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Gridlock (economics)
This is an extended usage of word gridlock specifically in economics to describe the common situation that occurs in the competition within an industry or a company. The similar usage of gridlock can be seen in politics as well. See also gridlock (Politics). However, the term gridlock was first used in engineering as, "A state of severe road congestion arising when continuous queues of vehicles block an entire network of intersecting streets, bringing traffic in all directions to a complete standstill; a traffic jam of this kind." ridlock. oed.com. Oxford University Press. Retrieve May 3, 2011 In microeconomics, gridlock refers to the difficult situation of firms to invest in long-term and sustainable business, especially in a fiercely competitive industry where most firms focus on the short-term returns. It is very hard for any player to make move towards sustainable and health direction, since if one party initiates the long-term investment, which is not very profitable in the sh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gridlock
Gridlock is a form of traffic congestion where "continuous queues of vehicles block an entire network of intersecting streets, bringing traffic in all directions to a complete standstill". The term originates from a situation possible in a grid plan where intersections are blocked, preventing vehicles from either moving forwards through the intersection or backing up to an upstream intersection. The term ''Gridlock'' is also used incorrectly to describe high traffic congestion with minimal flow (which is simply a traffic jam), where a blocked grid system is not involved. By extension, the term has been applied to situations in other fields where flow is stalled by excess demand, or in which competing interests prevent progress. Cause Traditional gridlock is caused by cars entering an intersection on a green light without enough room on the other side of the intersection ''at the time of entering'' to go all the way through. This can lead to the car being trapped in the inter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gridlock (politics)
In politics, gridlock or deadlock or political stalemate is a situation when there is difficulty passing laws that satisfy the needs of the people. A government is gridlocked when the ratio between bills passed and the agenda of the legislature decreases. Gridlock can occur when two legislative houses, or the executive branch and the legislature are controlled by different political parties, or otherwise cannot agree. United States In United States politics, gridlock frequently refers to occasions when the House of Representatives and the Senate are controlled by different parties, or by a different party than the party of the president. Gridlock may also occur within the Senate, when no party has a filibuster-proof majority. ''Political Gridlock'' by author Ned Witting identifies many of the causes of gridlock in the United States and outlines ways to get government working again. Law professors such as Sanford Levinson and Adrian Vermeule, as well as political comment ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Theory
Game theory is the study of mathematical models of strategic interactions among rational agents. Myerson, Roger B. (1991). ''Game Theory: Analysis of Conflict,'' Harvard University Press, p.&nbs1 Chapter-preview links, ppvii–xi It has applications in all fields of social science, as well as in logic, systems science and computer science. Originally, it addressed two-person zero-sum games, in which each participant's gains or losses are exactly balanced by those of other participants. In the 21st century, game theory applies to a wide range of behavioral relations; it is now an umbrella term for the science of logical decision making in humans, animals, as well as computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum game and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathema ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institutional Economics
Institutional economics focuses on understanding the role of the Sociocultural evolution, evolutionary process and the role of institutions in shaping Economy, economic Human behavior, behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 ''American Economic Review'' article by Walton H. Hamilton. Institutional economics emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions (e.g. individuals, firms, states, social norms). The earlier tradition continues today as a leading Heterodox economics, heterodox approach to economics.Warren J. Samuels ([1987] 2008). "institutional economics," ''The New Palgrave: A Dictionary of Economics''Abstract. "Traditional" institutionalism rejects the ''reduction'' of institutions to simply tastes, technology, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competition (economics)
In economics, competition is a scenario where different Economic agent, economic firmsThis article follows the general economic convention of referring to all actors as firms; examples in include individuals and brands or divisions within the same (legal) firm. are in contention to obtain goods that are limited by varying the elements of the Marketing mix for product software, marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. The greater the selection of a good is in the market, prices are typically lower for the products, compared to what the price would be if there was no competition (monopoly) or little competition (oligopoly). The level of competition that exists within the market is dependent on a variety of factors both on the firm/ seller side; the number of firms, barriers to entry, infor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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