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Core Sphere
Within the field of microeconomics, the "core sphere" of the economy consists of households, families, and community groups that organize the many important economic activities central to sustaining human life. Neva Goodwin of Tufts University outlines the functions of the core sphere to include: * Child bearing and child raising * Care of the sick, elderly, or otherwise needy * The final stage of production of many goods and services * The organization of savings and investment * Allocation of consumption spending * Decisions regarding investing in and maintaining human capital * Decisions regarding the supply of labor services * The organization and use of leisure time These human resources make up the core sphere of the economy, and they play significant roles in our lives. It was noted by Goodwin that if a monetary value were placed on the work generated by the core sphere in the United States, it would add to approximately $3.9 trillion and would account for approximately 30% o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also deal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neva Goodwin
Neva Goodwin Rockefeller (born June 1, 1944), known professionally as Neva Goodwin, is co-director of the Global Development And Environment Institute (GDAE) at Tufts University, where she is a research associate at the Fletcher School of Law and Diplomacy and director of the Social Science Library: Frontier Thinking in Sustainable Development and Human Well-Being. Goodwin works towards a contextual economics theory that will have more relevance to contemporary real-world social and ecological concerns than does the dominant economic paradigm. To this end, Goodwin is the lead author of two introductory university-level economics textbooks as well as online teaching modules, along with editing two six-part series among other publications (see below). Goodwin is also involved with efforts to motivate business to recognize social and ecological health as significant, long-term corporate goals. She is involved in socially responsible investing and served in leadership roles at orga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tufts University
Tufts University is a private research university on the border of Medford and Somerville, Massachusetts. It was founded in 1852 as Tufts College by Christian universalists who sought to provide a nonsectarian institution of higher learning. Tufts remained a small New England liberal arts college until the 1970s, when it transformed into a large research university offering several doctorates;Its corporate name is still "The Trustees of Tufts College" it is classified as a "Research I university", denoting the highest level of research activity. Tufts is a member of the Association of American Universities, a selective group of 64 leading research universities in North America. The university is known for its internationalism, study abroad programs, and promoting active citizenship and public service across all disciplines. Tufts offers over 90 undergraduate and 160 graduate programs across ten schools in the greater Boston area and Talloires, France. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Revolution
The Industrial Revolution was the transition to new manufacturing processes in Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system. Output greatly increased, and a result was an unprecedented rise in population and in the rate of population growth. Textiles were the dominant industry of the Industrial Revolution in terms of employment, value of output and capital invested. The textile industry was also the first to use modern production methods. The Industrial Revolution began in Great Britain, and many of the technological and architectural innovations were of British origin. By the mid-18th century, Britain was the world's leadi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cult Of Domesticity
The Culture of Domesticity (often shortened to Cult of Domesticity) or Cult of True Womanhood is a term used by historians to describe what they consider to have been a prevailing value system among the upper and middle classes during the 19th century in the United States. This value system emphasized new ideas of femininity, the woman's role within the home and the dynamics of work and family. "True women", according to this idea, were supposed to possess four cardinal virtues: piety, purity, domesticity, and submissiveness. The idea revolved around the woman being the center of the family; she was considered "the light of the home". The women and men who most actively promoted these standards were generally white and Protestant; the most prominent of them lived in New England and the Northeastern United States. Although all women were supposed to emulate this ideal of femininity, black, working class, and immigrant women were often excluded from the definition of "true women" bec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bureau Of Labor Statistics
The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor. It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics and serves as a principal agency of the U.S. Federal Statistical System. The BLS collects, processes, analyzes, and disseminates essential statistical data to the American public, the U.S. Congress, other Federal agencies, State and local governments, business, and labor representatives. The BLS also serves as a statistical resource to the United States Department of Labor, and conducts research measuring the income levels families need to maintain a satisfactory quality of life. BLS data must satisfy a number of criteria, including relevance to current social and economic issues, timeliness in reflecting today's rapidly changing economic conditions, accuracy and consistently high statistical quality, impartiality in both subject matter and presentation, and accessibility t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Care Work
Care work is a sub-category of work that includes all tasks that directly involve care processes done in service of others. It is often differentiated from other forms of work because it is considered to be intrinsically motivated. This perspective defines care labor as labor undertaken out of affection or a sense of responsibility for other people, with no expectation of immediate pecuniary reward.. Regardless of motivation, care work includes care activities done for pay as well as those done without remuneration. Care work refers to those occupations that provide services that help people develop their capabilities, or the ability to pursue the aspects of their lives that they value. Examples of these occupations include child care, all levels of teaching (from preschool through university professors), and health care of all types (nurses, doctors, physical therapists and psychologists). Care work also includes the array of domestic unpaid work that is often disproportionatel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Costs
In microeconomic theory, the opportunity cost of a particular activity is the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity. More effective it means if you chose one activity (for example, an investment) you are giving up the opportunity to do a different option. The optimal activity is the one that, net of its opportunity cost, provides the greater return compared to any other activities, net of their opportunity costs. For example, if you buy a car and use it exclusively to transport yourself, you cannot rent it out, whereas if you rent it out you cannot use it to transport yourself. If your cost of transporting yourself without the car is more than what you get for renting out the car, the optimal choice is to use the car yourself. In basic equation form, opportunity cost can be defined as: "Opportunity Cost = (returns on best Forgone Option) - (returns on Chosen Option)." The opportunity cost of mowing one’s own la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Replacement Cost
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the actual cost to replace an item or structure at its pre-loss condition. This may not be the "market value" of the item, and is typically distinguished from the "actual cash value" payment which includes a deduction for depreciation. For insurance policies for property insurance, a contractual stipulation that the lost asset must be actually repaired or replaced before the replacement cost can be paid is common. This prevents overinsurance, which contributes to arson and insurance fraud.Thomas JE, Wilson B. (2005). The Indemnity Principle: Evolution from a Financial to a Functional Paradigm]. ''Journal of Risk Management & Insurance''Free full-t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unpaid Work
Unpaid labor or unpaid work is defined as labor or work that does not receive any direct remuneration. This is a form of non-market work which can fall into one of two categories: (1) unpaid work that is placed within the production boundary of the System of National Accounts (SNA), such as gross domestic product (GDP); and (2) unpaid work that falls outside of the production boundary (non-SNA work), such as domestic labor that occurs inside households for their consumption. Unpaid labor is visible in many forms and isn't limited to activities within a household. Other types of unpaid labor activities include volunteering as a form of charity work and interning as a form of unpaid employment. In a lot of countries, unpaid domestic work in the household is typically performed by women, due to gender inequality and gender norms, which can result in high-stress levels in Women attempting to balance unpaid work and paid employment. In poorer countries, this work is sometimes perform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Patriarchy
Patriarchy is a social system in which positions of dominance and privilege are primarily held by men. It is used, both as a technical anthropological term for families or clans controlled by the father or eldest male or group of males and in feminist theory where it is used to describe broad social structures in which men dominate over women and children. In these theories it is often extended to a variety of manifestations in which men have social privileges over others causing exploitation or oppression, such as through male dominance of moral authority and control of property. "I shall define patriarchy as a system of social structures, and practices in which men dominate, oppress and exploit women." "There are six main patriarchal structures which together constitute a system of patriarchy. These are: a patriarchal mode of production in which women's labour is expropriated by their husbands; patriarchal relations within waged labour; the patriarchal state; male viole ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Wealth
Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals and families. It is a discipline which incorporates structuring and planning wealth to assist in growing, preserving, and protecting wealth, whilst passing it onto the family in a tax-efficient manner and in accordance with their wishes. Wealth management brings together tax planning, wealth protection, estate planning, succession planning, and family governance. Private wealth management Private wealth management is delivered to high-net-worth investors. Generally, this includes advice on the use of various estate planning vehicles, business-succession or stock-option planning, and the occasional use of hedging derivatives for large blocks of stock. Traditionally, the wealthiest retail clients of investment f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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