Norwich Market (also known as Norwich Provision Market) is an outdoor market consisting of around 200 stalls in central Norwich, England. Founded in the latter part of the 11th century to supply Norman merchants and settlers moving to the area following the Norman conquest of England, it replaced an earlier market a short distance away. It has been in operation on the present site for over 900 years.
By the 14th century, Norwich was one of the largest and most prosperous cities in England, and Norwich Market was a major trading hub. Control of, and income from, the market was ceded by the monarchy to the city of Norwich in 1341, from which time it provided a significant source of income for the local council. Freed from royal control, the market was reorganised to benefit the city as much as possible. Norwich and the surrounding region were devastated by plague and famine in the latter half of the 14th century, with the population falling by over 50%. Following the plague years, Norwich came under the control of local merchants and the economy was rebuilt. In the early 15th century, a Guildhall was built next to the market to serve as a centre for local government and law enforcement. The largest surviving mediaeval civic building in Britain outside London, it remained the seat of local government until 1938 and in use as a law court until 1985. (Full article...)
William Stanley JevonsFRS (/ˈdʒɛvənz/; 1 September 1835 – 13 August 1882) was an English economist and logician. It made the case that economics as a science concerned with quantities is necessarily mathematical. Jevons' work, along with similar discoveries made by Carl Menger in Vienna (1871) and by Léon Walras in Switzerland (1874), marked the opening of a new period in the history of economic thought. Jevons' contribution to the marginal revolution in economics in the late 19th century established his reputation as a leading political economist and logician of the time.
Jevons broke off his studies of the natural sciences in London in 1854 to work as an assayer in Sydney, where he acquired an interest in political economy. Returning to the UK in 1859, he published General Mathematical Theory of Political Economy in 1862, outlining the marginal utility theory of value, and A Serious Fall in the Value of Gold in 1863. For Jevons, the utility or value to a consumer of an additional unit of a product is inversely related to the number of units of that product he already owns, at least beyond some critical quantity.
It was for The Coal Question (1865), in which he called attention to the gradual exhaustion of the UK's coal supplies, that he received public recognition, in which he put forth what is now known as the Jevons paradox, i.e. that increases in energy production efficiency leads to more not less consumption. The most important of his works on logic and scientific methods is his Principles of Science (1874), as well as The Theory of Political Economy (1871) and The State in Relation to Labour (1882). Among his inventions was the logic piano, a mechanical computer. (Full article...)
The gradual transformation of a rigidly organized hierarchic system into one where men could at least attempt to shape their own life, where man gained the opportunity of knowing and choosing between different forms of life, is closely associated with the growth of commerce. From the commercial cities of northern Italy the new view of life spread with commerce to the west and north, through France and the southwest of Germany to the Low Countries and the British Isles, taking firm root wherever there was no despotic political power to stifle. In the Low Countries and Britain it for a long time enjoyed its fullest development and for the first time had an opportunity to grow freely and to become the foundation of the social and political life of these countries. And it was from there that in the late seventeenth and eighteenth centuries it again began to spread in a more fully developed form to the West and East, to the New World and to the center of the European continent, where devastating wars and political oppression had largely submerged the earlier beginnings of a similar growth.
Image 24The economic model of supply and demand states that the price P of a product is determined by a balance between production at each price (supply S) and the desires of those with purchasing power at each price (demand D): the diagram shows a positive shift in demand from D1 to D2, resulting in an increase in price (P) and quantity sold (Q) of the product. (from Capitalism)