|
The Lighthouse In Economics
"The Lighthouse in Economics" is a 1974 academic paper written by British economist Ronald H. Coase, the 1991 winner of thNobel Prize in Economic Sciences This paper challenges the traditional view in economics that lighthouses are public goods, and more specifically the prevailing consensus that the private construction and operation of lighthouses was not feasible. Coase's arguments are based on the experiences of Britain from the 17th to 19th centuries. Coase aligned lighthouses more with club goods because they are excludable by way of charging port fees. While some characterize the paper as discursive, it is generally viewed—for example, see Posner (1993)—as providing insight into the dimensions of public goods. The paper has been criticized by Van Zandt (1993), Bertrand (2006) and others for not fully appreciating the characteristic of non-excludability of public goods. Historical records showed that those lighthouses which ran on voluntary payment did not survive long a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Academic Publishing
Academic publishing is the subfield of publishing which distributes academic research and scholarship. Most academic work is published in academic journal articles, books or theses. The part of academic written output that is not formally published but merely printed up or posted on the Internet is often called "grey literature". Most scientific and scholarly journals, and many academic and scholarly books, though not all, are based on some form of peer review or editorial refereeing to qualify texts for publication. Peer review quality and selectivity standards vary greatly from journal to journal, publisher to publisher, and field to field. Most established academic disciplines have their own journals and other outlets for publication, although many academic journals are somewhat interdisciplinary, and publish work from several distinct fields or subfields. There is also a tendency for existing journals to divide into specialized sections as the field itself becomes more spec ... [...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] |
1974 Documents
Major events in 1974 include the aftermath of the 1973 oil crisis and the resignation of President of the United States, United States President Richard Nixon following the Watergate scandal. In the Middle East, the aftermath of the 1973 Yom Kippur War determined politics; following List of Prime Ministers of Israel, Israeli Prime Minister Golda Meir's resignation in response to high Israeli casualties, she was succeeded by Yitzhak Rabin. In Europe, the Turkish invasion of Cyprus, invasion and occupation of northern Cyprus by Turkey, Turkish troops initiated the Cyprus dispute, the Carnation Revolution took place in Portugal, and Chancellor of Germany, Chancellor of West Germany Willy Brandt resigned following an Guillaume affair, espionage scandal surrounding his secretary Günter Guillaume. In sports, the year was primarily dominated by the 1974 FIFA World Cup, FIFA World Cup in West Germany, in which the Germany national football team, German national team won the championshi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics Papers
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 rational and be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Economics
Public economics ''(or economics of the public sector)'' is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being. Public economics provides a framework for thinking about whether or not the government should participate in economic markets and if so to what extent it should do so. Microeconomic theory is utilized to assess whether the private market is likely to provide efficient outcomes in the absence of governmental interference; this study involves the analysis of government taxation and expenditures. This subject encompasses a host of topics notably market failures such as, public goods, externalities and Imperfect Competition, and the creation and implementation of government policy. Broad methods and topics include: * the theory and applic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Law And Economics
''The Journal of Law and Economics'' is an academic journal published by the University of Chicago Press. It publishes articles on the economic analysis of regulation and the behavior of regulated firms, the political economy of legislation and legislative processes, law and finance, corporate finance and governance, and industrial organization. The journal is sponsored by the University of Chicago Law School. The journal was founded by Aaron Director at the University of Chicago in 1958, and Ronald Coase joined him later as the co-editor. The journal played an important role in the formation of the field Law and Economics Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law, which emerged primarily from scholars of the Chicago school of economics. Economic concepts are used to explain the effects of laws .... References External links * {{DEFAULTSORT:Journal of Law and Economics, The Law and economics journa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rivalry (economics)
In economics, a good is said to be rivalrous or a rival if its consumption by one consumer prevents simultaneous consumption by other consumers, or if consumption by one party reduces the ability of another party to consume it. A good is considered non-rivalrous or non-rival if, for any level of production, the cost of providing it to a marginal (additional) individual is zero. A good is "anti-rivalrous" and "inclusive" if each person benefits more when other people consume it. A good can be placed along a continuum from rivalrous through non-rivalrous to anti-rivalrous. The distinction between rivalrous and non-rivalrous is sometimes referred to as jointness of supply or subtractable or non-subtractable. Economist Paul Samuelson made the distinction between private and public goods in 1954 by introducing the concept of nonrival consumption. Economist Richard Musgrave followed on and added rivalry and excludability as criteria for defining consumption goods in 1959 and 1969. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Club Good
Club may refer to: Arts, entertainment, and media * ''Club'' (magazine) * Club, a ''Yie Ar Kung-Fu'' character * Clubs (suit), a suit of playing cards * Club music * "Club", by Kelsea Ballerini from the album ''kelsea'' Brands and enterprises * Club (cigarette), a Scottish brand of cigarettes * Club (German cigarette), a German brand of cigarettes * Club Med, a holiday company Food * Club (soft drink) * Club Crackers * Club sandwich * Club (biscuit), a brand of biscuits manufactured by Jacob's (Ireland) and McVitie's (UK) Objects * Club (weapon), a blunt-force weapon * Golf club * Indian club, an exercise device * Juggling club * Throwing club, an item of sport equipment used in the club throw * Throwing club, an alternative name for a throwing stick Organizations * Club (organization), a type of association * Book discussion club, also called a book club or reading circle * Book sales club, a marketing mechanism * Cabaret club * Gentlemen's club (traditional) * Health club ... [...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 th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-excludable Good
In economics, a good, service or resource are broadly assigned two fundamental characteristics; a degree of excludability and a degree of rivalry. Excludability is defined as the degree to which a good, service or resource can be limited to only paying customers, or conversely, the degree to which a supplier, producer or other managing body (e.g. a government) can prevent "free" consumption of a good. Excludability was originally proposed in 1954 by American economist Paul Samuelson where he formalised the concept now known as public goods, i.e. goods that are both non-rivalrous and non-excludable. Samuelson additionally highlighted the market failure of the free-rider problem that can occur with non-excludable goods. Samuelson's theory of good classification was then further expanded upon by Richard Musgrave in 1959, Garret Hardin in 1968 who expanded upon another key market inefficiency of non-excludeable goods; the tragedy of the commons. Excludability is not an inherent chara ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Club Good
Club may refer to: Arts, entertainment, and media * ''Club'' (magazine) * Club, a ''Yie Ar Kung-Fu'' character * Clubs (suit), a suit of playing cards * Club music * "Club", by Kelsea Ballerini from the album ''kelsea'' Brands and enterprises * Club (cigarette), a Scottish brand of cigarettes * Club (German cigarette), a German brand of cigarettes * Club Med, a holiday company Food * Club (soft drink) * Club Crackers * Club sandwich * Club (biscuit), a brand of biscuits manufactured by Jacob's (Ireland) and McVitie's (UK) Objects * Club (weapon), a blunt-force weapon * Golf club * Indian club, an exercise device * Juggling club * Throwing club, an item of sport equipment used in the club throw * Throwing club, an alternative name for a throwing stick Organizations * Club (organization), a type of association * Book discussion club, also called a book club or reading circle * Book sales club, a marketing mechanism * Cabaret club * Gentlemen's club (traditional) * Health club ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.svg "Click for more on -> United Kingdom")
