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The Theory Of Wages
''The Theory of Wages'' is a book by the British economist John R. Hicks published in 1932 (2nd ed., 1963). It has been described as a classic microeconomic statement of wage determination in competitive markets. It anticipates a number of developments in distribution and growth theory and remains a standard work in labour economics. Part I of the book takes as its starting point a reformulation of the marginal productivity theory of wages as determined by supply and demand in full competitive equilibrium of a free market economy. Part II considers regulated labour markets resulting from labour disputes, trade unions and government action. The 2nd edition (1963) includes a harsh critical review and, from Hicks, two subsequent related articles and an extensive commentary. The book presents: * labour demand as derived from the demand for output, such that for example a fall in the wage rate would lead to substitution away from other inputs and more labour use from increase ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Richard Hicks
Sir John Richards Hicks (8 April 1904 – 20 May 1989) was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book ''Value and Capital'' (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him. In 1972 he received the Nobel Memorial Prize in Economic Sciences (jointly) for his pioneering contributions to general equilibrium theory and welfare theory. Early life Hicks was born in 1904 in Warwick, England, and was the son of Dorothy Catherine (Stephens) and Edward Hicks, a journalist at a local newspaper. He was educated at Clifton College (1917–1922) and at Balliol College, Oxford (1922†... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hicks-neutral Technical Change
Hicks-neutral technical change is change in the production function of a business or industry which satisfies certain economic neutrality conditions. The concept of Hicks neutrality was first put forth in 1932 by John Hicks in his book ''The Theory of Wages''. A change is considered to be Hicks neutral if the change does not affect the balance of labor and capital in the products' production function. More formally, given the Solow model production function :Y = A F(K,L) \,, a Hicks-neutral change is one which only changes A. See also *List of production functions This is a list of production functions that have been used in the economics literature. Production functions are a key part of modelling national output and national income. For a much more extensive discussion of various types of production funct ... References Further reading * * * * Production economics Technological change {{econ-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Supply
In mainstream economic theories, the labour supply is the total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate. It is frequently represented graphically by a labour supply curve, which shows hypothetical wage rates plotted vertically and the amount of labour that an individual or group of individuals is willing to supply at that wage rate plotted horizontally. There are three distinct aspects to labor supply or expected hours of work: the fraction of the population who are employed, the average number of hours worked by those that are employed, and the average number of hours worked in the population as a whole. Neoclassical view Labour supply curves derive from the 'labour-leisure' trade-off. More hours worked earn higher incomes, but necessitate a cut in the amount of leisure that workers enjoy. Consequently, there are two effects on the amount of labour supplied due to a change in the real wage rate. As, for example, the real w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Mobility
Labor or worker mobility is the geographical and occupational movement of workers. Impediments to mobility are easily divided into two distinct classes with one being personal and the other being systemic. Personal impediments include physical location, and physical and mental ability. The systemic impediments include educational opportunities as well as various laws and political contrivances and even barriers and hurdles arising from historical happenstance. Increasing and maintaining a high level of labor mobility allows a more efficient allocation of resources and greater productivity. International labor mobility International labor mobility is the movement of workers between countries. It is an example of an international factor movement. The movement of laborers is based on a difference in resources between countries. According to economists, over time the migration of labor should have an equalizing effect on wages, with workers in the same industries garnering the same ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bargaining Power
Bargaining power is the relative ability of parties in an argumentative situation (such as bargaining, contract writing, or making an agreement) to exert influence over each other. If both parties are on an equal footing in a debate, then they will have equal bargaining power, such as in a perfectly competitive market, or between an evenly matched monopoly and monopsony. There are a number of fields where the concept of bargaining power has proven crucial to coherent analysis, including game theory, labour economics, collective bargaining arrangements, diplomatic negotiations, settlement of litigation, the price of insurance, and any negotiation in general. Calculation Several formulations of bargaining power have been devised. A popular one from 1951 and due to American economist Neil W. Chamberlain is: :We may define bargaining power (of A, let us say) as being the cost to B of ''disagreeing'' on A's terms relative to the costs of ''agreeing'' on A's terms ... Stated in a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seasonal Unemployment
A season is a division of the year based on changes in weather, ecology, and the number of daylight hours in a given region. On Earth, seasons are the result of the axial parallelism of Earth's tilted orbit around the Sun. In temperate and polar regions, the seasons are marked by changes in the intensity of sunlight that reaches the Earth's surface, variations of which may cause animals to undergo hibernation or to migrate, and plants to be dormant. Various cultures define the number and nature of seasons based on regional variations, and as such there are a number of both modern and historical cultures whose number of seasons varies. The Northern Hemisphere experiences most direct sunlight during May, June, and July, as the hemisphere faces the Sun. The same is true of the Southern Hemisphere in November, December, and January. It is Earth's axial tilt that causes the Sun to be higher in the sky during the summer months, which increases the solar flux. However, due to season ... [...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 É‘. 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 fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New Palgrave Dictionary Of Economics
''The New Palgrave Dictionary of Economics'' (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan. It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictionary, and a significant increase in new entries from the previous editions by the most prominent economists in the field, among them 36 winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Articles are classified according to ''Journal of Economic Literature'' (''JEL'') classification codes. ''The New Palgrave'' is also available in a hyperlinked online version. Online content is added to the 2018 edition, and a 4th edition under the editorship of J. Barkley Rosser Jr., Esteban Pérez Caldentey, and MatÃas Vernengo will be published in the future. The first edition was titled ''The New Palgrave: A Dictionary of Economics'' (1987), was and edited by John Eatwell, Murray Milgate, and Peter Newman, as a w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jill Paton Walsh
Gillian Honorine Mary Herbert, Baroness Hemingford, (née Bliss; 29 April 1937 – 18 October 2020), known professionally as Jill Paton Walsh, was an English novelist and children's writer. She may be known best for her Booker Prize-nominated novel ''Knowledge of Angels'' and for the Peter Wimsey–Harriet Vane mysteries that Continuation novel, continued the work of Dorothy L. Sayers. Personal life Gillian Honorine Mary Bliss was born on 29 April 1937 to John Bliss, an engineer for the BBC who at his death had 363 patents to his name, and Patricia Paula DuBern, a homemaker. She went with her mother and siblings to live with grandparents in St. Ives, Cornwall, when she was three years old because of the World War II bombings. In 1944, after the grandmother had died, Bliss returned to London to live with her mother and her younger siblings, who had returned to London earlier. Bliss was educated at St. Michael's Convent, North Finchley, London. She attended St. Anne's College, Oxf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strike Action
Strike action, also called labor strike, labour strike, or simply strike, is a work stoppage caused by the mass refusal of employees to Labor (economics), work. A strike usually takes place in response to grievance (labour), employee grievances. Strikes became common during the Industrial Revolution, when Labour economics, mass labor became important in factories and mines. As striking became a more common practice, governments were often pushed to act (either by private business or by union workers). When government intervention occurred, it was rarely neutral or amicable. Early strikes were often deemed unlawful conspiracies or anti-competitive cartel action and many were subject to massive legal repression by state police, federal military power, and federal courts. Many Western nations legalized striking under certain conditions in the late 19th and early 20th centuries. Strikes are sometimes used to pressure governments to change policies. Occasionally, strikes destabilize ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Information Economics
Information economics or the economics of information is the branch of microeconomics that studies how information and information systems affect an economy and economic decisions. One application considers information embodied in certain types of commodities that are "expensive to produce but cheap to reproduce." Samuelson, Paul A., and William D. Nordhaus (2001). Economics, p.194. Examples include computer software (e.g., Microsoft Windows), pharmaceuticals, and technical books. Once information is recorded "on paper, in a computer, or on a compact disc, it can be reproduced and used by a second person essentially for free." Without the basic research, initial production of high-information commodities may be too unprofitable to market, a type of market failure. Government subsidization of basic research has been suggested as a way to mitigate the problem. The subject of "information economics" is treated under ''Journal of Economic Literature'' classification code JEL D8 †... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Induced Innovation
Induced innovation is a microeconomic hypothesis first proposed in 1932 by John Hicks in his work ''The Theory of Wages''. He proposed that "a change in the relative prices of the factors of production is itself a spur to invention, and to invention of a particular kind—directed to economizing the use of a factor which has become relatively expensive." Considerable literature has been produced on this hypothesis, which is often presented in terms of the effects of wage increases as an encouragement to labor-saving innovation. The hypothesis has also been applied to viewing increases in energy costs as a motivation for a more rapid improvement in energy efficiency of goods than would normally occur. Induced innovation in climate change A significant application of Hicks's theory can be found in the field of climate change. The exponential population growth occurred in the last century has drastically increased pressure on natural resources. In order to have a sustainable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
