Consumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally, consumption is defined in part by comparison to production. But the precise definition can vary because different schools of economists define production quite differently. According to mainstream economists, only the final purchase of goods and services by individuals constitutes consumption, while other types of expenditure — in particular, fixed investment, intermediate consumption and government spending — are placed in separate categories. See consumer choice. Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. the selection, adoption, use, disposal and recycling of goods and services).

Likewise, consumption can be measured by a variety of different metrics such as energy in energy economics . The total consumer spending in an economy is generally calculated using the consumption function, a metric devised by John Maynard Keynes, which simply expresses consumption as a function of the aggregate disposable income. This metric essentially defines consumption as the part of disposable income that does not go into saving. But disposable income in turn can be defined in a number of ways - e.g. to include borrowed funds or expenditures from savings. Consumption also decreases demand

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Category:Macroeconomics Category:Consumer theory

Rogers is an outspoken proponent of the free market, but he does not consider himself a member of any school of thought. Rogers acknowledged, however, that his views best fit the label of Austrian School of economics.

Biography

In 1970, Rogers joined Arnhold and S. Bleichroder. In 1973, Rogers co-founded the Quantum Fund with George Soros. During the following 10 years, the portfolio gained 4200% while the S&P; advanced about 47%. The Quantum Fund was one of the first truly international funds.

In 1980, Rogers decided to "retire", and spent some of his time traveling on a motorcycle around the world. Since then, he has been a guest professor of finance at the Columbia University Graduate School of Business.

In 1989 and 1990, Rogers was the moderator of WCBS' ''The Dreyfus Roundtable'' and FNN's ''The Profit Motive with Jim Rogers''. From 1990 to 1992, he traveled through China again, as well as around the world, on motorcycle, over 100,000 miles (160,000 km) across six continents, which was picked up in the ''Guinness Book of World Records''. He tells of his adventures and worldwide investments in ''Investment Biker'', a bestselling investment book.

In 1998, Rogers founded the Rogers International Commodity Index. In 2007, the index and its three sub-indices were linked to exchange-traded notes under the banner ELEMENTS. The notes track the total return of the indices as an accessible way to invest in the index. Rogers is an outspoken advocate of agriculture investments and, in addition to the Rogers Commodity Index, is involved with two direct, farmland investment funds - Agrifirma, based in Brazil, and Agcapita Farmland Investment Partnership, based in Canada.

Between January 1, 1999 and January 5, 2002, Rogers did another Guinness World Record journey through 116 countries, covering 245,000 kilometers with his wife, Paige Parker, in a custom-made Mercedes. The trip began in Iceland, which was about to celebrate the 1000th anniversary of Leif Eriksson's first trip to America. On January 5, 2002, they were back in New York City and their home on Riverside Drive. His route around the world can be viewed on his website, jimrogers.com. He wrote ''Adventure Capitalist'' following this around-the-world adventure. It is currently his bestselling book.

On his return in 2002, Rogers became a regular guest on Fox News' ''Cavuto on Business'' which airs every Saturday. In 2005, Rogers wrote ''Hot Commodities: How Anyone Can Invest Profitably in the World's Best Market''. In this book, Rogers quotes a ''Financial Analysts Journal'' academic paper co-authored by Yale School of Management professor, Geert Rouwenhorst, entitled ''Facts and Fantasies about Commodity Futures''. Rogers contends this paper shows that commodities investment is one of the best investments over time, which is a concept somewhat at odds with conventional investment thinking.

In December 2007, Rogers sold his mansion in New York City for about 16 million USD and moved to Singapore. Rogers claimed that he moved because now is a ground-breaking time for investment potential in Asian markets. Rogers's first daughter is now being tutored in Mandarin to prepare her for the future. He is quoted as saying: "If you were smart in 1807 you moved to London, if you were smart in 1907 you moved to New York City, and if you are smart in 2007 you move to Asia." In a CNBC interview with Maria Bartiromo broadcast on May 5, 2008, Rogers said that people in China are extremely motivated and driven, and he wants to be in that type of environment, so his daughters are motivated and driven. He also stated that this is how America and Europe used to be. He chose not to move to Chinese cities like Hong Kong or Shanghai due to the high levels of pollution causing potential health problems for his family; hence, he chose Singapore. He has also advocated investing in certain smaller Asian frontier markets such as Sri Lanka and Cambodia, and currently serves as an Advisor to Leopard Capital’s Leopard Sri Lanka Fund. However, he is not fully bullish on all Asian nations, as he remains skeptical of India's future - "India as we know it will not survive another 30 or 40 years". In 2008 Rogers endorsed Ron Paul for President of the United States.

Rogers has two daughters with Paige Parker. Hilton Augusta(nicknamed Happy) was born in 2003, and their second daughter Beeland Anderson in 2008. His latest book, ''A Gift To My Children'', contains lessons in life for his daughters as well as investment advice and was published in 2009.

On November 4, 2010, at Oxford University’s Balliol College, he urged students to scrap career plans for Wall Street or the City, London’s financial district, and to study agriculture and mining instead. “The power is shifting again from the financial centers to the producers of real goods. The place to be is in commodities, raw materials, natural resources."

In February 2011 Rogers announced that he has started a new index fund which focuses on "the top companies in agriculture, mining, metals and energy sectors as well as those in the alternative energy space including solar, wind and hydro." The index is called The Rogers Global Resources Equity Index and the best and most liquid companies, according to Rogers, go into the index.

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Further reading

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;Articles

;Interviews

References

Thompson's 1887 total of 166 RBIs stood as a Major League record for 34 years until Babe Ruth broke the record in . He was the only 19th-century player to drive in 150 or more runs and he did it twice. His .923 RBIs/Game is still a major league record, and he has the still-standing record of 61 RBIs in 1 month, which he accomplished for the Philadelphia Phillies in August 1895.

Born in Danville, Indiana, Thompson entered the National League in with the Detroit Wolverines and played his first full season in . An outfielder, Thompson had his breakout season in when he batted .372 with 118 runs, 203 hits, 11 home runs and 166 RBIs en route to leading the Wolverines to the National League pennant as well as a World Series victory over the St. Louis Browns of the American Association - the other major league at the time. The Wolverines finished the 1888 season in fifth place, losing so much money that the team folded and the players were sold off. Thompson was purchased by the Philadelphia Quakers (known as the Philadelphia Phillies beginning in ), for $5,000 cash (equal to $}} today). He would play for them until . Thompson enjoyed his most consistent years from 1889 until , only missing the 100 RBI plateau once (with 90, in ) and 100 runs plateau once (with 99 in ) while batting .407 in 1894 and leading the league in home runs in and (with 20 and 18 respectively). In 1889 he became the first Major League player to reach 20 home runs and 20 stolen bases in the same season. Back problems brought a premature end to Thompson's career, limiting him to 3 games in 1897 and 14 in 1898. After the 1898 season, he left baseball for nearly a decade before briefly returning to play in 8 games for the Detroit Tigers in 1906, when he became one of oldest players to hit a triple. He retired with 1256 runs, 1299 RBIs, a .331 batting average, and 127 home runs which was at the time second only to Roger Connor.

Thompson's great-great-grandson is mandolin master Chris Thile, who wrote a reel entitled "Big Sam Thompson" which is on his solo album ''Not All Who Wander Are Lost''.

Thompson hit for the cycle, playing for the Phillies, on August 17, 1894.

In , Thompson was part of the only all-.400-hitting outfield of all-time. All four Philadelphia outfielders ended the season with a batting average better than .400 (Tuck Turner at .416, Thompson and Ed Delahanty at .407, and Billy Hamilton at .404). Thompson hit .407 despite missing a month with a finger injury which necessitated the amputation of a fingertip. As a team, the 1894 Phillies batted .349.

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Bibliography

As co-editor or co-author:

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Biography

Before joining Portland State University in 2010 as the director of the Institute for Sustainable Solutions, Costanza was the Gund Professor of Ecological Economics and director of the Gund Institute for Ecological Economics at the University of Vermont. Prior to moving to Vermont in August 2002, Costanza was director of the University of Maryland Institute for Ecological Economics, and a professor in the Center for Environmental Science, at Solomons, and in the Biology Department. Costanza received his Ph.D. from the University of Florida in 1979 in systems ecology, with a minor in economics. He also has a master's degree in Architecture and Urban and Regional Planning from the University of Florida.

He is co-founder and past-president of the International Society for Ecological Economics and he was chief editor of the society's journal, Ecological Economics from its inception in 1989 until 2002. Costanza is the founding editor-in-chief of ''Solutions'' a new hybrid academic journal/popular magazine. He is also the co-editor-in-chief (with Karin Limburg and Ida Kubiszewski) of Ecological Economics Reviews. He currently serves on the editorial board of eight other international academic journals and is past president of the International Society for Ecosystem Health. He is a senior fellow of the Stockholm Resilience Centre, Stockholm, Sweden; a senior fellow of the National Council for Science and the Environment, Washington, D.C.; and, a distinguished research fellow of the New Zealand Center for Ecological Economics, Massey University, Palmerston North, New Zealand.

In 1982 he was selected as a Kellogg National Fellow, in 1992 he was awarded the Society for Conservation Biology Distinguished Achievement Award and in 1993 he was selected as a Pew Scholar in Conservation and the Environment. In 1998 he was awarded the Kenneth Boulding Memorial Award for Outstanding Contributions in Ecological Economics and received an honorary doctorate in natural sciences from Stockholm University in 2000.

Costanza has served on the scientific steering committee for the “Land-Ocean Interactions in the Coastal Zone” and “Analysis, Integration and Modeling of the Earth System” core projects of the International Geosphere-Biosphere Programme; the U.S. EPA National Advisory Council for Environmental Policy and Technology; the National Research Council Board on Sustainable Development, Committee on Global Change Research; the National Research Council Board on Global Change; the U.S. National Committee for Man and Superman; the Biosphere Program; and, the National Marine Fisheries Service Committee on Ecosystem Principles.

Work

Literature

;Articles, a selection

;About Robert Costanza Dr. Costanza is the author or co-author of over 400 scientific papers and 22 books. His work has been cited in more than 7,000 scientific articles and he has been named as one of the ISI's Highly Cited Researchers since 2004. More than 200 interviews and reports on his work have appeared in various popular media, including Newsweek, US News and World Report, the Economist, the New York Times, Science, Nature, National Geographic, and National Public Radio.

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Category:1950 births Category:American economists Category:Environmental economists Category:Environmental economics Category:Living people Category:Systems ecologists Category:Systems scientists Category:Sustainability advocates Category:University of Florida alumni Category:Renewable-energy economy Category:People from Burlington, Vermont