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Veblen Good
A Veblen good is a type of luxury good for which the demand increases as the price increases, in apparent (but not actual) contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own. Background Veblen goods are named after American economist Thorstein Veblen, who first identified conspicuous consumption as a mode of status-seeking (i.e., keeping up with the Joneses) in ''The Theory of the Leisure Class'' (1899). The testability of this theory was questioned by Colin Campbell due to the lack of complete honesty from research participants. However, research in 2007 studying the effect of social comparison on human brains can be used as an evidence supporting Veblen. The idea that seeking status can be an incentive to spend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge University Press
Cambridge University Press is the university press of the University of Cambridge. Granted letters patent by Henry VIII of England, King Henry VIII in 1534, it is the oldest university press A university press is an academic publishing house specializing in monographs and scholarly journals. Most are nonprofit organizations and an integral component of a large research university. They publish work that has been reviewed by schola ... in the world. It is also the King's Printer. Cambridge University Press is a department of the University of Cambridge and is both an academic and educational publisher. It became part of Cambridge University Press & Assessment, following a merger with Cambridge Assessment in 2021. With a global sales presence, publishing hubs, and offices in more than 40 Country, countries, it publishes over 50,000 titles by authors from over 100 countries. Its publishing includes more than 380 academic journals, monographs, reference works, school and uni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quarterly Journal Of Economics
''The Quarterly Journal of Economics'' is a peer-reviewed academic journal published by the Oxford University Press for the Harvard University Department of Economics. Its current editors-in-chief are Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer, and Stefanie Stantcheva. History It is the oldest professional journal of economics in the English language, and covers all aspects of the field—from the journal's traditional emphasis on micro-theory to both empirical and theoretical macroeconomics. Reception According to the ''Journal Citation Reports'', the journal has a 2015 impact factor of 6.662, ranking it first out of 347 journals in the category "Economics". It is generally regarded as one of the top 5 journals in economics, together with the American Economic Review, Econometrica, the Journal of Political Economy, and the Review of Economic Studies. Notable papers Some of the most influential and well-read papers in economics have been published in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harvey Leibenstein
Harvey Leibenstein (1922 – February 28, 1994) was a Ukrainian-born American economist. One of his most important contributions to economics was the concept of X-inefficiency and the critical minimum effort thesis in development economics. Concerning his "critical minimum effort thesis", he says that the underdeveloped countries are trapped by the vicious circle of poverty and many other growth retarding factors which keep them in the state of backwardness. So these countries need to increase their per capita income to a certain level where they can maintain a self-sustained growth rate: they need a critical minimum effort, i.e., they need to invest at more than a minimum level to overcome all the obstacles of the underdeveloped countries. In economics, X-efficiency is the effectiveness with which a given set of inputs are used to produce outputs. If a firm is producing the maximum output it can, given the resources it employs, such as men and machinery, and the best technology a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Facebook
Facebook is an online social media and social networking service owned by American company Meta Platforms. Founded in 2004 by Mark Zuckerberg with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, its name comes from the face book directories often given to American university students. Membership was initially limited to Harvard students, gradually expanding to other North American universities and, since 2006, anyone over 13 years old. As of July 2022, Facebook claimed 2.93 billion monthly active users, and ranked third worldwide among the most visited websites as of July 2022. It was the most downloaded mobile app of the 2010s. Facebook can be accessed from devices with Internet connectivity, such as personal computers, tablets and smartphones. After registering, users can create a profile revealing information about themselves. They can post text, photos and multimedia which are shared with any ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Telephone
A telephone is a telecommunications device that permits two or more users to conduct a conversation when they are too far apart to be easily heard directly. A telephone converts sound, typically and most efficiently the human voice, into electronic signals that are transmitted via cables and other communication channels to another telephone which reproduces the sound to the receiving user. The term is derived from el, τῆλε (''tēle'', ''far'') and φωνή (''phōnē'', ''voice''), together meaning ''distant voice''. A common short form of the term is ''phone'', which came into use early in the telephone's history. In 1876, Alexander Graham Bell was the first to be granted a United States patent for a device that produced clearly intelligible replication of the human voice at a second device. This instrument was further developed by many others, and became rapidly indispensable in business, government, and in households. The essential elements of a telephone are a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Network Effect
In economics, a network effect (also called network externality or demand-side economies of scale) is the phenomenon by which the value or utility a user derives from a good or service depends on the number of users of compatible products. Network effects are typically positive, resulting in a given user deriving more value from a product as more users join the same network. The adoption of a product by an additional user can be broken into two effects: an increase in the value to all other users ( "total effect") and also the enhancement of other non-users' motivation for using the product ("marginal effect"). Network effects can be direct or indirect. Direct network effects arise when a given user's utility increases with the number of other users of the same product or technology, meaning that adoption of a product by different users is complementary. This effect is separate from effects related to price, such as a benefit to existing users resulting from price decreases as m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Psychology
Psychology is the scientific study of mind and behavior. Psychology includes the study of conscious and unconscious phenomena, including feelings and thoughts. It is an academic discipline of immense scope, crossing the boundaries between the natural and social sciences. Psychologists seek an understanding of the emergent properties of brains, linking the discipline to neuroscience. As social scientists, psychologists aim to understand the behavior of individuals and groups.Fernald LD (2008)''Psychology: Six perspectives'' (pp.12–15). Thousand Oaks, CA: Sage Publications.Hockenbury & Hockenbury. Psychology. Worth Publishers, 2010. Ψ (''psi''), the first letter of the Greek word ''psyche'' from which the term psychology is derived (see below), is commonly associated with the science. A professional practitioner or researcher involved in the discipline is called a psychologist. Some psychologists can also be classified as behavioral or cognitive scientists. Some psyc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bandwagon Effect
The bandwagon effect is the tendency for people to adopt certain behaviors, styles, or attitudes simply because others are doing so. More specifically, it is a cognitive bias by which public opinion or behaviours can alter due to particular actions and beliefs rallying amongst the public. It is a psychological phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases with respect to the proportion of others who have already done so. As more people come to believe in something, others also "hop on the bandwagon" regardless of the underlying evidence. Following others' actions or beliefs can occur because of conformism or deriving information from others. Much of the influence of the bandwagon effect comes from the desire to 'fit in' with peers; by making similar selections as other people, this is seen as a way to gain access to a particular social group. An example of this is fashion trends wherein the increasing popularity of a certain garment or style ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hot Hand
The "hot hand" (also known as the "hot hand phenomenon" or "hot hand fallacy") is a phenomenon, previously considered a cognitive social bias, that a person who experiences a successful outcome has a greater chance of success in further attempts. The concept is often applied to sports and skill-based tasks in general and originates from basketball, where a shooter is more likely to score if their previous attempts were successful; i.e., while having the "hot hand.” While previous success at a task can indeed change the psychological attitude and subsequent success rate of a player, researchers for many years did not find evidence for a "hot hand" in practice, dismissing it as fallacious. However, later research questioned whether the belief is indeed a fallacy. Some recent studies using modern statistical analysis have observed evidence for the "hot hand" in some sporting activities; however, other recent studies have not observed evidence of the "hot hand". Moreover, evidence sug ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Law Of Business Balance
The common law of business balance, usually expressed as "you get what you pay for", is the principle that one cannot pay a little and get a lot. In addition, paying a cheap price will not guarantee the buyer will receive a product of high quality value. In other words, a low price of a good may indicate that the producer compromised quality. Versions with variant wording The statement is often displayed or published in a one-sentence version: "There is hardly anything in the world that cannot be made a little worse and sold a little cheaper, and those who consider price alone are that man's lawful prey." This quote is often attributed to the British artist and poet, John Ruskin. It is stated here as written by Ruskin. Or simply, "you get what you pay for." This statement is also found in this lengthier version: "There is hardly anything in the world that cannot be made a little worse and sold a little cheaper, and those who consider price alone are that man's lawful prey. It's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
