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The Armchair Economist
''The Armchair Economist: Economics and Everyday Life'' is an economics book written by Rochester professor of economics Steven Landsburg. The first edition appeared in 1993. A revised and updated edition appeared in May 2012. The underlying theme of the book, as Landsburg states on the first page, is that " st of economics can be summarized in four words: People respond to incentives." With this apparently innocuous observation, Landsburg discusses some unexpected effects of various policies such as automobile safety legislation and environmental policies. The rest of the book includes expositions on a wide range of topics, including budget deficit, unemployment, economic growth, and cost–benefit analysis. Chapter 4 covers the "Indifference Principle". Chapter 9 covers the Coase Theorem of professor Ronald Coase. The book is also recommended reading by the departments of economics at several universities. Background Landsburg received a Master of Arts degree from the Un ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steven Landsburg
Steven E. Landsburg (born February 24, 1954) is an American professor of economics at the University of Rochester in Rochester, New York. From 1989 to 1995, he taught at Colorado State University. Landsburg is also an outspoken commentator on economic, legal, and political issues whose comments have sometimes been regarded as controversial. Education Landsburg was an undergraduate at the University of Rochester. Landsburg received a PhD in mathematics from the University of Chicago in 1979. Writings and work Commentary and opinions Landsburg wrote a column on "everyday economics" for ''Slate'' magazine from 1996 to 2008. The subjects of the columns were diverse and often drew on current affairs. In them, Landsburg discussed the national debt, the obesity crisis, payments to Hurricane Katrina evacuees in New Orleans and salary caps in the NFL. Landsburg also discussed recent research in micro-economics and its implications, as in an article on the value of mobile phones and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), 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 glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Press (publisher)
Free Press was an American independent book publisher that later became an imprint of Simon & Schuster. It was one of the best-known publishers specializing in serious nonfiction, including path-breaking sociology books of the 1950s, 1960s and 1970s. After a period under new ownership in the 1980s of publishing neoconservative books, it was purchased by Simon & Schuster in 1994. By 2012, the imprint ceased to exist as a distinct entity; however, some books were still being published using the Free Press imprint. History Free Press was founded by Jeremiah Kaplan (1926–1993) and Charles Liebman in 1947 and concentrated on religion and social science. They chose the name Free Press because they wanted to print books devoted to civil liberties. It was launched with three classic titles: ''Division of Labor'' by Emile Durkheim, ''The Theory of Economic and Social Organization'' by Max Weber and ''The Scientific Outlook'' by Bertrand Russell. It was headquartered in Glencoe, Illino ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Budget Deficit
Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual. Government deficit spending was first identified as a necessary economic tool by John Maynard Keynes in the wake of the Great Depression. It is a central point of controversy in economics, as discussed below. Controversy Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views. The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to compensate for the shortfall in aggregate demand, but should run surpluses in boom tim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–benefit Analysis
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions (particularly public policy), commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations. CBA has two main applications: # To determine if an investment (or decision) is sound, ascertaining if – and by how much – its benefits outweigh its costs. # To provide a basis for comparing inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coase Theorem
In law and economics, the Coase theorem () describes the economic efficiency of an economic allocation or outcome in the presence of externalities. The theorem states that if trade in an externality is possible and there are sufficiently low transaction costs, bargaining will lead to a Pareto efficient outcome regardless of the initial allocation of property. In practice, obstacles to bargaining or poorly defined property rights can prevent Coasean bargaining. This 'theorem' is commonly attributed to Nobel Prize laureate Ronald Coase. This 1960 paper, along with his 1937 paper on the nature of the firm (which also emphasizes the role of transaction costs), earned Ronald Coase the 1991 Nobel Memorial Prize in Economic Sciences. In this 1960 paper, Coase argued that real-world transaction costs are rarely low enough to allow for efficient bargaining and hence the theorem is almost always inapplicable to economic reality. In his later writings, Coase expressed frustration that his th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ronald Coase
Ronald Harry Coase (; 29 December 1910 – 2 September 2013) was a British economist and author. Coase received a bachelor of commerce degree (1932) and a PhD from the London School of Economics, where he was a member of the faculty until 1951. He was the Clifton R. Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. He received the Nobel Memorial Prize in Economic Sciences in 1991. Coase believed economists should study real-world wealth creation, in the manner of Adam Smith, stating, "It is suicidal for the field to slide into a hard science of choice, ignoring the influences of society, history, culture, and politics on the working of the economy." He believed economic study should reduce emphasis on Price Theory or theoretical markets and instead focus on real markets. He established the case for the corporation as a means to pay the costs of operating a marketplace. Coase is best known for t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Texas At Austin
The University of Texas at Austin (UT Austin, UT, or Texas) is a public research university in Austin, Texas. It was founded in 1883 and is the oldest institution in the University of Texas System. With 40,916 undergraduate students, 11,075 graduate students and 3,133 teaching faculty as of Fall 2021, it is also the largest institution in the system. It is ranked among the top universities in the world by major college and university rankings, and admission to its programs is considered highly selective. UT Austin is considered one of the United States's Public Ivies. The university is a major center for academic research, with research expenditures totaling $679.8 million for fiscal year 2018. It joined the Association of American Universities in 1929. The university houses seven museums and seventeen libraries, including the LBJ Presidential Library and the Blanton Museum of Art, and operates various auxiliary research facilities, such as the J. J. Pickle Research Ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Rochester
The University of Rochester (U of R, UR, or U of Rochester) is a private research university in Rochester, New York. The university grants undergraduate and graduate degrees, including doctoral and professional degrees. The University of Rochester enrolls approximately 6,800 undergraduates and 5,000 graduate students. Its 158 buildings house over 200 academic majors. According to the National Science Foundation, Rochester spent more than $397 million on research and development in 2020, ranking it 66th in the nation. With approximately 28,000 full-time employees, the university is the largest private employer in Upstate New York and the 7th largest in all of New York State. The College of Arts, Sciences, and Engineering is home to departments and divisions of note. The Institute of Optics was founded in 1929 through a grant from Eastman Kodak and Bausch and Lomb as the first educational program in the US devoted exclusively to optics, awards approximately half ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Chicago
The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park neighborhood. The University of Chicago is consistently ranked among the best universities in the world and it is among the most selective in the United States. The university is composed of an undergraduate college and five graduate research divisions, which contain all of the university's graduate programs and interdisciplinary committees. Chicago has eight professional schools: the Law School, the Booth School of Business, the Pritzker School of Medicine, the Crown Family School of Social Work, Policy, and Practice, the Harris School of Public Policy, the Divinity School, the Graham School of Continuing Liberal and Professional Studies, and the Pritzker School of Molecular Engineering. The university has additional campuses and centers in London, Paris, Beijing, Delhi, and Hong Kong, as well as in downtown ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freakonomics
''Freakonomics: A Rogue Economist Explores the Hidden Side of Everything'' is the debut non-fiction book by University of Chicago economist Steven Levitt and ''New York Times'' journalist Stephen J. Dubner. Published on April 12, 2005, by William Morrow, the book has been described as melding pop culture with economics. By late 2009, the book had sold over 4 million copies worldwide. Based on the success of the original book, Levitt and Dubner have grown the ''Freakonomics'' brand into a multi-media franchise, with a sequel book, a feature film, a regular radio segment on National Public Radio, and a weekly blog. Overview The book is a collection of articles written by Levitt, an expert who had gained a reputation for applying economic theory to diverse subjects not usually covered by "traditional" economists. In ''Freakonomics'', Levitt and Dubner argue that economics is, at root, the study of incentives. The book's chapters cover: * Chapter 1: Discovering cheating as applie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Undercover Economist
''The Undercover Economist'' () () is a book by Tim Harford published in 2005 by Little, Brown. The book provides an introduction to principles of economics, including demand-supply interactions, market failures, externalities, globalisation, international trade and comparative advantage. It explains in non-technical terms how Starbucks and other coffee providers price their products, why it is hard to buy a decent used car, why the health insurance system in the United States is failing, and why poor countries remain poor while the People's Republic of China has continuously grown rich in the last couple of decades. ''Freakonomics'' author Steven Levitt called it "a rare specimen: a book on economics that will enthrall...Beautifully written and argued, it brings the power of economics to life." See also * ''The Logic of Life ''The Logic of Life: The Rational Economics of an Irrational World'' is a book by Tim Harford published in 2008 by Random House. Harford argues th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
