Socialist calculation debateThe socialist calculation debate, sometimes known as the economic calculation debate, was a discourse on the subject of how a socialist economy would perform economic calculation given the absence of the law of value, money, financial prices for capital goods and private ownership of the means of production. More specifically, the debate was centered on the application of economic planning for the allocation of the means of production as a substitute for capital markets and whether or not such an arrangement would be superior to capitalism in terms of efficiency and productivity.
Critical exponentCritical exponents describe the behavior of physical quantities near continuous phase transitions. It is believed, though not proven, that they are universal, i.e. they do not depend on the details of the physical system, but only on some of its general features. For instance, for ferromagnetic systems, the critical exponents depend only on: the dimension of the system the range of the interaction the spin dimension These properties of critical exponents are supported by experimental data.
Economic calculation problemThe economic calculation problem (sometimes abbreviated ECP) is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. In his first article, Mises described the nature of the price system under capitalism and described how individual subjective values (while criticizing other theories of value) are translated into the objective information necessary for rational allocation of resources in society.
Safety valveA safety valve is a valve that acts as a fail-safe. An example of safety valve is a pressure relief valve (PRV), which automatically releases a substance from a boiler, pressure vessel, or other system, when the pressure or temperature exceeds preset limits. Pilot-operated relief valves are a specialized type of pressure safety valve. A leak tight, lower cost, single emergency use option would be a rupture disk. Safety valves were first developed for use on steam boilers during the Industrial Revolution.
Pressure regulatorA pressure regulator is a valve that controls the pressure of a fluid to a desired value, using negative feedback from the controlled pressure. Regulators are used for gases and liquids, and can be an integral device with a pressure setting, a restrictor and a sensor all in the one body, or consist of a separate pressure sensor, controller and flow valve. Two types are found: The pressure reduction regulator and the back-pressure regulator. A pressure reducing regulator is a control valve that reduces the input pressure of a fluid to a desired value at its output.
ValveA valve is a device or natural object that regulates, directs or controls the flow of a fluid (gases, liquids, fluidized solids, or slurries) by opening, closing, or partially obstructing various passageways. Valves are technically fittings, but are usually discussed as a separate category. In an open valve, fluid flows in a direction from higher pressure to lower pressure. The word is derived from the Latin valva, the moving part of a door, in turn from volvere, to turn, roll.
Model organismA model organism (often shortened to model) is a non-human species that is extensively studied to understand particular biological phenomena, with the expectation that discoveries made in the model organism will provide insight into the workings of other organisms. Model organisms are widely used to research human disease when human experimentation would be unfeasible or unethical. This strategy is made possible by the common descent of all living organisms, and the conservation of metabolic and developmental pathways and genetic material over the course of evolution.
Animal testingAnimal testing, also known as animal experimentation, animal research, and in vivo testing, is the use of non-human animals in experiments that seek to control the variables that affect the behavior or biological system under study. This approach can be contrasted with field studies in which animals are observed in their natural environments or habitats. Experimental research with animals is usually conducted in universities, medical schools, pharmaceutical companies, defense establishments, and commercial facilities that provide animal-testing services to the industry.
