An economic taxonomy is a system of classification of economic activity, including products, companies and industries. Some economists believe that the study of economic policy demands the use of a taxonomic/classificatory approach.
Industry taxonomies
Industry taxonomies include international, regional and national taxonomies and proprietary taxonomies.
Official statistics taxonomies
The international and national taxonomies are used by official statistical agencies.
United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmonizi ...
provide its
International Standard Industrial Classification The International Standard Industrial Classification of All Economic Activities (ISIC) is a United Nations industry classification system. Wide use has been made of ISIC in classifying data according to kind of economic activity in the fields of emp ...
(ISIC) as a base for establishing regional taxonomies:
* North America
North American Industry Classification System
The North American Industry Classification System or NAICS () is a classification of business establishments by type of economic activity (process of production). It is used by government and business in Canada, Mexico, and the United States of A ...
(NAICS)
** United States
Standard Industrial Classification
The Standard Industrial Classification (SIC) was a system for classifying industries by a four-digit code as a method of standardizing industry classification for statistical purposes across agencies. Established in the United States in 1937, it ...
(SIC)
* Europe
(NACE)
**
** Russian Economic Activities Classification System (OKVED)
Proprietary taxonomies
The proprietary taxonomies are often used in the
financial services
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...
industry to group similar
investment vehicle
An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages inc ...
s and to construct sectorial
stock market indices
In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance.
Two of the pri ...
.
Proprietary taxonomies include the
Global Industry Classification Standard
The Global Industry Classification Standard (GICS) is an industry taxonomy developed in 1999 by MSCI and Standard & Poor's (S&P) for use by the global financial community. The GICS structure consists of 11 sectors, 24 industry groups, 69 industries ...
(GICS), the
Industry Classification Benchmark The Industry Classification Benchmark (ICB) is an industry classification taxonomy launched by Dow Jones and FTSE in 2005 and now used by FTSE International and STOXX. It is used to segregate markets into sectors within the macroeconomy. The I ...
(ICB) and the
Thomson Reuters Business Classification (TRBC).
Pavitt's Taxonomy classifies firms by their principal sources of innovation.
MasterFormat MasterFormat is a standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada. Sometimes referred to as the "Dewey Decimal System" of building construction, MasterFor ...
provides a taxonomy for organizing construction projects with the primary unit of differentiation consisting of a binary fail/no-fail tag. The majority of the users of MasterFormat fall into the first category.
Product taxonomy
Product classification or product taxonomy organizes products for a variety of purposes.
Other taxonomies
Other taxonomies include classifications of trademarks, jobs (occupations), patents, publications in the field of economy, standards, customs classification.
See also
*
Taxonomy (general)
Taxonomy is the practice and science of categorization or classification.
A taxonomy (or taxonomical classification) is a scheme of classification, especially a hierarchical classification, in which things are organized into groups or types. A ...
*
Taxonomy (biology)
In biology, taxonomy () is the scientific study of naming, defining ( circumscribing) and classifying groups of biological organisms based on shared characteristics. Organisms are grouped into taxa (singular: taxon) and these groups are given ...
*
Military taxonomy
References
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Taxonomy