The Economics of Automation

The mechanical efficiency of a machine is a fundamental concept that describes how effectively a machine can convert input work into output work. According to this concept, the efficiency of a machine is equal to the ratio of the output work to the input work. An ideal machine, meaning a machine that has no energy losses, has an efficiency of one. This implies that the input work and the output work are equal.
However, in reality, no machine can be truly ideal, and all of them experience some...

Distribution reliability in electrical power systems is critical for ensuring an uninterrupted power supply to consumers at minimal cost. According to IEEE Standard Terms, reliability is the probability that a device will function without failure over a specified time period or amount of usage. For electric power distribution, this translates to maintaining continuous power supply and addressing customer concerns over power outages. Several indices, as defined by IEEE Standard 1366-2012, are...

Automatic processing refers to the cognitive operations that occur without conscious intent or awareness, playing a fundamental role in shaping social cognition and behavior. These processes enable individuals to navigate complex social environments efficiently by relying on mental shortcuts and pre-existing knowledge structures known as schemas. One of the most influential mechanisms underlying automatic processing is priming, which subtly activates mental representations through exposure to...

Net production efficiency (NPE) is the efficiency at which organisms assimilate energy into biomass for the next trophic level. Due to low metabolic rates and less energy spent on thermoregulatory processes, the NPE of ectotherms (cold-blooded animals) is 10 times higher than endotherms (warm-blooded animals).

Econometric Views, often stylized as EViews, is a package that merges statistical analysis with econometric studies. It is designed to provide tools for time series analysis, forecasting, and econometric model simulation. The software originated from MicroTSP software and has evolved significantly since its inception in 1981. The history of EViews is marked by a continuous effort to enhance its computational speed and user interface. It was initially developed for large computing systems but...

Control systems are everywhere in contemporary society, influencing diverse applications from aerospace to automated manufacturing. These systems can be found naturally within biological processes, such as blood sugar regulation and heart rate adjustment in response to stress, as well as in man-made systems like elevators and automated vehicles. A control system is essentially a network of subsystems and processes that collaboratively convert specific inputs into desired outputs.
At the heart...