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Institutional Sclerosis
The concept institutional sclerosis was first introduced by American economist and social scientist Mancur Olson, in his book ''The Rise and Decline of Nations'', published in 1982. Olson argues that the number of interests groups within a society has a sclerotic effect on economic growth. It seeks to explain economic growth and performance of societies across different countries by focusing on the role of institutions - specifically interest groups. This concept formulation builds up on Olson's previous work, the Logic of Collective Action (1965). It sets focus on the problem of Collective Action Problem , Collective Action, where individuals are driven by social incentives to join collectives in concern of the provision of goods and services. Nevertheless, there are others, who are reluctant to contribute, whilst still benefiting from the input. . The Logic thus results in individuals creating and joining smaller interest groups with the goal to prevent the Free-rider problem, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mancur Olson
Mançur Lloyd Olson Jr. (; January 22, 1932 – February 19, 1998) was an American economist and political scientist who taught at the University of Maryland, College Park. His most influential contributions were in institutional economics, and in the role which private property, taxation, public goods, collective action, and contract rights play in economic development. Early life and education Olson was born on January 22, 1932, in Grand Forks, North Dakota, to a family of Norwegian immigrants. He grew up on a farm near Buxton, North Dakota, next to the state border with Climax, Minnesota. Olson claimed that his given name, Mançur, was common throughout Scandinavian-immigrant communities in North America and was a variation of the Arabic name Mansoor. Olson graduated from North Dakota State University in 1954 and was a Rhodes Scholar at University College, Oxford until 1956, before earning a PhD in economics from Harvard in 1963. He also served in the U.S. Air Force for two ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institutional Change
New institutionalism (also referred to as neo-institutionalist theory or institutionalism) is an approach to the study of institutions that focuses on the constraining and enabling effects of formal and informal rules on the behavior of individuals and groups. New institutionalism traditionally encompasses three strands: sociological institutionalism, rational choice institutionalism, and historical institutionalism. New institutionalism originated in work by sociologist John Meyer published in 1977. History The study of institutions and their interactions has been a focus of academic research for many years. In the late 19th and early 20th century, social theorists began to systematize this body of literature. One of the most prominent examples of this was the work of German economist and social theorist Max Weber; Weber focused on the organizational structure (i.e. bureaucracy) within society, and the institutionalization created by means of the iron cage which organizational b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial And Organizational Psychology
Industrial and organizational psychology (I-O psychology), an applied discipline within psychology, is the science of human behavior in the workplace. Depending on the country or region of the world, I-O psychology is also known as occupational psychology in the United Kingdom, organisational psychology in Australia and New Zealand, and work and organizational (WO) psychology throughout Europe and Brazil. Industrial, work, and organizational (IWO) psychology is the broader, more global term for the science and profession.Spector P. E. (2021). Industrial and Organizational Psychology: Research and Practice 8th ed. Hoboken, NJ: John Wiley. I-O psychologists are trained in the scientist–practitioner model. As an applied field, the discipline involves both research and practice and I-O psychologists apply psychological theories and principles to organizations and the individuals within them. They contribute to an organization's success by improving the job performance, wellbeing, m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creative Destruction
Creative destruction (German: ''schöpferische Zerstörung'') is a concept in economics which since the 1950s is the most readily identified with the Austrian-born economist Joseph Schumpeter who derived it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle. It is also sometimes known as Schumpeter's gale. According to Schumpeter, the "gale of creative destruction" describes the "process of industrial mutation that continuously revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one". In Marxian economic theory the concept refers more broadly to the linked processes of the accumulation and annihilation of wealth under capitalism. The German sociologist Werner Sombart has been credited with the first use of these terms in his work ''Krieg und Kapitalismus'' (''War and Capitalism'', 1913).Describing the way in which the destruction of forests in Europe laid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Action Problem
A collective action problem or social dilemma is a situation in which all individuals would be better off cooperating but fail to do so because of conflicting interests between individuals that discourage joint action. The collective action problem has been addressed in political philosophy for centuries, but was most clearly established in 1965 in Mancur Olson's ''The Logic of Collective Action''. Problems arise when too many group members choose to pursue individual profit and immediate satisfaction rather than behave in the group's best long-term interests. Social dilemmas can take many forms and are studied across disciplines such as psychology, economics, and political science. Examples of phenomena that can be explained using social dilemmas include resource depletion, low voter turnout, and overpopulation. The collective action problem can be understood through the analysis of game theory and the free-rider problem, which results from the provision of public goods. Additio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitive Market
In economics, competition is a scenario where different 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: 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, information, and availability/ accessibility of resource ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rent-seeking
Rent-seeking is the act of growing one's existing wealth without creating new wealth by manipulating the social or political environment. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, reduced wealth creation, lost government revenue, heightened income inequality, and potential national decline. Attempts at capture of regulatory agencies to gain a coercive monopoly can result in advantages for rent-seekers in a market while imposing disadvantages on their uncorrupt competitors. This is one of many possible forms of rent-seeking behavior. Description The term rent, in the narrow sense of economic rent, was coined by the British 19th-century economist David Ricardo, but rent-seeking only became the subject of durable interest among economists and political scientists more than a century later after the publication of two influential papers on the topic by Gordon Tullock in 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Rent
In economics, economic rent is any payment (in the context of a market transaction) to the owner of a factor of production in excess of the cost needed to bring that factor into production. In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In the moral economy of neoclassical economics, economic rent includes income gained by labor or state beneficiaries of other "contrived" (assuming the market is natural, and does not come about by state and social contrivance) exclusivity, such as labor guilds and unofficial corruption. Overview In the moral economy of the economics tradition broadly, economic rent is opposed to producer surplus, or normal profit, both of which are theorized to involve productive human action. Economic rent is also independent of opportunity cost, unlike ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liberal Democracies
Liberal democracy is the combination of a liberal political ideology that operates under an indirect democratic form of government. It is characterized by elections between multiple distinct political parties, a separation of powers into different branches of government, the rule of law in everyday life as part of an open society, a market economy with private property, and the equal protection of human rights, civil rights, civil liberties and political freedoms for all people. To define the system in practice, liberal democracies often draw upon a constitution, either codified (such as in the United States) or uncodified (such as in the United Kingdom), to delineate the powers of government and enshrine the social contract. After a period of expansion in the second half of the 20th century, liberal democracy became a prevalent political system in the world.Anna Lührmann, Seraphine F. Maerz, Sandra Grahn, Nazifa Alizada, Lisa Gastaldi, Sebastian Hellmeier, Garry Hindle and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institution
Institutions are humanly devised structures of rules and norms that shape and constrain individual behavior. All definitions of institutions generally entail that there is a level of persistence and continuity. Laws, rules, social conventions and norms are all examples of institutions. Institutions vary in their level of formality and informality. Institutions are a principal object of study in social sciences such as political science, anthropology, economics, and sociology (the latter described by Émile Durkheim as the "science of institutions, their genesis and their functioning"). Primary or meta-institutions are institutions such as the family or money that are broad enough to encompass sets of related institutions. Institutions are also a central concern for law, the formal mechanism for political rule-making and enforcement. Historians study and document the founding, growth, decay and development of institutions as part of political, economic and cultural history. Def ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Growth
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product, or real GDP. Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the prices of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure. The economic growth-rates of countries are commonly compared using the ratio of the GDP to population (per-capita income). The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time. This growth rate represents the trend in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Miracles
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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