junior science refresher Published this article page no 52 GRI Standards by Global Reporting Initiative (GRI) an independent international organization Sustainability Accounting Standards Board (SASB) also by Value Reporting Foundation a global nonprofit organization ISO 26000 Standards on social responsibility by International Organization for Standardization an independent nongovernmental international organization. United Nations Global Compact worlds largest voluntary corporate sustainability initiative based on universal sustainability principles. 11.2. NOBEL PRIZE IN ECONOMICS Why in News? This years Sveriges Riksbank Prize in Economic Sciences 2021 was given to three economists for two groundbreaking works using natural experiments by the Royal Swedish Academy of Sciences. More on news One half of the Prize was given to David Card for his empirical contributions to labour economics and Other half was jointly given to Joshua D. Angrist and Guido W. Imbens for their methodological contributions to the analysis of causal relationships. About the prize winning research David Card used natural experiments (situations arising in real life that resemble randomised experiments) to analyse the labour market effects of minimum wages immigration and education giving results as o Increasing the minimum wage does not necessarily lead to fewer jobs. o Incomes of people who were born in a country can benefit from new immigration while people who immigrated at an earlier time risk being negatively affected. o Resources in schools are far more important for students future labour market success than previously thought. The methodology to interpret data and draw conclusions from natural experiments was given by Joshua Angrist and Guido Imbens. About Sveriges Riksbank Prize It was established in 1968 by the Central Bank of Sweden Sveriges Riksbank in memory of Alfred Nobel founder of the Nobel Prize The Prize is based on a donation received by the Nobel Foundation in 1968 from Sveriges Riksbank on the occasion of the Banks 300th anniversary. In 1969 first prize in economic sciences was awarded to Ragnar Frisch and Jan Tinbergen. ONE NATION ONE STANDARD Why in News? Recently Research Design and Standards Organisation (RDSO) of Indian Railways has become the first Institution to be declared Standard Developing Organization (SDO) under One Nation One Standard mission of BIS (Bureau of Indian Standards). More on News Partnership will help RDSO the sole R&D wing of the railway ministryto realign its standard formulation procedures as per the code of good practices mentioned under the WTOTechnical Barriers to Trade (WTOTBT). RDSO took the initiative to seek recognition as a SDO under the BIS SDO Recognition Scheme. o Under the scheme BIS envisages the recognition of the other SDOs for attaining the vision of One Nation One Standard. About One Nation One Standard (ONOS) Aim is to synergize standards adopted by various SDOs in the country. The idea is to develop one template of standard for one given product instead of having multiple agencies set it. Currently BIS is the only national body that frames standards. But different Institutions and PSUs also develop standards in their specific domains. o For example the Food Safety and Standards Authority (FSSAI) set standards on food while Automobile Research Organisation of India makes standards for the automobile sector. Initiatives taken for standardisation in India Indian National Strategy for Standardization It considers the current state of development across sectors the existing quality infrastructure and the policy directions in relation to domestic economic developments and for trade in goods and services. Formulation of Indian Standards is one of the core activities of BIS. The activity is done through 17 Division Councils representing diverse areas of economy and technology such as Civil engineering Electrotechnical chemical services etc junior science refresher buy.
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