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2015 | Buch

Introduction Kapitel lesen Erstes Kapitel lesen

Purposeful Engineering Economics

verfasst von: Ronald A. Chadderton

Verlag: Springer International Publishing

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

Purposeful Engineering Economics stands as a unique and highly original complement to the traditional engineering economics curriculum. This primarily narrative text conveys the essence of an "Austrian" economic perspective on cash flow analysis and decision making in engineering without extensive tables and graphs and requires very little mathematics. The book’s objective is to add a new perspective to the usual study of cash flow analysis and solely econometric engineering decision making. The author draws on the methodology of the Austrian Economists—a school of economic thought that bases its study of economic phenomena on the interpretation and analysis of the purposeful actions of individuals. The book includes an array of illustrative case studies examined in detail by the author and emphasizes the importance of market processes and price signals to coordinate engineering plans.

Inhaltsverzeichnis

Frontmatter
Chapter 1. Introduction
Abstract
This book is the result of many years of two parallel activities; studying the so-called “Austrian” school of economics and teaching classes in engineering economy and risk. Most readers will not be familiar with the terms “Austrian Economic Theory” or “Austrian Economics.” This section will explain these terms and describe my method of incorporating some Austrian insights into an undergraduate engineering economy course that was created specifically for my department.
Ronald A. Chadderton
Chapter 2. The First Class: Subjective Value and Time Preference
Abstract
Civil Engineers often claim to work for the public good. Their work between two environments, the physical and the economic, has been described in the following way: “[t]he function of engineering is to create utility in the economic environment by altering elements in the physical environment.” (Thuesen and Fabrycky in Engineering economy. Prentice Hall, Upper Saddle River, 2001)
Ronald A. Chadderton
Chapter 3. A Few Basic Concepts: Setting the Stage
Abstract
The purpose of this book is to present supplemental material that I have incorporated into my course called “Economy and Risk” built around an engineering economics textbook. These are materials that I believe every engineering graduate should appreciate.
Ronald A. Chadderton
Chapter 4. Price and Cost
Abstract
One of the most important points of misunderstanding that should be corrected is the confusion between the terms “price” and “cost.” These terms are often associated with the concepts of “utility” and “value.” The term “utility” might be described as an estimate of the ability of a good to satisfy human wants. The related term “value” could be expressed as “an appraisal of utility in terms of a medium of exchange” (Thuesen and Fabrycky in Engineering economy, Prentice Hall, and Upper Saddle River 2001). Both utility and value are attributed to an object by an individual; they are not inherent in the object.
Ronald A. Chadderton
Chapter 5. Equivalence
Abstract
This discussion of “equivalence” assumes that the students have previously learned the basic interest formulas and diagrams for cash flow analyses. The engineering economy textbook used for the course will include the complete formulas and tables of interest factors using a version of the familiar notation shown below.
Ronald A. Chadderton
Chapter 6. Inflation
Abstract
Why should we discuss inflation with engineers? Hasn’t inflation been kept “under control” in recent years because of actions by the Federal Reserve? These are clearly legitimate questions that deserve answers.
Ronald A. Chadderton
Chapter 7. Information: Interfering with Price Signals
Abstract
The subject of this section is primarily the transfer of information among economic actors. A closely related concern is distortion of the information caused by various interventions. We note that we are always trying to plan action into the future, while the future is always uncertain, or unknowable. Even prospective calculations are based on data from the immediate past.
Ronald A. Chadderton
Chapter 8. Public Projects (Benefit–Cost Analysis)
Abstract
The material in this section is by its nature political. The emphasis will be on benefit–cost (B/C) analysis of government activities, or more specifically of projects. Arnn (2012) is particularly relevant to this material. This section begins with a philosophical discussion and ends with a mathematical example.
Ronald A. Chadderton
Chapter 9. Effects of Taxation on Cash Flows
Abstract
In this section, we will address the question of why we should include this topic in an engineering economy context. What uniquely Austrian considerations can be added to a more typical treatment of the problem?
Ronald A. Chadderton
Chapter 10. An Example “Retirement” Planning Calculation
Abstract
Much current advertising asks “How much savings will you need for your retirement?” One personal benefit for our students from this course should be to learn how to estimate such a future need and to calculate a cash flow to reach that goal. It should be obvious that if savings grow 4 % while the CPI increases 5 %, value has been lost.
Ronald A. Chadderton
Chapter 11. Costs of Regulation
Abstract
When engineers work in fields regulated by the general, federal government, they favor regulations for scientific or technical reasons. Since regulations are frequently derived from risk analyses, it would be valuable to society if engineers understood the total effect of regulatory costs on the general populace before lobbying for more regulation and public expenditures. The purpose of this section is to suggest within the context of engineering economics a broader perspective on the costs of regulation.
Ronald A. Chadderton
Chapter 12. Sustainability Concerns
Abstract
Why include sustainability concerns in this book about engineering economy? We are not training sustainability specialists. I believe the case can be made that engineers, especially civil engineers, have always been implicitly sustainable; they do not design unsustainable projects intentionally. The primary reason to discuss sustainability might be the mandate by the American Society of Civil Engineers (ASCE) that engineering programs must include sustainability within an undergraduate curriculum to gain full accreditation. Another reason might be to ensure that engineering students have some idea about the multi-dimensional characteristic of “sustainability” as well as its limitations.
Ronald A. Chadderton
Backmatter
Metadaten
Titel
Purposeful Engineering Economics
verfasst von
Ronald A. Chadderton
Copyright-Jahr
2015
Electronic ISBN
978-3-319-18848-5
Print ISBN
978-3-319-18847-8
DOI
https://doi.org/10.1007/978-3-319-18848-5

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