelson Paul A Foundations of Economic Analysis Enlarged Edition Boston Harvard University Press p ISBN Jump up ^ Hashem M Pesaren econometrics The New Palgrave A Dictionary of Economics v p Jump up ^ Probability econometrics and truth the methodology of econometrics By Hugo A Keuzenkamp Published by Cambridge University Press ISBN ISBN pages page in economics controlled experiments are rare and reproducible controlled experiments even more so Jump up ^ Blaug Mark The Social Sciences Economics Methods of inference and Testing theories The New Encyclopædia Britannica v p Jump up ^ McCullough B D Got Replicability The Journal of Money Banking and Credit Archive PDF Econ Journal Watch – Retrieved Jump up ^ • Kennedy Peter A Guide to Econometrics th ed The Ten Commandments of Applied Econometrics pp – excerpts • McCloskey Deirdre N and Stephen T Ziliak The Standard Error of Regressions Journal of Economic Literature pp – • Hoover Kevin D and Mark V Siegler Sound and Fury McCloskey and Significance Testing in Economics Journal of Economic Methodology pp – prepubication version Reply of McCloskey and Ziliak and rejoinder pp – Jump up ^ Whaples R The Costs of Critical Commentary in Economics Journals Econ Journal Watch – Archived from the original on Retrieved Jump up ^ • Bastable C F experimental methods in economics Palgrave s Dictionary of Economics reprinted in The New Palgrave A Dictionary of Economics v p • Smith Vernon L experimental methods in economics ii The New Palgrave A Dictionary of Economics v pp – Jump up ^ • Fehr Ernst and Urs Fischbacher The Nature of Human Altruism Nature October pp – • Sigmund Karl Ernst Fehr and Martin A Nowak The Economics of Fair Play Scientific American January pp – Archived August at the Wayback Machine Jump up ^ Lazear Edward P Economic Imperialism Quarterly Journal of Economics – doi JSTOR Jump up ^ O Ashenfelter Economics Overview The Profession of Economics International Encyclopedia of the Social Behavioral Sciences v p Jump up ^ • Friedman David law and economics The New Palgrave A Dictionary of Economics v p • Posner Richard A Economic Analysis of Law Aspen th ed ISBN Jump up ^ Coase Ronald The Problem of Social Cost The Journal of Law and Economics Vol No This issue was actually published in Jump up ^ • Groenewegen Peter political economy The New Palgrave Dictionary of Economics • Krueger Anne O The Political Economy of the Rent Seeking Society American Economic Review pp – Jump up ^ McCoy Drew R The Elusive Republic Political Ecocomy in Jeffersonian America Chapel Hill University of North Carolina Jump up ^ • Cleveland C and Ruth M When where and by how much do biophysical limits constrain the economic process A survey of Georgescu Roegen s contribution to ecological economics Ecological Economics – • Daly H On Nicholas Georgescu Roegen s Contributions to Economics An Obituary essay Ecological Economics – • Mayumi K Nicholas Georgescu Roegen – an admirable epistemologist Structural Change and Economic Dynamics – • Mayumi K and Gowdy J M eds Bioeconomics and Sustainability Essays in Honor of Nicholas Georgescu Roegen Cheltenham Edward Elgar • Mayumi K The Origins of Ecological Economics The Bioeconomics of Georgescu Roegen London Routledge Jump up ^ Principles of Economic Sociology by Richard Swedberg – An extract Retrieved Jump up ^ Schumpeter Joseph A History of Economic Analysis pp – Oxford Jump up ^ • NA mercantilism The New Encyclopædia Britannica pp v p • Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Jump up ^ NA physiocrat The New Encyclopædia Britannica pp v p • Blaug Mark th ed Economic Theory in Retrospect pp – – Cambridge Jump up ^ E K Hunt History of Economic Thought A Critical Perspective p ISBN Jump up ^ The making of modern economics the lives and ideas of the great thinkers Mark Skousen p ISBN Jump up ^ Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Jump up ^ Deardorff Alan V Glossary of International Economics Division of labor Jump up ^ Stigler George J The Division of Labor Is Limited by the Extent of the Market Journal of Political Economy pp – Jump up ^ Stigler George J The Successes and Failures of Professor Smith Journal of Political Economy p pp Also published as Selected Papers No PDF Graduate School of Business University of Chicago Jump up ^ Samuelson Paul A and William D Nordhaus Economics th ed McGraw Hill ch Markets and Government in a Modern Economy The Invisible Hand p Jump up ^ Capital in Smith s usage includes fixed capital and circulating capital The latter includes wages and labour maintenance money and inputs from land mines and fisheries associated with production per The Wealth of Nations Bk II ch and Jump up ^ Smith Adam The Wealth of Nations Bk IV Of Systems of political Œconomy ch II Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home IV para and Jump up ^ Smith Adam The Wealth of Nations Bk IV Of Systems of political Œconomy ch II Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home para Jump up ^ Malthus Thomas An Essay on the Principle of Population Jump up ^ Simon J L The ultimate resource and The ultimate resource II Jump up ^ David Ricardo On the Principles of Political Economy and Taxation Jump up ^ Ronald Findlay comparative advantage The New Palgrave Dictionary of Economics nd Edition st paragraph Abstract Jump up ^ Mill John Stuart th ed Principles of Political Economy Jump up ^ Smith Adam The Wealth of Nations Bk Ch Jump up ^ • Roemer J E Marxian value analysis The New Palgrave A Dictionary of Economics v • Mandel Ernest Marx Karl Heinrich The New Palgrave A Dictionary of Economics v pp Jump up ^ This science indicates the cases in which commerce is truly productive where whatever is gained by one is lost by another and where it is profitable to all it also teaches us to appreciate its several processes but simply in their results at which it stops Besides this knowledge the merchant must also understand the processes of his art He must be acquainted with the commodities in which he deals their qualities and defects the countries from which they are derived their markets the means of their transportation the values to be given for them in exchange and the method of keeping accounts The same remark is applicable to the agriculturist to the manufacturer and to the practical man of business to acquire a thorough knowledge of the causes and consequences of each phenomenon the study of political economy is essentially necessary to them all and to become expert in his particular pursuit each one must add thereto a knowledge of its processes Say Jean Baptiste A Treatise on Political Economy First American Edition Reprint of Edition ed New York Augustus M Kelley Publishers p XVI Jump up ^ And when we submit the definition in question to this test it is seen to possess deficiencies which so far from being marginal and subsidiary amount to nothing less than a complete failure to exhibit either the scope or the significance of the most central generalisations of all Robbins Lionel An Essay on the Nature and Significance of Economic Science Great Britain Macmillan and Co Limited p Jump up ^ The conception we have adopted may be described as analytical It does not attempt to pick out certain kinds of behaviour but focuses attention on a particular aspect of behaviour the form imposed by the influence of scarcity Robbins ibid p Jump up ^ Robbins ibid p Jump up ^ Defining Economics the Long Road to Acceptance of the Robbins Definition Roger E Backhouse and Steven G Medema th anniversary conference proceedings p in Lionel Robbins s essay on the Nature and Significance of Economic Science Jump up ^ There remained division over whether economics was defined by a method or a subject matter but both sides in that debate could increasingly accept some version of the Robbins definition Roger E Backhouse and Steven G Medema ibid p Jump up ^ Clark Barry Political Economy A Comparative Approach Praeger Jump up ^ Campos Antonietta marginalist economics The New Palgrave A Dictionary of Economics v p Jump up ^ R D Collison Black utility The New Palgrave A Dictionary of Economics v p Jump up ^ Hicks J R Mr Keynes and the Classics A Suggested Interpretation Econometrica p p – Jump up ^ See LEIGH TESFATSION Agent Based Computational Economics Growing Economies from the Bottom Up ISU Economics Working Paper No March http www econ iastate edu tesfatsi acealife pdf Jump up ^ Agent based computational economics Jump up ^ Interest payments are considered a form of rent on credit money Jump up ^ Complex adaptive system Jump up ^ Dynamic network analysis Jump up ^ • Keynes John Maynard The General Theory of Employment Interest and Money London Macmillan ISBN • Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Chicago Jump up ^ • Tarshis L Keynesian Revolution The New Palgrave A Dictionary of Economics v pp – • Samuelson Paul A and William D Nordhaus Economics p • Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Chicago Jump up ^ Harcourt G C Post Keynesian Economics The New Palgrave A Dictionary of Economics v pp – Jump up ^ Ben Bernanke Remarks by Governor Ben S Bernanke The Federal Reserve Board Retrieved Jump up ^ Friedman Milton The Social Responsibility of Business is to Increase its Profits The New York Times Magazine Sep Jump up ^ New School of Thought Brings Energy to the Dismal Science New York Times Retrieved Oct Jump up ^ Greg Mankiw s Blog News Flash Economists Agree Jump up ^ Mankiw N Gregory Principles of Microeconomics th ed Cengage Learning p ISBN Jump up ^ Alston Richard M Kearl J R Vaughan Michael B May Is There a Consensus Among Economists in the s PDF The American Economic Review American Economic Association – Retrieved October Jump up ^ Fuller Dan Geide Stevenson Doris Consensus Among Economists Revisited The Journal of Economic Education Taylor Francis – JSTOR – via JSTOR Registration required help Jump up ^ Whaples Robert Do Economists Agree on Anything Yes PDF The Economists Voice Columbia University Press – doi Retrieved October Jump up ^ Whaples Robert September The Policy Views of American Economic Association Members The Results of a New Survey Econ Journal Watch Atlas Network – Retrieved October Jump up ^ The Origin of Economic Ideas Guy Routh Jump up ^ See Noam Chomsky Understanding Power on Smith s emphasis on class conflict in the Wealth of Nations Jump up ^ Sara Ledwith and Antonella Ciancio Special Report Crisis forces dismal science to get real Reuters July Jump up ^ Research Paper No Ethics Rhetoric and Politics of Post conflict Reconstruction How Can the Concept of Social ContractHelp Us in Understanding How to Make Peace Work Sirkku K Hellsten pg Archived December at the Wayback Machine Jump up ^ Dan F Hahn New York University Political Communication Rhetoric Government and Citizens second edition Dan F Hahn Stratapub com Retrieved Jump up ^ Whaples Robert The Policy Views of American Economic Association Members The Results of a New Survey Econ Journal Watch – Jump up ^ Steady State Economics by Herman Daly Jump up ^ Johan Scholvinck Director of the UN Division for Social Policy and Development in New York Making the Case for the Integration of Social and Economic Policy The Social Development Review Jump up ^ • Bernd Hayo Georgetown University University of Bonn Do We Really Need Central Bank Independence A Critical Re examination IDEAS at the Department of Economics College of Liberal Arts and Sciences University of Connecticut • Gabriel Mangano Centre Walras Pareto University of Lausanne BFSH Lausanne Switzerland and London School of Economics Measuring Central Bank Independence A Tale of Subjectivity and of Its Consequences Oxford Economic Papers – • Friedrich Heinemann Does it Pay to Watch Central Bankers Lips The Information Content of ECB Wording IDEAS at the Department of Economics College of Liberal Arts and Sciences University of Connecticut • Stephen G Cecchetti Central Bank Policy Rules Conceptual Issues and Practical Considerations IDEAS at the Department of Economics College of Liberal Arts and Sciences University of Connecticut Jump up ^ Ziliak S T McCloskey D N Size Matters The Standard Error of Regressions in the American Economic Review PDF Econ Journal Watch – Archived from the original PDF on Retrieved Jump up ^ Sound and Fury McCloskey and Significance Testing in Economics Retrieved Jump up ^ How Accurate Are Private Sector Forecasts Cross Country Evidence from Consensus Forecasts of Output Growth by Prakash Loungani International Monetary Fund IMF December Jump up ^ Rappaport Steven Abstraction and Unrealistic Assumptions in Economics Journal of Economic Methodology pp – Abstract Models and Reality in Economics Edward Elgar p ch – Jump up ^ Friedman Milton The Methodology of Positive Economics Essays in Positive Economics University of Chicago Press pp – • Boland Lawrence A assumptions controversy The New Palgrave Dictionary of Economics nd Edition Online abstract Accessed May Jump up ^ Hodgson G M Evolutionary and Institutional Economics as the New Mainstream Evolutionary and Institutional Economics Review – doi eier Retrieved dead link Jump up ^ Keynes J M September Alfred Marshall – The Economic Journal – doi JSTOR Jump up ^ Joskow Paul May Firm Decision making Policy and Oligopoly Theory The American Economic Review Papers and Proceedings of the Eighty–seventh Annual Meeting of the American Economic Association – Particularly JSTOR Jump up ^ England Paula The Separative Self Androcentric Bias in Neoclassical Assumptions Beyond Economic Man Feminist Theory and Economics University of Chicago Press pp – Jump up ^ Ferber M A and Julie A Nelson Beyond Economic Man Ten Years Later in Marianne A Ferber and Julie A Nelson eds Feminist Economics Today Beyond Economic Man Chicago University of Chicago Press Jump up ^ Marilyn Waring If Women Counted San Francisco Harper Row ISBN Jump up ^ Nelson Julie A Foreword In Bjørnholt Margunn McKay Ailsa Counting on Marilyn Waring New Advances in Feminist Economics Demeter Press ISBN Jump up ^ Bjørnholt Margunn McKay Ailsa Advances in Feminist Economics in Times of Economic Crisis PDF In Bjørnholt Margunn McKay Ailsa Counting on Marilyn Waring New Advances in Feminist Economics Demeter Press pp – ISBN Jump up ^ Philip Mirowski More Heat Than Light Economics as Social Physics New York Cambridge University Press pp – Jump up ^ Please see partial list of publications including peer reviewed papers and books on John McMurtry s wikipedia page as well as links to the text of several of his peer reviewed papers and peer reviewed secondary references analyzing and discussing his work Jump up ^ John McMurtry The Cancer Stage of Capitalism London Pluto Books The book is a scholarly examination and criticism of economics The book is available for free download from several sites online for example here In April the author stated he is working on an updated edition Jump up ^ Cox Adam Blame Nobel for crisis says author of Black Swan Reuters Jump up ^ Taleb Nassim Nicholas October The pseudo science hurting markets PDF Jump up ^ Johansson D Economics without Entrepreneurship or Institutions A Vocabulary Analysis of Graduate Textbooks PDF Econ Journal Watch – Archived from the original PDF on Retrieved Jump up ^ Sutter Daniel and Rex Pjesky Where Would Adam Smith Publish Today The Near Absence of Math free Research in Top Journals Econ Journal Watch pp Abstract Retrieved Further reading edit Grinin L Korotayev A and Tausch A Economic Cycles Crises and the Global Periphery Springer International Publishing Heidelberg New York Dordrecht London ISBN http www springer com de book McCann Charles Robert Jr The Elgar Dictionary of Economic Quotations Edward Elgar Preview Jean Baptiste Say A Treatise on Political Economy Or The Production Distribution and Consumption of Wealth one Wells and Lilly Jean Baptiste Say A Treatise on Political Economy Or The Production Distribution and Consumption of Wealth two Wells and Lilly Tausch Arno The political algebra of global value change General models and implications for the Muslim world With Almas Heshmati and Hichem Karoui st ed Nova Science Publishers New York ISBN External links edit Find more about Economics at Wikipedia s sister projects Definitions from Wiktionary Media from Commons News from Wikinews Quotations from Wikiquote Texts from Wikisource Textbooks from Wikibooks Learning resources from Wikiversity Data from Wikidata Library resources about Economics Resources in your library General information Economics at DMOZ Economic journals on the web Economics at Encyclopædia Britannica Intute Economics Internet directory of UK universities Research Papers in 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illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e Microeconomics from Greek prefix mikro meaning small is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses Microeconomics shows conditions under which free markets lead to desirable allocations It also analyzes market failure where markets fail to produce efficient results Microeconomics stands in contrast to macroeconomics which involves the sum total of economic activity dealing with the issues of growth inflation and unemployment and with national policies relating to these issues Microeconomics also deals with the effects of economic policies such as changing taxation levels on the aforementioned aspects of the economy Particularly in the wake of the Lucas critique much of modern macroeconomic theory has been built upon microfoundations —i e based upon basic assumptions about micro level behavior Contents hide Assumptions and definitions Topics Demand supply and equilibrium Measurement of elasticities Consumer demand theory Theory of production Costs of production Perfect competition Monopoly Oligopoly Market structure Game theory Labour economics Welfare economics Economics of information Opportunity cost Applied References Further reading External links Assumptions and definitions edit Microeconomic theory typically begins with the study of a single rational and utility maximizing individual To economists rationality means an individual possesses stable preferences that are both complete and transitive The technical assumption that preference relations are continuous is needed to ensure the existence of a utility function Although microeconomic theory can continue without this assumption it would make comparative statics impossible since there is no guarantee that the resulting utility function would be differentiable Microeconomic theory progresses by defining a competitive budget set which is a subset of the consumption set It is at this point that economists make the technical assumption that preferences are locally non satiated Without the assumption of LNS local non satiation there is no guarantee that a rational individual would maximize utility With the necessary tools and assumptions in place the utility maximization problem UMP is developed The utility maximization problem is the heart of consumer theory The utility maximization problem attempts to explain the action axiom by imposing rationality axioms on consumer preferences and then mathematically modeling and analyzing the consequences The utility maximization problem serves not only as the mathematical foundation of consumer theory but as a metaphysical explanation of it as well That is the utility maximization problem is used by economists to not only explain what or how individuals make choices but why individuals make choices as well The utility maximization problem is a constrained optimization problem in which an individual seeks to maximize utility subject to a budget constraint Economists use the extreme value theorem to guarantee that a solution to the utility maximization problem exists That is since the budget constraint is both bounded and closed a solution to the utility maximization problem exists Economists call the solution to the utility maximization problem a Walrasian demand function or correspondence The utility maximization problem has so far been developed by taking consumer tastes i e consumer utility as the primitive However an alternative way to develop microeconomic theory is by taking consumer choice as the primitive This model of microeconomic theory is referred to as Revealed preference theory The supply and demand model describes how prices vary as a result of a balance between product availability at each price supply and the desires of those with purchasing power at each price demand The graph depicts a right shift in demand from D to D along with the consequent increase in price and quantity required to reach a new market clearing equilibrium point on the supply curve S The theory of supply and demand usually assumes that markets are perfectly competitive This implies that there are many buyers and sellers in the market and none of them have the capacity to significantly influence prices of goods and services In many real life transactions the assumption fails because some individual buyers or sellers have the ability to influence prices Quite often a sophisticated analysis is required to understand the demand supply equation of a good model However the theory works well in situations meeting these assumptions Mainstream economics does not assume a priori that markets are preferable to other forms of social organization In fact much analysis is devoted to cases where market failures lead to resource allocation that is suboptimal and creates deadweight loss A classic example of suboptimal resource allocation is that of a public good In such cases economists may attempt to find policies that avoid waste either directly by government control indirectly by regulation that induces market participants to act in a manner consistent with optimal welfare or by creating missing markets to enable efficient trading where none had previously existed This is studied in the field of collective action and public choice theory Optimal welfare usually takes on a Paretian norm which is a mathematical application of the Kaldor–Hicks method This can diverge from the Utilitarian goal of maximizing utility because it does not consider the distribution of goods between people Market failure in positive economics microeconomics is limited in implications without mixing the belief of the economist and their theory The demand for various commodities by individuals is generally thought of as the outcome of a utility maximizing process with each individual trying to maximize their own utility under a budget constraint and a given consumption set Topics edit The study of microeconomics involves several key areas Demand supply and equilibrium edit Main article Supply and demand Supply and demand is an economic model of price determination in a perfectly competitive market It concludes that in a perfectly competitive market with no externalities per unit taxes or price controls the unit price for a particular good is the price at which the quantity demanded by consumers equals the quantity supplied by producers This price results in a stable economic equilibrium Measurement of elasticities edit Main article Elasticity economics Elasticity is the measurement of how responsive an economic variable is to a change in another variable Elasticity can be quantified as the ratio of the percentage change in one variable to the percentage change in another variable when the later variable has a causal influence on the former It is a tool for measuring the responsiveness of a variable or of the function that determines it to changes in causative variables in unitless ways Frequently used elasticities include price elasticity of demand price elasticity of supply income elasticity of demand elasticity of substitution between factors of production and elasticity of intertemporal substitution Consumer demand theory edit Main article Consumer choice Consumer demand theory relates preferences for the consumption of both goods and services to the consumption expenditures ultimately this relationship between preferences and consumption expenditures is used to relate preferences to consumer demand curves The link between personal preferences consumption and the demand curve is one of the most closely studied relations in economics It is a way of analyzing how consumers may achieve equilibrium between preferences and expenditures by maximizing utility subject to consumer budget constraints Theory of production edit Main article Production theory Production theory is the study of production or the economic process of converting inputs into outputs Production uses resources to create a good or service that is suitable for use gift giving in a gift economy or exchange in a market economy This can include manufacturing storing shipping and packaging Some economists define production broadly as all economic activity other than consumption They see every commercial activity other than the final purchase as some form of production Costs of production edit Main article Cost of production theory of value The cost of production theory of value states that the price of an object or condition is determined by the sum of the cost of the resources that went into making it The cost can comprise any of the factors of production labour capital land Technology can be viewed either as a form of fixed capital ex plant or circulating capital ex intermediate goods Perfect competition edit Main article Perfect competition Perfect competition describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product A good example would be that of digital marketplaces such as eBay on which many different sellers sell similar products to many different buyers Benefits of Perfect Competition All the knowledge such as price and information pertaining goods is equally dispersed among all buyers and sellers As there are no barriers to enter into the market monopoly does not usually occur As all goods and products are same advertisement is not required and it helps save the advertisement cost Monopoly edit Main article monopoly A monopoly from Greek monos µ???? alone or single polein p??e?? to sell exists when a single company is the only supplier of a particular commodity Benefits of Monopoly Market Prices in monopoly market are stable as there is only one firm and so there is no competition Due to the absence of competition there are high profits and leads to high number of sales monopoly firms tend to receive super profits from their operations Monopoly firms also offers services effectively and efficiently citation needed Oligopoly edit Main article Oligopoly An oligopoly is a market form in which a market or industry is dominated by a small number of sellers oligopolists Oligopolies can create the incentive for firms to engage in collusion and form cartels that reduce competition leading to higher prices for consumers and less overall market output Benefits of oligopoly market As there is less competition in the firm it tends to have massive profit It is also able to easily compare prices forces these companies to keep their prices in competition with the other companies involved in the market Each company scrambles to come out with latest and greatest thing in order to sway consumers to go with their company over a different one Market structure edit The market structure can have several types of interacting market systems Different forms of markets are a feature of capitalism and advocates of socialism often criticize markets and aim to substitute markets with economic planning to varying degrees Competition is the regulatory mechanism of the market system Monopolistic competition also called competitive market where there is a large number of firms each having a small proportion of the market share and slightly differentiated products Oligopoly in which a market is run by a small number of firms that together control the majority of the market share Duopoly a special case of an oligopoly with two firms Game theory tends to govern duopoly and oligopoly behavior Monopsony when there is only one buyer in a market Oligopsony a market where many sellers can be present but meet only a few buyers Monopoly where there is only one provider of a product or service Natural monopoly a monopoly in which economies of scale cause efficiency to increase continuously with the size of the firm A firm is a natural monopoly if it is able to serve the entire market demand at a lower cost than any combination of two or more smaller more specialized firms Perfect competition a theoretical market structure that features no barriers to entry an unlimited number of producers and consumers and a perfectly elastic demand curve Examples of markets include but are not limited to commodity markets insurance markets bond markets energy markets flea markets debt markets stock markets online auctions media exchange markets real estate market Game theory edit Main article Game theory Game theory is a major method used in mathematical economics and business for modeling competing behaviors of interacting agents The term game here implies the study of any strategic interaction between people Applications include a wide array of economic phenomena and approaches such as auctions bargaining mergers acquisitions pricing fair division duopolies oligopolies social network formation agent based computational economics general equilibrium mechanism design and voting systems and across such broad areas as experimental economics behavioral economics information economics industrial organization and political economy Labour economics edit Main article Labour economics Labour economics seeks to understand the functioning and dynamics of the markets for wage labour Labour markets function through the interaction of workers and employers Labour economics looks at the suppliers of labour services workers the demands of labour services employers and attempts to understand the resulting pattern of wages employment and income In economics labour is a measure of the work done by human beings It is conventionally contrasted with such other factors of production as land and capital There are theories which have developed a concept called human capital referring to the skills that workers possess not necessarily their actual work although there are also counter posing macro economic system theories that think human capital is a contradiction in terms Welfare economics edit Main article Welfare economics Welfare economics is a branch of economics that uses microeconomics techniques to evaluate well being from allocation of productive factors as to desirability and economic efficiency within an economy often relative to competitive general equilibrium It analyzes social welfare however measured in terms of economic activities of the individuals that compose the theoretical society considered Accordingly individuals with associated economic activities are the basic units for aggregating to social welfare whether of a group a community or a society and there is no social welfare apart from the welfare associated with its individual units Economics of information edit Main article Information economics Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions Information has special characteristics It is easy to create but hard to trust It is easy to spread but hard to control It influences many decisions These special characteristics as compared with other types of goods complicate many standard economic theories Opportunity cost edit Main article Opportunity cost Opportunity cost of an activity or goods is equal to the best next alternative uses forgone Although opportunity cost can be hard to quantify the effect of opportunity cost is universal and very real on the individual level In fact this principle applies to all decisions not just economic ones Opportunity cost is one way to measure the cost of something Rather than merely identifying and adding the costs of a project one may also identify the next best alternative way to spend the same amount of money The forgone profit of this next best alternative is the opportunity cost of the original choice A common example is a farmer that chooses to farm their land rather than rent it to neighbors wherein the opportunity cost is the forgone profit from renting In this case the farmer may expect to generate more profit alone This kind of reasoning is a very important part of the calculation of discount rates in discounted cash flow investment valuation methodologies Similarly the opportunity cost of attending university is the lost wages a student could have earned in the workforce rather than the cost of tuition books and other requisite items whose sum makes up the total cost of attendance Note that opportunity cost is not the sum of the available alternatives but rather the benefit of the single best alternative Possible opportunity costs of a city s decision to build a hospital on its vacant land are the loss of the land for a sporting center or the inability to use the land for a parking lot or the money that could have been made from selling the land or the loss of any of the various other possible uses — but not all of these in aggregate The true opportunity cost would be the forgone profit of the most lucrative of those listed One question that arises here is how to determine a money value for each alternative to facilitate comparison and assess opportunity cost which may be more or less difficult depending on the things we are trying to compare For example many decisions involve environmental impacts whose monetary value is difficult to assess because of scientific uncertainty Valuing a human life or the economic impact of an Arctic oil spill involves making subjective choices with ethical implications It is imperative to understand that no decision on allocating time is free No matter what one chooses to do they are always giving something up in return An example of opportunity cost is deciding between going to a concert and doing homework If one decides to go the concert then they are giving up valuable time to study but if they choose to do homework then the cost is giving up the concert Any decision in allocating capital is likewise there is an opportunity cost of capital or a hurdle rate defined as the expected rate one could get by investing in similar projects on the open market Opportunity cost is vital in understanding microeconomics and decisions that are made Applied edit United States Capitol Building meeting place of the United States Congress where many tax laws are passed which directly impact economic welfare This is studied in the subject of public economics Applied microeconomics includes a range of specialized areas of study many of which draw on methods from other fields Industrial organization examines topics such as the entry and exit of firms innovation and the role of trademarks Labor economics examines wages employment and labor market dynamics Financial economics examines topics such as the structure of optimal portfolios the rate of return to capital econometric analysis of security returns and corporate financial behavior Public economics examines the design of government tax and expenditure policies and economic effects of these policies e g social insurance programs Political economy examines the role of political institutions in determining policy outcomes Health economics examines the organization of health care systems including the role of the health care workforce and health insurance programs Education economics examines the organization of education provision and its implication for efficiency and equity including the effects of education on productivity Urban economics which examines the challenges faced by cities such as sprawl air and water pollution traffic congestion and poverty draws on the fields of urban geography and sociology Law and economics applies microeconomic principles to the selection and enforcement of competing legal regimes and their relative efficiencies Economic history examines the evolution of the economy and economic institutions using methods and techniques from the fields of economics history geography sociology psychology and political science References edit Jump up ^ Marchant Mary A Snell William M Macroeconomic and International Policy Terms PDF University of Kentucky Retrieved ^ Jump up to a b Economics Glossary Monroe County Women s Disability Network Retrieved Jump up ^ Social Studies Standards Glossary New Mexico Public Education Department Archived from the original on Retrieved Jump up ^ Glossary ECON Retrieved Jump up ^ http www ftc gov bc edu pubs consumer general zgen shtm Jump up ^ AP Microeconomics Review Jump up ^ Deardorff s Glossary of International Economics Welfare economics Jump up ^ • Beth Allen Information as an Economic Commodity American Economic Review pp – • Kenneth J Arrow Information and the Organization of Industry ch in Graciela Chichilnisky Markets Information and Uncertainty Cambridge University Press pp – • The Economics of Information An Exposition Empirica pp – • Collected Papers of Kenneth J Arrow v The Economics of Information Description and chapter preview links • Jean Jacques Laffont The Economics of Uncertainty and Information MIT Press Description and chapter preview links Further reading edit Bade Robin Michael Parkin Foundations of Microeconomics Addison Wesley Paperback st Edition Bouman John Principles of Microeconomics – free fully comprehensive Principles of Microeconomics and Macroeconomics texts Columbia Maryland Colander David Microeconomics McGraw Hill Paperback th Edition Dunne Timothy J Bradford Jensen Mark J Roberts Producer Dynamics New Evidence from Micro Data University of Chicago Press ISBN Eaton B Curtis Eaton Diane F and Douglas W Allen Microeconomics Prentice Hall th Edition Frank Robert H Microeconomics and Behavior McGraw Hill Irwin th Edition Friedman Milton Price Theory Aldine Transaction Hagendorf Klaus Labour Values and the Theory of the Firm Part I The Competitive Firm Paris EURODOS Harnerger Arnold C Microeconomics In David R Henderson ed Concise Encyclopedia of Economics nd ed Indianapolis Library of Economics and Liberty ISBN OCLC Hicks John R Value and Capital Clarendon Press nd ed Hirshleifer Jack Glazer Amihai and Hirshleifer David Price theory and applications Decisions markets and information Cambridge University Press th Edition Jehle Geoffrey A and Philip J Reny Advanced Microeconomic Theory Addison Wesley Paperback nd Edition Katz Michael L and Harvey S Rosen Microeconomics McGraw Hill Irwin rd Edition Kreps David M A Course in Microeconomic Theory Princeton University Press Landsburg Steven Price Theory and Applications South Western College Pub th Edition Mankiw N Gregory Principles of Microeconomics South Western Pub nd Edition Mas Colell Andreu Whinston Michael D and Jerry R Green Microeconomic Theory Oxford University Press US McGuigan James R Moyer R Charles and Frederick H Harris Managerial Economics Applications Strategy and Tactics South Western Educational Publishing th Edition Nicholson Walter Microeconomic Theory Basic Principles and Extensions South Western College Pub th Edition Perloff Jeffrey M Microeconomics Pearson – Addison Wesley th Edition Perloff Jeffrey M Microeconomics Theory and Applications with Calculus Pearson – Addison Wesley st Edition Pindyck Robert S and Daniel L Rubinfeld Microeconomics Prentice Hall th Edition Ruffin Roy J and Paul R Gregory Principles of Microeconomics Addison Wesley th Edition Varian Hal R microeconomics The New Palgrave A Dictionary of Economics v pp – Varian Hal R Intermediate Microeconomics A Modern Approach W W Norton Company th Edition Varian Hal R Microeconomic Analysis W W Norton Company rd Edition External links edit Wikibooks has a book on the topic of Microeconomics Library resources about Microeconomics Economic problem From Wikipedia the free encyclopedia This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed December Learn how and when to remove this template message The economic problem – sometimes called the basic or central economic problem – asserts that an economy s finite resources are insufficient to satisfy all human wants and needs It assumes that human wants are unlimited but the means to satisfy human wants are scarce Three questions arise from this What to produce What and how much will you produce This question lies with selecting the type of supply and the quantity of the supply focusing on efficiency e g What should I produce more laptops or tablets How to produce Capital goods or consumer goods How do you produce this This question deals with the assets and procedures used while making the product also focusing on efficiency e g Should I hire more workers or do I invest in more machinery For whom to produce To whom and how will you distribute the goods and For whom will you produce this for arises from this question This question deals with distributing goods that have been produced focusing on efficiency and equity e g Do I give more dividends to stock holders or do I increase worker wages Economics revolve around these fundamental economic problems Contents hide Overview Needs and wants Four parts of the problem Problem of allocation of resources The problem of all economic efficiency The problem of full employment of resources The problem of economic growth See also References Overview edit The economic problem is most simply explained by the question How do we satisfy unlimited wants with limited resources The premise of the economic problem model is that wants are constant and infinite due to constantly changing demands often closely related to changing demographics of the population but resources in the world to satisfy human wants are always limited to the amount of natural or human resources available The economic problem—and methods to curb it—revolve around the idea of choice in prioritizing which wants can be fulfilled and what to produce for the economy Opportunity cost is the loss in terms of potential benefit had another action been taken We make choices every day We have to as we have limited resources but so many wants We therefore must decide which wants to satisfy and which not to All choices involve giving something up This leads to opportunity cost This problem of what to give up exists not only for consumers like us but for governments and businesses too Needs and wants edit Needs are material items people need for survival such as food clothing housing and water Until the Industrial Revolution the vast majority of the world s population struggled for access to basic human needs Wants are effective desires for a particular product or for something that can only be obtained by working for it While the fundamental needs of survival are key in the function of the economy wants are the driving force that stimulates demand for goods and services To curb the economic problem economists must classify the nature and different wants of consumers as well as prioritize wants and organize production to satisfy as many wants as possible An assumption often made in mainstream neoclassical economics and methods that try to solve the economic problem is that humans inherently pursue their self interest and that the market mechanism best satisfies the various wants different individuals might have These wants are often divided into individual wants which depend on the individual s preferences and purchasing power parity and collective wants which are the wants of entire groups of people Things such as food and clothing can be classified as either wants or needs depending on what type and how often a good is requested Four parts of the problem edit The economic problem can be divided into different parts which are given below Problem of allocation of resources edit The problem of allocation of resources arises due to the scarcity of resources and refers to the question of which wants should be satisfied and which should be left unsatisfied In other words what to produce and how much to produce More production of a good implies more resources required for the production of that good and resources are scarce These two facts together mean that if a society decides to increase production of some good it has to withdraw some resources from the production of other goods In other words more production of a desired commodity can be made possible only by reducing the quantity of resources used in the production of other goods The problem of allocation deals with the question of whether to produce capital goods or consumer goods If the community decides to produce capital goods resources must be withdrawn from the production of consumer goods In the long run however investment in capital goods augments the production of consumer goods Thus both capital and consumer goods are important The problem is determining the optimal production ratio between the two The problem of all economic efficiency edit Resources are scarce and it is important to use them as efficiently as possible Thus it is essential to know if the production and distribution of national product made by an economy is maximally efficient The production becomes efficient only if the productive resources are utilized in such a way that any reallocation does not produce more of one good without reducing the output of any other good In other words efficient distribution means that redistributing goods cannot make anyone better off without making someone else worse off See Pareto efficiency The inefficiencies of production and distribution exist in all types of economies The welfare of the people can be increased if these inefficiencies are ruled out Some cost must be incurred to remove these inefficiencies If the cost of removing these inefficiencies of production and distribution is more than the gain then it is not worthwhile to remove them The problem of full employment of resources edit In view of the scarce resources the question of whether all available resources are fully utilized is an important one A community should achieve maximum satisfaction by using the scarce resources in the best possible manner—not wasting resources or using them inefficiently There are two types of employment of resources Labour intensive Capital intensive Economic growth From Wikipedia the free encyclopedia Gross domestic product real growth rates – and – in selected countries Rate of change of Gross domestic product world and Organisation for Economic Co operation and Development since Economics Supply demand right shift demand svg A supply and demand diagram illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e Public finance Detail from the mural Government by Elihu Vedder in the Library of Congress Policies show Fiscal policy show Monetary policy show Trade policy show Revenue Spending show Optimum show Reform show v t e Economic growth is the increase in the inflation adjusted market value of the goods and services produced by an economy over time It is conventionally measured as the percent rate of increase in real gross domestic product or real GDP usually in per capita terms Growth is usually calculated in real terms – i e inflation adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced Measurement of economic growth uses national income accounting Since economic growth is measured as the annual percent change of gross domestic product GDP it has all the advantages and drawbacks of that measure The rate of economic growth refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time Implicitly this growth rate is the trend in the average level of GDP over the period which implicitly ignores the fluctuations in the GDP around this trend An increase in economic growth caused by more efficient use of inputs such as labor productivity physical capital energy or materials is referred to as intensive growth GDP growth caused only by increases in the amount of inputs available for use increased population new territory is called extensive growth Contents hide Measuring economic growth Determinants of per capita GDP growth Productivity Historical sources of productivity growth Intensity hours worked Demographic changes Other factors affecting growth Political institutions property rights and rule of law Capital New products and services Growth phases and sector shares Theories and models Classical growth theory Solow Swan model Endogenous growth theory Unified growth theory The big push Schumpeterian growth Institutions and growth Human capital and growth Energy consumption and growth Importance of long run growth Quality of life Business cycle Income equality Equitable growth Environmental and physical constraints Environmental impacts Global warming Resource substitution Declining resource quality Physical constraints See also References Further reading External links Articles and lectures Data Measuring economic growth edit Main article Gross domestic product The economic growth rate is calculated from data on GDP estimated by countries´statistical agencies The rate of growth of GDP capita is calculated from data on GDP and people for the initial and final periods included in the analysis Determinants of per capita GDP growth edit In national income accounting per capita output can be calculated using the following factors output per unit of labor input labor productivity hours worked intensity the percentage of the working age population actually working participation rate and the proportion of the working age population to the total population demography The rate of change of GDP population is the sum of the rates of change of these four variables plus their cross products Productivity edit Increases in labor productivity the ratio of the value of output to labor input have historically been the most important source of real per capita economic growth In a famous estimate MIT Professor Robert Solow concluded that technological progress has accounted for percent of the long term rise in U S per capita income with increased investment in capital explaining only the remaining percent Note There are various measures of productivity The term used here applies to a broad measure of productivity By contrast Total factor productivity TFP growth measures the change in total output relative to the change in capital and labor inputs Many of the cited references use TFP Increases in productivity lower the real cost of goods Over the th century the real price of many goods fell by over Historical sources of productivity growth edit Main article Productivity improving technologies economic history Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity arising from technological innovation Before industrialization technological progress resulted in an increase in the population which was kept in check by food supply and other resources which acted to limit per capita income a condition known as the Malthusian trap The rapid economic growth that occurred during the Industrial Revolution was remarkable because it was in excess of population growth providing an escape from the Malthusian trap Countries that industrialized eventually saw their population growth slow down a phenomenon known as the demographic transition Increases in productivity are the major factor responsible for per capita economic growth – this has been especially evident since the mid th century Most of the economic growth in the th century was due to increased output per unit of labor materials energy and land less input per widget The balance of the growth in output has come from using more inputs Both of these changes increase output The increased output included more of the same goods produced previously and new goods and services During the Industrial Revolution mechanization began to replace hand methods in manufacturing and new processes streamlined production of chemicals iron steel and other products Machine tools made the economical production of metal parts possible so that parts could be interchangeable See Interchangeable parts During the Second Industrial Revolution a major factor of productivity growth was the substitution of inanimate power for human and animal labor Also there was a great increase in power as steam powered electricity generation and internal combustion supplanted limited wind and water power Since that replacement the great expansion of total power was driven by continuous improvements in energy conversion efficiency Other major historical sources of productivity were automation transportation infrastructures canals railroads and highways new materials steel and power which includes steam and internal combustion engines and electricity Other productivity improvements included mechanized agriculture and scientific agriculture including chemical fertilizers and livestock and poultry management and the Green Revolution Interchangeable parts made with machine tools powered by electric motors evolved into mass production which is universally used today Productivity lowered the cost of most items in terms of work time required to purchase Real food prices fell due to improvements in transportation and trade mechanized agriculture fertilizers scientific farming and the Green Revolution Great sources of productivity improvement in the late th century were railroads steam ships horse pulled reapers and combine harvesters and steam powered factories The invention of processes for making cheap steel were important for many forms of mechanization and transportation By the late th century both prices and weekly work hours fell because less labor materials and energy were required to produce and transport goods However real wages rose allowing workers to improve their diet buy consumer goods and afford better housing Mass production of the s created overproduction which was arguably one of several causes of the Great Depression of the s Following the Great Depression economic growth resumed aided in part by increased demand for existing goods and services such as automobiles telephones radios electricity and household appliances New goods and services included television air conditioning and commercial aviation after creating enough new demand to stabilize the work week The building of highway infrastructures also contributed to post World War II growth as did capital investments in manufacturing and chemical industries The post World War II economy also benefited from the discovery of vast amounts of oil around the world particularly in the Middle East By John W Kendrick s estimate three quarters of increase in U S per capita GDP from to was due to increased productivity Economic growth in the United States slowed down after In contrast growth in Asia has been strong since then starting with Japan and spreading to Korea China the Indian subcontinent and other parts of Asia In South Korea had a lower per capita GDP than Ghana and by it was times as high as Ghana s The Japanese economic growth has slackened considerably since the late s Productivity in the United States grew at an increasing rate throughout the th century and was most rapid in the early to middle decades of the th century US productivity growth spiked towards the end of the century in – due to an acceleration in the rate of technological innovation known as Moore s law After U S productivity growth returned to the low levels of – Intensity hours worked edit The work week declined considerably over the th century By the s the average work week in the U S was hours but the work week was reduced to hours after which overtime premium was applied as part of the National Industrial Recovery Act of Demographic changes edit Demographic factors may influence growth by changing the employment to population ratio and the labor force participation rate Industrialization creates a demographic transition in which birth rates decline and the average age of the population increases Women with fewer children and better access market employment tend to join the labor force in higher percentages There is a reduced demand for child labor and children spend more years in school The increase in the percentage of women in the labor force in the U S contributed to economic growth as did the entrance of the baby boomers into the work force See Spending wave Other factors affecting growth edit Political institutions property rights and rule of law edit See also Great Divergence § Property rights Great Divergence § Efficiency of markets and state intervention and Great Divergence § State prohibition of new technology As institutions influence behavior and incentives in real life they forge the success or failure of nations In economics and economic history the transition to capitalism from earlier economic systems was enabled by the adoption of government policies that facilitated commerce and gave individuals more personal and economic freedom These included new laws favorable to the establishment of business including contract law and laws providing for the protection of private property and the abolishment of anti usury laws When property rights are less certain transaction costs can increase hindering economic development Enforcement of contractual rights is necessary for economic development because it determines the rate and direction of investments When the rule of law is absent or weak the enforcement of property rights depends on threats of violence which causes bias against new firms because they can not demonstrate reliability to their customers Much of this literature was built on the success story of the British state that after the Glorious Revolution of combined high fiscal capacity with constraints on the power of the king generating some respect for the rule of law However others have questioned that this institutional formula is not so easily replicable elsewhere as a change in the Constitution –and the type of institutions created by that change –does not necessarily create a change in political power if the economic powers of that society are not aligned with the new set of rule of law institutions In England a dramatic increase in the state s fiscal capacity followed the creation of constraints on the crown but elsewhere in Europe increases in state capacity happened before major rule of law reforms There are many different ways through which states achieved state fiscal capacity and this different capacity accelerated or hindered their economic development Thanks to the underlying homogeneity of its land and people England was able to achieve a unified legal and fiscal system since the Middle Ages that enabled it to substantially increase the taxes it raised after On the other hand the French experience of state building faced much stronger resistance from local feudal powers keeping it legally and fiscally fragmented until the French Revolution despite significant increases in state capacity during the seventeenth century Furthermore Prussia and the Habsburg empire –much more heterogeneous states than England –were able to increase state capacity during the eighteenth century without constraining the powers of the executive Nevertheless it is unlikely that a country will generate institutions that respect property rights and the rule of law without having had first intermediate fiscal and political institutions that create incentives for elites to support them Many of these intermediate level institutions relied on informal private order arrangements that combined with public order institutions associated with states to lay the foundations of modern rule of law states In many poor and developing countries much land and housing is held outside the formal or legal property ownership registration system In many urban areas the poor invade private or government land to build their houses so they do not hold title to these properties Much unregistered property is held in informal form through various property associations and other arrangements Reasons for extra legal ownership include excessive bureaucratic red tape in buying property and building In some countries it can take over steps and up to years to build on government land Other causes of extra legal property are failures to notarize transaction documents or having documents notarized but failing to have them recorded with the official agency Not having clear legal title to property limits its potential to be used as collateral to secure loans depriving many poor countries one of their most important potential sources of capital Unregistered businesses and lack of accepted accounting methods are other factors that limit potential capital Businesses and individuals participating in unreported business activity and owners of unregistered property face costs such as bribes and pay offs that offset much of any taxes avoided Democracy Does Cause Growth according to Acemoglu et al Specifically democracy increases future GDP by encouraging investment increasing schooling inducing economic reforms improving public goods provision and reducing social unrest Capital edit Capital in economics ordinarily refers to physical capital which consists of structures and equipment used in business machinery factory equipment computers and office equipment construction equipment business vehicles etc Up to a point increases in the amount of capital per worker are an important cause of economic output growth Capital is subject to diminishing returns because of the amount that can be effectively invested and because of the growing burden of depreciation In the development of economic theory the distribution of income was considered to be between labor and the owners of land and capital In recent decades there have been several Asian countries with high rates of economic growth driven by capital investment New products and services edit Another major cause of economic growth is the introduction of new products and services and the improvement of existing products New products create demand which is necessary to offset the decline in employment that occurs through labor saving technology Growth phases and sector shares edit Main article Rostow s stages of growth Economic growth in the U S and other developed countries went through phases that affected growth through changes in the labor force participation rate and the relative sizes of economic sectors The transition from an agricultural economy to manufacturing increased the size of the sector with high output per hour the high productivity manufacturing sector while reducing the size of the sector with lower output per hour the lower productivity agricultural sector Eventually high productivity growth in manufacturing reduced the sector size as prices fell and employment shrank relative to other sectors The service and government sectors where output per hour and productivity growth is low saw increases in their shares of the economy and employment during the s The public sector has since contracted while the service economy expanded in the s Theories and models edit Classical growth theory edit In classical Ricardian economics the theory of production and the theory of growth are based on the theory or law of variable proportions whereby increasing either of the factors of production labor or capital while holding the other constant and assuming no technological change will increase output but at a diminishing rate that eventually will approach zero These concepts have their origins in Thomas Malthus s theorizing about agriculture Malthus s examples included the number of seeds harvested relative to the number of seeds planted capital on a plot of land and the size of the harvest from a plot of land versus the number of workers employed See Diminishing returns Criticisms of classical growth theory are that technology an important factor in economic growth is held constant and that economies of scale are ignored Natural rate of growth According to Prof Harrod Natural growth rate which is the maximum rate of growth allowed by the increase of variables like population growth technological improvement growth in natural resources In fact Natural growth rate is the highest attainable growth rate which would bring about the fullest possible employment of the resources existing in the economy Solow Swan model edit This section is about a neoclassical growth model It is not to be confused with Steady state economy Robert Solow and Trevor Swan developed what eventually became the main model used in growth economics in the s This model assumes that there are diminishing returns to capital and labor Capital accumulates through investment but its level or stock continually decreases due to depreciation Due to the diminishing returns to capital with increases in capital worker and absent technological progress economic output worker eventually reaches a point where capital per worker and economic output worker remain constant because annual investment in capital equals annual depreciation This condition is called the steady state In the Solow Swan model if productivity increases through technological progress then output worker increases even when the economy is in the steady state If productivity increases at a constant rate output worker also increases at a related steady state rate As a consequence growth in the model can occur either by increasing the share of GDP invested or through technological progress But at whatever share of GDP invested capital worker eventually converges on the steady state leaving the growth rate of output worker determined only by the rate of technological progress As a consequence with world technology available to all and progressing at a constant rate all countries have the same steady state rate of growth Each country has a different level of GDP worker determined by the share of GDP it invests but all countries have the same rate of economic growth Implicitly in this model rich countries are those that have invested a high share of GDP for a long time Poor countries can become rich by increasing the share of GDP they invest One important prediction of the model mostly borne out by the data is that of conditional convergence the idea that poor countries will grow faster and catch up with rich countries as long as they have similar investment and saving rates and access to the same technology The Solow Swan model is considered an exogenous growth model because it does not explain why countries invest different shares of GDP in capital nor why technology improves over time Instead the rate of investment and the rate of technological progress are exogenous The value of the model is that it predicts the pattern of economic growth once these two rates are specified Its failure to explain the determinants of these rates is one of its limitations Although the rate of investment in the model is exogenous under certain conditions the model implicitly predicts convergence in the rates of investment across countries In a global economy with a global financial capital market financial capital flows to the countries with the highest return on investment In the Solow Swan model countries with less capital worker poor countries have a higher return on investment due to the diminishing returns to capital As a consequence capital worker and output worker in a global financial capital market should converge to the same level in all countries Since historically financial capital has not flowed to the countries with less capital worker the basic Solow Swan model has a conceptual flaw Beginning in the s this flaw has been addressed by adding additional variables to the model that can explain why some countries are less productive than others and therefore do not attract flows of global financial capital even though they have less physical capital worker Endogenous growth theory edit Main article Endogenous growth theory Growth theory advanced again with theories of economist Paul Romer and Robert Lucas Jr in the late s and early s Unsatisfied with the assumption of exogenous technological progress in the Solow Swan model economists worked to endogenize technology in the s They developed the endogenous growth theory that includes a mathematical explanation of technological advancement This model also incorporated a new concept of human capital the skills and knowledge that make workers productive Unlike physical capital human capital has increasing rates of return Research done in this area has focused on what increases human capital e g education or technological change e g innovation Unified growth theory edit Unified growth theory was developed by Oded Galor and his co authors to address the inability of endogenous growth theory to explain key empirical regularities in the growth processes of individual economies and the world economy as a whole Endogenous growth theory was satisfied with accounting for empirical regularities in the growth process of developed economies over the last hundred years As a consequence it was not able to explain the qualitatively different empirical regularities that characterized the growth process over longer time horizons in both developed and less developed economies Unified growth theories are endogenous growth theories that are consistent with the entire process of development and in particular the transition from the epoch of Malthusian stagnation that had characterized most of the process of development to the contemporary era of sustained economic growth The big push edit One popular theory in the s was the Big Push which suggested that countries needed to jump from one stage of development to another through a virtuous cycle in which large investments in infrastructure and education coupled with private investments would move the economy to a more productive stage breaking free from economic paradigms appropriate to a lower productivity stage The idea was revived and formulated rigorously in the late s by Kevin Murphy Andrei Shleifer and Robert Vishny Schumpeterian growth edit Schumpeterian growth is an economic theory named after the th century Austrian economist Joseph Schumpeter The approach explains growth as a consequence of innovation and a process of creative destruction that captures the dual nature of technological progress in terms of creation entrepreneurs introduce new products or processes in the hope that they will enjoy temporary monopoly like profits as they capture markets In doing so they make old technologies or products obsolete This can be seen as an annulment of previous technologies which makes them obsolete and destroys the rents generated by previous innovations Aghion A major model that illustrates Schumpeterian growth is the Aghion Howitt model Institutions and growth edit According to Acemoglu Simon Johnson and James Robinson the positive correlation between high income and cold climate is a by product of history Europeans adopted very different colonization policies in different colonies with different associated institutions In places where these colonizers faced high mortality rates e g due to the presence of tropical diseases they could not settle permanently and they were thus more likely to establish extractive institutions which persisted after independence in places where they could settle permanently e g those with temperate climates they established institutions with this objective in mind and modeled them after those in their European homelands In these neo Europes better institutions in turn produced better development outcomes Thus although other economists focus on the identity or type of legal system of the colonizers to explain institutions these authors look at the environmental conditions in the colonies to explain institutions For instance former colonies have inherited corrupt governments and geo political boundaries set by the colonizers that are not properly placed regarding the geographical locations of different ethnic groups creating internal disputes and conflicts that hinder development In another example societies that emerged in colonies without solid native populations established better property rights and incentives for long term investment than those where native populations were large Human capital and growth edit Many theoretical and empirical analyses of economic growth attribute a major role to a country s level of human capital defined as the skills of the population or the work force Human capital has been included in both neoclassical and endogenous growth models A country s level of human capital is difficult to measure since it is created at home at school and on the job Economists have attempted to measure human capital using numerous proxies including the population s level of literacy its level of numeracy its level of book production capita its average level of formal schooling its average test score on international tests and its cumulative depreciated investment in formal schooling The most commonly used measure of human capital is the level average years of school attainment in a country building upon the data development of Robert Barro and Jong Wha Lee This measure is widely used because Barro and Lee provide data for numerous countries in five year intervals for a long period of time One problem with the schooling attainment measure is that the amount of human capital acquired in a year of schooling is not the same at all levels of schooling and is not the same in all countries This measure also presumes that human capital is only developed in formal schooling contrary to the extensive evidence that families neighborhoods peers and health also contribute to the development of human capital Despite these potential limitations Theodore Breton has shown that this measure can represent human capital in log linear growth models because across countries GDP adult has a log linear relationship to average years of schooling which is consistent with the log linear relationship between workers personal incomes and years of schooling in the Mincer model Eric Hanushek and Dennis Kimko introduced measures of students mathematics and science skills from international assessments into growth analysis They found that this measure of human capital was very significantly related to economic growth Eric Hanushek and Ludger Woessmann have extended this analysis Theodore Breton shows that the correlation between economic growth and students average test scores in Hanushek and Woessmann s analyses is actually due to the relationship in countries with less than eight years of schooling He shows that economic growth is not correlated with average scores in more educated countries Hanushek and Woessmann further investigate whether the relationship of knowledge capital to economic growth is causal They show that the level of students cognitive skills can explain the slow growth in Latin America and the rapid growth in East Asia Energy consumption and growth edit For more details on Energy efficiency see Productivity improving technologies historical § Energy efficiency Energy economic theories hold that rates of energy consumption and energy efficiency are linked causally to economic growth A fixed relationship between historical rates of global energy consumption and the historical accumulation of global economic wealth has been observed Increases in energy efficiency were a portion of the increase in Total factor productivity Some of the most technologically important innovations in history involved increases in energy efficiency These include the great improvements in efficiency of conversion of heat to work the reuse of heat the reduction in friction and the transmission of power especially through electrification Electricity consumption and economic growth are strongly correlated Per capita electric consumption correlates almost perfectly with economic development Importance of long run growth edit Over long periods of time even small rates of growth such as a annual increase have large effects For example the United Kingdom experienced a average annual increase in its inflation adjusted GDP between and In the GDP was million pounds It grew to million pounds by A growth rate that averaged over years resulted in a fold increase in GDP by The large impact of a relatively small growth rate over a long period of time is due to the power of exponential growth The rule of a mathematical result states that if something grows at the rate of x per year then its level will double every x years For example a growth rate of per annum leads to a doubling of the GDP within years whilst a growth rate of per year leads to a doubling of GDP within years Thus a small difference in economic growth rates between countries can result in very different standards of living for their populations if this small difference continues for many years Quality of life edit One theory that relates economic growth with quality of life is the Threshold Hypothesis which states that economic growth up to a point brings with it an increase in quality of life But at that point – called the threshold point – further economic growth can bring with it a deterioration in quality of life This results in an upside down U shaped curve where the vertex of the curve represents the level of growth that should be targeted Happiness has been shown to increase with a higher GDP per capita at least up to a level of per person Economic growth has the indirect potential to alleviate poverty as a result of a simultaneous increase in employment opportunities and increased labor productivity A study by researchers at the Overseas Development Institute ODI of countries that experienced growth found that in cases poverty was alleviated In some instances quality of life factors such as healthcare outcomes and educational attainment as well as social and political liberties do not improve as economic growth occurs dubious – discuss Productivity increases do not always lead to increased wages as can be seen in the United States where the gap between productivity and wages has been rising since the s Business cycle edit For more details on this topic see Business cycle Economists distinguish between short run economic changes in production and long run economic growth Short run variation in economic growth is termed the business cycle Generally economists attribute the ups and downs in the business cycle to fluctuations in aggregate demand In contrast economic growth is concerned with the long run trend in production due to structural causes such as technological growth and factor accumulation Income equality edit Unbalanced scales svg The neutrality of this section is disputed Relevant discussion may be found on the talk page Please do not remove this message until conditions to do so are met September Learn how and when to remove this template message For more details on this topic see Economic inequality Some theories developed in the s suggested possible avenues through which inequality may have a positive effect on economic development Savings by the wealthy if these increase with inequality were thought to offset reduced consumer demand Later analysis such as the political economy approach developed by Alesina and Rodrik and Persson and Tabellini stressed the negative impacts of inequality on economic development inequality generates a pressure to adopt redistributive policies that have an adverse effect on investment and economic growth However empirical tests of an extended version of Alesina and Rodrik s model by Li and Zou found that income inequality is positively and most of the time significantly associated with economic growth The credit market imperfection approach developed by Galor and Zeira argued that inequality in the presence of credit market imperfections has a long lasting detrimental effect on human capital formation and economic development A study by Perotti showed that in accordance with the credit market imperfection approach inequality is associated with lower level of human capital formation education experience apprenticeship and higher level of fertility while lower level of human capital is associated with lower growth and lower levels of economic growth In contrast his examination of the political economy channel found no support for the political economy mechanism A review in the Journal of Economic Literature stated that high inequality lowers growth perhaps because it increases social and political instability however changes in the degree of inequality have a relatively minor effect on growth Research by Harvard economist Robert Barro found that there is little overall relation between income inequality and rates of growth and investment According to Barro high levels of inequality reduce growth in relatively poor countries but encourage growth in richer countries Princeton economist Roland Benabou s research shows that inequality does not matter per se to growth but inequality in the relative distribution of earnings and political power does matter According to Andrew Berg and Jonathan Ostry of the International Monetary Fund inequality in wealth and income is negatively correlated with subsequent economic growth Likewise economists Dierk Herzer and Sebastian Vollmer found that increased income inequality reduces economic growth but growth itself also increases income inequality in the long run In French economist Thomas Piketty postulated that in periods when the average annual rate on return on investment in capital r exceeds the average annual growth in economic output g the rate of inequality will increase According to Piketty this is the case because wealth that is already held or inherited which is expected to grow at the rate r will grow at a rate faster than wealth accumulated through labor which is more closely tied to g An advocate of reducing inequality levels Piketty suggests levying a global wealth tax in order to reduce the divergence in wealth caused by inequality Equitable growth edit Main article Inclusive growth While acknowledging the central role economic growth can potentially play in human development poverty reduction and the achievement of the Millennium Development Goals it is becoming widely understood amongst the development community that special efforts must be made to ensure poorer sections of society are able to participate in economic growth The effect of economic growth on poverty reduction – the growth elasticity of poverty – can depend on the existing level of inequality For instance with low inequality a country with a growth rate of per head and of its population living in poverty can halve poverty in ten years but a country with high inequality would take nearly years to achieve the same reduction In the words of the Secretary General of the United Nations Ban Ki Moon While economic growth is necessary it is not sufficient for progress on reducing poverty Environmental and physical constraints edit Although resource depletion in the past has been addressed by technological advances and substitution citation needed dubious – discuss emergent environmental and physical constraints may limit economic growth Environmental impacts edit See also The Limits to Growth Forest in Indonesia being cut for palm oil plantation Critics such as the Club of Rome argue that a narrow view of economic growth combined with globalization is creating a scenario where we could see a systemic collapse of our planet s natural resources Concerns about negative environmental effects of growth have prompted some people to advocate lower levels of growth or the abandoning of growth altogether In academia concepts like uneconomic growth steady state economy and degrowth have been developed in order to achieve this In politics green parties embrace the Global Greens Charter recognising that the dogma of economic growth at any cost and the excessive and wasteful use of natural resources without considering Earth s carrying capacity are causing extreme deterioration in the environment and a massive extinction of species Those more optimistic about the environmental impacts of growth believe that though localized environmental effects may occur large scale ecological effects are minor The argument as stated by commentator Julian Lincoln Simon states that if these global scale ecological effects exist human ingenuity will find ways to adapt to them Global warming edit See also Economics of global warming Up to the present there is a close correlation between economic growth and the rate of carbon dioxide emissions across nations although there is also a considerable divergence in carbon intensity carbon emissions per GDP Up to the present there is also a direct relation between global economic wealth and the rate of global emissions The Stern Review notes that the prediction that Under business as usual global emissions will be sufficient to propel greenhouse gas concentrations to over ppm CO by and over – ppm by the end of this century is robust to a wide range of changes in model assumptions The scientific consensus is that planetary ecosystem functioning without incurring dangerous risks requires stabilization at – ppm As a consequence growth oriented environmental economists propose government intervention into switching sources of energy production favouring wind solar hydroelectric and nuclear This would largely confine use of fossil fuels to either domestic cooking needs such as for kerosene burners or where carbon capture and storage technology can be cost effective and reliable The Stern Review published by the United Kingdom Government in concluded that an investment of of GDP later changed to would be sufficient to avoid the worst effects of climate change and that failure to do so could risk climate related costs equal to of GDP Because carbon capture and storage is as yet widely unproven and its long term effectiveness such as in containing carbon dioxide leaks unknown and because of current costs of alternative fuels these policy responses largely rest on faith of technological change British conservative politician and journalist Nigel Lawson has deemed carbon emission trading an inefficient system of rationing Instead he favours carbon taxes to make full use of the efficiency of the market However in order to avoid the migration of energy intensive industries the whole world should impose such a tax not just Britain Lawson pointed out There is no point in taking the lead if nobody follows suit Resource substitution edit See also Energy returned on energy invested and Substitute good Many earlier predictions of resource depletion such as Thomas Malthus predictions about approaching famines in Europe The Population Bomb and the Simon–Ehrlich wager have not materialized Diminished production of most resources has not occurred so far one reason being that advancements in technology and science have allowed some previously unavailable resources to be produced In some cases substitution of more abundant materials such as plastics for cast metals lowered growth of usage for some metals In the case of the limited resource of land famine was relieved firstly by the revolution in transportation caused by railroads and steam ships and later by the Green Revolution and chemical fertilizers especially the Haber process for ammonia synthesis Declining resource quality edit See also Mining and Peak minerals Resource quality is composed of a variety of factors including ore grades location altitude above or below sea level proximity to railroads highways water supply and climate These factors affect the capital and operating cost of extracting resources In the case of minerals lower grades of mineral resources are being extracted requiring higher inputs of capital and energy for both extraction and processing Copper ore grades have declined significantly over the last century Another example is natural gas from shale and other low permeability rock which can be developed with much higher inputs of energy capital and materials than conventional gas in previous decades Offshore oil and gas has exponentially increasing cost as water depth increases Physical constraints edit Some physical scientists like Al Bartlett regard continuous economic growth as unsustainable Several factors may constrain economic growth – for example finite peaked or depleted resources In the The Limits to Growth study modeled limitations to infinite growth originally ridiculed these models have been validated and updated Malthusians such as William R Catton Jr are skeptical of technological advances that improve resource availability Such advances and increases in efficiency they suggest merely accelerate the drawing down of finite resources Catton claims that increasing rates of resource extraction are stealing ravenously from the future See also edit Degrowth Economic development 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the MDGs Overseas Development Institute Jump up ^ Anand Rahul et al August Inclusive growth revisited Measurement and evolution VoxEU org Centre for Economic Policy Research Retrieved January Jump up ^ Anand Rahul et al May Inclusive Growth Measurement and Determinants PDF IMF Working Paper Asia Pacific Department International Monetary Fund Retrieved January Jump up ^ Ranieri Rafael Ramos Raquel Almeida March Inclusive Growth Building up a Concept PDF Working Paper Brazil International Policy Centre for Inclusive Growth ISSN X Retrieved January Jump up ^ Bourguignon Francois Growth Elasticity of Poverty Reduction Explaining Heterogeneity across Countries and Time Periods in Inequality and Growth Ch Jump up ^ Ravallion M Inequality is bad for the poor in S Jenkins and J Micklewright eds Inequality and Poverty Re examined Oxford University Press Oxford Jump up ^ Elena Ianchovichina and Susanna Lundstrom Inclusive growth analytics Framework and application Policy Research Working Paper Series The World Bank Jump up ^ Donella H Meadows Jorgen Randers Dennis L Meadows Limits to Growth The Year Update White River Junction Vermont Chelsea Green Jump up ^ Allan Schnaiberg The Environment From Surpus to Scarcity New York Oxford University Press Jump up ^ Charter of the Global Greens PDF contains full charter Global Greens Dakar Jump up ^ The Ultimate Resource Julian Simon Jump up ^ Stern Review Part III Stabilization Table p Jump up ^ Garrett T J Are there basic physical constraints on future anthropogenic emissions of carbon dioxide Climatic Change – doi s Jump up ^ Stern Review Economics of Climate Change Part III Stabilization p Jump up ^ Jaccard M Sustainable Fossil Fuels Cambridge University Press Jump up ^ Examination of Witnesses Questions – May Retrieved ^ Jump up to a b Chapter Growth and Productivity The Long Run Possibilities Oswego edu Retrieved ^ Jump up to a b Bailey Ronald Science and Public Policy Reason com Retrieved ^ Jump up to a b Regis Ed The Doomslayer Wired Archived from the original on Jump up ^ Wells David A Recent Economic Changes and Their Effect on Production and Distribution of Wealth and Well Being of Society New York D Appleton and Co ISBN Opening line of the Preface Jump up ^ Smil Vaclav Enriching the Earth Fritz Haber Carl Bosch and the Transformation of World Food Production MIT Press ISBN Jump up ^ Hall Charles A S Cleveland Cutler J Kaufmann Robert Energy and Resource Quality The ecology of the Economic Process Niwot Colorado University Press of Colorado Jump up ^ Lyon Christioher July Declining South America copper ore grades require ingenuity Mining Weekly Jump up ^ Bartlett Albert Allen Arithmetic Population and Energy albartlett org Retrieved You cannot sustain population growth and or growth in the rates of consumption of resources Jump up ^ Murphy Tom Galactic Scale Energy Do the Math Retrieved continued growth in energy use becomes physically impossible within conceivable timeframes all economic growth must similarly end Jump up ^ Hayward Steven F That Old Time Religion AEI Retrieved Jump up ^ Turner Graham A Comparison of the Limits of Growth with Thirty Years of Reality CSIRO Working Paper Series Available at http www csiro au files files plje pdf Jump up ^ Hall C Day J Revisiting the Limits to Growth After Peak Oil American Scientist pp – Jump up ^ Meadows D H Randers Limits to Growth The Year Update Chelsea Green Publishing ISBN Jump up ^ Overshoot by William Catton p Further reading edit Acemoglu Daron Robinson James A Why Nations Fail The Origins of Power Prosperity and Poverty Crown Business division of Random House ISBN Argyrous G Forstater M and Mongiovi G eds Growth Distribution And Effective Demand Essays in Honor of Edward J Nell New York M E Sharpe Barro Robert J Determinants of Economic Growth A Cross Country Empirical Study MIT Press Cambridge MA Galor O From Stagnation to Growth Unified Growth Theory Handbook of Economic Growth Elsevier Halevi Joseph Laibman David and Nell Edward J eds Beyond the Steady State Essays in the Revival of Growth Theory edited with London UK Jones Charles I Introduction to Economic Growth nd ed W W Norton Company New York N Y Lucas Robert E Jr The Industrial Revolution Past and Future Federal Reserve Bank of Minneapolis Annual Report online edition Schumpeter Jospeph A The Theory of Economic Development reprint Transaction Publishers Weil David N Economic Growth nd ed Addison Wesley External links edit Articles and lectures edit Economic growth Encyclopædia Britannic Encyclopædia Britannica Online November Beyond Classical and Keynesian Macroeconomic Policy Paul Romer s plain English explanation of endogenous growth theory CEPR Economics Seminar Series Two seminars on the importance of growth with economists Dean Baker and Mark Weisbrot On global economic history by Jan Luiten van Zanden Explores the idea of the inevitability of the Industrial Revolution The Economist Has No Clothes – essay by Robert Nadeau in Scientific American on the basic assumptions behind current economic theory World Growth Institute An organization dedicated to helping the developing world realize its full potential via economic growth Why Does Growth Keep Slowing Down St Louis Federal Reserve Bank Data edit Angus Maddison s Historical Dataseries – Series for almost all countries on GDP Population and GDP per capita from the year up to OECD Economic growth statistics multinational data sets easy to use data set showing gdp per capita and population by country and region to Updated regularly show v t e Economics Measures of national income and output From Wikipedia the free encyclopedia A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region including gross domestic product GDP gross national product GNP net national income NNI and adjusted national income NNI adjusted for natural resource depletion All are specially concerned with counting the total amount of goods and services produced within some the economy and by different sectors The boundary is usually defined by geography or citizenship and may also restrict the goods and services that are counted For instance some measures count only goods services that are exchanged for money excluding bartered goods while other measures may attempt to include bartered goods by imputing monetary values to them Contents hide National accounts Market value Methods of measuring national income Output Expenditure Gross domestic product and gross national product National income and welfare Difficulties in measurement of national income Conceptual difficulties Practical difficulties See also References Bibliography External links National accounts edit Main article National accounts Arriving at a figure for the total production of goods and services in a large region like a country entails a large amount of data collection and calculation Although some attempts were made to estimate national incomes as long ago as the th century the systematic keeping of national accounts of which these figures are a part only began in the s in the United States and some European countries The impetus for that major statistical effort was the Great Depression and the rise of Keynesian economics which prescribed a greater role for the government in managing an economy and made it necessary for governments to obtain accurate information so that their interventions into the economy could proceed as well informed as possible Market value edit Main article Market value In order to count a good or service it is necessary to assign value to it The value that the measures of national income and output assign to a good or service is its market value – the price it fetches when bought or sold The actual usefulness of a product its use value is not measured – assuming the use value to be any different from its market value Three strategies have been used to obtain the market values of all the goods and services produced the product or output method the expenditure method and the income method The product method looks at the economy on an industry by industry basis The total output of the economy is the sum of the outputs of every industry However since an output of one industry may be used by another industry and become part of the output of that second industry to avoid counting the item twice we use not the value output by each industry but the value added that is the difference between the value of what it puts out and what it takes in The total value produced by the economy is the sum of the values added by every industry The expenditure method is based on the idea that all products are bought by somebody or some organisation Therefore we sum up the total amount of money people and organisations spend in buying things This amount must equal the value of everything produced Usually expenditures by private individuals expenditures by businesses and expenditures by government are calculated separately and then summed to give the total expenditure Also a correction term must be introduced to account for imports and exports outside the boundary The income method works by summing the incomes of all producers within the boundary Since what they are paid is just the market value of their product their total income must be the total value of the product Wages proprietor s incomes and corporate profits are the major subdivisions of income Methods of measuring national income edit Output edit The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces Because of the complication of the multiple stages in the production of a good or service only the final value of a good or service is included in the total output This avoids an issue often called double counting wherein the total value of a good is included several times in national output by counting it repeatedly in several stages of production In the example of meat production the value of the good from the farm may be then from the butchers and then from the supermarket The value that should be included in final national output should be not the sum of all those numbers The values added at each stage of production over the previous stage are respectively and Their sum gives an alternative way of calculating the value of final output Formulae GDP gross domestic product at market price value of output in an economy in the particular year intermediate consumption at factor cost GDP at market price depreciation NFIA net factor income from abroad net indirect taxes NDP at factor cost Compensation of employees Net interest Rental royalty income Profit of incorporated and unincorporated NDP at factor cost Expenditure edit The expenditure approach is basically an output accounting method It focuses on finding the total output of a nation by finding the total amount of money spent This is acceptable to economists because like income the total value of all goods is equal to the total amount of money spent on goods The basic formula for domestic output takes all the different areas in which money is spent within the region and then combines them to find the total output displaystyle mathrm GDP C G I left mathrm X M right mathrm GDP C G I left mathrm X M right Where C household consumption expenditures personal consumption expenditures I gross private domestic investment G government consumption and gross investment expenditures X gross exports of goods and services M gross imports of goods and services Note X M is often written as XN or less commonly as NX both stand for net exports The names of the measures consist of one of the words Gross or Net followed by one of the words National or Domestic followed by one of the words Product Income or Expenditure All of these terms can be explained separately Gross means total product regardless of the use to which it is subsequently put Net means Gross minus the amount that must be used to offset depreciation – ie wear and tear or obsolescence of the nation s fixed capital assets Net gives an indication of how much product is actually available for consumption or new investment Domestic means the boundary is geographical we are counting all goods and services produced within the country s borders regardless of by whom National means the boundary is defined by citizenship nationality We count all goods and services produced by the nationals of the country or businesses owned by them regardless of where that production physically takes place The output of a French owned cotton factory in Senegal counts as part of the Domestic figures for Senegal but the National figures of France Product Income and Expenditure refer to the three counting methodologies explained earlier the product income and expenditure approaches However the terms are used loosely Product is the general term often used when any of the three approaches was actually used Sometimes the word Product is used and then some additional symbol or phrase to indicate the methodology so for instance we get Gross Domestic Product by income GDP income GDP I and similar constructions Income specifically means that the income approach was used Expenditure specifically means that the expenditure approach was used Note that all three counting methods should in theory give the same final figure However in practice minor differences are obtained from the three methods for several reasons including changes in inventory levels and errors in the statistics One problem for instance is that goods in inventory have been produced therefore included in Product but not yet sold therefore not yet included in Expenditure Similar timing issues can also cause a slight discrepancy between the value of goods produced Product and the payments to the factors that produced the goods Income particularly if inputs are purchased on credit and also because wages are collected often after a period of production Gross domestic product and gross national product edit Main articles GDP and GNP Gross domestic product GDP is defined as the value of all final goods and services produced in a country in year Gross National Product GNP is defined as the market value of all goods and services produced in one year by labour and property supplied by the residents of a country As an example the table below shows some GDP and GNP and NNI data for the United States National income and output Billions of dollars Period Ending Gross national product Net U S income receipts from rest of the world U S income receipts U S income payments Gross domestic product Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy National Income NDP Net domestic product is defined as gross domestic product GDP minus depreciation of capital similar to NNP GDP per capita Gross domestic product per capita is the mean value of the output produced per person which is also the mean income National income and welfare edit GDP per capita per person is often used as a measure of a person s welfare Countries with higher GDP may be more likely to also score high on other measures of welfare such as life expectancy However there are serious limitations to the usefulness of GDP as a measure of welfare Measures of GDP typically exclude unpaid economic activity most importantly domestic work such as childcare This leads to distortions for example a paid nanny s income contributes to GDP but an unpaid parent s time spent caring for children will not even though they are both carrying out the same economic activity GDP takes no account of the inputs used to produce the output For example if everyone worked for twice the number of hours then GDP might roughly double but this does not necessarily mean that workers are better off as they would have less leisure time Similarly the impact of economic activity on the environment is not measured in calculating GDP Comparison of GDP from one country to another may be distorted by movements in exchange rates Measuring national income at purchasing power parity may overcome this problem at the risk of overvaluing basic goods and services for example subsistence farming GDP does not measure factors that affect quality of life such as the quality of the environment as distinct from the input value and security from crime This leads to distortions for example spending on cleaning up an oil spill is included in GDP but the negative impact of the spill on well being e g loss of clean beaches is not measured GDP is the mean average wealth rather than median middle point wealth Countries with a skewed income distribution may have a relatively high per capita GDP while the majority of its citizens have a relatively low level of income due to concentration of wealth in the hands of a small fraction of the population See Gini coefficient Because of this other measures of welfare such as the Human Development Index HDI Index of Sustainable Economic Welfare ISEW Genuine Progress Indicator GPI gross national happiness GNH and sustainable national income SNI are used Difficulties in measurement of national income edit There are many difficulties when it comes to measuring national income however these can be grouped into conceptual difficulties and practical difficulties Conceptual difficulties edit Inclusion of Services There has been some debate about whether to include services in the counting of national income and if it counts as output Marxian economists are of the belief that services should be excluded from national income most other economists though are in agreement that services should be included Identifying Intermediate Goods The basic concept of national income is to only include final goods intermediate goods are never included but in reality it is very hard to draw a clear cut line as to what intermediate goods are Many goods can be justified as intermediate as well as final goods depending on their use Identifying Factor Incomes Separating factor incomes and non factor incomes is also a huge problem Factor incomes are those paid in exchange for factor services like wages rent interest etc Non factor are sale of shares selling old cars property etc but these are made to look like factor incomes and hence are mistakenly included in national income Services of Housewives and other similar services National income includes those goods and services for which payment has been made but there are scores of jobs for which money as such is not paid also there are jobs which people do themselves like maintain the gardens etc so if they hired someone else to do this for them then national income would increase the argument then is why are these acts not accounted for now but the bigger issue would be how to keep a track of these activities and include them in national income Practical difficulties edit Unreported Illegal Income Sometimes people don t provide all the right information about their incomes to evade taxes so this obviously causes disparities in the counting of national income Non Monetized Sector In many developing nations there is this issue that goods and services are traded through barter i e without any money Such goods and services should be included in accounting of national income but the absence of data makes this inclusion difficult See also edit Capital formation Chained volume series Compensation of employees European System of Accounts Green National Product Gross National Product Gross domestic product Gross national happiness GNH Gross national income in the European Union Gross output Input output model Intermediate consumption National accounts National Income and Product Accounts Net output Penn World Table Savings identity United Nations System of National Accounts UNSNA Wealth economics References edit Jump up ^ Australian Bureau of Statistics Concepts Sources and Methods Chap Economic concepts and the national accounts Production The production boundary Retrieved November Jump up ^ E g William Petty Gregory King and in France Boisguillebert and Vauban Australia s National Accounts Concepts Sources and Methods Chapter heading Brief history of economic accounts retrieved November Jump up ^ Australian Council of Trade Unions APHEDA Glossary accessed November Jump up ^ United States of the United States p retrieved November Jump up ^ U S Federal Reserve the link appears to be dead as of late Jump up ^ Penn State Glossary Bibliography edit Australian Bureau of Statistics Australian National Accounts Concepts Sources and Methods This fairly large document has a wealth of information on the meaning of the national income and output measures and how they are obtained External links edit Library resources about National income Investment From Wikipedia the free encyclopedia Redirected from Investments This article is about investment in finance For investment in macroeconomics see Investment macroeconomics For other uses see Investment disambiguation Invest redirects here For the term in meteorology see Invest meteorology This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed February Learn how and when to remove this template message To invest is to allocate money or sometimes another resource such as time in the expectation of some benefit in the future In finance the benefit from investment is called a return The return may consist of capital gain or investment income including dividends interest rental income etc or a combination of the two The projected economic return is the appropriately discounted value of the future returns The historic return comprises the actual capital gain or loss or income or both over a period of time Investment generally results in acquiring an asset also called an investment If the asset is available at a price worth investing it is normally expected either to generate income or to appreciate in value so that it can be sold at a higher price or both Investors generally expect higher returns from riskier investments Financial assets range from low risk low return investments such as high grade government bonds to those with higher risk and higher expected commensurate reward such as emerging markets stock investments Investors particularly novices are often advised to adopt an investment strategy and diversify their portfolio Diversification has the statistical effect of reducing overall risk Contents hide Related terms Famous investors Intermediaries and collective investments History Value investment Free cash flow and capital structure EBITDA Capital gains taxes Types of financial investment See also References External links Related terms edit Investment differs from arbitrage in which profit is generated without investing capital or bearing risk An investor may bear a risk of loss of some or all of their capital invested whereas in saving such as in a bank deposit the risk of loss in nominal value is normally remote Note that if the currency of a savings account differs from the account holder s home currency then there is the risk that the exchange rate between the two currencies will move unfavorably so that the value in the account holder s home currency of the savings account decreases Speculation involves a level of risk which is greater than most investors would generally consider justified by the expected return An alternative characterization of speculation is its short term opportunistic nature Famous investors edit Investors famous for their success include Warren Buffett In March Forbes magazine Warren Buffett ranked number in their Forbes list Buffett has advised in numerous articles and interviews that a good investment strategy is long term and choosing the right assets to invest in requires due diligence Edward O Thorp was a highly successful hedge fund manager in the s and s who spoke of a similar approach The investment principles of both of these investors have points in common with the Kelly criterion for money management Numerous interactive calculators which use the Kelly criterion can be found online Intermediaries and collective investments edit Investments are often made indirectly through intermediary financial institutions These intermediaries include pension funds banks and insurance companies They may pool money received from a number of individual end investors into funds such as investment trusts unit trusts SICAVs etc to make large scale investments Each individual investor holds an indirect or direct claim on the assets purchased subject to charges levied by the intermediary which may be large and varied Approaches to investment sometimes referred to in marketing of collective investments include dollar cost averaging and market timing History edit The Code of Hammurabi around BC provided a legal framework for investment establishing a means for the pledge of collateral by codifying debtor and creditor rights in regard to pledged land Punishments for breaking financial obligations were not as severe as those for crimes involving injury or death In the early s purchasers of stocks bonds and other securities were described in media academia and commerce as speculators By the s the term investment had come to denote the more conservative end of the securities spectrum while speculation was applied by financial brokers and their advertising agencies to higher risk securities much in vogue at that time Since the last half of the th century the terms speculation and speculator have specifically referred to higher risk ventures Value investment edit Main article value investing A value investor buys undervalued securities and sells overvalued ones To identify undervalued securities a value investor uses analysis of the financial reports of the issuer to evaluate the security Value investors employ accounting ratios such as earnings per share and sales growth to identify securities trading at prices below their worth Warren Buffett and Benjamin Graham are notable examples of value investors Graham and Dodd s seminal work Security Analysis was written in the wake of the Wall Street Crash of The price to earnings ratio P E or earnings multiple is a particularly significant and recognized fundamental ratio with a function of dividing the share price of stock by its earnings per share This will provide the value representing the sum investors are prepared to expend for each dollar of company earnings This ratio is an important aspect due to its capacity as measurement for the comparison of valuations of various companies A stock with a lower P E ratio will cost less per share than one with a higher P E taking into account the same level of financial performance therefore it essentially means a low P E is the preferred option An instance in which the price to earnings ratio has a lesser significance is when companies in different industries are compared An example although it is reasonable for a telecommunications stock to show a P E in the low teens in the case of hi tech stock a P E in the s range is not unusual When making comparisons the P E ratio can give you a refined view of a particular stock valuation For investors paying for each dollar of a company s earnings the P E ratio is a significant indicator but the price to book ratio P B is also a reliable indication of how much investors are willing to spend on each dollar of company assets In the process of the P B ratio the share price of a stock is divided by its net assets any intangibles such as goodwill are not taken into account It is a crucial factor of the price to book ratio due to it indicating the actual payment for tangible assets and not the more difficult valuation of intangibles Accordingly the P B could be considered a comparatively conservative metric Free cash flow and capital structure edit Free cash flow measures the cash a company generates which is available to its debt and equity investors after allowing for reinvestment in working capital and capital expenditure High and rising free cash flow therefore tend to make a company more attractive to investors The debt to equity ratio is an indicator of capital structure A high proportion of debt reflected in a high debt to equity ratio tends to make a company s earnings free cash flow and ultimately the returns to its investors more risky or volatile Investors compare a company s debt to equity ratio with those of other companies in the same industry and examine trends in debt to equity ratios and free cash flow EBITDA edit A popular valuation metric is Earnings Before Interest Tax Depreciation and Amortization EBITDA with application for example to valuing unlisted companies and mergers and acquisitions For an attractive investment for example a company competing in a high growth industry an investor might expect a significant acquisition premium above book value or current market value which values the company at several times the most recent EBITDA A private equity fund for example may buy a target company for a multiple of its historical or forecasted EBITDA perhaps as much as or times In certain cases an EBITDA may be sacrificed by a company in order for the pursuance of future growth a strategy frequently used by corporate giants such as Amazon Google and Microsoft among others This is a business decision that can impact negatively on buyout offers founded on EBITDA and can be the cause of many negotiations failing It may be recognized as a valuation breach with many investors maintaining that sellers are too demanding while buyers are regarded as failing to realize the long term potential of expenditure or acquisitions Capital gains taxes edit Globe icon The examples and perspective in this article may not represent a worldwide view of the subject You may improve this article discuss the issue on the talk page January Learn how and when to remove this template message The amount to pay in taxes for long term investments investments that span over a year long term and short term investments such as those that are below a year are different The long term investments range from Zero to twenty percent for capital gains and they are regulated by what tax bracket you are in for income taxes For the zero to fifteen percent income tax bracket you could qualify for the zero percent long term capital gains rate The next bracket is the fifteen to twenty percent income tax bracket where you are set at fifteen percent capital gains tax for long term investments The next bracket is between twenty and percent and that leads to a twenty percent capital gains tax however with these numbers you should add percent for the health care surtax The short term capital gains tax is also related to your total taxable income and is taxed at the same rate as your income and ranges from ten to percent Types of financial investment edit Types of financial investments include Alternative investments Traditional investments Interested investment See also edit Asset Capital accumulation Capital gains tax Diversification finance Foreign direct investment Fundamental Analysis Fundamental Analysis Software Hedge fund List of countries by gross fixed investment as percentage of GDP List of economics topics Market sentiment Mortgage investment corporation Rate of return Risk Socially responsible investing Specialized investment fund Technical Analysis Time value of money References edit Jump up ^ Editor Forbes Warren Buffett Forbes Magazine Retrieved March Jump up ^ Thorp Edward Kelly Capital Growth Investment Criterion World Scientific ISBN Jump up ^ The Kelly Formula Growth Optimized Money Management Seeking Alpha Healthy Wealthy Wise Project Jump up ^ Jacques Ryan Kelly Calculator Investment Tool Retrieved October Jump up ^ The Code of Hammurabi The Avalon Project Documents in Law History and Diplomacy Jump up ^ Price Earnings Ratio P E Ratio Investopedia Jump up ^ What is EBITDA Jump up ^ Guide to Short term vs Long term Capital Gains Taxes Brokerage Accounts etc Intuit Turbo Tax Turbo Tax Retrieved November External links edit Wikiquote has quotations related to Investment Competition From Wikipedia the free encyclopedia For other uses see Competition disambiguation Competitors redirects here For the Sergey Lukyanenko novel see Competitors novel Competition in sports A selection of images showing some of the sporting events that are classed as athletics competitions Competition is in general a contest or rivalry between two or more entities organisms animals individuals economic groups or social groups etc for territory a niche for scarce resources goods for mates for prestige recognition for awards for group or social status or for leadership and profit It arises whenever at least two parties strive for a goal which cannot be shared where one s gain is the other s loss a zero sum game Competition occurs naturally between living organisms which co exist in the same environment For example animals compete over water supplies food mates and other biological resources Humans usually compete for food and mates though when these needs are met deep rivalries often arise over the pursuit of wealth power prestige and fame Competition is often considered to be the opposite of cooperation however in the real world mixtures of cooperation and competition are the norm Optimal strategies to achieve goals are studied in the branch of mathematics known as games theory Competition is also a major tenet of market economies and business It is often associated with business competition as most companies are in competition with at least one other firm over the same group of customers Also competition inside a company is usually stimulated with the larger purpose of meeting and reaching higher quality of services or improved products that the company may produce or develop Contents hide Consequences Biology and ecology Game theory Economics and business Interstate Law Trade Politics Sports Education Literature Consumer competitions games of luck or skill Study Competitiveness Hypercompetitiveness Philosophies Marx Freud Gandhi See also References Consequences edit Competition can have both beneficial and detrimental effects Many evolutionary biologists view inter species and intra species competition as the driving force of adaptation and ultimately of evolution However some biologists disagree citing competition as a driving force only on a small scale and citing the larger scale drivers of evolution to be abiotic factors termed Room to Roam Richard Dawkins prefers to think of evolution in terms of competition between single genes which have the welfare of the organism in mind only insofar as that welfare furthers their own selfish drives for replication termed the selfish gene Some social Darwinists claim that competition also serves as a mechanism for determining the best suited group politically economically and ecologically Positively competition may serve as a form of recreation or a challenge provided that it is non hostile On the negative side competition can cause injury and loss to the organisms involved and drain valuable resources and energy In the human species competition can be expensive on many levels not only in lives lost to war physical injuries and damaged psychological well beings but also in the health effects from everyday civilian life caused by work stress long work hours abusive working relationships and poor working conditions that detract from the enjoyment of life even as such competition results in financial gain for the owners Biology and ecology edit Main article Competition biology Competition within between and among species is one of the most important forces in biology especially in the field of ecology Competition between members of a species intraspecific for resources such as food water territory and sunlight may result in an increase in the frequency of a variant of the species best suited for survival and reproduction until its fixation within a population However competition among resources also has a strong tendency for diversification between members of the same species resulting in coexistence of competitive and non competitive strategies or cycles between low and high competitiveness Third parties within a species often favour highly competitive strategies leading to species extinction when environmental conditions are harsh evolutionary suicide Competition is also present between species interspecific When resources are limited several species may depend on these resources Thus each of the species competes with the others to gain access to the resources As a result species less suited to compete for the resources may die out unless they adapt by character dislocation for instance According to evolutionary theory this competition within and between species for resources plays a significant role in natural selection At shorter time scales competition is also one of the most important factors controlling diversity in ecological communities but at larger scales expansion and contraction of ecological space is a much more larger factor than competition This is illustrated by living plant communities where asymmetric competition and competitive dominance frequently occur Game theory edit Main article Game theory Game theory is the study of mathematical models of conflict and cooperation between intelligent rational decision makers Game theory is mainly used in economics political science and psychology as well as logic computer science biology and poker Originally it mainly addressed zero sum games in which one person s gains result in losses for the other participants Game theory is a major method used in mathematical economics and business for modeling competing behaviors of interacting agents Applications include a wide array of economic phenomena and approaches such as auctions bargaining mergers acquisitions pricing fair division duopolies oligopolies social network formation agent based computational economics general equilibrium mechanism design and voting systems and across such broad areas as experimental economics behavioral economics information economics industrial organization and political economy This research usually focuses on particular sets of strategies known as solution concepts or equilibria A common assumption is that players act rationally In non cooperative games the most famous of these is the Nash equilibrium A set of strategies is a Nash equilibrium if each represents a best response to the other strategies If all the players are playing the strategies in a Nash equilibrium they have no unilateral incentive to deviate since their strategy is the best they can do given what others are doing Economics and business edit Main article Competition economics Merriam Webster defines competition in business as the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms It was described by Adam Smith in The Wealth of Nations and later economists as allocating productive resources to their most highly valued uses and encouraging efficiency Later microeconomic theory distinguished between perfect competition and imperfect competition concluding that no system of resource allocation is more efficient than perfect competition Competition according to the theory causes commercial firms to develop new products services and technologies which would give consumers greater selection and better products The greater selection typically causes lower prices for the products compared to what the price would be if there was no competition monopoly or little competition oligopoly However competition may also lead to wasted duplicated effort and to increased costs and prices in some circumstances For example the intense competition for the small number of top jobs in music and movie acting leads many aspiring musicians and actors to make substantial investments in training which are not recouped because only a fraction become successful Critics have also argued that competition can be destabilizing particularly competition between certain financial institutions Experts have also questioned the constructiveness of competition in profitability It has been argued that competition oriented objectives are counterproductive to raising revenues and profitability because they limit the options of strategies for firms as well as their ability to offer innovative responses to changes in the market In addition the strong desire to defeat rival firms with competitive prices has the strong possibility of causing price wars Three levels of economic competition have been classified The most narrow form is direct competition also called category competition or brand competition where products which perform the same function compete against each other For example one brand of pick up trucks competes with several other brands of pick up trucks Sometimes two companies are rivals and one adds new products to their line which leads to the other company distributing the same new things and in this manner they compete The next form is substitute or indirect competition where products which are close substitutes for one another compete For example butter competes with margarine mayonnaise and other various sauces and spreads The broadest form of competition is typically called budget competition Included in this category is anything on which the consumer might want to spend their available money For example a family which has available may choose to spend it on many different items which can all be seen as competing with each other for the family s expenditure This form of competition is also sometimes described as a competition of share of wallet In addition companies also compete for financing on the capital markets equity or debt in order to generate the necessary cash for their operations An investor typically will consider alternative investment opportunities given his risk profile and not only look at companies just competing on product direct competitors Enlarging the investment universe to include indirect competitors leads to a broader peer universe of comparable indirectly competing companies Competition does not necessarily have to be between companies For example business writers sometimes refer to internal competition This is competition within companies The idea was first introduced by Alfred Sloan at General Motors in the s Sloan deliberately created areas of overlap between divisions of the company so that each division would be competing with the other divisions For example the Chevy division would compete with the Pontiac division for some market segments The competing brands by the same company allowed parts to be designed by one division and shared by several divisions for example parts designed by Chevy would also be used by Pontiac Also in Procter Gamble initiated a deliberate system of internal brand versus brand rivalry The company was organized around different brands with each brand allocated resources including a dedicated group of employees willing to champion the brand Each brand manager was given responsibility for the success or failure of the brand and compensated accordingly Finally most businesses also encourage competition between individual employees An example of this is a contest between sales representatives The sales representative with the highest sales or the best improvement in sales over a period of time would gain benefits from the employer This is also known as intra brand competition Shalev and Asbjornsen also found that success i e the saving resulted of reverse auctions correlated most closely with competition The literature widely supported the importance of competition as the primary driver of reverse auctions success Their findings appear to support that argument as competition correlated strongly with the reverse auction success as well as with the number of bidders It should also be noted that business and economic competition in most countries is often limited or restricted Competition often is subject to legal restrictions For example competition may be legally prohibited as in the case with a government monopoly or a government granted monopoly Tariffs subsidies or other protectionist measures may also be instituted by government in order to prevent or reduce competition Depending on the respective economic policy pure competition is to a greater or lesser extent regulated by competition policy and competition law Another component of these activities is the discovery process with instances of higher government regulations typically leading to less competitive businesses being launched Interstate edit See also Race to the bottom Competition between countries is quite subtle to detect but is quite evident in the world economy Countries compete to provide the best possible business environment for multinational corporations Such competition is evident by the policies undertaken by these countries to educate the future workforce For example East Asian economies such as Singapore Japan and South Korea tend to emphasize education by allocating a large portion of the budget to this sector and by implementing programmes such as gifted education Law edit Main article Competition law The Department of Justice building in Washington D C is home to the influential antitrust enforcers of U S competition laws Competition law known in the United States as antitrust law has three main functions First it prohibits agreements aimed to restrict free trading between business entities and their customers For example a cartel of sports shops who together fix football jersey prices higher than normal is illegal Second competition law can ban the existence or abusive behaviour of a firm dominating the market One case in point could be a software company who through its monopoly on computer platforms makes consumers use its media player Third to preserve competitive markets the law supervises the mergers and acquisitions of very large corporations Competition authorities could for instance require that a large packaging company give plastic bottle licenses to competitors before taking over a major PET producer In this case as in all three competition law aims to protect the welfare of consumers by ensuring business must compete for its share of the market economy In recent decades competition law has also been sold as good medicine to provide better public services traditionally funded by tax payers and administered by democratically accountable governments Hence competition law is closely connected with the law on deregulation of access to markets providing state aids and subsidies the privatisation of state owned assets and the use of independent sector regulators such as the United Kingdom telecommunications watchdog Ofcom Behind the practice lies the theory which over the last fifty years has been dominated by neo classical economics Markets are seen as the most efficient method of allocating resources although sometimes they fail and regulation becomes necessary to protect the ideal market model Behind the theory lies the history reaching back further than the Roman Empire The business practices of market traders guilds and governments have always been subject to scrutiny and sometimes severe sanctions Since the twentieth century competition law has become global The two largest most organised and influential systems of competition regulation are United States antitrust law and European Community competition law The respective national authorities the U S Department of Justice DOJ and the Federal Trade Commission FTC in the United States and the European Commission s Competition Directorate General DGCOMP have formed international support and enforcement networks Competition law is growing in importance every day which warrants for its careful study Trade edit Competition is also found in trade For nations as well as firms it is important to understand trade dynamics in order to market their goods and services effectively in international markets Balance of trade can be considered a crude but widely used proxy for international competitiveness across levels country industry or even firm Research data hints that exporting firms have a higher survival rate and achieve greater employment growth compared with non exporters Using a simple concept to measure heights that firms can climb may help improve execution of strategies International competitiveness can be measured on several criteria but few are as flexible and versatile to be applied across levels as Trade Competitiveness Index TCI Politics edit Competition is also found in politics In democracies an election is a competition for an elected office In other words two or more candidates strive and compete against one another to attain a position of power The winner gains the seat of the elected office for a predefined period of time towards the end of which another election is usually held to determine the next holder of the office In addition there is inevitable competition inside a government Because several offices are appointed potential candidates compete against the others in order to gain the particular office Departments may also compete for a limited amount of resources such as for funding Finally where there are party systems elected leaders of different parties will ultimately compete against the other parties for laws funding and power Finally competition also exists between governments Each country or nationality struggles for world dominance power or military strength For example the United States competed against the Soviet Union in the Cold War for world power and the two also struggled over the different types of government in these cases representative democracy and communism The result of this type of competition often leads to worldwide tensions and may sometimes erupt into warfare Sports edit The United States Olympic Committee s headquarters in Colorado Springs Colorado The Olympic Games are regarded as the international pinnacle of sports competition While some sports and games such as fishing or hiking have been viewed as primarily recreational most sports are considered competitive The majority involve competition between two or more persons sometimes using horses or cars For example in a game of basketball two teams compete against one another to determine who can score the most points When there is no set reward for the winning team many players gain a sense of pride In addition extrinsic rewards may also be given Athletes besides competing against other humans also compete against nature in sports such as whitewater kayaking or mountaineering where the goal is to reach a destination with only natural barriers impeding the process A regularly scheduled for instance annual competition meant to determine the best competitor of that cycle is called a championship Baseball a competitive sport Competitive sports are governed by codified rules agreed upon by the participants Violating these rules is considered to be unfair competition Thus sports provide artificial not natural competition for example competing for control of a ball or defending territory on a playing field is not an innate biological factor in humans Athletes in sports such as gymnastics and competitive diving compete against each other in order to come closest to a conceptual ideal of a perfect performance which incorporates measurable criteria and standards which are translated into numerical ratings and scores by appointed judges Sports competition is generally broken down into three categories individual sports such as archery dual sports such as doubles tennis and team sports competition such as cricket or football While most sports competitions are recreation there exist several major and minor professional sports leagues throughout the world The Olympic Games held every four years is usually regarded as the international pinnacle of sports competition Education edit Competition is a major factor in education On a global scale national education systems intending to bring out the best in the next generation encourage competitiveness among students through scholarships Countries such as England and Singapore have special education programmes which cater for specialist students prompting charges of academic elitism Upon receipt of their academic results students tend to compare their grades to see who is better In severe cases the pressure to perform in some countries is so high that it can result in stigmatization of intellectually deficient students or even suicide as a consequence of failing the exams Japan being a prime example see Education in Japan This has resulted in critical re evaluation of examinations as a whole by educationalists citation needed Critics of competition as a motivating factor in education systems such as Alfie Kohn assert that competition actually has a net negative influence on the achievement levels of students and that it turns all of us into losers Kohn Economist Richard Layard has commented on the harmful effects stating people feel that they are under a great deal of pressure They feel that their main objective in life is to do better than other people That is certainly what young people are being taught in school every day And it s not a good basis for a society Literature edit Literary competitions such as contests sponsored by literary journals publishing houses and theaters have increasingly become a means for aspiring writers to gain recognition Awards for fiction include those sponsored by the Missouri Review Boston Review Indiana Review North American Review and Southwest Review The Albee Award sponsored by the Yale Drama Series is among the most prestigious playwriting awards citation needed Consumer competitions games of luck or skill edit Further information Game of chance In Australia New Zealand and the United Kingdom competitions or lottos are the equivalent of what are commonly known as sweepstakes in the United States The correct technical name for Australian consumer competitions is a trade promotion lottery or lottos Competition or trade promotion lottery entrants enter to win a prize or prizes hence many entrants are all in competition or competing for a limited number of prizes A trade promotion lottery or competition is a free entry lottery run to promote goods or services supplied by a business An example is where you purchase goods or services and then given the chance to enter into the lottery and possibly win a prize A trade promotion lottery can be called a lotto competition contest sweepstake or giveaway Such competitions can be games of luck randomly drawn or skill judged on an entry question or submission or possibly a combination of both People that enjoy entering competitions are known as compers Many compers attend annual national conventions In over members of the online competitions community of lottos com au from around Australia met on the Gold Coast Queensland to discuss competitions Study edit Competition has been studied in several fields including psychology sociology and anthropology Social psychologists for instance study the nature of competition They investigate the natural urge of competition and its circumstances They also study group dynamics to detect how competition emerges and what its effects are Sociologists meanwhile study the effects of competition on society as a whole In addition anthropologists study the history and prehistory of competition in various cultures They also investigate how competition manifested itself in various cultural settings in the past and how competition has developed over time Competitiveness edit Main article Competitiveness Many philosophers and psychologists have identified a trait in most living organisms which can drive the particular organism to compete This trait called competitiveness is viewed as an innate biological trait citation needed which coexists along with the urge for survival Competitiveness or the inclination to compete though has become synonymous with aggressiveness and ambition in the English language More advanced civilizations integrate aggressiveness and competitiveness into their interactions as a way to distribute resources and adapt Many plants compete with neighboring ones for sunlight However Stephen Jay Gould and others have argued that as one ascends the evolutionary hierarchy competitiveness the survival instinct becomes less innate and more a learned behavior citation needed The same could be said for co operation in humans at least both co operation and competition are considered learned behaviors citation needed because the human species learns to adapt to environmental pressures Consequently if survival requires competitive behaviors the individual will compete and if survival requires co operative behaviors the individual will co operate In the case of humans therefore aggressiveness may be an innate characteristic but a person need not be competitive at the same time for instance when scaling a cliff On the other hand humans seem also to have a nurturing instinct to protect newborns and the weak While that does not necessitate co operative behavior it does help citation needed The term also applies to econometrics Here it is a comparative measure of the ability and performance of a firm or sub sector to sell and produce supply goods and or services in a given market The two academic bodies of thought on the assessment of competitiveness are the Structure Conduct Performance Paradigm and the more contemporary New Empirical Industrial Organisation model Predicting changes in the competitiveness of business sectors is becoming an integral and explicit step in public policymaking Within capitalist economic systems the drive of enterprises is to maintain and improve their own competitiveness Hypercompetitiveness edit The tendency toward extreme unhealthy competition has been termed hypercompetitiveness This concept originated in Karen Horney s theories on neurosis specifically the highly aggressive personality type which is characterized as moving against people In her view some people have a need to compete and win at all costs as a means of maintaining their self worth These individuals are likely to turn any activity into a competition and they will feel threatened if they find themselves losing Researchers have found that men and women who score high on the trait of hypercompetitiveness are more narcissistic and less psychologically healthy than those who score low on the trait Hypercompetitive individuals generally believe that winning isn t everything it s the only thing citation needed Philosophies edit Margaret Heffernan s study A Bigger Prize examines the perils and disadvantages of competition in for example biology families sport education commerce and the Soviet Union Marx edit Karl Marx insisted that the capitalist system fosters competition and egoism in all its members and thoroughly undermines all genuine forms of community It promotes a climate of competitive egoism and individualism with competition for jobs and competition between employees Marx said competition between workers exceeds that demonstrated by company owners He also points out that competition separates individuals from one another and while concentration of workers and development of better communication alleviate this they are not a decision Freud edit Sigmund Freud explained competition as a primal dilemma in which all infants find themselves The infant competes with other family members for the attention and affection of the parent of the opposite sex or the primary caregiving parent During this time a boy develops a deep fear that the father the son s prime rival will punish him for these feelings of desire for the mother by castrating him Girls develop penis envy towards all males The girl s envy is rooted in the biologic fact that without a penis she cannot sexually possess mother as the infantile id demands resultantly the girl redirects her desire for sexual union upon father in competitive rivalry with her mother This constellation of feelings is known as Oedipus Complex after the Greek Mythology figure who accidentally killed his father and married his mother This is associated with the phallic stage of childhood development where intense primal emotions of competitive rivalry with usually the parent of the same sex are rampant and create a crisis that must be negotiated successfully for healthy psychological development to proceed Unresolved Oedipus complex competitiveness issues can lead to lifelong neuroses manifesting in various ways related to an overdetermined relationship to competition Gandhi edit Gandhi speaks of egoistic competition For him such qualities glorified and or left unbridled can lead to violence conflict discord and destructiveness For Gandhi competition comes from the ego and therefore society must be based on mutual love cooperation and sacrifice for the well being of humanity In the society desired by Gandhi each individual will cooperate and serve for the welfare of others and people will share each other s joys sorrows and achievements as a norm of a social life For him in a non violent society competition does not have a place and this should become realized with more people making the personal choice to have fewer tendencies toward egoism and selfishness See also edit Look up competition or competitor in Wiktionary the free dictionary Wikiquote has quotations related to Competition Asymmetric competition Biological interaction Competition regulator Competitor analysis Conflict of interest Cooperation Ecological model of competition Monopolistic competition Non zero sum game Win win game Planned economy Prisoner s dilemma Sharing Student competitions Zero profit condition Zero sum References edit ^ Jump up to a b c Keddy P A Competition nd ed Kluwer Dordrecht p Jump up ^ Competition Sociology guide ^ Jump up to a b Sahney S Benton M J and Ferry P A Links between global taxonomic diversity ecological diversity and the expansion of vertebrates on land PDF Biology Letters – doi rsbl PMC Freely accessible PMID Jump up ^ Baldauf Sebastian A Engqvist Leif Weissing Franz J October Diversifying evolution of competitiveness Nature Communications doi ncomms PMID Jump up ^ Myerson Roger B Game Theory Analysis of Conflict Harvard University Press p Chapter preview links pp vii–xi Jump up ^ Christopher Chabris July The Science of Winning Poker WSJ Jump up ^ • At JEL C of the Journal of Economic Literature classification codes • R J Aumann game theory The New Palgrave Dictionary of Economics nd Edition Abstract • Martin Shubik Game Theory Models and Methods in Political Economy in Kenneth Arrow and Michael Intriligator ed Handbook of Mathematical Economics v pp – doi S • Carl Shapiro The Theory of Business Strategy RAND Journal of Economics pp – JSTOR Jump up ^ N Agarwal and P Zeephongsekul Psychological Pricing in Mergers Acquisitions using Game Theory School of Mathematics and Geospatial Sciences RMIT University Melbourne Jump up ^ • Leigh Tesfatsion Agent Based Computational Economics A Constructive Approach to Economic Theory ch Handbook of Computational Economics v pp – doi S • Joseph Y Halpern computer science and game theory The New Palgrave Dictionary of Economics nd Edition Abstract Jump up ^ • From The New Palgrave Dictionary of Economics nd Edition Roger B Myerson mechanism design Abstract Archived November at the Wayback Machine revelation principle Abstract • Tuomas Sandholm computing in mechanism design Abstract Archived November at the Wayback Machine • Noam Nisan and Amir Ronen Algorithmic Mechanism Design Games and Economic Behavior – pp – • Noam Nisan et al ed Algorithmic Game Theory Cambridge University Press Description Jump up ^ Aumann R and Hart S eds Handbook of Game Theory with Economic Applications v ch Voting Procedures and ch Social Choice Jump up ^ • Vernon L Smith Game Theory and Experimental Economics Beginnings and Early Influences in E R Weintraub ed Towards a History of Game Theory pp – • Experimental Economics International Encyclopedia of the Social Behavioral Sciences pp – Abstract per sect • Charles R Plott and Vernon L Smith ed Handbook of Experimental Economics Results v Elsevier Part Games ch – • Vincent P Crawford Theory and Experiment in the Analysis of Strategic Interaction in Advances in Economics and Econometrics Theory and Applications pp – Cambridge Reprinted in Colin F Camerer et al ed Advances in Behavioral Economics Princeton – papers Description preview Princeton ch • Martin Shubik Game Theory and Experimental Gaming in R Aumann and S Hart ed Handbook of Game Theory with Economic Applications Elsevier v pp – doi S Jump up ^ From The New Palgrave Dictionary of Economics nd Edition • Faruk Gul behavioural economics and game theory Abstract • Colin F Camerer behavioral game theory Abstract Archived November at the Wayback Machine • Progress in Behavioral Game Theory Journal of Economic Perspectives p pp – • Behavioral Game Theory Princeton Description preview ctrl and ch link • George Loewenstein and Matthew Rabin ed Advances in Behavioral Economics Princeton – papers Description contents and preview • Drew Fudenberg Advancing Beyond Advances in Behavioral Economics Journal of Economic Literature pp – JSTOR Jump up ^ • Eric Rasmusen Games and Information th ed Description and chapter preview • David M Kreps Game Theory and Economic Modelling Description • R Aumann and S Hart ed Handbook of Game Theory with Economic Applications v ch – and v ch Jump up ^ • Jean Tirole The Theory of Industrial Organization MIT Press Description and chapter preview links pp vii–ix General Organization pp – and Non Cooperative Game Theory A User s Guide Manual ch pp – • Kyle Bagwell and Asher Wolinsky Game theory and Industrial Organization ch Handbook of Game Theory with Economic Applications v pp – • Martin Shubik Strategy and Market Structure Competition Oligopoly and the Theory of Games Wiley Description and review extract • with Richard Levitan Market Structure and Behavior Harvard University Press Review extract Archived March at the Wayback Machine Jump up ^ • Martin Shubik Game Theory Models and Methods in Political Economy in Handbook of Mathematical Economics v pp – doi S • A Game Theoretic Approach to Political Economy MIT Press Description Archived June at the Wayback Machine Jump up ^ • Martin Shubik Game Theory Economic Applications in W Kruskal and J M Tanur ed International Encyclopedia of Statistics v pp – • Robert Aumann and Sergiu Hart ed Handbook of Game Theory with Economic Applications scrollable to chapter outline or abstract links v v v Jump up ^ Game theoretic model to examine the two tradeoffs in the acquisition of information for a careful balancing act Research paper INSEAD Jump up ^ Options Games Balancing the trade off between flexibility and commitment Archived June at the Wayback Machine Europeanfinancialreview com Retrieved on Jump up ^ m w com Jump up ^ George J Stigler competition The New Palgrave Dictionary of Economics Abstract Jump up ^ Michael Simkovic Competition and Crisis in Mortgage Securitization Jump up ^ J Scott Armstrong Fred Collopy The Profitability of Winning PDF Chief Executive – Jump up ^ J Scott Armstrong Kesten C Greene Competitor oriented Objectives The Myth of Market Share PDF International Journal of Business – ISSN Jump up ^ papers ssrn com Jump up ^ Electronic revers auctions and the public sector – Factors of success Journal of Public Procurement Shalev Moshe and Asbjornsen Stee pp – Jump up ^ Competition Regulation and the Market Process An Austrian Perspective Sept by Israel M Kirzner Jump up ^ JJB Sports v OFT CAT Jump up ^ in the E U side of the saga see Case T Microsoft v Commission Order December Jump up ^ Case C P Commission v Tetra Laval Jump up ^ Manthri P Bhokray K Momaya K S Export Competitiveness of Select Firms from India Glimpse of Trends and Implications PDF Indian Journal of Marketing – doi ijom v i Jump up ^ Group dedicated to happiness launched in UK BBC video April Jump up ^ OLGR > Promotions and competitions > Trade promotion lotteries Olgr nsw gov au Retrieved Jump up ^ NATIONAL LOTTOS MEET GOLD COAST TH SEPTEMBER Lottos com au Retrieved Jump up ^ Comp Queens Aca ninemsn com au Retrieved Economic indicator From Wikipedia the free encyclopedia Economics Supply demand right shift demand svg A supply and demand diagram illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e An economic indicator is a statistic about an economic activity Economic indicators allow analysis of economic performance and predictions of future performance One application of economic indicators is the study of business cycles Economic indicators include various indices earnings reports and economic summaries Examples unemployment rate quits rate quit rate in U S English housing starts consumer price index a measure for inflation consumer leverage ratio industrial production bankruptcies gross domestic product broadband internet penetration retail sales stock market prices money supply changes The leading business cycle dating committee in the United States of America is the National Bureau of Economic Research private The Bureau of Labor Statistics is the principal fact finding agency for the U S government in the field of labor economics and statistics Other producers of economic indicators includes the United States Census Bureau and United States Bureau of Economic Analysis Contents hide Classification by timing Leading indicators Lagging indicators Coincident indicators By direction Local indicators See also References External links Classification by timing edit Equities as leading GDP as coincident and business credit as lagging indicator Economic indicators can be classified into three categories according to their usual timing in relation to the business cycle leading indicators lagging indicators and coincident indicators Leading indicators edit Leading indicators are indicators that usually but not always change before the economy as a whole changes They are therefore useful as short term predictors of the economy Stock market returns are a leading indicator the stock market usually begins to decline before the economy as a whole declines and usually begins to improve before the general economy begins to recover from a slump Other leading indicators include the index of consumer expectations building permits and the money supply The Conference Board publishes a composite Leading Economic Index consisting of ten indicators designed to predict activity in the U S economy six to nine months in future Components of the Conference Board s Leading Economic Indicators Index Average weekly hours manufacturing — Adjustments to the working hours of existing employees are usually made in advance of new hires or layoffs which is why the measure of average weekly hours is a leading indicator for changes in unemployment Average weekly jobless claims for unemployment insurance — The CB reverses the value of this component from positive to negative because a positive reading indicates a loss in jobs The initial jobless claims data is more sensitive to business conditions than other measures of unemployment and as such leads the monthly unemployment data released by the U S Department of Labor Manufacturers new orders for consumer goods materials — This component is considered a leading indicator because increases in new orders for consumer goods and materials usually mean positive changes in actual production The new orders decrease inventory and contribute to unfilled orders a precursor to future revenue Vendor performance slower deliveries diffusion index — This component measures the time it takes to deliver orders to industrial companies Vendor performance leads the business cycle because an increase in delivery time can indicate rising demand for manufacturing supplies Vendor performance is measured by a monthly survey from the National Association of Purchasing Managers NAPM This diffusion index measures one half of the respondents reporting no change and all respondents reporting slower deliveries Manufacturers new orders for non defense capital goods — As stated above new orders lead the business cycle because increases in orders usually mean positive changes in actual production and perhaps rising demand This measure is the producer s counterpart of new orders for consumer goods materials component Building permits for new private housing units The Standard Poor s stock index — The S P is considered a leading indicator because changes in stock prices reflect investor s expectations for the future of the economy and interest rates Corporate equities as leading indicator with respect to GDP Money Supply M — The money supply measures demand deposits traveler s checks savings deposits currency money market accounts and small denomination time deposits Here M is adjusted for inflation by means of the deflator published by the federal government in the GDP report Bank lending a factor contributing to account deposits usually declines when inflation increases faster than the money supply which can make economic expansion more difficult Thus an increase in demand deposits will indicate expectations that inflation will rise resulting in a decrease in bank lending and an increase in savings Interest rate spread year Treasury vs Federal Funds target — The interest rate spread is often referred to as the yield curve and implies the expected direction of short medium and long term interest rates Changes in the yield curve have been the most accurate predictors of downturns in the economic cycle This is particularly true when the curve becomes inverted that is when the longer term returns are expected to be less than the short rates Index of consumer expectations — This is the only component of the leading indicators that is based solely on expectations This component leads the business cycle because consumer expectations can indicate future consumer spending or tightening The data for this component comes from the University of Michigan s Survey Research Center and is released once a month Lagging indicators edit Lagging indicators are indicators that usually change after the economy as a whole does Typically the lag is a few quarters of a year The unemployment rate is a lagging indicator employment tends to increase two or three quarters after an upturn in the general economy citation needed In finance Bollinger bands are one of various lagging indicators in frequent use In a performance measuring system profit earned by a business is a lagging indicator as it reflects a historical performance similarly improved customer satisfaction is the result of initiatives taken in the past citation needed The Index of Lagging Indicators is published monthly by The Conference Board a non governmental organization which determines the value of the index from seven components The Index tends to follow changes in the overall economy The components on the Conference Board s index are The average duration of unemployment inverted The value of outstanding commercial and industrial loans The change in the Consumer Price Index for services The change in labour cost per unit of output The ratio of manufacturing and trade inventories to sales The ratio of consumer credit outstanding to personal income The average prime rate charged by banks Federal Funds Rate in the USA lagging behind capacity utilization in manufacturing Coincident indicators edit Coincident indicators change at approximately the same time as the whole economy thereby providing information about the current state of the economy There are many coincident economic indicators such as Gross Domestic Product industrial production personal income and retail sales A coincident index may be used to identify after the fact the dates of peaks and troughs in the business cycle There are four economic statistics comprising the Index of Coincident Economic Indicators citation needed Number of employees on non agricultural payrolls Personal income less transfer payments Industrial production Manufacturing and trade sale The Philadelphia Federal Reserve produces state level coincident indexes based on state level variables Nonfarm payroll employment Average hours worked in manufacturing Unemployment rate Wage and salary disbursements deflated by the consumer price index U S city average By direction edit There are also three terms that describe an economic indicator s direction relative to the direction of the general economy The wage share arguably as countercyclical but also as a lagging indicator with respect to the employment rate as procyclical indicator in the USA Procyclical indicators move in the same direction as the general economy they increase when the economy is doing well decrease when it is doing badly Gross domestic product GDP is a procyclic indicator Countercyclical indicators move in the opposite direction to the general economy The unemployment rate and the wage share are countercyclic in the short run they rise when the economy is deteriorating Acyclical indicators are those with little or no correlation to the business cycle they may rise or fall when the general economy is doing well and may rise or fall when it is not doing well Local indicators edit Local governments often need to project future tax revenues The city of San Francisco for example uses the price of a one bedroom apartment on Craigslist weekend subway ridership numbers parking garage usage and monthly reports on passenger landings at the city s airport See also edit icon Business and economics portal Big Mac Index Bureau of Labor Statistics CAPRI model Consumer Confidence Index Consumer Leverage Ratio Consumer price index Core inflation Economic data Fundamental analysis Genuine Progress Index Gross domestic product Hemline index Inflation Lipstick effect List of economic reports by U S government agencies Misery index economics The Conference Board References edit Jump up ^ O Sullivan Arthur Sheffrin Steven M Economics Principles in Action Upper Saddle River New Jersey Pearson Prentice Hall p Jump up ^ Smith Charles Emrys Economic Indicators in Wankel C ed Encyclopedia of Business in Today s World California USA Jump up ^ State Coincident Indexes Federal Reserve Bank of Philadelphia Retrieved October Jump up ^ About com A Beginner s Guide to Economic Indicators retrieved November This was the source of procyclic acyclic etc as well as confirmation of leading lagging etc and the source of some of the examples Jump up ^ A Fresh Approach To Measuring The Economy Retrieved External links edit OECD Economic Indicators Economic Indicators Mobile App U S Bureau of Labor Statistics The Conference Board Economic Indicators FED Economic Indicators International Conference on Indicators and Survey Methodology Economic Indicators Monthly analysis from American Institute for Economic Research AIER U S Economic Indicators United States Economic Indicators current and historical open data Quandl Investing com Economic Indicators show v t e Economics Categories Economic indicators Jump up ^ Ryckman R M Thornton B Butler J C Personality correlates of the hypercompetitive attitude scale Validity tests of Horney s theory of neurosis Journal of Personality Assessment – doi s jpa Jump up ^ Heffernan Margaret A Bigger Prize Why Competition Isn t Everything and How We Do Better London Simon and Schuster ISBN Retrieved Jump up ^ Morris Iain A Bigger Prize review – the price we pay for competition Books The Guardian UK ed Guardian News and Media Limited ISSN Retrieved Margaret Heffernan s brave study shows how the competitive instinct can be bad for us in all walks of life from sport to finance Jump up ^ Buchanan Allen E Marx and Justice The Radical Critique of Liberalism Philosophy and Society Series Rowman Littlefield Publishers Incorporated p ISBN Retrieved This problem is greatly exacerbated by Marx s insistence that the capitalist system fosters competition and egoism in all its members and thoroughly undermines all genuine forms of community ^ Jump up to a b Allen E Buchanan Marx and justice the radical critique of liberalism Taylor Francis ^ Jump up to a b c Parmeshwari Dayal Gandhian Theory of Social Reconstruction Atlantic Publishers Dist Categories CompetitionSocial events Wikimedia Commons has media related to Investments Wikisource has the text of The New Student s Reference Work article Investments Investing at DMOZ show v t e Economics Authority control GND NDL Categories Investment Resources in your library Historicalstatistics org Links to historical national accounts and statistics for different countries and regions World Bank s Development and Education Program Website Quandl GDP by country data available in CSV Excel JSON or XML formats Categories Gross domestic productNational accounts Authority control GND NDL Categories Economic growthMacroeconomic indicators In capitalist economies however available resources are not fully used In times of depression many people want to work but can t find employment It supposes that the scarce resources are not fully utilized in a capitalist economy The problem of economic growth edit If productive capacity grows an economy can produce progressively more goods which raises the standard of living The increase in productive capacity of an economy is called economic growth There are various factors affecting economic growth The problems of economic growth have been discussed by numerous growth models including the Harrod Domar model the neoclassical growth models of Solow and Swan and the Cambridge growth models of Kaldor and Joan Robinson This part of economic problem is studied in the economies of development See also edit Full employment Post scarcity Job guarantee Rivalry economics References edit Categories Economic problems Resources in your library X Lab A Collaborative Micro Economics and Social Sciences Research Laboratory Simulations in Microeconomics http media lanecc edu users martinezp MicroHistory html – a brief history of microeconomics show v t e Microeconomics show v t e Economics show v t e Social sciences Authority control GND NDL Categories Microeconomics thinkers within economics Kenneth Arrow Gary Becker Francis Ysidro Edgeworth Milton Friedman Ragnar Frisch Friedrich Hayek Harold Hotelling John Maynard Keynes Tjalling Koopmans Paul Krugman Robert Lucas Jr Jacob Marschak Alfred Marshall Karl Marx John von Neumann Vilfredo Pareto David Ricardo Paul Samuelson Joseph Schumpeter Amartya Sen Herbert A Simon Adam Smith Robert Solow Léon Walras more International organizations Asia Pacific Economic Cooperation Economic Cooperation Organization European Free Trade Association International Monetary Fund Organisation for Economic Co operation and Development World Bank World Trade Organization Category Index Lists Outline Publications Business and economics portal show v t e Social sciences Authority control LCCN sh GND NDL Categories EconomicsEconomic theories Major topics Aggregation Bilateral monopoly Budget Consumer Convexity and non convexity Cost Cost–benefit analysis Deadweight loss Distribution Duopoly Economies of scale Economies of scope Elasticity Equilibria Exchange Expected utility Externality Firms General equilibrium Household Income–consumption curve Information Indifference curve Intertemporal choice Marginal cost Market failure Market structure Monopoly Monopsony Oligopoly Preferences Production Profit Public goods Returns to scale Risk aversion Scarcity Shortage Social choice Sunk costs Supply demand Surplus Uncertainty Utility Welfare Subfields Behavioral Business Computational Statistical decision theory Econometrics Experimental Game theory Industrial organization Labor Managerial Mathematical economics Microfoundations of macroeconomics Operations research Optimization Categories CostsEconomics and time Marginal product of labor Marginal revenue Merit goods References edit Jump up ^ O Sullivan Arthur Sheffrin Steven M Economics Principles in Action Upper Saddle River New Jersey Pearson Prentice Hall p ISBN Jump up ^ Silberberg Suen The Structure of Economics A Mathematical Analysis rd ed McGraw Hill at Jump up ^ See http ocw mit edu courses economics principles of microeconomics fall lecture notes lec pdf Jump up ^ Chia Hui Chen course materials for Principles of Microeconomics Fall MIT OpenCourseWare http ocw mit edu Massachusetts Institute of Technology Downloaded on Sept Jump up ^ Note also that AVC VC Q wL Q w Q L OR w APL Jump up ^ Piana V Refusal to sell a key concept in Economics and Management Economics Web Institute hide v t e Microeconomics Major topics Aggregation Bilateral monopoly Budget Consumer Convexity and non convexity Cost Cost–benefit analysis Deadweight loss Distribution Duopoly Economies of scale Economies of scope Elasticity Equilibria Exchange Expected utility Externality Firms General equilibrium Household Income–consumption curve Information Indifference curve Intertemporal choice Marginal cost Market failure Market structure Monopoly Monopsony Oligopoly Preferences Production Profit Public goods Returns to scale Risk aversion Scarcity Shortage Social choice Sunk costs Supply demand Surplus Uncertainty Utility Welfare Subfields Behavioral Business Computational Statistical decision theory Econometrics Experimental Game theory Industrial organization Labor Managerial Mathematical economics Microfoundations of macroeconomics Operations research Optimization Categories CostsMarginal concepts Kenneth Arrow Gary Becker Francis Ysidro Edgeworth Milton Friedman Ragnar Frisch Friedrich Hayek Harold Hotelling John Maynard Keynes Tjalling Koopmans Paul Krugman Robert Lucas Jr Jacob Marschak Alfred Marshall Karl Marx John von Neumann Vilfredo Pareto David Ricardo Paul Samuelson Joseph Schumpeter Amartya Sen Herbert A Simon Adam Smith Robert Solow Léon Walras more International organizations Asia Pacific Economic Cooperation Economic Cooperation Organization European Free Trade Association International Monetary Fund Organisation for Economic Co operation and Development World Bank World Trade Organization Category Index Lists Outline Publications Business and economics portal Categories CostsProduction economicsNew institutional economics Liquidity Notes edit Jump up ^ http chicagofed org webpages publications understanding derivatives index cfm Jump up ^ Robert E Wright and Vincenzo Quadrini Money and Banking Chapter Section Financial Markets pp Accessed June Jump up ^ Khader Shaik September Managing Derivatives Contracts A Guide to Derivatives Market Structure Contract Life Cycle Operations and Systems Apress pp – ISBN Jump up ^ Steven Valdez An Introduction To Global Financial Markets Jump up ^ http www investopedia com terms p pip asp Jump up ^ Law Johnathan Pegging A dictionary of business and management Oxford University Press ISBN OCLC References edit T E Copeland J F Weston Financial Theory and Corporate Policy Addison Wesley West Sussex ISBN E J Elton M J Gruber S J Brown W N Goetzmann Modern Portfolio Theory and Investment Analysis John Wiley Sons New York ISBN E F Fama Foundations of Finance Basic Books Inc New York ISBN Marc M Groz Forbes Guide to the Markets John Wiley Sons Inc New York ISBN R C Merton Continuous Time Finance Blackwell Publishers Inc ISBN Keith Pilbeam Finance and Financial Markets Palgrave ISBN Steven Valdez An Introduction To Global Financial Markets Macmillan Press Ltd ISBN The Business Finance Market A Survey Industrial Systems Research Publications Manchester 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