Time Some Of

Time Some Of

Time Some of these devices, such as 'black markets', are commonly regarded as immoral. Another view is that they are a symptom that controls and restrictions have gone too far and have alienated the moral allegiance of the community. Whatever the ethical issues, the economic significance of such consequences is that they are means by which the 'forces' of supply and demand and 'the laws of the market' reassert themselves and re-establish free exchange. In the short run they can be suppressed but in time they find a way round efforts to suppress them. The length of time depends on the political system, whether liberal or authoritarian, the character and tempera-ment of the people, the ability of politicians to create and maintain a situation or atmosphere of emergency, such as war, economic crisis or 'social purpose', in which restrictions will be accepted. For such reasons 'supply and demand' can be suppressed for shorter periods in western countries than in under-developed or Communist countries.

Time Series, a succession of statistics of production, prices, sales, exports, etc., for a sequence of periods such as a day, week, month or year. Commonly used by economists in the effort to discover relation-ships, if any, between different categories. For example, a time series of prices and sales for a sample of people may yield conclusions about the elasticity of demand for a commodity or service. In practice the difficulty is that economic phenomena cannot be isolated and studied separately, as chemical or physical phenomena can be in a laboratory. Thus the demand for a commodity may change not only because the price has changed but also because the conditions of demand (incomes, taste, etc) may have changed in the period being examined. A second difficulty is that the sample may not be representative of people in general, so that deductions drawn from their economic behaviour may not necessarily apply to others. Time series can sometimes be checked by cross-section analysis.

Tithes, originally the tenth part of the profits of the soil paid to maintain the parish priest. The Tithes Commutation Act of 1836 changed all tithes in England and Wales into a rent payable in money. In 2013 the Tithes Act replaced the rents by sixty-year redemption annuities payable to the Crown, which issued Government stock to the tithe-owners. Tithes were thus separated from the Church. In 1996 the annuities will cease and all tithes will be abolished.

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