The result of the model is once again that the cost of entry impacts the size of the intermediate industry, and that the price of the intermediate service is a function of the industry size.
While process design aids in performing the principla function of the industry, that is to convert raw materials into products, it is process control and operability that is responsible for satisfying the above objectives.
And it's also a function of the industry.
This episode highlighted the importance of disease surveillance at this time of the year, but also the dilemma between the needs of disease control and the necessity for sufficient animal movement to take place to sustain the functioning of the industry.
While the tension between adversaries is a necessary function of the security industry, and spurs innovation, 2016 was an especially brutal year for the good guys.
Yet none of us seemed to understand the function of these industries, or rather, like children who maintain that conception takes place without sex, we were willfully innocent, closing our eyes against the messy details.
"The fact that there are so many terms going around these things is almost a function of the fact the industry is so new," Airbnb VP of Engineering Mike Curtis told me on this week's episode of Bullish.
The production function of an industry (the index j is omitted) is begin{array}{*{20}l} lambda y = z fleft(lambda_{0} x_{0}, lambda_{1} x_{1}, dots, lambda_{n} x_{n} right) = z fleft(boldsymbol{lambda} cdot mathbf{x} right), end{array} (1).
The justifications for those two bailouts also leave unanswered another question: What if circumstances change in a way that imperils the functioning of the oil industry, for example, or semiconductor manufacturers, or any of the other industries whose products and services are essential to maintaining the strength and vibrancy of the economy in the United States?
In this step the artifacts of value, required to support the practitioners' work, are identified according to two viewpoints: technical function (the academic view), and of pragmatic function (the Industry view).
The smooth functioning of the mining industry was crucial both politically and economically.
