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| == '''[[History of economic thought]]''' ==
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| ''by [[User:Nick Gardner|Nick Gardner]], [[User:João Prado Ribeiro Campos|João Prado Ribeiro Campos]] and [[User:Richard Jensen|Richard Jensen]]
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| | ==Footnotes== |
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| Modern economic thought is generally considered to have originated in the late eighteenth century with the work of [[David Hume]] and [[Adam Smith]], and the foundation of classical economics. (Earlier approaches are described in the article on the [[History of pre-classical economic thought]].) The nineteenth and twentieth centuries saw major developments in the methodology and scope of economic theory.
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| Nineteenth- and early twentieth-century economists applied deductive reasoning to axioms considered to be self-evident and to simplifying assumptions which were thought to capture the essential features of economic activity. That methodology yielded concepts such as [[elasticity]] and [[utility]], tools such as marginal analysis, and theorems such as the law of [[comparative advantage]]. An extension of the relationships governing transactions between consumers and producers was considered to provide all that was necessary to understand the behaviour of the national economy.
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| The development, in the later 20th century, of systems of [[economic statistics]] enabled economists to use inductive reasoning to test theoretical findings against observed economic behaviour and to develop new theories. By that time, the concept had emerged of the national economy as an open interactive system, and analysis of that concept provided explanations of [[recession|recessions]], [[unemployment]] and [[inflation]] that were not previously available. The application of empirical data and inductive reasoning enabled those theories to be refined and led to the development of forecasting models that could be used as tools of economic management.
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| The late 20th and early 21st centuries have seen further theoretical and empirical refinements and significant advances in the techniques of economic management.
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| ===Overview: categories of economic thought=== | |
| Historians categorise economic thought into “periods” and “schools” and tend to attribute each innovation to one individual. This categorization is helpful for the purpose of exposition, although the reality has been a story of interwoven intellectual threads in which advances attributed to particular individuals or schools have often prompted the work of others. For example, the quantity theory of money, which achieved prominence in the twentieth century and is associated with Milton Friedman, was first formulated at least three centuries earlier. Many of those threads that have permeated the categories referred to as "Classical economics" and "Neoclassical economics"—such as the concept of value and the nature of economic growth—had an earlier origin in "Pre-classical economics" (see [[History of pre-classical economic thought]]). "Classical" in economics denotes the adoption in the late eighteenth century of an approach that was inspired by the enlightenment and the methodology of the physical sciences, and had abandoned previous examinations of economics in terms of ethics, religion and politics. Preoccupation with those threads was overshadowed in the twentieth century by the responses of [[Keynesianism]] and [[monetarism]] to the problems of unemployment and [[inflation]], but the development of neoclassical economics started before that time and has continued thereafter. (The boundary between the "classical" and "neoclassical" categories is marked mainly by the rejuvenation of the value thread by the concept of [[utility]] and the associated explanation of price in terms of "[[supply and demand]]".) The introduction of new tools of exploration has since led to the vigorous development of that and other threads, and an expansion in the scope of economics into many new directions.
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| ''[[History of economic thought|.... (read more)]]''
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| ! style="text-align: center;" | [[History of economic thought#References|notes]]
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| {{reflist|2}} | | {{reflist|2}} |
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Latest revision as of 10:19, 11 September 2020
1901 photograph of a stentor (announcer) at the Budapest
Telefon Hirmondó.
Telephone newspaper is a general term for the telephone-based news and entertainment services which were introduced beginning in the 1890s, and primarily located in large European cities. These systems were the first example of electronic broadcasting, and offered a wide variety of programming, however, only a relative few were ever established. Although these systems predated the invention of radio, they were supplanted by radio broadcasting stations beginning in the 1920s, primarily because radio signals were able to cover much wider areas with higher quality audio.
History
After the electric telephone was introduced in the mid-1870s, it was mainly used for personal communication. But the idea of distributing entertainment and news appeared soon thereafter, and many early demonstrations included the transmission of musical concerts. In one particularly advanced example, Clément Ader, at the 1881 Paris Electrical Exhibition, prepared a listening room where participants could hear, in stereo, performances from the Paris Grand Opera. Also, in 1888, Edward Bellamy's influential novel Looking Backward: 2000-1887 foresaw the establishment of entertainment transmitted by telephone lines to individual homes.
The scattered demonstrations were eventually followed by the establishment of more organized services, which were generally called Telephone Newspapers, although all of these systems also included entertainment programming. However, the technical capabilities of the time meant that there were limited means for amplifying and transmitting telephone signals over long distances, so listeners had to wear headphones to receive the programs, and service areas were generally limited to a single city. While some of the systems, including the Telefon Hirmondó, built their own one-way transmission lines, others, including the Electrophone, used standard commercial telephone lines, which allowed subscribers to talk to operators in order to select programming. The Telephone Newspapers drew upon a mixture of outside sources for their programs, including local live theaters and church services, whose programs were picked up by special telephone lines, and then retransmitted to the subscribers. Other programs were transmitted directly from the system's own studios. In later years, retransmitted radio programs were added.
During this era telephones were expensive luxury items, so the subscribers tended to be the wealthy elite of society. Financing was normally done by charging fees, including monthly subscriptions for home users, and, in locations such as hotel lobbies, through the use of coin-operated receivers, which provided short periods of listening for a set payment. Some systems also accepted paid advertising.
