Portal:Business

Thatgamecompany, stylized as thatgamecompany, is an American independent video game development studio co-founded by University of Southern California students Kellee Santiago and Jenova Chen in 2006. The studio was formerly a developer for Sony Computer Entertainment, contracted to create three downloadable games for the PlayStation 3's PlayStation Network service, and has since secured independent funding. The first of their games is a remake of Chen's award-winning Flash title Flow, with enhanced visuals and sound, added multiplayer modes and compatibility with the PlayStation 3's motion sensitive controller. The title was released on the PlayStation Store in 2007. The company's second PlayStation 3 game, Flower, was released on the PlayStation Store in 2009, and their third game, Journey, was released in March 2012 on the PlayStation Store.

The economy of Hungary is a high-income mixed economy, ranked as the 9th most complex economy according to the Economic Complexity Index. Hungary is a member of the Organisation for Economic Co-operation and Development (OECD) with a very high human development index and a skilled labour force, with the 22nd lowest income inequality by Gini index in the world. The Hungarian economy is the 53rd-largest economy in the world (out of 188 countries measured by IMF) with $265.037 billion annual output, and ranks 41st in the world in terms of GDP per capita measured by purchasing power parity. Hungary has an export-oriented market economy with a heavy emphasis on foreign trade; thus the country is the 35th largest export economy in the world. The country had more than $100 billion of exports in 2015, with a high trade surplus of $9.003 billion, of which 79% went to the European Union (EU) and 21% was extra-EU trade. Hungary's productive capacity is more than 80% privately owned, with 39.1% overall taxation, which funds the country's welfare economy. On the expenditure side, household consumption is the main component of GDP and accounts for 50% of its total, followed by gross fixed capital formation with 22% and government expenditure with 20%. (Full article...)

"In all of the fields where individual products have even the slightest element of uniqueness, competition bears but faint resemblance to the pure competition of a highly organized market for a homogeneous product. Consider, for instance, the competitive analysis as applied to the automobile industry. How is one to conceive of demand and supply curves for "automobiles in general" when, owing to variations in quality, design, and type, the prices of individual units range from several hundred to many thousand of dollars? How define the number of units which would be taken from or put upon the market at any particular price? How fit into the analysis a wide variety of costs based mostly upon a correspondingly wide variety of product? These difficulties are great; perhaps they are not insurmountable. The real one is neither of definition nor of interpretation, and cannot be surmounted. Competitive theory does not fit because competition between through the group is only partial and is highly uneven. The competition between sport roadsters and ten-ton trucks must be virtually zero; and there is probably more justification for drawing up a joint demand schedule for Fords and house room than for Fords and Locomobiles. These are, perhaps, extreme cases, but the fact that each producer through the group has a market at a least partially distinct from those of the others introduces forces, absent under pure competition, which materially alter the result. Prices throughout are adjusted in some measure according to the monopoly principle. Furthermore, advertising and selling outlays are invited by the fact that the market of each seller is limited, whereas the very nature of a purely competitive market precludes a selling problem. The theory of pure competition, in explaining the adjustment of economic forces in such an industry, is a complete misfit.

Because most prices involve monopoly elements, it is monopolistic competition that most people think of in connection with the simple word "competition". In fact, it may almost be said that under pure competition the buyers and sellers do not really compete in the sense in which the word is currently used. One never hears of "competition" in connection with the great markets, and the phrases "price cutting", "underselling", "unfair competition", "meeting competition", "securing a market", etc., are unknown. No wonder the principles of such a market seem so unreal when applied to the "business" world where these terms have meaning. They are based on the supposition that each seller accepts the market price and can dispose of his entire supply without materially affecting it. Thus there is no problem of choosing a price policy, no problem of adapting the product more exactly to the buyers (real or fancied) wants. The theory of pure competition could hardly be expected to fit facts so far different from its assumptions. But there is no reason why a theory of value cannot be formulated which will fit them - a theory concerning itself specifically with goods which are not homogeneous. This is the purpose of the later chapters of this book. We turn first to the theory of pure competition."

—Edward Chamberlin, The Theory of Monopolistic Competition, 1933

• ... that Indian philanthropist and business executive T. Mohandas Pai has been called the "architect of modern Manipal"?
• ... that Dolly Johnson, who had once been a slave of 17th U.S. president Andrew Johnson, opened her own bakery business in 1881?
• ... that railroad transportation executive William Phillips Hall was known as the "business millionaire evangelist"?
• ... that the economy of Reineh, now in northern Israel, was so strong in the Mamluk era that they could afford imported pottery from Syria and Italy?
• ... that new employees of a business headquartered in the Editors Building chose their office decorations from a 7,000-piece collection of historic memorabilia of Washington, D.C.?
• ... that "gig" in "gig economy" comes from the slang term for individual appearances by performing artists?

May 29:

• 1927 - Jean Coutu, a Canadian pharmacist and businessman, founder of the Jean Coutu Group, was born on this day.

• ...that French economist A.R.J. Turgot (pictured) served as the intendant of the genéralité of Limoges from 1761 to 1774?

• ...that in economics, the monetary base is defined as the portion of the commercial banks' reserves that are maintained in accounts with their central bank plus the total currency circulating in the public?

• ...that Friedrich Hayek was appointed as a member of the Order of the Companions of Honour by Queen Elizabeth II of the United Kingdom on the advice of British Prime Minister Margaret Thatcher?

• ...that Gunnar Myrdal, the 1974 co-winner of the Nobel Prize in Economics was married Alva Myrdal, a Swedish diplomat who won the 1982 Nobel Peace Prize?

• ...that Massachusetts Institute of Technology professor Daron Acemoglu was the 2005 recipient of the John Bates Clark Medal?

• ...that Gold Fixing is the procedure by which the price of gold is set on the London market by the five members of the London Bullion Market Association?

• ...that the postal services of Canada, Finland and the United Kingdom have their own dedicated address to which letters to Santa Claus pleading their good behavior and requesting gifts?

Wikinews Economy and business portal

• July 21: Technological University Dublin senior lecturer Dr Lorcan Sirr speaks to Wikinews on housing market in Ireland
• July 15: California governor signs new state budget, eligible Californians to get stimulus payments
• July 4: 130 OECD countries agree to back global corporate tax rate
• June 30: 'Each makes the other more difficult to recover from': University of Sussex professor L. Alan Winters speaks to Wikinews on trade, COVID-19, Brexit
• June 16: Wikinews interviews Victor Kline, leader of newly registered The New Liberals party in Australia
• April 23: Irish Finance Minister Donohoe criticises OECD's global minimum corporate tax rate
• April 17: People protest in Berlin against German Court overturning five-year rent cap
• March 5: Chancellor Rishi Sunak announces UK budget 2021
• February 10: Disney to shut down Blue Sky Studios, animation studio behind 'Ice Age'
• January 24: World Trade Organization declares US tariff hike illegal, rules in South Korea's favour