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96-434: UIP provides professional and technical training in the undergraduate and the graduate levels in economics , agriculture, fishery , trade, home industry, engineering , education, forest research and conservation, management, finance , accounting and business administration, public administration and other fields. ISPSC promotes scientific and technological research. On February 24, 1998, President Fidel V. Ramos signed

192-465: A coconut oil processing plant located at Barangay Talogtog. On the other hand, cottage industries include balut egg production, fish re-drying, salt making, native delicacies, woodcraft and handicraft. Service establishments are also present in Candon, such as sari-sari and grocery stores, carinderias (small diners), nightclubs, barber shops, beauty parlors, gasoline stations and stores/outlets for

288-449: A beacon of hope to the people in the service area and together thread the path towards greater heights. Economics Economics ( / ˌ ɛ k ə ˈ n ɒ m ɪ k s , ˌ iː k ə -/ ) is a social science that studies the production , distribution , and consumption of goods and services . Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what

384-483: A bill creating ISPSC. It converted the then Ilocos Sur Agricultural College (ISAC) into a polytechnic college integrating into it the following schools After its conversion into a state college, two of the campuses, Suyo and Salcedo , were reverted to the Philippine Department of Education . On April 27, 2022, President Rodrigo Duterte signed and approved Republic Act No. 11755, which transformed

480-594: A city remained a dream, but its destiny inevitable when the counterpart Senate Bill No. 2242 was sponsored by no less than Senate President Aquilino "Nene" Pimentel Jr., Senators Frank Drilon, Sergio Osmeña III and all the members of the Senate Committee on Local Government. It was subsequently approved unanimously by the Senate in plenary session, and now it is up to the townspeople to embrace this honor with an equally unanimous "YES to Cityhood" vote. Candon City

576-557: A component city was filed by then Congressman Eric D. Singson in the 10th Congress and later re-filed by Congresswoman Grace D. Singson in the 11th Congress. Owing to the merits and qualifications of Candon as the leading town in Southern Ilocos Sur, the bill easily got the approval of the Committees on Local Government in both House of Representatives and in the Senate. Until recently the aspiration for Candon to become

672-702: A definition of economics as a study of human behaviour, subject to and constrained by scarcity, which forces people to choose, allocate scarce resources to competing ends, and economise (seeking the greatest welfare while avoiding the wasting of scarce resources). According to Robbins: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". Robbins' definition eventually became widely accepted by mainstream economists, and found its 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

768-451: 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. During

864-886: A farm school in 1913, then evolved into the Santa Maria Agricultural High School (SMAHS) . In 1963, SMAHS was converted into the Ilocos Sur Agricultural College. Then in 1995, it was converted into the Ilocos Sur Polytechnic College. The Narvacan Campus was established as the Narvacan School of Fisheries in 1962. When it was integrated into ISPSC, the Narvacan Campus became the College of Fisheries and Marine Science. Today, it

960-490: A geographical setting and proximity to the national highway and other towns that encouraged greater mobility in terms of trade, economic, social and cultural activities. The Department of Trade and Industry termed the city as the "Center for Trade and Commerce" in Ilocos Sur. Many adjacent towns frequent Candon for commercial activities, catering to the commercial needs of an estimated 100,000 population. The city also has

1056-420: 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 (1848) 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

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1152-449: A more comprehensive theory of costs on the supply side. In the 20th century, neoclassical theorists departed from an earlier idea that suggested measuring total utility for a society, opting instead for ordinal utility , which posits behaviour-based relations across individuals. In microeconomics , neoclassical economics represents incentives and costs as playing a pervasive role in shaping decision making . An immediate example of this

1248-467: A more important role in mainstream economic theory. Also, heterogeneity among the economic agents, e.g. differences in income, plays an increasing role in recent economic research. Other 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 Freiburg School ,

1344-597: A proportion of the value their work had created. Marxian economics was further developed by Karl Kautsky (1854–1938)'s The Economic Doctrines of Karl Marx and The Class Struggle (Erfurt Program) , Rudolf Hilferding 's (1877–1941) Finance Capital , Vladimir Lenin (1870–1924)'s The Development of Capitalism in Russia and Imperialism, the Highest Stage of Capitalism , and Rosa Luxemburg (1871–1919)'s The Accumulation of Capital . At its inception as

1440-409: 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 Simon has criticised Malthus's conclusions. While Adam Smith emphasised production and income, David Ricardo (1817) focused on

1536-469: 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 players to attain the best possible outcome. Keynesian economics derives from John Maynard Keynes , in particular his book The General Theory of Employment, Interest and Money (1936), which ushered in contemporary macroeconomics as

1632-409: 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 (1723–1790) was an early economic theorist. Smith was harshly critical of the mercantilists but described the physiocratic system "with all its imperfections" as "perhaps

1728-452: 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 (1803). These three items were considered only in relation to the increase or diminution of wealth, and not in reference to their processes of execution. Say's definition has survived in part up to

1824-435: A sought after end). Some subsequent comments criticised the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, 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

1920-740: A supermarket and shopping mall, banking and lending institutions, recreational facilities, tourism facilities, health and medical establishments. Existing industries in Candon City are manufacturing, agro-industry and cottage industry. The manufacturing sector owns the Tobacco Stalk Cement Bonded Board Plant that produces particle boards for low cost housing and other construction needs. Other manufacturing establishments are based on kalamay -making, chichacorn (deep-fried corn), baked goods, ice cream, and vinegar; furniture making, concrete products manufacturing, and

2016-442: A synthesis emerged by the 2000s, often given the name the new neoclassical synthesis . It integrated the rational expectations and optimizing framework of the new classical theory with a new Keynesian role for nominal rigidities and other market imperfections like imperfect information in goods, labour and credit markets. The monetarist importance of monetary policy in stabilizing the economy and in particular controlling inflation

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2112-421: Is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός ( oikonomikos ), or "household or homestead manager". Derived terms such as "economy" can therefore often mean "frugal" or "thrifty". By extension then, "political economy" was the way to manage a polis or state. There are a variety of modern definitions of economics ; some reflect evolving views of

2208-438: Is also applied to such diverse subjects as crime , education , the family , feminism , law , philosophy , politics , religion , social institutions , war , science , and the environment . The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". The term is ultimately derived from Ancient Greek οἰκονομία ( oikonomia ) which

2304-624: Is also the city's main thoroughfare. Other major streets in the city are 25 de Marzo Street and San Juan Street, both parallel to the National Highway. Quirino Boulevard is a secondary highway that connects the city proper to the upland barangays of Candon City and the upland municipalities of Ilocos Sur. The Darapidap Beach Road or the Samonte Boulevard where you can find the Muslim Mosque aside of it. This Road connects

2400-417: Is generally dry that usually occurs from the months of October to May. However, the southernmost portion is observed to be humid and rain is evenly distributed throughout the year while the eastern part is dry with rain not sufficiently distributed. August has the most rainfall while January and February have the least. The mean temperature in the province is 27 °C (81 °F). January is the coldest. In

2496-603: Is identified as the Provincial Institute of Fisheries. The Santiago Campus was established as the Ilocos Sur Experimental Station and Pilot School of Cottage Industries (ISESPSCI) on June 19, 1965. It is situated on a 3.5-hectare (8.6-acre) area along the national highway in the municipality of Santiago, Ilocos Sur. When it was integrated into ISPSC, it became the College of Engineering and Technology. At present, Santiago Campus houses

2592-413: 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

2688-471: Is situated in the lower central portion of the Province of Ilocos Sur. It has a C-shape with elevations ranging from 10 – 500 ft above sea level. The city is 346 kilometres (215 mi) from Metro Manila and 61 kilometres (38 mi) from Vigan City , the provincial capital. Candon is politically subdivided into 42 barangays . Each barangay consists of puroks and some have sitios . The climate

2784-598: 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 sympathisers. Modern mainstream economics builds on neoclassical economics but with many refinements that either supplement or generalise earlier analysis, such as econometrics , game theory , analysis of market failure and imperfect competition , and

2880-607: Is viewed as basic elements within economies , including individual agents and markets , their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings , and investment expenditure interact, and factors affecting it: factors of production , such as labour , capital , land , and enterprise , inflation , economic growth , and public policies that have impact on these elements . It also seeks to analyse and describe

2976-678: The Japanese Occupation in the Second World War , another revolution was staged. Several truckloads of Imperial Japanese forces and supplies perished along the national highway. However, the Japanese Soldiers retaliated back by burning the whole town in January 1942, which is considered the greatest event that ever happened in the history of Candon. Despite the hardships that the townsfolk went through during

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3072-780: The School of Lausanne , the Stockholm school and the Chicago school of economics . During the 1970s and 1980s mainstream economics was 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 historical appearance in

3168-433: The macroeconomics of high unemployment. Gary Becker , a contributor to the expansion of economics into new areas, described the approach he favoured as "combin[ing the] assumptions of maximizing behaviour, stable preferences , and market equilibrium , used relentlessly and unflinchingly." One commentary characterises the remark as making economics an approach rather than a subject matter but with great specificity as to

3264-467: The neoclassical model of economic growth for analysing long-run variables affecting national income . Neoclassical economics studies the behaviour of individuals , households , and organisations (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,

3360-415: 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 (1932) developed implications of what has been termed "[p]erhaps the most commonly accepted current definition of

3456-400: 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

3552-486: The 1970s and 1980s, when several major central banks followed a monetarist-inspired policy, but was later abandoned because the results were unsatisfactory. A more fundamental challenge to the prevailing Keynesian paradigm came in the 1970s from new classical economists like Robert Lucas , Thomas Sargent and Edward Prescott . They introduced the notion of rational expectations in economics, which had profound implications for many economic discussions, among which were

3648-471: The 2020 census, it has a population of 61,432 people. Dubbed the "Tobacco Capital of the Philippines", the city is the country's largest producer of Virginia tobacco . This once small resort town is known for making the heaviest and largest kalamay , a sweet and sticky snack made from sticky rice, coconut milk and sugar, in the world. This city also has a rich historical background. In its legends,

3744-606: The 2020 census, the population of Candon was 61,432 people, with a density of 590 inhabitants per square kilometre or 1,500 inhabitants per square mile. Candon City, Ilocos Sur, Philippines, is predominantly Christian, with: 1. Roman Catholicism (80-85%): Influenced by Spanish colonial rule. 2. Iglesia ni Cristo (10-12%): A significant presence in the city. 3. Protestantism (3-5%): Various Protestant denominations. 4. Other Christian denominations (2-4%): Including Seventh-day Adventists, Jehovah's Witnesses, and Pentecostal groups. 5. Islam (1-2%): A small Muslim population resides in

3840-640: The Candon campus houses the College of Business and Hospitality Management. Cervantes Campus used to be the Cervantes National Agro-Industrial School (CNAIS) which evolved from the Cervantes National School of Arts and Trades established by virtue of RA 4424 signed into law on June 19, 1965. It is located in a scenic upland municipality which is also a gateway to the Cordillera provinces. When it

3936-604: The City of Candon was approved and adopted by the Sangguniang Panlungsod under Resolution No. 017-01 sponsored by Councilor David Gacusana. It is published to immortalize the “Cry of Candon” of March 1898 and to commemorate the ratification of its Cityhood charter under Republic Act 9018 on March 28, 2001. Explanatory notes: Candon City is accessible via the McArthur National Highway, which

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4032-702: The College Grandstand and the procurement of school buses. Lopez served until his death in 2019. Dr. Rogelio T. Galera Jr., Director of CHED Region 1, served as the Officer-in-Charge of the college from October 2019 to July 2020. On July 6, 2020, Dr. Gilbert R. Arce became the fourth President of ISPSC . The main campus for the North Cluster is the Santa Maria Campus, the Provincial Institute of Agriculture. It started as

4128-548: The College of Arts and Sciences, and the College of Information Technology. The Candon campus used to be the Southern Ilocos Sur School of Fisheries (SISSOF) which evolved from a fishery demonstration farm (Ilocos Sur Marine Demonstration Farm). It is located in the coastal barangay of Darapidap, Candon. With its integration into the ISPSC, it became the College of Commercial and Social Services. At present,

4224-728: The College of Technology. Tagudin Campus is the seat of governance in the South Cluster. It was used to be the Tagudin General Comprehensive High School established which started as the Tagudin High School and became a national high school on June 19, 1965. After its integration into ISPSC, it became the College of Arts and Sciences. Today it houses the College of Teacher Education, the College of Business and Hospitality Management,

4320-759: The Ilocos Sur Polytechnic State College in Sta. Maria, Ilocos Sur, and its various campuses across the province into a state university. This act also integrated the North Luzon Philippines State College in the City of Candon, Ilocos Sur, into the new institution, which was named the University of Ilocos Philippines. The bill was authored by Congresswoman Kristine Singson of the 2nd District of Ilocos Sur. ISPSC offers two accredited graduate programs in

4416-606: The War, residents were resolved to rebuild. Tall acacia trees at the town plaza and municipal buildings are testimonies to the people's steadfastness, while large trees up to 15 meters high and 20 feet in circumference now line the National Highway in the Población. In the Charter of Candon City, Candon applied to become the second city in the Province of Ilocos Sur so it can undertake government programs with additional funding from

4512-407: 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

4608-479: The area of inquiry or object of inquiry rather than the methodology. In the biology department, it is not said that all biology should be studied with DNA analysis. People study living organisms in many different ways, so some people will perform DNA analysis, others might analyse anatomy, and still others might build game theoretic models of animal behaviour. But they are all called biology because they all study living organisms. According to Ha Joon Chang, this view that

4704-456: The area. 6. Indigenous/Traditional beliefs (<1%): Some residents maintain traditional animist beliefs. Notable Places of Worship: - Candon Catholic Church (Roman Catholic) - Iglesia ni Cristo - Candon Locale - Candon Evangelical Church - United Methodist Church - Candon District Festivals and Celebrations: - Holy Week (Semana Santa) - Fiesta celebrations (e.g., Fiesta de San Juan) - Simbang Gabi (Night Mass) - Candon City Fiesta (honoring

4800-443: The author believes economics is evolving, or should evolve. Many economists including nobel prize winners James M. Buchanan and Ronald Coase reject the method-based definition of Robbins and continue to prefer definitions like those of Say, in terms of its subject matter. Ha-Joon Chang has for example argued that the definition of Robbins would make economics very peculiar because all other sciences define themselves in terms of

4896-520: The city center and the national highway. Candon, belonging to the second congressional district of the province of Ilocos Sur , is governed by a mayor designated as its local chief executive and by a city council as its legislative body in accordance with the Local Government Code. The mayor, vice mayor, and the councilors are elected directly by the people through an election which is being held every three years. The official seal of

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4992-585: The city's history, culture, and faith. Additional Information: - Candon City is also home to various religious organizations and institutions, such as the Candon Catholic School and the Iglesia ni Cristo's Candon Congregation. - The city hosts various religious events and festivals throughout the year, attracting devotees and tourists alike. Poverty incidence of Candon Source: Philippine Statistics Authority Candon City has

5088-511: The city's patron saint) Demographics: - Population (2020): approximately 61,000 - Density: 440/km² Religious Breakdown (based on 2015 data): - Roman Catholic: 82.11% - Iglesia ni Cristo: 10.45% - Protestant: 4.12% - Others: 3.32% Sources: 1. National Statistics Office (NSO) 2. Philippine Statistics Authority (PSA) 3. Ilocos Sur Government Website 4. Archdiocese of Nueva Segovia Website 5. Iglesia ni Cristo Website Candon City's strong Catholic heritage and diverse Christian community reflect

5184-517: The colonies. Physiocrats , a group of 18th-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

5280-488: The design of modern monetary policy and are now standard workhorses in most central banks. After the 2007–2008 financial crisis , macroeconomic research has put greater emphasis on understanding and integrating the financial system into models of the general economy and shedding light on the ways in which problems in the financial sector can turn into major macroeconomic recessions. In this and other research branches, inspiration from behavioural economics has started playing

5376-492: The development of a Medium Term Development Plan of the college (2011–2015), and instituted a new set-up for the college. The new college set-up produced two campus clusters: the North Cluster – consisting of Santa Maria, Santiago and Narvacan, and the South Cluster – consisting of Tagudin, Candon and Cervantes. Querubin created the office of vice president for planning, research, extension and training. He also aggressively pushed for physical plant development. In January 2016,

5472-506: 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 also the first to state and prove the principle of comparative advantage , according to which each country should specialise in producing and exporting goods in that it has

5568-469: The economy can and should be studied in only one way (for example by studying only rational choices), and going even one step further and basically redefining economics as a theory of everything, is peculiar. Questions regarding distribution of resources are found throughout the writings of the Boeotian poet Hesiod and several economic historians have described Hesiod as the "first economist". However,

5664-499: The etymology of the city. One is that the name of the city was derived from the now-rare candong tree. Folk belief is that during Spanish times, powerful chieftains of the area held a cañao (a social and religious community gathering) and staged a wrestling contest called gabbu . This was to decide who was to marry Ineng, daughter of the most powerful chieftain Madal-ang, and thus be the ageing ruler's heir apparent . The contest

5760-509: The fields of Education and Agriculture. ISPSC offers the following accredited undergraduate programs: The first president of ISPSC was Dr. Alejandro V. Directo, He began his term on July 16, 1999, and was extended for a second term in 2003. Directo instituted the campus identity through the designation of a flagship program for each campus. He initiated the accreditation of degree programs offered by ISPSC. The second president, Dr. Rafael B., entered office on January 1, 2008. He worked out for

5856-751: The first large-scale macroeconometric model , applying the Keynesian thinking systematically to the US economy . Immediately after World War II, Keynesian was the dominant economic view of the United States establishment and its allies, Marxian economics was the dominant economic view of the Soviet Union nomenklatura and its allies. Monetarism appeared in the 1950s and 1960s, its intellectual leader being Milton Friedman . Monetarists contended that monetary policy and other monetary shocks, as represented by

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5952-455: The first residents of Candon, establishing a village. These were mostly farmers, fishermen, woodsmen, and craftsmen. The village was then ruled by three local chieftains: Abay-a, Madal-ang and Kalinio. Madal-ang chose to live under a large tree in the center of the village, under which the people would gather to exchange pleasantries and barter . This is also where the village chief and elders settled disputes and offered advice. The villagers named

6048-540: The following decades, many economists followed Keynes' ideas and expanded on his works. John Hicks and Alvin Hansen developed the IS–LM model which was a simple formalisation of some of Keynes' insights on the economy's short-run equilibrium. Franco Modigliani and James Tobin developed important theories of private consumption and investment , respectively, two major components of aggregate demand . Lawrence Klein built

6144-441: The following: auto parts, agricultural equipment and supplies, school and office supplies, photo and supplies, appliances, pharmaceuticals, hardware and electrical. There are also video centers, bazaars, gift shops, pawnshops and mineral/distilled drinking water store outlets, and real estate. The city is the center of trade and commerce in the 2nd district of Ilocos Sur. Urban growth has a linear pattern along major thoroughfares in

6240-509: The global economy . 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, including business , finance , cybersecurity , health care , engineering and government . It

6336-424: The growth in the money stock, was an important cause of economic fluctuations, and consequently that monetary policy was more important than fiscal policy for purposes of stabilisation . Friedman was also skeptical about the ability of central banks to conduct a sensible active monetary policy in practice, advocating instead using simple rules such as a steady rate of money growth. Monetarism rose to prominence in

6432-463: The importance of various market failures for the functioning of the economy, as had Keynes. Not least, they proposed various reasons that potentially explained the empirically observed features of price and wage rigidity , usually made to be endogenous features of the models, rather than simply assumed as in older Keynesian-style ones. After decades of often heated discussions between Keynesians, monetarists, new classical and new Keynesian economists,

6528-502: The literature; classical economics , neoclassical economics , Keynesian economics , the neoclassical synthesis , monetarism , new classical economics , New Keynesian economics and the new neoclassical synthesis . Candon Candon , officially the City of Candon ( Ilocano : Siudad ti Candon ; Filipino : Lungsod ng Candon ), is a 4th class component city in the province of Ilocos Sur , Philippines . According to

6624-449: 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". Smith maintained that, with rent and profit, other costs besides wages also enter

6720-437: 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

6816-471: The name of the city is derived from the legendary " kandong " tree which is almost extinct in the area. Its patron saint is John of Sahagún and celebrate his feast day on June 12. Candon is the center of the 2nd district of Ilocos Sur and also the most populous city in that province. Government district offices are all located in the city, which supports more than 100,000 residents in terms of commercial and industrial services. Several theories exist about

6912-410: The national government to benefit the people in the field of social services, economic growth, peace and order, health, education, agriculture and infrastructure development. Like the " Kandong " tree of yore, Candon is just beginning to spread out its branches to reach out for the skies in its own bid to become the next city in Ilocos Sur. From the start of House Bill 7260 seeking to convert Candon into

7008-503: The pessimistic analysis of Malthus (1798). John Stuart Mill (1844) delimited the subject matter further: 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 provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from

7104-487: The present, modified 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

7200-409: 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 . Marxist (later, Marxian) economics descends from classical economics and it derives from

7296-429: The purest approximation to the truth that has yet been published" on the subject. The publication of Adam Smith 's The Wealth of Nations in 1776, 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

7392-412: The scope and method of economics, emanating from that definition. A body of theory later termed "neoclassical economics" formed from about 1870 to 1910. The term "economics" was popularised by such neoclassical economists as Alfred Marshall and Mary Paley Marshall as a concise synonym for "economic science" and a substitute for the earlier " political economy ". This corresponded to the influence on

7488-486: The so-called Lucas critique and the presentation of real business cycle models . During the 1980s, a group of researchers appeared being called New Keynesian economists , including among others George Akerlof , Janet Yellen , Gregory Mankiw and Olivier Blanchard . They adopted the principle of rational expectations and other monetarist or new classical ideas such as building upon models employing micro foundations and optimizing behaviour, but simultaneously emphasised

7584-444: The source of the word economy. Joseph Schumpeter described 16th and 17th century scholastic writers, including Tomás de Mercado , Luis de Molina , and Juan de Lugo , 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. Two groups, who later were called "mercantilists" and "physiocrats", more directly influenced

7680-406: The state or commonwealth with a revenue for the publick services. Jean-Baptiste Say (1803), distinguishing the subject matter from its public-policy uses, defined it as the science of production, distribution, and consumption of wealth . On the satirical side, Thomas Carlyle (1849) coined " the dismal science " as an epithet for classical economics , in this context, commonly linked to

7776-408: The subject of mathematical methods used in the natural sciences . Neoclassical economics systematically integrated supply and demand as joint determinants of both price and quantity in market equilibrium, influencing the allocation of output and income distribution. It rejected the classical economics' labour theory of value in favour of a marginal utility theory of value on the demand side and

7872-402: The subject or different views among economists. Scottish philosopher Adam Smith (1776) 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

7968-471: The subject": Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins described 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

8064-826: 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 16th to 18th 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 inexpensive 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

8160-561: The third president, Dr. Francisco D. Lopez, was inaugurated. Lopez started projects including the New Agriculture Building, Engineering Building, Graduate School Building, Graduate School Building Annex, Training Center, Refurbishment of the College Gymnasium, College Clinic, Women's Dormitory, New Hostel Building, beautification of the perimeter fences, The New Academic Building, widening of Access Roads and

8256-455: The tree " Kandong ”. When Spanish colonizers came in the 16th century, friars ordered the tree cut down and its wood used to build the first Catholic church in the area. The people were easily led into the new church and were baptised. The Spaniards named the place Candon after their spelling of " kandong ". The church graveyard located south of the Población was opened in 1797. In 1780,

8352-418: The village became a municipality, and under Spanish rule Candon was quickly overridden by rich Spaniards, who employed the natives in conditions of near-slavery. Famine struck in 1881 and 1882. On March 25, 1898, a revolutionary government was declared and launched an attack on Spanish forces, which retook Candon in two days later. Most leaders and participants of the uprising were arrested then executed. During

8448-467: 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. Economics cannot be defined 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

8544-515: The word Oikos , the Greek word from which the word economy derives, was used for issues regarding how to manage a household (which was understood to be the landowner, his family, and his slaves ) rather than to refer to some normative societal system of distribution of resources, which is a more recent phenomenon. Xenophon , the author of the Oeconomicus , is credited by philologues for being

8640-460: The work of Karl Marx . The first volume of Marx's major work, Das Kapital , was published in 1867. Marx focused on the labour theory of value and theory of surplus value . Marx wrote that they were mechanisms used by capital to exploit labour. 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 workers were only paid

8736-436: Was going on. The wedding party thought the strangers were asking for the name of the tree, so they replied " Candong ". The Spanish noted this as " Candon ", approximating the name in regional Spanish dialects. Another theory is that the city was named after the town of Candón in the southwest Spanish provincia of Huelva , in the autonomous community of Andalusia . According to the city archives, Malayan settlers were

8832-471: Was held under the shade of candong trees, by the residence of Madal-ang. The winner was Kalinio, from the caves of Cauplasan, who had defeated Madal-ang himself and another chieftain named Abay-a from the caves of Cadanglaan. Kalinio and Ineng were wed under the shade of a candong tree, with grandiose ceremony. During the nuptials a group of Spaniards, including Captain Juan de Salcedo , passed by and asked what

8928-595: Was integrated into ISPSC, it became the College of Agro-Industrial Technology. Cervantes Campus offers teacher education, information technology and hotel and restaurant management courses. Since the chartering of ISPSC in 1998, much had been accomplished in terms of academic and technical pursuits, facilities and plant development, research and extension services, community involvement, administration and governance, linkaging and networking, faculty and staff development, and student development. Guided by its vision as “an institution for total human development,” it continues to be

9024-421: 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 Reverend Thomas Robert Malthus (1798) 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

9120-892: Was productive. Smith discusses potential benefits of specialisation 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

9216-437: Was recognised as well as the traditional Keynesian insistence that fiscal policy could also play an influential role in affecting aggregate demand . Methodologically, the synthesis led to a new class of applied models, known as dynamic stochastic general equilibrium or DSGE models, descending from real business cycles models, but extended with several new Keynesian and other features. These models proved useful and influential in

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