Churchill as Chancellor of the Exchequer (1924–9) and the return to the gold standard

The general election of 29 October 1924 saw Winston Churchill return to Parliament as Constitutionalist MP for Epping after two years in the political wilderness. It also saw Stanley Baldwin swept back to Number 10 on a Conservative landslide. Speculation about whether Baldwin would cement Churchill’s drift from the Liberal fold by offering him office surfaced during the election campaign. Churchill nevertheless thought ‘it very unlikely that I shall be invited to join the Government, as owing to the size of the majority it will probably be composed only of impeccable Conservatives’. [ 1 ] Because of his anti-socialist credentials, his ability to reassure wavering Liberals through his opposition to protectionism – dropped by Baldwin after its rejection in the 1923 general election – and concern he could prove a rallying point for backbench malcontents, there was however much to commend giving Churchill a post. To his surprise, Baldwin offered Churchill the long-coveted office of Chancellor of the Exchequer, briefly held by his father before his ill-conceived resignation in 1887. Having arranged a meeting with his Labour predecessor, Philip Snowden, about outstanding business the new Chancellor set to work. Marking his political transition, a few days later Churchill resigned from the National Liberal Club.

A new wind farm in Santiago Island, cape verde - simulation and economic studies

Ensuring sustainable development conditions is presently world widely recognized as a critically important goal. This makes the use of electricity generation technologies based on renewable energy sources very relevant. Developing countries depend on an adequate availability of electrical energy to assure economic progress and are usually characterized by a high increase in electricity consumption. This makes sustainable development a huge challenge but it can also be taken as an opportunity, especially for countries which do not have fossil resources. This paper presents a study concerning the expansion of an already existent wind farm, located in Praia, the capital of Cape Verde Republic. The paper includes results from simulation studies that have been undertaken using PSCAD software and some economic considerations.

Age-period-cohort effects in the incidence of hip fractures: political and economic events are coincident with changes in risk

Introduction: Healthcare improvements have allowed prevention but have also increased life expectancy, resulting in more people being at risk. Our aim was to analyse the separate effects of age, period and cohort on incidence rates by sex in Portugal, 2000–2008. Methods: From the National Hospital Discharge Register, we selected admissions (aged ≥49 years) with hip fractures (ICD9-CM, codes 820.x) caused by low/moderate trauma (falls from standing height or less), readmissions and bone cancer cases. We calculated person-years at risk using population data from Statistics Portugal. To identify period and cohort effects for all ages, we used an age–period–cohort model (1-year intervals) followed by generalised additive models with a negative binomial distribution of the observed incidence rates of hip fractures. Results: There were 77,083 hospital admissions (77.4 % women). Incidence rates increased exponentially with age for both sexes (age effect). Incidence rates fell after 2004 for women and were random for men (period effect). There was a general cohort effect similar in both sexes; risk of hip fracture altered from an increasing trend for those born before 1930 to a decreasing trend following that year. Risk alterations (not statistically significant) coincident with major political and economic change in the history of Portugal were observed around birth cohorts 1920 (stable–increasing), 1940 (decreasing–increasing) and 1950 (increasing–decreasing only among women). Conclusions: Hip fracture risk was higher for those born during major economically/politically unstable periods. Although bone quality reflects lifetime exposure, conditions at birth may determine future risk for hip fractures.

Sustainability and economic evaluation of microalgae grown in brewery wastewater

This article evaluates the sustainability and economic potential of microalgae grown in brewery wastewater for biodiesel and biomass production. Three sustainability and two economic indicators were considered in the evaluation within a life cycle perspective. For the production system the most efficient process units were selected. Results show that harvesting and oil separation are the main process bottlenecks. Microalgae with higher lipid content and productivity are desirable for biodiesel production, although comparable to other biofuel’s feedstock concerning sustainability. However, improvements are still needed to reach the performance level of fossil diesel. Profitability reaches a limit for larger cultivation areas, being higher when extracted biomass is sold together with microalgae oil, in which case the influence of lipid content and areal productivity is smaller. The values of oil and/or biomass prices calculated to ensure that the process is economically sound are still very high compared with other fuel options, especially biodiesel.

Estudo da Viabilidade Técnico-Económica de umm Sistema de Cogeração para um Complexo de Piscinas Interiores

A presente dissertação centrou-se no estudo técnico-económico de dois cenários futuros para a continuação de fornecimento de energia térmica a um complexo de piscinas existente na região do vale do Tâmega. Neste momento a central de cogeração existente excedeu a sua licença de utilização e necessita de ser substituída. Os dois cenários em estudo são a compra de uma nova caldeira, a gás natural, para suprir as necessidades térmicas da caldeira existente a fuelóleo, ou o uso de um sistema de cogeração compacto que poderá estar disponível numa empresa do grupo. No primeiro cenário o investimento envolvido é cerca de 456 640 € sem proveitos de outra ordem para além dos requisitos térmicos, mas no segundo cenário os resultados são bem diferentes, mesmo que tenha de ser realizado o investimento de 1 000 000 € na instalação. Para este cenário foi efetuado um levantamento da legislação nacional no que toca à cogeração, recolheram-se dados do edifício como: horas de funcionamento, número de utentes, consumos de energia elétrica, térmica, água, temperatura da água das piscinas, temperatura do ar da nave, assim como as principais características da instalação de cogeração compacta. Com esta informação realizou-se o balanço de massa e energia e criou-se um modelo da nova instalação em software de modelação processual (Aspen Plus® da AspenTech). Os rendimentos térmico e elétrico obtidos da nova central de cogeração compacta foram, respetivamente, de 38,1% e 39,8%, com uma percentagem de perdas de 12,5% o que determinou um rendimento global de 78%. A avaliação da poupança de energia primária para esta instalação de cogeração compacta foi de 19,6 % o que permitiu concluir que é de elevada eficiência. O modelo criado permitiu compreender as necessidades energéticas, determinar alguns custos associados ao processo e simular o funcionamento da unidade com diferentes temperaturas de ar ambiente (cenários de verão e inverno com temperaturas médias de 20ºC e 5ºC). Os resultados revelaram uma diminuição de 1,14 €/h no custo da electricidade e um aumento do consumo de gás natural de 62,47 €/h durante o período mais frio no inverno devido ao aumento das perdas provocadas pela diminuição da temperatura exterior. Com esta nova unidade de cogeração compacta a poupança total anual pode ser, em média, de 267 780 € admitindo um valor para a manutenção de 97 698 €/ano. Se assim for, o projeto apresenta um retorno do investimento ao fim de 5 anos, com um VAL de 1 030 430 € e uma taxa interna de rentabilidade (TIR) de 14% (positiva, se se considerar a taxa de atualização do investimento de 3% para 15 anos de vida). Apesar do custo inicial ser elevado, os parâmetros económicos mostram que o projeto tem viabilidade económica e dará lucro durante cerca de 9 anos.

Dispatch of distributed Energy Resources to Provide Energy and Reserve in Smart Grids using a Particle Swarm Optimization Approach

The smart grid concept is a key issue in the future power systems, namely at the distribution level, with deep concerns in the operation and planning of these systems. Several advantages and benefits for both technical and economic operation of the power system and of the electricity markets are recognized. The increasing integration of demand response and distributed generation resources, all of them mostly with small scale distributed characteristics, leads to the need of aggregating entities such as Virtual Power Players. The operation business models become more complex in the context of smart grid operation. Computational intelligence methods can be used to give a suitable solution for the resources scheduling problem considering the time constraints. This paper proposes a methodology for a joint dispatch of demand response and distributed generation to provide energy and reserve by a virtual power player that operates a distribution network. The optimal schedule minimizes the operation costs and it is obtained using a particle swarm optimization approach, which is compared with a deterministic approach used as reference methodology. The proposed method is applied to a 33-bus distribution network with 32 medium voltage consumers and 66 distributed generation units.

Fiscal decentralisation and economic theory

There is no complete overview or discussion of the literature of the economics of federalism and fiscal decentralization, even though scholarly interest in the topic has been increasing significantly over recent years. This paper provides a general, brief but comprehensive overview of the main insights from the literature on fiscal federalism and decentralization. In doing so, literature on fiscal federalism and decentralization is grouped into two main approaches: “first generation of theories” and “second generation of theories”.

Financial depth, stock markets and economic growth in the EU-15 countries

The aim of this paper is to assess the impact of financial depth on economic growth in the EU-15 countries from 1970 until 2012, using the two-step System GMM estimator. Even though it might be expected a positive impact, the results show it is negative and sometimes even negative and statistically significant. Among the reasons presented for this, the existence of banking crises seems to better explain these results. In tranquil periods, financial deepening appears to have a positive impact, whereas in banking crises it is persistently negative and statistically significant. Also, after an assessment of the impact of stock markets on economic growth, it appears that more developed countries in the EU-15 have an economy more reliant on this segment of the financial system rather than in bank intermediation.

The new blockbuster film sequel : changing cultural and economic conditions within the film industry

Film sequels are a pervasive part of film consumption practices and have become an important part of the decision making process for Hollywood studios and producers. This thesis indicates that sequels are not homogenous groups of films, as they are often considered, but offer a variety of story construction and utilize a variety of production methods. Three types of blockbuster sequel sets are identified and discussed in this thesis. The Traditional Blockbuster Sequel Set, as exemplified by Back to the Future (1985, 1989, 1990) films, is the most conventional type of sequel set and capitalizes on the winning formula of the first film in the franchise. The MultiMedia Sequel Set, such as The Matrix (1999,2003) trilogy, allows the user/viewer to experience and consume the story as well as the world of the film through many different media. The Lord a/ the Rings (2001, 2002, 2003) set of films is an illustration of The Saga Sequel Set where plot lines are continuous over the entire franchise thus allowing the viewer to see the entire set as a unified work. The thesis also demonstrates how the blockbuster sequel sets, such as the Pirates a/ the Caribbean (2003, 2006, 2007) franchise, restructure the production process of the Hollywood film industry.