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Subsistence Wage
A living wage is defined as the minimum income necessary for a worker to meet their basic needs. This is not the same as a subsistence wage, which refers to a biological minimum, or a solidarity wage, which refers to a minimum wage tracking labor productivity. Needs are defined to include food, housing, and other essential needs such as clothing. The goal of a living wage is to allow a worker to afford a basic but decent standard of living through employment without government subsidies. Due to the flexible nature of the term "needs", there is not one universally accepted measure of what a living wage is and as such it varies by location and household type. A related concept is that of a family wage – one sufficient to not only support oneself, but also to raise a family. The living wage differs from the minimum wage in that the latter can fail to meet the requirements for a basic quality of life which leaves the worker to rely on government programs for additional income. Li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Of Basic But Decent Living
In Production (economics), production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a performance metric, metric that is totaling up as a result of a process or as a differential for the result of a Decision making, decision. Hence cost is the metric used in the standard Business process modelling, modeling paradigm a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing
Housing, or more generally, living spaces, refers to the construction and assigned usage of houses or buildings individually or collectively, for the purpose of shelter. Housing ensures that members of society have a place to live, whether it is a home or some other kind of dwelling, lodging or shelter. Many governments have one or more housing authorities, sometimes also called a housing ministry or housing department. Housing in many different areas consists of public, social and private housing. In the United States, it was not until the 19th and 20th century that there was a lot more government involvement in housing. It was mainly aimed at helping those who were poor in the community. Public housing provides help and assistance to those who are poor and mainly low-income earners. A study report shows that there are many individuals living in public housing. There are over 1.2 million families or households. These types of housing were built mainly to provide people, mai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. Instead, it is influenced by a host of factors – sometimes behaving erratically – affecting production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes – a recession, when demand is low, or inflation, when demand is high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between government and central bank. In particular, fiscal policy actions (taken by the government) and monetary policy actions (t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchasing Power
Purchasing power is the amount of goods and services that can be purchased with a unit of currency. For example, if one had taken one unit of currency to a store in the 1950s, it would have been possible to buy a greater number of items than would be the case today, indicating that the currency had a greater purchasing power in the 1950s. If one's monetary income stays the same, but the price level increases, the purchasing power of that income falls. Inflation does not ''always'' imply falling purchasing power of one's money income since the latter may rise faster than the price level. A higher real income means a higher purchasing power since real income refers to the income adjusted for inflation. Traditionally, the purchasing power of money depended heavily upon the local value of gold and silver, but was also made subject to the availability and demand of certain goods on the market. Most modern fiat currencies, like US dollars, are traded against each other and commodity mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoliberalism
Neoliberalism (also neo-liberalism) is a term used to signify the late 20th century political reappearance of 19th-century ideas associated with free-market capitalism after it fell into decline following the Second World War. A prominent factor in the rise of conservative and libertarian organizations, political parties, and think tanks, and predominantly advocated by them, it is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society. The defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate. As an economic philosophy, neoliberalism emerged among European liberal scholars in the 1930s as they attempted to revive and renew central ideas from classical liberalism as they saw these ideas diminish ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomics
Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy's growth and stability. This includes regional, national, and global economies. According to a 2018 assessment by economists Emi Nakamura and Jón Steinsson, economic "evidence regarding the consequences of different macroeconomic policies is still highly imperfect and open to serious criticism." Macroeconomists study topics such as Gross domestic product, GDP (Gross Domestic Product), unemployment (including Unemployment#Measurement, unemployment rates), national income, price index, price indices, output (economics), output, Consumption (economics), consumption, inflation, saving, investment (macroeconomics), investment, Energy economics, energy, international trade, and international finance. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thatcherism
Thatcherism is a form of British conservative ideology named after Conservative Party leader Margaret Thatcher that relates to not just her political platform and particular policies but also her personal character and general style of management while in office. Proponents of Thatcherism are referred to as Thatcherites. The term has been used to describe the principles of the British government under Thatcher from the 1979 general election to her resignation in 1990, but it also receives use in describing administrative efforts continuing into the Conservative governments under statesmen John Major and David Cameron throughout the 1990s and 2010s. In international terms, Thatcherites have been described as a part of the general socio-economic movement known as neoliberalism, with different countries besides the United Kingdom (such as the United States) sharing similar policies around expansionary capitalism. Thatcherism represents a systematic, decisive rejection and re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reaganomics
Reaganomics (; a portmanteau of ''Reagan'' and ''economics'' attributed to Paul Harvey), or Reaganism, refers to the neoliberal economic policies promoted by U.S. President Ronald Reagan during the 1980s. These policies are commonly associated with and characterized as supply-side economics, trickle-down economics, or "voodoo economics" by opponents, while Reagan and his advocates preferred to call it free-market economics. The pillars of Reagan's economic policy included increasing defense spending, balancing the federal budget and slowing the growth of government spending, reducing the federal income tax and capital gains tax, reducing government regulation, and tightening the money supply in order to reduce inflation. The results of Reaganomics are still debated. Supporters point to the end of stagflation, stronger GDP growth, and an entrepreneurial revolution in the decades that followed. Critics point to the widening income gap, what they described as an atmosphere of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Calculating A Living Wage
A calculation is a deliberate mathematical process that transforms one or more inputs into one or more outputs or ''results''. The term is used in a variety of senses, from the very definite arithmetical calculation of using an algorithm, to the vague heuristics of calculating a strategy in a competition, or calculating the chance of a successful relationship between two people. For example, multiplying 7 by 6 is a simple algorithmic calculation. Extracting the square root or the cube root of a number using mathematical models is a more complex algorithmic calculation. Statistical estimations of the likely election results from opinion polls also involve algorithmic calculations, but produces ranges of possibilities rather than exact answers. To ''calculate'' means to determine mathematically in the case of a number or amount, or in the case of an abstract problem to deduce the answer usin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greater London Authority
The Greater London Authority (GLA), colloquially known by the metonym "City Hall", is the devolved regional governance body of Greater London. It consists of two political branches: the executive Mayoralty (currently led by Sadiq Khan) and the 25-member London Assembly, which serves as a means of checks and balances on the former. Since May 2016, both branches have been under the control of the London Labour Party. The authority was established in 2000, following a local referendum, and derives most of its powers from the Greater London Authority Act 1999 and the Greater London Authority Act 2007. It is a strategic regional authority, with powers over transport, policing, economic development, and fire and emergency planning. Three functional bodies— Transport for London, the Mayor's Office for Policing and Crime, and the London Fire Commissioner—are responsible for delivery of services in these areas. The planning policies of the Mayor of London are detailed in a statuto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poverty Line
The poverty threshold, poverty limit, poverty line or breadline is the minimum level of income deemed adequate in a particular country. The poverty line is usually calculated by estimating the total cost of one year's worth of necessities for the average adult.Poverty Lines – Martin Ravallion, in The New Palgrave Dictionary of Economics, 2nd Edition, London: Palgrave Macmillan The cost of housing, such as the rent for an apartment, usually makes up the largest proportion of this estimate, so economists track the real estate market and other housing cost indicators as a major influence on the poverty line. Individual factors are often used to account for various circumstances, such as whether one is a parent, elderly, a child, married, etc. The poverty threshold may be adjusted annually. In practice, like the definition of poverty, the official or common understanding of the poverty line is significantly higher in developed countries than in developing countries. In October 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Child Care
Child care, otherwise known as day care, is the care and supervision of a child or multiple children at a time, whose ages range from two weeks of age to 18 years. Although most parents spend a significant amount of time caring for their child(ren), child care typically refers to the care provided by caregivers that are not the child's parents. Child care is a broad topic that covers a wide spectrum of professionals, institutions, contexts, activities, and social and cultural conventions. Early child care is an equally important and often overlooked component of child's developments. Care can be provided to children by a variety of individuals and groups. Care facilitated by similar-aged children covers a variety of developmental and psychological effects in both caregivers and charge. This is due to their mental development being in a particular case of not being able to progress as it should be at their age. This care giving role may also be taken on by the child's extended f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
