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FIRE Economy
A FIRE economy is any economy based primarily on the finance, insurance, and real estate sectors. Finance, insurance, and real estate are United States Census Bureau classifications. Barry Popik describes some early uses as far back as 1982. Since 2008, the term has been commonly used by Michael Hudson and Eric Janszen. It is New York City's largest industry and a prominent part of the service industry in the United States overall economy and other Western developed countries. Census Bureau classification This term is frequently used in the financial press and blogs. Its origin is in the realm of North American industrial classification. "Finance, Insurance, and Real Estate" is the title of ''1992 U.S. Census Bureau Standard Industrial Classification (SIC) Division H''. Its coverage was "All domestic establishments that provide financial, insurance, or real estate services." Its coverage was elaborated in two-digit SIC codes 60 through 67. The SIC was replaced by the North Am ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011 In terms of law, ''real'' is in relation to land property and is different from personal property while ''estate'' means the "interest" a person has in that land property. Real estate is different from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, tools and the rolling stock of a farm. In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state. History of real estate The natural right of a person t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Census Bureau
The United States Census Bureau (USCB), officially the Bureau of the Census, is a principal agency of the U.S. Federal Statistical System, responsible for producing data about the American people and economy. The Census Bureau is part of the U.S. Department of Commerce and its director is appointed by the President of the United States. The Census Bureau's primary mission is conducting the U.S. census every ten years, which allocates the seats of the U.S. House of Representatives to the states based on their population. The bureau's various censuses and surveys help allocate over $675 billion in federal funds every year and it assists states, local communities, and businesses make informed decisions. The information provided by the census informs decisions on where to build and maintain schools, hospitals, transportation infrastructure, and police and fire departments. In addition to the decennial census, the Census Bureau continually conducts over 130 surveys and programs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Hudson (economist)
Michael Hudson (born March 14, 1939) is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. He is a contributor to ''The Hudson Report'', a weekly economic and financial news podcast produced by Left Out. Hudson graduated from the University of Chicago (BA, 1959) and New York University (MA, 1965, PhD, 1968) and worked as a balance of payments economist in Chase Manhattan Bank (1964–1968). He was assistant professor of economics at the New School for Social Research (1969–1972) and worked for various governmental and non-governmental organizations as an economic consultant (1980s–1990s). Hudson has devoted his career to the study of debt, both domestic debt (loans, mortgages, interest payments), and external debt. In his works, he consistently advocates the idea that loans and exponentially gr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eric Janszen
The given name Eric, Erich, Erikk, Erik, Erick, or Eirik is derived from the Old Norse name ''Eiríkr'' (or ''Eríkr'' in Old East Norse due to monophthongization). The first element, ''ei-'' may be derived from the older Proto-Norse ''* aina(z)'', meaning "one, alone, unique", ''as in the form'' ''Æ∆inrikr'' explicitly, but it could also be from ''* aiwa(z)'' "everlasting, eternity", as in the Gothic form ''Euric''. The second element ''- ríkr'' stems either from Proto-Germanic ''* ríks'' "king, ruler" (cf. Gothic ''reiks'') or the therefrom derived ''* ríkijaz'' "kingly, powerful, rich, prince"; from the common Proto-Indo-European root * h₃rḗǵs. The name is thus usually taken to mean "sole ruler, autocrat" or "eternal ruler, ever powerful". ''Eric'' used in the sense of a proper noun meaning "one ruler" may be the origin of ''Eriksgata'', and if so it would have meant "one ruler's journey". The tour was the medieval Swedish king's journey, when newly elected, to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the List of United States cities by population density, most densely populated major city in the United States, and is more than twice as populous as second-place Los Angeles. New York City lies at the southern tip of New York (state), New York State, and constitutes the geographical and demographic center of both the Northeast megalopolis and the New York metropolitan area, the largest metropolitan area in the world by urban area, urban landmass. With over 20.1 million people in its metropolitan statistical area and 23.5 million in its combined statistical area as of 2020, New York is one of the world's most populous Megacity, megacities, and over 58 million people live within of the city. New York City is a global city, global Culture of New ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conventional Wisdom
The conventional wisdom or received opinion is the body of ideas or explanations generally accepted by the public and/or by experts in a field. In religion, this is known as orthodoxy. Etymology The term is often credited to the economist John Kenneth Galbraith, who used it in his 1958 book ''The Affluent Society'':''E.g.,'Mark Leibovich, "A Scorecard on Conventional Wisdom", ''N.Y. Times'' (March 9, 2008) However, the term dates back to at least 1838. ''Conventional wisdom'' was used in a number of other works before Galbraith, occasionally in a benign''E.g.,'1 Nahum Capen, ''The History of Democracy'' (1874), page 477("millions of all classes alike are equally interested and protected by the practical judgment and conventional wisdom of ages"). or neutral''E.g.,'"Shallow Theorists", ''American Educational Monthly'' 383 (Oct. 1866)("What is the result? Just what conventional wisdom assumes it would be."). sense, but more often pejoratively.''E.g.,'Joseph Warren Beach, ''The Te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boomburb
''Boomburb'' is a neologism principally promoted by American Robert E. Lang of the Metropolitan Institute at Virginia Tech for a large, rapidly growing city in the United States that remains essentially suburban in character, even as it reaches populations more typical of urban core cities. It describes a relatively recent phenomenon in a United States context. Definition Boomburbs are defined as incorporated places in the top 50 Metropolitan areas in the United States of more than 100,000 residents, but that are not the core cities in their metropolitan areas and have maintained double-digit rates of population growth (10% or more) over consecutive censuses between 1970 and 2000. As of the 2000 Census, the United States contained 54 boomburbs, which accounted for about half of the 1990s growth in cities with between 100,000 and 500,000 residents. List of boomburbs Robert E. Lang of Metropolitan Institute at Virginia Tech lists 54 boomburbs as following: [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edge City
''Edge city'' is a term that originated in the United States for a concentration of business, shopping, and entertainment outside a traditional downtown or central business district, in what had previously been a suburban residential or rural area. The term was popularized by the 1991 book ''Edge City: Life on the New Frontier'' by Joel Garreau, who established its current meaning while working as a reporter for ''The Washington Post''. Garreau argues that the edge city has become the standard form of urban growth worldwide, representing a 20th-century urban form unlike that of the 19th-century central downtown. Other terms for these areas include ''suburban activity centers'', ''megacenters'', and ''suburban business districts''. These districts have now developed in many countries. Definitions In 1991, Garreau established five rules for a place to be considered an edge city: * Has five million or more square feet (465,000 m²) of leasable office space * Has 600,000 squar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exurb
An exurb (or alternately: exurban area) is an area outside the typically denser inner suburban area, at the edge of a metropolitan area, which has some economic and commuting connection to the metro area, low housing density, and growth. It shapes an interface between urban and rural landscapes holding a limited urban nature for its functional, economic, and social interaction with the urban center, due to its dominant residential character. They consist of "agglomerations of housing and jobs outside the municipal boundaries of a primary city" and beyond the surrounding suburbs. Definitions The word ''exurb'' (a portmanteau of ''extra (outside)'' and ''urban'') was coined by Auguste Comte Spectorsky, in his 1955 book ''The Exurbanites'', to describe the ring of prosperous communities beyond the suburbs, that are commuter towns for an urban area. In other uses the term has expanded to include popular extraurban districts which nonetheless may have poor transportation and under ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financialization
Financialization (or financialisation in British English) is a term sometimes used to describe the development of financial capitalism during the period from 1980 to present, in which debt-to-equity ratios increased and financial services accounted for an increasing share of national income relative to other sectors. Financialization describes an economic process by which exchange is facilitated through the intermediation of financial instruments. Financialization may permit real goods, services, and risks to be readily exchangeable for currency, and thus make it easier for people to rationalize their assets and income flows. Financialization is tied to the transition from an industrial economy to a service economy, as financial services belong to the tertiary sector of the economy. Specific academic approaches Various definitions, focusing on specific aspects and interpretations, have been used: * Greta Krippner of the University of Michigan writes that financialization r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
