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the sex industry has ruined everyone is my guess

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admin
By admin | Aug 1 2016 7:41 AM
Crow: Sole traders, services, charities etc are also parts of industries. I understand industry to mean economic activity in a particular market. Regardless of money, goods etc involved.
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Crow
By Crow | Aug 1 2016 7:43 AM
admin: Well I don't want to get too far into semantics, but most definitions involve money.

*Economic activity implies money/goods/trade
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admin
By admin | Aug 1 2016 7:46 AM
Crow: Anyone who thinks economics is about money clearly hasn't studied barter economies, among numerous others. Economics is about exchange, and money is just a medium of exchange.
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Crow
By Crow | Aug 1 2016 7:50 AM
admin: I didn't constrain it only to money

Money/ goods /trade

If someone justs makes their own cigarette for themselves, isn't participating in economic activity.

Also there is a subtle distinction between "industry" and "an industry."
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admin
By admin | Aug 1 2016 7:52 AM
Crow: Yes they are. They are exchanging factors of production for production.

Goods and not services is problematic.
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Crow
By Crow | Aug 1 2016 8:22 AM
admin: Yes they are. They are exchanging factors of production for production

Well if it isn't Dishonest Dan? Come on, that is weaseling and you know it.
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admin
By admin | Aug 1 2016 8:25 AM
Crow: I've had more than enough of an economics education to know that this is correct. If you produce something, even alone, even if not for sale, that is economic activity. It counts towards GDP as all other economic activity does.
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Crow
By Crow | Aug 1 2016 8:27 AM
admin: So you were saying that is is economic activity and not industry?

If that is the case, then yes, producing something is economic in nature.
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admin
By admin | Aug 1 2016 8:30 AM
Crow: As I said originally, industry = all economic activity in one market.
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Bi0Hazard
By Bi0Hazard | Aug 1 2016 11:17 PM
admin: Nope, because it is only a subjective observation.
Crow
By Crow | Aug 2 2016 12:55 AM
admin: What is the basis for that definition? Here are the published definitions.

economic activity concerned with the processing of raw materials and manufacture of goods in factories.(Merriam Webster)

A classification that refers to a group of companies that are related in terms of their primary business activities. (Investopedia)

I am relatively open minded when it comes to definition. Words are defined by how they are used.

I have only ever heard those two definitions, and I live in the capital of the American auto industry,

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admin
By admin | Aug 2 2016 1:16 AM
Crow: Merriam Webster is providing an alternate definition here, as would be used in contexts like "heavy industry" or "industrial revolution".

Investopedia is more or less saying the same as me, only difference being that I'm not sure about their use of the word "companies" ... other market actors would still be part of the definition even if they were singular, such as sole traders etc. although investopedia does not clearly define if they mean this by companies. Traditionally that would be considered part of a company structure, as opposed to a corporation, although going further back the idea of a company is universally plural.

Chamber's Shorter English, which happens to be my go-to desktop dictionary, puts it as "any branch of manufacture or trade". This is sufficiently general to me to be a wholly acceptable definition, since economics is fundamentally about exchange.
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