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Richard A. Musgrave
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., 1937) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Königstein Im Taunus
Königstein im Taunus () is a health spa and lies on the thickly wooded slopes of the Taunus in Hesse, Germany. The town is part of the Frankfurt Rhein-Main urban area. Owing to its advantageous location for both scenery and transport on the edge of the Frankfurt Rhine Main Region, Königstein is a favourite residential town. Neighbouring places are Kronberg im Taunus, Glashütten, Schwalbach am Taunus, Bad Soden am Taunus and Kelkheim. Geography Neighbouring communities Königstein borders – from northwest to east – on the communities of Glashütten, Schmitten, Oberursel, and Kronberg (all four in the Hochtaunuskreis), and from southeast to southwest on Schwalbach, Bad Soden and Kelkheim (all three in the Main-Taunus-Kreis). Constituent communities Besides the main town, which bears the same name as the whole, Königstein has three outlying centres: Falkenstein, Mammolshain and Schneidhain. Since 2001, Falkenstein has borne the designation (health spa) independe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University
A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States, the designation is reserved for colleges that have a graduate school. The word ''university'' is derived from the Latin ''universitas magistrorum et scholarium'', which roughly means "community of teachers and scholars". The first universities were created in Europe by Catholic Church monks. The University of Bologna (''Università di Bologna''), founded in 1088, is the first university in the sense of: *Being a high degree-awarding institute. *Having independence from the ecclesiastic schools, although conducted by both clergy and non-clergy. *Using the word ''universitas'' (which was coined at its foundation). *Issuing secular and non-secular degrees: grammar, rhetoric, logic, theology, canon law, notarial law.Hunt Janin: "The university ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Association
The American Economic Association (AEA) is a learned society in the field of economics. It publishes several peer-reviewed journals acknowledged in business and academia. There are some 23,000 members. History and Constitution The AEA was established in 1885 in Saratoga Springs, New York by younger progressive economists trained in the German historical school, including Richard T. Ely, Edwin Robert Anderson Seligman and Katharine Coman, the only woman co-founder; since 1900 it has been under the control of academics. The purposes of the Association are: 1) The encouragement of economic research, especially the historical and statistical study of the actual conditions of industrial life; 2) The issue of publications on economic subjects; 3) The encouragement of perfect freedom of economic discussion. The Association as such will take no partisan attitude, nor will it commit its members to any position on practical economic questions. The Association publishes one of the most pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Emeritus
''Emeritus'' (; female: ''emerita'') is an adjective used to designate a retired chair, professor, pastor, bishop, pope, director, president, prime minister, rabbi, emperor, or other person who has been "permitted to retain as an honorary title the rank of the last office held". In some cases, the term is conferred automatically upon all persons who retire at a given rank, but in others, it remains a mark of distinguished service awarded selectively on retirement. It is also used when a person of distinction in a profession retires or hands over the position, enabling their former rank to be retained in their title, e.g., "professor emeritus". The term ''emeritus'' does not necessarily signify that a person has relinquished all the duties of their former position, and they may continue to exercise some of them. In the description of deceased professors emeritus listed at U.S. universities, the title ''emeritus'' is replaced by indicating the years of their appointmentsThe Protoc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy
Political economy is the study of how Macroeconomics, economic systems (e.g. Marketplace, markets and Economy, national economies) and Politics, political systems (e.g. law, Institution, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as Market economy, labour markets and Financial market, financial markets, as well as phenomena such as Economic growth, growth, Distribution of wealth, distribution, Economic inequality, inequality, and International trade, trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and Neoclassical economics, modern economics. Political economy originated within 16th century western Ethics, moral philosophy, with theoretical works exploring the administration ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian Economics
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian School originated in late-19th- and early-20th-century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical School (based in Germany), in a dispute known as ''Methodenstreit'', or methodology struggle. Current-day economists working in this tradition are located in many different countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School are the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Historical School Of Political Economy
The historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century. The professors involved compiled massive economic histories of Germany and Europe. Numerous Americans were their students. The school was opposed by theoretical economists. Prominent leaders included Gustav von Schmoller (1838–1917), and Max Weber (1864–1920) in Germany, and Joseph Schumpeter (1883–1950) in Austria and the United States. Tenets The historical school held that history was the key source of knowledge about human actions and economic matters, since economics was culture-specific, and hence not generalizable over space and time. The school rejected the universal validity of economic theorems. They saw economics as resulting from careful empirical and historical analysis instead of from logic and mathematics. The school also preferred reality, historical, politi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
De-merit 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] |
Merit Good
The economics concept of a merit good, originated by Richard Musgrave (economist), Richard Musgrave (1957, 1959), is a Good (economics and accounting), 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 Supplemental Nutrition Assistance Program, 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 consum ... [...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] |
Income Redistribution
Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. The term typically refers to redistribution on an economy-wide basis rather than between selected individuals. Interpretations of the phrase vary, depending on personal perspectives, political ideologies and the selective use of statistics. It is frequently used in politics, where it is used to refer to perceived redistribution from those who have more to those who have less. Occasionally, however, the term is used to describe laws or policies that cause redistribution in the opposite direction, from the poor to the rich. The phrase is often coupled with the term ''class warfare'', with high-income earners and the wealthy portrayed as victims of unfairness and discrimination. Redistribution tax policy should ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normative Economics
Normative economics (as opposed to positive economics) is the part of economics that deals with normative statements. It focuses on the idea of fairness and what the outcome of the economy or goals of public policy ''ought to be''.Paul A. Samuelson and William D. Nordhaus (2004). ''Economics'', 18th ed., pp. 5-6 & ndGlossary of Terms, "Normative vs. positive economics." Economists commonly prefer to distinguish normative economics ("what ought to be" in economic matters) from positive economics ("what is"). Many normative (value) judgments, however, are held conditionally, to be given up if facts or knowledge of facts changes, so that a change of values may be purely scientific. On the other hand, welfare economist Amartya Sen distinguishes ''basic (normative) judgements'', which do not depend on such knowledge, from ''nonbasic'' judgments, which do. He said, "no judgments are demonstrably basic" while some value judgments may be shown to be nonbasic. This leaves open the possibil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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