The government can avoid some of the austerity measures, which have sparked protest among Puerto Ricans, if it presents alternative cost-saving measures by April 30, the board said.
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Another alarming finding is that nearly 50 percent of contracts were awarded noncompetitively, meaning the DOD did not seek out alternative, cost-effective contractors that may have done higher quality work less expensively.
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Then Chief Executive Tony Harrington said these changes were aimed at adapting to "phenomenal change in the market... (including) increased in-house capacity at clients, and ever-consolidating larger businesses." In April 2016, it launched an alternative cost contract service called 'Flex'. In October 2016, it announced an expansion into non- legal consulting. The firm acquired ITNewcom, a boutique technology consulting firm on 1 July 2017.
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Naturliche Werth, 1889 From his book (Natural Value), published in Vienna in 1889, are extracted two of Wieser's three relevant theories, his value theory and the imputation theory, although both had had their geneses in previous studies. Adding to his contribution was also the theory originally known as the alternative cost theory (now called the opportunity cost theory), which was published in 1914 in (Theory of Social Economy). Finally, also worth mentioning is his monetary theory.
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Robbins' early essays were combative in spirit, stressing the metal economic beyond what Anglo-Saxon economics had been used to. He wrote a famous 1932 essay on economic methodology. His work on costs (1920–22) brought Wieser's "alternative cost" theorem of supply to England (which was opposed to Marshall's "real cost" theory of supply). His critique of the Marshallian theory of the representative firm (1928), and his critique of the Pigovian (1932, 1938), influenced the end of the Marshallian empire.
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He was the Austrian Minister of Commerce from August 30, 1917 to November 11, 1918. Wieser is renowned for two main works, Natural Value,Der Natürliche Werth, 1889; Natural Value, 1893, translated into English by Christian A. Malloch, edited with an introduction by William Smart. which carefully details the alternative-cost doctrine and the theory of imputation; and his Social Economics (1914), an ambitious attempt to apply it to the real world. His explanation of marginal utility theory was decisive, at least terminologically.
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In his last 25 years, he dedicated himself to sociology, which he believed must go hand-in-hand with economics for the fullest understanding of human society. By combining these disciplines, he was able to forge a new vision of economic policy. In 1911, he published (The Nature and Content of Theoretical Economics Major National) which preceded yet another major contribution, alternative cost (or opportunity cost) theory, which was drawn from his study (Theory of Social Economy), published in 1914. It was here that he first coined the term "opportunity cost".
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Opportunity cost can be looked at in two ways, since there are two alternatives to continuing to live in an owner- occupied dwelling. One – supposing that it is one year's cost that is to be considered – is to sell it, earn interest on the owner's capital thus released, and buy it back a year later, making an allowance for its physical depreciation. This can be called the "alternative cost" approach. The other, the "rental equivalent" approach, is to let it to someone else for the year, in which case the cost is the rent that could be obtained for it.
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Dwelling prices are volatile and so, therefore, would be an index incorporating the current value of a dwelling price sub-index which, in some countries, would have a large weight under the third approach. Furthermore, the weight for owner-occupied dwellings could be altered considerably when reweighting was undertaken. (It could even become negative under the alternative cost approach if weights were estimated for a year during which house prices had been rising steeply). Then, there is the point that a rise in interest rates designed to halt inflation could paradoxically make inflation appear higher if current interest rates showed up in the index.
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There are, of course, practical problems in implementing either of these economists' approaches. Thus, with the alternative cost approach, if house prices are rising fast the cost can be negative and then become sharply positive once house prices start to fall, so such an index would be very volatile. On the other hand, with the rental equivalent approach, there may be difficulty in estimating the movement of rental values of types of property which are not actually rented. If one or other of these measures of the consumption of the services of owner-occupied dwellings is included in consumption, then it must be included in income too, for income equals consumption plus saving.
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Another of Wieser's fundamental contributions to economics is the alternative cost theory (now called the opportunity cost theory), which had been ignored by Alfred Marshall and British economists. Based on the work of Vilfredo Pareto, Wieser created the concepts of marginal utility and opportunity cost, which led economists to the study and analysis of scarcity and the allocation of scarce resources. Wieser thus perfected the theory of Carl Menger by introducing a definition of cost, the opportunity cost, compatible with the theory of marginal utility. He also used Carl Menger's monetary theory from which he devised his own monetary theory presenting a study of possible influences on monetary value that can change the relationships between natural and monetary economics.
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Wieser coined the terms "marginal utility" and "opportunity cost" Wieser's most famous contributions are the imputation theory drawn from his 1889 work (Natural Value) and the Alternative Cost (or Opportunity Cost) Theory drawn from his 1914 work (Social Economics) in which he coined the term "opportunity cost". He is credited with the economic distinction between public goods and private goods subsequently used by Friedrich August von Hayek and eight of his disciples, and with developing the concept of marginal utility (). Wieser also stressed the importance of the entrepreneur to economic change, which he saw as being caused by "the heroic intervention of individual men who appear as leaders at new economic frontiers". This idea of management was later expounded upon by Joseph Alois Schumpeter in his treatment of economic innovation.
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