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Burton Weisbrod
Burton A. Weisbrod (born February 13, 1931 in Chicago, Illinois) is an American economist who pioneered the theory of option value, and the theory of why voluntary nonprofit organizations exist, He also developed the methodology for valuing voluntary labor. He advanced methods for benefit-cost analysis of public policy by recognizing the roles of externality effects and collective public goods in program evaluation. He applied those methods to the fields of education, health care, poverty, public interest law, and nonprofit organization. Over a career of fifty years, he published 16 books and over 200 scholarly articles. He is currently the Cardiss Collins Professor of Economics Emeritus and a Fellow of the Institute for Policy Research at Northwestern University. Contributions to economics * Option Value – Weisbrod is acknowledged to have developed the concept and coined the term option value as used in welfare economics to represent a portion of total economic value ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago, Illinois
(''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name = United States , subdivision_type1 = State , subdivision_type2 = Counties , subdivision_name1 = Illinois , subdivision_name2 = Cook and DuPage , established_title = Settled , established_date = , established_title2 = Incorporated (city) , established_date2 = , founder = Jean Baptiste Point du Sable , government_type = Mayor–council , governing_body = Chicago City Council , leader_title = Mayor , leader_name = Lori Lightfoot ( D) , leader_title1 = City Clerk , leader_name1 = Anna Valencia ( D) , unit_pref = Imperial , area_footnotes = , area_tot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Good (economics)
In economics, a public good (also referred to as a social good or collective good)Oakland, W. H. (1987). Theory of public goods. In Handbook of public economics (Vol. 2, pp. 485-535). Elsevier. is a good that is both non-excludable and non-rivalrous. For such goods, users cannot be barred from accessing or using them for failing to pay for them. Also, use by one person neither prevents access of other people nor does it reduce availability to others. Therefore, the good can be used simultaneously by more than one person. This is in contrast to a common good, such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others. A public good must be valuable to more than one user, otherwise, the fact that it can be used simultaneously by more than one person would be economically irrelevant. Capital goods may be used to produce public goods or services th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Development
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. " Modernization", "Westernization", and especially "industrialization" are other terms often used while discussing economic development. Historically, economic development policies focused on industrialization and infrastructure; since the 1960s, it has increasingly focused on poverty reduction. Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development". Economists primarily focus on the g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Productivity
Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time. The most common example is the (aggregate) labour productivity measure, one example of which is GDP per worker. There are many different definitions of productivity (including those that are not defined as ratios of output to input) and the choice among them depends on the purpose of the productivity measurement and/or data availability. The key source of difference between various productivity measures is also usually related (directly or indirectly) to how the outputs and the inputs are aggregated to obtain such a ratio-type measure of productivity. Productivity is a crucial factor in the production performance of firms and nations. Increasing national productivi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Head Start Program
Head Start is a program of the United States Department of Health and Human Services that provides comprehensive early childhood education, health, nutrition, and parent involvement services to low-income children and families. The program's services and resources are designed to foster stable family relationships, enhance children's physical and emotional well-being, and establish an environment to develop strong cognitive skills. The transition from preschool to elementary school imposes diverse developmental challenges that include requiring the children to engage successfully with their peers outside the family network, adjust to the space of a classroom, and meet the expectations the school setting provides. Launched in 1965 by its creator and first director Jule Sugarman anBernice H. Fleiss Head Start was originally conceived as a catch-up summer school program that would teach low-income children in a few weeks what they needed to know to start elementary school. The H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Council Of Economic Advisors
The Council of Economic Advisers (CEA) is a United States agency within the Executive Office of the President established in 1946, which advises the President of the United States on economic policy. The CEA provides much of the empirical research for the White House and prepares the publicly-available annual Economic Report of the President. Activities Economic Report of the President The report is published by the CEA annually in February, no later than 10 days after the Budget of the US Government is submitted. The president typically writes a letter introducing the report, serving as an executive summary and used for press coverage. The report proceeds with several hundred pages of qualitative and quantitative research by reviewing the impact of economy, economic activity in the previous year, outlining the economic goals for the coming year (based on the President's economic agenda), and making numerical projections of economic performance and outcomes. Public criticism ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War On Poverty
The war on poverty is the unofficial name for legislation first introduced by United States President Lyndon B. Johnson during his State of the Union address on January 8, 1964. This legislation was proposed by Johnson in response to a national poverty rate of around nineteen percent. The speech led the United States Congress to pass the Economic Opportunity Act, which established the Office of Economic Opportunity (OEO) to administer the local application of federal funds targeted against poverty. The forty programs established by the Act were collectively aimed at eliminating poverty by improving living conditions for residents of low-income neighborhoods and by helping the poor access economic opportunities long denied from them. As a part of the Great Society, Johnson believed in expanding the federal government's roles in education and health care as poverty reduction strategies. These policies can also be seen as a continuation of Franklin D. Roosevelt's New Deal, which ra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Capital
Human capital is a concept used by social scientists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. Companies can invest in human capital, for example, through education and training, enabling improved levels of quality and production. As a result of his conceptualization and modeling work using Human Capital as a key factor, the 2018 Nobel Prize for Economics was jointly awarded to Paul Romer, who founded the modern innovation-driven approach to understanding economic growth. In the recent literature, the new concept of task-specific human capital was coined in 2004 by Robert Gibbons, an economist at MIT, and Michael Waldman, an economist at Cornell University. The concept emphasizes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Welfare Economics
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. Attempting to apply the principles of welfare economics gives rise to the field of public economics, the study of how government might intervene to improve social welfare. Welfare economics also provides the theoretical foundations for particular instruments of public economics, including cost–benefit analysis, while the combination of welfare economics and insights from behavioral economics has led to the creation of a new subfield, behavioral welfare economics. The field of welfare economics is associated with two fundamental theorems. The first states that given certain assumptions, competitive markets produce ( Pareto) efficient outcomes; it captures the logic of Adam Smith's invisible hand. The second states that given further restrictions, any Pareto efficient outcome can be supported as a competitive market equilibrium. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Northwestern University Institute For Policy Research
The Institute for Policy Research (IPR) is an interdisciplinary public policy research center at Northwestern University. History The Institute for Policy Research was founded in September 1968, originally as the Center for Urban Affairs, with a $700,000 grant from the Ford Foundation. Raymond W. Mack, one of the Center's original co-founders, also became its first director, serving in this role until 1971. John McKnight was the Center's first associate director. When the Center was first founded, Payson S. Wild, the then-vice president of Northwestern, said, "Our Center for Urban Affairs can make a unique contribution if we have scholars committed to the application of scientific research in the realm of public policy." In 1983, the Center was renamed the Center for Urban Affairs and Policy Research. In 1996, Fay Lomax Cook became director of the Center. Shortly thereafter, she changed its name to the Institute for Policy Research. She stepped down from her role as director in Aug ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Interest Law
Public interest law refers to legal practices undertaken to help poor, marginalized, or under-represented people, or to effect change in social policies in the public interest, on 'not for profit' terms ( ''pro bono publico''), often in the fields of civil rights, civil liberties, religious liberty, human rights, women's rights, consumer rights, environmental protection, and so on. In a celebrated 1905 speech, Louis Brandeis decried the legal profession, complaining that "able lawyers have to a large extent allowed themselves to become adjuncts of great corporations and have neglected their obligation to use their powers for the protection of the people." In the tradition thus exemplified, a common ethic for public-interest lawyers in a growing number of countries remains "fighting for the little guy".Scott L. Cummings & Ingrid V. Eagly, After Public Interest Law, NWU L. Rev. 1251, 1251-1259, 2075-2077(2006) By jurisdiction Central and Eastern Europe At the end of the commu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
