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Merit Good
The economics concept of a merit good, originated by Richard Musgrave (1957, 1959), is a commodity which is judged that an individual or society should have on the basis of some concept of benefit, rather than ability and willingness to pay. The term is, perhaps, less often used presently than it was during the 1960s to 1980s but the concept still motivates many economic actions by governments. Examples include in-kind transfers such as the provision of food stamps to assist nutrition, the delivery of health services to improve quality of life and reduce morbidity, and subsidized housing and education. Definition A merit good can be defined as a good which would be under-consumed (and under-produced) by a free market economy, due to two main reasons: # When consumed, a merit good creates positive externalities (an externality being a third party/spill-over effect of the consumption or production of the good/service). This means that there is a divergence between private benefit a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demerit Good
In economics, a demerit good is "a good or service whose consumption is considered unhealthy, degrading, or otherwise socially undesirable due to the perceived negative effects on the consumers themselves"; it could be over-consumed if left to market forces. Examples of demerit goods include tobacco, alcoholic beverages, recreational drugs, gambling, junk food, pornography, and prostitution. Because of the nature of these goods, governments often levy taxes on these goods (specifically, sin taxes), in some cases regulating or banning consumption or advertisement of these goods. Concept There is an important conceptual distinction between a demerit good and a negative externality. A negative externality occurs when the consumption of a good has measurable negative consequences on others who do not consume the good themselves. Pollution (due, for example, to automobile use) is the canonical example of a negative externality. By contrast, a demerit good is considered as undesirable b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Externality
In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced goods involved in either consumer or producer market transactions. Air pollution from motor vehicles is one example. The Air pollution#Health effects, cost of air pollution to society is not paid by either the producers or users of motorized transport to the rest of society. Water pollution from mills and factories is another example. All consumers are all made worse off by pollution but are not compensated by the market for this damage. A positive externality is when an individual's consumption in a market increases the well-being of others, but the individual does not charge the third party for the benefit. The third party is essentially getting a free product. An example of this might be the apartment above a bakery receiving the benefit of enjoyment from smellin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Dictionary Of Economics
A, or a, is the first letter and the first vowel of the Latin alphabet, used in the modern English alphabet, the alphabets of other western European languages and others worldwide. Its name in English is ''a'' (pronounced ), plural ''aes''. It is similar in shape to the Ancient Greek letter alpha, from which it derives. The uppercase version consists of the two slanting sides of a triangle, crossed in the middle by a horizontal bar. The lowercase version can be written in two forms: the double-storey a and single-storey ɑ. The latter is commonly used in handwriting and fonts based on it, especially fonts intended to be read by children, and is also found in italic type. In English grammar, " a", and its variant " an", are indefinite articles. History The earliest certain ancestor of "A" is aleph (also written 'aleph), the first letter of the Phoenician alphabet, which consisted entirely of consonants (for that reason, it is also called an abjad to distinguish it fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
FinanzArchiv
FinanzArchiv (Public Finance Analysis) is an international academic journal of economics published quarterly by Mohr Siebeck, Tübingen, Germany. The journal publishes high quality papers in all fields of public finance, such as taxation, public debt, public goods, public choice, federalism, market failure, social policy and the welfare state. Overview FinanzArchiv was first published in 1884, which makes it one of the world's oldest professional journals in economics. In 2006 the traditional title was complemented by the English sub-title Public Finance Analysis. Its founder and first editor from 1884 to 1931 was Georg von Schanz, the inventor of the Schanz-Haig-Simons concept of comprehensive income. The list of subsequent editors includes Hans Teschemacher, Fritz Neumark, Norbert Andel, Helga Pollak, Wolfgang Wiegard, Wolfram F. Richter, Hans-Werner Sinn, James R. Hines, Peter Birch Sørensen, Bernd Genser, Harry Huizinga, Jenny Ligthart, and Christian Keuschnigg. The curr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard A
Richard is a male given name. It originates, via Old French, from Old Frankish and is a compound of the words descending from Proto-Germanic ''*rīk-'' 'ruler, leader, king' and ''*hardu-'' 'strong, brave, hardy', and it therefore means 'strong in rule'. Nicknames include " Richie", "Dick", " Dickon", " Dickie", "Rich", " Rick", " Rico", " Ricky", and more. Richard is a common English, German and French male name. It's also used in many more languages, particularly Germanic, such as Norwegian, Danish, Swedish, Icelandic, and Dutch, as well as other languages including Irish, Scottish, Welsh and Finnish. Richard is cognate with variants of the name in other European languages, such as the Swedish "Rickard", the Catalan "Ricard" and the Italian "Riccardo", among others (see comprehensive variant list below). People named Richard Multiple people with the same name * Richard Andersen (other) * Richard Anderson (other) * Richard Cartwright (disambiguati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Sovereignty
Consumer sovereignty is the economic concept that the consumer has some controlling power over goods that are produced, and the idea that the consumer is the best judge of their own welfare. ''Consumer sovereignty in production'' is the controlling power of consumers, versus the holders of scarce resources, in what final products should be produced from these resources. It is sometimes used as a hypothesis that the production of goods and services is determined by the consumers' demand (rather than, say, by capital owners or producers). ''Consumer sovereignty in welfare'' is the idea that the consumer is the best judge of their own welfare (rather than, say, politicians). It is used to claim that, for example, the government should help the poor by giving them monetary transfers, rather than by giving them products that are deemed "essential" by the politicians. Consumer sovereignty in production Consumer sovereignty was first defined by William Harold Hutt as follows:The cons ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Choice Theory
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science".Gordon Tullock, The New Palgrave: A Dictionary of Economics, [1987] 2008, "public choice," ''The New Palgrave Dictionary of Economics''. . Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested Agent (economics), agents (voters, politicians, bureaucrats) and their interactions, which can be represented in a number of ways – using (for example) standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economy.Alberto Alesina, Torsten Persson, Guido Tabellini, 2006. “Reply to Blankart and Koester's Political Economics versus Public Choice Two Views of Political Economy in Competition,” Kyklos, 59(2), pp. 201–208 In popular use, "public choice" is often used as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Goods
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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between ratio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Musgrave (economist)
Richard Abel Musgrave (December 14, 1910 – January 15, 2007) was an American economist of German heritage.Peter Mieszkowski, updated by the editors, 2008. "Musgrave, Richard Abel (1910–2007)," ''The New Palgrave Dictionary of Economics'', 2nd EditionAbstract./ref> His most cited work is ''The Theory of Public Finance'' (1959), described as "the first English-language treatise in the field," and "a major contribution to public finance thought." Biography Early life Musgrave was born in Königstein im Taunus, Germany, into the family of a writer and translator Curt Abel Musgrave, a chemist by profession. His paternal grandfather (professor of linguistics at the Berlin Humboldt Institute Carl Abel) and maternal grandmother were Jewish but converted to Christianity. He turned from the field of literature, with an interest in becoming a stage director, to philosophy and economics at the Universities of Munich and Heidelberg (Diplom-Volkswirt, 1933), then at Harvard (Ph.D., 193 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lester Thurow
Lester Carl Thurow (May 7, 1938 – March 25, 2016) was an American political economist, former dean of the MIT Sloan School of Management, and author of books on economic topics. Education Born in Livingston, Montana, Thurow received his B.A. in political economy from Williams College in 1960, where he was in Theta Delta Chi and Phi Beta Kappa as a junior, and a Tyng Scholar. After he was awarded a Rhodes Scholarship, he went to Balliol College, Oxford to read Philosophy, Politics and Economics, graduating in 1962 with first class honors. He received a Ph.D. in Economics from Harvard University in 1964. Career Thurow was on the board of directors of Analog Devices, Grupo Casa Autrey, E-Trade, and Taiwan Semiconductor Manufacturing Corp. Thurow was one of the founders of the Economic Policy Institute in 1986. Thurow was an economics columnist for, among others, the ''Boston Globe'' and ''USA Today''. He was an economics columnist for and on the editorial board of the ''New ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inclusion (value And Practice)
Social exclusion or social marginalisation is the social disadvantage and relegation to the fringe of society. It is a term that has been used widely in Europe and was first used in France in the late 20th century. It is used across disciplines including education, sociology, psychology, politics and economics. Social exclusion is the process in which individuals are blocked from (or denied full access to) various rights, opportunities and resources that are normally available to members of a different group, and which are fundamental to social integration and observance of human rights within that particular group (e.g., housing, employment, healthcare, civic engagement, democratic participation, and due process). Alienation or disenfranchisement resulting from social exclusion can be connected to a person's social class, race, skin color, religious affiliation, ethnic origin, educational status, childhood relationships, living standards, and or political opinions, and app ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
